Category: Business

MIL-OSI: Snail, Inc. Reports Fourth Quarter & Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (NASDAQ: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter & Full Year 2024 Highlights

ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5’s stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity.
- ARK: Survival Ascended was ranked the top #1 selling game on Steam on launch day.
- Since its launch, ARK: Survival Ascended sold 3.4 million units and has an average of 94,000 daily active users (“DAUs”) with a peak of 308,000 DAUs.
ARK: Survival Evolved. In the three months and year ended December 31, 2024, ARK: Survival Evolved averaged a total of 136,000 DAUs and 135,000 DAUs, respectively.
- ARK: Survival Evolved units sold were approximately 621,000 for the fourth quarter 2024 as compared to 745,000 units during the same period in 2023.
- Units sold for the year ended December 31, 2024 were approximately 2.3 million, as compared to 4.4 million units during the year ended December 31, 2023.
Product and Business Updates:
- Game portfolio expansion: In December 2024, we released the highly anticipated next-gen ARK mobile game, ARK Ultimate Mobile Edition on iOS and Android platforms. In the launch month, over 2 million users downloaded the mobile game across the two mobile platforms. In an effort to further broaden our game portfolio, we acquired eleven games through our gaming network and partners in 2024. We expect to release nine acquired games in 2025. A few notable titles include Honeycomb: The World Beyond – A sci-fi survival adventure where players assume the role of a bioengineer navigating the mysterious planet Sota7, Echoes of Elysium – an airship survival RPG set in a breathtaking procedural world of mystery and discovery, and Robots at Midnight – a retro-futuristic action-RPG aiming to captivate players with its dynamic gameplay and immersive storytelling.
- New Product Segment: To bring more entertainment to our users, we have soft launched a short film mobile application on iOS and Android platforms. The short film mobile application, SaltyTV, brings exclusive, original stories from heart-racing thrillers to jaw-dropping romances to our viewers. We have released thirty-one short film dramas to date and expect a consistent roll out of new short film dramas throughout 2025 and beyond.
- Growing Indie Portfolio: Snail Games showcased its expanding indie catalog at Steam Scream Fest, featuring a variety of immersive and genre-diverse titles that enhance player engagement and reinforce the company’s presence in the indie gaming space.

Net revenues for the three months ended December 31, 2024 was $26.2 million as compared to $28.6 million in the three months ended December 31, 2023. The decrease in revenues during the three months ended December 31, 2024 was due to a reduction in sales of ARK that was partially offset by the recognition of deferred revenues upon the release of ARK: Survival Ascended DLC’s.

Net revenues for the year ended December 31, 2024 was $84.5 million, an increase of $23.6 million, or 38.7%, compared to $60.9 million for the year ended December 31, 2023. The increase in net revenues was due to an increase in recognition of deferred revenues of $32.2 million related to the ARK franchise, an increase in Bellwright sales of $5.9 million, partially offset by a decrease in total ARK sales of $13.0 million, a decrease in ARK Mobile sales of $1.0 million and a decrease in the Company’s other titles of $0.7 million.

Net income for the three months ended December 31, 2024 was $1.1 million compared to a net income of $2.4 million for the three months ended December 31, 2023. The decrease in net income is a result of increased research and development costs of $3.0 million to support our future game releases partially offset by an increase in gross profit of $1.4 million, a decrease in advertising and marketing expenses of $0.9 million and an increase in expenses related to the revaluation of outstanding and exercised warrants of $1.5 million.

Net income was $1.8 million for the year ended December 31, 2024 as compared to a net loss of $9.1 million for the year ended December 31, 2023, representing an increase of $10.9 million. The increase was primarily due to an increase in net revenue of $23.6 million, decreased general and administrative expenses of $2.9 million, partially offset by increased research and development costs of $6.5 million, increased costs of revenues of $5.9 million, a decrease in income tax benefit of $3.0 million and an increase in expenses related to the revaluation of outstanding and exercised warrants of $1.2 million..

Bookings for the three months ended December 31, 2024 was $17.0 million as compared to $52.6 million for the three months ended December 31, 2023. The decrease was due to the strong release of ARK: Survival Ascended on the Steam, PlayStation and Xbox platforms in 2023.

Bookings for the year ended December 31, 2024 was $75.7 million as compared to $85.7 million in the year ended December 31, 2023. The decrease was due to increased sales at a higher average selling price (“ASP”) driven by the release of ARK: Survival Ascended in the fourth quarter of 2023. The releases of Bobs Tall Tales and Bellwright along with the ARK: Survival Ascended DLCs, Scorched Earth in April 2024, Aberration in September 2024 and Extinction in December 2024 partially offset the decrease in unit sales in 2024 but each product release was at a lower ASP than the initial release of ARK: Survival Ascended.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended December 31, 2024 decreased by $2.0 million, or 55.6%, as compared to the three months ended December 31, 2023. The decrease was primarily the result of a decrease in net income of $1.3 million, a decrease in interest expense and interest expense – related parties of $0.4 million, and a decrease in provision for income taxes of $0.3 million.

EBITDA for the year ended December 31, 2024 was $3.2 million as compared to a loss of $9.7 million in the prior year period. EBITDA increased by $12.9 million, or 133.4%, compared to the year ended December 31, 2023, primarily because of an increase in net income of $10.9 million and a decrease in the benefit from income taxes of $3.0 million, partially offset by a decrease in interest expense and interest expense – related parties of $0.8 million.

As of December 31, 2024, unrestricted cash was $7.3 million versus $15.2 million as of December 31, 2023.

Use of Non-GAAP Financial Measures

In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.

Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.

	Three Months Ended December 31,					Fiscal Year Ended December 31,
	2024			2023		2024			2023
	(in millions)
Total net revenue	$	26.2		$	28.6	$	84.5		$	60.9
Change in deferred net revenue		(9.2	)		24.0		(8.8	)		24.8
Bookings	$	17.0		$	52.6	$	75.7		$	85.7

We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:

	Three Months Ended December 31,					Fiscal Year Ended December 31,
	2024			2023		2024			2023
	(in millions)
Net income (loss)	$	1.1		$	2.4	$	1.8		$	(9.1	)
Interest income and interest income – related parties		(0.1	)		–		(0.3	)		(0.1	)
Interest expense and interest expense – related parties		0.1			0.5		0.7			1.5
Provision for (benefit from) income taxes		0.3			0.6		0.6			(2.4	)
Depreciation expense		0.2			0.1		0.4			0.4
EBITDA	$	1.6		$	3.6	$	3.2		$	(9.7	)

Webcast Details

The Company will host a webcast at 4:30 PM ET today to discuss the fourth quarter and full year 2024 financial results. Participants may access the live webcast and replay on the Company’s investor relations website at https://investor.snail.com/.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Company’s current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing.

Further information on risks, uncertainties and other factors that could affect Snail’s financial results are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Snail, Inc.

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

For additional information, please contact: investors@snail.com


Snail, Inc. and Subsidiaries Consolidated Balance Sheets
	*December 31, 2024*			*December 31, 2023*

ASSETS

Current Assets:
Cash and cash equivalents	$	7,303,944		$	15,198,123
Accounts receivable, net of allowances for credit losses of $523,500 as of December 31, 2024 and 2023		9,814,822			25,134,808
Accounts receivable – related party		2,336,274			–
Loan and interest receivable – related party		105,759			103,753
Prepaid expenses – related party		2,521,291			6,044,404
Prepaid expenses and other current assets		1,846,024			639,693
Prepaid taxes		7,318,424			9,529,755
Total current assets		31,246,538			56,650,536

Restricted cash and cash equivalents		935,000			1,116,196
Accounts receivable – related party, net of current portion		1,500,592			7,500,592
Prepaid expenses – related party		9,378,594			7,784,062
Property, plant and equipment, net		4,378,352			4,682,066
Intangible assets, net		973,914			271,717
Deferred income taxes		10,817,112			10,247,500
Other noncurrent assets		1,683,932			164,170
Operating lease right-of-use assets, net		1,279,330			2,440,690
Total assets	$	62,193,364		$	90,857,529

LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	4,656,367		$	12,102,929
Accounts payable – related parties		15,383,171			23,094,436
Accrued expenses and other liabilities		4,499,280			2,887,193
Interest payable – related parties		527,770			527,770
Revolving loan		3,000,000			6,000,000
Notes payable		–			2,333,333
Convertible notes, net of discount		–			797,361
Current portion of long-term promissory note		2,722,548			2,811,923
Current portion of deferred revenue		3,947,559			19,252,628
Current portion of operating lease liabilities		1,444,385			1,505,034
Total current liabilities		36,181,080			71,312,607

Accrued expenses		265,251			254,731
Deferred revenue, net of current portion		21,519,888			15,064,078
Operating lease liabilities, net of current portion		57,983			1,425,494
Total liabilities		58,024,202			88,056,910

Commitments and contingencies

Stockholders’ Equity:
Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,626,070 shares issued and 8,275,795 shares outstanding as of December 31, 2024, and 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023		962			927
Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of December 31, 2024 and December 31, 2023.		2,875			2,875
Additional paid-in capital		25,738,082			26,171,575
Accumulated other comprehensive loss		(279,457	)		(254,383	)
Accumulated deficit		(12,117,385	)		(13,949,325	)
Treasury stock at cost (1,350,275 as of December 31, 2024 and 2023)		(3,671,806	)		(3,671,806	)
Total Snail, Inc. equity		9,673,271			8,299,863
Noncontrolling interests		(5,504,109	)		(5,499,244	)
Total stockholders’ equity		4,169,162			2,800,619
Total liabilities, noncontrolling interests and stockholders’ equity	$	62,193,364		$	90,857,529


Snail, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss)

	Three months ended December 31,						Years Ended December 31,
	*2024*			*2023*			*2024*			*2023*

Revenues, net	$	26,214,296		$	28,570,222		$	84,467,047		$	60,902,098
Cost of revenues		14,866,526			18,646,615			54,236,342			48,306,403

Gross profit		11,347,770			9,923,607			30,230,705			12,595,695

Operating expenses:
General and administrative		3,943,985			3,900,961			12,867,210			15,816,088
Research and development		4,123,964			1,165,382			11,647,293			5,057,421
Advertising and marketing		192,235			1,094,146			1,523,398			1,582,464
Depreciation		68,420			86,222			303,714			432,306
Loss on disposal of fixed assets					427						427
Total operating expenses		8,328,604			6,247,138			26,341,615			22,888,706

Income (loss) from operations		3,019,166			3,676,469			3,889,090			(10,293,011	)

Other income (expense):
Interest income		35,451			31,443			260,679			129,854
Interest income – related parties		504			504			2,005			2,000
Interest expense		(88,776	)		(570,523	)		(723,038	)		(1,531,719	)
Other income (expense)		(1,527,706	)		(55,351	)		(981,223	)		265,980
Foreign currency transaction loss		43,741			(42,574	)		11,686			(68,180	)
Total other income (expense), net		(1,536,786	)		(636,501	)		(1,429,891	)		(1,202,065	)

Income (loss) before benefit from income taxes		1,482,380			3,039,968			2,459,199			(11,495,076	)

Provision for (benefit from) income taxes		362,623			643,728			632,124			(2,400,652	)

Net income (loss)		1,119,757			2,396,240			1,827,075			(9,094,424	)

Net loss attributable to non-controlling interests		(215	)		(1,128	)		(4,865	)		(8,349	)

Net income (loss) attributable to Snail, Inc.	$	1,119,972		$	2,397,368		$	1,831,940		$	(9,086,075	)

Comprehensive income (loss) statement:

Net income (loss)	$	1,119,757		$	2,396,240		$	1,827,075		$	(9,094,424	)

Other comprehensive income (loss) related to currency translation adjustments, net of tax		(48,600	)		33,302			(25,074	)		52,817

Total comprehensive income (loss)	$	1,071,157		$	2,429,542		$	1,802,001		$	(9,041,607	)

Net income (loss) attributable to Class A common stockholders:
Basic	$	248,176		$	516,955		$	400,576		$	(1,960,813	)
Diluted	$	248,176		$	516,955		$	400,576		$	(1,960,813	)

Net income (loss) attributable to Class B common stockholders:
Basic	$	871,796		$	1,880,413		$	1,431,364		$	(7,125,262	)
Diluted	$	871,796		$	1,880,413		$	1,431,364		$	(7,125,262	)

Net income (loss) per share attributable to Class A and B common stockholders:
Basic	$	0.03		$	0.07		$	0.05		$	(0.25	)
Diluted	$	0.03		$	0.07		$	0.05		$	(0.25	)

Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders:
Basic		8,183,918			7,914,564			8,045,469			7,909,715
Diluted		8,183,918			7,914,564			8,045,469			7,909,715

Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders:
Basic		28,748,580			28,748,580			28,748,580			28,748,580
Diluted		28,748,580			28,748,580			28,748,580			28,748,580


Snail, Inc. and Subsidiaries Consolidated Statements of Cash Flows

*For the years ended December 31,*	*2024*			*2023*

Cash flows from operating activities:
Net income (loss)	$	1,827,075		$	(9,094,424	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization – intangible assets, net		7,804			1,384,862
Amortization – loan origination fees and debt discounts		62,855			124,595
Accretion – convertible notes		222,628			306,664
Loss on change in fair value of warrant liabilities		1,332,815			32,883
Depreciation – property and equipment		303,714			432,306
Stock-based compensation expense		(890,208	)		848,035
Loss (gain) on disposal of fixed assets		–			427
Credit losses		–			581,498
Deferred taxes, net		(569,601	)		(2,644,964	)

Changes in assets and liabilities:
Accounts receivable		15,319,987			(18,939,465	)
Accounts receivable – related party		3,663,726			3,824,775
Prepaid expenses – related party		1,928,581			(8,245,966	)
Prepaid expenses and other current assets		(1,206,331	)		501,104
Prepaid taxes		2,211,331			–
Other noncurrent assets		(1,523,065	)		–
Accounts payable		(7,183,648	)		2,992,856
Accounts payable – related parties		(8,001,265	)		3,176,177
Accrued expenses and other liabilities		46,542			626,764
Interest receivable – related party		(2,005	)		(2,000	)
Lease liabilities		(266,800	)		(205,520	)
Deferred revenue		(8,849,259	)		24,765,261
Net cash provided by (used in) operating activities		(1,565,124	)		465,868

Cash flows from financing activities:
Repayments on promissory note		(89,374	)		(79,897	)
Repayments on notes payable		(2,333,333	)		(6,500,000	)
Repayments on convertible notes		(1,020,000	)		–
Repayments on revolving loan		(3,000,000	)		(3,000,000	)
Borrowings on notes payable		–			3,000,000
Cash proceeds from exercise of warrants		220,000			–
Proceeds from issuance of convertible notes		–			847,500
Refund of dividend withholding tax overpayment		–			1,886,600
Purchase of treasury stock		–			(257,093	)
Payments of offering costs in accounts payable		(262,914	)		(342,318	)
Release of restricted escrow deposit		–			1,003,804
Net cash used in financing activities		(6,485,621	)		(3,441,404	)

Effect of currency translation on cash and cash equivalents		(24,630	)		51,670

Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents		(8,075,375	)		(2,923,866	)

Cash and cash equivalents, and restricted cash and cash equivalents – beginning of period		16,314,319			19,238,185

Cash and cash equivalents, and restricted cash and cash equivalents – end of period	$	8,238,944		$	16,314,319

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	467,188		$	934,523
Income taxes	$	(1,100,302	)	$	248,388
Noncash finance and investing activity during the period for:
Debt converted to equity	$	(60,000	)	$	–
Right-of-use assets obtained in exchange for a lease liability	$	(85,588	)
Liabilities converted to equity upon exercise of warrants	$	176,750
Acquisition of software in accounts payable – related parties	$	290,000		$	–
Acquisition of license rights in accrued expenses and other liabilities	$	420,000		$	–
Issuance of warrants in connection with equity line of credit	$	–		$	(105,411	)

The MIL Network –

March 27, 2025

MIL-OSI: Usio Increases and Extends Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) — Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced that its Board of Directors has authorized to renew the Company’s Share Repurchase Program for an additional 3 years or until funds are depleted, with an aggregate total purchase limit of $4,000,000. The original May 15, 2025 expiration date has been extended to May 15, 2028.

“Usio has utilized virtually all of the original $4 Million the Board of Directors authorized to buyback shares in May 2022, including the repurchase of $1.5 million in stock in 2024. The management team and Board of Directors remain highly confident in the Company’s intrinsic value, and believe the new, Usio ONE initiative will prove a catalyst to unlocking the Company’s significant inherent value,” stated Louis Hoch, President and CEO of Usio. “Having generated positive cash flow over the past several years, and expecting to do so again this year, repurchasing our shares represents another means to create value for our shareholders.”

The timing and the amount of any repurchases of common stock will be determined by Usio’s management based on the market price of Usio common stock, evaluation of market and economic conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.

As of December 31, 2024, the Company had unrestricted cash of approximately $8.1 million.

The Company had approximately 26.5 million shares of common stock outstanding as of March 24, 2025.

Repurchases may be made in open market purchases, block trades or in privately negotiated transactions. Repurchases, if any, under the program will be made at the discretion of management, and will depend upon market pricing and conditions, business, legal, accounting and other considerations. Open market purchases will be conducted in accordance with the limitations of Rule 10b-18 of the Securities and Exchange Commission (the “SEC”). Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Under applicable law, repurchased shares will be cancelled and revert to the status of authorized but unissued shares.

