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Category: Asia

  • MIL-OSI: DePoly to launch 500-tonne-per-year showcase plant to give yesterday’s plastics a new purpose, as it secures $23M

    Source: GlobeNewswire (MIL-OSI)

    Zurich, April 29, 2025 (GLOBE NEWSWIRE) — Every year, millions of tons of PET and polyester waste end up in landfills or are incinerated, yet sustainable recycling solutions remain limited. Today, DePoly – the leading sustainable PET-to-raw-material recycling company – announces the upcoming launch of a 500-tonne-per-year showcase plant in Monthey, Switzerland this summer, representing a critical step in the company’s journey from laboratory breakthrough to industrial-scale implementation.

    The facility will demonstrate DePoly’s proprietary process that converts PET and polyester waste into virgin-quality raw materials without fossil fuels. Imagine a world where discarded items – from polyester shirts to water bottles – are not wasted anymore but resources transformed back into the building blocks for new products. After all, revolutionizing an industry isn’t just about creating new technology – it’s about proving it works at scale.

    DePoly co-founders (L to R) Christopher Ireland, Samantha Anderson and Bardiya Valizadeh.

    DePoly’s technology has already demonstrated its commercial impact through collaborations with some of the world’s leading companies—not only in fashion, like Odlo, but also in cosmetics and the broader consumer goods industry, including innovators such as PTI. Through these partnerships, DePoly has validated the quality of its recycled monomers by transforming PET waste into new bottles, high-performance textile fibers, and cosmetic packaging. This proves that DePoly’s recycled materials can meet, and even exceed, the highest standards of purity and performance across a wide range of industries.

    By delivering oil-equivalent monomers, DePoly’s technology sets a new benchmark for circularity, offering a genuine alternative to virgin materials. “The upcoming showcase plant validates our roadmap to creating a truly circular plastics market. Following our pilot and showcase plant, our next goal is to scale our operations to industrial size with a first of a kind commercial plant based on our technology,” said Samantha Anderson, Co-founder & CEO of DePoly.

    DePoly is ramping up with world-class innovators, bold thinkers and cutting-edge know-how—taking their pilot victory to industrial scale demands nothing less than unstoppable ambition.The company is planning to build a commercial plant in 2027 that will process significantly larger volumes of PET and polyester waste – a major leap in redefining recycling and advancing the circular economy, as DePoly strives to become the global leader in sustainable, circular plastics.

    Shredded PET samples.

    To further accelerate this expansion, DePoly has secured a total of $23 million in seed funding with MassMutual Ventures joining a second closing of its round. The expanded investor base positions DePoly as one of the biggest recycling technology companies in Europe, with more than $30 million raised across two rounds and grants. MassMutual Ventures joins existing investors, including Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital, and Syensqo.

    “DePoly’s proven technology is a game changer addressing a crucial industrial and societal challenge. This raise and the showcase plant opening are advancing DePoly’s position as a leader in plastics recycling,” said Alix Brunet, Europe Lead at MassMutual Ventures.

    David Hanf, who joined DePoly in 2024 as CFO, brings extensive experience from European scale-ups including Smava and Thermondo—Germany’s largest B2C heat service company. Both an entrepreneur and an executive, he adds: “We are convinced our technology is one of the fastest to scale and will allow us to compete with virgin pricing at scale, a key factor for success. We are happy to have expanded our investor base to the US with MassMutual Ventures as we want to build a global champion.”

    By transforming discarded plastics into high-quality raw materials, DePoly reduces reliance on fossil resources, minimizes waste, and paves the way for a circular materials industry. Recognized as a Technology Pioneer by the World Economic Forum and a winner of the 2024 Top 100 Swiss Startup Award, DePoly proves that sustainable innovation is not only possible – it’s happening now.

    Ends

    Media images can be found here. 

    About DePoly
    DePoly is a cleantech company transforming polyester and PET waste into valuable raw materials. Using patented technology, DePoly breaks down plastic and textile waste into the building blocks for new, high-quality PET and polyester—reducing waste, cutting reliance on fossil fuels, and advancing circularity across multiple industries. DePoly was named a 2024 Technology Pioneer by the World Economic Forum and won the Top 100 Swiss Startup Award in 2024. Learn more at www.depoly.co.

    About MassMutual Ventures 
    MassMutual Ventures (MMV) is a multistage global venture capital firm investing in climate technology, financial technology, enterprise SaaS, healthtech and cybersecurity companies. With teams based in London, Singapore, and Boston, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections, and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com/. 

    The MIL Network –

    April 30, 2025
  • MIL-Evening Report: 50 years after the ‘fall’ of Saigon – from triumph to Trump

    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate.

    After over a century of brutal colonial oppression by the French, the Japanese, and the Americans and their various minions, the people of Vietnam won victory in one of the great liberation struggles of history.

    It became a source of inspiration and of hope for millions of people oppressed by imperial powers in Central & South America, Asia, Africa, the Middle East and Eastern Europe.

    Civil war – a war among several
    The civil war in Vietnam, coterminous with the war against the Western powers, pitted communists and anti-communists in a long and pitiless struggle.

    Within that were various strands — North versus South, southern communists and nationalists against pro-Western forces, and so on. As various political economists have pointed out, all wars are in some way class wars too — pitting the elites against ordinary people.

    As has happened repeatedly throughout history, once one or more great power becomes involved in a civil war it is subsumed within that colonial war. The South’s President Ngô Đình Diệm, for example, was assassinated on orders of the Americans.

    By 1969, US aid accounted for 80 percent of South Vietnam’s government budget; they effectively owned the South and literally called the shots.

    Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough U.S. goods! Image: www.solidarity.co.nz

    US punishes its victims
    This month, 50 years after the Vietnamese achieved independence from their colonial overlords, US President Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough US goods!

    As economist Joseph Stiglitz pointed out, they don’t yet have enough aggregate demand for the kind of goods the US produces. That might have something to do with the decades it has taken to rebuild their lives and economy from the Armageddon inflicted on them by the US, Australia, New Zealand and other unindicted war criminals.

    Straight after they fled, the US declared themselves the victims of the Vietnamese and imposed punitive sanctions on liberated Vietnam for decades — punishing their victims.

    Under Gerald Ford (1974–1977), Jimmy Carter (1977–1981), Ronald Reagan (1981–1989), George H.W. Bush (1989–1993) right up to Bill Clinton (1993–2001), the US enforced the Trading with the Enemy Act (TWEA) of 1917.

    The US froze the assets of Vietnam at the very time it was trying to recover from the wholesale devastation of the country.

    Tens of millions of much-needed dollars were captured in US banks, enforced by the International Emergency Economic Powers Act (IEEPA). The US also took advantage of its muscle to veto IMF and World Bank loans to Vietnam.

    Countries like Australia and New Zealand, to their eternal shame, took part in both the war, the war crimes, and imposing sanctions and other punitive measures subsequently.

    The ‘Boat People’ refugee crisis
    While millions celebrated the victory in 1975, millions of others were fearful. The period of national unification and economic recovery was painful, typically repressive — when one militarised regime replaces another.

    This triggered flight: firstly among urban elites — military officers, government workers, and professionals who were most closely-linked to the US-run regime.

    You can blame the Commies for the ensuing refugee crisis but by strangling the Vietnamese economy, refusing to return Vietnamese assets held in the US, imposing an effective blockade on the economy via sanctions, the US deepened the crisis, which saw over two million flee the country between 1975 and the 1980s.

    More than 250,000 desperate people died at sea.

    Đổi Mới: the move to a socialist-market economy
    In 1986, to energise the economy, the government moved away from a command economy and launched the đổi mới reforms which created a hybrid socialist-market economy.

    They had taken a leaf out of the Chinese playbook, which under the leadership of Deng Xiaoping (1978 –1989), had moved towards a market economy through its “Reform and Opening Up” policies.  Vietnam saw the “economic miracle” of its near neighbour and its leaders sought something similar.

    Vietnam’s economy boomed and GDP grew from $18.1 billion in 1984 to $469 billion by 2024, with a per capita GDP at purchasing power parity (PPP) of $15,470 (up from about $300 per capita in the 1970s).

    After a sluggish start, literacy rates soared to 96.1 percent by 2023, and life expectancy reached 73.7 years, only a few short of the USA.  GDP growth is around 7 percent, according to the OECD.

    An unequal society
    Persistent inequality suggests the socialist vision has partially faded. A rural-urban divide and a rich-poor divide underlines ongoing injustices around quality of life and access to services but Vietnam’s Gini coefficient — a measure of income inequality — puts it only slightly more “unequal” as a society than New Zealand or Germany.

    Corruption is also an issue in the country.

    Press controls and political repression
    As in China, political power resides with the Party. Freedom of expression — highlighted by press repression — is severely limited in Vietnam and nothing to celebrate.

    Reporters Without Borders (RSF) rates Vietnam as 174th out of 180 countries for press freedom and regularly excoriates its strongmen as press “predators”.  In its country profile, RSF says of Vietnam: “Independent reporters and bloggers are often jailed, making Vietnam the world’s third largest jailer of journalists”.

    Vietnam is forging its own destiny
    What is well worth celebrating, however, is that Vietnam successfully got the imperial powers off its back and out of its country. It is well-placed to play an increasingly prosperous and positive role in the emerging multipolar world.

    It is part of the World Trade Organisation (WTO), and the ASEAN network, and borders China, giving Vietnam the opportunity to weather any storms coming from the continent of America.

    Vietnam today is united and free and millions of ordinary people have achieved security, health, education and prosperity vastly better than their parents and grandparents’ generations were able to.

    In the end the honour and glory go to the Vietnamese people.

    Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. Image: www.solidarity.co.nz

    I’ll give the last word to Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. He was rebuffed by the super-power which had a different agenda.

    On September 2, 1945, Ho Chi Minh proclaimed the independent Democratic Republic of Vietnam in Hanoi’s Ba Dinh square:

    “‘All men are created equal. They are endowed by their Creator with certain inalienable rights, among them are Life, Liberty, and the pursuit of Happiness.’

    “This immortal statement was made in the Declaration of Independence of the United States of America in 1776. In a broader sense, this means: All the peoples on the earth are equal from birth, all the peoples have a right to live, to be happy and free.

    “… A people who have courageously opposed French domination for more than eight years, a people who have fought side by side with the Allies against the Fascists during these last years, such a people must be free and independent.

    “For these reasons, we, members of the Provisional Government of the Democratic Republic of Vietnam, solemnly declare to the world that Vietnam has the right to be a free and independent country — and in fact is so already. The entire Vietnamese people are determined to mobilise all their physical and mental strength, to sacrifice their lives and property in order to safeguard their independence and liberty.”

    And, my god, they did.

    To conclude, a short poem attributed to Ho Chi Minh:

    “After the rain, good weather.

    “In the wink of an eye,

    the universe throws off its muddy clothes.”

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025
  • MIL-OSI USA: Rep. Erin Houchin Introduces the Abortion Funding Awareness Act

    Source: United States House of Representatives – Congresswoman Erin Houchin (Indiana 09)

    WASHINGTON, D.C. – Congresswoman Erin Houchin (IN-09) has introduced the Abortion Funding Awareness Act, companion legislation to the Senate bill led by Senator Jim Banks (R-IN). This legislation brings long-overdue transparency to how states are using Medicaid funds in connection with abortion providers like Planned Parenthood.

    This legislation ensures that American taxpayers are not unknowingly footing the bill for abortion-related services and holds state governments accountable for how federal funds are spent.

    “The Abortion Funding Awareness Act exposes how states are funneling tax dollars to abortion providers,” said Congresswoman Erin Houchin. “For too long, the left has used loopholes and a lack of transparency to prop up Planned Parenthood and others who profit from taking innocent lives. This bill says enough is enough.”

    Despite federal restrictions on direct abortion funding, states have been quietly steering taxpayer-funded Medicaid dollars to abortion providers under the radar. The Abortion Funding Awareness Act seeks to stop that by requiring states to report all Medicaid payments made to abortion providers, submit annual reports detailing those transactions, and publish this information on their official state websites for the public to see.

    “This legislation provides the transparency and accountability the American people deserve. I remain committed to defending rights of conscience and the integrity of taxpayer dollars,” said Houchin.

    MIL OSI USA News –

    April 30, 2025
  • MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Lao People’s Democratic Republic

    Source: United Kingdom – Executive Government & Departments

    Speech

    Universal Periodic Review 49: UK Statement on Lao People’s Democratic Republic

    Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Lao PDR’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you Mr Vice President.

    The United Kingdom welcomes the Lao PDR’s engagement with UN human rights mechanisms and its efforts to address human rights challenges. We are pleased with the inclusion of the Convention on the Elimination of All Forms of Discrimination against Women in Laos’ action plans.

    However, the UK remains concerned over restrictions on freedom of expression, assembly and religion. We are also concerned by limited land rights for vulnerable communities and the worsening issue of human trafficking linked to serious organised crime.

    We urge the Government to act on these issues and uphold its international obligations. In particular, we recommend that Laos;

    1. Takes immediate steps to protect and promote civic space, ensuring that all individuals can freely exercise their rights without fear of reprisal.

    2. Ensures that development projects respect the rights of affected communities, including noting the principle of free, prior and informed consent.

    3. Implements its international obligations under the Protocol to Prevent, Suppress and Punish Trafficking in Persons, especially women and children and to collaborate with regional and international partners to address this issue.

    Thank you.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

    April 30, 2025
  • MIL-OSI Russia: The Academic Council discussed youth policy issues

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The meeting of the Academic Council began, as per tradition, with a pleasant ceremony of honoring the Polytechnicians and the university’s partners.

    For her significant contribution to the development of the university, the rector of SPbPU Andrey Rudskoy awarded the commemorative badge “For Merit” to the federal inspector for St. Petersburg of the Office of the Plenipotentiary Representative of the President of the Russian Federation in the Northwestern Federal District Tatyana Kubrakova.

    Then Andrey Ivanovich congratulated the graduate and postgraduate student of the Polytechnic University, assistant of the Higher School of Sports Pedagogy of the Institute of Physical Culture, Sports and Tourism, Honored Master of Sports of the Russian Federation, World and European Champion in short water Kirill Prigoda with a recent victory at the Russian Swimming Championship. The Polytechnician was the best in five distances: 50, 100, 200 meters breaststroke, in the 4×100 relay medley swimming and broke the Russian record. Kirill is the pride of the Polytechnic University, and given his great contribution to strengthening the positive image of the university, the Rector of SPbPU presented him with the main award of the university – the “For Merit” badge with special feeling.

    Candidate of Pedagogical Sciences diplomas were awarded to Igor Rovnin, a graduate of the Institute of Physical Culture, Sports and Tourism, deputy director of the private general education institution Gazprom School Saint Petersburg (academic supervisor – professor of the Higher School of Sports Pedagogy of SPbPU Alexander Bolotin) and senior lecturer of the Department of Foreign Languages Galina Borshchenko (academic supervisor – doctor of pedagogical sciences, professor Anna Rubtsova).

    Milana Zhavner received an associate professor’s certificate in the scientific specialty “Mechanical Science”.

    It’s time to honor the winners and prize winners of various competitions and contests. Winner of the Gazprom Neft League of Universities Award The SPbPU team won in the “Big Prospects” nomination, presenting an additional professional development program “Reverse Engineering of Oil Industry Enterprises”: Vice-Rector for Continuing and Pre-University Education Dmitry Tikhonov, Director of the Information Technology and Business Analysis Research Center “Gazprom Neft” Irina Rudskaya, Head of the Directorate of Continuing Education and Industry Partnership, Head of the Program Ivan Kurta, and Leading Analyst of the Directorate of Continuing Education and Industry Partnership Natalia Ivanova.

    The team of the Higher School of Media Communications and Public Relations of the Humanitarian Institute, consisting of Adelina Borodina, Aya Klimacheva, Vladislava Smelova, and Taisiya Temirova (project mentor – Director of the Higher School of Media Communications and Public Relations Marina Arkannikova), won in two nominations of the All-Russian competition of student works “Archer of the Future”.

    And the volunteer project “Polytech Gives Good” by students of the Higher School of Microbiology and Social Sciences Sofia Ryabinina and Elina Avakova took 1st place in the All-Russian competition “School of Volunteers”.

