Category: Artificial Intelligence

  • MIL-OSI: Urgently Announces Appointment of Alex Zyngier to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va, Jan. 27, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently” or “the Company”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today its board of directors has appointed Alex Zyngier to serve as a member of the board, effective January 23, 2025.

    “Alex is a seasoned leader with a proven track record of navigating complex business challenges and driving growth,” said Matt Booth, Chief Executive Officer and President of Urgently. “With over 30 years of investment, strategy, governance and operating experience across a range of industries, Alex brings a wealth of expertise to Urgently as the Company continues to transform the roadside assistance industry. We are thrilled to welcome him to our board and look forward to his contributions.”

    “I am honored to join the Board of Directors at Urgently, a company at the forefront of digital innovation in roadside assistance,” said Alex Zyngier. “Since debuting as a public company, Urgently has made remarkable progress in driving margin expansion through financial and operational improvements, while continuing to deliver an exceptional customer experience and value to its partners. In addition, the Company has demonstrated positive traction in the marketplace, as evident by the significant contract renewals, expansions and new customer wins. Urgently is at an exciting point in its growth, and I look forward to working with the board and leadership team to help drive strategic initiatives, enhance operational excellence, and expand Urgently’s impact on the mobility ecosystem.”

    Alex is the Founder and Managing Director of Batuta Capital Advisors, a private investment and advisory firm. He currently serves as Chairman of the Board for COFINA and EVO Transportation, as well as a director for various public and private companies, including Atari SA, Nu Ride, SlamCorp and Unifin Financiera. His extensive experience includes leadership roles in complex transactions, mergers and acquisitions, and strategic financial advisory. Alex’s diverse background spans roles as a Portfolio Manager at Alden Global/Smith Management, Goldman Sachs, and Deutsche Bank, focusing on distressed investments and special situations. He has also served as an Engagement Manager at McKinsey & Co. and a Technical Brand Manager at Procter & Gamble. His educational background includes an MBA in Finance and Accounting from the University of Chicago and a Bachelor of Science in Chemical Engineering from UNICAMP.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    The MIL Network

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports Fourth Quarter 2024 Earnings of $0.27 Per Share and Twelve Month 2024 Earnings of $1.34 Per Share; Board of Directors Increases Annual Dividend by 12.5% to $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, compared to $3.3 million and earnings per diluted share of $0.32 for the quarter ended September 30, 2024, and $3.7 million and $0.35 earnings per diluted share for the quarter ended December 31, 2023, respectively.

    The Company’s fourth quarter 2024 operating results reflected the following changes from the third quarter of 2024: (1) increase in net interest income of $0.4 million with net interest margin increased by 16 basis points; (2) a $0.05 million increase in negative provision for credit losses to $0.45 million in the fourth quarter; (3) lower non-interest income of $0.9 million primarily due to $0.5 million lower gain on sale of loans and $0.2 million higher net losses on sale of equity securities in the fourth quarter of 2024; and (4) higher non-interest expense primarily due to higher REO expenses of $0.2 million and higher professional fees of $0.2 million.

    Book value per share improved to $17.94 at December 31, 2024, compared to $17.88 at September 30, 2024, and $16.60 at December 31, 2023. Tangible book value per share (non-GAAP)1 was $14.69 at December 31, 2024, compared to $14.64 at September 30, 2024, and a 9.5% increase from $13.42 at December 31, 2023. For the fourth quarter of 2024, tangible book value was positively influenced by net income and intangible amortization which was mostly offset by the impact of higher long-term interest rates which increased the net unrealized loss on the available for sale securities portfolio. Stockholders’ equity as a percentage of total assets was 10.24% at December 31, 2024, compared to 10.01% at September 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 increased to 8.54% at December 31, 2024, compared to 8.35% at September 30, 2024, largely due to the impact of asset shrinkage.

    “As we closed 2024, I am pleased with the execution on our strategic objectives, continuing to strengthen franchise value. The quarter reflected our balance sheet optimization efforts, which increased the net interest margin 6%, and increased the tangible common equity ratio for the continued repurchase of shares at prices that were accretive to earnings per share and tangible book value. The TCE ratio increased to 8.54%, from 8.35% in the prior quarter which provides flexibility to grow the loan portfolio and potentially repurchase shares in 2025. Deposits, net of the decrease in wholesale deposits, increased $27 million. Loans decreased $56 million during the quarter, primarily in non-strategic relationships, but we forecast modest loan growth of one to three percent in 2025. Credit metrics improved and we continue to maintain a healthy reserve for credit losses to total loans at 1.50%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    December 31, 2024, Highlights:

    • Quarterly earnings were $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, a decrease compared to earnings of $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, and $3.7 million, or $0.35 per diluted share for the quarter ended December 31, 2023.
    • Net interest income increased $0.4 million to $11.7 million for the current quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat with $11.7 million for the quarter ended December 31, 2023. The increase in net interest income from the third quarter of 2024 was primarily due to an increase in net interest margin of 16 basis points.
    • The net interest margin increased to 2.79%, primarily due to lower deposit costs, for the quarter ended December 31, 2024, compared to 2.63% for the previous quarter, and 2.69% for the quarter ended December 31, 2023. The net interest margin increase in the fourth quarter of 2024, was also favorably impacted by accelerated deferred fee accretion on loan payoffs of 3 basis points.
    • Negative provision for credit losses of $0.45 million, $0.40 million, and $0.65 million were recorded during the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The fourth quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.324 million and a $0.126 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
    • Non-interest income decreased $0.9 million in the fourth quarter of 2024, due to $0.5 million in lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Non-interest income decreased by $0.5 million compared to the fourth quarter of 2023, due to higher net losses on equity securities.
    • Non-interest expense increased $0.4 million to $10.8 million in the fourth quarter of 2024 from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million in the fourth quarter one year earlier. The $0.4 million increase in non-interest expense from the third quarter was largely due to $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 was due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase of $0.2 million on losses on repossessed assets; and (3) higher data processing of $0.2 million, partially offset by lower other expenses of $0.5 million primarily due to 2023 branch closure costs.
    • Loans receivable decreased $55.8 million during the fourth quarter ended December 31, 2024, to $1.369 billion compared to the prior quarter end, due to pay offs of non-strategic relationships as part of the balance sheet optimization plan.
    • Total deposits decreased $32.5 million during the fourth quarter of 2024, compared to three months earlier, as wholesale deposits were reduced with brokered deposits decreasing $47.5 million to $19.1 million at December 31, 2024, compared to three months earlier.
    • Federal Home Loan Bank advances decreased $16.0 million to $5.0 million at December 31, 2024, from $21.0 million at September 30, 2024.
    • The effective tax rate was 19.5% for the quarter ended December 31, 2024, compared to 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.
    • Nonperforming assets decreased to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024. The decrease was largely due to a partial paydown on one agricultural real estate loan relationship in forestry services that was placed on nonaccrual status in the third quarter.
    • Net charge-offs remain minimal and were 0.009% of average loans during the fourth quarter and 0.007% over the twelve-month period ending December 31, 2024.
    • Common stock totaling 94 thousand shares were repurchased in the fourth quarter ending December 31, 2024, at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share.
    • In November 2024, the Company notified its customers that it would be closing the Faribault, Minnesota branch on February 3, 2025, with account balances transferred to the nearest branch which is 39 miles away. The branch closure costs recognized in the fourth quarter were minimal.
    • The efficiency ratio was 76% for the quarter ended December 31, 2024, compared to 72% for the quarter ended September 30, 2024.
    • On January 23, 2025, the Board of Directors declared a $0.36 per share annual dividend, an increase of 12.5%, to shareholders of record as of February 7, 2025, and payable February 21, 2025.

    Balance Sheet and Asset Quality

    Total assets decreased by $50.6 million during the quarter to $1.749 billion at December 31, 2024.

    Securities available for sale (AFS”) decreased $6.6 million during the quarter ended December 31, 2024, to $142.8 million from $149.4 million at September 30, 2024. The decrease was due to higher pre-tax unrealized losses of $3.3 million and principal repayments of $3.3 million.

    Securities held to maturity (“HTM”) decreased $1.5 million to $85.5 million during the quarter ended December 31, 2024, from $87.0 million at September 30, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.75% of total assets at December 31, 2024, compared to 11.46% at September 30, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $725 million, or 273%, of uninsured and uncollateralized deposits at December 31, 2024, and $718 million, or 269%, at September 30, 2024.

    Continued balance sheet optimization resulted in loans decreasing by $55.8 million during the fourth quarter ended December 31, 2024, to $1.372 billion, compared to September 30, 2024. A large level of non-strategic relationships were repaid during the quarter as well as a $4.9 million reduction in criticized loans.

    The office loan portfolio consisting of 71 loans totaled $28 million at December 31, 2024, and decreased $3 million from $31 million at September 30, 2024. Criticized loans in the office loan portfolio for the quarter ended December 31, 2024, totaled $0.5 million and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.45 million to $20.5 million at December 31, 2024, representing 1.50% of total loans receivable compared to 1.47% of total loans receivable at September 30, 2024. For the quarter ended December 31, 2024, the Bank recorded a negative provision of $0.45 million which included a negative provision on ACL for loans of $0.32 million and a negative provision of $0.13 million on ACL for unfunded commitments.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Allowance for credit losses – Loans   $ 20,549     $ 21,000     $ 21,178     $ 22,908  
    ACL – Loans as a percentage of loans, end of period     1.50 %     1.47 %     1.48 %     1.57 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.334 million at December 31, 2024, $0.460 million at September 30, 2024, and $1.250 million at December 31, 2023, classified in other liabilities on the consolidated balance sheets.
    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

        December 31, 2024 and Three Months Ended   December 31, 2023 and Three Months Ended   December 31, 2024 and Twelve Months Ended   December 31, 2023 and Twelve Months Ended
    ACL – Unfunded commitments – beginning of period   $ 460     $ 1,571     $ 1,250     $  
    Cumulative effect of ASU 2016-13 adoption                       1,537  
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations     (126 )     (321 )     (916 )     (287 )
    ACL – Unfunded commitments – end of period   $ 334     $ 1,250     $ 334     $ 1,250  

    Special mention loans decreased by $2.5 million to $8.5 million at December 31, 2024, compared to $11.0 million at September 30, 2024. Over the past 12 months, special mention loans have declined $9.9 million from $18.4 million at December 31, 2023.

    Substandard loans decreased by $2.3 million to $18.9 million at December 31, 2024, compared to $21.2 million at September 30, 2024, primarily due to a $1.6 million reduction in a nonperforming loan, classified as substandard, agricultural real estate forestry services loan.

    Nonperforming assets decreased $2.8 million to $14.3 million at December 31, 2024, compared to $17.1 million at September 30, 2024, primarily due to the $1.6 million reduction in nonperforming assets discussed above and the sale of a real estate owned property.

        (in thousands)
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Special mention loan balances   $ 8,480   $ 11,047   $ 8,848   $ 13,737   $ 18,392
    Substandard loan balances     18,891     21,202     14,420     14,733     19,596
    Criticized loans, end of period   $ 27,371   $ 32,249   $ 23,268   $ 28,470   $ 37,988

    Total deposits decreased $32.5 million during the quarter ended December 31, 2024, to $1.49 billion as $59.7 million of wholesale brokered deposits were repaid. Brokered deposits declined $47.5 million to $19.1 million at December 31, 2024, from $66.6 million at September 30, 2024, and declined $79.1 million from $98.2 million at December 31, 2023.

    Deposit Portfolio Composition
    (in thousands)

        December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Consumer deposits   $ 852,083   $ 844,808   $ 822,665   $ 827,290   $ 814,899
    Commercial deposits     412,355     406,095     395,148     400,910     415,715
    Public deposits     190,460     176,844     187,698     202,175     182,172
    Wholesale deposits     33,250     92,920     114,033     97,114     106,306
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544   $ 1,527,489   $ 1,519,092

    At December 31, 2024, the deposit portfolio composition was 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits compared to 55% consumer, 27% commercial, 12% public, and 6% wholesale deposits at September 30, 2024.

    Deposit Composition By Type
    (in thousands)

        December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Non-interest-bearing demand deposits   $ 252,656   $ 256,840   $ 255,703   $ 248,537   $ 265,704
    Interest-bearing demand deposits     355,750     346,971     353,477     361,278     343,276
    Savings accounts     159,821     169,096     170,946     177,595     176,548
    Money market accounts     369,534     366,067     370,164     387,879     374,055
    Certificate accounts     350,387     381,693     369,254     352,200     359,509
    Total deposits   $ 1,488,148   $ 1,520,667   $ 1,519,544     1,527,489   $ 1,519,092

    Uninsured and uncollateralized deposits were $265.4 million, or 18% of total deposits, at December 31, 2024, and $267.1 million, or 18% of total deposits, at September 30, 2024. Uninsured deposits alone at December 31, 2024, were $428.0 million, or 29% of total deposits, and $413.6 million, or 27% of total deposits at September 30, 2024.

    As part of the balance sheet optimization plan, $16.0 million in Federal Home Loan Bank advances were repaid during the fourth quarter and totaled $5.0 million at December 31, 2024, compared to $21.0 million one quarter earlier.

    Common stock totaling approximately 94 thousand shares were repurchased in the fourth quarter of 2024 at an average price of $14.55 per share. For the twelve-month period ending December 31, 2024, approximately 476 thousand shares of common stock were repurchased at an average price of $12.76 per share. There are 238 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

    Review of Operations

    Net interest income increased $0.4 million for the quarter ended December 31, 2024, from $11.3 million for the quarter ended September 30, 2024, and flat from $11.7 million for the quarter ended December 31, 2023. The increase in net interest income compared to the third quarter of 2024 was primarily due to an increase in net interest margin, partially offsetting the impact of asset shrinkage. The net interest margin increase was favorably impacted by 3 basis points due to deferred fee accretion on loan payoffs.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

        Three months ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
        Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin   Net Interest Income   Net Interest Margin
    As reported   $ 11,708     2.79 %   $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %   $ 11,747     2.69 %
    Less accretion for PCD loans     (42 )   (0.01)%     (45 )   (0.01)%     (62 )   (0.01)%     (75 )   (0.02)%     (37 )   (0.01)%
    Less scheduled accretion interest     (33 )   (0.01)%     (33 )   (0.01)%     (32 )   (0.01)%     (33 )   (0.01)%     (33 )   (0.01)%
    Without loan purchase accretion   $ 11,633     2.77 %   $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %   $ 11,677     2.67 %

    The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

    Portfolio Contractual Repricing:
    (in millions, except yields)

        Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Maturing Certificate Accounts:                    
    Contractual Balance   $ 95     $ 177     $ 43     $ 14     $ 13  
    Contractual Interest Rate     4.63 %     4.68 %     4.25 %     3.07 %     3.36 %
    Maturing or Repricing Loans:                    
    Contractual Balance   $ 46     $ 97     $ 18     $ 55     $ 322  
    Contractual Interest Rate     5.27 %     7.10 %     6.15 %     4.79 %     3.85 %
    Maturing or Repricing Securities:                    
    Contractual Balance   $ 4     $ 3     $ 3     $ 4     $ 19  
    Contractual Interest Rate     6.15 %     5.12 %     4.07 %     4.31 %     3.49 %

    Non-interest income decreased $0.9 million in the fourth quarter of 2024 to $2.0 million from $2.9 million the prior quarter due to $0.5 million of lower gain on sale of loans, $0.2 million of higher net losses on equity securities and lower loan servicing income and service charges on deposit accounts. Total non-interest income for the quarter ended December 31, 2023, was higher at $2.5 million due to an increase in net losses on equity securities in 4Q 2024.

    Non-interest expense increased $0.4 million to $10.8 million from $10.4 million for the previous quarter and increased $0.6 million from $10.2 million one year earlier. The $0.4 million increase in non-interest expense compared to the linked quarter was largely due to the $0.2 million increase in professional fees and $0.2 million in losses on repossessed assets. The $0.6 million increase from the fourth quarter of 2023 is due to: (1) a $0.7 million increase in compensation expenses, due to higher incentive compensation and annual merit increases; (2) an increase in the current quarter of $0.2 million on losses on repossessed assets; (3) higher data processing of $0.2 million partially offset by lower other expenses $0.5 million primarily due to 2023 branch closure costs.

    Provision for income taxes decreased to $0.7 million in the fourth quarter of 2024 from $0.9 million in the third quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 19.5% for the quarter ended December 31, 2024, 21.5% for the quarter ended September 30, 2024, and 20.9% for the quarter ended December 31, 2023.