The repurchase program may be modified, suspended or terminated at any time without notice, in the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to repurchase any shares.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “could,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact:

Paul Manley
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804

The MIL Network –

March 27, 2025

MIL-OSI: Oxbridge Re Holdings Limited Reports Fiscal 2024 Results

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, March 26, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (“Oxbridge Re” or the “Company”), which together with its subsidiaries, is engaged in the business of tokenized Real-World Assets (“RWAs”), initially in the form of tokenized reinsurance securities, and reinsurance business solutions to property and casualty insurers in the Gulf Coast region of the United States, today reported its results for the three months and year ended December 31, 2024.

“SurancePlus is entering its third year in the Real World Asset (RWA) space, leveraging blockchain technology to tokenize targeted reinsurance contracts. As a Nasdaq-listed company, Oxbridge Re, through its subsidiary SurancePlus Inc., became the first public company to issue a security token in reinsurance—bridging the gap between the SEC, blockchain, and tokenization. This innovation significantly lowers the barrier to entry for an asset class that traditionally required millions of dollars to access, enabling participation with as little as $5,000 while maintaining rigorous AML and accreditation checks—often completed in under four minutes,” said Jay Madhu, Chairman and Chief Executive Officer of Oxbridge Re. “We are proud of our success in this space and look forward to further expanding SurancePlus in the Security Token and RWA sector, effectively democratizing access to reinsurance while ensuring strict transparency and compliance. With the RWA tokenization market currently projected to reach as much as $30 trillion by 2030, SurancePlus is well positioned to capitalize on this substantial growth opportunity.”

Mr. Madhu continued “Subsequent to the year end, the Company completed a reverse direct offering raising gross proceeds of $3 million. These steps reflect our continued focus on strengthening the Company’s capital position while pursuing scalable growth opportunities in a rapidly evolving market. Looking ahead, we believe Oxbridge Re is well positioned to build on this momentum. Our subsidiary, SurancePlus Inc. has recently announced a strategic partnership with Plume, a blockchain platform supporting over $4.5 billion in assets and more than 18 million unique addresses. This collaboration marks a significant milestone in expanding distribution for our tokenized reinsurance offerings. As institutional and retail interest in real-world asset tokenization continues to accelerate, we remain focused on scaling our platform with discipline, transparency, and regulatory compliance. Furthermore, SurancePlus has launched its 2025–2026 tokenized reinsurance offerings, introducing a new balanced-yield security targeting a 20% annual return, while continuing its high-yield offering targeting a 42% annual return. By broadening our range of risk-return options, this year’s structure is designed to attract to a broader investor base, reinforcing our mission to make institutional-grade reinsurance accessible through compliant, blockchain-powered real-world assets.”

Financial Performance

Net premiums earned for the three months ended December 31, 2024, were $595,000 compared to $523,000 in the prior year. For the year ended December 31, 2024, net premiums earned increased to $2,303,000 from $1,255,000 in the prior year. This increase is primarily attributed to the higher rates on contracts as well as the prior period recognizing only seven months of premiums due to the acceleration of premiums on contracts in force during at December 31, 2022. In contrast, the current year ended December 31, 2024 accounted for a full twelve (12) months of premiums.

For the three months ended December 31, 2024, the Company generated net loss of $460,000 or $0.05 per basic and diluted loss per share compared to a net loss of $2.67 million or $0.46 per basic and diluted earnings per share in the fourth quarter of 2023. For the year ended December 31, 2024, the Company incurred a net loss of $2.7 million or $0.45 per basic and diluted loss per share compared to net loss of $9.9 million or $1.69 per basic and diluted earnings per share in the prior year. The decline in Q4 and fiscal 2024 is primarily due to a decrease in the negative change in the fair value of our investment in Jet.AI (which was sold subsequent to the year-end) as well as the company accounting for non-controlling interests’ portion of its income.

Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were $497,000 and $2.1 million for the three months and year ended December 31, 2024, respectively, compared to $535,000 and $2.3 million, respectively, for the same periods in the prior year. The decrease in 2024 is due to expense fluctuations along with efficiencies associated with SurancePlus offerings being recognized during the year, in addition to previous recognition of costs associated with Maxim equity distribution agreement in 2023.

At December 31, 2024, cash and cash equivalents, and restricted cash and cash equivalents were $5.8 million compared to $3.7 million at December 31, 2023.The increase is primarily due to new collateral deposits for treaty year ending May 31, 2025 more than offsetting funds being released from the underlying trusts for treaty year ending May 31, 2024.

Subsequent to year end, the Company completed a reverse direct offering raising gross proceeds of $3 million.

Financial Ratios

Loss Ratio. The loss ratio, which measures underwriting profitability, is the ratio of losses and loss adjustment expenses incurred to net premiums earned. The loss ratio remained consistent at 0% for the year ended December 31, 2024 and 2023.

Acquisition Cost Ratio. The acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs with net premiums earned, decreased marginally to 11.0% for the year ended December 31, 2024 from 11.2% in the prior year.

Expense Ratio. The expense ratio, which measures operating performance, compares policy acquisition costs and general and administrative expenses with net premiums earned. The expense ratio decreased to 94.3% for the year ended December 31, 2024, from 185.2% for the prior year due to lower general and administrative expenses in 2024. The decrease is due to the higher levels of premium earned and lower general administrative expenses incurred during the year ended December 31, 2024.

Combined ratio. The combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. The combined ratio decreased to 94.3% for the year ended December 31, 2024, from 185.2% for the prior year. The decrease is due to the higher levels of premium earned and lower general administrative expenses incurred during the year ended December 31, 2024.

Conference Call

Management will host a conference call later today to discuss these financial results, followed by a question and answer session. President and Chief Executive Officer Jay Madhu and Chief Financial Officer Wrendon Timothy will host the call starting at 4:30 p.m. Eastern time.

Date: March 26, 2025
Time: 4.30 p.m. Eastern Time
Toll-free number: – 877-524-8416
International number: +1 412-902-1028

Please call the conference telephone number 15 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact InComm Conferencing at +1-201-493-6280
media@incommconferencing.com

A replay of the call will be available by telephone replay after 7:30 p.m. Eastern Time on the same day of the call until April 09, 2025.

Toll-free replay number: 877-660-6853
International replay number: +1-201-612-7415
Conference ID: 13752504

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (www.OxbridgeRe.com) (NASDAQ: OXBR, OXBRW) (“Oxbridge Re”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its subsidiaries Oxbridge Re NS, SurancePlus Inc. and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Re NS and Oxbridge Reinsurance Limited.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
345-749-7570
jmadhu@oxbridgere.com

OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Balance Sheets

(expressed in thousands of U.S. Dollars, except per share and share amounts)

	At December 31,
	2024			2023

Assets
Investments:
Equity securities, at fair value (cost : $1,532 and $1,926)		113			680
Cash and cash equivalents		2,135			495
Restricted cash and cash equivalents		3,758			3,250
Premiums receivable		1,059			977
Other investments		48			2,478
Loan Receivable		–			100
Due from related party		–			63
Deferred policy acquisition costs		109			101
Operating lease right-of-use assets		148			9
Prepayment and other assets		94			96
Property and equipment, net		1			4
Total assets	$	7,465			8,253

Liabilities and Shareholders’ Equity
Liabilities:
Notes payable to EpsilonCat Re and DeltaCat Re Token Holders		1,732			1,523
Notes payable to noteholders		118			118
Unearned premiums reserve		991			915
Operating lease liabilities		148			9
Accounts payable and other liabilities		366			356
Total liabilities		3,355			2,921

Shareholders’ equity:
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,379,002 and 5,870,234 shares issued and outstanding)		6			6
Additional paid-in capital		34,105			32,740
Accumulated Deficit		(30,163	)		(27,414	)
Total Oxbridge shareholders’ equity		3,948			5,332
Non-controlling interests		162			–
Total shareholders’ equity		4,110			5,332
Total liabilities and shareholders’ equity		7,465			8,253

OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(expressed in thousands of U.S. Dollars, except per share amounts)

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

Revenue
Assumed premiums		–			(26	)		2,379			2,170
Change in unearned premiums reserve		595			549			(76	)		(915	)

Net premiums earned		595			523			2,303			1,255
SurancePlus Management Fee Income		–			–			312			300
Net investment and other income		60			62			248			303
Interest and gain on redemption of Series A-1 Preferred Shares		47			–			47			–
Interest and gain on redemption of loan receivable		–			–			41			–
Unrealized loss on other investments		(208	)		(2,561	)		(2,145	)		(8,945	)
Change in fair value of equity securities		(72	)		71			(260	)		38

Total revenue	$	422			(1,905	)	$	546			(7,049	)

Expenses
Policy acquisition costs and underwriting expenses		66			61			254			141
General and administrative expenses		431			474			1,917			2,183

Total expenses	$	497			535		$	2,171			2,324

Loss before income attributable to tokenholders and non-controlling interests		(75	)		(2,440	)		(1,625	)		(9,373	)

Income attributable to tokenholders		(246	)		(232	)		(962	)		(542	)
Loss before income attributable to non-controlling interests		(321	)		(2,672	)		(2,587	)		(9,915	)

Income attributable to non-controlling interests		(139	)		–			(139	)		–

Net loss attributable to ordinary shareholders		(460	)		(2,672	)		(2,726	)		(9,915	)

Loss per share attributable to ordinary shareholders
Basic and Diluted		(0.05	)		(0.46	)		(0.45	)		(1.69	)

Weighted-average shares outstanding
Basic and Diluted		6,121,020			5,870,234			6,099,051			5,867,129

Performance ratios to net premiums earned:
Loss ratio		0.0	%		0.0	%		0.0	%		0.0	%
Acquisition cost ratio		11.1	%		11.7	%		11.0	%		11.2	%
Expense ratio		83.5	%		102.3	%		94.3	%		185.2	%
Combined ratio		83.5	%		102.3	%		94.3	%		185.2	%

The MIL Network –

March 27, 2025

MIL-OSI: Usio Announces Improved Profitability; Fourth Quarter GAAP Earnings of $0.02 per share and Full Year GAAP Earnings of $0.12 per share

Source: GlobeNewswire (MIL-OSI)

Full Year Revenues up in each of ACH & Complementary Services, Card and Output Solutions Business Units

Record Full Year 2024 Dollar Processing Volume of $7.1 Billion, a 33% Increase Compared to Fiscal 2023; Transactions Processed also up a Strong 26% Year-over-Year

Cash Position Increases to Record High of $8.1 Million

SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) — Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the fourth quarter and year ended December 31, 2024.

Louis Hoch, Chairman and Chief Executive Officer of Usio, said, “We are delivering on our commitments as profitability improved, cash flow was strong, and revenue grew in each of our ACH & Complementary Services, Card and Output Solutions businesses in both the fourth quarter and full year 2024. We also delivered another year of positive Adjusted EBITDA¹. Results were driven across Usio by a 33% increase in total dollar processing volume, which rose to $7.1 billion from $5.3 billion in 2023, while transactions processed reached record levels on 26% year-over-year growth. We attribute this solid revenue performance to our innovative technology and complementary business strategy while the bottom line continues to improve as we implement our disciplined cost control and enhance our results through operating leverage that our business model provides.

“For the quarter, we reported top line growth as well as our third consecutive quarter of positive GAAP net income, approximately $0.6 million, or $0.02 per share. For both the quarter and the year, revenues were up in three of our business units, and in the fourth, prepaid revenues were up when excluding the COVID incentive programs that was essentially wound down in fiscal 2023. Cash flow remains strong, enabling us to bolster our balance sheet, which provides us with resources to support our growth initiatives. In addition, cash flow in 2024 was also used to repurchase $1.4 million of our stock. And, today, the Board reauthorized a new repurchase agreement of $4 million which further illustrates our confidence in the business’ long-term prospects. Together, this is a strong set up for what we believe will be another year of both top line and Adjusted EBITDA¹ growth in 2025.”

Momentum continues to accelerate in ACH and complementary services, with revenues up 17% in the quarter and 12% for the year, in large part reflecting success cross-selling ACH into existing Card and Prepaid accounts. Card revenue growth remains solid, up 6% for the quarter and 3% for the year, led by PayFac, where revenues were up 29% in the quarter, and 22% on the year. Output Solutions had a strong fourth quarter, growing revenues a healthy 13%, which drove the business to full year growth after facing headwinds in prior quarters during the year. Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads. Fiscal 2024 revenues comparisons in prepaid continue to reflect last year’s expiration of COVID incentive programs, but we believe that Prepaid should begin to benefit from the over 90 client agreements signed in 2024 and a more concerted focus on recurring revenue, ‘evergreen’ clients.”

Gross profits and margins were down modestly for both the quarter and the year, due primarily to product mix. Selling, general and administrative expenses were up just 3% for the year, reflecting continued strong expense control. The Company closed the 2024 fiscal year with $8.1 million cash on hand compared to year end cash of $7.2 million in 2023. The Company expects this trend of positive cash growth to continue in fiscal 2025.

Mr. Hoch concluded, “In 2024 our various growth initiatives enabled us to regain nearly all of the revenue lost with the planned expiration of large COVID related card programs while improving profitability and further strengthening our financial position. More importantly, we are fully embarking on our new One Usio strategy, better integrating all of our various product offerings so that we approach the market as a unified force with a portfolio of capabilities that can meet our customer’s various electronic payment and associated needs. Already, we are seeing success selling multiple, complementary Usio products to an increasing number of clients who benefit from the synergies and efficiencies that arise from consolidating their relationships. While this has always been one of our competitive advantages, in 2025 we are redoubling our efforts and organizing around this concept to better unlock the inherent value of this strategy. At the same time, we believe we have the infrastructure to support our growth initiatives such that we can expect to see continued improvement in our operating leverage. We believe 2025 will be another year of growth as we create value for our shareholders.”

Fiscal 2025 Guidance

The Company continues to expect strong 14 – 16% growth in revenue in 2025 while also anticipating Adjusted EBITDA¹ margins in the 5 – 7% range. Guidance is conditioned on no appreciable deterioration in economic conditions.

Fourth Quarter 2024 Financial Summary

Revenues were $20.6 million for the fourth quarter, up 2% compared to $20.1 million in the same period in 2023.

	Three Months Ended December 31,
	(in millions, except percentages)
	2024		2023		$ Change			% Change

ACH and complementary service revenue	$	4.6	$	3.9	$	0.7			17	%
Credit card revenue		7.2		6.9		0.4			6	%
Prepaid card services revenue		3.0		4.0		(1.0	)		(24	)%
Output Solutions revenue		5.1		4.6		0.6			13	%
Interest – ACH and complementary services		0.2		0.2		(0.1	)		(22	)%
Interest – Prepaid card services		0.3		0.5		(0.2	)		(41	)%
Interest – Output Solutions		0.0		0.0		0.0			73	%
Total Revenue	$	20.6	$	20.1	$	0.4			2	%

Revenue growth was primarily attributable to 17% growth in our ACH and complementary services revenue, alongside 13% growth in Output solutions, helping offset a 24% decrease in Prepaid revenues associated with the anticipated wind down of COVID incentive programs in 2024. Credit card revenues also saw a 6% increase, due to the success of our PayFac portfolio achieving 29% growth in the quarter, mitigating the continued attrition of our legacy credit card portfolios.

Gross profits were $5.1 million, down 4% from $5.3 million for the in 2023. Gross margins were 24.6% compared to 26.1% in the same period in 2023. Gross margins in the quarter primarily reflect a shift in revenue mix, and a decline in interest revenues versus the prior year period due to the lower interest rates in the period.

The Company had an operating loss of $0.6 million, compared to an operating loss of $0.0 million from the same period in 2023.

Adjusted EBITDA¹ was positive $0.5 million in the quarter, down $0.5 million from $1.1 million in the same period in 2023, due primarily to lower gross profit margins, and an 8% increase in SG&A expense.

For the quarter, the Company generated $0.5 million of interest revenue compared to $0.8 million in the year ago quarter.

Net income for the fourth quarter of 2024 was $0.6 million, or $0.02 per share, compared to net income of $0.03 million or $0.00 per share for the same period in 2023. Results in the current quarter primarily by the receipt and recognition of approximately $1.5 million in funds related to the employee retention tax credit made available through the CARES Act, and extended through the American Rescue Plan Act.

During the quarter, the Company repurchased 331,222 shares of its stock at an average price of $1.46 for a total cost of $482,426 as part of its share buyback program.

¹ See reconciliation of non-GAAP financial measures below.

Financial Results for Full Year 2024

Revenues for 2024 were $82.9 million, down 1% from $84.1 million for the same period in 2023.

	Year Ended December 31,
	(in millions, except percentages)
	2024		2023		$ Change			% Change

ACH and complementary service revenue	$	16.7	$	14.9	$	1.8			12	%
Credit card revenue	29.3			28.5		0.8			3	%
Prepaid card services revenue		14.1		18.7		(4.6	)		(25	)%
Output Solutions revenue		20.6		20.5		0.1			1	%
Interest – ACH and complementary services		0.8		0.5		0.3			59	%
Interest – Prepaid card services		1.3		0.9		0.4			44	%
Interest – Output Solutions		0.2		0.0		0.1			220	%
Total Revenue	$	82.9	$	84.1	$	(1.1	)		(1	)%

The Company experienced strong revenue growth in its ACH and complementary services business segment, seeing an $1.8 million, or 12% increase over 2023. This revenue growth, alongside a 55% increase in aggregate interest revenues, helped to offset the 25% decline in our prepaid card services, as we saw the anticipated wind down of revenues associated with COVID incentive programs in 2024. Strong net new customer and organic growth, specifically in our corporate and commercial card programs, generated over $7 million of revenues in 2024, greatly offsetting the revenues in 2023 associated with those COVID programs. Credit card revenues were also up 3%, with PayFac growing 22% in 2024, mitigating attrition in our legacy credit card lines of business. Revenues associated with our PayFac portfolio now exceed 50% of total credit card processing revenues, and performance associated with our PayFac model is anticipated to become more representative of overall credit card revenue growth. Output Solutions revenues were up 1%, as we fully implemented our new processing equipment through the year in order to position the business unit for continued growth in 2025 due to the increased capacity, efficiency, and speed our new equipment provides.