    L. N. Gumilyov Eurasian National University (Kazakhstan) sent letters of gratitude to Polytechnic University teachers Natalia Chicherina, Maya Bernavskaya, Evgenia Tuchkevich and Evgenia Vorontsova for promoting fruitful educational and scientific cooperation, supporting scientific events and active participation in the international seminar “New paradigms of scientific research in the era of AI: opportunities and transformation of research practices”.

    The SPbPU Certificate of Honor for many years of conscientious work and high professionalism was awarded to the Head of the Quality Control Department, Maxim Dyuldin.

    For the first time in the history of the Polytechnic Military Training Center, for excellent academic performance, active civic position, initiative and diligence demonstrated in volunteer work and assistance to participants of the SVO, students of the communications department Grigory Aleksandrov (IMMiT) and Artem Tikhonravov (IEIT) received departmental awards of the Ministry of Defense of the Russian Federation – the medal “Marshal of the Signal Troops Peresypkin”.

    Lecturer at the Institute of Secondary Vocational Education Tatiana Tsvetkova received two awards – gratitude from the Committee on Science and Higher Education “For conscientious work, great personal contribution to the development of the professional education system of St. Petersburg” and gratitude from the rector of SPbPU A. I. Rudskoy “For the successful organization and holding of the opening Museum of the History of the Development of Public Catering in St. Petersburg as part of the St. Petersburg government project “St. Petersburg cuisine”.

    At the international robot fighting championship RoboWars, which took place in the Indian city of Surat during the largest technology festival Mindbend and brought together more than 80 teams from different countries, the CML-team of the Student Design Bureau of the Advanced Engineering School “Digital Engineering” won – engineer of the Experimental Design Bureau of the SPbPU PISh Vsevolod Bolshakov and laboratory assistant of the Experimental Design Bureau of the SPbPU PISh Daria Kuatkhina. The guys also became winners in the individual competition “Battle of Robots – KRASHILOVO”, in which more than 40 teams from different regions of Russia participated.

    As always, the athletes pleased us with their success. The Polytechnicians became the first in the St. Petersburg student cheerleading competitions (thanks to students Marat Gainutdinov, Victoria Nechaeva, Arina Rakhmatulina and Margarita Senina)

    According to the results of the student karate competitions (VKF) within the framework of the St. Petersburg Student Sports Games 2025, Polytech won 1st place in the overall team standings. This is the merit of the coach of the Student Sports Club “Black Bears-Polytech” Elizaveta Orlova, as well as students Anastasia Vasilenko, Maria Luganskaya and Valery Kazantsev.

    The SPbPU hockey team also won the All-Russian final of the Student Hockey League championship and earned special congratulations from the SPbPU Academic Council.

    After the official ceremony, the Academic Council moved on to the agenda. Vice-Rector for Youth Policy and Communication Technologies Maxim Pasholikov spoke about the implementation of youth policy at the university.

    “It is important that students from their first year begin to understand the values our university lives by, accept these values and leave the Polytechnic as spiritually mature people with the right life guidelines,” emphasized Maxim Pasholikov. “Our communities have always been the main actor in our youth policy. It is impossible to reach all 30 thousand students given the limited resources. That is why trade union organizations, the headquarters of student teams, the adapter movement, patriotic and sports clubs, creative associations that attract a large number of young people are important to us, and, accordingly, through them, through their leaders, we work with young people.”

    Maxim Aleksandrovich noted that the leaders of student associations in many cases become mentors for their younger comrades, and even after graduating from university, they return here as members of the alumni association and ambassadors of the Polytechnic University.

    The Vice-Rector noted that the SPbPU History Museum, creative semesters and last year’s innovation – musical changes on the White Staircase of the Main Academic Building – play an important role in the education and formation of students’ personalities.

    The number of visitors, projects and grants is also growing in the Polytechnic Tower. Work continues within the framework of the “We are together” campaign – for this the vice-rector separately thanked the Humanitarian Institute and the “Harmony” Center.

    Maxim Aleksandrovich drew the attention of the institute directors to the fact that the relevance of social and psychological assistance at the university has grown significantly.

    This year we managed to expand the staff of the Psychological Support Center; people are asking for help, and these are not just people who want to talk, but those who are really experiencing difficulties and problems, emphasized Maxim Pasholikov.

    Maxim Aleksandrovich spoke in detail about the events dedicated to the 80th anniversary of the Victory in the Great Patriotic War, talking about the festive decoration of the campus, exhibitions, the ongoing project “Scientific Regiment” and the new video project “Memory of Glory Lives”, the play “Engineers of Victory” and the upcoming press conference at TASS about the new book “Polytech. Fortitude. 1941-1945”. As always, the inter-university military-patriotic rally “Syandeba” and “Family Victory Day” will be held in the Polytech Park on May 17, including the traditional run named after Hero of the Soviet Union Viktor Lyagin.

    The second issue on the agenda was the presentation of academic titles. By a majority of votes, the members of the SC voted to award the academic title of “professor” to Vladimir Sergeev (PhysMekh) and Alexey Flimonov (IEIT); the title of “associate professor” to Alexey Lukin (PhysMekh), Roman Burkovsky (IEIT), Alexey Grachev and Dmitry Masailo from IMMIT, Alexander Moskvichev (IBSS) and Elena Ladik (ISI).

    On the third issue, “On monitoring the implementation of decisions of the Academic Council,” the scientific secretary of SPbPU, Dmitry Karpov, made a report.

    Also, the members of the Academic Council unanimously supported the nomination of the assistant of the Rais of the Republic of Tatarstan Albert Gilmutdinov for the award of the title of “Honorary Professor of SPbPU”.

    Photo archive

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

    MIL OSI Russia News –

    April 30, 2025
  • MIL-OSI: Inspira and Cequence Security Join Forces to Strengthen API Security and Bot Defense Worldwide

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — Inspira Enterprise, Inc. (“Inspira”), a global cybersecurity services leader, today announced a strategic partnership with Cequence Security, a pioneer in API security and bot management. With this collaboration, Inspira and Cequence will help organizations globally defend against the full spectrum of API based threats, including automated threats, ranging from malicious bots to business logic abuse, while maintaining frictionless digital experiences. The cybersecurity landscape will be fortified by pairing Inspira’s end-to-end cybersecurity services across advisory, transformation, and operations, and a range of data analytics solutions, with Cequence’s innovative Unified API Protection (UAP) platform.

    APIs have become the backbone of modern digital transformation, powering everything from mobile apps to customer portals. But with that innovation comes risk. Security teams face significant challenges in protecting API applications, especially with their rapid deployment across multiple cloud environments. Unmanaged and unprotected APIs often expose critical vulnerabilities, while inconsistent security postures across the application landscape add further complexity and risk.

    Cequence Security’s UAP platform helps organizations gain visibility into their API traffic, ensure API compliance, test for security gaps, and stop automated threats such as credential stuffing, scraping, and fake account creation. While doing so, the Platform also ensures that it does not block good bots, alter development cycles, or disrupt the business or user experience.

    “Our customers are under pressure to secure their APIs, manage risk, and meet growing compliance demands across geographies,” said Geetanjali Sethi, President – Strategy and Growth at Inspira. “By partnering with Cequence, we’re expanding our portfolio to offer API security and bot protection as a fully managed service, combining cutting-edge technology with our global expertise and 24/7 operational support.”

    Cequence is proud to join Inspira’s trusted partner ecosystem, helping them bring outcome-driven API protection and bot mitigation to customers worldwide. Customers can now detect and stop sophisticated API attacks, enhance API governance and security testing, improve visibility and response time, secure APIs during open banking transitions, and meet stringent data sovereignty requirements.

    “This partnership is rooted in delivering real outcomes,” said Arun Gowda, VP of Business Development at Cequence Security. “With Cequence, customers already get a world-class platform to secure their APIs and defend against automated attacks. Now, paired with Inspira’s global reach and service capabilities, organizations can consume the platform as a managed service, enabling faster implementation, management, and threat monitoring.”

    As part of the partnership, Inspira is augmenting its cybersecurity portfolio with industry-leading API security and bot management capabilities, offering not only the Cequence Platform but also the managed security services wrapped around it. Inspira will provide expert deployment, advisory support, ongoing monitoring, and full lifecycle threat management to help customers adopt and operate the solution with ease. The joint offering delivers a full-stack approach to API protection and bot defense, backed by Inspira’s white-glove service model and global Cyber Fusion Centers.

    About Inspira Enterprise
    Inspira Enterprise is a global Cybersecurity, Data Analytics, and Artificial Intelligence services provider with a presence in North America, ASEAN, the Middle East, India, and Africa. It offers a wide range of services to a host of industries like Banking, Financial Services and Insurance (BFSI), Healthcare, Public Sector, Manufacturing, Information technology-enabled services (ITeS), eCommerce, and others. Inspira believes in delivering adaptive, intelligent, industry and customer-centric solutions for the resilient businesses of tomorrow. Inspira is also a NVIDIA partner specializing in the planning, design, implementation, and project management of solutions that include NVIDIA products and technologies to address customers’ business and technology needs.

    Over the years, Inspira has successfully designed and delivered complex transformational projects to over 250+ customers, including the Government, PSUs, BFSI, and Enterprise customers, with a team of over 1600 professionals. For more information, please visit https://inspiraenterprise.com/.

    About Cequence Security
    Cequence is a pioneer in API security and bot management, protecting the applications and APIs that organizations depend on from cyberattacks, business logic abuse, and fraud. Its Unified API Protection platform brings together discovery, compliance, and protection capabilities to deliver real-time defense against advanced threats. Requiring no code changes or app instrumentation, Cequence demonstrates value in minutes and scales to support the world’s largest private and public sector organizations—safeguarding more than 8 billion API interactions daily and over 3 billion user accounts. Learn more at www.cequence.ai.

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Vodafone Business and Fortinet Expand Global Partnership to Secure Hybrid Work

    Source: GlobeNewswire (MIL-OSI)

    • Vodafone Business expands its converged networking and cybersecurity services powered by the Fortinet Unified SASE solution to new global markets.
    • Vodafone Business has been also designated “Fortinet Global Partner” due to its expertise in designing, deploying, and managing secure connected enterprise solutions globally.

    LONDON and SUNNYVALE, Calif., April 29, 2025 (GLOBE NEWSWIRE) —

    News Summary

    Vodafone Business and Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced an expanded global partnership, extending the reach of their converged networking and cybersecurity services to additional countries across Europe and Asia, as well as the United States. Together, the two companies are helping businesses deliver on the connectivity needs of today’s hybrid workforce and confront the growing volume and sophistication of cyberthreats by converging networking and security into a single, seamless service.

    Large and medium-sized enterprises in Germany and in other European markets as well as multinational businesses served through Vodafone Business International can now benefit from Vodafone Business Secure Networking Services.

    These services integrate Fortinet’s industry-leading software-defined wide area network (SD-WAN) and FortiSASE cloud-based security solutions to help organizations secure their networks. They provide employees with the same secure, reliable access to their work applications regardless of their location all with a single view across network health visibility, performance dashboards, and customizable reports. With connectivity across 192 countries, Vodafone Business offers the scale and reach needed to support secure digital transformation worldwide.

    Today’s announcement, with Vodafone Business attaining the “Fortinet Global Partner” status, underscores both companies’ commitment to supporting regional and international organizations across their IT and operational technology (OT) environments. The value proposition also helps enterprises in meeting cybersecurity compliance standards and requirements.

    This milestone comes amid a surge in cybersecurity incidences, including malware, data breaches, and social engineering, which rose significantly in the European Union in the first half of 2024, according to the European Union Agency for Cybersecurity (ENISA).

    Marika Auramo, CEO of Vodafone Business, said: “Cybersecurity is an increasing concern for our customers both in-country and cross-border. The breadth and depth of our global partnership with Fortinet means we can provide customers with the benefits of new digital connectivity to more places whilst ensuring that their digital assets, employees, partners and users are protected.”

    Joe Sarno, Executive Vice President, International Sales, Fortinet added: “As organizations digitize and scale across borders, secure connectivity is no longer optional—it’s essential. Our expanded partnership with Vodafone enables us to deliver unified SASE solutions that combine advanced security with exceptional performance so enterprises can confidently connect users, devices, and apps anywhere in the world.”

    Under the Vodafone Business and Fortinet partnership, businesses can purchase integrated services tailored to their needs and supported by Vodafone Business cybersecurity and managed network service experts. Customers can choose from four management options, including 24×7, co-managed network and security, various service-level guarantees, and professional services, including service discovery, design, implementation, and training.

    By combining their global reach and deep security expertise, Vodafone Business and Fortinet empower companies to detect and respond to threats swiftly, reducing risk while protecting operations and customer trust.

    Notes to Editors
    Vodafone Business and Fortinet will work together to further enhance sovereign compliant network operations center (NOC) and secure operations center (SOC) services. Vodafone Business recently opened a cybersecurity center in Düsseldorf, Germany, which will be home to more than 100 cybersecurity experts to help protect enterprise customers of all sizes from online threats.

    Increased automation and AI networking experiences as part of Vodafone Business Network-as-a-Service (NaaS) Platform is another area of focus for Vodafone Business and Fortinet. NaaS meets customer digital transformation needs by bringing together Vodafone’s software-based connectivity products and services, including SD-WAN, SASE/SSE, and Wireless and Fixed Internet Transport Services. It gives customers, or Vodafone Business managed services teams on their behalf, greater flexibility to buy, configure, and manage services to meet their specific dynamic business and AI application demands.

    Vodafone Business Secure Networking offers organizations several future-proofed managed solutions connecting their users, devices, and machinery. They are:    

    • Vodafone Business Secure Firewall with Fortinet delivers a comprehensive managed security service to set up, operate, run, manage, and maintain customer firewalls in a highly secure manner.
    • Vodafone Business Secure SD-WAN with Fortinet, which is ideal for organizations that need to ensure that their operations meet security and compliance regulation, and who need a secure, reliable, and agile network as they embrace the advantages of moving workloads to the cloud. 
    • Vodafone Business FortiSASE is aimed at customers looking to adopt flexible, robust, and secure hybrid work.

    More information around the partnership and Vodafone Business’ offerings can be found here. 

    Contact details

    About Vodafone Group
    everyone.connected

    Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers in 15 countries, partner with mobile networks in over 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 83 million customers across seven countries – managing more transactions than any other provider.

    Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

    For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. 

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. 

    The MIL Network –

    April 30, 2025
  • MIL-OSI: CAI Wins Gold Stevie® Award for Best Technical Support Solution in Computer Services

    Source: GlobeNewswire (MIL-OSI)

    ALLENTOWN, Pa., April 29, 2025 (GLOBE NEWSWIRE) — CAI, a global services firm, announced today it earned the gold Stevie® Award for Best Technical Support Solution in Computer Services. Identified for its efficiency within Service Desk, more than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.

    Building on the success from the 2024 bronze Stevie® Award for Best Use of Technology in Customer Service, CAI has further improved Service Desk with innovative capabilities to streamline processes, meeting and exceeding client demands while providing a best-in-class customer experience. With AI-powered chatbots and workflow managers, longstanding partnerships and predictive analytics, the firm’s technology-driven on results in unparalleled technical support.

    “The right technology enables superior experiences,” said Matt Peters, chief technology officer at CAI. “Through constant innovation and refinement, we combine the perfect blend of human and technological power that delivers record-breaking and industry-first results to our clients. Thanks to the talent of our teams and CAI’s ability to rapidly adopt cutting-edge technology, we are able to deliver on those results every day.”

    “Organizations across the United States continue to demonstrate resilience and innovation,” said Stevie Awards president Maggie Miller. “The 2025 Stevie winners have helped drive that success through their innovation, persistence and hard work. We congratulate all the winners in the 2025 American Business Awards.”

    The Stevie® Awards recognize organizations that have demonstrated outstanding achievements in technology and customer service.

    For a full list of Stevie® Technology Award winners, please visit: https://stevieawards.com/aba/technology-awards

    About CAI

    CAI is a global services firm with over 9,000 associates worldwide and a yearly revenue of $1.3 billion+. We have over 40 years of excellence in uniting talent and technology to power the possible for our clients, colleagues, and communities. As a privately held company, we have the freedom and focus to do what’s right—whatever it takes. Our tailor-made solutions create lasting results across the public and commercial sectors, and we are trailblazers in bringing neurodiversity to the enterprise.