    These financial results are preliminary until Form 10-K is filed in March 2025.
    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except shares and per share data)
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   June 30, 2024 (unaudited)   December 31, 2023 (audited)
    Assets                
    Cash and cash equivalents   $ 50,172     $ 36,632     $ 36,886     $ 37,138  
    Securities available for sale “AFS”     142,851       149,432       146,438       155,743  
    Securities held to maturity “HTM”     85,504       87,033       88,605       91,229  
    Equity investments     4,702       5,096       5,023       3,284  
    Other investments     12,500       12,311       13,878       15,725  
    Loans receivable     1,368,981       1,424,828       1,428,588       1,460,792  
    Allowance for credit losses     (20,549 )     (21,000 )     (21,178 )     (22,908 )
    Loans receivable, net     1,348,432       1,403,828       1,407,410       1,437,884  
    Loans held for sale     1,329       697       275       5,773  
    Mortgage servicing rights, net     3,663       3,696       3,731       3,865  
    Office properties and equipment, net     17,075       17,365       17,774       18,373  
    Accrued interest receivable     5,653       6,235       6,289       5,409  
    Intangible assets     979       1,158       1,336       1,694  
    Goodwill     31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Bank owned life insurance (“BOLI”)     26,102       25,901       25,708       25,647  
    Other assets     17,144       16,683       15,794       16,334  
    TOTAL ASSETS   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Liabilities and Stockholders’ Equity                
    Liabilities:                
    Deposits   $ 1,488,148     $ 1,520,667     $ 1,519,544     $ 1,519,092  
    Federal Home Loan Bank (“FHLB”) advances     5,000       21,000       31,500       79,530  
    Other borrowings     61,606       61,548       61,498       67,465  
    Other liabilities     14,681       15,773       13,720       11,970  
    Total liabilities     1,569,435       1,618,988       1,626,262       1,678,057  
    Stockholders’ equity:                
    Common stock— $0.01 par value, authorized 30,000,000; 9,981,996, 10,074,136, 10,297,341, and 10,440,591 shares issued and outstanding, respectively     100       101       103       104  
    Additional paid-in capital     114,564       115,455       117,838       119,441  
    Retained earnings     80,840       78,438       75,501       71,117  
    Accumulated other comprehensive loss     (16,420 )     (13,845 )     (17,397 )     (17,328 )
    Total stockholders’ equity     179,084       180,149       176,045       173,334  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  

                    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
        Three Months Ended   Twelve Months Ended
        December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   December 31, 2023 (unaudited)   December 31, 2024 (unaudited)   December 31, 2023 (audited)
    Interest and dividend income:                    
    Interest and fees on loans   $ 19,534     $ 20,115     $ 19,408     $ 79,738     $ 73,577  
    Interest on investments     2,427       2,397       2,618       9,877       10,671  
    Total interest and dividend income     21,961       22,512       22,026       89,615       84,248  
    Interest expense:                    
    Interest on deposits     9,273       10,165       7,851       37,985       25,749  
    Interest on FHLB borrowed funds     65       128       1,371       1,281       5,966  
    Interest on other borrowed funds     915       934       1,057       3,875       4,184  
    Total interest expense     10,253       11,227       10,279       43,141       35,899  
    Net interest income before provision for credit losses     11,708       11,285       11,747       46,474       48,349  
    (Negative) provision for credit losses     (450 )     (400 )     (650 )     (3,175 )     (475 )
    Net interest income after provision for credit losses     12,158       11,685       12,397       49,649       48,824  
    Non-interest income:                    
    Service charges on deposit accounts     450       513       485       1,924       1,949  
    Interchange income     550       577       581       2,247       2,324  
    Loan servicing income     520       643       539       2,271       2,218  
    Gain on sale of loans     218       752       191       2,216       1,692  
    Loan fees and service charges     292       165       124       996       432  
    Net realized gains on debt securities                             12  
    Net (losses) gains on equity securities     (287 )     (78 )     277       (856 )     447  
    Bank Owned Life Insurance (BOLI) death benefit                       184        
    Other     266       349       283       1,125       1,176  
    Total non-interest income     2,009       2,921       2,480       10,107       10,250  
    Non-interest expense:                    
    Compensation and related benefits     5,840       5,743       5,139       22,741       21,106  
    Occupancy     1,217       1,242       1,314       5,159       5,431  
    Data processing     1,743       1,665       1,511       6,530       5,951  
    Amortization of intangible assets     179       178       179       715       755  
    Mortgage servicing rights expense, net     107       163       159       534       615  
    Advertising, marketing and public relations     218       225       262       793       734  
    FDIC premium assessment     192       201       204       798       812  
    Professional services     514       336       371       1,763       1,524  
    Losses (gains) on repossessed assets, net     247       65             294       62  
    Other     552       603       1,067       2,979       3,152  
    Total non-interest expense     10,809       10,421       10,206       42,306       40,142  
    Income before provision for income taxes     3,358       4,185       4,671       17,450       18,932  
    Provision for income taxes     656       899       978       3,699       5,873  
    Net income attributable to common stockholders   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Per share information:                    
    Basic earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Diluted earnings   $ 0.27     $ 0.32     $ 0.35     $ 1.34     $ 1.25  
    Cash dividends paid   $     $     $     $ 0.32     $ 0.29  
    Book value per share at end of period   $ 17.94     $ 17.88     $ 16.60     $ 17.94     $ 16.60  
    Tangible book value per share at end of period (non-GAAP)   $ 14.69     $ 14.64     $ 13.42     $ 14.69     $ 13.42  

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

        Three Months Ended   Twelve Months Ended
        December 31,
    2024
      September 30,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
                       
    GAAP pretax income   $ 3,358   $ 4,185   $ 4,671   $ 17,450   $ 18,932
    Branch closure costs (1)             380     168     380
    Pretax income as adjusted (2)   $ 3,358   $ 4,185   $ 5,051   $ 17,618   $ 19,312
    Provision for income tax on net income as adjusted (3)     656     899     1,058     3,735     5,991
    Net income as adjusted (non-GAAP) (2)   $ 2,702   $ 3,286   $ 3,993   $ 13,883   $ 13,321
    GAAP diluted earnings per share, net of tax   $ 0.27   $ 0.32   $ 0.35   $ 1.34   $ 1.25
    Branch closure costs, net of tax             0.03     0.01     0.03
    Diluted earnings per share, as adjusted, net of tax (non-GAAP)   $ 0.27   $ 0.32   $ 0.38   $ 1.35   $ 1.28
                         
    Average diluted shares outstanding     10,033,957     10,204,195     10,457,184     10,262,710     10,470,298

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

    Loan Composition

    (in thousands)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total Loans:                
    Commercial/Agricultural real estate:                
    Commercial real estate   $ 709,018     $ 730,459     $ 729,236     $ 750,531  
    Agricultural real estate     73,130       76,043       78,248       83,350  
    Multi-family real estate     220,805       239,191       234,758       228,095  
    Construction and land development     78,489       87,875       87,898       110,941  
    C&I/Agricultural operating:                
    Commercial and industrial     115,657       119,619       127,386       121,666  
    Agricultural operating     31,000       27,550       27,409       25,691  
    Residential mortgage:                
    Residential mortgage     132,341       134,944       133,503       129,021  
    Purchased HELOC loans     2,956       2,932       2,915       2,880  
    Consumer installment:                
    Originated indirect paper     3,970       4,405       5,110       6,535  
    Other consumer     5,012       5,438       5,860       6,187  
    Gross loans   $ 1,372,378     $ 1,428,456     $ 1,432,323     $ 1,464,897  
    Unearned net deferred fees and costs and loans in process     (2,547 )     (2,703 )     (2,733 )     (2,900 )
    Unamortized discount on acquired loans     (850 )     (925 )     (1,002 )     (1,205 )
    Total loans receivable   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

        December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Nonperforming assets:                
    Nonaccrual loans                
    Commercial real estate   $ 4,594     $ 4,778     $ 5,350     $ 10,359  
    Agricultural real estate     6,222       6,193       382       391  
    Construction and land development     103       106             54  
    Commercial and industrial (“C&I”)     597       1,956       422        
    Agricultural operating     793       901       1,017       1,180  
    Residential mortgage     858       1,088       1,145       1,167  
    Consumer installment     1       20       36       33  
    Total nonaccrual loans   $ 13,168     $ 15,042     $ 8,352     $ 13,184  
    Accruing loans past due 90 days or more     186       530       256       389  
    Total nonperforming loans (“NPLs”) at amortized cost     13,354       15,572       8,608       13,573  
    Foreclosed and repossessed assets, net     915       1,572       1,662       1,795  
    Total nonperforming assets (“NPAs”)   $ 14,269     $ 17,144     $ 10,270     $ 15,368  
    Loans, end of period   $ 1,368,981     $ 1,424,828     $ 1,428,588     $ 1,460,792  
    Total assets, end of period   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Ratios:                
    NPLs to total loans     0.98 %     1.09 %     0.60 %     0.93 %
    NPAs to total assets     0.82 %     0.95 %     0.57 %     0.83 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    December 31, 2024
      Three Months Ended
    September 30, 2024
      Three Months Ended
    December 31, 2023
        Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 26,197   $ 327   4.97 %   $ 25,187   $ 360   5.69 %   $ 16,699   $ 241   5.73 %
    Loans receivable     1,396,854     19,534   5.56 %     1,429,928     20,115   5.60 %     1,458,558     19,408   5.28 %
    Investment securities     235,268     1,940   3.28 %     236,960     1,966   3.30 %     243,705     2,102   3.42 %
    Other investments     12,318     160   5.17 %     12,553     71   2.25 %     15,760     275   6.92 %
    Total interest earning assets   $ 1,670,637   $ 21,961   5.23 %   $ 1,704,628   $ 22,512   5.25 %   $ 1,734,722   $ 22,026   5.04 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 162,501   $ 383   0.94 %   $ 170,777   $ 450   1.05 %   $ 175,281   $ 323   0.73 %
    Demand deposits     346,411     1,891   2.17 %     357,201     2,152   2.40 %     329,096     1,680   2.03 %
    Money market accounts     351,566     2,720   3.08 %     381,369     3,126   3.26 %     326,981     2,217   2.69 %
    CD’s     374,087     4,279   4.55 %     379,722     4,437   4.65 %     368,110     3,631   3.91 %
    Total deposits   $ 1,234,565   $ 9,273   2.99 %   $ 1,289,069   $ 10,165   3.14 %   $ 1,199,468   $ 7,851   2.60 %
    FHLB advances and other borrowings     72,431     980   5.38 %     80,338     1,062   5.26 %     191,575     2,428   5.03 %
    Total interest-bearing liabilities   $ 1,306,996   $ 10,253   3.12 %   $ 1,369,407   $ 11,227   3.26 %   $ 1,391,043   $ 10,279   2.93 %
    Net interest income       $ 11,708           $ 11,285           $ 11,747    
    Interest rate spread           2.11 %           1.99 %           2.11 %
    Net interest margin           2.79 %           2.63 %           2.69 %
    Average interest earning assets to average interest-bearing liabilities           1.28             1.24             1.25  
        Twelve Months Ended
    December 31, 2024
      Twelve Months Ended
    December, 2023
        Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Rate
    Average interest earning assets:                        
    Cash and cash equivalents   $ 20,864   $ 1,150   5.51 %   $ 18,469   $ 1,010   5.47 %
    Loans receivable     1,430,631     79,738   5.57 %     1,430,035     73,577   5.15 %
    Interest bearing deposits           %     63     1   1.59 %
    Investment securities     238,851     7,977   3.34 %     257,020     8,606   3.35 %
    Other investments     12,816     750   5.85 %     16,274     1,054   6.48 %
    Total interest earning assets   $ 1,703,162   $ 89,615   5.26 %   $ 1,721,861   $ 84,248   4.89 %
    Average interest-bearing liabilities:                        
    Savings accounts   $ 171,069   $ 1,684   0.98 %   $ 200,087   $ 1,427   0.71 %
    Demand deposits     353,107     8,083   2.29 %     359,866     6,727   1.87 %
    Money market accounts     371,909     11,725   3.15 %     306,020     6,976   2.28 %
    CD’s     366,634     16,493   4.50 %     317,376     10,619   3.35 %
    Total deposits   $ 1,262,719   $ 37,985   3.01 %   $ 1,183,349   $ 25,749   2.18 %
    FHLB advances and other borrowings     99,731     5,156   5.17 %     208,373     10,150   4.87 %
    Total interest-bearing liabilities   $ 1,362,450   $ 43,141   3.17 %   $ 1,391,722   $ 35,899   2.58 %
    Net interest income       $ 46,474           $ 48,349    
    Interest rate spread           2.09 %           2.31 %
    Net interest margin           2.73 %           2.81 %
    Average interest earning assets to average interest bearing liabilities           1.25             1.24  

    Wholesale Deposits
    (in thousands)

        Quarter Ended
        December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Brokered certificate accounts   $ 14,123   $ 48,578   $ 54,123   $ 43,507   $ 58,209
    Brokered money market accounts     5,002     18,076     42,673     40,429     40,050
    Third party originated reciprocal deposits     14,125     26,266     17,237     13,178     8,047
    Total   $ 33,250   $ 92,920   $ 114,033   $ 97,114   $ 106,306

    Key Financial Metric Ratios:

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Ratios based on net income:                    
    Return on average assets (annualized)   0.61 %   0.72 %   0.79 %   0.76 %   0.71 %
    Return on average equity (annualized)   6.00 %   7.34 %   8.72 %   7.84 %   7.87 %
    Return on average tangible common equity4 (annualized)   7.72 %   9.38 %   11.29 %   10.03 %   10.26 %
    Efficiency ratio   76 %   72 %   72 %   72 %   68 %
    Net interest margin with loan purchase accretion   2.79 %   2.63 %   2.69 %   2.73 %   2.81 %
    Net interest margin without loan purchase accretion   2.77 %   2.61 %   2.67 %   2.69 %   2.78 %
    Ratios based on net income as adjusted (non-GAAP)                    
    Return on average assets as adjusted2 (annualized)   0.61 %   0.72 %   0.86 %   0.77 %   0.73 %
    Return on average equity as adjusted3 (annualized)   6.00 %   7.34 %   9.43 %   7.91 %   8.03 %

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
           
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average assets   $ 1,771,351     $ 1,810,826     $ 1,843,789     $ 1,808,256     $ 1,836,337  
    Return on average assets (annualized)     0.61 %     0.72 %     0.79 %     0.76 %     0.71 %
    Return on average assets as adjusted (non-GAAP) (annualized)     0.61 %     0.72 %     0.86 %     0.77 %     0.73 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    GAAP earnings after income taxes   $ 2,702     $ 3,286     $ 3,693     $ 13,751     $ 13,059  
    Net income as adjusted after income taxes (non-GAAP) (1)   $ 2,702     $ 3,286     $ 3,993     $ 13,883     $ 13,321  
    Average equity   $ 179,242     $ 178,050     $ 168,058     $ 175,475     $ 165,968  
    Return on average equity (annualized)     6.00 %     7.34 %     8.72 %     7.84 %     7.87 %
    Return on average equity as adjusted (non-GAAP) (annualized)     6.00 %     7.34 %     9.43 %     7.91 %     8.03 %

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Ending common shares outstanding     9,981,996       10,074,136       10,297,341       10,440,591  
    Book value per share   $ 17.94     $ 17.88     $ 17.10     $ 16.60  
    Tangible book value per share (non-GAAP)   $ 14.69     $ 14.64     $ 13.91     $ 13.42  

    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period   December 31, 2024   September 30, 2024   June 30, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 176,045     $ 173,334  
    Less: Goodwill     (31,498 )   $ (31,498 )   $ (31,498 )     (31,498 )
    Less: Intangible assets     (979 )   $ (1,158 )   $ (1,336 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 143,211     $ 140,142  
    Total Assets   $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,851,391  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,336 )     (1,694 )
    Tangible Assets (non-GAAP)   $ 1,716,042     $ 1,766,481     $ 1,769,473     $ 1,818,199  
    Total stockholders’ equity to total assets ratio     10.24 %     10.01 %     9.77 %     9.36 %
    Tangible common equity as a percent of tangible assets (non-GAAP)     8.54 %     8.35 %     8.09 %     7.71 %

    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

        Three Months Ended   Twelve Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Total stockholders’ equity   $ 179,084     $ 180,149     $ 173,334     $ 179,084     $ 173,334  
    Less: Goodwill     (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets     (979 )     (1,158 )     (1,694 )     (979 )     (1,694 )
    Tangible common equity (non-GAAP)   $ 146,607     $ 147,493     $ 140,142     $ 146,607     $ 140,142  
    Average tangible common equity (non-GAAP)   $ 146,676     $ 145,305     $ 134,776     $ 142,641     $ 132,409  
    GAAP earnings after income taxes     2,702       3,286       3,693       13,751       13,059  
    Amortization of intangible assets, net of tax     144       140       142       563       521  
    Tangible net income   $ 2,846     $ 3,426     $ 3,835     $ 14,314     $ 13,580  
    Return on average tangible common equity (annualized)     7.72 %     9.38 %     11.29 %     10.03 %     10.26 %

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended   Twelve Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Non-interest expense (GAAP) $ 10,809     $ 10,421     $ 10,206     $ 42,306     $ 40,142  
    Less amortization of intangibles   (179 )     (178 )     (179 )     (715 )     (755 )
    Efficiency ratio numerator (GAAP) $ 10,630     $ 10,243     $ 10,027     $ 41,591     $ 39,387  
                       
    Non-interest income $ 2,009     $ 2,921     $ 2,480     $ 10,107     $ 10,250  
    Add back net losses on debt and equity securities   (287 )     (78 )           (856 )      
    Subtract net gains on debt and equity securities               277             459  
    Net interest income   11,708       11,285       11,747       46,474       48,349  
    Efficiency ratio denominator (GAAP) $ 14,004     $ 14,284     $ 13,950     $ 57,437     $ 58,140  
    Efficiency ratio (GAAP)   76 %     72 %     72 %     72 %     68 %

    1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network

  • MIL-OSI: GCM Grosvenor to Announce Fourth Quarter and Full Year 2024 Financial Results and Host Investor Conference Call on February 10, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the fourth quarter and full year 2024 on Monday, February 10, 2025.

    Management will host a webcast and conference call on Monday, February 10, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

    To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Source: GCM Grosvenor

    Public Shareholders Contact
    Stacie Selinger
    sselinger@gcmlp.com
    312-506-6583

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network

  • MIL-OSI: ConnectM Acquires MHz Invensys, Enhancing Wireless Communication Solutions

    Source: GlobeNewswire (MIL-OSI)

    Company Expected to Generate an Additional $15M of Revenue from the AMI Vertical by the End of 2027

    Acquisition Bolsters ConnectM’s Wireless Solutions for Smart Metering and Allows Expansion into Key Adjacent Markets

    TAM for the Global Advanced Metering Infrastructure Market Predicted to be North of $47 Billion by 2030

    MARLBOROUGH, Mass., Jan. 27, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a leader in the electrification economy, today announced the recent acquisition of MHz Invensys, a renowned developer of high-performing wireless communication products and solutions. ConnectM has entered an all-stock transaction in exchange for all of MHz Invensys’ assets, comprised primarily of intellectual property. The two founders, Kiran Kumar and Mahesh Oni, will stay on as employees of ConnectM. This strategic acquisition aims to bolster ConnectM’s capabilities in effectively delivering wireless communication, particularly in the smart metering/Advanced Metering Infrastructure (“AMI”) vertical. AMI enables two-way communication between smart meters and utility companies. This infrastructure collects, stores, analyzes, and presents energy usage data in real-time, allowing for more efficient and accurate monitoring of electricity, gas, and water consumption.

    MHz Invensys has established technology leadership in the energy sector, addressing the complexities of traditional energy metering protocols with its advanced RF mesh-based product and solution designs. This proven technology architecture enables multi-billion scale meter readings every half hour and supports millions of smart meters with bidirectional communication for pre-payment systems.

    Stellar Market Research predicts the global AMI market size to reach $47.5 billion by 2030, with a CAGR of 16.1% from 2024-2030.1 The acquisition of MHz Invensys strengthens ConnectM’s ability to provide comprehensive, end-to-end wireless solutions. ConnectM expects to generate an additional $15M of revenue from the AMI vertical alone over the next three years. Integrating MHz Invensys’s technology allows ConnectM to serve not only its existing markets but also rapidly growing sectors such as solar grid monitoring, IoT/Industrial IoT, Renewables, and water and gas AMI. This strategic acquisition will allow ConnectM to achieve economies of scale and meet the rising demand for reliable, secure, and efficient communication solutions across a broader range of industries.

    “We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” said Bhaskar Panigrahi, CEO and Chairman of ConnectM. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

    About Mhz Invensys
    Mhz Invensys was established by a team with extensive experience in deploying large IoT networks globally. The team at Mhz Invensys understands the unique challenges of last-mile connectivity. Mhz Invensys offers its innovative technology to device manufacturers, communication platform providers, backhaul service enablers, and business-specific application providers such as HES (Head-End Systems), MDMS (Meter Data Management Systems), and analytics platforms.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    MZ North America
    (203) 741-8811
    ConnectM@mzgroup.us


    1 “Advanced Metering Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, and Region,” Stellar Market Research (2024).