Gross profit for the year ended December 31, 2024 was $19.6 million, down 2% from $20.1 million in fiscal 2023. Gross margins were 23.7% for the year ended December 31, 2024 compared to 23.9% in fiscal 2023, generally reflecting a shift in business mix over the year.

The Company reported $2.9 million in Adjusted EBITDA¹ for the year ended December 31, 2024, a $1.0 million decline versus $3.9 million in 2023, due primarily to slightly lower revenues and gross margin, alongside a 3% increase in SG&A expense in 2024. The Company increased its cash balance by $0.9 million, while utilizing $1.4 million on share repurchases in 2024. The Company significantly improved its net income for the year by $3.8 million to $3.3 million compared to a loss of $0.5 million for fiscal 2023 due to the recognition of an approximate $3.1 million federal tax benefit. The Company reported earnings of $0.12 per share, a significant improvement compared to loss of $(0.02) per share, in fiscal 2023.

Conference Call and Webcast

Usio, Inc.’s management will host a conference call with a live webcast Wednesday, March 26, 2025 at 4:30 pm Eastern time to provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call + 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/invest.

A replay of the call will be available approximately one hour after the end of the call through April 10, 2025. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international). The replay conference playback code is 2388192.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, EBITDA, adjusted EBITDA, and adjusted EBITDA margins, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, and adjusted EBITDA margins as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.

In previous periods, the Company reported the non-GAAP financial measure of adjusted operating cash flows, which excluded certain items from operating cash flows to provide a measure of cash generated from its core operations. Beginning with the current reporting period, the Company is no longer presenting adjusted operating cash flows as a non-GAAP financial measure. The decision to discontinue reporting adjusted operating cash flows is due to changes in the presentation of certain assets, specifically the movement of assets held for customers, into the financing activities section of our cash flow statement. As a result of this reclassification, the need for the adjusted operating cash flows measure is no longer required, as the adjustments previously made to exclude these amounts are not necessary.

Management believes EBITDA, adjusted EBITDA, and adjusted EBITDA margins are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded.

EBITDA, adjusted EBITDA, and adjusted EBITDA margins should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, and adjusted EBITDA margins have limitations as analytical tools and you should not consider these Non-GAAP measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

¹ See reconciliation of non-GAAP financial measures below.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “could,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact:

Paul Manley
Senior Vice President, Investor Relations
Paul.Manley@usio.com
612-834-1804

USIO, INC. CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
ASSETS
Cash and cash equivalents	$	8,056,891		$	7,155,687
Accounts receivable		5,053,639			5,564,138
Accounts receivable, tax credit		1,494,612			—
Settlement processing assets		47,104,006			44,899,603
Prepaid card load assets		25,648,688			31,578,973
Customer deposits		1,918,805			1,865,731
Inventory		403,796			422,808
Prepaid expenses and other		585,500			444,071
Current assets before merchant reserves		90,265,937			91,931,011
Merchant reserves		4,890,101			5,310,095
Total current assets		95,156,038			97,241,106

Property and equipment, net		3,194,818			3,660,092

Other assets:
Intangibles, net		881,346			1,753,333
Deferred tax asset		4,580,440			1,504,000
Operating lease right-of-use assets		3,037,928			2,420,782
Other assets		357,877			355,357
Total other assets		8,857,591			6,033,472

Total Assets	$	107,208,447		$	106,934,670

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	1,256,819		$	1,031,141
Accrued expenses		3,366,925			3,801,278
Operating lease liabilities, current portion		612,680			633,616
Equipment loan, current portion		147,581			107,270
Settlement processing obligations		47,104,006			44,899,603
Prepaid card load liabilities		25,648,688			31,578,973
Customer deposits		1,918,805			1,865,731
Current liabilities before merchant reserve obligations		80,055,504			83,917,612
Merchant reserve obligations		4,890,101			5,310,095
Total current liabilities		84,945,605			89,227,707

Non-current liabilities:
Equipment loan, non-current portion		571,862			718,980
Operating lease liabilities, non-current portion		2,534,017			1,919,144
Total liabilities		88,051,484			91,865,831

Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares issued and outstanding in 2024 and 2023		—			—
Common stock, $0.001 par value, 200,000,000 shares authorized; 29,902,415 and 28,671,606 issued and 26,609,651 and 26,332,523 outstanding in 2024 and 2023 (see Note 12)		198,317			197,087
Additional paid-in capital		99,676,457			97,479,830
Treasury stock, at cost; 3,292,764 and 2,339,083 shares in 2024 and 2023 (see Note 12)		(5,770,592	)		(4,362,150	)
Deferred compensation		(6,914,563	)		(6,907,775	)
Accumulated deficit		(68,032,656	)		(71,338,153	)
Total stockholders’ equity		19,156,963			15,068,839

Total Liabilities and Stockholders’ Equity	$	107,208,447		$	106,934,670

USIO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended (unaudited)						Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues	$	20,560,088		$	20,130,642		$	82,931,840		$	84,066,245
Cost of services		15,495,310			14,871,207			63,317,396			63,992,417
Gross profit		5,064,778			5,259,435			19,614,444			20,073,828

Selling, general and administrative:
Stock-based compensation		564,300			545,711			2,093,406			2,222,969
Other expenses		4,547,694			4,195,580			16,728,081			16,216,690
Depreciation and Amortization		555,581			521,932			2,263,302			2,081,533
Total operating expenses		5,667,575			5,263,223			21,084,789			20,521,192

Operating loss		(602,797	)		(3,788	)		(1,470,345	)		(447,364	)

Other income:
Interest income		116,558			103,337			464,746			219,986
Other income		1,476,272			—			1,737,685			50,000
Interest expense		(12,267	)		(3,614	)		(53,802	)		(5,202	)
Other income, net		1,580,563			99,723			2,148,629			264,784

Income (loss) before income taxes		977,766			95,935			678,284			(182,580	)

Federal income tax expense (benefit)		109,613			—			(3,076,440	)		—
State income tax expense		239,227			70,000			449,227			292,524
Income tax expense (benefit)		348,840			70,000			(2,627,213	)		292,524

Net Income (Loss)	$	628,926		$	25,935		$	3,305,497		$	(475,104	)

Earnings (Loss) Per Share
Basic income (loss) per common share:	$	0.02		$	0.00		$	0.12		$	(0.02	)
Diluted income (loss) per common share:	$	0.02		$	0.00		$	0.12		$	(0.02	)
Weighted average common shares outstanding
Basic		27,162,675			26,503,251			26,852,129			26,490,868
Diluted		27,162,675			26,503,251			26,852,129			26,490,868

USIO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS

	December 31, 2024			December 31, 2023
Operating Activities
Net income (loss)	$	3,305,497		$	(475,104	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation		1,391,315			1,209,506
Amortization		871,987			872,027
Loss on disposal of equipment		18,340			—
Deferred federal income tax		(3,076,440	)		—
Employee stock-based compensation		2,093,406			2,190,369
Vendor stock-based compensation		—			32,600
Non-cash revenue from return of treasury stock		—			(156,162	)
Changes in operating assets and liabilities:
Accounts receivable		510,499			(1,192,498	)
Accounts receivable, tax credit		(1,494,612	)		—
Prepaid expenses and other		(141,429	)		6,318
Operating lease right-to-use assets		(617,146	)		374,701
Other assets		(2,520	)		—
Inventory		19,012			84,547
Accounts payable and accrued expenses		(208,675	)		252,689
Operating lease liabilities		593,937			(403,506	)
Merchant reserves		(419,994	)		400,594
Customer deposits		53,074			311,609
Net cash provided by operating activities		2,896,251			3,507,690

Investing Activities
Purchases of property and equipment		(991,881	)		(834,964	)
Sale of equipment		47,500			—
Net cash used by investing activities		(944,381	)		(834,964	)

Financing Activities
Payments on equipment loan		(106,807	)		(56,992	)
Proceeds from issuance of common stock		97,663			—
Purchases of treasury stock		(1,408,442	)		(456,961	)
Assets held for customers		(3,725,882	)		6,570,747
Net cash provided (used) by financing activities		(5,143,468	)		6,056,794

Change in cash, cash equivalents, customer deposits and merchant reserves		(3,191,598	)		8,729,520
Cash, cash equivalents, customer deposits and merchant reserves, beginning of year		90,810,089			82,080,569

Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year	$	87,618,491		$	90,810,089

Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest	$	53,802		$	5,202
Income taxes		290,144			116,204
Non-cash operating activities:
Right of use assets obtained in exchange for operating lease liabilities	$	1,156,543		$	–
Non-cash investing and financing activities:
Issuance of deferred stock compensation	$	1,497,300		$	2,650,505
Non-cash transaction for acquisition of equipment in exchange for note payable		—			811,819

USIO, INC. STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

	Common Stock						Additional Paid- In			Treasury			Deferred			Accumulated			Total Stockholders’
	Shares			Amount			Capital			Stock			Compensation			Deficit			Equity

Balance at December 31, 2022		27,044,900		$	195,471		$	94,048,603		$	(3,749,027	)	$	(5,697,900	)	$	(70,863,049	)	$	13,934,098

Issuance of common stock under equity incentive plan		1,731,506			1,731			3,619,315			—			(2,650,505	)		—			970,541
Reversal of deferred compensation amortization that did not vest		(115,000	)		(115	)		(188,088	)		—			103,091			—			(85,112	)
Deferred compensation amortization		—			—			—			—			1,337,539			—			1,337,539
Non-cash return of treasury stock		—			—			—			(156,162	)		—			—			(156,162	)
Purchase of treasury stock		—			—			—			(456,961	)		—			—			(456,961	)
Net loss		—			—			—			—			—			(475,104	)		(475,104	)

Balance at December 31, 2023		28,661,406		$	197,087		$	97,479,830		$	(4,362,150	)	$	(6,907,775	)	$	(71,338,153	)	$	15,068,839

Issuance of common stock under equity incentive plan		1,189,050			1,178			2,130,336			—			(1,497,300	)		—			634,214
Issuance of common stock under employee stock purchase plan		66,959			67			97,596			—			—			—			97,663
Reversal of deferred compensation amortization that did not vest		(15,000	)		(15	)		(31,305	)		—			31,320			—			—
Deferred compensation amortization		—			—			—			—			1,459,192			—			1,459,192
Purchase of treasury stock		—			—			—			(1,408,442	)		—			—			(1,408,442	)
Net income		—			—			—			—			—			3,305,497			3,305,497

Balance at December 31, 2024		29,902,415		$	198,317		$	99,676,457		$	(5,770,592	)	$	(6,914,563	)	$	(68,032,656	)	$	19,156,963

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

	Three Months Ended (unaudited)						Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023

Reconciliation from Operating Income/(Loss) to Adjusted EBITDA:
Operating income (loss)	$	(602,797	)	$	(3,788	)	$	(1,470,345	)	$	(447,364	)
Depreciation and amortization		555,581			521,932			2,263,302			2,081,533
EBITDA		(47,216	)		518,144			792,957			1,634,169
Non-cash stock-based compensation expense, net		564,300			545,711			2,093,406			2,222,969
Adjusted EBITDA	$	517,084		$	1,063,855		$	2,886,363		$	3,857,138


Calculation of Adjusted EBITDA margins:
Revenues	$	20,560,088		$	20,130,642		$	82,931,840		$	84,066,245
Adjusted EBITDA		517,084			1,063,855			2,886,363			3,857,138
Adjusted EBITDA margins		2.5	%		5.3	%		3.5	%		4.6	%

The MIL Network –

March 27, 2025

MIL-OSI: GigaCloud Technology Inc Welcomes Scott Living by Drew & Jonathan™, the Signature Home Brand of Drew and Jonathan Scott, to Its BaaS Program

Source: GlobeNewswire (MIL-OSI)

EL MONTE, Calif., March 26, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that Scott Living by Drew & Jonathan™, the home furnishings brand created by TV hosts and renovation experts Drew and Jonathan Scott, has joined its Branding-as-a-Service (BaaS) Program. This collaboration will bring Scott Living’s trusted brand into the GigaCloud B2B Marketplace, creating new avenues for sellers and broadening product selection for buyers. Scott Living’s expertise in outdoor furniture and décor aligns with current consumer trends and presents potential growth opportunities for sellers and retailers in this product category.

“Brand has always been a powerful driver in the industry, and by introducing Scott Living into BaaS, we aim to help our marketplace participants reach consumers faster with the right combination of quality products and design solutions from a brand they can trust,” said Larry Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud.

“GigaCloud is more than just a marketplace,” added Wu. “We are a service toolbox offering diverse, tailored solutions that empower our customers to build and scale efficiently. Our Supplier Fulfilled Retailing model serves as the backbone of the program, streamlining supply chain management while enhancing our ecosystem through advanced technology and robust infrastructure to drive operational efficiency. This partnership unlocks new opportunities for our sellers and delivers greater value across our marketplace network worldwide.”

“Partnering with GigaCloud marks an exciting new chapter for Scott Living,” said Drew and Jonathan Scott. “Since launching our very first product line over a decade ago, our mission has always been to make high-quality home furnishings that work for a variety of families and lifestyles. GigaCloud’s platform opens new doors for us to reach a broader audience and allows us to collaborate with more suppliers and retail channels to continue delivering home products that our customers love. We look forward to seeing how this partnership will help us connect with even more families, create opportunities, and inspire future innovations in the home space.”

“Scott Living brings a fresh, design-forward appeal that resonates with younger and trend-conscious consumers, a perfect complement to our growing ecosystem that is redefining how furniture is marketed and distributed globally,” said Marshall Bernes, Head of GigaCloud’s BaaS Program and a member of the Company’s Board of Directors.

About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://www.gigacloudtech.com.

About Scott Living by Drew & Jonathan
Scott Living by Drew & Jonathan helps people create a home that looks good and feels good. After transforming houses for hundreds of families, the designers, renovators, entrepreneurs, and Property Brothers hosts Drew and Jonathan Scott know that each family is unique in the way they live, love, grow, and gather, and the best design solutions prioritize functionality and value. With curated collections of quality furniture, lighting, textiles, decor, and home improvement products, the brothers help families reimagine what’s possible in their spaces to reflect their personal style.

Scott Living collections are widely available at a variety of North American and online retailers, including Amazon, Wayfair, Costco, Sam’s Club, QVC, Lowe’s, The Home Depot, and Home Goods.

In 2025, Drew and Jonathan Scott are celebrating ten years of creating home products that help families make beautiful, functional spaces that feel as good as they look through their Scott Living and Drew & Jonathan Home brands.

For more information, please visit ScottLivingHome.com.

Forward-Looking Statements

This press release may contain “forward-looking statements.” Forward-looking statements reflect our current view about future events. 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. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or 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 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 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.