    About the Stevie Awards
    Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, the Stevie Awards for Sales & Customer Service, and the Stevie Awards for Technology Excellence. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.

    Contact:

    Madison Oler
    Sr. PR & Communications Specialist
    CAI
    Madison.oler@cai.io

    The MIL Network –

    April 30, 2025
  • MIL-OSI Global: Almost Zion: Remembering a short-lived Jewish state in New York

    Source: The Conversation – USA – By Adam L. Rovner, Director of the Center for Judaic Studies, University of Denver

    Twin bridges spanning the Niagara River lead from Tonawanda to Grand Island, New York — the proposed site of ‘Ararat.’ Kevin Menschel/iStock via Getty Images Plus

    At dawn on Sept. 15, 1825, a burst of cannon fire shook the ramshackle buildings of Buffalo, New York. Families raced down the main street to witness a grand ceremony, following a parade of soldiers, clergymen, Freemasons, musicians and Seneca tribesmen, including their venerable chief, Red Jacket. All surged toward St. Paul’s Episcopal Church, the frontier town’s only grand edifice.

    Inside, a crowd of Christians, Jews and Native Americans were already packed together to witness the founding of Ararat, a tract of land on nearby Grand Island that was intended to be the first autonomous Jewish city-state in almost 1,800 years.

    Ararat’s 400-pound cornerstone, engraved with a central Jewish tenet of faith from the Bible’s Book of Deuteronomy, rested inside the church. When the swell of the organ died down, former diplomat, political power broker and playwright Mordecai Manuel Noah – the man who had dreamed up Ararat – rose to his feet.

    Today, this marker is one of the few surviving signs of the proposed settlement.
    Adam Rovner

    Described as a “stout … gentleman, with sandy hair, a large Roman nose, and … red whiskers,” Noah had draped himself for the ceremony in fur-trimmed robes borrowed from a theater. He triumphantly announced the reestablishment of “the Government of the Jewish Nation … under the auspices and protection of the constitution and laws of the United States of America.”

    Noah also welcomed Native Americans, whom he – like many Americans at the time – mistakenly believed were “the descendants of the lost tribes of Israel.” In addition, he granted equal “rights and religious privileges” to the “black Jews of India and Africa,” disclosing a rare-for-his-time sensitivity toward Jews of color.

    A portrait of Mordecai Noah by 19th-century painter John Wood Dodge.
    Smithsonian American Art Museum via Wikimedia Commons

    But Noah’s utopian ark sank with barely a trace. Not a single Jew heeded his call to settle Ararat. Noah himself abandoned ship when his calls for a Jewish republic were rebuffed by religious leaders. All that he left behind was the cornerstone.

    As a scholar who scours archives to trace connections between literature and history, I’ve seen how Noah’s efforts to found a Jewish statelet have fascinated students of both American and Zionist history.

    Noah was only the first of many modern thinkers to propose establishing Jewish territories far from the biblical land of Israel. In the 20th century, organizations seeking a humanitarian solution to Jewish persecution considered carving out enclaves the world over, including lands in today’s Kenya, Angola, Madagascar, Tasmania and Suriname.

    ‘City of refuge’

    Noah wielded considerable influence in early 19th-century America through his roles as a political party boss, helming various daily newspapers, and as a popular playwright. But he was also a marginalized outsider at a time when there were fewer than 500 Jews in Manhattan, the young republic’s largest city.

    Noah used his press pulpit to demand equality for Jews, even proposing himself as a presidential candidate. He remained one of few high-profile American Jews throughout his life, urging other citizens to acknowledge that one’s faith and patriotism need never be at odds. Yet antisemitic slurs dogged him throughout his career.

    After witnessing the persecution of Jews in Europe during his diplomatic travels, Noah hoped Ararat would be a territorial solution to religious oppression.

    ‘Noah’s Ark,’ by 19th-century American painter Edward Hicks.
    Philadelphia Museum of Art via Wikimedia Commons

    In some ways, his efforts hearkened back to the origins of America itself. Instead of the Mayflower, Noah invoked the symbolic ark of his biblical namesake – “Ararat” is the biblical name of the mountain where the ark came to a rest after the flood. In the role of the Puritans, he cast European Jewry. And instead of Plymouth Rock, he landed on Grand Island. As the cornerstone of Ararat proclaimed, the settlement was to be a “city of refuge for the Jews” – one that Noah hoped would grow to become a state and be admitted to the American republic.

    In his speeches, Noah imagined that Ararat would allow European Jews to escape persecution while simultaneously fulfilling America’s need for immigration, industry and financial capital. He also believed that his purchase of 2,555 acres of Grand Island would prove a lucrative personal investment: The recently completed Erie Canal, he reasoned, would make Buffalo a major port.

    Failure to launch

    At the time of Noah’s proposal, the Zionist movement – the modern political program for Jewish national self-determination – had not yet coalesced. Most Jews at the time believed that founding a Jewish state in the land of Israel was a pipe dream, or worse. God had expelled their ancestors from the Holy Land in 70 C.E., they believed, so taking matters into their own hands and rebuilding a Jewish state there would be blasphemy.

    Noah hoped to sidestep those theological objections by locating a Jewish polity in the promised land of America, not the biblical promised land. Nonetheless, Jewish leaders dismissed his vision as contrary to God’s will. The chief rabbis of England and France publicly condemned Noah’s plan, and the September 1825 ceremony in Buffalo proved Ararat’s high point.

    Though ridiculed in the press for Ararat’s failure, Noah took a philosophical view:

    I … stand as the pioneer of the great work, leaving others to complete it. … When sneers and mockery shall have had their day … then my motives and objects will have been duly estimated and rewarded.“

    The front page of one of Mordecai Noah’s books, published in 1819.
    Library of Congress via Wikimedia Commons

    Birth of Zionism

    Noah quickly resumed his career as a journalist and emerged as a kind of ambassador, penning articles and delivering speeches that linked Jewish and Christian America. To Christians, he explained Jewish practices. To his brethren, he demonstrated the fundamental compatibility between the ideals of Judaism and the United States, assuring them that America “is the country which the Almighty has blessed,” a land in which Jews “may repose in safety and happiness.”

    Yet Noah never abandoned his plans for Jewish self-government and ultimately advocated national repatriation to areas of Palestine, then under Ottoman control. In 1845 he published a short book, “Discourse on the Restoration of the Jews.” A young journalist whom he had befriended, Edgar Allan Poe, praised Noah’s proposal for a Jewish return to the biblical land of Israel as “extraordinary [and] full of novel and cogent thought.”

    Noah did not live to see his dreams fulfilled. After his death in March 1851, nearly 50 years passed before another playwright and journalist resurrected the idea of Jewish political autonomy: Theodor Herzl.

    Herzl’s vision laid the groundwork for the establishment of the state of Israel. Today, he is considered the father of Zionism, with his image paraded on Israeli Independence Day.

    Paradoxically, Noah is remembered today thanks only to the spectacular failure of his American Zion.

    Adam L. Rovner 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. Almost Zion: Remembering a short-lived Jewish state in New York – https://theconversation.com/almost-zion-remembering-a-short-lived-jewish-state-in-new-york-253534

    MIL OSI – Global Reports –

    April 30, 2025
  • MIL-OSI Banking: Howard Lee: Opening remarks – Project Cargox expert panel kick-off meeting

    Source: Bank for International Settlements

    Good morning, distinguished guests and Expert Panel Members.

    On behalf of the Hong Kong Monetary Authority (HKMA), I would like to extend a very warm welcome to you all. We are excited to have you join us today to launch Project Cargox and share your valuable expertise.

    Let me start by thanking you for dedicating your time, insights and energy to this important initiative. Cargox unites us with a bold vision: to build a more inclusive and efficient digital ecosystem for trade finance, powered by cargo data insights and our CDI data infrastructure.

    This vision is critical in today’s evolving global landscape, where trade conflicts and disrupted supply chains are reshaping established trade patterns. Many businesses, SME traders in particular, stand to benefit immensely from a more digitalised and streamlined trade finance ecosystem as they transform their business model and supply chains.

    SMEs’ access to trade finance has long been hindered by different processing pain points. For instance, the heavy reliance on paper-based documents has led to inefficiencies and difficulty in tracking and verifying the transactions. With light balance sheets, many SMEs also struggle to provide the collateral required by banks to secure loans. Furthermore, issues like duplicate financing have heightened the risk of default and fraud.

    Through Cargox, we aim to address these challenges in a few ways. First, leverage cargo data to streamline trade finance processes for banks; second, develop digital solutions to enhance SMEs’ access to trade finance, in collaboration with key partners such as the Transport and Logistics Bureau and Airport Authority Hong Kong; and third, explore connections between CDI and international data partners to support innovative trade financing use cases.

    Trade finance is inherently a complex process. For example, the export of collectible figures from Hong Kong already involves multiple parties, including the importer, freight forwarder, shipping line, port operator, insurance company, banks and customs authorities.

    Given the intricate flow of goods, services, trade loans and payments, numerous documents, such as invoices, bills of lading, insurance certificates, letters of credit and customs declarations, are required to facilitate the trade.

    To navigate this complexity, it is crucial to leverage industry expertise to gain a holistic understanding of the trade finance landscape, pinpoint areas for improvement, and identify processes for further digitalisation, particularly through cargo data. We are therefore very pleased to establish the CargoxExpert Panel, comprising representatives from the trading and trade finance industry.

    The Expert Panel will serve as a vital platform for public-private collaboration, fostering dialogue to develop a roadmap and recommendations for a more robust digital trade finance ecosystem. Your insights will be instrumental in driving this transformation.

    We look forward to charting the future of digital trade finance together with the Expert Panel members through Cargox. Our concerted efforts will help overcome traditional barriers and empower SMEs with faster, and more accessible financial services.

    Thank you.

    MIL OSI Global Banks –

    April 30, 2025
  • MIL-OSI Banking: Chang Yong Rhee: Navigating political uncertainty while maintaining independence

    Source: Bank for International Settlements

    Thank you, Mr. Fernandez, for that generous introduction. And good evening to the distinguished guests who joined the dinner tonight, including President Lateef and Mr. Euywhan Kim, Korean Consul General in New York. Your warm welcome means more than I can express.

    For over a century, the Foreign Policy Association has been a leader in promoting international collaboration through public dialogue and education. Its role as a nonpartisan forum for intellectual discourse is more important than ever today, as the world experiences a rising political divide, geopolitical tensions, and global fragmentation.

    I’m deeply humbled and honored to receive this award from the FPA, and especially feel undeserving when I consider past awardees like Chairman Volcker, President Trichet, Managing Director Georgieva, and many others. Also, sharing this award ceremony with the Secretary-General of the OECD, the Honorable Mathias Cormann, makes it even more special.

    On a personal note, this medal holds a very special meaning within my family. When I got married, I made a joke to my wife, saying, “As I’ll devote my whole life to promoting world peace, you need to take care of everything else for our family.” I thank the FPA for vindicating my joke and justifying the many evenings I’ve spent away from my wife and children. 

    Acknowledging Global and Korean Headwinds

    Currently, we are facing heightened uncertainties. Globally, despite some easing of post-pandemic inflation, trade tensions are intensifying and geopolitical risks persist, reshaping supply chains and deepening global fragmentation, or reglobalization. They have triggered the global financial market turbulence and slowed down global growth. My understanding is that the IMF is going to consider lowering its world economic outlook significantly tomorrow.

    Korea is not an exception. As an export-driven economy, it is particularly vulnerable to these external headwinds. Tariffs directly reduce our exports. And, given our deep integration with key supply chain partners, our semiconductor production in Vietnam, electronics and automobile manufacturing in Mexico, and battery production in Canada will all likely be significantly affected. At the same time, weak demand from China-which accounts for over 19% of Korea’s exports-is expected to further weigh on our economy.

    To make matters worse, current challenges have been especially difficult for Koreans. As you may know, political uncertainty intensified following the former president’s declaration of martial law late last year. After about five months of turbulence, we now hope that the Constitutional Court’s recent upholding of the impeachment, along with the upcoming presidential election in June, will help settle this uncertainty behind us.

    Nevertheless, “Every cloud has a silver lining.” These political events also demonstrated the powerful resilience of Korean democracy.

    There had been moments of unrest and deep confrontation among citizens with differing political views. However, the situation was resolved peacefully and constitutionally, and now we are advancing toward the presidential election.

    Political Polarization and Central Bank Independence

    One thing that I learned as a central banker during this period of political turmoil is the importance of central bank independence-but from a different angle.

    We usually understand central bank independence to mean freedom from government interference or fiscal dominance. However, navigating through recent political challenges has made it clear to me that independence from politics is much more vital.

    This is particularly true in deeply divided political environments such as Korea right now, where the presidency and parliamentary majority are decided by only a narrow margin of the popular vote.

    Governments are appointed by an elected power. By this very nature, during times of heightened political tension, any policy decisions and announcements by governments are often filtered through a political lens and struggle to gain broad trust.

    In contrast, a central bank, as Paul Tucker describes it, is an “Unelected Power”-more free from political preference and generally perceived as politically neutral. This allowed us to communicate balanced and apolitical assessments of economic conditions, such as the economic impact of political instability, along with policy recommendations when they were most needed.

    Independence with Flexibility

    Of course, as Paul Tucker rightly points out in his book, central banks must not exploit the privileges that come with their independence.1 He argues that central banks should strictly confine themselves to a narrow interpretation of their mandate, which includes price stability and political neutrality in general.

    I agree with the spirit of that argument. But I also believe that some degree of flexibility is necessary-particularly in unexpected extreme situations, such as the political instability that Korea just experienced or crises like the pandemic.

    Let me recall a conversation I had with a central bank governor from emerging Asia when I served as the IMF’s Asia-Pacific Department Director. As many of you know, avoiding fiscal deficit monetization is generally considered one of the non-negotiable mandates of central banks.

    However, in 2020, at the height of the COVID-19 crisis, that central bank took the unusual step of purchasing government bonds in the primary market under the spirit of shared burden with the government. As the governor explained to me, it was seen as inevitable to help those suffering from COVID-19, given the unusually large need for fiscal support, the limited financial market depth, and the importance of protecting sovereign credit rating.

    Fortunately, the temporary deviation from text book central bank principles turned out to be a happy ending: the country navigated the COVID crisis without damaging its creditworthiness and returned to its pre-pandemic deficit target within two years as planned.

    Fundamental concerns about deficit monetization remain valid. However, this case demonstrates how limited, temporary policy flexibility may be necessary depending on the specific nature of economic crisis and the maturity of capital markets.

    Likewise, while leading the central bank through recent political turmoil, I often faced situations where my statements could be misinterpreted as political. For example, when both parties held opposing views on fiscal policy during the impeachment process and incoming election, discussing fiscal stimulus risked appearing partisan. Yet as central bank governor, I could not remain silent on its necessity, for two reasons.

    First, after the martial law declaration, domestic demand was falling faster than expected. Some degree of fiscal stimulus was needed to alleviate a sharp decline in major market players’ economic forecasts early in the year. Second, a bipartisan fiscal package seemed to be the best tool to send the message to global investors that Korea’s economy operates independently of political divisions and to protect our credit rating.

    While my public advocacy for fiscal stimulus created some controversy over political neutrality as expected, I believe that my decisions will stand the test of time. Yes, central bankers must be politically neutral, but as Keynes said of his mentor Marshall, economists need to be “sometimes as near the earth as a politician.”

    U.S.-Korea Relationship & Closing

    Before I close, I would like to take a moment to highlight the enduring importance of the U.S.-Korea relationship, especially in the presence of many distinguished American leaders here tonight.

    Since Korea’s liberation in 1945, the U.S. and Korea have stood together as trusted allies, sharing common values, such as freedom, democracy, peace, and prosperity.

    I mentioned the resilience of Korean democracy earlier in my remarks, and indeed, the U.S. has always remained alongside us throughout our democratic journey. At a critical crossroads in history, it helped guide Korea away from communism and toward democracy. Especially for the Bank of Korea, it also provided instrumental support in shaping our legal foundations-most notably, the Bank of Korea Act.

