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Category: Business

  • MIL-OSI USA: DAUPHIN COUNTY – Shapiro Administration to Celebrate National Ag Day, Investments to Keep Pennsylvania Ag Thriving

    Source: US State of Pennsylvania

    March 18, 2025 – Middletown, PA

    ADVISORY – DAUPHIN COUNTY – Shapiro Administration to Celebrate National Ag Day, Investments to Keep Pennsylvania Ag Thriving

    Agriculture Secretary Russell Redding will visit a 10th generation dairy farm in Dauphin County where Shapiro Administration investments are shaping the future success of the family business and helping ensure that Pennsylvania remains a national leader in agriculture. The event celebrates Pennsylvania’s progress on National Agriculture Day.

    A broad menu of grants available through the PA Agriculture Business Development Center, along with the Shapiro Administration’s new Agricultural Innovation Grant Program are helping farmers meet the daily challenges they must tackle to stay competitive. These investments support Governor Shapiro’s Economic Development Strategy, which positions agriculture alongside life sciences, manufacturing, robotics, technology, and energy as vital drivers of Pennsylvania’s long-term economic success.

    WHO:
    Pennsylvania Agriculture Secretary Russell Redding
    Jubilee Dairy Owner-Operator Kendra Nissley
    Pennsylvania FFA State Officers

    WHEN:
    Tuesday, March 18, 2025, 10 a.m.

    WHERE:
    Jubilee Dairy: 1306 Pecks Road, Middletown, PA 17057

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Cornyn, Blumenthal, Durbin Introduce Bill to Spur Drug Pricing Competition

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sens. Chuck Grassley (R-Iowa), John Cornyn (R-Texas), Richard Blumenthal (D-Conn.) and Dick Durbin (D-Ill.) introduced the Drug Competition Enhancement Act to spur generic and biosimilar marketplace competition. By prohibiting branded drug manufacturers from engaging in ‘product hopping,’ the bipartisan legislation will help lower drug prices for patients. 
     “One of my top priorities in the Senate is reducing the cost of prescription drugs. Our bill will bring much needed transparency to drug pricing by cracking down on product hopping and giving Iowans more access to lower-cost generic drugs,” Grassley said. 
     “Companies who attempt to profit at the expense of Texans’ health must face consequences. By rooting out this wrongdoing and holding bad actors in the pharmaceutical industry accountable, this legislation would spur competition in the marketplace and make drugs more affordable for patients who depend on them,” Cornyn said. 
     “Bad actors in Big Pharma have manipulated the rules and prioritized profits over patients—including by encouraging consumers to switch medications for pharmaceutical companies’ gain and leaving Americans stuck paying sky-high costs,” Blumenthal said. “The Drug Competition Enhancement Act reigns in these monopolistic practices and facilitates competition and market entry. This legislation lowers costs for consumers and puts patient care at the forefront.” 
     “Americans shouldn’t be forced to choose between their wallets and their health. But because Big Pharma games the patent system, too many patients face sky-high prescription drug costs,” Durbin said. “The bipartisan Drug Competition Enhancement Act would prevent pharmaceutical companies from using anti-competitive tactics to keep affordable medications out of reach for patients.” 
     Background: 
    Some pharmaceutical manufacturers deliberately prevent potential competitors from entering the marketplace using product hopping. This occurs when a bad actor’s exclusive right to a drug is about to expire, but they do not want to compete with generic alternatives. Instead, companies manipulate the market to move patients from the old drug onto a new one.  
    Pharmaceutical manufacturers “hop” patients from branded product to branded product by engaging in a variety of practices to disadvantage their old drug, including destroying the inventory of their old drug, pulling it from the market, aggressively raising the price, badmouthing it or even diminishing its safety. Under this practice, it is difficult to switch patients to the cheaper generic when the market protections for the earlier drug expire. This abuse of the patent system forces patients to continue paying high costs for a drug that is substantially similar to their old one for many years to come. 
     The bipartisan Drug Competition Enhancement Act would put an end to this practice by prohibiting branded drug manufacturers from engaging in anticompetitive product hopping, making it an antitrust violation. Companies engaging in this behavior would risk enforcement action from the Federal Trade Commission. The bill would also facilitate market entry for generics and biosimilars, which drives down drug costs for patients and consumers. 
    Bill text can be found HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Cornyn, Blumenthal, Durbin Introduce Bill to Lower Drug Costs