    The MIL Network

  • MIL-OSI Global: ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others

    Source: The Conversation – USA – By Roberto Rey Agudo, Research Assistant Professor of Spanish and Portuguese, Dartmouth College

    Speech recognition systems are less accurate for women and Black people, among other demographics. Jacob Wackerhausen/iStock via Getty Images

    The idea of a humanlike artificial intelligence assistant that you can speak with has been alive in many people’s imaginations since the release of “Her,” Spike Jonze’s 2013 film about a man who falls in love with a Siri-like AI named Samantha. Over the course of the film, the protagonist grapples with the ways in which Samantha, real as she may seem, is not and never will be human.

    Twelve years on, this is no longer the stuff of science fiction. Generative AI tools like ChatGPT and digital assistants like Apple’s Siri and Amazon’s Alexa help people get driving directions, make grocery lists, and plenty else. But just like Samantha, automatic speech recognition systems still cannot do everything that a human listener can.

    You have probably had the frustrating experience of calling your bank or utility company and needing to repeat yourself so that the digital customer service bot on the other line can understand you. Maybe you’ve dictated a note on your phone, only to spend time editing garbled words.

    Linguistics and computer science researchers have shown that these systems work worse for some people than for others. They tend to make more errors if you have a non-native or a regional accent, are Black, speak in African American Vernacular English, code-switch, if you are a woman, are old, are too young or have a speech impediment.

    Tin ear

    Unlike you or me, automatic speech recognition systems are not what researchers call “sympathetic listeners.” Instead of trying to understand you by taking in other useful clues like intonation or facial gestures, they simply give up. Or they take a probabilistic guess, a move that can sometimes result in an error.

    As companies and public agencies increasingly adopt automatic speech recognition tools in order to cut costs, people have little choice but to interact with them. But the more that these systems come into use in critical fields, ranging from emergency first responders and health care to education and law enforcement, the more likely there will be grave consequences when they fail to recognize what people say.

    Imagine sometime in the near future you’ve been hurt in a car crash. You dial 911 to call for help, but instead of being connected to a human dispatcher, you get a bot that’s designed to weed out nonemergency calls. It takes you several rounds to be understood, wasting time and raising your anxiety level at the worst moment.

    What causes this kind of error to occur? Some of the inequalities that result from these systems are baked into the reams of linguistic data that developers use to build large language models. Developers train artificial intelligence systems to understand and mimic human language by feeding them vast quantities of text and audio files containing real human speech. But whose speech are they feeding them?

    If a system scores high accuracy rates when speaking with affluent white Americans in their mid-30s, it is reasonable to guess that it was trained using plenty of audio recordings of people who fit this profile.

    With rigorous data collection from a diverse range of sources, AI developers could reduce these errors. But to build AI systems that can understand the infinite variations in human speech arising from things like gender, age, race, first vs. second language, socioeconomic status, ability and plenty else, requires significant resources and time.

    ‘Proper’ English

    For people who do not speak English – which is to say, most people around the world – the challenges are even greater. Most of the world’s largest generative AI systems were built in English, and they work far better in English than in any other language. On paper, AI has lots of civic potential for translation and increasing people’s access to information in different languages, but for now, most languages have a smaller digital footprint, making it difficult for them to power large language models.

    Even within languages well-served by large language models, like English and Spanish, your experience varies depending on which dialect of the language you speak.

    Right now, most speech recognition systems and generative AI chatbots reflect the linguistic biases of the datasets they are trained on. They echo prescriptive, sometimes prejudiced notions of “correctness” in speech.

    In fact, AI has been proved to “flatten” linguistic diversity. There are now AI startup companies that offer to erase the accents of their users, drawing on the assumption that their primary clientele would be customer service providers with call centers in foreign countries like India or the Philippines. The offering perpetuates the notion that some accents are less valid than others.

    Human connection

    AI will presumably get better at processing language, accounting for variables like accents, code-switching and the like. In the U.S., public services are obligated under federal law to guarantee equitable access to services regardless of what language a person speaks. But it is not clear whether that alone will be enough incentive for the tech industry to move toward eliminating linguistic inequities.

    Many people might prefer to talk to a real person when asking questions about a bill or medical issue, or at least to have the ability to opt out of interacting with automated systems when seeking key services. That is not to say that miscommunication never happens in interpersonal communication, but when you speak to a real person, they are primed to be a sympathetic listener.

    With AI, at least for now, it either works or it doesn’t. If the system can process what you say, you are good to go. If it cannot, the onus is on you to make yourself understood.

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

    ref. ‘Sorry, I didn’t get that’: AI misunderstands some people’s words more than others – https://theconversation.com/sorry-i-didnt-get-that-ai-misunderstands-some-peoples-words-more-than-others-239281

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Improving Access to Scotland’s NHS: We Can Renew Scotland’s NHS and Help Our Nation Thrive

    Source: Scottish National Party

    Like all of us, the National Health Service is personal for me – I see first-hand all that it does, and has done, for my own family.

    In the last years of my beloved Mother’s life, I saw such care and attentiveness in the community and in hospital care.

    My wife would not have the capacity and capability she has in dealing with MS, had it not been for the outstanding care and insight of the National Health Service alongside, might I say, her absolutely personal determination to stay strong.

    I would not have had such joy in my life at the birth of my three children without the National Health Service.

    It is personal for all of us.

    That is why we care about it so much.

    That is why we want to see it thriving once again.

    We all know the tremendous pressures our NHS has been under in recent years.

    We see a service still reeling from the strain of a global pandemic – a pandemic that revealed the NHS’s many strengths but also exposed its underlying weaknesses.

    Weaknesses made worse by a decade and a half of austerity, and by the body blow of inflation that has meant – as we know from our own family finances – the available money delivers less.

    It is a service still beset by backlogs and delayed discharges, and struggling to meet the increasing needs of an ageing population.

    The challenges are great, of that I have no doubt. But I know also that our NHS is fundamentally resilient, fundamentally robust.

    I witnessed both these realities earlier this month when I spent a Saturday evening visiting the emergency department at the Royal Infirmary of Edinburgh.

    In the midst of both winter pressures and a particularly challenging flu season, I saw patients who waited too long to be seen, but also staff who went above and beyond.

    I saw an NHS that in the face of the storm kept on standing, kept on delivering.

    There are some who oppose the NHS model, who believe that the answer to our health challenges is a privatisation of care. They want us to believe that the health service is beyond saving, that it is on the point of collapse.

    But that is simply not true.

    There are challenges.

    Some services are struggling.

    Periods of real crisis as we have seen in recent weeks as flu cases spiked.

    The impact of these issues on too many patients is real.

    But, as I will set out today, there is nothing wrong with the National Health Service that can’t be fixed by what is right with the National Health Service.

    What is right with the National Health Service includes the thousands of health and care staff who are doing phenomenal things under enormous pressure.

    People who, time and again, display resilience, selflessness and grit, who truly go above and beyond.

    It includes innovations, such as the Rapid Cancer Diagnostic Service, a new pathway that delivers significant reductions in the time from referral to diagnosis, opening the door also to faster treatment.

    It includes national public health initiatives like the HPV vaccination programme, which has resulted in no cases of cervical cancer in young women who have been fully vaccinated.

    A remarkable, utterly remarkable, life-saving achievement.

    And it includes cutting-edge research, multiple projects, looking into the ways AI can transform diagnosis and treatment in the years to come.

    The foundations on which we will build NHS recovery and renewal are strong.

    Under this Government, the NHS will always remain in the hands of the public and free at the point of use. That is non-negotiable.

    The question then becomes how do we do better?

    How do we ensure our health service is not just the best in these isles but the best it can possibly be?

    The answer to that question is not a simple one. There is no ‘magic bullet’.

    Rather, it involves progress across multiple fronts, a balancing of sometimes competing demands and interests.

    It will require choices and action by central government, yes, but that must be delivered in partnership with others – local government, the third sector, patient groups, and health and social care workers at all levels.

    It must deliver reform that is fundamentally patient-centred but do so through a health and social care system that becomes an ever more interconnected whole.

    I have said before that my approach as First Minister is to seek the right solutions, not merely the quick ones.

    I favour consensus building and collaboration over diktats from on high. For the future success of our NHS this is not only the right approach, but also the necessary approach.

    We will only succeed on this path of reform and renewal if we walk it together.

    That is why the Cabinet Secretary for Health and I meet regularly with staff in all parts of the National Health Service.

    It is why we have been engaging with health boards, local government, Health and Social Care Partnerships, the Scottish Ambulance Service, Public Health Scotland, and NHS 24.

    We have listened carefully, also, to patients and their families, to all those who depend on the NHS for lifesaving, life-enhancing care.

    We have been told all that is going well and all that must be better.

    We have heard the advice from those with direct, frontline experience. And that has helped us develop a clear understanding of where the challenges are, and what changes are needed.

    It is this kind of open, collaborative approach, with a focus on solutions, on the right answers over the easy ones, that has led to the actions I am setting out today.

    It is a set of actions with clear outcomes – tangible improvements that we can and will deliver.

    Tangible improvements to make people’s experience of the NHS in Scotland better than it is today.

    Actions made possible by the record funding we are delivering to the NHS frontline.

    Actions that will address the immediate issues in our health service – those problems of access that I know cause so much frustration, and indeed for some, unnecessary pain.

    Actions that set out a new course so we can safeguard the NHS for the long-term.

    Over the coming weeks, the Government will set out for Parliament what the different elements of our approach will mean in practice.

    And we will be reminding Members of Parliament as we do that, that the delivery of this stronger NHS depends on the safe progress of the draft Budget currently being considered by Parliament.

    The actions we will take to deliver a more accessible, more person-centred NHS have three clear purposes:

    First, to reduce the immediate pressures across the NHS.

    Second, to shift the balance of care from acute services to the community.

    Third, to use innovation – digital and technological – to improve access to care.

    Together, these will address the problems that right now, every day weigh down our National Health Service.

    They will begin to deliver the long-term, systemic improvement that is needed to ensure our health service is sustainable for the future.

    And they will make it easier for people across Scotland to live healthier lives, helping us to build a future in which health is practiced in homes and communities as much as it is practiced in surgeries and hospitals.

    So let’s talk first about those immediate problems, the crises facing too many parts of our National Health Service.

    The first and most important thing on many people’s minds is how long it can take to access services.

    Delays in access, with waiting times that are too long, and delays in discharge, because appropriate at home or in community care is not available.

    The two, of course, are fundamentally connected.

    Last year, I referred to delayed discharge as the canary in the coal mine of our National Health Service. I think of waiting times in much the same way.

    Both these delays tell us that the flow of people through the health system is not happening as it should.

    Put more simply, people are not getting the right care in the right place, at the right time.

    That is not acceptable to me.

    It is not acceptable to my Government, because it can lead to people getting sicker as they wait, and it can mean they can take longer to recover.

    It adds substantially to the stress they and their loved ones experience.

    It creates greater strain across the system, leading to more delays elsewhere, poorer outcomes for others and still further stress on services.

    It is the very definition of a vicious circle, and it has to come to an end.

    So, today, we commit to a substantial increase in capacity in order to significantly reduce people’s waits.

    The changes we propose – including an enhanced regional delivery model, alongside increased levels of activity in our National Treatment Centres – will deliver over 150,000 extra appointments and procedures – in hospitals, in communities – in the coming year.

    That includes 10,000 extra procedures through smarter working in the National Treatment Centres.

    Other sites – including Gartnavel, Inverclyde, Stracathro, Perth Royal Infirmary and Queen Margaret Hospital – will deliver 9,500 extra cataract procedures.

    As well as 2,500 extra orthopaedic appointments and procedures – operations such as hip or knee replacements.

    In this way, we will create centres of excellence, places of expertise and specialisation, where we will be better placed to capitalise on the technological innovation and the potential of AI.

    And we will cut our waiting lists.

    Cancer referrals, gynaecology, ophthalmology, orthopaedics, and radiology – all benefiting from this new investment.

    Centres able to deliver more care, more quickly and more efficiently than traditional, smaller, more fragmented facilities – with transport support provided for those who need it.

    And, to ensure that they do, we will put in place clear milestones and targets for those specialities that add the most to our waiting lists.

    Our second focus will see more and better care delivered in the community.

    I spoke earlier about the importance of people receiving the right care at the right time, in the right setting.

    That right setting will always be the least intensive setting appropriate to the person’s needs.

    Sometimes that appropriate setting is in hospital. More often, it is not.

    So to strengthen and renew our NHS, we will shift more care into communities and into homes.

    As much as possible, people who do not need to be in hospital will not go to hospital, protecting those acute services for those who absolutely need them.

    This new approach will mean changing the way we deliver acute services.

    By this summer, we will have specialised staff in frailty teams, at the front door of every A&E department in Scotland.

    This will mean that frail patients, often older patients with complex needs, will bypass our busy A&Es, in order to receive the specialist care and support they need, whether in hospital or back at home.

    It will mean better care for these most vulnerable patients while reducing the pressure on our A&Es.

    Our actions will also improve the NHS’s capacity to treat people at home.

    Our Hospital at Home initiative, which allows hospital-levels of care in a person’s home, will be expanded to at least 2,000 beds by the end of 2026.

    Without the need for any new bricks and mortar, the effective capacity of every single hospital in Scotland will be expanded.

    Taken together, it is action that will ease acute pressures, reduce delays, cost less to our NHS, and most importantly, help people get better more quickly, more comfortably.

    Quality care for thousands of Scots delivered not simply close to home, but at home.

    Of course, we cannot simply shift services out of acute settings. We also need to build capacity in our primary care and community health settings.

    With this in mind, the Government has been listening carefully to the views of Scotland’s GPs.

    They have described the multiple contributions general practice can make as we shift to more community-focused care. They have argued that GPs must be given the resources they need to fulfil that role.

    We have listened, and we have been persuaded.

    As a result, our plan will ensure that a greater proportion of new NHS funding goes to primary and community care.

    GPs and services in the community will have the resources they need to play a greater role in our health system.

    This increased investment will result in GP services that are easier for people to access.

    That is important in terms of people’s confidence in the health service – indeed, difficulties making GP appointments top the list of issues that people often raise with me.

    But equally, it will make it more likely that health issues are picked up quickly and dealt with earlier.

    For there is no better way to deal with illness than to prevent it.

    Addressing conditions early and intervening to prevent diseases from progressing, prevents manageable conditions from becoming serious ones.

    It is good for patients and of vital importance for the future sustainability of our National Health Service.

    That is why our plan also includes £10.5 million to build GP capacity to intervene earlier and prevent illnesses, such as cardiovascular disease.

    But this is not only an issue of money. We must also innovate and identify new ways of working.

    For example, I want to see the NHS Scotland Pharmacy First Service expand so that community pharmacies can treat a greater number of clinical conditions and prevent the need for a GP visit in the first place.

    The third part of our approach is innovation to improve access to, and delivery of, care.

    Better use of data will ensure that more operating theatres are working at maximum capacity, with best practice approaches, approaches shown to increase productivity by 20%, rolled out across the country.

    Using existing capacity, more operations will be delivered – enabling us to also deliver shorter waiting times.

    The latest innovations in genetic testing will be harnessed to enable better targeting of medications in cases ranging from recent stroke patients to new-born infants with bacterial infections.

    Smarter care, better care.

    Building on the already successful model of digital support for mental health – a service that saw 74,000 referrals in 2023-24 – we will offer support in additional areas including dermatology and the management of long-term conditions.

    This type of care, because it is not dependent on physical attendance, at a specific time, in a specific place, is more flexible.

    It means care can be made to fit better into the lives of those who use the services.

    Again, smarter care, and better care.

    And, as a much-needed addition to improve patients’ interaction with the NHS, there will be a Scottish health and social care app.

    This ‘Digital Front Door’ will begin rollout from the end of this year, starting in Lanarkshire, and, over time, it will become an ever more central, ever more important access and management point for care in Scotland.

    This is the third in a series of speeches I have delivered in recent weeks.

    In each I have spoken about the importance of identifying clear goals, clear direction to national policy.

    If we have a clear sense of the direction we wish to travel, the levels of success we wish to achieve, and if we can unite behind these goals, then genuine progress becomes all the more possible.

    Protecting, strengthening, renewing our National Health Service – that is a goal I think we can all get behind.

    MIL OSI United Kingdom

  • MIL-OSI China: China’s homegrown AI video generation platform launches new version

    Source: China State Council Information Office

    ShengShu Technology, a Beijing-based AI startup, has unveiled its updated video generation model, Vidu 2.0, which can create a single 4-second video clip at 512p resolution within just 10 seconds, Science and Technology Daily reported on Monday.

    The report states that the cost of generating such a video is 2.4 yuan (about 0.33 U.S. dollars) per minute.

    Video generation models have rapidly improved in terms of quality, but the speed at which a video is generated remains a significant obstacle. Previously, free users often had to wait for hours to generate a single piece of footage.

    Launched globally in July 2024, Vidu 1.0 reduced the time to generate a single video clip to under 30 seconds, and within 100 days, it gained over 10 million users. To date, Vidu has generated over 100 million video clips.

    Vidu’s greatest breakthrough lies in its ability to establish logical relationships among multiple user-specified objects within a scene, according to Tang Jiayu, the CEO of ShengShu Technology.

    MIL OSI China News

  • MIL-OSI: NobleAI Launches RAIR: An All-in-One, Integrated Risk Assessment & Ingredient Replacement Solution

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — ACI ANNUAL MEETING – NobleAI, a pioneer in AI solutions for Materials Informatics, today announced the availability of RAIR – a fully integrated Risk Assessment & Ingredient Replacement solution. Powered by NobleAI’s unique Science-Based AI model technology and delivered through our powerful cloud-based Visualizations, Insights, & Predictions (VIP) Platform, this industry-first offering uses sophisticated AI models to quickly assess product portfolios against hazardous material and regulatory restriction lists, identify safer ingredient replacements, and generate alternative formulations in minutes, instead of months in the lab.

    “Unlike traditional methods, which are expensive and time-consuming, often requiring many months and numerous personnel to manually review regulatory and restriction lists, identify problematic ingredients, and reformulate products, RAIR utilizes scientifically-infused AI models to streamline these internal processes, accelerate lab testing, and dramatically expedite risk assessment and reformulation,” said Sunil Sanghavi, CEO of NobleAI. “This empowers companies to proactively address a significant challenge that, if left unaddressed, would impede their ability to compete effectively.”

    According to a recent Lux Research eBook on The Next Era of Chemicals Innovation, “rising public awareness of health and environmental risks, along with stricter regulations, presents major challenges for the chemicals industry. As consumers demand greater transparency, developing safer chemicals is essential not only for compliance and avoiding penalties but also for protecting brand reputation.”