    Despite the leadership transition and the complex geo-economic landscape in Korea, I remain confident that the U.S.–Korea relationship will be taken to the next level. I believe the ongoing support of those in this room will be truly invaluable.

    Once again, I offer my deepest thanks to the FPA for this honor, and I wish the FPA continued flourishing in the years to come.

    Thank you.


    MIL OSI Global Banks –

    April 30, 2025
  • MIL-OSI United Nations: Cambodia, KOICA and WFP launch initiative to boost national homegrown school feeding programme

    Source: World Food Programme

    PHNOM PENH, CAMBODIA – The Royal Government of Cambodia, through the Ministry of Education, Youth and Sport (MoEYS), in partnership with the Korea International Cooperation Agency (KOICA) and the United Nations World Food Programme (WFP), has launched a US$ 10 million initiative from 2025 to 2029 to accelerate the expansion of Cambodia’s national homegrown school feeding programme.

    The programme currently reaches 190,000 children across 686 schools. The renewed support from South Korea builds on the achievements of Phase I (2020—2024) and will enable MoEYS and WFP to provide hot, nutritious meals to 133,300 schoolchildren across 428 schools. These schools will be progressively integrated into the national programme with full government ownership and management expected by 2028. 

    “The Ministry is deeply grateful for the continued support from the Government of the Republic of Korea, KOICA, and WFP,” said H.E. Hang Chuon Naron, Deputy Prime Minister and Minister of Education, Youth and Sport. “Through this programme, we are not only improving access to nutritious food but also investing in Cambodia’s future by building a stronger, more resilient education system that supports our national development goals.” 

    The Royal Government of Cambodia has shown strong leadership and commitment to school meals. In August 2024, it approved the School Feeding Policy, a landmark step that formalized the programme’s role in contributing to education, nutrition, agriculture and social protection. This approach aligns closely with Cambodia’s broader human capital development agenda and the priorities of the Pentagonal Strategy—building a healthier, more educated, and resilient generation.

    “We are honoured to continue this important collaboration with the Royal Government of Cambodia and WFP,” said Moon Jung Choi, Country Director of KOICA Cambodia Office. “This second phase of support reaffirms the Government of Republic Korea’s commitment to inclusive and sustainable development for the Cambodian people by supporting national systems that deliver lasting improvements in education, nutrition and rural livelihoods.”

    The national school feeding programme adopts a home-grown approach, linking education and nutrition with local agriculture by sourcing food from smallholder farmers. In a country where over half of the population relies on agriculture, this approach stimulates local economies, strengthens food systems and serves as a safety net for vulnerable families affected by recurrent shocks.

    “WFP is proud to continue supporting Cambodia’s journey towards a nationally owned, sustainable school feeding programme,” said Claire Conan, WFP Representative in Cambodia. “The renewed partnership with KOICA and MoEYS is a powerful example of how partnership can improve children’s well-being, enhance learning, and build more resilient communities.”

    In addition to meal provision, the programme focuses on capacity strengthening, infrastructure upgrades and institutional development at national, sub-national, and school levels. These efforts are designed to enable MoEYS to take ownership, while ensuring the quality, efficiency, and sustainability of the programme. 

    #                                  #                                  #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies, building prosperity and supporting a sustainable future for people recovering from conflict, disasters and the impact of climate change.

    MIL OSI United Nations News –

    April 30, 2025
  • MIL-OSI: Primech AI Secures Foothold in Europe’s Rapidly Growing €10+ Billion Service Robotics Market Through Strategic Partnership with TCOrobotics GmbH

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd. (“Primech AI” or the “Company”), a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), today announced its strategic entry into the European market through a Memorandum of Understanding (MOU) with TCOrobotics GmbH, establishing a distribution framework for its innovative HYTRON, AI-powered autonomous bathroom cleaning robots across Germany, Austria, and Switzerland (DACH region).

    The two-year agreement positions Primech AI to capitalize on Europe’s booming service robotics market, currently valued at over €10 billion annually and projected to reach €20-30 billion by 2030. With European service robot suppliers representing approximately 44% of global providers, this partnership gives Primech AI access to one of the world’s most sophisticated robotics ecosystems.

    “Europe represents an exceptional growth opportunity for Primech AI, with the EU service robotics market experiencing double-digit annual growth driven by labor shortages, technological advances, and increasing acceptance of automation solutions,” said Charles Ng, Co-Founder and Chief Operating Officer of Primech AI. “Our partnership with TCOrobotics gives us an immediate market presence in the DACH region, which is at the forefront of adopting innovative cleaning technologies and boasts some of the world’s leading robotics companies.”

    The European market is particularly receptive to autonomous cleaning solutions, with specialized cleaning robots seeing increased deployment following the COVID-19 pandemic. The region’s high labor costs, aging workforce, and strict hygiene standards in commercial facilities create ideal conditions for Primech AI’s HYTRON robots, which offer cost-effective, consistent cleaning performance.

    Under the terms of the MOU, TCOrobotics, based in Vaihingen an der Enz, Germany, will oversee all aspects of regional distribution, including installation processes, maintenance, technical support, and customer training. The Company will work closely with Primech AI to ensure consistent quality standards and effective implementation of HYTRON robots at customer facilities.

    “We’re seeing tremendous demand for advanced cleaning automation across the DACH region,” said Aleksandar Birmanac, CEO of TCOrobotics GmbH. “Primech AI’s HYTRON robots represent a perfect solution for facilities managers looking to address labor shortages while improving cleaning consistency and operational efficiency. We anticipate strong adoption across a variety of commercial settings.”
    This European expansion represents a significant milestone in Primech AI’s global growth strategy and offers substantial potential for revenue growth in a market expected to double in value by 2030. The Company’s entry into Europe also benefits from the EU’s supportive policy environment for robotics innovation while meeting the region’s stringent regulatory requirements.

    According to the International Federation of Robotics, Primech AI’s expansion comes at a time when specialized professional service robots for cleaning saw 12% year-over-year growth globally in 2022. The DACH region specifically has seen accelerated adoption of cleaning robots in commercial settings following the pandemic, with businesses increasingly viewing robot deployment as both a practical necessity and a marketing advantage that signals cleanliness and technological sophistication to customers.

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.    

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Willis Lease Finance Corporation Closes Three Additional JOLCO Deals, Bringing Total JOLCO Financings to Nearly $120M

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., April 29, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced the closing of three Japanese operating lease with call option (“JOLCO”) transactions, totaling US$64.8 million in financing. Two of the loans closed in the first quarter of 2025 for a PW1127GA-JM engine and a PW1133G-JM engine, respectively, and mature in 2033. The third loan closed in April of 2025 for a LEAP-1A engine and matures in 2034. These transactions bring WLFC’s total JOLCO financings to approximately US$119.8 million.

    “The JOLCO market remains an attractive way to diversify financing options and we’re proud to deepen our relationship with Japanese counterparties,” said Scott B. Flaherty, WLFC EVP and Chief Financial Officer. “Through global capital sources like this, WLFC is able to offer our airline customers compelling lease and financing solutions.”

    WLFC closed its first JOLCO engine transaction in August of 2023.

    Willis Lease Finance Corporation
    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    The MIL Network –

    April 30, 2025
  • MIL-OSI: SEON Powers Fraud Prevention for Tecovas Across the Brand’s Rapidly-Growing Retail and E-Commerce Operations

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 29, 2025 (GLOBE NEWSWIRE) — SEON, a leader in digital fraud prevention and compliance, today announced Tecovas, the world’s fastest-growing Western brand, has adopted SEON’s technology to strengthen security and streamline fraud detection across its retail and e-commerce operations.

    Recognizing the increasing importance of protecting both online and in-store transactions, Tecovas took a proactive approach to preventing fraudulent charges, particularly chargebacks. To maintain a seamless shopping experience and improve operational efficiency, the company sought a smarter, more automated approach to fraud prevention.

    Tecovas implemented SEON alongside Shopify’s built-in fraud detection to strengthen fraud prevention without disrupting operations. SEON’s AI-driven technology enables Tecovas to reduce manual review times and improve detection accuracy while decreasing false positives and negatives, creating a smoother and more secure shopping experience.

    “We’re excited to partner with SEON and leverage their expertise to take our fraud prevention efforts to the next level,” said Michael Draper, Vice President, Engineering, Tecovas. “SEON’s proactive approach aligns with our goal of ensuring a seamless and secure experience for our customers, whether they’re shopping online or in-store.”

    “Innovative retailers like Tecovas choose SEON because of our expertise, cutting-edge technology and commitment to delivering industry-leading service,” said Matt DeLauro, President, GTM, SEON. “We work closely with our customers to ensure they not only stop fraud more effectively, but also maintain an optimal customer experience. We’re excited to support Tecovas as they continue to grow and redefine modern Western retail.”

    About SEON
    SEON helps risk teams detect and stop fraud and money laundering while ensuring regulatory compliance. By combining real-time digital footprint analysis, device intelligence and AI-driven rules, SEON empowers over 5,000 businesses globally to prevent threats before they occur. With integrated fraud prevention and AML capabilities, SEON operates from Austin, London, Budapest and Singapore. Learn more at seon.io.

    Media
    Press@seon.io

    The MIL Network –

    April 30, 2025
  • MIL-OSI: JOYY Inc. Filed 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission on April 29, 2025, Eastern Time. The annual report can be accessed on the Company’s investor relations website at http://ir.joyy.com.

    The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company’s Investor Relations Department at joyy-ir@joyy.com.

    About JOYY Inc.

    JOYY is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, casual games, instant messaging, and emerging initiatives like advertising, JOYY has evolved beyond social entertainment into a multifaceted ecosystem powered by AI and data-driven technologies. Headquartered in Singapore and operating across the globe, JOYY has fostered a vibrant user community through its localized strategies. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

    Investor Relations Contact

    JOYY Inc.
    Jane Xie/Maggie Yan
    Email: joyy-ir@joyy.com

    ICR, LLC.
    Robin Yang
    Email: joyy@icrinc.com

    The MIL Network –

    April 30, 2025
  • MIL-OSI: authID Announces Strategic Partnership with TechDemocracy to Accelerate Passwordless Identity for Workforce & Customer Access

    Source: GlobeNewswire (MIL-OSI)

    Leading cybersecurity services firm to train its team on authID’s biometric authentication and verification platforms, aiming to accelerate the adoption of secure and privacy-preserving passwordless solutions.

    Denver, Colorado and Piscataway, New Jersey, April 29, 2025 (GLOBE NEWSWIRE) — authID, a leading provider of identity proofing and biometric authentication, today announced a partnership with TechDemocracy, a global cybersecurity services firm with over 25 years of Identity and Access Management (IAM) expertise, to expand the industry’s familiarity with authID’s platform and further the transition to frictionless, passwordless sign-ins.

    As a newly designated integration services partner, TechDemocracy will certify an initial cohort of 25 professionals on authID’s Proof, Verified, and PrivacyKey™ solutions. This cohort will be certified to consult, implement, operate, and support authID’s platform, which features one-in-one-billion false-match accuracy rates and lightning-fast verification speeds. It also provides companies with unparalleled peace of mind through its PrivacyKey technology, which ensures compliance and privacy through a groundbreaking private/public key process that stores zero biometric data.

    “Passwordless authentication is more than a trend—it’s a transformational shift,” said Viresh Garg, SVP of Cybersecurity & Emerging Technologies at TechDemocracy. “By partnering with authID, we’re helping enterprises embrace secure, frictionless access experiences through identity proofing, all while bringing the speed, structure, and advisory depth customers expect from us.”

    As part of this partnership, TechDemocracy will also be developing a library of QuickStart accelerators to embed authID’s biometric verification and continuous user authentication capabilities into digital identity journeys built on Ping Identity and Microsoft Entra. These accelerators enable rapid deployment of secure, low-friction authentication flows for both Workforce IAM and CIAM use cases.

    “We’re excited to expand our partner portfolio with authID’s leading biometric solutions that complement and work with our existing identity security partners,” added Todd Rossin, CEO & Chief Strategy Officer of TechDemocracy. “This partnership broadens and strengthens the capabilities we provide our customers and further fosters the widespread adoption of passwordless security.”

    “We are thrilled to welcome TechDemocracy as a strategic partner,” said Rhon Daguro, CEO of authID. “Their deep IAM expertise and unique focus on usability, security, and cost optimization will empower more organizations to fully unlock the value of authID’s passwordless identity—enabling faster, smarter transitions to frictionless, yet highly secure authentication experiences.”

    As part of their collaboration, authID and TechDemocracy will co-author a series of white papers, co-host webinars, and lead roadshows to help organizations navigate the shift from passwords to modern, biometric-first authentication.

    In addition, TechDemocracy is offering a series of complimentary one-day workshops led by its Field CISO team to help organizations evaluate their access management strategy, assess their current platform investments, compare passwordless options, and understand best practices for implementing biometric-based authentication at scale.

    Connect with TechDemocracy about authID’s platforms by emailing authID@techdemocracy.com.

    About authID

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented biometric identity platform. authID powers biometric identity proofing in 700ms, biometric authentication in 25ms, and account recovery with a fast, accurate, user-friendly experience. With our ground-breaking PrivacyKey Solution, authID provides a 1-to-1-billion false match rate, while storing no biometric data. authID stops fraud at onboarding, blocks deepfakes, prevents account takeover, and eliminates password risks and costs, through the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem.

    For more information, please visit authid.ai.

    About TechDemocracy

    With over two decades of cybersecurity expertise and 1600+ global engagements, TechDemocracy specializes in workforce IAM and customer identity & access management (CIAM), governance, risk and compliance (GRC), holistic cybersecurity, and managed security services. Combining cutting-edge technology, certified experts, and proven processes, the company helps organizations secure their digital infrastructure and manage risk. Contact us to elevate your cybersecurity posture with us. With a global presence in the US, India, Canada, and the Philippines, TechDemocracy fully manages identity security solutions throughout the entire identity journey. For more information, visit www.techdemocracy.com

    Media Contacts

    NextTech Communications

    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Investor Relations Contacts
    Investor-Relations@authid.ai

    TechDemocracy

    Rashmi Shrivastava
    marketing@techdemocracy.com

    +1 732 404 8350

    The MIL Network –

    April 30, 2025
  • MIL-OSI: ACM Research Announces Preliminary Unaudited Revenue and Shipments for the First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Coincides with Release of ACM Shanghai First Quarter 2025 Results
    ACM Reaffirms 2025 Revenue Outlook

    FREMONT, Calif., April 29, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announces expectations for preliminary unaudited revenue and total shipments for the first quarter of 2025. Today’s release coincides with the as-scheduled release of unaudited financial results by ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”), to the Shanghai Stock Exchange website [link to China Disclosure].

    ACM will discuss its full financial results for the first quarter 2025 and its revenue outlook for the remainder of the year on its earnings call on Thursday, May 8, 2025, at 8 a.m. Eastern Time (8 p.m. China Time).

    ACM announces the following:

    • preliminary unaudited revenue for the first quarter of 2025 is expected to be in the range of $165 million to $170 million, which would represent year-to-year growth of 8.4% to 11.7%.
    • preliminary total shipments for the first quarter of 2025 are expected to be in the range of $154 million to $157 million, which would represent a year-to-year decrease of 36% to 37%.   This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 are expected to grow by 8% to 9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025.
    • re-affirms full year 2025 revenue outlook in the range of $850 million to $950 million, which would represent year-to-year growth of 9% to 21%.

    Actual unaudited first quarter 2025 results are subject to the completion of ACM’s quarter end closing procedures and review by ACM’s independent registered public accounting firm.

    ACM currently owns an 81.1% equity interest in ACM Shanghai, and a substantial majority of ACM’s consolidated revenue and net income is contributed by ACM Shanghai. The stand-alone financial results of ACM Shanghai are reported in RMB as prepared in accordance with Chinese generally accepted accounting principles, and those results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in U.S. dollars in accordance with U.S. generally accepted accounting principles.

    About ACM Research, Inc.

    ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

    Forward-Looking Statements

    Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

    © ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademark.