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sens. Chuck Grassley (R-Iowa), John Cornyn (R-Texas), Richard Blumenthal (D-Conn.) and Dick Durbin (D-Ill.) introduced the Affordable Prescriptions for Patients Act to help lower drug prices and prevent bad actors in the pharmaceutical industry from deliberately abusing the patent system.
    “The steep price of life-saving medication puts a major strain on Iowans. Our legislation will help reduce the cost of prescription drugs by ending the abusive practice of blocking generic and biosimilar drugs from entering the market,” Grassley said.
    “Patent thickets stifle innovation, hinder generic drugs from entering the marketplace, and raise prices for consumers. This legislation would help end these abusive and anti-competitive practices to ensure Texans can access the treatments and life-saving medications they need without breaking the bank,” Cornyn said.
    “For too long, pharmaceutical companies have been allowed to abuse the patent system, stifling innovation and driving up costs for consumers. This legislation cracks down on drug companies’ manipulative and exploitative practices, promoting competition and lowering prescription drug costs for patients,” Blumenthal said. “The Affordable Prescriptions for Patients Act will give Americans access to essential medications without the outrageous costs.”
    “Big Pharma often manipulates the patent system to maximize their profits while patients struggle to pay for their necessary medications.  These practices stifle competition, delay innovation, and prevent Americans from accessing lower-cost drugs,” Durbin said. “I’m proud to support the Affordable Prescriptions for Patients Act to ensure that we’re looking out for patients, not Big Pharma.”
    Background: 
    Some pharmaceutical manufacturers deliberately abuse the patent system to prevent potential competitors from entering the marketplace by erecting patent thickets, which slow the entry of lower-cost biosimilar products. By stopping abuses of the patent system, the bipartisan Affordable Prescriptions for Patients Act paves the way for biosimilars to compete with branded drugs and aggressively lower drug prices for consumers in the process.
    In 2010, Congress enacted a law designed to resolve any patent litigation quickly before a biosimilar is introduced to the market, creating a patent dispute resolution process known as the “patent dance.” However, under current law, there are no limits on the number of patents that a branded manufacturer of biologics can assert during the patent dance. This has led some companies to abuse a process designed to facilitate biosimilar entry, not hinder it. 
    This bill places a reasonable limit on the number of patents a manufacturer can contest, preventing a “patent thicket.” This will help deter manufacturers from gaming the system, while preserving incentives to encourage the core innovation. 
    Bill text can be found HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Defends Rule to Stop the Flood of Robocalls

    Source: US State of California

    Continues fight against annoying and illegal robocalls and robotexts  

    OAKLAND — California Attorney General Bonta today joined 28 attorneys general in submitting an amicus brief in Insurance Marketing Coalition v. FCC, in support of a Federal Communications Commission (FCC) rule which would limit unwanted robocalls and robotexts. The rule in question would close a loophole that allows lead generators to trick a consumer into “consenting” to calls from potentially thousands of companies. Lead generators engage in generating consumer interest on public facing websites with the goal of turning that interest into a sale — in this case, sale of consumer consent to other robocallers or robotexters. The brief defends the regulation, which was recently vacated by the Eleventh Circuit, and argues that it is within FCC’s statutory authority under the Telephone Consumer Protection Act.  

    “Everyone hates robocalls. Robocalls continue to top the list of most frequent consumer complaints across the country, and their annihilation continues to be a nationwide, bipartisan effort,” said Attorney General Bonta. “By closing the lead-generator loophole and putting an end to consent abuse, the Federal Communications Commission’s rule would substantially reduce unwanted telemarketing robocalls that bombard individuals and prohibit telemarketers from selling consumer consent to other callers — this is an essential tool in the effort to protect consumers from unwanted and often illegal robocalls.”