    Risk Assessment
    NobleAI’s Risk Assessment service offers a comprehensive evaluation of product portfolios to ensure compliance with global regulations. It predicts risks related to toxicity, biodegradability, and structural similarity to harmful chemicals, including PFAS. Hazard models are updated with the latest data and additional hazard models continue to be added, increasing the value of the service over time. This service helps companies make informed decisions and stay ahead of regulatory changes, so that they can stay compliant with evolving global standards.

    Ingredient Replacement
    NobleAI’s Ingredient Replacement tool on the VIP Platform helps data and material scientists replace hazardous or unsustainable ingredients with safer alternatives while maintaining peak product performance. It leverages predictive analytics, advanced visualization tools, and comprehensive comparison capabilities to support informed, science-based decisions. This powerful capability ensures companies can make substitutions confidently, without compromising product specs.

    Two Workflows, One Comprehensive Solution – Powered by AI for Science

    RAIR Process Overview

    Risk Assessment and Ingredient Replacement are both supported by NobleAI’s VIP Platform, which enables customers to use Science-Based AI models to analyze data, predict outcomes and solve complex product development challenges. Together, they deliver a comprehensive, integrated solution for accelerating innovation, ensuring regulatory compliance and avoiding regrettable substitutions – helping companies bring more sustainable, high-performing products to market fast without sacrificing performance.

    To learn more about NobleAI’s RAIR solution, visit https://www.noble.ai/rair-risk-assessment-ingredient-replacement.

    Meet the NobleAI team next week at the American Cleaning Institute Annual Convention in Orlando, FL (1/27 – 1/31). Join us on Thursday, Jan 30th, from 5 p.m. – 7 p.m., for a cocktail hour to celebrate a great week at ACI. For more details and to RSVP, visit www.noble.ai/aci2025.

    About NobleAI
    NobleAI offers commercially-proven AI solutions for Material Informatics and Energy powered by its unique Science-Based AI technology. Our Science-Based AI models are developed quickly, securely, and specifically for each customer and a specific use case. Delivered via our powerful cloud-based Visualizations, Insights, & Predictions (VIP) Platform, NobleAI delivers actionable insights to accelerate product development and reduce costs while improving product performance, sustainability, and reliability. NobleAI is supported by investments from world-class organizations such as Microsoft, Chevron and Syensqo (formerly known as Solvay), and the company’s solutions are already delivering real value in production deployments at leading chemical, material and energy companies around the globe.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a8717d3-67ad-4461-810d-f5ca24a94982

    The MIL Network

  • MIL-OSI: DYOR Partners with Ava Labs, Announces Major Developments With Matt Dyor Joining as Advisor Plus Acquisition of DYOR.com

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 27, 2025 (GLOBE NEWSWIRE) — DYOR, the innovative cryptocurrency research and analytics platform, has announced a listing partnership with Ava Labs, the company behind the Avalanche blockchain and AVAX coin, to launch on January 25th. The collaboration coincides with Ava Labs’ decision to reduce gas fees on Avalanche by one-twenty-fifth, a 96% decrease and a significant move to further drive blockchain adoption and accessibility.

     The announcement also marks a series of exciting developments for DYOR, including the acquisition of the premium domain DYOR.com and the appointment of Matt Dyor as an advisor. Dyor, who has held key roles at Google, Amazon, Microsoft and other leading tech companies, brings a wealth of expertise in scaling technology platforms and user-focused innovation.

    What excites me the most is DYOR’s focus on bringing new users into crypto,” said Matt Dyor. “The most exciting aspect is how DYOR addresses real-world financial needs—going beyond just buying and holding crypto. By enabling smart contracts, decentralized trust, and seamless, automated payments, DYOR is bridging the gap between Web3 and traditional finance in a truly impactful way.

    The partnership with Ava Labs underscores DYOR’s mission to empower crypto enthusiasts and institutional users with transparent tools to make informed decisions. Avery Bartlett, Head of Business Development at Ava Labs, expressed enthusiasm about the collaboration: “Avalanche has some of the smartest devs building some of the most forward thinking applications in crypto. What we’ve been needing more of is cutting edge trader tooling for the on-chain degens that make this industry so exciting. DYOR is moving at the speed of light to deliver on some of the tooling this chain deserves. Excited for them.”

    The acquisition of DYOR.com further cements the platform’s position as a trusted resource for crypto research and education, making it more discoverable and user-friendly for audiences worldwide.

    DYOR Labs is redefining DeFi with a cutting-edge platform that empowers traders and developers alike. Offering real-time insights, advanced token data, and customizable workflows, users benefit from unmatched speed and cost efficiency. With features like fiat on/off ramps, cross-chain swaps, a native DEX, and Team Dashboards for transparency and project management, DYOR ensures seamless trading and trust-building across blockchains. Looking ahead, DYOR is set to launch AI-powered insights, gamified user engagement, on-chain ad auctions, and integrated social feeds, solidifying its position as a leader in DeFi innovation.

    As DYOR continues to expand its capabilities and partnerships, this collaboration sets the stage for a new era of transparency, accessibility, and utility in the cryptocurrency space.

    About DYOR:
    DYOR is a leading research platform dedicated to helping users make informed decisions in the cryptocurrency market. By providing verified data, analytics, and user-friendly tools, DYOR simplifies blockchain research and empowers investors, traders, and enthusiasts.

    About Ava Labs:
    Ava Labs is the team behind Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives, and interoperable blockchains. The network’s speed, scalability, and eco-friendliness make it a preferred choice for Web3 developers.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Enphase Energy Announces Technology Integration into Octopus Energy Smart Tariff Program in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today that the Enphase® Energy System has integrated into Octopus Energy’s smart tariffs, such as “Intelligent Octopus Flux” (IO Flux), which can save customers money on electricity bills.

    Last year, Enphase announced a new strategic relationship with Octopus to deploy IQ8™ Microinverters and IQ® Battery 5P™ in the U.K. Octopus Energy uses Kraken – its proprietary software platform – to manage, control, and optimize distributed energy resources (DERs), allowing customers to flexibly control Enphase’s solar and battery systems. Many Octopus customers have already integrated this technology to unlock low-cost home energy rates.

    Now, Octopus customers with Enphase solar and battery systems can benefit from Intelligent Octopus Flux – a smart import and export tariff. The product optimizes the charging and discharging of solar and battery systems, aiming to provide customers the best rates for consuming and selling electricity.

    According to Octopus, more than 40% of IO Flux customers make a profit on their energy bills’, getting paid for the energy they export rather than paying for energy import. Octopus customers with Enphase batteries can automatically charge when prices are lowest and export surplus energy during peak times, maximizing savings and supporting grid balance.

    “Intelligent Octopus Flux helps customers make the most of their solar panels, optimizing usage in real time to cut bills,” said Nick Chaset, executive vice president at Octopus Energy. “Teaming up with Enphase, renowned for its reliable, top-notch tech, means we can deliver even more value to U.K. homeowners – saving money while building a smarter, greener grid together.”

    Octopus Energy is the largest energy provider in the U.K., offering customer service and energy products to more than nine million households. The company has operations in 27 countries and its advanced data and machine learning platform, Kraken, supports more than 60 million customers worldwide.

    The third-generation Enphase Energy System with IQ Battery 5P and IQ8 Microinverters offers a significantly improved experience for homeowners and installers because of more power, resilient wired communication, and an improved commissioning experience. Homeowners can also use the Enphase® App to monitor performance and intelligently manage their systems. Enphase Energy Systems are fully G100-2 compliant to support the latest U.K. Electricity Networks Association requirements for grid connection of solar and battery storage. In addition, Enphase offers 24/7 customer support and an industry-leading warranty for both solar and battery products. This includes a 25-year warranty for all IQ8 Microinverters and a 15-year warranty for all IQ Batteries activated in the United Kingdom.

    “This partnership with Octopus Energy represents the next step in our mission to deliver more value to homeowners by combining advanced technology with innovative energy programs,” said Marco Krapels, vice president of worldwide business development at Enphase Energy. “We’re excited to work with Octopus on a global scale to provide meaningful wins for homeowners, Octopus, and all ratepayers, ultimately driving a cleaner, more cost-effective energy future.”

    Enphase Energy is also a participant in the Octopus Energy GridBoost battery program in Texas. For more information about Enphase Energy Systems in the United Kingdom, visit the website. For more information about Octopus Energy, please visit their website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 73 million microinverters, and approximately 4.0 million Enphase-based systems have been deployed in more than 150 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks of Enphase Energy, Inc. in the United States and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    About Octopus Energy Group

    Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 9 million households globally. Its operations span 27 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

    Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 60 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the availability and market adoption of Enphase Energy’s products in the United Kingdom; and Enphase Energy’s expectations about cost savings on electricity bills and unlocking low-cost home energy rates. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy
    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI: Navigating Opportunities and Risks in Web3 Investment: Bybit at Invest Web3 Forum

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been rising to the challenge of shifts in the global regulatory landscape to capture AI opportunities in Web3, Bybit Web3’s Jase Zhang said at a panel at the Invest Web3 Forum in Dubai on Jan. 16, 2025. 

    The panel navigated the status quo of Web3 investment landscape, exploring the intersection of Web3 and AI technologies and how the convergence could take the sector forward. During the 30-minute discussion moderated by Glass Ventures Managing Partner Cinderella Amar, Law Blocks Co-Founder Ashish Baphana, and Bybit Web3 Product Manager Jase Zhang, the panelists exchanged insights on high-growth areas within Web3, and shed light on strategies for navigating investment opportunities as well as the regulatory landscape. The conversation covered venture capital’s evolution in the decentralized space and risk mitigation approaches for investors. 

    AI Meets Web3 
    “One of the most exciting trends in Web3 is the integration of AI and Web3 combination, especially through tools like most trending DefAI and AI Agents. These innovations will change how users interact with the onchain world. Users engage with decentralized finance by combining smart decision-making, natural language interaction, and automated execution,” said Jase Zhang, Web3 Product Manager at Bybit. “At Bybit, we’re closely following market trends, such as our Web3 Swap latest token categories, recent cex listings and AI products like TradeGPT, and continuously exploring new ways to combine Web3 and AI. Moving forward, we’ll keep focusing on high-growth areas and provide more innovative AI + Web3 products and services to meet evolving market demands,” he added. 

    Exchanges and Regulators: Goals Aligned 
    Zhang also identified regulatory uncertainty as one of the biggest risks in Web3 but was hopeful it was manageable. One of the risk factors includes the absence of a uniform regulatory framework, compounded by the fast-changing nature of the industry, which created challenges for compliance and long-term planning. 

    Zhang expanded on Bybit’s commitment to fostering industry growth through regulatory compliance and collaboration with local authorities, aiming to build a secure trading environment for users. The exchange tripled its user base in 2024, increasing its contact surface with global regulators and policymakers. By working closely with regulators in Dubai, Georgia, and the Netherlands, to name a few, Bybit has strengthened its regulatory posture to meet licensing requirements, reinforcing its commitment to providing a secure and advanced trading platform for its global user base of over 60 million.

    “We aim to adapt to changes while helping shape a sustainable framework for the industry. Bybit’s approach shows that regulatory collaboration isn’t just about compliance—it’s about building trust and fostering responsible innovation,” Zhang said of the shared goals of Bybit and regulators.

    The Invest Web3 Forum successfully concluded at In5 Tech, Dubai, attended by high-profile industry leaders and Web3 visionaries who gathered at the heart of Web3 innovation in the GCC.  

    Jase Zhang, Web3 Product Manager at Bybit at the Invest Web3 Forum in Dubai on Jan. 16, 2025

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    DiscordFacebookInstagramLinkedInRedditTelegramTikTokXYoutube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e1d1d7-6a00-48aa-af70-11c0f980f815

    The MIL Network

  • MIL-OSI Europe: Audience with the Presidents of the Episcopal Communication Commissions and Directors of the Communication Offices of the Episcopal Conferences

    Source: The Holy See

    Audience with the Presidents of the Episcopal Communication Commissions and Directors of the Communication Offices of the Episcopal Conferences, 27.01.2025
    This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the Presidents of the Episcopal Communication Commissions and the Directors of the Communication Offices of the Episcopal Conferences.
    The following is the Pope’s address to those present during the meeting:

    Address of the Holy Father
    I am pleased to welcome you who carry out a service of leadership in the field of communications in your local Churches. It is good to see bishops, priests, men and women religious, lay men and women gathered here, called to communicate the life of the Church and a Christian worldview. Communicating this Christian worldview is beautiful.
    We meet today, after celebrating the Jubilee of the World of Communications, to do an assessment together and also an examination of conscience. The Letter to the Hebrews reminds us that faith is the assurance of things hoped for and the conviction of things not seen (cf. 11:1). Motivated by this faith, let us take a moment to reflect on the concrete way we communicate.
    Let us ask ourselves: what do we do to sow hope in the midst of all the despair that surrounds and challenges us? What do we do to overcome the virus of division that undermines our communities? Is our communication inspired by prayer? Or do we limit ourselves to communicating about the Church by merely following the rules laid down by corporate marketing? We should ask ourselves all of these questions.
    Are we witnessing to the fact that human history is not tied to an inexorable destiny? What are we doing to encourage others to look forward to a future that is not predetermined? I like the expression “writing the future”. It is up to us to write the future. Are we capable of communicating that hope is not an illusion? Hope never disappoints. But are we communicating that? Are we capable of communicating that it is possible to improve the lives of those around us, and that we can play a part? Can I, for my part, bring beauty to the lives of others? Are we able to communicate and convince others that it is possible to forgive? This is very hard to do!
    Christian communication is about showing that the kingdom of God is near. It is present here and now, like a miracle that can be experienced by every person and by every culture. A miracle that must be narrated by offering the hermeneutic necessary to look beyond the mundane, beyond evil, beyond prejudices, beyond stereotypes, beyond oneself. The kingdom of God is beyond us. The kingdom of God even comes through our imperfections and this is beautiful. The kingdom of God comes when we show attention to others and carefully analyse the world around us. It comes in the ability to recognize and spread the hope that goodness exists, overcoming a desperate fanaticism.
    This may be an institutional service for you, but it is also the vocation of every Christian, of every baptised person. Every Christian is called to recognize and pass on the stories of good that bad journalism tries to erase by only focusing on evil. Evil exists. It must not be hidden, but it should stir us and lead us to produce questions and answers. This is why your task is so important: it demands that you step out of yourself, to dedicate yourself to a “symphonic” work that involves everyone, that values old and young, women and men and takes into account every language, through the use of words, art, music, painting and images. We are all asked to examine how and what we are communicating. Communicate, we must always communicate.
    Sisters, brothers, this task is challenging. I therefore encourage you to increase your efforts to cooperate on both a continental and universal level so that we can build a different model of communication. The difference lies in the unlimited spirit, creativity and poetic power that flow from the Gospel. Communication is always original. When we communicate, we create languages and bridges. We become creators. It must be a model of communication that conveys harmony and proposes a concrete alternative to today’s towers of Babel. Think about this: the new towers of Babel. They all spoke but did not understand one other. Reflect on this image.
    I leave you with two words: together and network.
    Together. Only together can we communicate the beauty we have encountered: not because of our talents or because we have more resources, but because we love one another.
    This is where we draw the strength to love even our enemies, to embrace those who have done wrong, to unite what is divided and to resist despair. And to sow hope as well. Do not forget about this: sowing hope. It is not the same as sowing optimism. Not at all. We must sow hope.
    Communicating, for us, is not a tactic. It is not a technique. It is not the repetition of catchphrases or slogans, nor is it merely writing press releases. Communicating is an act of love. Only an act of selfless love can produce networks of goodness. These networks of goodness should be regenerated and restored every day, with patience and faith. 
    Network is the second word I invite you to reflect on. Today, we have forgotten the older meaning of this word, as if it were only linked to the digital world. In fact, it is an ancient word. Before making us think about social networks, it ought to remind us of the fishermen’s nets and of Jesus’ invitation to Peter to become a fisher of men. Doing this means putting skills, knowledge and resources into a network capable of providing adequate information and thus escaping the sea of despair and disinformation. This in itself is already a message, a lesson we can learn.
    Let us think of how much we could accomplish together – thanks to the new tools of the digital era and to artificial intelligence – if instead of turning technology into an idol, we were more committed to networking. I have to admit something: what worries me, more than artificial intelligence, is natural intelligence, the intelligence that we must develop.
    When we feel as if we have fallen into an abyss, we must look up, beyond ourselves. Nothing is lost. We can always start again by trusting in each other and, together, trusting in God. This is the secret of our power to communicate. Networking! Be a network! Instead of being seduced by the sterile sirens of self-promotion and the celebration of our own initiatives, let us consider how we can build together a tale of hope.
    This is your task. It is rooted in antiquity. The greatest miracle Jesus wrought for Simon and the other disappointed and weary fishermen was not so much a net full of fish, but having kept them from falling prey to disappointment and discouragement in the face of defeat. Please, do not give in to that type of interior sadness. Do not lose your sense of humour, which is wisdom, everyday wisdom.
    Sisters, brothers, our network is for everyone. For everyone! Catholic communication is not something isolated; it is not just for Catholics. It is not a fenced-in area where we can keep to ourselves, a sect where we can talk to each other. No! It is the open space of a living witness that knows how to listen to and interpret the signs of the kingdom. It is the welcoming place of true relationships. Let us ask ourselves: are our offices and our relationships like this? Our network is the voice of a Church that only finds itself and the reason for its hope by stepping out of herself. The Church must step out of herself. I like to think of that passage in the Book of Revelation when the Lord says, “I am standing at the door, knocking” (3:20). He says this because he wants to come in. But today the Lord often knocks from the inside because he wants us, as Christians, to let him out! Too often we keep the Lord to ourselves. We must let the Lord out – he is knocking at the door to be let out – and not keep him somewhat “enslaved” for own purposes. Do our offices, our relationships and our networks really resemble a missionary Church?
    Thank you, thank you for your work! Go forward with courage and the joy that comes from evangelising. I bless you all from my heart. And please do not forget to pray for me. Thank you!

    MIL OSI Europe News

  • MIL-OSI: First commercial launch of biometric payment cards in Japan with LIFE CARD and IDEX Biometrics

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway and Tokyo, Japan – 27 January 2025 – IDEX Biometrics enters a new market, together with LIFE CARD, Japan’s most innovative credit card issuer. This marks the market introduction of biometric payment cards in Japan. LIFE CARD is targeting commercial deployment in the first half of 2025.

    Japan is one of the largest payment markets in Asia, with a very advanced acceptance landscape which is ready for biometric smart cards. Credit cards have emerged to become the most popular alternative to cash in Japan, with 314 million cards issued. Accounting for more than 80% percent of cashless transactions, credit cards are used far more than any other digital payment instrument in Japan1.