    For investor and media inquiries, please contact:
       
    In the United States: The Blueshirt Group
      Steven C. Pelayo, CFA
      +1 (360) 808-5154
      steven@blueshirtgroup.co
       
    In China: The Blueshirt Group Asia
      Gary Dvorchak, CFA
      +86 (138) 1079-1480
      gary@blueshirtgroup.co

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Aemetis to Benefit From EPA’s Approval of 15 Percent Ethanol Blend

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a diversified global renewable natural gas and biofuels company, announced today that the U.S. Environmental Protection Agency (EPA) issued a waiver allowing a 15 percent blend of ethanol (E15) to continue to be sold after May 1st which will benefit the company through increased demand and sales of the renewable fuel nationwide. The average blend of ethanol in the U.S. in 2024 was 10.4% and 14.2 billion gallons. The adoption of E15 allows up to a 50% increase in the market for ethanol in the U.S.

    “The EPA’s action allowing nationwide E15 sales to continue is a significant step toward increasing the demand for ethanol and has broad support for permanent approval from the President, as well as numerous members of Congress,” stated Eric McAfee, Chairman and CEO of Aemetis. “Permanent national approval of E15 would allow the demand for ethanol to grow as consumers nationwide benefit from lower-cost, domestic, renewable fuel that lowers the price of gasoline and supports rural communities with good jobs throughout the country.”

    The EPA has indicated its intent to ensure that E15 remains available throughout the summer driving season. The EPA’s action applies throughout the United States, except California. The E15 blend is expected to help American drivers save money at the pump, reduce carbon emissions, strengthen rural economies, and enhance U.S. energy independence, according to the Renewable Fuels Association.

    California is now the only state in the US that has not approved the E15 blend and typically has the highest average gasoline prices nationwide. To address the situation, Governor Gavin Newsom earlier this year issued a letter to the California Air and Resources Board (CARB) requesting completion of the study required to adopt E15 in California.

    The adoption of a 15 percent ethanol blend in California is projected to create more than 600 million gallons per year of new biofuels demand and save consumers an estimated twenty cents per gallon, or approximately $2.7 billion at the pump each year, according to a UC Berkeley and US Naval Academy study. Californians would also benefit from reduced greenhouse gas emissions from the increased use of ethanol, and reduced exposure to benzene and other carcinogens in gasoline.

    Senate Bill 2707, the “Nationwide Consumer and Fuel Retailer Choice Act,” was recently introduced into the U.S. Congress by 14 senators. This bill proposes the permanent sale of year-round E15 throughout the United States, except in states such as California that have their own fuel regulations. The E15 blend is approved for use in more than 95 percent of vehicles on the road today, according to the EPA.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and biofuels company focused on the operation, acquisition, development, and commercialization of innovative technologies that support energy independence and security. Founded in 2006, Aemetis operates and is expanding a California biogas digester network and pipeline system to convert dairy waste into renewable natural gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that also supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year biofuels facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel biorefinery and a carbon sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction, timing, and operation of biodiesel, biogas, sustainable aviation fuel, CO2 sequestration, and other facilities; our ability to promote, develop, finance, and construct such facilities; and statements about future market demand and market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to many risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to government policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    The MIL Network –

    April 30, 2025
  • MIL-OSI: QuestionPro and PerformancePoint LLC Partner to Drive Business Transformation with Data-Driven Cultures, Leadership, and Engagement

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services, is joining forces with PerformancePoint LLC, a premier consulting firm specializing in culture, leadership and engagement, to revolutionize the way organizations turn insights into action.

    This partnership goes beyond traditional employee engagement surveys and culture assessments—it provides real-time, actionable intelligence that fuels meaningful transformation. By integrating QuestionPro’s advanced employee experience and data management platform with PerformancePoint’s deep expertise in leadership and culture consulting, businesses gain a powerful, end-to-end solution to drive long-term success.

    What makes this partnership different?

    • Beyond Data, Towards Action: Most engagement surveys stop at data collection. This collaboration ensures that insights are not just gathered but translated into sustainable cultural change.
    • Real-Time Decision-Making: Organizations can access live dashboards and predictive analytics to make proactive decisions that improve employee and customer experiences.
    • A Science-Backed, Human-Centered Approach: Combining novel technology with hands-on consulting means companies don’t just react to problems—they prevent them.
    • True Culture Transformation: Instead of surface-level fixes, businesses get a proven methodology to build resilient, high-performing teams.

    “For companies committed to creating and sustaining high–performance cultures, our collaboration with PerformancePoint provides new tools,” said Arti Bedi Pullins, President at QuestionPro. “This partnership ensures organizations don’t just track engagement—they create workplaces where employees thrive and customers stay loyal.”

    “At PerformancePoint, we know that culture isn’t just a buzzword—it’s the backbone of successful businesses,” said Brad Federman, CEO of PerformancePoint LLC. “With QuestionPro’s technology and our consulting expertise, we help companies unlock the full potential of their people, transforming engagement into a competitive advantage.”

    This partnership is designed for organizations that want to maximize ROI on employee engagement and leadership development, reduce costly turnover, and build cultures that sustain business success in an ever-changing world.

    About QuestionPro
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

    About PerformancePoint LLC
    PerformancePoint LLC is a top-tier consulting firm specializing in employee and customer experience. With expertise in culture transformation, leadership development, and engagement strategies, PerformancePoint helps organizations create environments where employees and businesses thrive.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06a2f5fe-b0f1-4e33-a5e3-5965a4690110

    The MIL Network –

    April 30, 2025
  • MIL-OSI: As European carmakers navigate the autonomous car race, Lighty’s new AI edge software offers them a lifeline amid rising tariffs

    Source: GlobeNewswire (MIL-OSI)

    Zurich, April 29, 2025 (GLOBE NEWSWIRE) — As European automakers face increasing tariffs and mounting pressure from American and Asian competitors in the autonomous driving race, leading Swiss AI startup Lightly today launches LightlyEdge – a groundbreaking edge-based data collection solution that could help level the playing field. At a time when Bosch is cutting 12,000 jobs and Mercedes is offering up to €500,000 for voluntary exits, clearly being effective and efficient matters for automotive companies. Lightly’s innovation tackles a critical bottleneck in AI development: capturing only the data that truly matters, directly at the source. This offers a strategic advantage at a time when workforce reductions threaten to slow in-house development and widen the gap with faster-moving rivals.

    As companies around the world race to develop safer autonomous vehicles, the fundamental challenge remains the same: they are drowning in data and the resulting costs. While collecting large volumes of data is essential, the difficulty lies in identifying what’s truly relevant. As AI models grow more sophisticated, so does the redundancy in the data feeding them. LightlyEdge solves this problem by making intelligent decisions about what data to keep at the moment of capture, before it enters the storage and processing pipeline.

    The LightlyEdge data collection report. 

    LightlyEdge deploys intelligent models directly onto vehicles’ cameras and sensors. The system revolutionizes data collection by analyzing video footage in real-time as it’s being captured, automatically identifying rare and valuable scenarios – like a child at a crossroad or an accident in snowy conditions – while ignoring redundant data that adds no value to training datasets. This approach dramatically slashes unnecessary storage and bandwidth costs while ensuring training datasets become more comprehensive, diverse, and optimized for real-world driving conditions.

    “This launch is a fantastic opportunity to increase development cycles for autonomous driving and driving assistance,” said Matthias Heller, Co-Founder of Lightly. “With LightlyEdge, our partners can harness smarter, real-time data collection that not only accelerates AI model training but also provides a competitive edge against established industry giants. By focusing on quality data from uncommon scenarios and hazards, we’re empowering a new era of innovation that will drive the future of mobility.”

    Lightly founders Matthias Heller and Igor Susmelj.

    The timing of LightlyEdge’s release is particularly significant. European automotive manufacturers are working to maintain their position against competitors like Tesla, whose innovative “Active Learning” approach – feeding only the most valuable data into AI models – has become a benchmark for the industry. While European companies have a rich history of engineering excellence, they now have an opportunity to leverage artificial intelligence’s potential to overhaul their operations.

    LightlyEdge captures data from cameras. 

    Building on what Lightly already achieved with LightlyOne in data centers, this new product shifts the intelligence right to where it’s needed – the edge devices in vehicles themselves. LightlyEdge gives developers real-time feedback and smart capture capabilities directly on the road. With its easy-to-use interface, teams can quickly deploy their AI models, keep an eye on them, and make them better over time – all of which dramatically speeds up how fast they can bring innovations to life.

    That speed is becoming essential. As European carmakers are feeling the squeeze from global competitors and tough trade barriers.LightlyEdge offers them a way to innovate faster while keeping costs down. By being smarter about what data they collect, these manufacturers can build better autonomous driving systems in less time and with fewer resources. This might be exactly what they need to win the autonomous car race.

    Ends

    Media images are here 

    About Lightly
    Lightly was founded in Zurich, Switzerland by Matthias Heller and Igor Susmelj, former ETH and Harvard students who worked in autonomous driving and research on computer vision and deep learning. 

    Lightly helps companies to build better machine learning models faster through better data. Data to train machine learning models is currently the biggest bottleneck in AI development. Today, Lightly is used by Fortune 500 companies and startups in autonomous driving, robotics, and video analytics. For more information, please visit https://www.lightly.ai/ or follow the company on Twitter, LinkedIn or Facebook. 

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Northstrive Biosciences Strengthens IP Portfolio with New US Patent Filings for EL-22 and EL-32 Programs Covering Obesity and Animal Health

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Northstrive Biosciences Inc. (“Northstrive”), a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”), today announced the filing of four novel patent applications for its two candidates EL-22 and EL-32. These patent applications cover the animal market, as well as treating muscle loss in obese patients, both as standalone and combination therapies alongside GLP-1 receptor agonists.

    The Company filed the following four patents today:

    • EL-22 in Animals: Fusion Protein of Myo-2 for Use in Encouraging Muscle Growth in Animals (Patent Application No. 19/191,246).
    • EL-32 in Obesity as Monotherapy and Combination with GLP-1: Updated patent filings for Pharmaceutical Composition for Treatment of Muscle Loss Due to Obesity Treatments (Patent Application No. 19/191,209), and Combination Therapy for Treatment of Muscle Loss Due to Obesity Treatments utilizing GLP-1 receptor agonists (Patent Application No. 19/191,226).
    • EL-32 in Animals: Animal Feed Additive to Encourage Muscle Growth (Patent Application No. 19/191,258).

    The Company believes these newly filed patent applications support the development of Northstrive’s engineered probiotic platform, designed to advance human obesity care by preserving muscle mass while reducing fat mass, with additional potential applications in animal health.

    “We believe that EL-22 and EL-32 have the potential to treat obesity in combination with GLP-1 receptor agonists, while also serving as the foundation to a potential range of animal health products”, said Deniel Mero, Co-Founder of Northstrive. “These patent applications strengthen our IP portfolio as we advance on our mission transform the standard of care for obesity and break into the animal health market.”

    Northstrive’s patent portfolio now includes 8 patent applications and 5 issued patents that provide adequate protection in focus markets, including the USA, Japan, China and Korea.

    Licensed Product /
    Nation
    Patent Application
    Serial No.
    Title:
    EL-32 USA US 18/627,462 Pharmaceutical composition for alleviation, treatment, and prevention of sarcopenia containing microorganism transformed with cell surface display vector operably linked with gene encoding myostatin and activin A proteins as active ingredient
    EL-32 Korea 10-2022-0136606 A pharmaceutical composition for alleviation, treatment and prevention of sarcopenia containing a microorganism transformed with a vector expressing myostatin and activin A on the cell surface as an active ingredient
    EL-22 USA US 18/895,501 Fusion Protein of Myo-2 for Use in Treating Muscle Loss in Obese Patients
    EL-22 USA US 18/895,519 Combination Therapy of a Fusion Protein of Myo-2 with a GLP-1 Receptor Agonist for Use in Treating Muscle Loss in Obese Patients
    EL-22 (Animals)
    USA
    US 19/191,246 Fusion Protein of Myo-2 for Use in Encouraging Muscle Growth in Animals
    EL-32 USA US 19/191,209 Pharmaceutical Composition for Treatment of Muscle Loss Due to Obesity Treatments
    EL-32 USA US 19/191,226 Combination Therapy for Treatment of Muscle Loss Due to Obesity Treatments utilizing GLP-1 receptor agonists
    EL-32 (Animals) USA 19/191,258 Animal Feed Additive to Encourage Muscle Growth
         
    Patent No. Registration No. Title:
    EL-22 Korea 10-0857861-0000 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 Korea 10-0872042-0000 Cell Surface Expression Vector of Myostatin and Microorganisms Transformed Thereby
    EL-22 USA US 8470551 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 Japan US 5634867 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 China ZL200780101116.2 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof


    About Northstrive Biosciences Inc.

    Northstrive Biosciences Inc., a PMGC Holdings Inc. company, is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines. Northstrive’s lead asset, EL-22, leverages an engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. For more information, please visit www.northstrivebio.com.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    IR Contact:
    IR@pmgcholdings.com

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Franklin Electric Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights

    • Consolidated net sales of $455.2 million, a decrease of 1% to the prior year
    • Energy Systems net sales increased 8% while Water Systems net sales were up less than 1% and Distribution net sales declined 3%
    • Operating income was $44.1 million with operating margin of 9.7%
    • GAAP fully diluted earnings per share (EPS) was $0.67

    FORT WAYNE, Ind., April 29, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its first quarter financial results for fiscal year 2025.

    First quarter 2025 net sales were $455.2 million, compared to first quarter 2024 net sales of $460.9 million. First quarter 2025 operating income was $44.1 million, compared to first quarter 2024 operating income of $47.9 million. First quarter 2025 EPS was $0.67, versus EPS in the first quarter 2024 of $0.70.

    “Our underlying businesses performed largely as expected in the first quarter.   Order trends remain positive, supporting a robust backlog as we enter the second quarter. Furthermore, strong performance in our Energy Systems segment helped offset unfavorable weather impacting our Distribution business, underscoring the value of our diversified global portfolio. One-time expenses associated with our executive transition and recent acquisitions presented earnings headwinds during the quarter, but our operating strength was clear,” commented Joe Ruzynski, Franklin Electric’s CEO.

    “During the quarter, we continued to invest in growth by completing two acquisitions, in line with our value creation framework. We look forward to deploying our integration playbook and enhancing the margin profiles of these great businesses. Despite uncertainty in the macroeconomic environment and potential tariffs, we are confident in Franklin Electric’s competitive position with strong brands, leading service, and a healthy operating footprint as we continue to execute our strategic priorities,” concluded Mr. Ruzynski.

    Segment Summaries

    Water Systems net sales were $287.3 million in the first quarter, an increase of $0.7 million or less than 1 percent compared to the first quarter of 2024. Results were driven by the incremental sales impact of recent acquisitions and higher sales of groundwater products, water treatment products and large dewatering pumps. These sales increases were partially offset by the negative impact of foreign currency translation and lower sales of all other surface products. Water Systems operating income in the first quarter of 2025 was $43.4 million. First quarter 2024 Water Systems operating income was $47.1 million.

    Distribution net sales were $141.9 million, a decrease of $5.1 million or 3 percent compared to the first quarter 2024. Sales decreases were driven by lower volumes and continued negative pricing. The Distribution segment operating income in the first quarter 2025 was $2.1 million. First quarter 2024 Distribution operating income was $1.8 million.

    Energy Systems net sales were $66.8 million in the first quarter 2025, an increase of $4.7 million or 8 percent compared to the first quarter 2024. Sales increases were driven by higher volumes and price realization. Energy Systems operating income in the first quarter of 2025 was $21.9 million. First quarter 2024 Energy Systems operating income was $18.8 million.

    Cash Flow

    Net cash flows used in operating activities for the first quarter of 2025 were $19.5 million versus $1.4 million in the same period in 2024.

    2025 Guidance

    The Company is maintaining its guidance for full year 2025 sales to be in the range of $2.09 billion to $2.15 billion and reducing the low end of its earnings guidance and now expects full year 2025 EPS to be in the range of $3.95 to $4.25.

    Earnings Conference Call

    A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2025 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

    https://edge.media-server.com/mmc/p/yzximy3p

    For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

    https://register-conf.media-server.com/register/BI5cb1cdcef9da4de38184396c5211b443

    All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

    A replay of the conference call will be available from Tuesday, April 29, 2025, through 9:00 am ET on Tuesday, May 6, 2025, by visiting the listen-only webcast link above.