    In 2023, the FTC proposed a rule, supported by Attorney General Bonta and 28 attorneys general, which required that telemarketers and lead generators get specific one-to-one consent from consumers before subjecting them to robocalls or selling their contact information. Specifically, this meant that a consumer could not consent to a telemarketing or advertising robocall unless the consumer consented to calls from one entity at a time; this consent would also only cover subject matter associated with the original call. This rule aimed to both ensure that consent was in response to clear disclosure and to prevent lead generators, texters, and callers from using a single consumer written consent to inundate consumers with unwanted telemarketing robocalls and robotexts from dozens of sellers.

    Robocalls are often a vehicle for scams. For Californians, the impact of illegal and unwanted robocalls can range from a momentary nuisance to serious fraud involving identity theft or life-changing financial losses. Phone calls and text messages are by far the most common contact method for fraud, and in 2023 alone, fraudulent phone calls and texts led to more than $1.2 billion in reported financial losses nationwide, according to the Federal Trade Commission (FTC). Robocalls are typically the number one consumer complaint to the FTC each year. 

    Attorney General Bonta is committed to working to put a stop to illegal robocalls. Attorney General Bonta is part of the Anti-Robocall Multistate Litigation Task Force, a task force of 51 bipartisan attorneys general who investigate and take legal action against those responsible for routing significant volumes of illegal robocall traffic into and across the United States. 

    In 2024, Attorney General Bonta: 

    • Sent warning letters to four telecom companies for transmitting suspected illegal robocall traffic on their networks — including robocalls that impersonated government officials or involved scams.
    • Submitted a comment letter to the FCC in support of its proposed rules to protect consumers by increasing the effectiveness of the FCC’s Robocall Mitigation Database.
    • Sent a warning letter to a telecom company responsible for transmitting suspected illegal robocall traffic, including robocalls that impersonated government officials. 
    • Sent a warning letter to a company that allegedly sent New Hampshire residents scam election robocalls during the New Hampshire primary election. 
    • Filed a comment letter to the FCC related to the potential impact of emerging artificial intelligence (AI) technology on efforts to protect consumers from illegal robocalls or robotexts. 

    In May 2023, Attorney General Bonta, as part of a bipartisan coalition of 49 attorneys general, announced a lawsuit against Avid Telecom for allegedly initiating and facilitating billions of unlawful robocalls that included Social Security Administration scams, Medicare scams, and employment scams. 

    In submitting today’s brief, Attorney General Bonta joins the attorneys general of the District of Columbia, Arizona, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin.

    A copy of the brief can be found here.

    MIL OSI USA News –

  • MIL-OSI: iQor CXBPO™ Appoints First Filipina Country Leader in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    FORT LAUDERDALE, Fla., March 18, 2025 (GLOBE NEWSWIRE) — iQor CXBPO™, an award-winning customer experience business process outsourcing (BPO) solutions provider, today announced the appointment of Fleurette (Flo) Navarro as Regional President – Philippines, marking a historic leadership milestone as the first Filipina executive to lead the company’s Philippines’ organization. This appointment is part of a broader leadership realignment aimed at enhancing local decision-making, agility, and strategic growth across global markets.

    Country leaders will now oversee administration, facilities, human resources, and recruiting functions within their respective regions, enabling localized execution, streamlined decision-making, and seamless integration of local policies and cultural priorities. Sonia Goyal will lead Global Human Resources Operations, driving strategic HR initiatives and overseeing a Center of Excellence dedicated to transforming people practices through technology and AI.

    “These strategic leadership realignments reinforce our commitment to excellence, innovation, and employee engagement,” said Chief Administrative Officer Art DiBari. “Flo is the first Filipina executive to lead our Philippines organization—a milestone that brings immense pride to our team. We are confident these changes will enhance our ability to deliver world-class CX solutions while fostering an agile, collaborative, and people-centric culture.”

    As Regional President – Philippines, Navarro will oversee human resources, recruiting, and administrative functions in the Philippines, while managing external relationships with industry bodies, government agencies, and academic institutions. With 17 contact centers spanning the Philippine archipelago and a workforce of 31,000 in-country solutionists, this new role will drive continued growth in the region. Navarro will report to DiBari.