    As a credit card issuer of Visa and Mastercard, LIFE CARD is commercializing premium, corporate and student card programs. Biometric payment cards will be a key differentiator and amplifier as LIFE CARD continues to lead innovation in the market.

    “LIFE CARD provides innovative, secure and frictionless payment solutions to our growing consumer base. Introducing the latest biometric technology and security to the Japanese market, will reinforce our market positioning, as we attract new customers and increase transactions and customer lifetime value” says Keiji Masui, President at LIFE CARD.

    “LIFE CARD and IDEX Biometrics are bringing more seamless and secure payments to consumers, confirming Japan’s technology and innovation leadership in payments. IDEX is committed to make card payments easier, more secure and accessible for Japanese consumers”, shared Catharina Eklof, Chief Executive Officer at IDEX Biometrics.

    1Source: Statista

    For further information contact:
    Marianne Bøe, Head of Investor Relations, + 47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, please visit www.idexbiometrics.com

    About LIFE CARD Co., Ltd.
    Since its inception in 1952, LIFE CARD has been at the forefront of pioneering advancements in Japan’s credit system. Leveraging its rich legacy of expertise and industry insights, LIFE CARD is dedicated to providing unparalleled support and service toits partners as well as customers.
    As a proud member of the esteemed AIFUL Group, one of the largest non-bank financial institutions in the nation, LIFE CARD remains steadfast in its commitment to driving financial inclusivity and empowerment across diverse sectors.

    Through synergistic collaborations within the group, LIFE CARD endeavors to spearhead the development of multifaceted financial ecosystems, catering to the evolving needs of its partners and clientele.

    For more information, please visit www.lifecard.co.jp

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    About this notice:
    This notice discloses inside information pursuant to the EU Market Abuse Regulation and was issued by Marianne Bøe, Head of Investor Relations, on 27 January 2025 at 13:02 CET on behalf of IDEX Biometrics ASA. The notice is published in accordance with section 5-12 the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI Asia-Pac: Immigration Department Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

         The Director of Immigration, Mr Kwok Joon-fung, held a press conference today (January 27) to review the work of the Immigration Department (ImmD) over the past year and look ahead to the future. The following is a summary of the department’s major activities in 2024 and its outlook:      Staying committed to its mission and safeguarding national security      The Safeguarding National Security Ordinance took effect upon gazettal in 2024. Together with the Hong Kong National Security Law, a comprehensive legal system and enforcement mechanism for safeguarding national security have been established in the Hong Kong Special Administrative Region (HKSAR). With a crucial role to play in safeguarding national security, the department has been guarding the country’s southern gateway rigorously with patriotism, and acts in accordance with all applicable laws and prevailing immigration policies to protect Hong Kong’s national sovereignty, security and development interests. Staying principled and innovative, the Government actively seeks reforms so that Hong Kong can advance from stability to prosperity and better integrate into the national development. It also strives to consolidate and enhance Hong Kong’s status as an international financial, shipping and trade centre. The ImmD continues to render full support to the HKSAR Government in its policy directions and measures, with a view to contributing to the prosperity and stability of Hong Kong.      Enhancing efficiency and facilitating connections and integration (A) Passenger traffic at control points      In 2024, a total of around 298 million passengers passed through Hong Kong’s control points, representing an increase of about 41 per cent over 2023 and a return to the 300 million level in 2019. The total number of visitor arrivals was around 44.5 million, representing an increase of about 31 per cent as compared with that of 2023, of which Mainland visitor arrivals were around 34.04 million, representing an increase of about 27 per cent when compared with that of 2023. Meanwhile, the number of arrivals of other visitors in 2024 was around 10.46 million, representing an increase of about 44 per cent over 2023. Among the visitor arrivals in 2024, around 9.86 million visitors travelled through the Airport Control Point, while around 32.81 million visitors and around 1.84 million visitors passed through land control points and sea control points respectively. (B) Enabling people movement (1) Enhancing handling capacity of control points      The ImmD has been taking various measures, including flexible deployment of manpower, optimisation of workflow and effective use of information technology, etc, to continuously enhance the handling capacity and efficiency of control points. Among them, the Heung Yuen Wai Boundary Control Point has seen a continuous increase in users since its passenger clearance services commenced operation in February 2023. To further enhance the clearance capacity, the ImmD set up 10 additional mobile counters in the arrival hall of the Heung Yuen Wai Boundary Control Point and completed the enhancement works in early June 2024 to replace some of the conventional counters with e-Channels, thereby increasing the number of e-Channels in the arrival hall from the existing 14 to 18. Furthermore, to enhance the handling capacity and efficiency of the Express Rail Link West Kowloon Control Point, in addition to the existing 22 e-Channels, 19 extra e-Channels were installed in phases in the arrival hall, which were then put into service progressively starting from June 26, 2024. (2) Extension of e-Channel service            The ImmD launched the Contactless e-Channel service in 2021 to allow registered Hong Kong residents to undergo self-service immigration clearance using an encrypted QR code generated by the “Contactless e-Channel” mobile application and facial recognition technology. As at the end of 2024, around 5 million Hong Kong residents had registered for the service and the number of passengers who used the service reached around 150 million, accounting for nearly 75 per cent of the daily number of Hong Kong residents using the e-Channels. On July 19, 2024, the ImmD launched the Mutual Use of QR Code between HKSAR and Macao SAR Clearance Service in collaboration with the relevant authorities of Macao. Eligible Hong Kong residents who have registered for using the Macao Automated Passenger Clearance Service may use the encrypted QR code generated by the “Contactless e-Channel” mobile application for self-service immigration clearance in Macao. Similarily, eligible Macao permanent residents may also use the encrypted QR code generated by the “Macao One Account” mobile application for self-service immigration clearance through the e-Channels in Hong Kong. As at the end of 2024, the numbers of Hong Kong residents and Macao residents who used the service were around 400 000 and 210 000 respectively. (3) Cancelling the requirement for visitors to furnish arrival or departure cards      To further streamline immigration procedures, the ImmD has cancelled the requirement for visitors to furnish an arrival or departure card with effect from October 16, 2024. All passengers are no longer required to complete and furnish an arrival or departure card, thereby facilitating a faster and more convenient immigration clearance process.      Attracting talent by building Hong Kong into an international hub for talent      In support of the Government’s initiatives to attract and retain talent, as well as building Hong Kong into an international hub for talent, the ImmD continued to implement the various enhanced talent admission schemes and deployed additional manpower and streamlined the system to speed up the processing of relevant applications. Meanwhile, technology was also utilised to enhance electronic services, making the submission of visa applications more convenient and efficient. (For details of the numbers of applications for visas/entry permits/extensions of stay received and approved under various admission schemes/policies, please refer to the Annex.) (A) Enhancing talent admission schemes (1) Enhancing the assessment criteria and arrangements for the General Points Test under the Quality Migrant Admission Scheme      With effect from November 1, 2024, the General Points Test (GPT) under the Quality Migrant Admission Scheme (QMAS) has been enhanced by adopting clearer and more objective scoring criteria, as well as streamlining the application and selection process. The enhanced GPT replaced the original item-by-item scoring system with an assessment questionnaire comprising 12 assessment criteria across six major aspects, namely age, academic qualifications, language proficiency, work experience, income and business ownership. Applicants may submit applications if they meet a minimum of six assessment criteria. The ImmD will pass the eligible applications to an assessment panel chaired by the Secretary for Labour and Welfare. The assessment panel will then provide advice to the Director of Immigration according to the selection results. There is no annual quota under the enhanced GPT. (2) Expanding the list of eligible universities under the Top Talent Pass Scheme and extending the validity period of the first visa for Category A applications      To further expand the network for attracting talent, starting from November 1, 2024, 13 top Mainland and overseas universities/institutions have been added to the list of eligible universities under the Top Talent Pass Scheme (TTPS). The aggregate list currently covers a total of 199 eligible institutions after the annual update. In addition, with effect from October 16, 2024, the validity period of the first visa of applicants approved under Category A of the TTPS has also been extended from two years to three years to facilitate their advance planning for relocation to Hong Kong with their families. The new measure also applies to Category A applicants whose applications were approved before the aforementioned date. (3) Extending the immigration arrangements for graduates from the Greater Bay Area campuses of Hong Kong universities      In late 2022, the Immigration Arrangements for Non-local Graduates was expanded to include graduates from the Greater Bay Area (GBA) campuses of Hong Kong universities on a pilot basis for two years. The HKSAR Government announced in October 2024 that the arrangements would be extended for two years to the end of 2026. (B) Temporarily exempting full-time non-local undergraduate students from restrictions on taking up part-time jobs      Starting from November 1, 2024, full-time non-local undergraduate students have been temporarily exempted from the restrictions on taking up part-time jobs to enhance their personal experience of working in Hong Kong, thereby increasing their incentive to stay in Hong Kong for development after graduation. Eligible full-time non-local undergraduate students are allowed to take up part-time employment within the duration of their studies, with no restrictions on the number of working hours and location. (C) Implementation of New Capital Investment Entrant Scheme      The New Capital Investment Entrant Scheme was launched on March 1, 2024, with the aim to further enrich the talent pool and attract more new capital to Hong Kong. An eligible applicant must invest a minimum of HK$30 million in the permissible investment assets. Invest Hong Kong is responsible for assessing whether the applications fulfil the financial requirements, and the ImmD is responsible for assessing the applications for visa and entry permits and extensions of stay, etc. (D) Relaxation of visa arrangements for nationals of Cambodia, Laos, Myanmar and Vietnam      To foster closer ties with countries of the Association of Southeast Asian Nations (ASEAN), following the relaxation of criteria for Vietnamese nationals applying for multiple-entry visas for travel or business in 2023, the relaxation measure has been extended to include nationals of Cambodia, Laos and Myanmar starting from October 16, 2024. Meanwhile, the validity period of multiple-entry visas for nationals of these four ASEAN countries has also been extended from two years to three years. The ImmD has put in place a fast-track arrangement for group visitors from ASEAN countries who submit their visa applications via local travel agents, so that the processing time of the visa applications can be significantly shortened.      Be people-oriented and improve their livelihood in pursuit of happiness (A) Commissioning of the new Immigration Headquarters      Located at the Tseung Kwan O town centre, the new Immigration Headquarters officially commenced operation on June 11, 2024, marking a new milestone in the development of the department. Not only is the new headquarters equipped with better facilities and infrastructure, it also houses the Tseung Kwan O Marriage Registry and Tseung Kwan O Births Registry, delivering quality public services to citizens. The marriage hall of the Tseung Kwan O Marriage Registry features an innovative design with special wall panels, a lighting system that can be set to different colours, as well as various photo-taking spots. Since its opening on June 26, the hall has been popular among the public. As at the end of 2024, more than 1 300 weddings were held there. (B) New submission and collection kiosks for personal documentation      The Registration of Persons (Amendment) Regulation 2024 came into effect on December 13, 2024. On the same day, the ImmD introduced self-application services for identity cards (ICs), expanding the service scope of the Personal Documentation Submission Kiosks to cover IC applications, in addition to HKSAR passport applications. The new services cover three types of replacement applications of IC holders who are aged 18 or above holding a locally issued smart IC, i.e. (i) replacement for an adult IC for persons reaching the age of 18; (ii) replacement for a permanent IC for persons having their eligibility for a permanent IC verified; and (iii) replacement for a new smart identity card for persons holding a valid old form of smart identity IC. Eligible applicants may apply for an IC replacement in a self-service manner and submit their HKSAR passport applications in one go. For collection of documents, members of the public may also collect their ICs and HKSAR passports in a self-service manner through the Personal Documentation Collection Kiosks. A total of 54 new personal documentation kiosks are provided in the new headquarters. The service hours of some of the kiosks have been further extended until 10pm to enable eligible applicants’ access to the services beyond office hours. In addition, starting from December 13, 2024, the processing time for new smart ICs has been shortened from the current seven working days to five working days. Members of the public may collect their new ICs on the next working day upon completion of application processing by the ImmD. (C) Conclusion of Territory-wide Identity Card Replacement Exercise      Following the conclusion of the Territory-wide Identity Card Replacement Exercise on March 3, 2023, the Smart Identity Card Replacement Centres ceased operation. Residents who have yet to replace their smart identity cards can visit the four designated Registration of Persons (ROP) Offices during the extended service hours or the ROP – Kwun Tong (Temporary) Office for identity card replacement. As at the end of 2024, a total of some 7.32 million identity card holders had replaced their smart identity cards, representing a replacement rate of about 91 per cent. The Secretary for Security has made the Registration of Persons (Invalidation of Identity Cards) Order 2024 under section 7C of the Registration of Persons Ordinance (Cap. 177), declaring that the old form of smart identity cards issued before November 26, 2018, will be invalidated in two phases in 2025. Moreover, the On-site Identity Card Replacement Service (On-site Service), which had been temporarily suspended for over two years due to the pandemic, resumed in November 2022 to provide on-site identity card replacement service to eligible residents of residential care homes (RCHs). As at the end of 2024, the outreach teams had visited around 1 100 RCHs to complete the replacement procedures for over 45 200 residents. It is anticipated that the On-site Service will conclude in the first quarter of 2025. (D) Granting of visa-free access for HKSAR passport holders      In 2024, the ImmD issued a total of more than 900 000 HKSAR passports. Since July 2024, the period of visa-free entry for HKSAR passport holders to Thailand has been extended from up to 30 days to 60 days. As at the end of 2024, 171 countries or territories had granted visa-free access or visa-on-arrival for HKSAR passport holders. The ImmD will continue to lobby more countries or territories to grant visa-free access or visa-on-arrival for HKSAR passport holders to provide travel convenience. (E) Services and support for Hong Kong residents in distress outside Hong Kong (1) Assistance to Hong Kong residents in distress outside Hong Kong      The ImmD’s Assistance to Hong Kong Residents Unit (AHU) has been making every effort to provide practical assistance to Hong Kong residents in distress outside Hong Kong. The AHU maintains close ties with the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR (OCMFA), Chinese diplomatic and consular missions overseas and other relevant HKSAR government departments to provide all practicable help and support to assistance seekers. To step up its services and support for Hong Kong residents in distress outside Hong Kong, the ImmD introduced the 1868 WeChat assistance hotline and 1868 Chatbot on March 18, 2024. Along with the existing options, Hong Kong residents may contact the AHU through a total of six different channels for assistance. In 2024, the AHU handled 3 302 requests for assistance in total, most of which involved loss of travel documents, hospitalisation, casualties, etc outside Hong Kong. Among the requests received, there were cases of Hong Kong residents suspected of having been lured to Southeast Asian countries and detained to engage in illegal work. The ImmD has provided appropriate advice and practicable assistance to the persons concerned or their families according to their wishes. In the light of the situation in Lebanon and Israel, the ImmD has also maintained close contact with the OCMFA and relevant Chinese Embassies to follow up as appropriate. With the assistance of the Embassy, three Hong Kong residents were safely evacuated from Lebanon by vessel and flight under the national arrangements. (2) Publicity on consular protection and outbound travel safety     In June 2024, the ImmD and the OCMFA co-organised the Consular Protection Month to widely disseminate information on consular protection and outbound travel safety through a series of activities, including holding the launching ceremony of the Consular Protection Month at Hong Kong International Airport (HKIA), organising roving exhibitions on consular protection across the territory, setting up booths at the International Travel Expo and conducting joint seminars with the OCMFA. Meanwhile, the “Consular Protection and Outbound Travel Safety” online exhibition was launched to enable members of the public to learn more about consular protection and outbound travel safety through various activities. (F) Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens)      The Exit and Entry Administration of the People’s Republic of China started to issue Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens) (Permits) from July 10, 2024, onwards. To apply for the Permit, applicants are required to apply for a Notice of Application for Access to Information (Notice) from the ImmD. The Notice will normally be made available within 10 days upon receipt of the request. As at the end of 2024, a total of about 87 000 applications in relation to the Notice had been received, among which 99 per cent had been processed.      Stringent law enforcement and securing social stability (A) Law enforcement           The ImmD is dedicated to combating immigration-related crimes. Its Cybercrime and Forensics Investigation Group has been actively conducting targeted cyber patrols and taking enforcement actions against those who organise, arrange or incite the public to commit serious crimes such as employing illegal workers through social media or instant messaging software, with a view to tackling illegal employment and protecting the job opportunities of local workers. (1) Combating illegal employment      In 2024, the ImmD conducted a total of 17 906 operations against illegal employment and arrested 4 172 illegal workers and 513 local employers altogether. In particular, a total of 444 non-ethnic Chinese illegal workers and 146 local employers who employed them were arrested during the enforcement operations against non-ethnic Chinese illegal workers. Employing illegal workers is a serious offence. A dishwashing service company licensee was convicted for employing illegal workers and sentenced to 19 months’ imprisonment in February 2024. In July and August 2024, under the co-ordination of the Exit and Entry Administration of the People’s Republic of China, the ImmD mounted a cross-boundary joint operation with the Exit and Entry Administration Offices of the public security authorities of Guangxi and Guangdong and the Shenzhen Frontier Inspection Station, cracking down on a cross-boundary forgery syndicate that specialised in soliciting Mainlanders to take up illegal employment in Hong Kong, resulting in the arrest of a total of 201 persons and the seizure of a large quantity of forgery equipment and forged documents. In regards to the Hong Kong side, the ImmD mounted an operation codenamed “Vanguard” and arrested a total of 97 persons, including a syndicate mastermind and serveral core members, as well as a number of suspected illegal workers and employers suspected of employing them. (2) Strengthening counter-terrorism preparedness, combating illegal transnational migration and document fraud      Officers of the ImmD intercepted suspicious persons at immigration control points in light of terrorist threat assessments and actual circumstances, and kept visitors in suspected association with terrorist activities under surveillance to prevent such persons from attempting to enter Hong Kong. In 2024, the ImmD conducted a total of 13 664 related inspection operations at various immigration control points, and intercepted 32 551 passengers in total for enquiries. To enhance its preparedness and response capability for emergencies and terrorist attacks, the ImmD participated in a large-scale interdepartmental counter-terrorism exercise codenamed “Wisdomlight” at the Kai Tak Sports Park in December 2024. During the exercise, the ImmD showcased its recently commissioned mobile identification tactical unit, while the Emergency Response Team of the Castle Peak Bay Immigration Centre (CIC) demonstrated how to quell a disturbance. Moreover, the ImmD has been working with different law enforcement agencies to combat illegal transnational migration, with the focus on investigation into document fraud, in order to prevent anyone from entering Hong Kong or travelling to other countries or territories via Hong Kong with forged travel documents. The ImmD’s Anti-Illegal Migration Agency conducted a total of 30 438 operations against forgery activities, including joint operations with overseas and local law enforcement agencies against illegal transnational migration. A total of 23 693 passengers were intercepted for enquiries. (B) Handling non-refoulement claims (1) Combating illegal entry of non-ethnic Chinese      The ImmD has commenced dedicated operations with Mainland and local law enforcement agencies since 2016 in order to take sustained enforcement action against illegal immigration activities of non-ethnic Chinese. While a sharp increase in the number of non-ethnic Chinese illegal immigrants intercepted in the second half of 2023 was once noted, the situation has improved significantly following the strengthened enforcement actions through concerted efforts of enforcement agencies. The number of interceptions plummeted by 84 per cent from the peak of 364 in October 2023 to a monthly average of 57 in 2024. The ImmD will continue to step up intelligence exchanges with enforcement agencies on the Mainland and in Macao to further combat illegal immigration precisely. (2) Advance Passenger Information System      To meet the aviation security requirements of the Convention on International Civil Aviation and to align Hong Kong with other aviation hubs worldwide, as well as to enable the ImmD to further enhance its clearance and enforcement capabilities to prevent undesirables, including potential non-refoulement claimants, from boarding flights heading to Hong Kong, the ImmD implemented the Advance Passenger Information (API) System on September 3, 2024, requiring airlines to transmit advance information to the ImmD about flights and passengers heading to Hong Kong through the API System when checking in travellers, and act upon the direction given through the system to allow or not allow specific travellers to board the aircraft heading to Hong Kong. To allow sufficient time for over 100 airlines to connect to the API System and to ensure that the system will run in a smooth and orderly manner, the rollout will be carried out in phases. A transitional period of around 12 months will also be provided. The offences and defences, and the miscellaneous provisions relating to the API System under Cap. 115Q, Laws of Hong Kong will come into effect after the transitional period, namely starting from September 1, 2025. (3) Stepping up the screening process      The ImmD continued to speed up the screening of non-refoulement claims with flexible staff deployment and optimised workflow. In 2024, the ImmD determined over 2 700 non-refoulement claims. As at the end of last year, there were about 850 claims pending screening by the ImmD. Under the unified screening mechanism, over 95 per cent of the claimants rejected by the ImmD lodged appeals against the decisions. As at the end of 2024, there were about 750 claimants who had lodged appeals pending decision by the Torture Claims Appeal Board/Non-refoulement Claims Petition Office. (4) Better management of detainees      To enhance security and management efficiency, the CIC is pressing ahead with a number of enhancement projects, including overhauling the CCTV surveillance system; launching an RFID (radio frequency Identification) Equipment Management System; and installing a Contactless Vital Sign Monitoring System to remotely monitor the vital signs of detainees. The CIC has also deployed small unmanned aircraft to carry out patrol duties from time to time to eliminate potential security threats. In addition to the CIC, the HKSAR Government included the Tai Tam Gap Correctional Institution and the Nei Kwu Correctional Institution (NKCI) as places of detention of the ImmD in 2021 and 2023 respectively, thereby increasing the number of detention places for detaining non-refoulement claimants to three. When the in-situ expansion of the NKCI is completed in 2025, the overall detention capacity of the three detention places will increase to 940. (5) Enhancing efficiency of removing unsubstantiated claimants      The ImmD has been committed to promptly removing unsubstantiated non-refoulement claimants from Hong Kong. In 2024, the ImmD removed 2 219 unsubstantiated claimants from Hong Kong, representing a rise of 24 per cent when compared with that in 2023. Under the updated removal policy effective from December 7, 2022, the ImmD may generally proceed with the removal of an unsubstantiated claimant whose judicial review case has been dismissed by the Court of First Instance of the High Court, thereby enhancing the efficiency of and efforts in removing unsubstantiated claimants. Since the implementation of the policy till the end of 2024, the ImmD removed a total of 4 070 unsubstantiated claimants from Hong Kong, including 314 claimants who were removed under the updated removal policy.      Nurturing young people and strengthening patriotic teams (A) Hong Kong will prosper when its young people thrive (1) Immigration Department Youth Leaders Corps      The ImmD formed the Immigration Department Youth Leaders Corps (IDYL) to provide systematic and regular disciplinary and leadership training for members by sending dedicated training officers to secondary schools with the aim of nurturing them to become pillars of society who love the country and Hong Kong. There is also a post-secondary student team, IDYL Plus, members of which have already been admitted to post-secondary institutes. They will be the experienced leaders to pass the values of the IDYL and their personal experiences to younger members. To celebrate the 75th anniversary of the founding of the People’s Republic of China, the IDYL organised a Shanghai summer exchange tour in July for 75 members to learn about the history of the motherland and have an in-depth exchange of ideas with local young people. As at the end of 2024, a total of over 950 students participated in the IDYL. (2) Immigration Department Youth Ambassador Programme      The ImmD launched the Immigration Department Youth Ambassador Programme in November 2023 and used the Immigration Divisions of the Mainland Offices of the HKSAR Government (Mainland Offices) as bases to recruit young people from Hong Kong who are studying and living in various provinces on the Mainland as Youth Ambassadors. Since the launch of the Programme, the ImmD has appointed 32 Youth Ambassadors in Beijing, Guangzhou, Shanghai and Wuhan. The appointed Youth Ambassadors will have diverse learning opportunities provided by the ImmD during the one-year term and collaborate with the Mainland Offices in disseminating the latest information and in briefing the public on the business scope of the department. The ImmD expects that the Programme will broaden the Youth Ambassadors’ horizons and lay solid groundwork for their different future positions in society. (B) Staff training and continuous development (1) Recruitment of service members      The ImmD launched a new round of in-service appointments and open recruitment of Immigration Officers in May 2024, while the open recruitment of Immigration Assistants continued to be all year round. During the recruitment exercises in 2024, the department recruited about 100 Immigration Officers and 210 Immigration Assistants. (2) National studies     In 2024, a total of 366 members of the Immigration Service were arranged to attend training courses in various Mainland institutes, including the National Academy of Governance, the First Standing Force of the Exit and Entry Administration of the People’s Republic of China, the China Foreign Affairs University, and the China People’s Police University. Moreover, in order to reinforce the concept of national security among newly recruited Immigration Officers, deepen their understanding of the history and development of the motherland as well as enhance their knowledge of the country’s immigration regime, with the staunch support of the Ministry of Public Security and the China People’s Police University, the ImmD has arranged 200 Immigration Officer trainees to participate in the National Affairs and Immigration Control Training Course for Immigration Officer Trainees at the China People’s Police University (Guangzhou) since October 2023. The ImmD will actively co-ordinate with relevant Mainland authorities so that newly recruited Immigration Assistants can also receive training in the Mainland.      Vision for 2025      Utilising technologies to enhance service standards (A) New milestone of e-Channel service      Since the launch of the first e-Channel at the Lo Wu Control Point in December 2004, the total number of users of e-Channels has exceeded 2 billion. Over the past two decades, the ImmD has been striving for innovation in enhancing the clearance efficiency of e-Channels and expanding the service target group in order to provide immigration services of the highest quality to members of the public and visitors. To further enhance service quality, the ImmD has set two key directions for the future development of e-Channels, namely “simplicity” and “efficiency”. While ensuring information security, the ImmD will introduce more innovative technologies for e-Channel users to perform immigration clearance in a more convenient and faster manner. (1) Extension of applicable age of e-Channel service      At present, Hong Kong permanent residents aged 11 or above holding a smart identity card can use e-Channels for self-service immigration clearance. To enhance clearance efficiency, the ImmD will adjust the applicable age of the e-Channel service for Hong Kong permanent residents from the first quarter of 2025 onwards so that children aged 7 or above holding a valid HKSAR passport and a Hong Kong permanent identity card can undergo self-service immigration clearance with a smart identity card using facial recognition technology at e-Channels. The implementation date will be announced later. (2) Introduction of new e-Channel      The ImmD plans to introduce the new e-Channel at the Arrival Hall of HKIA in the third quarter of 2025, which will enable eligible Hong Kong residents to experience hassle-free self-service immigration clearance through verification of identity by facial recognition technology at the new e-Channel upon arrival without prior enrolment or presenting travel documents or QR codes. (3) Innovative proposal for the application of technologies in handling immigration clearance for private cars      The ImmD and the Hong Kong Applied Science and Technology Research Institute (ASTRI) signed a Memorandum of Understanding in April 2024 to explore an innovative proposal for the application of technologies in four areas, i.e. Innovative Immigration Control Operation, Biometric Identification and Authentication, Artificial Intelligence Assisted Immigration Application and Collaborative Robotics Technology. Currently, the ImmD is making substantial efforts in a collaborative project relating to the Innovative Immigration Control Operation with ASTRI, actively researching whether a technology solution underpinned by facial recognition technology can be used to handle immigration clearance of private car passengers, with a view to further enhancing passenger clearance experience. (B) Upgrading infrastructure of boundary control points (1) Redevelopment of Huanggang Port      To tie in with the Guangdong-Hong Kong-Macao Greater Bay Area development blueprint and enable smooth and efficient people and cargo flows within the area, the HKSAR Government has been forging ahead with a series of measures to further enhance the capacity of control points and the clearance efficiency, with the redevelopment of the Huanggang Port as one of the key projects. The new Huanggang Port will implement the “co-location arrangement” and adopt a new clearance mode of “collaborative inspection and joint clearance”, making it the first boundary control point between Guangdong Province and the HKSAR adopting such a clearance mode. Currently, Hong Kong and Shenzhen are taking forward the construction works of the new Huanggang Port building and specific immigration clearance arrangements. The target is to strive for basic completion of the new Huanggang Port building by the end of 2025. The ImmD will continue to maintain close liaison with the authorities of both Hong Kong and the Mainland, and proactively implement all relevant preparatory work. (2) Airport Terminal 2      With the full commissioning of the Three-Runway System (3RS) of HKIA in 2024, the capacity of HKIA will be substantially enhanced. Terminal 2 (T2) under the 3RS project is undergoing expansion. Upon completion, it will provide full-fledged terminal services with additional immigration facilities, which include a total of 137 immigration clearance counters and 60 e-Channels. T2 will be opened in phases based on passenger traffic demand. The ImmD will maintain close ties with the Airport Authority Hong Kong and other relevant HKSAR government departments to ensure the smooth commissioning and running of T2. (C) Providing immigration facilitation to the 15th National Games      The ImmD fully supports the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games to be held in 2025, whereby special immigration lanes will be provided in the closed areas of designated control points on Hong Kong side to provide faster and more convenient clearance services for athletes from the Mainland and Macao and their accompanying staff. (D) Commencement of study of Fourth Information Systems Strategy (ISS-4)      To further work in tandem with the HKSAR Government’s smart city initiative and proactively seize the opportunities of innovative technology and artificial intelligence technology, the ImmD has appointed a consultant in August 2024 to conduct a new round of reviews on information systems and formulate the ISS-4 as the department’s long-term information technology development blueprint. The research for the ISS-4 is expected to be completed in the second quarter of 2025. (E) Enhancing various measures for attracting talent      The ImmD will continue to fully support the HKSAR Government’s measures for attracting and retaining talent. A new channel will be introduced under the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals in 2025 to allow young and experienced non-degree talent with relevant professional and technical qualifications to apply for entry into Hong Kong to join the skilled trades facing acute manpower shortage. There will be a quota under such an arrangement. Moreover, a new mechanism will be introduced under the QMAS in 2025 to proactively invite top-notch and leading talent to come to Hong Kong for development, promoting Hong Kong as the focal point of international high-calibre talent.