    Forward Looking Statements

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, changes in tariffs or the impact of any such changes on the Company’s financial results, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    About Franklin Electric

    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

    Franklin Electric Contact:

    Russ Fleeger
    Franklin Electric Co., Inc.
    InvestorRelations@fele.com

     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
           
    (In thousands, except per share amounts)      
           
      First Quarter Ended
      March 31, 2025   March 31, 2024
           
    Net sales $ 455,247     $ 460,900  
           
    Cost of sales   291,344       297,320  
           
    Gross profit   163,903       163,580  
           
    Selling, general, and administrative expenses   119,643       115,644  
           
    Restructuring expense   159       –  
           
    Operating income   44,101       47,936  
           
    Interest expense   (1,799 )     (1,448 )
    Other income, net   843       706  
    Foreign exchange expense, net   (1,293 )     (4,880 )
           
    Income before income taxes   41,852       42,314  
           
    Income tax expense   10,478       9,222  
           
    Net income $ 31,374     $ 33,092  
           
    Less: Net income attributable to noncontrolling interests   (412 )     (133 )
           
    Net income attributable to Franklin Electric Co., Inc. $ 30,962     $ 32,959  
           
    Earnings per share:      
    Basic $ 0.67     $ 0.71  
    Diluted $ 0.67     $ 0.70  
           
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
           
    (In thousands)      
           
      March 31, 2025   December 31, 2024
    ASSETS      
           
    Cash and cash equivalents $ 83,994     $ 220,540  
    Receivables (net)   271,688       226,826  
    Inventories   560,338       483,875  
    Other current assets   40,627       32,950  
    Total current assets   956,647       964,191  
           
    Property, plant, and equipment, net   236,732       223,566  
    Lease right-of-use assets, net   60,294       62,637  
    Goodwill and other assets   675,199       570,212  
    Total assets $ 1,928,872     $ 1,820,606  
           
           
    LIABILITIES AND EQUITY      
           
    Accounts payable $ 190,295     $ 157,046  
    Accrued expenses and other current liabilities   125,316       139,989  
    Current lease liability   18,688       18,878  
    Current maturities of long-term debt and short-term borrowings   149,730       117,814  
    Total current liabilities   484,029       433,727  
           
    Long-term debt   14,858       11,622  
    Long-term lease liability   41,382       43,304  
    Deferred income taxes   32,718       10,193  
    Employee benefit plans   30,046       29,808  
    Other long-term liabilities   24,544       22,118  
     
    Redeemable noncontrolling interest   1,373       1,224  
           
    Total equity   1,299,922       1,268,610  
    Total liabilities and equity $ 1,928,872     $ 1,820,606  
           
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
      Three Months Ended
    (In thousands)      
      March 31, 2025   March 31, 2024
    Cash flows from operating activities:      
    Net income $ 31,374     $ 33,092  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   14,433       13,792  
    Non-cash lease expense   5,241       5,194  
    Share-based compensation   4,962       4,042  
    Other   1,080       4,036  
    Changes in assets and liabilities:      
    Receivables   (29,376 )     (43,365 )
    Inventory   (43,669 )     (28,105 )
    Accounts payable and accrued expenses   (3,744 )     8,576  
    Operating leases   (5,091 )     (5,305 )
    Other   5,322       6,681  
           
    Net cash flows from operating activities   (19,468 )     (1,362 )
           
    Cash flows from investing activities:      
    Additions to property, plant, and equipment   (6,836 )     (9,184 )
    Proceeds from sale of property, plant, and equipment   397       102  
    Acquisitions and investments   (109,687 )     (1,151 )
    Other investing activities   9       17  
           
    Net cash flows from investing activities   (116,117 )     (10,216 )
           
    Cash flows from financing activities:      
    Net change in debt   20,366       11,397  
    Proceeds from issuance of common stock   1,438       4,050  
    Purchases of common stock   (6,902 )     (9,047 )
    Dividends paid   (13,160 )     (12,395 )
    Deferred payments for acquisitions   (4,300 )     (348 )
           
    Net cash flows from financing activities   (2,558 )     (6,343 )
           
    Effect of exchange rate changes on cash and cash equivalents   1,597       (1,728 )
    Net change in cash and cash equivalents   (136,546 )     (19,649 )
    Cash and cash equivalents at beginning of period   220,540       84,963  
    Cash and cash equivalents at end of period $ 83,994     $ 65,314  
           

    Key Performance Indicators: Net Sales Summary

      Net Sales
      United States Latin Europe, Middle Asia Total        
    (in millions) & Canada America East & Africa Pacific Water Energy Distribution Other/Elims Consolidated
                       
    Q1 2024 $172.7   $41.3   $52.3   $20.3   $286.6   $62.1   $147.0   ($34.8 ) $460.9  
    Q1 2025 $175.7   $39.5   $51.5   $20.6   $287.3   $66.8   $141.9   ($40.8 ) $455.2  
    Change $3.0   ($1.8 ) ($0.8 ) $0.3   $0.7   $4.7   ($5.1 ) ($6.0 ) ($5.7 )
    % Change   2 %   -4 %   -2 %   1 %   0 %   8 %   -3 %     -1 %
                       
    Foreign currency translation, net * ($1.3 ) ($3.6 ) ($1.2 ) ($1.0 ) ($7.1 ) ($0.2 ) $0.0     ($7.3 )
    % Change   -1 %   -9 %   -2 %   -5 %   -2 %   0 %   0 %     -2 %
                       
    Acquisitions $1.2   $3.1   $0.0   $1.4   $5.7   $0.0   $0.0     $5.7  
    % Change   1 %   8 %   0 %   7 %   2 %   0 %   0 %     1 %
                       
    Volume/Price $3.1   ($1.3 ) $0.4   ($0.1 ) $2.1   $4.9   ($5.1 ) ($6.0 ) ($4.1 )
    % Change   2 %   -3 %   1 %   0 %   1 %   8 %   -3 %   -17 %   -1 %
                       

    *The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey highly inflationary economies within the foreign currency translation, net row above.

    Key Performance Indicators: Operating Income and Margin Summary

    Operating Income and Margins          
    (in millions) For the First Quarter 2025
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 43.4   $ 21.9   $ 2.1   $ (23.3 ) $ 44.1  
    % Operating Income To Net Sales   15.1 %   32.8 %   1.5 %     9.7 %
               
    Operating Income and Margins          
    (in millions) For the First Quarter 2024
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 47.1   $ 18.8   $ 1.8   $ (19.8 ) $ 47.9  
    % Operating Income To Net Sales   16.4 %   30.3 %   1.2 %     10.4 %
               

    The MIL Network –

    April 30, 2025
  • MIL-OSI: MoneyHero Group Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Q4 net loss narrowed sharply to US$(18.8) million
    • Q4 Adjusted EBITDA loss improved to US$(2.9) million

    SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (Nasdaq: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Management Commentary:

    Rohith Murthy, Chief Executive Officer, stated:

    “We closed out 2024 with a robust quarter of financial and operational results, making clear progress on our path towards profitability as we continue to focus on diversifying our revenue mix toward high-margin products, lowering operating expenses, and improving operational efficiency. Net loss narrowed sharply to US$(18.8) million from US$(94.3) million during the same period last year, and Adjusted EBITDA loss during the quarter improved substantially to US$(2.9) million – our best quarterly performance since going public. With registered members and approved applications increasing 42% and 21% year-over-year in 2024, we are confident in our ability to build upon this momentum and regain topline growth momentum with US$100 million in revenue and generate positive adjusted EBITDA on a quarterly basis in the second half of 2025.

    In Q2 2024, we outlined five strategic pillars—Consumer Pull, Conversion Expertise, Operating Leverage, Strong Provider Partnerships, and Insurance Brokerage—and we’ve made meaningful progress across all of these. We launched seamless, end-to-end purchasing journeys in Travel and Car Insurance, substantially streamlined our operating model to create a leaner, lower-cost base, deepened banking partnerships following a major provider’s exit from key markets and significantly accelerated our insurance growth through targeted strategic collaborations.

    These results directly reflect the impact our ‘efficiency’ strategy is having on building a more focused, resilient, and profitable business. We remain the largest credit card digital acquisition partner for the majority of banks across our geographies and are leveraging this strong market position to strategically broaden our focus toward high-margin verticals to improve revenue quality. Insurance revenue grew 40% in 2024 and now accounts for 10% of total revenue while wealth products revenue grew 138%, driven by strong demand for stock and bank account products. These verticals strengthen our margin profile while generating consistent and recurring revenue streams, both of which are key pillars of long-term sustainability. We also laid the foundation for scalable growth by materially lowering operating expenses and improving unit economics with an optimized cost structure across all markets, streamlined operations, and reduced paid marketing and rewards spend.

    Looking ahead to 2025, we will maintain our focus on scaling high-margin verticals, particularly insurance, while continuing to tighten cost controls and simplifying workflows. Our product and tech strategy continues to follow a ‘buy-over-build’ philosophy, enabling faster innovation through strategic partnerships, including new initiatives in AI and automation that are already underway.

    Our commitment to becoming an AI-first organization is already translating into several impactful initiatives across the business. We are actively working on deploying AI-powered customer service tools designed to significantly reduce inquiry volumes and achieve higher first-contact resolution rates. Additionally, we are piloting generative AI solutions to accelerate and scale content production efficiently. Throughout the organization, we are exploring opportunities to automate workflows using advanced AI tools and agentic AI to boost productivity, reduce operational overhead, and enable our teams to focus more strategically.

    With a debt-free balance sheet, US$42.5 million in cash and cash equivalents, and a more efficient and scalable business model, we are well-equipped to capture a greater share of a large and growing addressable market and deliver sustainable, long-term value to shareholders.”

    Danny Leung, interim Chief Financial Officer, added:

    “Our strong results in the fourth quarter demonstrate the effectiveness of our strategy as we continue to make significant strides in the diversification of our revenue mix, expand partnerships with other key providers, and broaden our product offerings. We believe these adjustments position us well for sustained growth, and as providers scale their operations in different regions, we see opportunities to further strengthen our revenue base and deepen our market presence with them.

    This quarter, we remained focused on executing our growth strategy and commenced our comprehensive reorganization and restructuring exercise to streamline operations and reduce costs. Our investments this quarter were squarely focused on customer acquisition, technology re-platforming, and data infrastructure, to build a solid foundation for future growth and profitability. These strategic investments were balanced by initiatives to streamline other aspects of our operations designed to enhance efficiency and drive returns.

    Looking ahead, we expect adjusted EBITDA to consistently improve, building on the significant progress we made during the fourth quarter. With margins steadily improving, we are well-positioned to drive growth momentum heading into 2025, strengthening our confidence to generate positive Adjusted EBITDA on a quarterly basis in the second half of 2025. Our comprehensive review of our organizational structure, completed alongside a successful reorganization this year, has strengthened our operational foundation and set the stage for continued sustainable growth.”

    Fourth Quarter 2024 Financial Highlights

    • Revenue decreased by 40% year-over-year to US$15.7 million in the fourth quarter of 2024, driven primarily by a shift in focus toward diversifying revenue mix toward high-margin products such as insurance and wealth products, and the high base effect set during the same period last year with increased investment in marketing and customer acquisition to expand market share.
      • Revenue from insurance products increased by 10% year-over-year to US$2.1 million in the fourth quarter of 2024, accounting for 14% of total revenue, compared to 7% during the same period last year.
      • Revenue from wealth products increased by 195% year-over-year to US$2.4 million in the fourth quarter of 2024, accounting for 15% of total revenue, compared to 3% during the same period last year.
    • Cost of revenue decreased by 62% year-over-year to US$6.6 million, with advertising and marketing expenses decreasing by 23% year-over-year in the fourth quarter of 2024, as the Company focused on scaling higher margin verticals and optimizing rewards costs associated with the credit cards vertical and paid marketing spend across all markets.
    • Total operating costs and expenses, excluding net foreign exchange differences, decreased to US$25.2 million in the fourth quarter of 2024 from US$45.6 million during the same period last year. Operating costs and expenses in the fourth quarter of 2023 included significant transaction costs associated with the listing as well as certain write-offs of intangible assets which are further detailed in the adjusted EBITDA reconciliation below.
    • Foreign exchange loss of US$8.9 million in the fourth quarter of 2024 was driven by the weakening of local currencies against the US dollar from end September 2024 to end December 2024.
    • Net loss for the period narrowed sharply to US$(18.8) million during the fourth quarter of 2024, compared to US$(94.3) million in the same period last year, primarily due to non-operating expenses including share-based payments to effect the merger with Bridgetown Holdings and finance costs.
    • Adjusted EBITDA loss improved to US$(2.9) million in the fourth quarter of 2024 from US$(4.6) million in the prior year period.

    Full Year 2024 Financial Highlights

    • Revenue decreased by 1% year-over-year to US$79.5 million for the full year 2024, driven primarily by a shift in focus toward profitability by diversifying revenue mix toward high-margin products starting in the second half of 2024.
      • Revenue from insurance products increased by 40% year-over-year to US$8.2 million for the year 2024, accounting for 10% of total revenue, compared to 7% in the prior year.
      • Revenue from wealth products increased by 138% year-over-year to US$8.5 million for the year 2024, fueled by growth of stock account and bank account verticals.
    • Total operating costs and expenses, excluding net foreign exchange differences, increased by 3% year-over-year to US$114.9 million for the year 2024, primarily due to higher advertising and marketing expenses.
    • Net loss for the full year 2024 narrowed sharply to US$(37.8) million from US$(172.6) million in the prior year. Net loss for the full year 2023 includes US$143.4 million in non-operating expenses associated with share-based payments to effect the merger with Bridgetown Holdings, finance costs and changes in fair value of financial instruments.
    • Adjusted EBITDA loss was US$(23.7) million for the full year 2024, compared to US$(6.8) million in the prior year, largely attributable to strategic investments in marketing and customer acquisition during the first half of the year as well as increased operating costs associated with being a public company.
    • As of December 31, 2024, the Company had a debt-free balance sheet with US$42.5 million in cash and cash equivalents.

    Fourth Quarter and Full Year 2024 Operational Highlights

    • Monthly Unique Users for the three months ended December 31, 2024 of 6.2 million
    • MoneyHero Group Members, to whom the Company provides more tailored product information and recommendations, grew by 42% year-over-year to 7.5 million as of December 31, 2024
    • Approved Application volumes increased by 21% year-over-year in 2024 to 767,000, driven by strong growth in the Company’s insurance products

    Capital Structure

    The table below summarizes the capital structure of the Company as of December 31, 2024:

    Share Class Issued and Outstanding
    Class A Ordinary 28,653,4671
    Class B Ordinary 13,254,838
    Preference Shares 2,407,575
    Total Issued Shares 44,315,880
    Employee Equity Options 690,0552
    Issued Class A Ordinary Shares Underlying Employee Equity Options (690,055)3
    Total Issued and Issuable Shares4 44,315,880

    ______________________________
    1 Includes 690,055 shares issued to Computershare Hong Kong Investor Services Limited (“Computershare”) which are held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
    2 Includes granted but unexercised options as well as exercised options, pursuant to which the shares have not yet been issued as of December 31, 2024.
    3 Issued in advance to Computershare and held in trust pending exercise of share options and settlement by Computershare to the underlying exercising option holder.
    4 Public Warrants, Sponsor Warrants, Class A-1 Warrants, Class A-2 Warrants and Class A-3 Warrants are excluded since they are out of the money.

    Summary of financial / KPI performance

      For the Three Months Ended December 31,   For the Full Year Ended December 31,
      2024   2023     2024   2023  
      (US$ in thousands, unless otherwise noted)
    Revenue 15,723   26,397     79,511   80,671  
    Adjusted EBITDA (2,922 ) (4,613 )   (23,666 ) (6,763 )
               
    Clicks (in thousands)5 2,222   N/A     N/A   N/A  
    Applications (in thousands)6 363   504     1,779   1,713  
    Approved Applications (in thousands)6 172   204     767   636  

    ______________________________
    5 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable click data for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
    6 Due to the nature of our business, there is often a delay in receiving confirmation of the number of Applications and Approved Applications by our commercial partners. As a result, the disclosed figures may utilize estimations if data is unavailable.