    With more than 25 years of experience in the BPO industry, Navarro has held senior leadership positions at HSBC, CapitalOne, and Tata Consultancy, gaining deep expertise in operations, account management, training, quality assurance, and human resources. Since joining iQor in 2017, she has played a pivotal role in reshaping the company’s talent strategy, earning Great Place to Work® Certifications™ in the Philippines, India, and Colombia. Most recently, as Global Chief People Officer (2023–2025), she led human resources, recruiting, payroll, compensation, and benefits strategies, significantly impacting iQor CXBPO™’s workforce and business outcomes.

    “I am honored to take on this role and excited to continue elevating iQor CXBPO™’s Philippines organization,” said Navarro. “Our people are at the heart of everything we do, and I look forward to strengthening our presence, fostering innovation, and driving meaningful results for our employees, clients, and stakeholders.”

    Goyal will lead Global Human Resources Operations, overseeing human resources and recruiting functions outside Colombia, India, the Philippines, and Trinidad and Tobago.

    Since joining iQor in 2014, Goyal has implemented transformative human resources strategies that have enhanced performance, profitability, and employee engagement. She has also led major global hiring initiatives, including the launch of iQor CXBPO™’s Trinidad sites and the expansion of bilingual operations in Medellín, Colombia.

    “I’m excited to lead our global HR operations at such a pivotal time for iQor CXBPO™,” said Goyal. “This realignment strengthens our ability to attract and retain top talent while driving excellence in HR practices worldwide.”

    For more information about iQor CXBPO™ and its leadership, visit www.iqor.com.

    About iQor CXBPO™
    iQor CXBPO™ is a trusted partner in intelligent customer experience solutions, delivering exceptional results for global brands. With 40,000 employees across 10 countries, we combine 30 years of industry expertise with cutting-edge AI-driven innovations to optimize customer interactions at every stage. Our agile, scalable solutions ensure seamless omnichannel engagement, driving loyalty and measurable business success. Recognized as a Great Place to Work® and a leader in CX excellence, we elevate performance through a people-first approach, operational expertise, and secure, technology-enabled solutions. Learn more at iQor.com.

    The MIL Network –

  • MIL-OSI Security: St. Louis Woman Accused of $177,000 Pandemic-Era Tax Credit Scheme

    Source: Office of United States Attorneys

    ST. LOUIS – A woman from St. Louis, Missouri has been accused of fraudulently obtaining $177,000 in pandemic-era tax refunds.

    Ayana J. Brown, 33, was indicted February 20 on two felony counts of theft of government property. She turned herself in Monday and pleaded not guilty in U.S. District Court in St. Louis.

    The indictment says that on Dec. 22, 2022, Brown filed two fraudulent quarterly employment tax returns (IRS Form 941s) with the IRS on behalf of Yaya Flowtiques LLC. Brown falsely claimed the company had five employees and paid approximately $177,321 in wages for the first quarter of 2021 and $145,098 in wages for the second quarter, the indictment says.  In fact, Yaya Flowtiques had no employees during this time, the indictment says.  Brown fraudulently claimed credits under the Employee Retention Tax Credit (ERC) program, resulting in two U.S. Treasury checks totaling $177,000 in refunds that were mailed to Brown, the indictment says.

    The ERC was a tax credit designed to encourage businesses to retain employees during the COVID-19 pandemic. Generally, businesses qualified for the ERC if they were shut down by a government order, experienced a 50% decline in gross receipts or qualified as a recovery startup business and if they paid qualified wages to employees during the pandemic.

    Each theft of government property charge is punishable by up to 10 years in prison, a $250,000 fine or both prison and fine

    Charges set forth in an indictment are merely an accusation and does not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    The Treasury Inspector General for Tax Administration (TIGTA) investigated the case. Assistant U.S. Attorney Jonathan Clow is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Canada: Minister Champagne chairs G7 Finance Ministers’ Meeting

    Source: Government of Canada News

    March 17, 2025 – Ottawa, Ontario – Department of Finance Canada

    Earlier today, the Honourable François-Philippe Champagne, Minister of Finance, chaired his first G7 virtual Finance Ministers’ Meeting.

    The ministers discussed various issues of common interest, including global trade, competitiveness, and economic growth.