    MIL OSI Asia Pacific News

  • MIL-OSI Video: Lift off for Tech Interdependence? | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    As the technology ecosystem evolves, encompassing advancements in AI, biotechnology, edge computing, robotics and beyond, the interdependence of these technologies presents immense opportunities and complex challenges.

    How can we pave the way for unprecedented growth and innovation in our interconnected future?

    Speakers: Hiroaki Kitano, Cristiano Amon, Aiman Ezzat, Jeremy Jurgens, Magdalena Skipper, Aidan Gomez

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=Mogyc3UAku0

    MIL OSI Video

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to the Republic of Costa Rica and to the Republic of Nicaragua: Edward Roberts

    Source: United Kingdom – Executive Government & Departments 3

    Mr Edward Roberts has been appointed His Majesty’s Ambassador to the Republic of Costa Rica, and His Majesty’s non-resident Ambassador to the Republic of Nicaragua, in succession to Mr Ben Lyster-Binns.

    Mr Edward Roberts has been appointed His Majesty’s Ambassador to the Republic of Costa Rica, and His Majesty’s non-resident Ambassador to the Republic of Nicaragua, in succession to Mr Ben Lyster-Binns, who will be transferring to another Diplomatic Service appointment.

    Mr Roberts will take up his appointment during autumn 2025.

    Curriculum vitae

    Full name: Edward John Roberts

    Year Role
    2025 Pre-posting training (including Spanish language training)
    2023 to 2024 FCDO, Europe Group, Directorate Flexible Resource
    2022 to 2023 College of Europe, Bruges, MA in EU International Relations and Diplomacy Studies
    2019 to 2022 Kathmandu, Deputy Ambassador
    2017 to 2019 Department for Exiting the European Union, Policy Manager, Security Partnership
    2016 to 2017 Cabinet Office, Senior Policy Adviser, Migration and EU Asylum Cooperation
    2013 to 2016 Kinshasa, Consul and Second Secretary Political and Prosperity
    2011 to 2013 FCO, Desk Officer, EU Institutions and Treaty Change Bill
    2010 to 2011 European Commission, Brussels, DG AIDCO, Seconded National Expert, Human Development and Migration
    2009 to 2010 Department for Education, Policy Officer, Early Years Improvement Support
    2008 to 2009 Brussels, European Commission, DG AIDCO, Stagiaire, Human Development and Migration
    2007 to 2008 Department for Education, Policy Officer, Education and Skills Bill
    2006 to 2007 Department for Education, Policy Officer, Strategy for Learners with Learning Difficulties
    2006 Joined the Civil Service Fast Stream

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom

  • MIL-OSI: Finding the Best Wireless Modem for Rural America: Results are in, and Nomad Air 2 is 10X faster than Local DSL

    Source: GlobeNewswire (MIL-OSI)

    NEW BRAUNFELS, Texas, Jan. 27, 2025 (GLOBE NEWSWIRE) — Nomad Internet, a leader in providing high-speed internet solutions for rural America, has announced breakthrough results from a rigorous modem testing initiative led by Jaden Garza, CINO at Nomad Internet & Jessica Garza, Chief Operating Officer of Nomad Internet. The company’s new Nomad Air 2 Wireless Modem outperformed local DSL networks by over 10 times, achieving blazing-fast download speeds of 513 Mbps compared to the local DSL average of 39.6 Mbps in real-world rural environments.

    The tests, conducted in areas with zero traditional cell service, were designed to evaluate the performance of over a dozen wireless modems from leading manufacturers under real-world rural conditions. The results proved that the Nomad Air 2 is the best option for rural communities and a significant step forward in closing the digital divide.

    “This is game-changing for rural America,” said Jaden Garza, CINO at Nomad Internet. “We pushed these modems to their limits in places with no urban network advantages, and the Nomad Air 2 consistently delivered speeds faster than even some fiber networks. It’s a testament to our commitment to bringing high-speed, reliable internet to the last mile.”

    Real-World Results, Real Impact

    The testing process included hours of rigorous analysis and optimization by Garza and his team, with the Nomad Air 2 achieving a download speed of 513 Mbps—outshining all other modems tested.
    “This modem is a game-changer for rural or underserved people. It levels the playing field, providing access to affordable, high-speed internet for people who traditional providers have left behind,” added Jessica Garza.

    Partnerships Driving Innovation

    Nomad Internet credited partners like Inseego Corp, whose modem technology played a pivotal role in delivering these speeds, and Ookla, which provided the tools to measure this breakthrough.
    “We are grateful for the incredible work of Inseego Corp and partners like Ookla, whose technology makes advancements like this possible,” Mr. Garza said.

    Closing the Digital Divide

    The Nomad Air 2 represents Nomad Internet’s mission to close the digital divide, empowering rural communities with faster, more reliable, and more affordable connectivity than ever before. Whether it’s for work, education, or entertainment, this modem ensures no one is left behind.

    A Look Back at All the New Launches by Nomad Internet in 2025

    While the record-breaking modem speeds have taken center stage, Nomad Internet is also introducing new products and initiatives to enhance connectivity and customer engagement further.

    Nomad Omni Data

    One of the company’s most anticipated launches, Nomad Omni Data, redefines rural internet connectivity by offering simultaneous access to two of America’s largest networks.

    Key Features of Nomad Omni Data:

    • Dual-Network Access: The modem transitions to the most rapid and robust network signal.
    • Unlimited Data: Users experience limitless browsing, streaming, and gaming without concerns about data limits or throttling.
    • Blazing Speeds: Boasting download speeds reaching 1 Gbps, users enjoy smooth streaming, swift downloads, and gaming without interruptions.
    • Affordable Upgrade: For only $19.95/month, users can access the complete capabilities of dual-network power.

    This feature is ideal for rural families, digital nomads, and gamers who demand reliable, high-speed internet regardless of location.

    Unlimited Power Plan

    The Unlimited Power Plan has been designed by Nomad Internet for customers seeking unparalleled connectivity at an unbeatable value. This plan caters to modern, mobile lifestyles priced at $119.95 per month with a lifetime discount of $30.

    Features of the Unlimited Power Plan:

    • 500 Mbps Speeds: Say goodbye to buffering and enjoy ultra-fast connections for video calls, streaming, and more.
    • 8K Streaming: Experience unparalleled clarity for entertainment and content creation.
    • Low Latency: Competitive gamers can enjoy smooth, lag-free gameplay.

    The Unlimited Power Plan highlights Nomad Internet’s dedication to providing affordable, flexible solutions that enable users to remain connected regardless of location.

    #NomadSpeedChallenge

    Nomad Internet has introduced the #NomadSpeedChallenge to commemorate its progress, encouraging customers to post their internet speed results to win a year of complimentary Nomad Internet service.

    How to Participate:

    1. Test the Speed: Run a speed test using tools like Ookla or Fast.com.
    2. Capture the Results: Take a screenshot or record the speed test.
    3. Share the Experience: Post the results on social media platforms like X, Facebook, Instagram, or TikTok using the hashtags #NomadSpeedChallenge and #NomadInternet, and tag @NomadInternet.
    4. Submit the Entry: Upload the speed test and social media link to the official contest page.

    This initiative celebrates Nomad Internet’s achievements and builds a sense of community among users who rely on its services to power their digital lives.

    Empowering Connectivity in the Digital Age

    The industry leader in rural connectivity, Nomad Internet, released the Nomad Air 2 gadget and additional products, starting with the Unlimited Power Plan and Nomad Omni Data. Nomad Internet is dedicated to breaking down digital connectivity barriers and empowering individuals in rural and remote areas to enjoy the high-speed internet they need to succeed in today’s digital landscape.