For investor and media inquiries, please contact:
GigaCloud Technology Inc
Investor Relations – ir@gigacloudtech.com

PondelWilkinson, Inc.
Laurie Berman (Investors) –lberman@pondel.com
George Medici (Media) – gmedici@pondel.com

Scott Brothers Global
Media – SBG@Rubenstein.com

The MIL Network –

March 27, 2025
MIL-OSI Economics: Agriculture Committee adopts two decisions to enhance transparency, notifications

Source: WTO

Headline: Agriculture Committee adopts two decisions to enhance transparency, notifications

Tariff-Rate Quotas (TRQs) allow a specified quantity of a product to be imported at a lower tariff rate, while any quantity exceeding that limit is subject to higher tariffs.
Triennial reviews of Nairobi and Bali decisions
The Chair announced that members successfully concluded the third triennial review of the Nairobi Decision on Export Competition in December 2024 through a written procedure. The outcome package includes the Review Report (G/AG/39 ) and a decision on a comprehensive export competition notification requirements and formats (G/AG/2/Add.2 ). This streamlines the relevant notification requirements adopted in 1995 (G/AG/2 ) and integrates the export competition questionnaire (ECQ) from the Nairobi Decision. She thanked members for their constructive engagement in reaching consensus.
Members also adopted a key document on enhanced transparency of TRQ administration notifications (RD/AG/134/Rev.2) in order to implement the Bali Decision on Tariff Rate Quota administration. Members hailed the successful adoption of the decision on TRQ notifications (G/AG/2/Add.3), recognizing it as the culmination of months of hard work and productive dialogue.
Members also launched discussions on the second triennial review of the operation of the Bali Decision and shared their expectations of the review.
Updates on agricultural market developments, food security
Members heard updated reports from the World Food Programme(WFP), the International Grains Council (IGC) and the World Bank on the latest developments in food security and agriculture. The organizations were invited to the Committee to share information and experiences as a follow-up to the report and recommendations of the work programme undertaken pursuant to the MC12 declaration on food insecurity.
The WFP warned that the world is entering a period of high uncertainty, marked by a worsening global food security crisis and humanitarian funding cuts. It estimated that 343 million people suffered from acute food insecurity across 74 countries in 2024 — nearly 200 million more than pre-pandemic levels.
The WFP stressed that conflict remains the primary driver of food insecurity in war zones, including Sudan, the Democratic Republic of the Congo, Gaza and Somalia. Other factors, such as climate change, economic instability, rising food prices and currency depreciation, continue to affect food supply in developing economies.
The WFP urged governments to find political solutions to end conflicts, strengthen food systems and enhance support for local economies. It also called for governments to secure funding to protect vulnerable populations and build community food resilience.
The IGC projected record grain production and a global rebound in grain trade in 2025–26, driven by strong demand from Asia and Africa, as well as other positive market trends. The IGC also outlined its ongoing efforts to improve and standardize trade statistics for rice through better classification of rice types in global trade. It has also developed a dashboard for net food-importing countries to track market changes and refine food security strategies.
The World Bank echoed concerns raised by the WFP and IGC, stating that acute food insecurity remains at record levels, with an estimated 713–757 million people undernourished. It introduced its Global Challenge Program on Food and Nutrition Security, which includes early warning systems, cross-sectoral approaches to nutrition, and improved access to climate finance for smallholders.
The World Bank reaffirmed its commitment to nutrition security, emphasizing its alignment with global efforts such as the Nutrition for Growth Summit in Paris and its integration of nutrition objectives across health, agriculture and social protection investments.
Members thanked the international organizations for their updates. Some highlighted concerns over food insecurity in least developed countries (LDCs) and net food-importing developing countries (NFIDCs), citing conflict, climate change and high import dependency as key challenges. Others emphasized the need for greater financial support for food and climate resilience while urging the WTO to address the root causes of food insecurity through further agricultural reforms.
Members also discussed follow-up to Food Security Work Programme recommendations (G/AG/38) from the 12th Ministerial Conference. The Chair commended members’ efforts in implementing some of these recommendations within the Committee and the Working Group on Trade, Debt and Finance. Some members stressed the need to turn recommendations into concrete actions, including informal dedicated workshops to share experiences.
Review of the NFIDC list
Divergences remain on the annual review of the NFIDCs list, which is undertaken annually in the Committee’s March meeting. Some members favoured a data-based review exercise requiring NFIDCs to present updated statistics, whereas some others saw no basis to submit such data by NFIDCs beyond their inclusion in the list.
The discussion concluded without a common understanding of whether the annual review had been accomplished. Some members called for continued discussions in subsequent meetings, while others opposed extending talks beyond the annual March meeting. At the same time, members agreed that the current list (G/AG/5/Rev.12) remains valid unless consensus dictates otherwise.
Review of agricultural policies
A total of 208 questions were raised by members concerning individual notifications and specific implementation matters during the meeting. This peer review process allows members to address issues related to the implementation of commitments outlined in the Agreement on Agriculture. Of these, 31 issues were raised for the first time, while 15 were recurring matters from previous Committee meetings.
The 31 new items covered a range of topics, including Australia’s food and fibre program, Brazil’s rural initiative, Canada’s multiple farm and dairy support programs, and the European Union’s tariffs on Russian agri-food imports. Other topics included India’s sugar support and tariff changes on Bourbon whiskey, Indonesia’s various farm support policies, and Japan’s support for CO₂ reduction and fertilizer procurement. Members also reviewed Paraguay’s financial assistance to farmers, Switzerland’s farm payments, Thailand’s debt relief measures and rice support, Türkiye’s tax and pricing systems, the United Kingdom’s productivity-boosting scheme, and the United States’ applied tariffs and multiple farm support programs.
Since the previous meeting in November 2024, a total of 110 individual notifications have been submitted to the Committee, covering market access, domestic support, export competition and notifications in the context of the NFIDC Decision. The majority of these notifications — 45 in total — pertain to export competition.
The Chair urged members to submit timely and complete notifications and to respond to overdue questions, stressing the critical importance of enhanced transparency.
All questions submitted for the meeting are available in G/AG/W/252. All questions and replies received are available in the WTO’s Agriculture Information Management System (AG IMS).
Technology transfer
The Chair reported productive discussions at an informal meeting on 13 February regarding guidance on how to pursue further discussions on technology transfer in 2025.
Some members expressed interest in shifting discussions from experience-sharing to the WTO framework of rules and its role in promoting agricultural innovations and technologies. While they acknowledged that the Agreement on Agriculture provides a clear policy and legal basis for agricultural technology transfer — essential for improving food security and rural development — barriers remain in accessing these technologies, highlighting the need for affordable innovations. To address these challenges, these members suggested future seminars to discuss both policy considerations under the Agreement on Agriculture and practical country case studies.
Some members also emphasized the need for the Committee to further explore sustainable agriculture, with a focus on practical, expert-led discussions. One suggestion was to highlight the importance of capacity building in developing economies, supported by strengthened collaboration with regional research centres.
The Chair noted the need to continue discussions on this agenda item at the next meeting, which will help the incoming Chair plan future work.
Other business
The Chair said that the election of the new Chair will be considered at the June meeting, as the consultation process is still ongoing.
The Inter-American Institute for Cooperation on Agriculture (IICA) briefly introduced its 2025 work plan (G/AG/GEN/248). In close cooperation with the WTO, the IICA will organize a seminar in Paraguay in the second half of the year to train government officials from the region on improving their notification capacity and negotiation skills.
Next meeting
The next meeting of the Committee on Agriculture is scheduled for 23-24 June 2025.

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MIL OSI Economics –

March 27, 2025
MIL-OSI NGOs: Ecuador: Justice has failed the Warriors for the Amazon, but their fight continues

Source: Amnesty International –

On 30 January 2025, Ecuador’s Constitutional Court dismissed an extraordinary action for protection brought by the “Guerreras por la Amazonia” (Warriors for the Amazon). This group of activists, supported by the Union of People Affected by Texaco’s Oil Operations (UDAPT), the “Eliminen los Mecheros, Enciendan la Vida” (Remove the flares, Ignite life) group and their own communities, won a court ruling in 2021 that ordered the elimination of gas flares in the Ecuadorian Amazon and reparation measures for violation of their rights to health and a healthy environment.

The protection action brought by the Warriors was aimed at ensuring that the reparation measures ordered would be properly implemented, including through the removal of flares located close to population centres. Amnesty International submitted an amicus curiae to the Court, pointing out the ambiguous definition of “population centres” and the distance of the flares from such centres, which has allowed the Ecuadorian authorities to simply give the appearance of complying with the ruling.

Although the Court acknowledged a lack of compliance with the ruling, it dismissed the action on grounds that “the right to due process in the guarantee of motivation was not violated”. Thus, the Warriors of the Amazon and their communities received neither justice nor meaningful reparations. Pablo Fajardo, from UDAPT and the “Eliminen los Mecheros, Enciendan la Vida” collective, stated: “The plaintiffs and the legal team supporting them have shown that the ruling of the Court of Sucumbíos has significant flaws and ambiguities, creating loopholes that have allowed the state, including the Ministry of Energy and Mines, the Ministry of Public Health and the Ministry of Environment, Water and Ecological Transition, to evade compliance with the ruling. With their decision, the judges of the Constitutional Court have only prolonged the violation of the constitutional rights of the plaintiffs and the people of the Amazon region.”

The plaintiffs and the legal team supporting them have shown that the ruling of the Court of Sucumbíos has significant flaws and ambiguities, creating loopholes that have allowed the state (…) to evade compliance with the ruling. With their decision, the judges of the Constitutional Court have only prolonged the violation of the constitutional rights of the plaintiffs and the people of the Amazon region

-Pablo Fajardo from UDAPT and the “Eliminen los Mecheros, Enciendan la Vida” collective

Ana Piquer, Americas director at Amnesty International, also condemned the decision. “Due to the vagueness of the original ruling, this unfortunate decision by Ecuador’s Constitutional Court allows the state of Ecuador to continue operating gas flares, which will result in the rights of the Warriors for the Amazon and their communities going up in flames and suffocating in toxic gases, with millions more people being affected because of their contribution to climate change. The Ecuadorian Amazon is burning, and with every gas flare that continues to operate, the future grows darker for all.”

Due to the vagueness of the original ruling, this unfortunate decision by Ecuador’s Constitutional Court allows the state of Ecuador to continue operating gas flares, which will result in the rights of the Warriors for the Amazon and their communities going up in flames and suffocating in toxic gases, with millions more people being affected because of their contribution to climate change. The Ecuadorian Amazon is burning, and with every gas flare that continues to operate, the future grows darker for all

-Ana Piquer, Americas director at Amnesty International

Despite the Court’s decision, the Warriors for the Amazon were defiant that they would continue to fight. “We will NOT falter, we will not give up, we will not be beaten. We will continue to fight for our future, for our life, for our land,” they declared.

We will NOT falter, we will not give up, we will not be beaten. We will continue to fight for our future, for our life, for our land

-Warriors for the Amazon

Additional information:

Despite a favourable ruling for the Warriors in 2021, gas flaring has not ceased. The activists brought an action before the Constitutional Court on 28 October 2021, in which they argued that the ruling was vague and imprecise, making it difficult to enforce. According to the ruling, gas flares near populated areas were to be removed within 18 months, and all others by 2030. Given the ambiguity in the ruling, the state company Petroecuador has discretionally established that any flares located more than 150 metres from any population centre need not be removed until 2030, despite evidence showing that harmful health and environmental effects are felt over a distance of up to 5,000 metres. The Warriors for the Amazon have expressed their objection to the decision of the Constitutional Court in a public statement, with the UDAPT supporting the activists in a separate statement.

For further information or to arrange a meeting, please contact [email protected]

MIL OSI NGO –

March 27, 2025
MIL-OSI Video: LIVE: Secretary of Defense Pete Hegseth Briefs the Media in Guam

Source: United States Department of Defense (video statements)

Secretary of Defense Pete Hegseth briefs the media in Guam, March 27, 2025.
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Your military is an all-volunteer force that serves to protect our security and way of life, but Service members are more than a fighting force. They are leaders, humanitarians and your fellow Americans. Get to know more about the men and women who serve, who they are, what they do, and why they do it.

For more on the Department of Defense, visit: http://www.defense.gov
—————
Keep up with the Department of Defense on social media!

Like the DoD on Facebook: http://facebook.com/DeptofDefense
Follow the DoD on Twitter: http://twitter.com/DeptofDefense
Follow the DoD on Instagram: http://instagram.com/DeptofDefense
Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

https://www.youtube.com/watch?v=WCIe11wJWuI

MIL OSI Video –

March 27, 2025
MIL-OSI Video: Ahead of the Threat Podcast: Episode Eight – Scott Aaronson

Source: Federal Bureau of Investigation (FBI) (video statements)

Class is in session! Professor Scott Aaronson, a leading researcher in quantum computers, takes time away from his teaching at the University of Texas at Austin to give Ahead of the Threat a detailed overview of quantum theory and the applications of what a quantum computer could do—when one is invented. Though a real quantum computer remains unlikely for a few more years, its potential to unravel nearly all known encryption has led to the development of post-quantum encryption to protect sensitive data.

In the episode’s Top Three segment that highlights current cybersecurity news, hosts Bryan Vorndran, assistant director of the FBI’s Cyber Division, and Jamil Farshchi, FBI strategic engagement advisor, discuss Google’s acquisition of the cloud computing company Wiz for $32 billion; the European Union’s Artificial Intelligence Act, and a new ransomware attack at Jaguar Land Rover.

You can read an FBI Joint Cybersecurity Advisory on Medusa Ransomware at https://www.cisa.gov/news-events/cybersecurity-advisories/aa25-071a. You can also read NIST’s Post-Quantum Cryptography Standardization Overview at https://csrc.nist.gov/projects/post-quantum-cryptography.

Listen to Ahead of the Threat episodes, read the transcripts, and find related material at https://www.fbi.gov/aheadofthethreat.
—————————————————
Subscribe to Ahead of the Threat wherever you get your podcasts:
Apple Podcasts: https://podcasts.apple.com/us/podcast/ahead-of-the-threat-the-fbi-cyber-podcast/id1774312272
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More ways to follow us: https://ahead-of-the-threat.transistor.fm/subscribe

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https://www.youtube.com/watch?v=WB9bvr_Nf4w

MIL OSI Video –

March 27, 2025
MIL-OSI Video: What the HECK is an OE254 anyway?

Source: US Army (video statements)

by Defense Media Activity

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #BeAllYouCanBe

https://www.youtube.com/watch?v=EEw5xG1Do58

MIL OSI Video –

March 27, 2025
MIL-OSI New Zealand: Legal and Governance Sectors – Janine Stewart: No Success without Succession

Source: Institute of Directors NZ

Tāmaki Makaurau Auckland-based Janine Stewart MInstD started her legal career in property litigation before moving into construction and infrastructure. Today, she is a specialist in construction and infrastructure, property and project disputes, and a partner at Minter Ellison Rudd Watts.

Stewart says the construction industry interacts with many facets of law, including contract, negligence and equity.

“You also see construction and infrastructure projects all around you . . . it’s very tangible and requires quite a lot of critical thinking and a solutions-focused approach where problem solving is at its core,” she says.

It’s also the reason governance appealed to her. Stewart’s first experience of governance was as part of an advisory panel providing advice to the Ministry of Business and Innovation (MBIE) on construction issues and the Building Act. She says the panel ran in a similar way to a board and broadened her perspective beyond her practice and full-time work. It also aligned with her skill set.

“I really enjoyed that. I could bring what I knew from my practice to the panel – and the panel insights to my practice,” she says.

Stewart currently sits on two boards – Minter Ellison Rudd Watts, and Mercy Ships – an international organisation that brings medical care to low-income countries.

“I traveled to Dallas in place of the chair of Mercy Ships in 2017 (who was unable to attend the international board meeting) to focus on the vision and strategy of its 16 offices – that just sealed it for me,” Stewart says.

Being part of ‘the bigger picture’ and focusing on the vision, purpose and strategy of an organisation – and testing it operationally – keeps her engaged. For Stewart, having had her hand in construction-based board roles also enables her to bring deep knowledge and fresh thinking to an industry she describes as having its own level of complexity.

One of the bigger cases she has worked on in her legal practice was against Mainzeal prior to its liquidation.

“Mainzeal’s demise significantly impacted the shape of my practice because I was very focused on a major piece of litigation against it,” she says of the case.

When Mainzeal went into insolvency and the litigation wound down, this shifted the focus of her business to navigating tensions and disputes in ‘live’ projects.

Overall, Stewart says large scale projects in the industry carry greater risk. Construction companies are not typically ‘asset heavy’, instead, “construction company assets tend to be in their goodwill, their people, and/or in their pipeline and projects”.

“You must be cognisant of these specific features of construction companies if you are on these types of boards because you must test the company’s ability to meet obligations on an ongoing basis against this framework,” says Stewart, who has conducted training with contractors and subcontractors on solvency-related issues that derive from late or failed payments.

“So, you do need to focus on cash flow and your ability to meet the solvency test to comply with your ongoing obligations, because you don’t necessarily have that direct and material asset base to draw on when cash flow might be tight.”

If directors and boards aren’t comfortable with the financial information provided, Stewart recommends asking questions and/or seeking external expertise.

“You don’t have to be a forensic accountant, it’s having that confidence to call for external expert help when you need it,” Stewart says.

For directors across all industries, the Mainzeal case, according to Stewart, highlighted the importance of skill sets around the board table and the need for succession planning.

“I think those points have really come into focus since Mainzeal because the financial state of affairs . . . were dire at the time. Had they reflected on whether they should have gotten expert advice, or [decided whether to] step down, I wonder how that would have impacted their liability.”

As a result, today,‘liability’ might reverberate more forcefully in the governance landscape regardless of the type of board or industry.

But directors can guard themselves against risk by expanding their knowledge. Likening the need for continuous self-development to training at the gym or being in a relationship, Stewart says work is required. And the same is true of any board role. “You need to continue to work to improve yourself.”

In 2020, Stewart attended the Institute of Directors (IoD) Company Directors’ Course and, more recently, attended the Advanced Directors Course where she says the critical thinking, and self-reflection around your values as a director and what you bring to the board table, appealed.

“I had recently joined [the Minter Ellison Rudd Watts] board and I liked the focus on critical thinking on the course because that’s something I can also bring into my legal practice and around the board table,” says Stewart, who is also looking to expand her governance portfolio.

“[In the course], there was a big focus on climate, behaviours and younger people coming onto boards and making sure they’re heard, and that the board is essentially doing the best job it can.”

She says while some might dismiss development programmes, she reinforces the importance of ‘testing yourself’ and for boards to have regular board evaluations. As for identifying when it’s the right time to step down from a role, deep self-reflection and asking yourself some hard questions are necessary.

“There is a risk in people staying too long and holding onto their board roles. There’s also an important aspect of maintaining institutional knowledge, so it’s about striking a balance to ensure you’re bringing your best self to the table.”

‘Groupthink’ can also increase a board’s risk, especially where younger or new directors join the board and are shut down or dismissed by established members if they raise concerns or challenge the board.

“Groupthink just continues . . . but you have to think about how you might create a board culture that reduces the risk of that happening, and, when it does, make sure you’re prepared to deal with it because nothing’s perfect.”

One thing Stewart would like to see more of at board tables across Aotearoa is “more listening”.

“And take a pause before putting forward your view . . . I think we are sort of wired to speak quickly, and we need to take the time to listen and pause and respond, rather than react.”

MIL OSI New Zealand News –

March 27, 2025
MIL-OSI USA: SBA Announces Visa as Platinum Cosponsor for National Small Business Week 2025

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration (SBA) announced that Visa will participate as a platinum cosponsor for National Small Business Week, taking place May 4-10, 2025. Visa has cosponsored National Small Business Week for multiple years, and as a returning cosponsor, remains committed to supporting the success of America’s entrepreneurs and job creators.

“SBA is grateful for the private-sector sponsors who make National Small Business Week possible,” SBA Administrator Kelly Loeffler said. “Across every industry, big businesses rely on small businesses every day – and when we empower our local entrepreneurs, our entire economy benefits. By helping to promote small businesses, our cosponsors are highlighting the innovation, dedication, and importance of America’s job creators – while supporting the resources and opportunities to help them thrive.”