    This meeting was a first opportunity for Minister Champagne, as Minister of Finance, to discuss important global issues with his counterparts ahead of the upcoming G7 Finance Ministers and Central Bank Governors’ Meeting that will be held in May in Banff, Alberta, and the G7 Leaders’ Summit in June in Kananaskis, Alberta, under Canada’s G7 Presidency. 

    MIL OSI Canada News –

  • MIL-OSI Global: Why Americans care so much about egg prices – and how this issue got so political

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    The price of eggs has risen dramatically in recent years across the US. A dozen eggs cost US$1.20 (92p) in June 2019, but the price is now around US$4.90 (with a peak of US$8.17 in early March).

    Some restaurants have imposed surcharges on egg-based dishes, bringing even more attention to escalating costs. And there are also shortages on supermarket shelves.

    In the coming months, the US plans to import up to 100 million of this consumer staple. Government officials are approaching countries from Turkey to Brazil with enquiries about eggs for export.

    Agriculture secretary Brooke Rollins, who previously said that one option to the crisis was for people to get a chicken for their backyard, suggested in the Wall Street Journal that prices are unlikely to stabilise for some months. And Donald Trump recently shared an article on Truth Social calling on the public to “shut up about egg prices”.

    The main cause of the problem is an outbreak of avian flu that has resulted in over 166 million birds in the US being slaughtered. Around 98% of the nation’s chickens are produced on factory farms, which are ripe for contagion.

    According to the Centers for Disease Control, the flu has already spread to several hundred dairy cattle and to one human. The USDA recently announced a US$1 billion plan to counter the problem, with funding for improved bio-security, vaccine research and compensation to farmers.

    In January 2025, Donald Trump’s White House press secretary, Karoline Leavitt, blamed the previous administration for high egg prices. It is true that birds were slaughtered on President Joe Biden’s watch, but this was and remains standard practice at times of bird flu outbreaks and had also been the case during the Obama and first Trump administrations.

    However, this points to the way the rising price of eggs has become a political touchstone. It was referred to regularly in campaign speeches and press briefings as a sign of things going wrong and a symbol of the US economy faced. Donald Trump promised to fix the price of eggs swiftly if elected, but so far the issue shows no sign of going away.

    Prices are still trending up. Even when prices suddenly drop, as they have this week, the public know how much cheaper they used to be until recently, and do not tend to feel better.

    There are a number of reasons why egg prices have become an important to US politicians. First, almost everyone buys eggs. So the shortage and subsequent price rise is newsworthy and affects consumers in all income brackets.

    Secondly, they are a measure of broader economic vulnerabilities, so egg-related problems tend to be part of a larger story about how weak the economy is. And thirdly, egg prices are political because of Trump’s promise to bring them down.



    Read more:
    US inflation has increased since Trump took office – why prices are unlikely to come down soon

    Polls showed that the economy and inflation were key factors in voter choice on election day 2024. In February 2025, Donald Trump did an interview with NBC News in which he said he won the election on the border and groceries.

    On immigration, voters often base their opinions on what they perceive to be true. For example, tough rhetoric on building a wall may equate with a sense of feeling that the president is taking strong action, whether anything tangible actually materialises or not.

    With groceries, reality trumps perception. The price of eggs is printed on the box and the cost is paid directly by voters.

    Donald Trump on what he’s doing on egg prices and the economy.

    Then there are the egg producers. US farmers tended to overwhelmingly support Trump on election day, so it is prudent for him to feel their pain, or at least appear to. Farming areas voted for him increasingly in his three election efforts, even increasing their support for him in 2020 after trade wars and price increases which would have negatively impacted them.

    Another factor that may push up egg prices is that an estimated 70% of the factory farm workforce is immigrant labour, and as many as 40% are undocumented. Should the administration’s plans for high tariffs and mass deportations come to fruition, the industry would struggle to function.

    Further food price increases will be inevitable, with potential exacerbation via the funding freezes for some USDA programmes that Trump has enacted. As of March 2025, US$1 billion in cuts has been announced, the consequences of which are already being felt by farmers. The “pain now for gain later” message is a tricky political sell.

    Even in the current era of international turbulence, elections are largely won on more pedestrian matters. Specifically, “kitchen-table” economics is relatable to every voter, regardless of how grand, or not, their table is.