    Revenue breakdown

      For the Three Months Ended
    December 31,
      For the Year Ended December 31,
      2024   2023       2024   2023  
      US$ % US$ %   US$ % US$ %
      (US$ in thousands, except for percentages)
    By Geographical Market:                  
    Singapore 5,060 32.2 12,111   45.9     30,890 38.9 32,070 39.8
    Hong Kong 7,386 47.0 8,390   31.8     30,443 38.3 26,947 33.4
    Taiwan 1,296 8.2 1,967   7.5     5,137 6.5 6,743 8.4
    Philippines 1,977 12.6 3,887   14.7     12,844 16.2 14,169 17.6
    Malaysia 5 0.0 43   0.2     197 0.2 738 0.9
    Other Asia 0 0.0 (0 ) (0.0 )   0 0.0 4 0.0
                       
    Total Revenue 15,723 100.0 26,397   100.0     79,511 100.0 80,671 100.0
                       
    By Source:                  
    Online financial comparison platforms 13,594 86.5 21,831   82.7     66,815 84.0 66,926 83.0
    Creatory 2,129 13.5 4,566   17.3     12,696 16.0 13,746 17.0
                       
    Total Revenue 15,723 100.0 26,397   100.0     79,511 100.0 80,671 100.0
                       
    By Vertical:                  
    Credit cards 7,559 48.1 19,976   75.7     48,958 61.6 60,258 74.7
    Personal loans and mortgages 3,373 21.5 3,487   13.2     12,185 15.3 10,166 12.6
    Wealth 2,397 15.2 813   3.1     8,504 10.7 3,580 4.4
    Insurance 2,125 13.5 1,928   7.3     8,181 10.3 5,853 7.3
    Other verticals 269 1.7 193   0.7     1,683 2.1 814 1.0
                       
    Total Revenue 15,723 100.0 26,397   100.0     79,511 100.0 80,671 100.0


    Key Metrics

      For the Three Months Ended
    December 31, 2024
     
      (in millions, except for percentages)
    Monthly Unique Users7,8      
    Singapore 1.4 23.1 %  
    Hong Kong 1.1 17.2 %  
    Taiwan 1.7 28.2 %  
    Philippines 1.9 31.5 %  
    Total 6.2 100.0 %  
           
    Total Traffic7,8      
    Singapore 3.1 16.6 %  
    Hong Kong 3.5 19.0 %  
    Taiwan 5.7 30.7 %  
    Philippines 6.3 33.7 %  
    Total 18.6 100.0 %  
     
       
             
       
             
                 
                 
                 
                 
                 
                 
      As of December 31,
       
             
       
             
                 
                 
                 
                 
                 
                 
      2024   2023  
       
             
       
             
                 
                 
                 
                 
                 
                 
      (in millions, except for percentages)
       
             
       
             
                 
                 
                 
                 
                 
                 
    MoneyHero Group Members8        
       
             
       
             
                 
                 
                 
                 
                 
                 
    Singapore 1.3 17.7 % 1.2 22.1 %
       
             
       
             
                 
                 
                 
                 
                 
                 
    Hong Kong 0.9 11.5 % 0.7 13.0 %
       
             
       
             
                 
                 
                 
                 
                 
                 
    Taiwan 0.4 4.8 % 0.3 4.8 %
       
             
       
             
                 
                 
                 
                 
                 
                 
    Philippines 5.0 66.1 % 2.9 55.3 %
       
             
       
             
                 
                 
                 
                 
                 
                 
    Malaysia 0.0 0.0 % 0.3 4.8 %
       
             
       
             
                 
                 
                 
                 
                 
                 
    Total 7.5 100.0 % 5.3 100.0 %

    _____________________________
    7 As of July 1, 2024, we transitioned from Universal Analytics to Google Analytics 4. Consequently, we are unable to provide comparable monthly unique users and total traffic for this period following the transition. Please refer to the section titled “Key Performance Metrics and Non-IFRS Financial Measures” for more information regarding the change in methodology.
    8 Malaysia’s ‘CompareHero’ brand was acquired by Jirnexu Sdn. Bhd in July 2024.

    Conference Call Details

    The Company will host a conference call and webcast on Tuesday, April 29, 2025, at 8:00 a.m. Eastern Standard Time / 8:00 p.m. Singapore Standard Time to discuss the Company’s financial results. The MoneyHero Limited (NASDAQ: MNY) Q4 and FY 2024 Earnings call can be accessed by registering at:

    Webcast: https://edge.media-server.com/mmc/p/g36exn6g/
    Conference call: https://register-conf.media-server.com/register/BI63a8f286c9b74092aff58fc8eb219749

    The webcast replay will be available on the Investor Relations website for 12 months following the event.

    About MoneyHero Group
    MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 290 commercial partner relationships as at December 31, 2024, and had approximately 6.2 million Monthly Unique Users across its platform for the three months ended December 31, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving APAC’s digital economy, please visit www.MoneyHeroGroup.com.

    Key Performance Metrics and Non-IFRS Financial Measures

    Historically, we utilized data from Universal Analytics (“UA”), Google’s analytics platform, to measure three key business metrics: monthly unique users, traffic, and clicks. Effective July 1, 2024, Google Analytics 4 (“GA4”) replaced UA. The methodologies used in GA4 are different and not comparable to the methodologies used in UA. While Google has provided some guidance on these differences, Google has not made available sufficient information for us to assess the impact (whether positive or negative) of this transition on our key business metrics, nor can we quantify the extent of such impact. Furthermore, due to the adoption of GA4, we have adjusted our definitions of these key business metrics to enhance accuracy and align them more closely with previous definitions under UA. Therefore, we are unable to provide comparable data for monthly unique user, traffic, and clicks for any periods prior to July 1, 2024.

    “Monthly Unique User” means as a unique user with at least one session in a given month as determined by a unique device identifier from GA4. A session begins when a user opens an app in the foreground or views a page or screen while no other session is currently active (e.g., the prior session has ended). A session concludes after 30 minutes of user inactivity. To measure Monthly Unique Users over a period longer than one month, we calculate the average of the Monthly Unique Users for each month within that period. If an individual accesses a website or app from different devices within a given month, each device is counted as a separate unique user. However, if an individual logs in and accesses a website or app using the same login across different devices, they will only be counted as one unique user.

    “Traffic” means the total number of unique sessions in GA4. A unique session is a group of user interactions recorded when a user accesses a website or app within a 30-minute window. The current session concludes when there is 30 minutes of inactivity or users have a change in traffic source.

    “MoneyHero Group Members” means (i) users who have login IDs with us in Singapore, Hong Kong and Taiwan, (ii) users who subscribe to our email distributions in Singapore, Hong Kong, Taiwan, the Philippines and Malaysia, and (iii) users who are registered in our rewards database in Singapore and Hong Kong. Any duplications across the three sources above are deduplicated.

    “Clicks” means the sum of unique clicks by product item on a tagged “Apply Now” button on our website, including product result pages and blogs. We track Clicks to understand how our users engage with our platforms prior to application submission or purchase, which enables us to further optimize conversion rates.

    “Applications” means the total number of product applications submitted by users and confirmed by our commercial partners.

    “Approved Applications” means the number of applications that have been approved and confirmed by our commercial partners.

    In addition to MoneyHero Group’s results determined in accordance with IFRS, MoneyHero Group believes that the key performance metrics above and the non-IFRS measures below are useful in evaluating its operating performance. MoneyHero Group uses these measures, collectively, to evaluate ongoing operations and for internal planning and forecasting purposes. MoneyHero Group believes that non-IFRS information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and may assist in comparisons with other companies to the extent that such other companies use similar non-IFRS measures to supplement their IFRS results. These non-IFRS measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies. Accordingly, non-IFRS measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of other IFRS financial measures, such as profit/(loss) for the year/period and profit/(loss) before income tax.

    Adjusted EBITDA is a non-IFRS financial measure defined as loss for the year plus depreciation and amortization, interest income, finance costs, income tax expenses/(credit), impairments of non-financial assets, equity-settled share-based payment expenses, other long-term employee benefits expense/(credit), non-recurring costs related to strategic exercises, gain on disposal of Malaysian operations, transaction expenses, changes in the fair value of financial instruments, non-recurring legal fees, gain on derecognition of convertible loan and bridge loan and unrealized foreign exchange differences. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue.

    A reconciliation is provided for each non-IFRS measure to the most directly comparable financial measure stated in accordance with IFRS. Investors are encouraged to review the related IFRS financial measures and the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures. IFRS differs from U.S. GAAP in certain material respects and thus may not be comparable to financial information presented by U.S. companies. We currently, and will continue to, report financial results under IFRS, which differs in certain significant respects from U.S. GAAP.

      For the Three Months Ended December 31,   For the Year Ended December 31,
      2024   2023     2024   2023  
      (US$ in thousands)
    Loss for the period (18,756 ) (94,296 )   (37,787 ) (172,601 )
    Tax expenses 19   3     109   63  
    Depreciation and amortization 893   3,563     4,043   7,165  
    Interest income (239 ) (679 )   (1,478 ) (873 )
    Finance costs 8   13,657     25   19,028  
               
    EBITDA (18,075 ) (77,752 )   (35,088 ) (147,217 )
               
    Non-cash items:          
    Changes in fair value of financial instruments 526   (123 )   (447 ) 57,333  
    Impairment of intangible assets 4,466   3,106     4,541   3,106  
    Equity settled share-based payment arising from employee share incentive scheme 1,631   5,653     3,179   6,629  
    Unrealized foreign exchange loss/(gain), net 8,523   (4,763 )   4,197   (895 )
               
    Listing and other non-recurring strategic exercises related items:        
    Share-based payment arising from listing –   67,027     –   67,027  
    Equity settled share-based payment arising from professional services in relation to listing –   500     –   500  
    Transaction expenses 0   1,739     29   6,643  
    Gain on disposal of Malaysian operations 0   –     (600 ) –  
    Other non-recurring costs related to strategic exercises –   (0 )   61   1  
               
    Other non-recurring items:          
    Other long-term employee benefits expense/(credit) –   0     –   110  
    Non-recurring legal fees 7   –     462   0  
               
    Adjusted EBITDA (2,922 ) (4,613 )   (23,666 ) (6,763 )
               
    Revenue 15,723   26,397     79,511   80,671  
    Adjusted EBITDA (2,922 ) (4,613 )   (23,666 ) (6,763 )
    Adjusted EBITDA Margin (18.6 )% (17.5 )%   (29.8 )% (8.4 )%
     

    Forward Looking Statements

    This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.

    For inquiries, please contact:

    Investor Relations:
    MoneyHero IR Team
    IR@MoneyHeroGroup.com

    Media Relations:
    MoneyHero PR Team
    Press@MoneyHeroGroup.com

    Consolidated Statements of Loss and Other Comprehensive Income

      For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
      2024   2023     2024   2023  
      (US$ in thousands except for loss per share)
    Revenue 15,723   26,397     79,511   80,671  
               
    Cost and expenses:          
    Cost of revenue (6,603 ) (17,601 )   (46,180 ) (43,930 )
    Advertising and marketing expenses (3,954 ) (5,111 )   (21,619 ) (16,245 )
    Technology costs (1,397 ) (4,451 )   (7,427 ) (9,522 )
    Employee benefit expenses (5,837 ) (10,585 )   (24,151 ) (24,931 )
    General, administrative and other operating expenses (7,454 ) (7,863 )   (15,543 ) (16,725 )
    Foreign exchange differences, net (8,921 ) 4,802     (4,783 ) 657  
               
    Operating loss (18,444 ) (14,411 )   (40,192 ) (30,026 )
               
    Other income/(expenses):          
    Other income 241   679     2,092   878  
    Share-based payment on listing –   (67,027 )   –   (67,027 )
    Finance costs (8 ) (13,657 )   (25 ) (19,028 )
    Changes in fair value of financial instruments (526 ) 123     447   (57,333 )
               
    Loss before income tax (18,737 ) (94,293 )   (37,678 ) (172,538 )
    Tax expenses (19 ) (3 )   (109 ) (63 )
    Loss for the period (18,756 ) (94,296 )   (37,787 ) (172,601 )
    Other comprehensive income/(loss)          
    Other comprehensive income/(loss) that may be classified to profit or loss in subsequent periods (net of tax):          
    Exchange differences on translation of foreign operations 8,071   (4,098 )   3,738   (820 )
    Other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods (net of tax):          
    Remeasurement of defined benefit plan 8   (9 )   12   (30 )
    Other comprehensive income/(loss), net of tax 8,079   (4,107 )   3,750   (850 )
               
    Total comprehensive loss, net of tax (10,677 ) (98,403 )   (34,037 ) (173,451 )
               
    Loss per share attributable to ordinary equity holders of the parent    
    Basic and diluted (0.5 ) (2.8 )   (0.9 ) (17.9 )
     

    Consolidated Statements of Financial Position

      As of December 31,
    (US$ in thousands) 2024 2023
         
    NON-CURRENT ASSETS    
    Non-current financial asset 600 –
    Intangible assets 1,018 7,294
    Property and equipment 215 190
    Right-of-use assets 744 590
    Deposits 25 26
         
    Total non-current assets 2,601 8,100
         
    CURRENT ASSETS    
    Accounts receivable 13,538 17,236
    Contract assets 11,825 16,025
    Prepayments and other assets 9,041 4,855
    Tax recoverable 63 0
    Pledged bank deposits 185 189
    Cash and cash equivalents 42,522 68,641
         
    Total current assets 77,174 106,947
         
    CURRENT LIABILITIES    
    Income tax payable 32 –
    Accounts and other payables 29,101 33,222
    Warrant liabilities 1,393 1,840
    Lease liabilities 442 575
    Provisions 71 72
         
    Total current liabilities 31,039 35,708
         
    NET CURRENT ASSETS 46,135 71,239
    TOTAL ASSETS LESS CURRENT LIABILITIES 48,736 79,339
         
    NON-CURRENT LIABILITIES    
    Lease liabilities 294 31
    Deferred tax liabilities 30 29
    Provisions 185 194
         
    Total non-current liabilities 509 255
         
    Net assets 48,227 79,084
         
    EQUITY    
    Issued capital 4 4
    Reserves 48,223 79,080
         
    Total equity 48,227 79,084

    The MIL Network –

    April 30, 2025
  • MIL-OSI Economics: Catch the Replay: 10 U.S. Public Schools. 1 Impactful STEM Competition. 3 National Winners.

    Source: Samsung

    Relive the excitement as Samsung Electronics America hosted the final round of its 15th annual Samsung Solve for Tomorrow competition on April 28, 2025 at Samsung DC in the heart of our nation’s capital. Ten National Finalist teams—each already awarded a $50,000 prize package of Samsung technology and classroom supplies—took the stage to pitch their groundbreaking STEM (Science, Technology, Engineering, and Mathematics) solutions to community challenges. But only three emerged as National Winners, each securing a $100,000 prize package for their schools—part of more than $2 million in prizes up for grabs.
    Revisit the big moments —watch the livestream replay right here:
    National Finalists Pitch Event: Monday, April 28, 2025 |9:00 a.m. – 11:30 a.m. ET
    National Winners Reveal Event: Monday, April 28, 2025 | 5:30 p.m. – 7:00 p.m. ET

    National Finalists Pitch Event
    Celebrating its 15th year, Samsung Solve for Tomorrow empowers public school students in grades 6-12 to apply STEM skills to tackle real-world problems and drive positive change in their communities. Representing the very best from this year’s competition, the 10 student teams—hailing from middle and high schools in Alaska, Arkansas, Colorado, Connecticut, Delaware, Indiana, Louisiana, Minnesota, Nevada, and Wyoming—presented their groundbreaking STEM solutions at a live morning pitch event on April 28. These Gen Z and Gen Alpha student innovators have created game-changing solutions to tackle challenges such as healthcare access, accessibility in sports, gaming, and music, climate-driven heat disparities, youth mental health, and more—demonstrating the power of STEM to drive real-world impact.
    Their projects, developed using cutting-edge technologies like artificial intelligence (AI), machine learning (ML), 3D modeling and printing, the Internet of Things (IoT), and robotics, were evaluated by a panel of esteemed judges, including Charlotte Dungan, Chief Learning Officer at the Mark Cuban Foundation; Enobong Etteh, YouTube Creator; Hope King, Macro Talk News Founder and Axios Contributor; Rameen Rana, Investor at Samsung NEXT; and Renzo Villavicencio, Vice President of Process Innovation & Procurement at Samsung Electronics America. Kicking off the event, Alix Guerrier, CEO of DonorsChoose—the leading education nonprofit for teachers and a long-time Solve for Tomorrow partner—delivered the opening remarks.