For more than 60 years, National Small Business Week has served as the SBA’s annual tribute to America’s small businesses and innovative startups, who serve as the tireless engine of our economy and the backbone of our communities. Visa’s ongoing support for this week-long celebration aligns with the company’s mission to remove barriers and connect more people to the global economy. Visa provides a suite of products, solutions and educational offerings tailored to meet the needs of small business owners.

“Small businesses are more than storefronts – they’re the people, ideas and energy that shape our communities and drive local economies forward,” said Denise Press, Head of Small Business, NA, Visa Commercial Solutions. “Visa is proud to sponsor National Small Business Week, bringing these incredible entrepreneurs center stage and supporting their growth every step of the way.”

Details on National Small Business Week, the virtual summit and national awards ceremony on May 5 are featured on National Small Business Week and will be updated as additional information and activities are confirmed. Local events will be featured on Find upcoming events and are identifiable by searching with #SmallBusinessWeek.

# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Cosponsorship Authorization #24-44-C SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

MIL OSI USA News –

March 27, 2025
MIL-OSI: Development of the Annual General Meeting of the BANK of Greenland
Source: GlobeNewswire (MIL-OSI)

Today, the BANK of Greenland held its Annual General Meeting in accordance with the Articles of Association and the previously published notice convening the meeting.

The Annual General Meeting was attended by shareholders representing 1,165,411 votes, of which 544,852 votes were given by proxy to the Board of Directors and 90,246 votes were covered by instructions to holders of power of attorney.
1. The Board of Directors’ Report on the Bank’s activities during the past year
The Chairman of the Board of Directors Gunnar í Liða presented the Board of Directors’ report on the Bank’s activities during the past year. The report of the Board of Directors was noted. The Chairman’s report can be viewed on the Bank’s website at www.banken.gl. The minutes of the Annual General Meeting will also be published on the Bank’s website no later than 14 days after the Annual General Meeting is held.
1. Approval of the Annual Report for 2024, notification of discharge of the Board of Directors and Executive Management, approval of the remuneration of the Board of Directors, and allocation of profit or cover of losses in accordance with the approved Annual Report
The Annual Report for 2024, which shows a resultat after tax of DKK 209 million, equity of DKK 1,593 million and total assets of DKK 10,021 million, was approved as it was submitted. The Board of Directors and the Executive Management were discharged from their obligations.
The Board of Directors’ proposal for the allocation of profit or cover of losses was approved, including the Board of Directors’ recommended dividend of DKK 100 per share.
1. Proposal from the Board of Directors for authorisation to acquire own shares
The Board of Directors’ proposal, for a period up to 1 March 2030, and within 10% of the share capital, to let the Bank be authorised to acquire own shares, was approved.
1. Proposal for amendments to the Articles of Association: New article 5 concerning capital reserves and amendment to article 9 concerning deadline
The Board of Directors’ proposed amendments to the Bank’s Articles of Association were approved.
1. Proposal for amendment of the Remuneration Policy
The Board of Directors’ proposal to amend the remuneration policy was approved
1. Proposal to an indicative vote of the remuneration report
The general meeting approved the remuneration report for 2024 at the indicative voting.
1. Election to the Board of Directors
Gunnar í Liða was re-elected to the Board of Directors for a two-year period.
Pia Werner Alexandersen and Gert Jonassen were elected for a two-year period.

The Board of Directors also consists of Kristian Lennert, Maliina Bitsch Abelsen and Peter Angutinguaq Wistoft as well as the employee-elected members Peter Fleischer Rex, Pilunnguaq Kristiansen and Tulliaq Olsen.

At the subsequent meeting of the Board of Directors, the Board of Directors elected Gunnar í Liða as Chairman and Kristian Frederik Lennert as Vice Chairman.
1. Election of auditor
Deloitte, Statsautoriseret Revisionspartnerselskab, was re-elected as auditor for one year.
1. Any other business
There were no items for consideration under any other business.

BANK of Greenland
Gunnar í Liða
Chairman of the Board of Directors

Attachment
- 05.Referat af Generalforsamling 2025_UK
The MIL Network –
March 27, 2025
MIL-Evening Report: Early exposure to air pollution could affect brain development and mental health later in life: new research
Source: The Conversation (Au and NZ) – By Matthew Hobbs, Associate Professor and Transforming Lives Fellow in Spatial Data Science and Planetary Health, Sheffield Hallam University

Getty Images

Exposure to air pollution in early life could have lasting effects on child development and mental health in adolescence, according to our recent study.

We integrated air pollution data with existing longitudinal data from the Christchurch Health and Development Study (CHDS). The CHDS has followed more than 1,200 children born in the city in 1977, with a strong focus on developmental and mental health outcomes.

Our aim was to examine how exposure to air pollution shapes development and mental health in later childhood and adolescence. We found an increased risk of attention problems, conduct issues, lower educational attainment and substance abuse in adolescence associated with higher exposure.

Existing evidence often focuses on adulthood. However, by tracking air pollution exposure from the prenatal period to the age of ten, and linking this data to subsequent cognitive and mental health outcomes, we were able to highlight the long-term consequences of growing up in polluted environments.

Air pollution is one of the leading environmental contributors to disease, especially respiratory and cardiovascular conditions. Children are especially vulnerable to air pollution because their brains and bodies are developing.

A growing body of evidence suggests air pollution could affect brain development, educational attainment and mental health, contributing to depression, anxiety and conduct or attention problems. Despite this, few studies have tracked long-term exposure to air pollution from early childhood.

Patterns of exposure

We chose to conduct this research in Christchurch because the city is a historical air-pollution hotspot, with a documented history of measurements, and because of its long-running birth cohort study.

The CHDS collects detailed information on participants’ health, development, education and family backgrounds from prenatal into adulthood.

The city of Christchurch now enjoys much better air quality, but it was an air-pollution hotspot in the past.
Flickr/Larry Koester, CC BY-SA

For this study, we linked historical air-pollution data, measured as the concentration of black smoke from 1977 to 1987, to residential locations of birth cohort members. This allowed researchers to estimate each child’s annual exposure to air pollution during key developmental periods.

We found four distinct patterns of air-pollution exposure across childhood (see graph below):
- consistently low (these children had the lowest levels of air pollution throughout childhood)
- consistently high (this groups had the highest levels of air pollution from birth to the age of ten)
- elevated preschool (exposure peaked between ages three to six and then declined)
- high prenatal and postnatal (high exposure before and immediately after birth, but declining later).
We then examined whether children in the higher exposure groups were more likely to experience adverse impacts on cognition, educational achievement and mental health in later childhood and adolescence.

We adjusted for a range potential confounders such as socioeconomic status, neighbourhood disadvantage and parental characteristics.

We found children with elevated pre-school exposure had poorer educational attainment and a higher likelihood of conduct disorders and substance abuse problems. High prenatal and postnatal exposure was linked to a greater risk of attention problems as well as substance abuse in adolescence.

Children with persistently high air-pollution exposure were more likely to develop attention problems and had higher odds of substance abuse issues in adolescence.

Researchers identified four different trajectory patterns of exposure to air pollution from the prenatal period through to the age of ten.
Author provided, CC BY-SA

What these findings mean

The effects of air pollution on several outcomes were small at an individual level, but they could be highly important at a population level.

This is because even small shifts in cognitive and mental health outcomes, when applied to entire populations of children exposed to poor air quality, could have major consequences affecting future educational achievement, workforce productivity and public health burdens.

These findings support previous research suggesting air pollution could affect brain function by causing inflammation, oxidative stress and affecting neurodevelopmental pathways. Importantly, they reinforce the idea that certain developmental periods, such as the prenatal period and early childhood, may be especially sensitive to pollution exposure.

We need further research to confirm our findings but potential considerations include reducing children’s exposure to air pollution and improving urban air quality by cutting emissions from vehicles, industry and residential heating.

We should also promote cleaner energy sources to decrease exposure to harmful pollutants such as nitrogen dioxide and fine particulate matter. Providing better access to green spaces may mitigate the impact of air pollution.

To strengthen public health and policy measures, we need stricter air quality regulations, particularly around schools and childcare centres. We should also implement air-quality monitoring in urban areas to identify high-risk zones for children.

Better public information is crucial to minimise indoor and outdoor pollution exposure. This could include the use of air purifiers for indoor activies or limiting outdoor exposure during peak pollution periods.

Further research and action

Our study highlights the need for more research on air pollution’s effects on children’s mental health and cognition, particularly in different environmental and socioeconomic contexts.

Policymakers, educators and healthcare professionals must consider air pollution as a potential risk factor for developmental challenges, not just a physical health concern.

Air pollution may not be visible in the same way as poor housing or inaccessible healthcare, but its impact on child development could be important at a population level.

Given the rising prevalence of mental ill health in young people and adults, tackling air pollution could be an overlooked but essential public health strategy for protecting future generations.

Associate Professor Matthew Hobbs receives funding from Health Research Council of New Zealand and the Clare Foundation, New Zealand.

Joseph Boden receives funding from the New Zealand Ministry of Business, Innovation and Enterprise, and the Health Research Council of New Zealand.

Lianne Jane Woodward and Susie (Bingyu) Deng do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Early exposure to air pollution could affect brain development and mental health later in life: new research – https://theconversation.com/early-exposure-to-air-pollution-could-affect-brain-development-and-mental-health-later-in-life-new-research-252644
MIL OSI Analysis – EveningReport.nz –
March 27, 2025
MIL-Evening Report: Tiny robot tools powered by magnets could one day do brain surgery without cutting open the skull

Source: The Conversation (Au and NZ) – By Changyan He, Lecturer, School of Engineering, University of Newcastle

Photo supplied.

Most brain surgery requires doctors to remove part of the skull to access hard-to-reach areas or tumours. It’s invasive, risky, and it takes a long time for the patient to recover.

We have developed new, tiny robotic surgical tools that may let surgeons perform “keyhole surgery” on the brain. Despite their small size, our tools can mimic the full range of motion of a surgeon’s wrist, creating new possibilities for less-invasive brain surgery.

Tiny tools for brain surgery

Robotic surgical tools (around 8 millimetres in diameter) have been used for decades in keyhole surgery for other parts of the body. The challenge has been making a tool small enough (3mm in diameter) for neurosurgery.

In a project led by the University of Toronto, where I was a postdoctoral fellow, we collaborated with The Hospital for Sick Children (SickKids) in Canada to develop a set of very small neurosurgery tools.

The tools are only about 3mm in diameter. In a paper published in Science Robotics, we demonstrated these tools could grip, pull and cut tissue.

Their extremely small size is possible as they are powered not by motors but by external magnetic fields.

Three magnetic tools: a cutter, a gripper and forceps.
Changyan He

Current robotic surgical tools are typically driven by cables connected to electric motors. They work in much the same way as human fingers, which are manipulated by tendons in the hand connected to muscles in the wrist.

However, pulleys smaller than several millimetres wide to control the instruments are weak and prone to friction, stretch and fracture. This creates challenges in scaling down the instruments, because of difficulties in making the parts of the system, assembling the mechanisms and managing friction in the cables.

Magnetic controls

The new robotic system consists of two parts. The first is the tiny tools themselves: a gripper, a scalpel and a set of forceps. The second part is what we call a “coil table”, which is a surgical table with several electromagnetic coils embedded inside.

In this design, the patient would be positioned with their head on top of the embedded coils, and the robotic tools would be inserted into the brain via a small incision.

Patients would lie on a ‘coil table’ containing magnets which are used to control the surgical tools.
Changyan He

By altering the amount of electricity flowing into the coils, we can manipulate the magnetic fields, causing the tools to grip, pull or cut tissue as desired.

In open brain surgery, the surgeon relies on their own dexterous wrist to pivot the tools and tilt their tips to access hard-to-reach areas, such as removing a tumour inside the central cavity of the brain. Unlike other tools, our robotic neurosurgical tools can mimic this with “wristed” movements.

Surprising precision

We tested the tools in pre-clinical trials where we simulated the mechanical properties of the brain tissue they would need to work with. In some tests, we used pieces of tofu and raspberry placed inside a model of the brain.

We compared the performance of these magnetically operated tools with that of standard tools handled by trained surgeons.

We found the cuts made with the magnetic scalpel were consistent and narrow, with an average width of 0.3–0.4mm. That was even more precise than those from traditional hand tools, which ranged from 0.6 to 2.1mm.

The magnetic scalpel, shown slicing some tofu inside a model of the brain, can make cuts more precise than those done with traditional tools.
Changyan He

As for the grippers, they could pick up the target 76% of the time.

The magnetic grippers (shown here picking up some raspberry) were successful 76% of the time.
Changyan He

From the lab to the operating room

We were surprised by how well the robotic tools performed. However, there is still a long way to go until this technology could help patients. It can take years, even decades, to develop medical devices, especially surgical robots.

This study is part of a broader project based on years of work led by Eric Diller from the University of Toronto, an expert on magnet-driven micro-robots.

Now, the team wants to make sure the robotic arm and magnetic system can fit comfortably in a hospital operating room. The team also wants to make it compatible with imaging systems such as fluoroscopy, which uses x-rays.
After that, the tools may be ready for clinical trials.

We’re excited about the potential for a new era of minimally invasive neurosurgical tools.

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

– ref. Tiny robot tools powered by magnets could one day do brain surgery without cutting open the skull – https://theconversation.com/tiny-robot-tools-powered-by-magnets-could-one-day-do-brain-surgery-without-cutting-open-the-skull-253042

MIL OSI Analysis – EveningReport.nz –

March 27, 2025
MIL-OSI NGOs: Trump vs. Plastic Pollution

Source: Greenpeace Statement –

Underwater image of a turtle with plastic on his head. © Troy Mayne / Oceanic Imagery Publications

In his first month back in the Oval Office, Trump made moves that sent shockwaves in the world of plastic pollution. First, there was the announcement of a 25% tariff on imported steel and aluminum, to which top global plastic polluter The Coca-Cola Company responded by announcing that they would produce even more plastic bottles to counter the increased price of aluminum cans. Then, there was the executive order to “bring America back” to plastic straws by ending federal procurement of paper straws. But perhaps the biggest blow came as unelected billionaire Elon Musk began efforts to dismantle the National Oceanic and Atmospheric Administration (NOAA), the government agency in charge of managing coastal and marine ecosystems, which are heavily threatened by plastic pollution.

While the paper straws announcement may have received far more media attention than it deserves, we cannot let such ridiculous symbolic distractions take our collective focus away from the most important issue here: the larger systemic crisis of dismantling key government institutions, such as NOAA, the Environmental Protection Agency (EPA), and the National Park Service (NPS) among others, which protect the public good. Make no mistake, our efforts to end plastic pollution will continue no matter what obstacles lie ahead. In the absence of strong government leadership to enact effective policies that can address this crisis at the source, however, the battle to end plastic pollution has certainly gotten longer. But it doesn’t have to be this way.

US Senator Chris Van Hollen (MD) at press conference to defend NOAA

Take the Coca-Cola announcement. Instead of responding to the rising cost of aluminum by scaling up plastic bottles, Coke could seize this moment as an opportunity to shift a greater portion of its packaging away from single-use altogether and invest in expanding its existing refillable and returnable packaging portfolio. In 2023, the company reported selling 14% of its total beverage volume in reusable packaging already! Coca-Cola is uniquely positioned to scale up its existing reuse systems that already operate successfully around the world. Refillable Coke bottles are used widely in large country markets such as India, Brazil, Chile, the Philippines, and Mexico, among others.

Similarly, Trump’s executive order about straws (unsurprisingly) misses the point. The debate between paper or plastic – whether it be straws, cups, or takeout containers – bypasses a much more important opportunity to move away from single-use disposable packaging altogether and expand reuse systems. Particularly in the case of packaging that comes into direct contact with food and beverages, both disposable plastic and paper alike have been found to contain harmful chemicals such as PFAS, phthalates, and bisphenols which are linked to a wide range of health issues. Arguing between paper or plastic is wasting precious time while we could be building large scale reuse systems that are better for the environment, human health, and the economy.

Coca-Cola pioneered the reusable glass bottle system in the 1940s with great success. It knows full well how to operate large-scale reuse and refill systems using glass, which, unlike plastic, poses no health risks to consumers. PET plastic bottles shed microplastics and contain harmful chemicals linked to cancer, hormone disruption, obesity, early puberty in children, reproductive health problems, and declining fertility. Chemicals in plastics cost Americans over $250 billion in annual healthcare. Coca-Cola is contributing to this public health crisis through its use of unsafe levels of antimony – a known carcinogen – and other chemicals in its PET plastic bottles.

From household brand names like Coca-Cola to bulk packaging manufacturers, businesses are failing to seize the significant economic advantages that come with shifting to reusables (which has just been made easier than ever thanks to recent FDA changes to the federal food code). Unlike what the plastic industry would like us to believe, reuse systems can, in fact, be much better for business than single-use. Converting just 20% of global plastic packaging into reuse models could represent a $10 billion business opportunity, according to the Ellen MacArthur Foundation’s Reuse: Rethinking Packaging report. The cost savings can be tremendous for even small businesses, which can save an average of $3,000 to $22,000 annually by transitioning from disposables to reusables. Even after accounting for upfront capital and labor costs, data from hundreds of case studies show that businesses that switch from single-use to reuse save money 100% of the time.