    Jessica Garza emphasized that Nomad Internet delivers high-speed internet to the communities that need it most. “We are transforming possibilities for rural and nomadic populations through unprecedented modem speeds, creative data plans, or customer initiatives such as the #NomadSpeedChallenge.”

    About Nomad Internet

    Nomad Internet is America’s leading wireless internet provider for rural communities, delivering high-speed, reliable, and affordable connectivity to those in areas where traditional services fall short.

    For more information, visit www.nomadinternet.com.

    Media Contact

    Company Name: Nomad Internet

    Contact Person: Manish Roshan

    Email: manish@nomadinternet.com

    Website: https://nomadinternet.com

    Phone: +1 281 800 1000

    Disclaimer: This content is provided by the Nomad Internet. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f5723c-5676-4c59-9960-f213d8175c52

    https://www.globenewswire.com/NewsRoom/AttachmentNg/738a6ea2-75fe-4998-8d85-0eb2ad6e1e7b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3d225766-a42d-4881-9678-5cb04c297ea1

    The MIL Network

  • MIL-OSI: Embrace Change Acquisition Corp. Announces Entering into a Definitive Merger Agreement with Tianji

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Embrace Change Acquisition Corp. (“Embrace Change”) (NASDAQ: EMCG, EMCGU, EMCGR), a publicly traded special purpose acquisition company, and Tianji Tire Global (Cayman) Limited (“Tianji,” or the “Company”), a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, today announced that they have entered into a definitive merger agreement (the “Merger Agreement”) that will result in Tianji becoming a publicly listed company upon the closing of the transaction contemplated there in (the “Proposed Transaction”) on January 26, 2025. Upon closing, the combined company will be renamed “Tianji Tire Global Group (Cayman) Limited” (the “Combined Company”) and expects to list its Class A ordinary shares on Nasdaq.

    Tianji is a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, specializing in the design, research and development, production and sales of tires, with a primary focus on all-steel, tubeless radial tires for medium- and short-distance transportation.

    Key Transaction Terms

    As provided in the Merger Agreement, the merger consideration is $450 million, payable by newly-issued securities of the Combined Company valued at $10.00 per share.

    Cash proceeds raised will consist of Embrace Change’s approximately $26 million in trust (assuming no redemptions by Embrace Change’s existing public shareholders) which is anticipated to support the Company’s growth capital needs and to be used for general working capital purposes. After the closing, Tianji shareholders are expected to retain a majority of the outstanding shares of the Combined Company and Tianji will designate a majority of proposed directors for the Combined Company’s board.

    The Tianji management team, led by its CEO Hailong Cheng, will continue to run the Combined Company after the closing of the Proposed Transaction.

    The boards of directors of Tianji, Embrace Change and Embrace Change’s two merger subsidiaries have unanimously approved the Proposed Transaction, which is expected to be completed in mid–2025, subject to, among other things, approval by Embrace Change’ and Tianji’ shareholders, and satisfaction (or waiver, as applicable) of the conditions provided in the Merger Agreement, including regulatory approvals and other customary closing conditions, including a registration statement in connection with the Proposed Transaction being declared effective by the U.S. Securities and Exchange Commission (the “SEC”).

    Additional information about the Proposed Transaction, including a copy of the Merger Agreement, will be provided in a Current Report on Form 8-K to be filed by Embrace Change with the SEC and available at www.sec.gov. Additional information about the Proposed Transaction will be described in the Registration Statement, which Embrace Change and/or its subsidiary will file with the SEC.

    Advisors

    Loeb & Loeb LLP, Ogier (Cayman) LLP and Beijing Dacheng Law Offices, LLP are serving as legal advisor to Embrace Change. Han Kun Law Offices LLP and Harney Westwood & Riegels are serving as legal advisor to Tianji.

    About Tianji

    Tianji is a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, specializing in the design, research and development, production and sales of tires, with a primary focus on all-steel, tubeless radial tires for medium- and short-distance transportation. The Company’s collection of tires is curated under six renowned brands, namely the premium brand SEMES, the mid- to high-end brand Tianxin, the mass-market brands Lunaite, Aoben and GFT Rider, as well as the brand Kuangshan Jiuhao designed specifically for mining transportation. Each of these brands stands out in quality and technical performance characteristics with distinctive features and precise identities.

    Founded in 2020, Tianji has successfully established an extensive presence in China, and is continuing to expand its footprint nationwide to reach more potential customers.

    About Embrace Change Acquisition Corp.

    Embrace Change Acquisition Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    Additional Information and Where to Find It

    In connection with the Proposed Transaction, Embrace Change and/or its subsidiary will file with the SEC a Registration Statement on Form F-4 (as amended, the “Registration Statement”), which will include a proxy statement/prospectus. After the Registration Statement is declared effective, Embrace Change will send the proxy statement/prospectus and other relevant documents to its shareholders. This press release is not a substitute for the proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TIANJI, EMBRACE CHANGE, THE PROPOSED TRANSACTION AND RELATED MATTERS. The Registration Statement and any other relevant filed documents (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Embrace Change at https://www.Embrace Change.com/insights or upon written request at Embrace Change Acquisition Corp., 5186 CARROLL CANYON RD, SAN DIEGO, CA, 92121.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of Embrace Change and the Company to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of the Company or Embrace Change; (v) risks related to disruption of management time from ongoing business operations due to the Proposed Transaction; (vi) the risk that any announcements relating to the Proposed Transaction could have adverse effects on the market price of Embrace Change’s securities; (vii) the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii) the Company’s estimates of expenses and profitability; and (ix) risks relating to the Combined Company’s ability to enhance its services and products, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

    A further list and description of risks and uncertainties can be found in the Prospectus filed on August 9, 2022 relating Embrace Change’s initial public offering and in the Registration Statement and proxy statement that will be filed with the SEC by Embrace Change and/or its subsidiary in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Embrace Change, the Company and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transactions described above and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Embrace Change or the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Participants in the Solicitation

    Embrace Change and the Company, and certain shareholders of Embrace Change, and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Embrace Change ordinary shares in respect of the proposed transaction. Information about Embrace Change’s directors and executive officers and their ownership of Embrace Change ordinary shares is set forth in the Prospectus filed on August 9, 2022 and filed with the SEC as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of that filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the Registration Statement/proxy statement pertaining to the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated above.

    Tianji and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Embrace Change in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the Registration Statement/proxy statement pertaining to the proposed transaction when it becomes available for the proposed business combination.

    Contacts:

    Embrace Change Acquisition Corp.
    contact@embracechange.top

    Tianji Tire Global (Cayman) Limited
    Ray Jin
    ray966@msn.com 

    The MIL Network

  • MIL-OSI United Kingdom: New Guidance for Evaluating the Impact of AI Tools

    Source: United Kingdom – Government Statements

    The Evaluation Task Force have recently published a new annex to the Magenta Book which covers best practice for impact evaluation of AI tools and technologies.

    In December the Evaluation Task Force published a new annex to the Magenta Book, focusing on best practice for evaluating the impact of AI evaluation methods (click here to read the guidance). The guidance will enhance the safety and confidence with which government departments and agencies can adopt AI technologies, ensuring that public sector innovation keeps pace with the private sector. It reflects an understanding of the unique challenges posed by AI and the need for tailored approaches to address these challenges.

    The guidance has been coproduced with the Department for Transport and Frontier Economics, in consultation with leading AI specialists. It is expected to be a valuable resource for policymakers, public sector professionals, and digital specialists working to integrate AI solutions into government operations. Moving forwards, the guidance will be co-owned with the Central Digital and Data Office (CDDO)

    What does the guidance cover?

    The guidance details best practice, including evaluation design, methodology, and timing, for evaluating the impact of new AI tools and technologies being introduced in the public sector. In particular, it advocates for the use of Randomised Control Trials when testing a new AI product to produce high quality evidence on the intended and unintended impacts of introducing these new technologies. The guidance also includes a series of hypothetical case studies to illustrate possible high-quality approaches to evaluating the impact of different types of AI tools.

    Please note: this guidance does not address how to evaluate the quality, safety and accuracy of new AI tools. This process is typically referred to as “model evaluation” or assurance activities, and is typically carried out by Digital, Data and Technology (DDaT) professionals rather than social researchers. Instead, the new AI guidance focuses on the impact of AI tools on decisions and outcomes. An example of an impact evaluation of an AI tool can be found here, and an example of a model evaluation of an AI tool can be found here.

    Why is this guidance important?

    Recent growth in the capabilities of Artificial Intelligence (AI) technologies has led to increased interest in the use of AI in Government. Robustly evaluating the impact of AI use in government (including process, impact and value for money questions) is essential in making sure we understand the impact of new AI systems, are able to improve current interventions, and can inform future policy development. By providing a framework for assessing the impact and effectiveness of AI tools, the guidance underscores the government’s commitment to maintaining high standards of evaluation and accountability in its use of emerging technologies.

    What happens next?

    The Evaluation Task Force will be working with CDDO to help embed evaluation best-practice in digital processes across Government, and working to support colleagues designing and delivering impact evaluations of AI interventions. If you have a project or piece of work related to AI that you’d like to discuss with the Evaluation Task Force, you can get in touch with the Evaluation Task Force at: etf@cabinetoffice.gov.uk

    Examples of best practice

    Model testing and development

    Updates to this page

    Published 27 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Nations: UNECE showcases potential of digitalization in the energy sector   

    Source: United Nations Economic Commission for Europe

    At the intersection of technological innovation and policy to accelerate the clean energy transition, UNECE has issued a compendium of case studies highlighting the potential of digital technologies and the related governance frameworks to address key challenges in the energy system.   

    Featuring selected case studies and providing examples of effective governance policies, the publication offers examples of the transformative power of digital technologies in the energy sector, from grid management and cybersecurity to the adoption of smart meters and artificial intelligence. 

    It bridges the gap between theoretical frameworks and real-world applications, highlighting the successful implementation of the policy recommendations from the UNECE Task Force on Digitalization in Energy in diverse geographic and socio-economic contexts. 

    Approaches to the global energy transition differ across regions and the case studies focus on:  

    • introducing smart metering to monitor energy flow, ensuring billing accuracy, allowing rapid fault detection, and supporting dynamic pricing models for optimized energy use and reduced losses in the Republic of Moldova 

    The “Compendium of Case Studies on Digitalization in Energy in the UNECE Region” is available for download at:  https://unece.org/sustainable-energy/publications/compendium-case-studi…;

    MIL OSI United Nations News

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Integrates DeepSeek R1 LLM

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Jan. 27, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, has integrated the innovative DeepSeek R1 large language model (LLM). This addition further enhances GPTBots.ai’s robust ecosystem of AI capabilities, which already includes some of the most advanced LLMs in the market, such as OpenAI, Azure, Meta Llama, Mistral AI, Anthropic Claude, Google Gemini, Ali Qwen and Zhipu GLM, etc.

    The integration of DeepSeek R1 underscores GPTBots.ai’s commitment to providing businesses with cutting-edge AI solutions tailored to enterprise needs. Known for its exceptional performance in complex reasoning tasks, DeepSeek R1 brings a new level of efficiency, adaptability, and cost-effectiveness to the platform, making it an invaluable tool for enterprises seeking to optimize their operations.

    A Comprehensive Ecosystem of Leading LLMs

    With the addition of DeepSeek R1, GPTBots.ai now offers one of the most comprehensive selections of LLMs in the industry. Enterprises can choose from a diverse range of models, including:

    • OpenAI GPT Series: Known for its unparalleled natural language understanding and generation capabilities.
    • Anthropic Claude: A model designed for safety and reliability in enterprise applications.
    • Meta Llama: A powerful open-source model for multilingual and multi-modal tasks.
    • Google Gemini: Renowned for its cutting-edge AI capabilities and integration with Google’s ecosystem.
    • Mistral AI and Zhipu GLM: High-performance models optimized for specific enterprise use cases.

    This extensive lineup ensures that GPTBots.ai users can select the most suitable LLM for their unique business needs, whether it’s customer service automation, data analysis, or marketing optimization.

    “The integration of DeepSeek R1 aligns perfectly with our mission to empower enterprises with advanced AI solutions and unmatched flexibility,” said Jerry Yin, VP of GPTBots.ai. “With this addition, we’re enabling businesses to tackle complex challenges with greater efficiency and flexibility, while maintaining the highest standards of enterprise performance.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited

    E-mail: ir@jiguang.cn

    Christensen

    In China

    Ms. Xiaoyan Su

    Phone: +86-10-5900-1548

    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.

    Ms. Linda Bergkamp

    Phone: +1-480-614-3004

    Email: linda.bergkamp@christensencomms.com

    The MIL Network

  • MIL-OSI: GPTBots.ai Integrates DeepSeek R1 LLM, Expanding Its Enterprise AI Agent Capabilities

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — GPTBots.ai, a leading enterprise AI agent platform, has announced the integration of the innovative DeepSeek R1 large language model (LLM). This addition further enhances GPTBots.ai’s robust ecosystem of AI capabilities, which already includes some of the most advanced LLMs in the market, such as OpenAI, Azure, Meta Llama, Mistral AI, Anthropic Claude, Google Gemini, Ali Qwen and Zhipu GLM, etc.

    The integration of DeepSeek R1 underscores GPTBots.ai’s commitment to providing businesses with cutting-edge AI solutions tailored to enterprise needs. Known for its exceptional performance in complex reasoning tasks, DeepSeek R1 brings a new level of efficiency, adaptability, and cost-effectiveness to the platform, making it an invaluable tool for enterprises seeking to optimize their operations.

    Why DeepSeek R1 Matters

    1. Technical Excellence and Cost Efficiency
      • DeepSeek R1 excels in complex reasoning tasks, offering performance comparable to leading models like OpenAI’s o1, but at a lower cost. This makes it an ideal choice for enterprises looking to maximize their AI investments.
    2. Open-Source Flexibility
      • As an open-source model, DeepSeek R1 provides transparency and flexibility, fostering collaboration and innovation within the AI community.
    3. Reinforcement Learning Integration
      • The model utilizes reinforcement learning techniques to enhance its intelligence, making it adaptable to a wide range of enterprise applications.

    A Comprehensive Ecosystem of Leading LLMs

    With the addition of DeepSeek R1, GPTBots.ai now offers one of the most comprehensive selections of LLMs in the industry. Enterprises can choose from a diverse range of models, including:

    • OpenAI GPT Series: Known for its unparalleled natural language understanding and generation capabilities.
    • Anthropic Claude: A model designed for safety and reliability in enterprise applications.
    • Meta Llama: A powerful open-source model for multilingual and multi-modal tasks.
    • Google Gemini: Renowned for its cutting-edge AI capabilities and integration with Google’s ecosystem.
    • Mistral AI and Zhipu GLM: High-performance models optimized for specific enterprise use cases.

    This extensive lineup ensures that GPTBots.ai users can select the most suitable LLM for their unique business needs, whether it’s customer service automation, data analysis, or marketing optimization.

    Why Enterprises Choose GPTBots.ai

    GPTBots is designed to simplify AI adoption for businesses by offering a no-code/low-code platform that enables the creation of intelligent AI agents. With features like enterprise-grade SLA guarantees, role-based access control, and seamless integration with systems like LiveChat, Intercom, Zendesk, Telegram, WhatsApp, Discord, Slack, and Zapier, GPTBots ensures businesses can deploy AI solutions quickly, securely, and effectively.

    The platform supports four core enterprise solutions:

    • Customer Support: Automate up to 90% of customer inquiries, reducing operational costs by up to 70% while delivering 24/7 multilingual support.
    • AI SDR (Sales Development Representative): Streamline lead generation and qualification processes, driving higher conversion rates.
    • Enterprise Search: Enable employees to retrieve critical information instantly across vast knowledge bases.
    • Data Insight: Provide real-time analytics and actionable insights to enhance decision-making and strategy.

    By integrating enterprise knowledge bases, supporting over 90 languages, and enabling multimedia-rich responses (images, videos, maps, etc.), GPTBots.ai empowers businesses to enhance efficiency, improve customer experiences, and drive growth across platforms, languages, and time zones.

    “The integration of DeepSeek R1 aligns perfectly with our mission to empower enterprises with advanced AI solutions and unmatched flexibility,” said Jerry Yin, VP of GPTBots.ai. “With this addition, we’re enabling businesses to tackle complex challenges with greater efficiency and flexibility, while maintaining the highest standards of enterprise performance.”

    About GPTBots.ai

    GPTBots.ai is an enterprise AI agent platform that empowers businesses to streamline operations, enhance customer experiences, and drive growth. Offering end-to-end AI solutions across customer service, knowledge search, data analysis, and lead generation, GPTBots enables enterprises to harness the full potential of AI with ease. With seamless integration into various systems, and support for scalable, secure deployments, GPTBots is dedicated to reducing costs, accelerating growth, and helping businesses thrive in the AI era.
    For more information, visit www.gptbots.ai.

    Media Contact:
    Silvia Zhang
    Senior Marketing Manager
    marketing@gptbots.ai

    The MIL Network

  • MIL-OSI China: Aerial beauty of Shanxi: Yuncheng salt lake in winter

    Source: People’s Republic of China – State Council News

    TAIYUAN, Dec.20 — Yuncheng Salt Lake, known as the “Dead Sea of China,” is one of three inland salt lakes with sodium sulfate in the world, covering an area of 132 square kilometers. It once served as a salt production base.

    To better protect the lake’s ecology, industrial production activities in the lake area have been completely terminated, and restoration works such as embankment renovation, dredging, and flood prevention have been carried out. Meanwhile, a protective regulation issued a few years ago has not only provided a basis for the lake’s protection, but also extended the protection scope to ecological, natural, and cultural resources. With the arrival of winter, many migratory birds have found refuge here, bringing with them beauty and vitality, further enriching the landscape of this unique ecosystem.

    MIL OSI China News

  • MIL-OSI Security: Director Wray Visits FBI Offices in Cheyenne and Denver

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Earlier this week, FBI Director Christopher Wray visited the Denver Field Office and met with FBI employees and partners from across Colorado and Wyoming.

    His trip to Wyoming included a productive discussion with law enforcement in the state about the importance of collaboration to fulfilling our shared mission, noting that “partnerships are more important now than they’ve ever been.” While in Wyoming, Director Wray also visited F.E. Warren AFB, where he met with military partners to discuss the many ways the FBI is working with the Department of Defense to protect against threats posed by hostile foreign nations.

    In Denver, Director Wray sat down with partners from across law enforcement, the private sector, and academia in Colorado and Wyoming, thanking them for their partnership and emphasizing the need to continue working together to stay ahead of cyber, counterintelligence, and counterterrorism threats. The group also discussed the importance of continued collaboration to defend against threats to our critical infrastructure, and emerging challenges such as criminal use of artificial intelligence and cryptocurrency. While in Colorado, Director Wray also met with officials from the Bureau of Prisons at one of their facilities.