    Americans will be aware that in neighbouring Canada, egg prices have not risen dramatically and there have not been shortages. But prices in Canada have been traditionally higher than the US, this is in part at least because farming standards differ.

    The US does not have high welfare standards for agricultural workers or animals, and this shortcoming needs to be addressed in order to help reduce future risk of flu, but this is likely to also raise prices.

    Blaming the previous incumbent is not a durable stance for Donald Trump. As former president Harry Truman might remind him: “The buck stops here.” Right at his desk.

    Clodagh Harrington 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. Why Americans care so much about egg prices – and how this issue got so political – https://theconversation.com/why-americans-care-so-much-about-egg-prices-and-how-this-issue-got-so-political-251752

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Giving Women Jobs ‘Smartest, Fastest’ Way to Grow Economy, Commission Told

    Source: United Nations General Assembly and Security Council

    The Commission on the Status of Women entered its second week today with an interactive dialogue on inclusive development, shared prosperity and decent work.  Speakers emphasized the urgency of turning gender equality commitments into concrete, actionable policies to ensure women have equal opportunities to improve their employment prospects and livelihoods.

    The Commission’s two-week annual session focuses on accelerating the implementation of the Platform for Action adopted at the 1995 conference on women in Beijing, where world leaders pledged to achieve gender equality and uphold women’s rights.  Discussions also focus on contributing to the achievement of the Sustainable Development Goals (SDGs).

    Women Friendly Tax Administration

    Diane Elson, Emeritus Professor of Sociology at the University of Essex, England, said that systemic barriers to women’s enjoyment of decent work include discrimination in hiring, misogyny, sexual harassment, violence in the workplace and lack of investment to reduce and redistribute unpaid work.  “Unfortunately, some of these barriers are actually intensifying in some countries, where there are now attempts to wipe from the record the gains that women and ethnic minorities and other minorities have made,” she said.  However, there are many things that can be done.  While inclusive development policies tend to garner wide support, there are many forms of inclusion that are impoverishing and exploitative.  It is therefore important to focus on “rights at work as well as the right to work, and to understand that economic growth does not necessarily create more jobs,” she stressed.  To that end, it is critical to improve women friendly tax administration systems for filing taxes.  “We need the elimination of tax breaks that do not increase investment and productivity and serve only to reduce tax payments for well off people and businesses,” she said.

    Access to Technology Training Key to Empowering Women  

    Corina Rodriguez, researcher at the National Council of Research and the Interdisciplinary Centre for the Study of Public Policy in Buenos Aires, Argentina, said that artificial intelligence (AI) and digitalization presents many opportunities to reduce gender disparities but also creates challenges and presents risks.  Technology might lead to a displacement of the working population to get cheaper labour, particularly in certain sectors where women are overrepresented, and those perhaps where the qualifications are lower.  Technology creates new employment opportunity in design, in goods and services, technological services, logistics, customer care — opportunities that women can seize.  “But it depends, of course, on whether they’re able to first access training in these careers,” she said.  “Women are under much more time pressure, because in addition to work, they have to very often care for other members of the family,” she said.  It is essential to ensure that women do not “fall into the work trap” and take on additional hours without additional pay while also having to balance numerous other responsibilities. 

    Lekha S. Chakraborty, Professor at National Institute of Public Finance and Policy (NIPFP) in New Delhi, India, called on Governments to “move beyond the paradigm” of the gross domestic product (GDP).  “The fiscal policy space is shrinking,” she went on to underscore, noting that funds to women’s programmes have been substantially cut in the post-pandemic landscape.  However, it still remains true that the “smartest and fastest” way to increase GDP is to have women involved in economic growth through employment and empowerment.  “There are challenges with the care economy infrastructure,” she emphasized, spotlighting a sector of the economy where women are overrepresented.  In the post-pandemic paradigm “conscious public policy decisions are crucial”, she added.  Gender-responsive budgeting should not be confined solely to “what is specifically targeting women”.  She discussed the connection between gender bonds and fiscal policy, stating that in countries with high fiscal deficits, internal bond financing could be tied to gender equality outcomes.  However, she cautioned against linking bond financing to external funding, as it is subject to external factors, which carry inherent risks.  She emphasized that there are innovative approaches to addressing this issue.  “Public financial management reforms for climate change are currently under way without being tied to a job guarantee,” she added.