The majority of American voters – Democrats and Republicans – want action to cut plastic pollution and protect our health. And literally zero Americans voted for Elon Musk’s takeover of the federal government. Musk’s DOGE agency has been wreaking havoc for weeks, slashing programs and firing workers who oversee essential services. NOAA, the National Oceanic and Atmospheric Administration, is the latest victim as hundreds of employees were fired late February. The consequences of this may be dire for plastic pollution as well as broader oceans issues alike.

Many Americans interact with NOAA every day, maybe without even realizing it. NOAA provides vital services including weather and tide forecasts, extreme weather alerts, as well as fisheries and water quality data that keep people safe and allow businesses to thrive. One of NOAA’s most essential services include weather forecasts, which keep Americans informed about increasingly frequent and severe extreme weather events. In 2024, the USA’s hottest year on record, the cost for the U.S. of these disasters was at least $182.7 billion. NOAA’s timely forecasting saves lives and livelihoods. Losing NOAA’s essential services could result in even greater costs and higher loss of life following the ever increasing extreme weather events. Tourism, transportation, food, retail, and other businesses depend on NOAA to keep their doors open.

NOAA Fisheries uses the best available science to ensure safe, healthy food and to protect endangered species. When US consumers go to the supermarket to buy seafood, at least 80% of which is imported, NOAA Fisheries’s Seafood Import Monitoring Program (SIMP) is the filter that aims to prevent seafood fraud or seafood tainted with forced labor from ending up in people’s shopping baskets. Americans want to know what they are buying and feeding their families, and they support more transparency and traceability in seafood. At this time, the US government should be expanding this program and strengthening the enforcement of import controls to prevent market access of goods produced by illegal, unreported and unregulated fishing or forced labor. This would also better protect American seafood producers from unfair competition that relies on labor abuses and environmental destruction to keep costs low.

Thankfully, people are rising up in defense of NOAA, and Greenpeace USA is too. At a recent press conference organized by US Senator Chris Van Hollen (MD), climate and environmental advocates, scientists, and members of Congress, Greenpeace USA was there in solidarity – along with our life-sized sea turtle sculpture! Here she is front and center, despite the plastic straw in her nose and oil spill covering her shell, with a few new friends a sign that says it all: “Trump is polluting our democracy.” To take a stand in support of sea turtles and other endangered marine animals, add your name here to contact your Member of Congress to save NOAA’s programs that are critical to our oceans, coastal communities, and economies. If you represent an organization, you can also consider signing onto this letter to protect NOAA, joining the close to 500 other organizations from around the country. Together, our voices are stronger.

MIL OSI NGO –

March 27, 2025
MIL-OSI USA: Revitalizing Downtowns in Western New York

Source: US State of New York

overnor Kathy Hochul today announced that the Village of Cattaraugus will receive $10 million in funding as the Western New York winner of the eighth round of the Downtown Revitalization Initiative, and the Villages of Westfield and Angola will each receive $4.5 million as the Western New York winners of the third round of NY Forward. For Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward Program, each of the state’s 10 economic development regions are being awarded $10 million from each program, to make for a total state commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.

“Our state’s downtowns unite friends and families, and these investments will only help reshape neighborhoods to become more vibrant destinations for shopping, dining and living,” Governor Hochul said. “Through our Pro-Housing Communities Program, affordable housing opportunities will open up in neighborhoods across Western New York and local economies will thrive from these opportunities.”

To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 287 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $100 million in funding to cover infrastructure projects necessary to create new housing in Pro-Housing Communities, and a further $10.5 million for technical assistance to help communities seeking to foster housing growth.

Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 4,400 units of housing — 1,823 of which are affordable or workforce housing. The programs committed over $8.5 million to 11 projects that provide affordable or free child care and child care worker training. DRI and NY Forward have also invested in the creation of public parks, public art (such as murals and sculptures) and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.

$10 Million Downtown Revitalization Initiative Award for Cattaraugus
The Village of Cattaraugus is a vibrant community that is protected and tucked away, perched on a steep incline and sheltered by surrounding hills, productive farmlands and mature verdant forests. The original 19th century brick heart of the village, amazingly intact and a designated National Historic District, imbues a sense of history and character. Stores and businesses are locally owned, and the surrounding area abounds with hundreds of creative artists and artisans. The Village seeks to transform its historic red brick Main Street into a communal gathering place where our natural beauty, cultural heritage and small-town character converge to foster economic growth and enhance quality of life. The Village would become a regional attraction for dining and lodging using its industrial rail heritage to encourage outdoor recreation on its trails that will attract visitors and new residents to stay and enjoy the welcoming nature of the Village.

$4.5 Million NY Forward Award for Westfield
Westfield is a charming village that graces the southern shore of Lake Erie. This picturesque locale is defined by its stunning waterfront vistas and a wealth of recreational opportunities, inviting residents and visitors to embrace the natural beauty that surrounds them. Visitors and residents enjoy Westfield events like First Fridays, the Arts and Crafts Festival, the weekly Farmer’s Market, the Tour Chautauqua Cycling Event, the Grape and Wine Festival, Christmas in the Village, the Hot Toddy Crawl and the Christmas Cookie weekend. Historically, Westfield’s economy depended on agriculture and industry. Westfield’s vision is to cultivate a vibrant and sustainable community that celebrates its rich history, natural beauty and agricultural heritage while fostering economic growth, creating housing choices and celebrating diverse cultural activities in a safe and welcoming environment.

$4.5 Million NY Forward Award for Angola
Located within the Town of Evans, the waterfront cottage village of Angola is a tourism destination area that draws thousands of regional, national and international visitors each year. While the Town benefits from its lakefront, the Village possesses entertainment options that are attractive to visitors like festivals, art attractions and more. The Village seeks to capitalize on community strengths and its strategic location near key assets — waterfront, rich history and natural resources — to create a unique and vibrant downtown destination in the rural Southtowns of Erie County. Leveraging the historic Angola Theater as the anchor, the Village will bolster the local economy and quality of life through its quaint historic buildings, creative visual and performing arts, unique retail and special events.

New York Secretary of State Walter T. Mosley said, “Governor Hochul recognizes that when we are investing in our communities, we can positively impact not just that community, but the entire region. And that’s exactly what will happen for these three communities receiving awards from our Downtown Revitalization Initiative and NY Forward program. We can’t wait to see how these investments will make Cattaraugus, Westfield, Angola and the entire Western New York region flourish.”

Empire State Development President, CEO and Commissioner Hope Knight said, “The three Western New York communities selected to be reinvigorated by the latest round of Governor Hochul’s Downtown Revitalization Initiative and NY Forward programs each have unique projects that will boost business, create new housing, improve quality of life for local families, and attract new visitors. We congratulate the Villages of Cattaraugus, Angola, and Westfield for submitting solid plans to improve their downtowns by making smart investments in the existing assets. We are excited to see your blueprints for revitalization become a reality.”

New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $19 million DRI and NY Forward award represents monumental investment in the villages of Cattaraugus, Westfield and Angola, that will assist these three picturesque communities as they increase housing supply while transforming their downtowns to increase vibrancy and bring modern improvements to historic surroundings. This commitment to Western New York is only the latest example of Governor Hochul’s focus on enhancing communities and creating economic opportunities in all of New York’s regions.”

Western New York Regional Economic Development Council Co-Chairs Steve Stoute and Eric Reich said,“These investments mark a significant step in the revitalization of these vibrant communities. Each village boasts a rich history and cultural heritage, and this funding will help unlock their full potential, while enhancing economic growth, fostering sustainability, and creating welcoming destinations for both residents and visitors. By preserving their distinct character while promoting long-term development, the funding will strengthen local economies and ensure a lasting impact for generations to come. The council extends its gratitude to Governor Kathy Hochul for her steadfast support through the Downtown Revitalization Initiative and the NY Forward program, and we look forward to witnessing the transformative outcomes of these investments.”

Village of Cattaraugus Mayor Anthony Nagel said, “The Village of Cattaraugus is deeply honored to receive the Downtown Revitalization Initiative grant, a transformative investment in our community’s future. This funding will enable us to revitalize our infrastructure, support local businesses, and enhance the overall quality of life for our residents and visitors. We extend our sincere gratitude to Governor Hochul for recognizing the potential of our village and making this significant investment. With this grant, we are committed to preserving our heritage while fostering a stronger, more vibrant future for generations to come.”

Village of Westfield Mayor Dennis Lutes said, “On behalf of the Village of Westfield, I am deeply honored that we have been selected as recipients of a NY Forward grant. We extend our heartfelt gratitude to Governor Kathy Hochul for her leadership and for establishing the NY Forward program to support small communities like ours. This investment marks a pivotal moment for Westfield, providing us with an incredible opportunity to revitalize our village and build upon the progress we have already made. We are truly grateful to Governor Hochul, Department of State, the Western New York Regional Economic Development Council, Empire State Development, the Westfield Development Corporation, and all the dedicated stakeholders who contributed to making this application a success. Their hard work and commitment to our community are greatly appreciated.”

Village of Angola Mayor Thomas M. Whelan said, “I am deeply grateful for the opportunity to receive the NY Forward grant. This funding will have a transformative impact on our community, enabling us to revitalize key areas and enhance the quality of life for our residents, businesses, and visitors. The NY Forward grant reflects New York State’s steadfast commitment to supporting small communities like ours, fostering growth, and driving meaningful progress. We are honored to be a recipient of this initiative and eager to put these funds to work for the betterment of our village. I sincerely appreciate Governor Kathy Hochul and her team for their support and belief in our vision. Her dedication to strengthening small communities is truly inspiring, and we look forward to working together to bring our vision to fruition.”

Cattaraugus, Westfield and Angola will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the eﬀort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community’s vision for their downtown and that can leverage and expand upon the state’s investment.

The Western New York Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.

About the Downtown Revitalization Initiative
The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.

About the NY Forward Program
First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program will have awarded a total of $300 million to 60 communities across every region of the State.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: Clean Energy Investments That Fueling Economic Growth

Source: US State of New York

overnor Kathy Hochul today announced economic development awards to 14 firms that will spur nearly $200 million in capital investments and support 1,833 jobs in New York State. The awards, approved by the New York Power Authority (NYPA) Board of Trustees today, included statewide ReCharge NY power allocations to 11 companies, including electric school bus company Micro Bird and two Western New York hydropower allocations to Big Heart Pet Brands and Rosina Food Products in Erie County. Additionally, the NYPA trustees approved a hydropower allocation to the Village of Marathon in Cortland County to support Square Deal Machining’s expansion project.

“New York’s clean energy investments are fueling economic growth, creating jobs, and strengthening communities across the state,” Governor Hochul said. “By leveraging NYPA’s low-cost hydropower and ReCharge NY, we are driving nearly $200 million in private investment and ensuring that businesses – including Plattsburgh-based electric bus manufacturer Micro Bird – can expand, compete, and thrive right here in New York.”

ReCharge NY
The Board of Trustees approved allocations of nearly 5.2 megawatts (MW) of low-cost power under the Power Authority’s ReCharge NY program that will be directed to 11 companies in the Finger Lakes, Central New York, Mohawk Valley, Hudson Valley, New York City, North Country and Western New York.

Included among the awards is a low-cost power allocation to Micro Bird, the largest manufacturer of small school buses in North America. The firm builds both electric and non-electric small and mid-sized school and commercial buses. The manufacturer was awarded a 640-kilowatt (kW) ReCharge NY power allocation to expand manufacturing at its Plattsburgh site and double its current production capacity.

In November 2024, Governor Hochul announced Micro Bird acquired a Plattsburgh production facility from Nova Bus, providing employees with the opportunity to transition to similar employment positions at Micro Bird. The NYPA economic development award to Nova Bus builds on Governor Hochul’s commitment to grow manufacturing and continue investments that support the transportation and green economy sectors.

NYPA President and CEO Justin E. Driscoll said, “The expansion of Micro Bird bus company in the North Country, supported by a low-cost ReCharge NY power allocation, is a prime example of NYPA’s commitment to help keep and create jobs in New York State. NYPA’s low-cost hydropower is an economic driver in communities across the state, providing the resources needed for businesses to grow and succeed, and today’s awards will build on that work, creating jobs from Plattsburgh to Buffalo.”

ReCharge NY has strengthened New York State’s economy by encouraging companies to retain and create jobs, while sparking capital investment throughout the state. ReCharge NY offers power contracts with terms up to seven years. Half of the power—455 MW—is from NYPA’s Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants. The remaining 455 MW is lower-cost power bought by NYPA on the wholesale market.

A full list of today’s ReCharge NY power allocations and economic development awards is available.

Western New York Hydropower
At today’s meeting, the NYPA board approved low-cost Niagara hydropower allocations for Big Heart Pet Brands and Rosina Food Products.

Big Heart, a Buffalo-based manufacturer and distributor of pet food products—including Milk-Bone, Meow Mix, Pup-Peroni, Canine Carry Outs, and Milo’s Kitchen—was awarded 700 kW of Niagara hydropower to support a nearly $53 million expansion that will create 17 jobs. The project includes the relocation of the firm’s Soft & Chewy dog treat brand to a larger space within its facility and the addition of processing equipment to support a new production line. Subsequently, the current location of the Soft & Chewy processing equipment would be used to produce other dog biscuits. The expansion—which includes the construction of a nearly 900 square-foot meat storage freezer and purchase of new machinery and equipment—will significantly expand the Soft & Chewy product line while adding approximately 20,000 tons of additional dog biscuit capacity.

Rosina Food Products, a Buffalo-based manufacturer of Italian-style frozen food products, was awarded 4,500 kW of Niagara hydropower for expansions at its West Seneca facilities. Rosina’s project includes a 30,000 square-foot expansion of its frozen meatball production plant and the associated purchase of grinders, mixers, meatball formers, ovens, freezers, and packaging equipment to increase capacity. Additionally, Rosina plans to increase the capacity of its tortellini and ravioli manufacturing. Rosina will construct a new, 30,000 square-foot addition for pasta production equipped with new mixers, extruders, tortellini and ravioli formers, blanchers, freezers, and packaging and boxing machines. In total, Rosina’s expansion will total $50 million and lead to the creation of 95 jobs.

NYPA Chairman John R. Koelmel said, “The approval of Niagara hydropower allocations for Big Heart Pet Brands and Rosina Food Products highlight the critical role that NYPA plays in bolstering the economic landscape of Western New York. These allocations support significant investments in our communities and create meaningful job opportunities for our residents. NYPA’s economic development efforts continue to contribute to the prosperity and development of our local communities and strengthen the business environment across New York.”

Low-cost Niagara hydropower is available for eligible companies located within a 30-mile radius of the Power Authority’s Niagara Power Project and in Chautauqua County.

Industrial Economic Development Program
Also at today’s meeting, the NYPA board approved a 350-kilowatt low-cost hydropower allocation to the Village of Marathon in Cortland County under the Power Authority’s Industrial Economic Development program (IEDP).

Square Deal Machining, a Marathon-based machine shop that offers comprehensive metal fabrication, machining and welding services, is planning to construct a 30,000 square-foot addition at their current facility. As part of their expansion, the firm will install four robotic weld cells, six hand weld cell areas, overhead cranes, shipping racks, and purchase additional fork trucks and materials. As a result of the $3.5 million project, Square Deal will create 24 jobs. Square Deal is an existing IEDP customer, employing 165 people in the region.

IEDP comprises 54 MW of the more than 768 MW of hydropower allocated to the 51 municipal and rural electric cooperative systems around New York State. Power under the program is allocated to individual municipal systems to meet the increased electric load resulting from eligible new or expanding businesses in their service area.

Empire State Development President, CEO and Commissioner Hope Knight said, “With ESD and NYPA support, we are proud to see multiple projects moving forward. In addition to today’s NYPA award, ESD has previously provided incentives to Rosina Foods and looks forward to supporting the growth of Big Heart Pet Brands in Buffalo. Both of these well-known companies are proven job creators in their communities. These strategic investments will support their expansion and solidify their future business in Western New York.”

State Senator Patrick M. Gallivan said, “The expansion of Rosina’s West Seneca facility is testament to the company’s ongoing commitment to Western New York and the strength of the local workforce. NYPA’s support of this project and others sends a positive message about the role of manufacturing in our region and the important relationship between the public and private sector when it comes to economic development and helping businesses succeed.”

State Senator April Baskin said, “It is always welcome news to learn about job expansions and capital investments in my district and throughout our state. Thanks to NYPA support, considered under its diversity, equity, and inclusion plan, Big Heart is able to expand not only their manufacturing capabilities but also the company’s work force. This innovative collaborative effort results in companies becoming even stronger and the customer base better served.”

Assembly Majority Leader Crystal Peoples-Stokes said, “The New York Power Authority’s support of a firm based in the 141st Assembly District, through its D.E.I. evaluation plan is a big deal. The hydropower supports the expansion of facilities and capacity and, in a big picture sense, supports economic development on Buffalo’s east side.”

Assemblymember Patrick Burke said, “I’m pleased to see continued growth in our region, thanks to smart investments like the one from Rosina Food Products. Their expansion in West Seneca, supported by low-cost Niagara hydro-power, will create new jobs and provide a boost to our local economy. This is exactly the kind of growth we need to strengthen our community and provide more opportunities for Western New Yorkers. The availability of affordable, renewable, and clean hydro-power is a key asset for businesses here, helping them expand, stay competitive, and invest in our workforce. This allocation demonstrates how the power of Niagara Falls is not only an economic engine for New York State but also a vital resource for driving growth and job creation in our region, all while supporting sustainable energy solutions.”

Assemblymember Didi Barrett said, “It is critical that we provide support and resources to help our small businesses decarbonize as we work to reach our climate goals. I am very pleased to see these affordable energy investments reaching across the state, including for small businesses in my Hudson Valley district.”