    National Winners Reveal Event
    Evening festivities kicked off with an inspiring keynote from Gitanjali Rao, a 19-year-old MIT sophomore, innovator, author, and changemaker. Named TIME’s Kid of the Year and a UNICEF Youth Advocate, Gitanjali has been recognized globally for her groundbreaking work in STEM taking on issues ranging from contaminated drinking water to opioid addiction and cyberbullying. With accolades like Forbes 30 Under 30, America’s Top Young Scientist, Stephen Hawking Medal Junior for Science Communications, and the Muhammad Ali Humanitarian Award, she embodies the next generation of problem-solvers harnessing technology for good.
    Following the keynote, the “AI for Good: Empowering the Next Generation of Problem-Solvers” panel explored how AI can drive positive impact while addressing key challenges like bias, energy consumption, and ethical responsibility. Moderated by Allison Stransky, CMO of Samsung Electronics America, the panel featured Charlotte Dungan from the Mark Cuban Foundation, Paul Kim, Vice President of Corporate Strategy at Samsung Electronics America, and Jordan Harrod, AI Strategist and Ph.D. Candidate in Medical Engineering and Medical Physics at the Harvard-MIT Health Sciences and Technology program.

    MIL OSI Economics –

    April 30, 2025
  • MIL-OSI Economics: Secretary-General of ASEAN attends Halalbihalal 2025 at the ASEAN Headquarters/ASEAN Secretariat

    Source: ASEAN

    Secretary-General of the ASEAN, Dr. Kao Kim Hourn, today attended the Halalbihalal 2025, organized by the Staff Welfare Committee (SWC) 2025 of the ASEAN Secretariat. In his remarks, SG Dr. Kao extended his heartfelt greetings to all ASEAN Secretariat staff members on the occasion of the recent festive celebrations and warmly congratulated the newly elected members of SWC 2025. He further commended the SWC’s ongoing efforts and urged the committee to continue organising meaningful social events and initiatives that foster a strong organisational culture and enhance unity and the spirit of cooperation, friendship and teamwork among the ASEAN Secretariat’s staff members.

    The post Secretary-General of ASEAN attends Halalbihalal 2025 at the ASEAN Headquarters/ASEAN Secretariat appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    April 30, 2025
  • MIL-OSI Asia-Pac: Briefing on healthcare charges held

    Source: Hong Kong Information Services

    The Health Bureau, together with the Hospital Authority, today held the first District Council (DC) briefing on reforms to public healthcare fees and charges, explaining these to more than 200 DC members and local people.

    Secretary for Health Prof Lo Chung-mau said the reforms will enhance healthcare protection for “poor, acute, serious, critical patients”, rationalise subsidy levels for public hospital services, and reduce wastage and abuse, while enhancing the overall sustainability of the public healthcare system.

    He added: “Through this briefing, we hope to elaborate details of the reform to DC members, and leverage the role of DCs as a bridge to help members of the public better understand that the reform is pursued for their benefits.”

    The authority’s Deputising Chief Executive Dr Simon Tang highlighted three key measures aimed at strengthening healthcare protection, namely enhancing the medical fee waiver mechanism, introducing an annual cap of $10,000 for public healthcare fees and charges, and optimising the application and subsidisation of innovative drugs and medical devices.

    Since the announcement of the reforms, the bureau and authority have been working to explain them to the Legislative Council, members of the public, and stakeholders across various sectors.

    A means test calculator has been launched on the authority’s website and on its mobile app, “HA Go”, allowing users to input information on their household income and assets to view a preliminary assessment of their eligibility for the enhanced medical fee waiver and the Samaritan Fund.

    The new fees and charges will take effect on January 1 next year. The bureau and the authority will organise another DC briefing next week.

    MIL OSI Asia Pacific News –

    April 30, 2025
  • MIL-OSI Asia-Pac: Entries invited for state tech awards

    Source: Hong Kong Information Services

    The Innovation & Technology Commission today invited people in Hong Kong with significant achievements in science and technology to submit entries for the State Technological Invention Award and the State Scientific & Technological Progress Award.

    Both are award categories under the State Science & Technology Awards. The commission is entrusted by the National Office for Science & Technology Awards to co-ordinate nominations from Hong Kong for the two awards.

    The awards, which are highly prestigious in the national science and technology sector, recognise outstanding contributions to science and technology advancement by individuals and organisations, the commission said.

    They also stimulate the enthusiasm and creativity of those working in science and technology, and aim to build an innovative and world-leading scientific and technological country, it added.

    Eligible local scientists and technologists are encouraged to submit entries on or before May 26.

    Call 3855 7641 or email the Innovation & Technology Commission for enquiries.

    MIL OSI Asia Pacific News –

    April 30, 2025
  • MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

    Source: US State of Connecticut

    From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

    College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

    Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

    School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

    Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

    School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

    Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

    School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

    Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

    Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

    Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

    College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

    Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

    School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

    Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

     

    College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

    Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

    Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

    Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

    College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

    Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

    School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

    JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

    College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

    School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

    Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

    The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

    Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

     

    UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

    Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

    The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

    Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

    Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

    Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

    For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

    Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

    School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

    The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

    MIL OSI USA News –

    April 30, 2025
  • MIL-OSI: MINILUXE REPORTS FULL-YEAR FINANCIAL RESULTS FOR YEAR ENDED DECEMBER 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    All reported figures in U.S. Dollars unless otherwise noted

    Boston, MA, April 29, 2025 (GLOBE NEWSWIRE) — MiniLuxe Holding Corp. (TSXV: MNLX) today announced its financial results for the 52 weeks ended December 29, 2024 (FY2024). The fiscal year of MiniLuxe (the “Company”) is a 52-week reporting cycle which ended in 2024 on Sunday, December 29, 2024.

    As the Company has previously and consistently shared, there were three key strategic and performance objectives for 2024.

    Key 2024 Strategic Pillars

    1. Accelerate overall studio-level profitability (i.e. store level contribution) growth
    2. Drive growth through operating partners (via JVs or M&A) and franchise partners
    3. Increase fixed cost leverage and SG&A efficiency

    Across each of these core strategic pillars and 2024 performance objectives, the Company made material progress.

    Highlights of Business Performance

    • Studio-level profitability (store-level cash contribution) grew YoY 360 percent.
    • As a percentage of revenue, SG&A reduced to under 16 percent, which represented a decrease of approximately 24 percent versus prior year while gross profit grew to $11M or +8 percent improvement versus prior year.
    • The net effect of both increasing studio cash contribution, decreasing SG&A and increasing gross profit margin led to adjusted EBITDA losses being cut by more than half in 2024 to -$4.0M from -$9.0M in 2023.
    • Operating cash burn improved by a factor of over 3x to just over -$2M in 2024 from -$7M in 2023.
    • FY2024 year-end cash, cash equivalent and restricted cash reached $4M, an improvement of $.6M versus $3.4M at year-end FY2023 due to a combination of dramatically reduced cash burn and ~$1.6M coming from the first closing of a non-brokered private placement which was originally announced on November 27, 2024. (more details below).

    The Company seeks to maintain this positive momentum in 2025, progressing increasingly closer to overall company-wide profitability. Total Company revenue for 2024 finished at a record level of $26.1M or just over 6% YoY growth, compared to $24.6M in 2023. While the overall quantum of YoY growth was relatively modest, the quality and increased profitability of that growth was both very significant and intentional in terms of the Company’s operating strategy. These results were accomplished by driving revenue growth through studio specific KPIs, some studios were held to more constrained growth (to better focus on improving efficiencies and profitability) while the majority of the fleet portfolio were managed to all-time-record revenue highs. In terms of unit-level revenue, two studios crossed over the $2M revenue threshold before the end of the year (ultimately reaching ~$1,500 per square feet of sales). The top 25 percent of studios in the fleet are now at a median of ~$1.9M per unit volume and the top 50 percent at ~ $1.6M.

    Also noteworthy is that MiniLuxe’s most loyal client base – those visiting 20+ times per year – grew 4.5% year-over-year between 2024 and 2023. In any given month, the split of customers is between ~88% repeat and ~12% new customers.

    Throughout 2024 and as the Company goes into 2025, the focus on Operating Partners remains core to the Company’s strategy to leverage its brand and platform while scaling growth through localized operators. In July of 2024, MiniLuxe announced its first operating and JV partner for the Atlanta region with the business Sugarcoat. As part of the joint venture agreement, MiniLuxe took a majority ownership stake of one Sugarcoat location in The Forum Peachtree Corners in Atlanta. On December 17th of 2024, MiniLuxe also announced its first franchise operating partner, Ms. Quynh Pham, who opened a MiniLuxe studio in Brookline, MA (taking over the old MiniLuxe Academy Studio). Both joint venture and franchise partners have rapidly brought forward fresh ideas and hyper-localized marketing and new operational best-practices translating into increased week-over-week sales, walk-ins and utilization levels. During 2024 the Company also had its first full year of results with its regional operating partner in the Dallas Fort Worth area which saw a lift in profitability of over 5x within the year.

    A key driver to longer-term growth and competitive advantage has been the Company’s ability to attract and retain its ecosystem of nail designer talent. FY2024 represented a record year in terms of annual retention of designer talent which was at 87 percent, up 3 percentage points from 84 percent in 2023. Additionally, a number of nail designers crossed their five-year anniversaries with the Company and now over 50 percent of the nail designer talent employment base hold tenure with the Company for 5 years or more.

    “In 2024 the team demonstrated our deepest understanding of unit economics and KPIs, delivering the strongest studio performance across the portfolio, while diversifying our revenue streams with new JV, franchise and operating partners – setting us up on our journey towards greater scale and growth. We head into 2025 with a record level of 360%+ YoY studio profitability, deepening brand loyalty amongst our customer base, a strong balance sheet, and much enthusiasm for what’s ahead.” said Tony Tjan, Chief Executive Officer and Co-founder of MiniLuxe.

    Subsequent Events and 2025 Outlook

    To date, the first part of Q1 2025 presented the Company with both early progress towards its strategic priorities but also headwinds in the form of the LA wildfires and the introduction of US tariffs on trade partners.

    The LA fires impacted foot traffic and demand for Beverly Hills and Brentwood Studios. The Company has taken measures to address this potential impact to studio economics with increased leadership support and connectivity with the local community such that demand has begun to return (but is not anticipated to fully recover until 2H 2025).

    While the vast majority of MiniLuxe’s products are made in the US, the company is still making efforts to further minimize supply related exposure by exploring options to shift sourcing from China to US based vendors and lower tariff markets like Vietnam and Taiwan. These early moves are designed to optimize and protect gross margins in MiniLuxe’s proprietary products and Paintbox custom press on products and packaging.

    Early wins in Q1 of 2025 include closing on a new tranche of funding and reaching an agreement for the conversion of all of the Company’s remaining balance of convertible notes as explained below.

    Effective February 10, 2025, the Company completed a non-brokered private placement of Class A subordinate voting shares of the Company and raised a total of USD $3.49M or (~CDN $4.94M) through the issuance of 6,247,717 Subordinate Voting Shares at a price of USD $0.55 each (CDN $0.79) Together, with the first private placement closing and this second and final closing of the Offering raised total new primary capital for the Company in the amount of USD $5.067M or (~CDN $7.26M). 

    Alongside the private placement offering, the Company also finalized additional shares-for-debt agreements to satisfy an aggregate of USD$1,055,577 (~CDN$1.49 million) of outstanding debt related to the principal and accrued but unpaid interest on certain convertible debentures of the Company (the “Debentures”). As part of this debt conversion, an aggregate of 2,294,731 Subordinate Voting Shares were issued at a deemed price of USD$0.46 per share, with an effective conversion date of February 7, 2025.

    The Company offered existing Debenture holders participating in the Offering the opportunity to elect to receive Subordinate Voting Shares at a discounted conversion price relative to the original terms of the Debentures. All Debenture holders electing to convert are deemed to be at arm’s length from the Company. The issuance of these shares remains subject to TSX Venture Exchange approval. Similarly, completion of all tranches of the private placement Offering is subject to the satisfaction of customary closing conditions, including the approval of the TSX Venture Exchange. The securities issued pursuant to the initial closing of the Offering are subject to a hold period of four months and one day from the issuance date in accordance with applicable securities laws.

    On March 11, 2025, the Company announced the refinancing and extension of maturity of its existing senior debt to 2028 to be coincident with a new tranche of $1.675M of senior debt from Flow Capital.

    On March 21, 2025, the Company announced that it had reached agreement for the conversion of all of its remaining balance of convertible notes.

    2024 Results

    Selected Financial Measures

    Results of Operations

    The following table outlines the consolidated statements of loss and comprehensive loss for the fiscal year which ended December 29, 2024, and December 31, 2023.

    Cash Flows

    The following table presents cash and cash equivalents for the fiscal year which ended December 29, 2024, and December 31, 2023.

    Non-IFRS Measures and Reconciliation of Non-IFRS Measures

    This press release references certain non-IFRS measures used by management. These measures are not recognized under International Financial Reporting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The non-IFRS measures referred to in this press release are “Adjusted EBITDA” and “Fleet Adjusted EBITDA”.

    Adjusted EBITDA

    Management believes Adjusted EBITDA most accurately reflects the commercial reality of the Company’s operations on an ongoing basis by adding back non-cash expenses. Additionally, the rent-related adjustments ensure that studio-related expenses align with revenue generated over the corresponding time periods.

    Adjusted EBITDA is calculated by adding back fixed asset depreciation, right-of-use asset amortization under IFRS 16, asset disposal, and share-based compensation expense to IFRS operating income, then deducting straight-line rent expenses net of lease abatements. IFRS operating income is revenue less cost of sales (gross profit), additionally adjusted for general and administrative expenses, and depreciation and amortization expenses.

    A reconciliation of IFRS operating income to Adjusted EBITDA is included in Selected Consolidated Financial Information.
    ‎

    The Company also uses Fleet Adjusted EBITDA to evaluate the performance of its MiniLuxe Core Studio business (19 MiniLuxe-branded studios operating for 18+ months). This metric is calculated in a similar manner, starting with Talent revenue and adjusting for non-fleet Talent revenue and cost of sales, further adjusted by fleet general and administrative expenses and finally subtracting straight line rent expense (similar to amount used in the full company Adjusted EBITDA, less amounts allocated to locations outside of MiniLuxe’s core studio business, i.e. Paintbox). The Company believes that this metric most closely mirrors how management views the fleet portion of the business. A reconciliation of Talent revenue to Fleet Adjusted EBITDA is included in Selected Consolidated Financial Information.

    The following table reconciles net Operating Loss to Adjusted EBITDA for FY24 and FY23.

    The following table reconciles Fleet Talent Revenue to Fleet Adjusted EBITDA for FY24 and FY23.

    _____________________________________________

    1 Straight-line rent expense for a given payment period is calculated by dividing the sum of all payments over the life of the lease (the figure used in the present value calculation of the right-of-use asset) by the number of payment periods (typically months). This number is then annualized by adding the rent expenses calculated for the payment periods that comprise each fiscal year. For leases signed mid-year, the total straight-line rent expense calculation applies the new lease terms only to the payment periods after the signing of the new lease.

    About MiniLuxe

    MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 4 million services.

    For further information

    Christine Mastrangelo
    ‎Investor Relations, MiniLuxe Holding Corp.
    ‎cmastrangelo@MiniLuxe.com
    ‎
    MiniLuxe.com 

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-looking statements

    This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company’s financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “budgets”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projects”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will” occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

    Many factors could cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the “Risk Factors” section of the Company’s filing statement dated November 9, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release. 

    Forward-looking information, by its nature, is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company’s future growth potential, results of operations, future prospects and opportunities, execution of the Company’s business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

    Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.

    The MIL Network –

    April 29, 2025
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