    Gender Mainstreaming

    Barbara Ky, director of gender at the West African Economic and Monetary Union, discussed how the Union is working to translate gender perspective and gender equality commitments into practical public policies that can be implemented by Governments and thereby enhance women’s employment prospects and livelihoods.  The Union has developed guidelines, digital tools and information technology procedures that are carried out by the sectoral ministry in each of the Union’s member country.  Public policy is based on goals that will integrate a gender perspective.  “This requires mainstreaming the gender perspective and integrating it into every stage of planning, programming, budgeting and implementation,” she said.  At the highest level all documents prepared by Government ministries should include a gender-related aspect “so that public policy is truly permeated by an awareness of these issues and gender has to be taken into account from the initiative of the process,” she said.  For example, to address the issue of women’s unpaid employment, the hours that women spend bringing water to the household, compared with men, has been assessed.  Planning programmes need to be aware of women’s contributions.

    Women Spend 4.5 Hours Daily on Unpaid Care Work

    Marija Babovic, a professor affiliated with the University of Belgrade, shared her perspective on the sustained negative impact that unpaid work has on women’s employment, income and economic security.  These negative impacts are increasing as more women work in unpaid care and in unprotected domestic work.  She noted that while in developed countries many women have entered the formal labour market since the 1970s, women and girls still provide more than three fourths of the unpaid care work around the world.  For example, women spend 4 hours and 25 minutes each day on these activities while men spend 1 hour and 23 minutes each day on the same type of activities.  More than 600 million women are working outside the paid labour force because of their care responsibilities, compared with 41 million men.  “Unpaid work lowers women access to the labour market and paid work and is a factor in their higher financial poverty and time poverty,” she said.  The paid care economy accounts for 11.5 per cent of the global economy, including jobs in such areas as childcare, disability care, aged care and paid domestic work.  However, “across the world, paid care work remains characterized by a lack of rights, benefits or protections, low wages or non-compensation,” she said, adding that some women are subject to physical, mental and even sexual harassment.

    The discussion was moderated by Anita Kemi DaSilva-Ibru, founder of the Women at Risk International Foundation (WARIF), a leading non-profit organization that addresses the prevalence of sexual violence in Nigeria and Africa.

    The Commission also held a second interactive dialogue this afternoon on poverty eradication, social protection, and social services.

    __________

    *     The 12th meeting was not covered.

    MIL OSI United Nations News –

  • MIL-OSI Global: Trump is using the Alien Enemies Act to deport immigrants – but the 18th-century law has been invoked only during times of war

    Source: The Conversation – USA – By Daniel Tichenor, Professor of Political Science, University of Oregon

    Prison guards transfer alleged Venezuelan gang members to a detention center in Tecoluca, El Salvador, on March 16, 2025. El Salvador presidential press office via AP

    As President Donald Trump often promised during his 2024 presidential campaign, on March 15, 2025, he invoked an obscure 18th-century law called the Alien Enemies Act to justify deporting 137 Venezuelans he says are associated with a Venezuelan gang.

    A federal judge swiftly blocked the deportations and ordered the planes carrying Venezuelans heading to El Salvador to return. But the White House, which has appealed the ruling, said that the court order came too late on a Saturday night, after it had already sent the Venezuelan immigrants to El Salvador.

    The Justice Department has appealed the federal judge’s decision and is arguing that the en-route planes carrying the immigrants to El Salvador were outside of the judge’s jurisdiction.

    “Oopsie. Too late,” Nayib Bukele, president of El Salvador, posted on the social media platform X on March 16, in a message that U.S. Secretary of State Marco Rubio reposted.

    Legal analysts were trying to determine where the planes carrying the Venezuelans were shortly before 7 p.m. on March 15, when the judge issued the order stopping their removal, in an attempt to determine if the Trump administration had violated the judge’s order.

    The Alien Enemies Act empowers presidents to apprehend and remove foreign nationals from countries that are at war with the United States. U.S. presidents have issued executive proclamations and invoked this law three times: during the War of 1812, World War I and World War II. All three instances followed Congress declaring war.