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

About NYPA
NYPA is the largest state public power organization in the nation, operating 17 generating facilities and more than 1,550 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit  www.nypa.gov  and follow us on  Twitter,  Facebook, Instagram,  Tumblr  and  LinkedIn.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: Alaska Businesswoman Sentenced for Tax Evasion Scheme

Source: US State Government of Utah

An Alaska woman was sentenced yesterday to 12 months in prison for evading taxes on income she earned from the business she operated.

According to court documents and statements made in court, Tina H. Yi, was the sole owner and operator of SJ Investment LLC, a hotel, bar, and liquor store in Nome, Alaska, that did business as Polaris HBL. Yi created the business in approximately April 2007 and operated it until approximately October 2017, when the property was destroyed in a fire.

From approximately 2014 to 2018, Yi maintained two sets of financial records relating to the business’s income and expenses, one of which accurately captured SJ Investment’s income and expenses, and one that understated the business’s income. Yi provided the false records to her accountant to prepare her tax returns. As a result, her 2014 through 2018 tax returns were false.

Yi caused a total tax loss to the IRS of over $550,000.

In addition to her prison sentence, U.S. District Judge Timothy M. Burgess for the District of Alaska ordered Yi to serve three years of supervised release. The court will determine restitution at a later date.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Michael J. Heyman for the District of Alaska made the announcement.

IRS Criminal Investigation investigated the case.

Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Tom Bradley for the District of Alaska are prosecuting the case. Former Tax Division Trial Attorney Ahmed Almudallal assisted with the prosecution.

MIL OSI USA News –

March 27, 2025
MIL-OSI Security: Alaska Businesswoman Sentenced for Tax Evasion Scheme

Source: United States Attorneys General 1

An Alaska woman was sentenced yesterday to 12 months in prison for evading taxes on income she earned from the business she operated.

According to court documents and statements made in court, Tina H. Yi, was the sole owner and operator of SJ Investment LLC, a hotel, bar, and liquor store in Nome, Alaska, that did business as Polaris HBL. Yi created the business in approximately April 2007 and operated it until approximately October 2017, when the property was destroyed in a fire.

From approximately 2014 to 2018, Yi maintained two sets of financial records relating to the business’s income and expenses, one of which accurately captured SJ Investment’s income and expenses, and one that understated the business’s income. Yi provided the false records to her accountant to prepare her tax returns. As a result, her 2014 through 2018 tax returns were false.

Yi caused a total tax loss to the IRS of over $550,000.

In addition to her prison sentence, U.S. District Judge Timothy M. Burgess for the District of Alaska ordered Yi to serve three years of supervised release. The court will determine restitution at a later date.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Michael J. Heyman for the District of Alaska made the announcement.

IRS Criminal Investigation investigated the case.

Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Tom Bradley for the District of Alaska are prosecuting the case. Former Tax Division Trial Attorney Ahmed Almudallal assisted with the prosecution.

MIL Security OSI –

March 27, 2025
MIL-OSI: Vicor releases a DCM™ family of regulated 48V to 12V DC-DC converters

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., March 26, 2025 (GLOBE NEWSWIRE) — Vicor has released a new DCM family that supports 48V-centric power delivery networks with greater system efficiency and performance. The DCMs (DCM3717 and DCM3735) range in power levels from 750W up to 2kW and provide an industry-leading power density of 5kW/in³. Power system designers requiring scalable solutions can parallel devices for higher power capability.

^{Vicor DCM3717 and DCM3735, non-isolated regulated 48V-12V converters ease the migration to 48V power delivery. (Download high res image)}

Learn more about the Vicor DCM3717 and DCM3735.

Follow Vicor on Social Media
Twitter: @VicorPower »
Vicor Corporation on LinkedIn »

About Vicor Corporation
Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high-performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, aerospace and defense. www.vicorpower.com

Vicor is a registered trademark and DCM™ is a trademark of Vicor Corporation.

Contact
Stephen Germino
Director of Media Relations
978 749-8243

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f49cfb9-b938-4667-af76-da4fcac5eb22

The MIL Network –

March 27, 2025
MIL-OSI: MRF 2025 Resource Limited Partnership Final Closing April 29, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Middlefield, on behalf of MRF 2025 Resource Limited Partnership (“MRF 2025” or the “Partnership”), is pleased to announce that it has completed the second closing of the initial public offering of MRF 2025 Class A and Class F units for total gross proceeds of $5.0 million. The maximum offering size is $50 million. The offering is being made in each of the provinces of Canada. The Partnership intends to have a third and final closing on April 29, 2025.

The objectives of the Partnership are to provide investors with capital appreciation and significant tax benefits to enhance after-tax returns to limited partners, including the deductibility of 100% of their original investment. The Partnership intends to achieve these objectives by investing in an actively managed, diversified portfolio comprised primarily of equity securities of Canadian companies involved in the resource sector.

Middlefield is a leading provider of flow-through share funds in Canada and has a strong track record of delivering positive after-tax returns. Since 1983, Middlefield has sponsored 70 public and private flow-through funds and has acted as agent or manager for over $2.5 billion of resource investments.

The syndicate of agents for the offering is being co-led by CIBC Capital Markets and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Richardson Wealth Limited, Manulife Securities Incorporated, iA Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Wellington-Altus Private Wealth Inc.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

The MIL Network –

March 27, 2025

MIL-OSI Canada: Alberta taps into Germany’s markets

Source: Government of Canada regional news

Minister Jones will participate in a trade mission to Germany from March 28 to April 4 to support market diversification, promote Alberta as a desirable investment destination and strengthen trade partnerships.

During this mission, Minister Jones will meet with European companies, potential investors and government officials to discuss investment and trade opportunities. This mission will focus on investment attraction in several high-value, in-demand sectors, including advanced manufacturing and technology and innovation.

“Alberta stands out as a top global destination for trade and investment, offering Canada’s most business-friendly environment, a competitive tax system, a highly skilled workforce and a thriving research and innovation sector. I am looking forward to showcasing Alberta’s world-class products, energy and innovation to our partners in Germany.”

Matt Jones, Minister of Jobs, Economy and Trade

While in Germany, Minister Jones will participate in Hannover Messe 2025, a leading industrial trade show with a focus on advanced manufacturing, innovation and clean technology. A delegation of more than 50 Alberta companies, organizations, partners and post-secondary institutions will join Minister Jones at Hannover Messe to demonstrate their solutions and establish new business partnerships.

Government-led trade missions enhance Alberta’s market access and help Alberta businesses diversify into new international markets. By supporting Alberta companies and organizations in global markets, the government helps connect innovators and entrepreneurs with contacts, buyers, partners and investors to promote their products and expand Alberta’s exports internationally.

Minister Jones will be joined by one government staff member. Mission expenses will be posted on the travel and expense disclosure page.

Alberta’s government is committed to working with its national and international partners to advance shared interests that can lead to new opportunities for people and businesses in Alberta and around the world.

Quick facts

Germany is Alberta’s eighth-largest trading partner, highlighting its significance in the province’s international trade network.
Alberta and Germany maintain a strong trade relationship, with total trade reaching C$865 million in 2024.
From 2020 to 2024, Alberta’s exports to Germany averaged $117 million annually.
In 2024, Alberta exported $95 million worth of goods to Germany.
- Top exports included canola ($11.1 million), carbon and carbon products ($9.9 million), radio navigation equipment ($8.8 million), packaged pet food ($8.5 million) and aerials and reflectors ($7.2 million).
In 2024, Alberta imported $770 million worth of goods from Germany.
- The top imports were parts for cranes and work trucks ($27.3 million), measuring instrument parts ($16.3 million), gas turbine components ($16.3 million), gears, speed changers and torque converters ($13.5 million) and control panels ($12.6 million).
As of 2023, Germany is the fourth-largest foreign investor in Canada, and second among European countries, with a direct investment valued at $42 billion.
Trade missions to priority markets are one way Alberta’s government is helping small- and medium-sized businesses get their products to international markets, making Alberta’s economy more resilient.

Itinerary for Minister Jones*

March 28	Travel to Hannover, Germany
March 29 – April 1	Meetings and briefings with government and industry leaders
March 31 – April 2	Participate in Hannover Messe 2025
April 2	Travel to Düsseldorf, Germany
April 2 – 3	Meetings and briefings with government and industry leaders
April 4	Return to Alberta

*Subject to change

Related information

Hannover Messe

MIL OSI Canada News –

March 27, 2025

MIL-OSI: American Rebel Beverage Pre-Launch Efforts and Launch Event at MAPS Air Museum with Tramonte Distributing of Ohio Leads to Record Breaking Initial Account Acquisition for American Rebel Light Beer
Source: GlobeNewswire (MIL-OSI)

American Rebel Beer Shatters Initial Account Acquisition Market Goals

Nashville, TN, March 26, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), proudly reports a very successful launch event was held with its northeast Ohio distributor, Tramonte Distributing (tramontedistributing.com) at the MAPS Air Museum (mapsairmuseum.org) in North Canton, Ohio. Tramonte’s distribution territory covers a six-county region of northeast Ohio, including the city of Akron. This expansion marks a significant milestone as the company continues to grow its presence in the Midwest.

“We had an incredible time with the folks from Tramonte, their customers and all the veterans and fans that attended our northeast Ohio launch event at MAPS,” said American Rebel CEO Andy Ross. “We tied our launch event and performance in with a Hunting & Fishing Outdoors Show sponsored by the Rubber City Radio Group, a local radio station ownership cluster that includes WQMX, WONE, WAKR and WNWV. It was great to share an ice-cold Rebel Light with everyone that came out to the event and supported American Rebel. Tramonte is part of the Miller/Coors distribution network; and we want to thank them for all their efforts. In just a few weeks Tramonte has an 11% penetration rate into their market with American Rebel Light. We think that is amazing and we know we’re very fortunate to be working with some of the best distributors in the country.”

“The launch party of American Rebel Light at the MAPS Air Museum at the Akron Canton Airport was a huge success,” said Mike Tramonte, President, Tramonte Distributing. “The attendees loved the venue, the concert, the Hunting and Fishing Show, the time spent with Andy and Todd but most of all they really enjoyed sampling the American Rebel Light beer. The comments were overwhelmingly positive. Tramonte Distributing is proud to have American Rebel Light in its portfolio. You folks produce a great beer!”

The relationship with Tramonte Distributing puts American Rebel Beer in front of a wide audience in Ohio, bringing its Premium Light Lager to light beer drinkers looking for a beer that shares their core values. The Tramonte agreement completes a seamless distribution network, ensuring that American Rebel Beer is available in local bars, restaurants, and retail outlets.

“We are excited to partner with Tramonte Distributing to bring American Rebel Beer to Akron, OH, and the surrounding counties,” said Todd Porter, President of American Rebel Beverages. “This agreement represents our commitment to expanding our reach and sharing our passion for America’s Patriotic Beer with the amazing people of northeast Ohio.”

Tramonte Distributing Company was founded in 1940 in Akron by Giacomo Tramonte, and true to its roots, remains in the city of Akron where they are the only alcoholic beverage distributor. Tramonte family members remain active in the company and the company prides itself on being a solid corporate citizen, encouraging responsible consumption, sponsoring a Safe Ride program during key holiday periods and contributing to local and national charities.

To continue the launch effort, American Rebel Beer and Tramonte Distributing will host a series of events, including Rebel Light Kick-Off Parties featuring CEO Andy Ross and his band, beer tastings, and promotional giveaways. The festivities will continue through 2025, offering a perfect opportunity for the community to come together and enjoy America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

Since its launch in September 2024, American Rebel Light Beer has rolled out in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri and North Carolina and is adding new distributors and territories regularly. For more information about the launch events and the availability of American Rebel Beer, please visit americanrebelbeer.com or follow us on our social media platforms.

About American Rebel Light Beer

Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a domestic premium light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

About Tramonte Distributing

Tramonte Distributing Company was founded in 1940 in Akron by Giacomo Tramonte, and true to its roots, remains in the city of Akron where they are the only alcoholic beverage distributor.

The business began with distribution rights for the Miller and Duquesne brands. Shortly thereafter they added Fort Pitt Beer, Cribari Wines and Weidemann Beer. Tramonte continued to acquire brands and in the late 1960’s acquired Molson brands through a highly unusual process. Jack S. Tramonte purchased the Molson inventory at a Summit County Sheriff’s sale and thus became a Molson Distributor.

In addition to its core business, Tramonte Distributing prides itself in being a solid corporate citizen. Joining its breweries, Tramonte is in the forefront of the effort to encourage responsible consumption, sponsoring a Safe Ride program during key holiday periods. Tramonte also offers certified TIPS training to retailers.

Tramonte family members currently active in the business include Michael A. Tramonte, President; Jack T. Tramonte, Vice President and Jack F. Tramonte, Secretary/Treasurer and Jack J. Tramonte. The fourth generation recently joined the business, Michael J. Tramonte, Rachael Tramonte and Anne Tramonte McKee. From its Akron headquarters, Tramonte’s 100 employees serve customers in Summit, Medina, Portage, Wayne, Ashland, And Stark counties. For more information go to tramontedistributing.com.

About MAPS Air Museum

MAPS Air Museum is an internationally known museum of aviation and serves as a center of aviation history for Northeast Ohio. The museum features exciting educational displays of its collection of acquired artifacts, interactive exhibits and historical archives in its own library. Whether you have an hour or a whole day, there’s something for you at MAPS. For more information go to mapsairmuseum.org.

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebelbeer.com or americanrebel.com. For investor information, visit americanrebel.com/investor-relations.

American Rebel Holdings, Inc.
info@americanrebel.com

American Rebel Beverages, LLC
Todd Porter, President
tporter@americanrebelbeer.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of a launch party, actual launch timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
tporter@americanrebelbeer.com
info@americanrebel.com

Attachment
- American Rebel Holdings Inc
The MIL Network –
March 27, 2025
MIL-OSI Global: Electric cars are going mainstream – Elon Musk won’t change that

Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

“When you ride Tesla, you ride with Hitler” according to a reworked second world war propaganda poster that was discovered in Oakland, California last month.

When did an electric car brand supposedly become associated with the far right? Perhaps when its CEO, Elon Musk, embraced Donald Trump and the Maga movement that propelled him to a second term as US president. Tesla dealerships have been targets for protests and vandalism, while the company’s sales and stock price have fallen recently.

“But those same political controversies may ironically help broaden the mass market appeal of electric vehicles,” says Hannah Budnitz, a research associate at the Transport Studies Unit of Oxford University.

“This is an industry that needs to go beyond the early adopter tech bros – and now might be the moment.”

This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

But first, a disclaimer

Around a fifth of the greenhouse gas emissions heating Earth can be traced to a vehicle exhaust pipe. The more combustion engines that can be replaced with electric batteries, the less getting from A to B will exacerbate climate change.

However, electric cars, like those sold by Tesla, are an imperfect solution to the climate crisis.

“Huge amounts of land which could otherwise be used to house people or be dedicated to nature are still reserved for roads and car parks,” says Vera O’Riordan, an energy policy researcher at University College Cork.

Read more:
Electric cars aren’t enough to hit climate targets: we need to develop better public transport too

And while driving an EV doesn’t emit CO₂, it does emit stuff you wouldn’t want to breathe in. Electric cars, which contain heavy batteries, wear down their tyres faster than conventional cars and generate more microplastic particles in the process, according to Henry Obanya, an ecotoxicologist at the University of Portsmouth.

Obanya estimates that as much as a quarter of all microplastics in the environment could have come from car tyres.

Read more:
Car tyres shed a quarter of all microplastics in the environment – urgent action is needed

So, the strategy of putting an EV in every garage has its limits (not least the fact that not everyone has a garage, or the space to charge an electric car).

A more efficient way to decarbonise the second-largest emission source by sector (power generation is first) would be to follow the advice of the Intergovernmental Panel on Climate Change. The IPCC, which is made up of scientists and other experts convened by the UN, recommends that countries plan their transport systems according to the maxim “avoid, shift, improve”.

This involves, O’Riordan explains, avoiding unnecessary journeys by designing towns and cities with amenities in walking distance, shifting passengers onto higher-occupancy vehicles like buses by expanding public transport and improving all travel options by switching from fossil fuels to electric propulsion.

Let’s assume that decades of car-first urban planning have boxed us in and we don’t have time to undo it before the climate is cooked. How can more motorists be persuaded to turn in their gas-guzzler for a battery-powered model?

It’s the price, stupid

Back to Budnitz – and the waning influence of the EV industry’s tech-bro boosters.

“In 2010, when Tesla became the first American carmaker to go public since Ford in 1956, fully electric cars were still a niche technology,” she says.

Read more:
Why the Tesla backlash could help electric cars finally go mainstream

Back then, Tesla adverts targeted the customers it thought would be early adopters: overwhelmingly, wealthy men like Musk. It worked. Survey after survey in North America and Europe showed that EV ownership in the early 2010s was skewed towards men and those on higher incomes.

This is in stark contrast to electric car marketing at the dawn of motoring. In 1900, petroleum-powered cars were in the minority (22% of all cars) and were widely considered temperamental “adventure machines” that were prone to breaking down. Electric cars were pitched as a safer, cleaner alternative that was perfect for city travel.

Read more:
Electric cars were once marketed as ‘women’s cars’. Did this hold back their development over the next century?

Perfect, in fact, for wealthy women. During the 1910s, when Victorian attitudes towards gender roles reigned and women were presumed to have limited mobility needs (no need to worry about your battery running flat if you’re not going far), 77% of EVs directly appealed to female consumers.

“In the short term, this was a successful strategy: car manufacturers that advertised to female consumers survived much longer,” says economic historian Josef Taalbi (Lund University). The only major electric car producer in the US to survive into the 1920s advertised to women, he adds.