    Director Wray pledged the FBI’s intent to try to continue to support law enforcement partners in Colorado and Wyoming through training, investigative services, and support, despite the increasingly limited budget environment. “There’s a force multiplier effect that comes from constant engagement and collaboration,” Director Wray said, “and you can count on us to keep focusing on how to be the best partner.”

    FBI Denver serves all of Colorado and Wyoming. The office has nine resident agencies covering the two states. This trip marks Director Wray’s third visit to the Denver Field Office and his first visit to Wyoming as FBI Director.

    MIL Security OSI

  • MIL-OSI United Kingdom: Housing measures introduced in the North East and East to protect poultry and other captive birds

    Source: United Kingdom – Executive Government & Departments

    From noon on 23 December, keepers in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk must follow the housing order

    New mandatory housing measures for kept birds have been introduced across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk, following a decision by ministers after advice from the United Kingdom’s Chief Veterinary Officer.

    These enhanced measures are in response to the escalating local risk and number of cases of bird flu in the area.

    This means from noon on 23 December all bird keepers in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk whether they have pet birds, commercial flocks or just a few birds in a backyard flock must keep their birds housed to protect them from bird flu. These measures are in addition the requirement to follow the stringent biosecurity measures which have been in force across the area since the 13 December as part of the Avian Influenza Prevention Zone (AIPZ).

    Bird keepers are advised to consult the interactive map to check if they are impacted and should then read the new regional AIPZ with housing measure declaration which sets out the requirements in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk.

    UK Chief Veterinary Officer Christine Middlemiss said:

    There continues to be a growing number of bird flu cases on commercial farms and in backyard birds across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk. We have taken action to try and prevent the further spread of disease and urge bird keepers to comply with the new housing measures.

    Bird keepers must continue to exercise robust biosecurity measures, remain alert for any signs of disease and report suspected disease immediately to the Animal and Plant Health Agency.

    The Chief Veterinary Officer is now encouraging all bird keepers in the affected regions to take action now to comply with the new mandatory housing measures and protect the health of their birds, including taking steps to safeguard animal welfare. Keepers should consult their private vet and expand and enhance housing where necessary. In addition to areas where an AIPZ including housing is in force, in order to mitigate the risk of disease spread, mandatory housing for all poultry and other captive birds also applies in any 3km Protection Zone in force surrounding infected premises.

    The new housing measures build on the strengthened biosecurity measures that were brought in as part of the AIPZ last week, covering the East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk. The AIPZ means that all bird keepers need to take extra precautions, such as restricting access for non-essential people on site, ensuring workers change clothing and footwear before entering bird enclosures and cleaning and disinfecting vehicles regularly to limit the risk of the disease spreading.

    A high standard of biosecurity, separation of poultry from wild birds including through housing in the areas of highest risk, heightened vigilance by bird keepers, and regular monitoring for signs of disease remain the most effective means of controlling an outbreak of bird flu and protecting flocks both in the area and across the country from bird flu.

    The prevention measures introduced through an AIPZ are introduced in a phased and escalating manner proportionate to the escalating risk to an area. The need for AIPZs is kept under regular review as part of the government’s work to monitor and manage the risks of bird flu. Any decisions on when to reintroduce a national or further regional AIPZs or extend AIPZs to include housing measures are based on risk assessments built on the latest scientific and ornithological evidence and veterinary advice. 

    The housing measure means bird keepers in the affected area must:

    • house all poultry and captive birds (except in specific circumstances e.g. zoo birds)
    • keep feed and bedding inside
    • cleanse and disinfect clothing, footwear, equipment and vehicles before and after contact with poultry and captive birds– if practical, use disposable protective clothing
    • reduce the movement of people, vehicles or equipment to and from areas where poultry and captive birds are kept, to minimise contamination from manure, slurry and other products
    • carry out effective vermin control in any areas where poultry and captive birds are kept
    • thoroughly cleanse and disinfect housing and concrete walkways on a continuous basis
    • keep fresh disinfectant at the right concentration at all farm and poultry housing entry and exit points
    • make your premises unattractive to wild birds (e.g. use bird scarers, foils or streamers)

    The current risk to human health remains very low and properly cooked poultry and poultry products, including eggs, are safe to eat. UKHSA remains vigilant for any evidence of changing levels of risk and are keeping this under constant review.

    Keepers are encouraged to take action to prevent bird flu and stop it spreading. Be vigilant for signs of disease and report it to keep your birds safe.

    See the interactive map for details of control zones and check the declarations for details of the restrictions.

    Check if you’re in a bird flu disease zone on the map and check Defra-approved disinfectant: when and how to use it – GOV.UK

    Updates to this page

    Published 21 December 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Housing measures introduced in parts of Yorkshire and the East to protect poultry and other captive birds

    Source: United Kingdom – Executive Government & Departments 2

    From noon on 23 December, keepers in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk must follow the housing order

    New mandatory housing measures for kept birds have been introduced across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk, following a decision by ministers after advice from the United Kingdom’s Chief Veterinary Officer.

    These enhanced measures are in response to the escalating local risk and number of cases of bird flu in the area.

    This means from noon on 23 December all bird keepers in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk whether they have pet birds, commercial flocks or just a few birds in a backyard flock must keep their birds housed to protect them from bird flu. These measures are in addition the requirement to follow the stringent biosecurity measures which have been in force across the area since the 13 December as part of the Avian Influenza Prevention Zone (AIPZ).

    Bird keepers are advised to consult the interactive map to check if they are impacted and should then read the new regional AIPZ with housing measure declaration which sets out the requirements in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk.

    UK Chief Veterinary Officer Christine Middlemiss said:

    There continues to be a growing number of bird flu cases on commercial farms and in backyard birds across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk. We have taken action to try and prevent the further spread of disease and urge bird keepers to comply with the new housing measures.

    Bird keepers must continue to exercise robust biosecurity measures, remain alert for any signs of disease and report suspected disease immediately to the Animal and Plant Health Agency.

    The Chief Veterinary Officer is now encouraging all bird keepers in the affected regions to take action now to comply with the new mandatory housing measures and protect the health of their birds, including taking steps to safeguard animal welfare. Keepers should consult their private vet and expand and enhance housing where necessary. In addition to areas where an AIPZ including housing is in force, in order to mitigate the risk of disease spread, mandatory housing for all poultry and other captive birds also applies in any 3km Protection Zone in force surrounding infected premises.

    The new housing measures build on the strengthened biosecurity measures that were brought in as part of the AIPZ last week, covering the East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk and Suffolk. The AIPZ means that all bird keepers need to take extra precautions, such as restricting access for non-essential people on site, ensuring workers change clothing and footwear before entering bird enclosures and cleaning and disinfecting vehicles regularly to limit the risk of the disease spreading.

    A high standard of biosecurity, separation of poultry from wild birds including through housing in the areas of highest risk, heightened vigilance by bird keepers, and regular monitoring for signs of disease remain the most effective means of controlling an outbreak of bird flu and protecting flocks both in the area and across the country from bird flu.

    The prevention measures introduced through an AIPZ are introduced in a phased and escalating manner proportionate to the escalating risk to an area. The need for AIPZs is kept under regular review as part of the government’s work to monitor and manage the risks of bird flu. Any decisions on when to reintroduce a national or further regional AIPZs or extend AIPZs to include housing measures are based on risk assessments built on the latest scientific and ornithological evidence and veterinary advice. 

    The housing measure means bird keepers in the affected area must:

    • house all poultry and captive birds (except in specific circumstances e.g. zoo birds)
    • keep feed and bedding inside
    • cleanse and disinfect clothing, footwear, equipment and vehicles before and after contact with poultry and captive birds– if practical, use disposable protective clothing
    • reduce the movement of people, vehicles or equipment to and from areas where poultry and captive birds are kept, to minimise contamination from manure, slurry and other products
    • carry out effective vermin control in any areas where poultry and captive birds are kept
    • thoroughly cleanse and disinfect housing and concrete walkways on a continuous basis
    • keep fresh disinfectant at the right concentration at all farm and poultry housing entry and exit points
    • make your premises unattractive to wild birds (e.g. use bird scarers, foils or streamers)

    The current risk to human health remains very low and properly cooked poultry and poultry products, including eggs, are safe to eat. UKHSA remains vigilant for any evidence of changing levels of risk and are keeping this under constant review.

    Keepers are encouraged to take action to prevent bird flu and stop it spreading. Be vigilant for signs of disease and report it to keep your birds safe.

    See the interactive map for details of control zones and check the declarations for details of the restrictions.

    Check if you’re in a bird flu disease zone on the map and check Defra-approved disinfectant: when and how to use it – GOV.UK

    Updates to this page

    Published 21 December 2024

    MIL OSI United Kingdom

  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Urges Shareholders of USAP, NBR, ALTR, SASR to Take Immediate Action

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Dec. 21, 2024 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Universal Stainless & Alloy Products Inc. (Nasdaq: USAP), relating to its proposed merger with Aperam US Absolute LLC. Under the terms of the agreement, all USAP shares will be automatically converted into the right to receive $45.00 per share.

    ACT NOW. The Shareholder Vote is scheduled for January 15, 2025.

    Click here for more information https://monteverdelaw.com/case/universal-stainless-alloy-products-inc/. It is free and there is no cost or obligation to you.

    • Nabors Industries Ltd. (NYSE: NBR), relating to its proposed merger with Parker Wellbore Co. Under the terms of the agreement, Nabors will acquire Parker Wellbore’s issued and outstanding common shares in exchange for 4.8 million shares of Nabors common stock, subject to a share price collar.

    ACT NOW. The Shareholder Vote is scheduled for January 17, 2025.

    Click here for more information https://monteverdelaw.com/case/nabors-industries-ltd-nbr/. It is free and there is no cost or obligation to you.

    • Altair Engineering Inc. (NASDAQ: ALTR), relating to a proposed merger with Siemens AG. Under the terms of the agreement Altair stockholders will receive $113.00 per share in cash.

    ACT NOW. The Shareholder Vote is scheduled for January 22, 2025.

    Click here for more information https://monteverdelaw.com/case/altair-engineering-inc-altr/. It is free and there is no cost or obligation to you.

    • Sandy Spring Bancorp, Inc. (Nasdaq: SASR), relating to a proposed merger with Atlantic Union Bankshares Corp. Under the terms of the agreement, all Sandy Spring shares will automatically be converted into the right to receive 0.900 Atlantic Union shares, and cash in lieu of fractional shares.

    ACT NOW. The Shareholder Vote is scheduled for February 5, 2025.

    Click here for more information https://monteverdelaw.com/case/sandy-spring-bancorp-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI Security: JASDF hosts annual mochi-pounding ceremony

    Source: United States INDO PACIFIC COMMAND

    The Japan Air Self-Defense Force’s Operation Support Wing hosted its annual mochi-pounding ceremony, bringing together U.S. and JASDF personnel to celebrate cultural exchange and teamwork at Yokota Air Base, Japan, Dec. 13.

    The centuries-old tradition involved steaming glutinous rice before rhythmically pounding it with large wooden mallets in a mortar to create a sticky dough. Symbolizing unity and prosperity, mochi-pounding marks the arrival of the New Year in Japan. Once prepared, the mochi was shaped into small round cakes and served as part of the traditional celebratory meal.

    The ceremony not only celebrates Japanese culture but also provides a unique opportunity for U.S. and JASDF personnel to collaborate and strengthen their bonds through shared customs. This year’s event saw both JASDF and U.S. military personnel working together to prepare the mochi, fostering teamwork and cultural understanding.

    “At Yokota, the mochi-pounding ceremonies are a bit unique,” said Keisuke Kitano, JASDF Operational Support Wing liaison. “This event allows us an opportunity to welcome U.S. members and share Japanese culture, promoting exchange and teamwork.”

    The annual mochi-pounding ceremony highlights the strength of the partnership between U.S. and Japanese forces. It not only fosters cultural understanding and mutual respect but also strengthens community bonds, offering both forces a unique opportunity to work together and build lasting friendships.

    MIL Security OSI

  • MIL-OSI United Kingdom: 10,000 UK Armed Forces personnel deployed overseas to keep us safe this Christmas

    Source: United Kingdom – Executive Government & Departments 3

    The Defence Secretary visited British Army soldiers deployed in Estonia this Christmas to thank them for their service

    The Defence Secretary visited UK Armed Forces personnel deployed to Estonia to thank them for their vital service at Christmas.

    Some 10,000 sailors, marines, soldiers, and aviators will spend Christmas Day deployed overseas, sacrificing celebrations with their families and friends to keep the UK safe.

    The work of the UK Armed Forces continues over Christmas on 60 operations in 44 countries this, while hundreds more personnel are working to protect the UK’s skies, shores, and seas at home.

    There are 900 British personnel deployed in Estonia, ready to defend NATO’s eastern flank and working alongside French and Estonian forces to deter aggression and uphold stability in eastern Europe.

    The visit to Estonia by the Defence Secretary also highlighted the UK’s unwavering dedication to NATO and commitment to defending the alliance.

    Defence Secretary, John Healey MP, said: 

    In a world in which global insecurities are rising, we depend more and more on those who are willing to serve. And those who are willing to serve are supported by the families that stand with them and behind them.

    This Christmas, I pay special tribute to those 10,000 military personnel who are deployed overseas, many of them not seeing family and loved ones at this important time.

    It was an honour to spend time with some of those troops in Estonia, to serve them Christmas lunch and thank them for their commitment and professionalism. This week they will sacrifice what most of us take for granted, that special time with our families, to ensure that our nation is safe. 

    Our British deployment in Estonia demonstrates our unshakeable commitment to NATO and the security of Europe, keeping us secure at home and strong abroad. Our presence here is a powerful message to our allies and adversaries: the UK stands ready to defend its allies and uphold our shared values, all year round.

    The visit to Estonia provided an opportunity for the Defence Secretary to discuss Project ASGARD, which will help UK Armed Forces in the country utilise new and emerging tech to become more lethal and better able to defeat the enemy.

    It will harness developing technologies including artificial intelligence (AI), drones, and advanced sensors to help more quickly discover and process information and strike enemies on the battlefield, with priority work continuing on the programme in 2025.

    The UK’s relationship with Estonia is a cornerstone of NATO’s defence. British personnel stationed in Estonia form a vital part of the enhanced Forward Presence, ensuring a permanent presence along the alliance’s eastern flank.

    The visit comes as the UK has recently signed a defence roadmap with Estonia. The agreement will see the UK’s 4th Brigade Combat Team held at high readiness from 2025, ready to deploy at short notice to Estonia in times of crisis.

    It will also include the first overseas deployment of the UK’s cutting-edge Challenger 3 tanks and Boxer armoured vehicles, reinforcing NATO’s defensive capabilities along its eastern border.

    The British deployment at Tapa remains the UK’s largest permanent overseas deployment, and both countries are working together closer than ever, with the UK leading on the new DIAMOND initiative, which will improve NATO’s integrated air and missile defence by ensuring that the different air defence systems across the Alliance operate better and more jointly across Europe.

    Paying tribute to Armed Forces personnel on duty at Christmas, the Chief of the Defence Staff, Admiral Sir Tony Radakin said:

    Thank you to all our Armed Forces personnel for your extraordinary hard work this year.

    From delivering the nuclear deterrent and policing NATO skies, to training Ukrainian recruits and protecting merchant shipping in the Red Sea, the Armed Forces have stepped up to deliver all that the nation asks of us.

    I am immensely grateful to those deployed away from home over the festive season and wish you all a Merry Christmas and a Happy New Year.

    In the UK, Royal Air Force aviators at RAF Boulmer and NATS Swanwick are ready to scramble Typhoon aircraft from RAF Coningsby and RAF Lossiemouth to monitor any hostile aircraft which approach UK airspace.

    Behind the scenes and out of sight at the MOD’s digital HQ in Corsham, military cyber experts will remain vigilant this festive season, defending the UK against constant cyber threats every minute of every day.

    These dedicated professionals ensure the security of vital digital networks, guaranteeing that the systems that connect our people, places, and equipment run smoothly and securely.

    Royal Navy ships will also continue their work protecting the UK’s seas and coastline.

    Somewhere, deep in the ocean, a Royal Navy nuclear attack submarine continues to provide the nation’s nuclear deterrent in a patrol that has continued 24 hours a day, 365 days a year, for 55 years.

    And the Household Division of the British Army will continue to guard royal palaces in the nation’s capital throughout the Christmas period.

    In an address to the soldiers deployed at Tapa Army Base in Estonia, the Defence Secretary said:

    I wanted to say, above all, thank you. Thank you on behalf of all those back home who will never have the chance to say this to you for themselves. Thank you for your commitment to keeping our country safe.

    This is a really important deployment for us. What you’re doing here really matters. It matters for the security of Europe, and it matters to us all back home in Britain.

    You are making good on Britain’s unshakable commitment to NATO and to a safe and peaceful Europe. And that’s why we have this Operation CABRIT, the biggest commitment of British troops in another country.

    Here on the front line, we must also be on the cutting edge of new technologies and new combat techniques we must learn from Ukraine.

    We ask a lot of you all in the Armed Forces, not least the separation from your families and your friends and your loved ones. And at Christmas, that sense of separation can be especially strong.

    So thank you for your service. Thank you for your willingness to sacrifice what almost all of the rest of us take for granted. It’s an honour to be with you.

    Updates to this page

    Published 22 December 2024

    MIL OSI United Kingdom

  • MIL-OSI China: Shanghai Port sees annual container throughput exceed 50 million TEUs

    Source: People’s Republic of China – State Council News

    A ceremony marking the 50 millionth 20-foot equivalent unit is held at Yangshan Port of Shanghai Port, east China, Dec. 22, 2024. Shanghai Port became the first in the world to see the annual container throughput exceed 50 million 20-foot equivalent units (TEUs) on Sunday. The port has ranked first globally for 14 consecutive years in terms of annual container throughput. [Photo/Xinhua]

    SHANGHAI, Dec. 22 — Shanghai Port became the first in the world to see the annual container throughput exceed 50 million 20-foot equivalent units (TEUs) on Sunday.

    The port has ranked first globally for 14 consecutive years in terms of annual container throughput.

    An aerial drone photo shows a panoramic view of Yangshan Port of Shanghai Port, east China, Dec. 18, 2024. [Photo/Xinhua]
    An aerial drone photo shows a panoramic view of Yangshan Port of Shanghai Port, east China, Dec. 18, 2024. [Photo/Xinhua]
    An aerial drone photo shows a view of Yangshan Port of Shanghai Port, east China, Dec. 18, 2024. [Photo/Xinhua]

    MIL OSI China News