In 2013, there were still less than 60,000 EVs on the road globally. A decade later, almost the same number are sold every day.

“The transition to electric personal mobility is well underway around the world,” says Budnitz. “Tesla’s troubles won’t stop this – but they can give the car industry an opportunity to make the messaging around electric vehicles more diverse, equitable and inclusive for the mass market.”

EV manufacturers can make their case to all drivers because they now offer a mass-market product, Budnitz argues. Nowhere is this more true than in Norway, which may become the first country to sell only zero-emission vehicles this year (88.9% of all vehicles sold in Norway in 2024 were fully-electric).

What’s Norway’s secret?

“Generous, comprehensive subsidies”, say Agnieszka Stefaniec and Keyvan Hosseini, transport researchers at the University of Southampton.

Read more:
How smaller, more affordable electric cars can accelerate the green transition

“Our recent research shows that affordability is a tool to get everyone on board. When lower-income households face affordability barriers, it’s not just their problem – it’s the missing link to achieving 100%. Smaller, more affordable electric cars could be the game changer needed to bridge this gap.”

– ref. Electric cars are going mainstream – Elon Musk won’t change that – https://theconversation.com/electric-cars-are-going-mainstream-elon-musk-wont-change-that-253060

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI USA: Senator Hawley Calls on Department of Energy to Cancel Grain Belt Express $5 Billion Loan

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to Energy Secretary Chris Wright, urging him to immediately cancel the Biden administration’s last-ditch attempt to force a $4.9 billion loan for the Grain Belt Express transmission line. The Biden administration pushed the nearly $5 billion loan through at the eleventh hour, allowing the government to seize land from Missouri’s farmers and ranchers.

“I write once again to bring your attention to the Department of Energy’s $4.9 billion conditional loan to the green-energy Grain Belt Express transmission line. Recently, officials from the Department of Energy confirmed that your department is moving forward with the Draft Environmental Impact Statement (EIS) process, a key step in approving the loan. This goes directly against the wishes of constituents in my state – who have fought this transmission line for years,” argued Senator Hawley.

He reminded the Energy Secretary of his past correspondence with the agency and expressed his alarm that Energy is moving forward with a Biden-era loan designed to enrich out-of-state corporations with no regard for Missouri farmland.

“I am alarmed that DOE is moving forward with the draft EIS process for the Grain Belt Express. Currently, Invenergy, the parent company for the Grain Belt Express is bringing eminent domain cases against farmers in my state. Additionally, I have repeatedly raised concerns to DOE about the viability of the transmission line. Your department should be taking every possible action to stop this loan,” he wrote.

Senator Hawley concluded, “It’s not too late to reverse course. I urge you to immediately terminate all agency actions related to the Department of Energy’s $4.9 billion loan to the Grain Belt Express.”

Senator Hawley has repeatedly advocated on behalf of Missouri famers and landowners against the Biden Administration’s federal government land grab.

Read the full letter here or below.

The Honorable Chris Wright
Secretary
U.S. Department of Energy
1000 Independence Ave SE
Washington, DC 20560

Dear Secretary Wright,

I write once again to bring your attention to the Department of Energy’s $4.9 billion conditional loan to the green-energy Grain Belt Express transmission line. Recently, officials from the Department of Energy confirmed that your department is moving forward with the Draft Environmental Impact Statement (EIS) process, a key step in approving the loan. This goes directly against the wishes of constituents in my state – who have fought this transmission line for years.

Shortly after President Trump took office, DOE announced it would pause all loans funded by Democrats Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA). In response to this announcement, on February 4, 2025, I wrote a letter to DOE seeking clarity about status of the draft EIS and the Grain Belt Express’s conditional loan.

On March 6, 2025, I received correspondence from your department indicating that the process would continue to move forward. It reads:

“During the public comment period, DOE LPO hosted 6 public meetings – 4 in-person meetings and 2 virtual public meetings – to allow the public to learn more about DEIS, ask questions, and provide oral testimony, on the following dates. In person meetings: Feb. 10 (Dodge City, Kansas), Feb. 11 (Concordia, KS), Feb 12 (St. Joseph, MO), Feb. 13 (Carrollton, MO); Virtual Meetings: Feb. 19 and 20… LPO will review all the comments received and prepare a response to comments, document and incorporate any updates in the Environmental Impact Statement, and we estimate that DOE will issue a Final EIS in July 2025.”

I am alarmed that DOE is moving forward with the draft EIS process for the Grain Belt Express. Currently, Invenergy, the parent company for the Grain Belt Express is bringing eminent domain cases against farmers in my state. Additionally, I have repeatedly raised concerns to DOE about the viability of the transmission line. Your department should be taking every possible action to stop this loan.

It’s not too late to reverse course. I urge you to immediately terminate all agency actions related to the Department of Energy’s $4.9 billion loan to the Grain Belt Express.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: 03.26.2025 Sen. Cruz Introduces Bill to Block Federal Reserve from Issuing Central Bank Digital Currency

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).
Upon introduction, Sen. Cruz said, “Cryptocurrency represents financial freedom, innovation, and privacy. A Central Bank Digital Currency (CBDC) would undermine these core values, erode privacy, and stifle innovation. I am proud to introduce this bill to restrict the implementation of a CBDC, and I call upon my colleagues to expeditiously take it up and advance it.”
This legislation was cosponsored by Sens. Ted Budd (R-N.C.), Kevin Cramer (R-N.D.), and Thom Tillis (R-N.C.).
Sen. Cramer said, “A central bank digital currency has the potential for financial monitoring and surveillance and could turn the Federal Reserve into a retail bank. Despite the previous administration’s push for this, Congress should not be circumvented and our bill ensures it!”
Sen. Tillis said, “This legislation is a crucial step in protecting Americans’ financial privacy and ensuring that the federal government does not have unchecked power over how we spend our money. A central bank digital currency, if misused, could become a surveillance tool that threatens individual freedoms and free market principles. I’m proud to support this bill and stand with my colleagues in defending the American people from government overreach.”
This bill is endorsed by America First Policy Institute, American Bankers Association, Americans for Tax Reform, America’s Credit Unions, Bank Policy Institute, Blockchain Association, Center for a Free Economy, Center for Freedom and Prosperity, Club for Growth, Consumer Bankers Association, Heritage Action, Independent Community Bankers of America, Project for Privacy & Surveillance Accountability, Restore the Fourth, Small Business & Entrepreneurship Council, Digital Chamber, Association of Mature American Citizens, and Crypto Council for Innovation.
David McIntosh, President of Club for Growth said, “Allowing the Federal Reserve to issue a digital currency would violate the separation of powers, expose Americans to unconstitutional financial surveillance, crowd out private investment and innovation, increase volatility in financial markets, and threaten persistent inflation. Club for Growth applauds WHIP Emmer and the House of Representatives for their effort to keep President Trump’s promise to protect Americans from the clear and present danger of the big government CBDC scheme.”
Rob Nichols, President & CEO of American Bankers Association said, “A central bank digital currency would fundamentally change the relationship between citizens and the Federal Reserve, and would undermine the essential role that banks play in extending credit and driving economic growth. The Anti-CBDC Surveillance State Act protects our financial system and our economy from these harms, and we applaud Sen. Cruz and his cosponsors for introducing it.”
Rebeca Romero Rainey, President & CEO of Independent Community Bankers of America said, “A Federal Reserve-issued central bank digital currency would disintermediate community banks, reduce credit availability, and undermine consumer privacy. ICBA and the nation’s community banks thank Senator Ted Cruz for introducing the CBDC Anti-Surveillance State Act to avoid the unnecessary risks a CBDC would pose to consumers and the economy.”
Read the bill text here.
Sen. Cruz has long been a champion of free markets and cryptocurrency.

Sen. Cruz passed a joint resolution of disapproval overturning the IRS’s Gross Proceeds Reporting rule for brokers handling digital asset sales. This rule would have harmed the digital asset industry by imposing burdensome reporting requirements on decentralized finance (DeFi) participants.
Sen. Cruz originally introduced this legislation in 2024 with the intention of halting the Biden administration’s efforts to issue a central bank digital currency.
Sen. Cruz previously introduced legislation in 2022 and 2023 to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency, which could be used as a financial surveillance tool by the federal government.
Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.

MIL OSI USA News –

March 27, 2025
MIL-OSI USA: Baldwin Calls Out Trump Undermining Small Business Owners, Demands Admin Release Report on Proposed Cuts to the Bipartisan MBDA

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

WAHINSGTON, D.C. – As the Trump Administration seeks to dismantle the Minority Business Development Agency (MBDA), U.S. Senator Tammy Baldwin (D-WI) is demanding that they immediately release their report outlining the proposed cuts and its potential impact on small business owners across America. Senator Baldwin and her Republican colleagues helped make the MBDA permanent and she helped bring home Wisconsin’s first Business Center in 2023, ensuring entrepreneurs and business owners did not need to travel or use Chicago or Detroit’s Business Center. Local Business Centers provide small business owners technical assistance, assisting with access to capital and contracts, and supporting job creation and retention. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs.

“I fought hard to bring this support to Wisconsin, helping our entrepreneurs and small business owners access capital, contracts, and markets – creating jobs and growing our economy,” said Senator Baldwin. “Right now, behind closed doors, the Trump Administration is weighing what resources they can rip away from our local businesses, workers, and economies – and I’m not going to stand idly by. This is wrong and at the very least, they need to be transparent and let the people of our state see the impacts of these proposed cuts.”

Senator Baldwin worked to include the bipartisan Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act, making the MBDA permanent and increasing its funding and reach. President Trump’s Executive Order seeks to eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent, to determine what can be restructured or cut. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, Baldwin is requesting a copy of that report by April 2^nd, 2025.

Senator Baldwin’s full letter can be found here and below:

Dear Deputy Under Secretary Latif:

I write regarding the Executive Order issued on March 14, 2025, which seeks to dismantle the Minority Business Development Agency (MBDA). This action by the Trump Administration undermines the work of the only federal agency exclusively dedicated to supporting the development and expansion of minority-owned businesses, which contribute trillions to the U.S. economy, employ millions of workers, and support local economies.

Congress affirmed its bipartisan support for MBDA by expanding its reach and making it permanent in the Bipartisan Infrastructure Investment and Jobs Act. Our bipartisan amendment made the MBDA more effective by putting into statute the mission and goals of the agency and giving it the proper tools to carry them out successfully. It also created a presidentially appointed and Senate-confirmed Under Secretary of Commerce for Minority Business Development to lead the agency. This allowed MBDA to increase their programs and outreach to minority-owned businesses and allowed for the expansion of MBDA business centers into additional states—including Wisconsin.

The Executive Order ignores Congress’s bipartisan commitment to MBDA’s reliability and geographic reach and would instead eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” Any plans by this Administration to restructure MBDA should include input from Members of Congress who are familiar with its impact. The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent. It is critical to include the Senators who represent states with MBDA Business Centers in this evaluation process, and the first step is providing me with a copy of the report to my Senate office to evaluate the scope of these proposed cuts. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, I am requesting a copy of that report, which you would have already submitted to OMB, by April 2, 2025.

Sincerely,

MIL OSI USA News –

March 27, 2025
MIL-OSI: AutoScheduler.AI Recognized as a Winner of the 2025 Artificial Intelligence Excellence Awards

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, March 26, 2025 (GLOBE NEWSWIRE) — AutoScheduler.AI, an innovative Warehouse Orchestration Platform and WMS accelerator, announces being recognized as a winner of the 2025 Artificial Intelligence Excellence Awards in the Automated Planning and Scheduling category from the Business Intelligence Group. This prestigious recognition highlights the company’s commitment to innovation and its contributions to advancing artificial intelligence.

AutoScheduler.AI ushers in a new era as the brains of a warehousing operation and is the only solution on the market designed to optimize operational activity to decrease touches and increase capacity per headcount. AutoScheduler.AI helps businesses manage what they need today to succeed while predicting what they need in the future to meet the increased demand in labor, space, and time.

“We are incredibly honored to receive this recognition from the Business Intelligence Group,” says Keith Moore, CEO of AutoScheduler.AI. “This award is a testament to the dedication of our team and our mission to push the boundaries of AI to create meaningful solutions that improve lives and industries.”

“The AI industry is evolving rapidly, and it is through the efforts of companies like AutoScheduler.AI that we see real-world applications driving change,” said Russ Fordyce, CEO of the Business Intelligence Group. “Their work exemplifies the kind of innovation and leadership that is shaping the future of artificial intelligence.”

This year’s honorees represent the pinnacle of AI advancement, excelling in predictive analytics, generative AI, explainable AI, and beyond. Selected by a panel of industry experts, these winners exemplify the transformative power of artificial intelligence across diverse industries, from finance and healthcare to cybersecurity and autonomous systems.

The Artificial Intelligence Excellence Awards celebrate those at the forefront of AI’s evolution. From startups pioneering new applications to established enterprises leveraging AI to drive efficiency and innovation, these winners and finalists are setting new standards for the industry.

For more details on the 2025 Artificial Intelligence Excellence Awards and a complete list of winners and finalists, visit https://www.bintelligence.com/awards/artificial-intelligence-excellence-awards.

About AutoScheduler.AI

AutoScheduler.AI empowers you to take full control of your warehouse with a cloud-based solution that seamlessly integrates with your existing WMS/LMS/YMS or any other solution. We automate critical tasks like labor scheduling, dock management, and task sequencing, ensuring everything runs smoothly and efficiently. You’ve already invested in the software to run your warehouse—what we do is provide the orchestration layer that ties it all together to make real-time data driven decisions. With AutoScheduler.AI, you get smart orchestration for a smarter, more agile warehouse. For more information, visit: http://www.autoscheduler.ai.

About Business Intelligence Group www.bintelligence.com

The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and rewards those companies whose achievements stand above those of their peers.

Contact:
Becky Boyd
MediaFirst PR
Becky@MediaFirst.Net
Cell: (404) 421-8497

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c292b523-c116-4e5b-898b-942f46926d2a

The MIL Network –

March 27, 2025
MIL-OSI USA: RELEASE: Mullin, Bennet Introduce the Give Kids a Chance Act

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

Washington, D.C. – U.S. Senators Markwayne Mullin (R-OK) and Michael Bennet (D-CO) introduced the Give Kids a Chance Act, legislation that will improve outcomes for children with cancer by ensuring they have access to essential treatments and can participate in critical trials.

“No child should have to endure the pain and suffering that many with cancer have unfortunately faced,” said Sen. Mullin. “The extension of the Pediatric Priority Review Voucher Program incentivizes companies to develop treatments and therapies for pediatric diseases. Additionally, this bill will allow kids to participate in combination trials that include targeted medicines to ensure that they are able to fight cancer with every possible option out there. Our kids deserve a fighting chance and that is exactly what this bill gives them.”

“Children with cancer deserve access to the most advanced medicines possible, and we must ensure our medical professionals have every tool at their disposal to treat them,” said Sen. Bennet. “Our bill will help child cancer patients access lifesaving trials and therapies to battle this disease. I will work across the aisle to get this done and keep fighting to end children’s cancer.”

“The Rare Pediatric Disease Priority Review Voucher program offers hope to the estimated 15 million children in the U.S. living with a rare disease, most of whom currently have no FDA-approved treatments for their conditions. Every day without action is a lost opportunity to drive forward treatments for these children. The hope generated by the program’s successes is now at risk. We urge elected officials to act quickly and come together in a bipartisan manner to reauthorize this crucial program. Time is of the essence for these families—there’s no time to wait,” Pamela Gavin, Chief Executive Officer, National Organization for Rare Disorders.

“Every child deserves the opportunity to live a long, healthy and productive life. Sadly, there are children living with rare diseases who will never get that chance. This bipartisan legislation can help. It renews the Rare Pediatric Disease Priority Review Voucher Program, which for more than a decade has helped incentivize the development of treatments for rare pediatric diseases, at no cost to taxpayers. I’d like to thank Sens. Mullin and Bennet for sponsoring this bipartisan legislation and supporting the reauthorization of this vital program, and for keeping hope alive for countless families and children living with a rare disease,” John F. Crowley, President & CEO of the Biotechnology Innovation Organization (BIO).

“Nearly 3 out of 4 rare diseases originate in childhood, yet the vast majority of affected children have no FDA-approved treatment. The Give Kids a Chance Act takes vital steps to accelerate the development and availability of therapies for these devastating conditions. The creation of the Rare Pediatric Disease Priority Review Voucher injected hope and incentives for innovation into the pediatric drug development pipeline. The EveryLife Foundation for Rare Diseases extends our profound appreciation to Senators Mullin and Bennet for championing the Give Kids a Chance Act. This legislation safeguards a critical incentive that has driven progress in rare disease drug development without imposing any burden on taxpayers. With the temporary lapse of the PRV Program causing uncertainty and delays in therapy development decisions, it is essential to restore its authorization in a timely manner and ensure continued innovation for those who need it most,” Jamie Sullivan, Vice President of Policy at the EveryLife Foundation for Rare Diseases.

“Rare Pediatric Disease Priority Review Vouchers provide crucial incentives for pharmaceutical and biotech companies to develop new therapies for rare conditions. PRVs make it possible for companies to invest in products that address high unmet medical needs— including potentially curative cell and gene therapies— and without which such products could be dropped from their pipeline. It’s imperative that Congress reauthorize this essential, commonsense program to support continued innovation to give rare disease patients hope for cures,” Erica Cischke, Vice President U.S. Government Affairs, Alliance for Regenerative Medicine

Full text of the Give Kids a Chance Act can be found here.

MIL OSI USA News –

March 27, 2025

Category: Business

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