    Why bother dusting off a 227-year-old law?

    Invoking the Alien Enemies Act could make it far easier for the Trump administration to quickly apprehend, detain and deport immigrants living without legal authorization in the U.S. That’s because the law lets presidents bypass court review of the deportation.

    U.S. Secretary of State Marco Rubio meets with El Salvador President Nayib Bukele at his residence at Lake Coatepeque in El Salvador, on Feb. 3, 2025.
    AP Photo/Mark Schiefelbein, Pool

    Repressive origins and populist backlash

    The Alien Enemies Act traces back to the late 1700s, when the Federalists, an early political party, controlled Congress. The Federalists wanted strong national government as well as harmonious diplomatic and trade relations with Great Britain.

    The Federalists became outraged when the French government began seizing U.S. merchant ships in the Caribbean that were trading with Britain, which France was waging war against at that time.

    The opposing Democratic-Republican Party, led by Thomas Jefferson, supported France in its fight against Great Britain.

    The Federalists in Congress considered Jefferson’s pro-France position to be against U.S. interests. They also were troubled that the Democratic-Republicans were backed by thousands of French and Irish immigrants who had some political clout in big cities such as Philadelphia and New York.

    So in 1798, the Federalists tried to quell domestic opposition by passing the Alien and Sedition Acts, a series of controversial laws that banned political dissent by limiting free speech. The laws also made it harder for immigrants to become citizens.

    One of these laws was the Alien Enemies Act, which gave presidents broad authority to control or remove noncitizens ages 14 or older if they had ties to foreign enemies during times of a declared war.

    The Alien and Sedition Acts elicited a firestorm of criticism soon after they were passed, including from Jefferson and James Madison, who asserted that states have the right and duty to declare some federal laws unconstitutional. The populist backlash against the Alien and Sedition Acts helped propel Jefferson and Democratic-Republicans to victory in the 1800 presidential election. Nearly all of the Alien and Sedition Acts were then either repealed or allowed to expire.

    Only the Alien Enemies Act, a law enacted without an expiration date, survived.

    History of the Alien Enemies Act

    Madison, the fourth U.S. president, first invoked the Alien Enemies Act during the War of 1812 with Great Britain, which was sparked for several reasons, including trade and territorial control of North America.

    Madison invoked the act in 1812 by proclaiming that “all subjects of His Britannic Majesty, residing within the United States, have become alien enemies.”

    But rather than imposing mass deportations, Madison’s administration simply required British nationals living in the U.S. to report their age, home address, length of residency and whether they applied for naturalization.

    More than 100 years later, President Woodrow Wilson invoked the Alien Enemies Act during World War I in April 1918.

    Wilson used the Alien Enemies Act to impose sweeping restrictions on the residency, work, possessions, speech and activities of foreign nationals from places that the U.S. was at war with – Germany, Austria-Hungary, the Ottoman Empire and Bulgaria. U.S.-born women married to any people born in these places were also deemed “enemy aliens.”

    The U.S. Marshals Service carefully monitored about half a million Germans in the U.S. to make sure they followed Wilson’s restrictions.

    Another 6,000 German “enemy aliens” were arrested and sent to internment camps in Georgia and Utah, where they were confined until after an armistice was signed between the Allies and Germany in November 1918.

    Two decades later, President Franklin D. Roosevelt notoriously used the Alien Enemies Act in World War II.

    In 1941, Roosevelt authorized special restrictions on German, Italian and Japanese nationals living in the U.S. More than 30,000 of these foreign nationals, including Jewish refugees from Germany, spent the war imprisoned at internment camps because the government considered them potentially dangerous. The U.S. government released these detainees after World War II ended.

    The vast majority of the 110,000 Japanese American men, women and children interned during the war were not held under the Alien Enemies Act. The government used a separate executive order during World War II to intern most people of Japanese descent, some of whom were born in the U.S.

    Donald Trump speaks about immigration at Montezuma Pass, Ariz., along the U.S.-Mexico border, on Aug. 22, 2024.
    Olivier Touron/AFP via Getty Images

    What’s very old is new again

    Civil liberties and immigrant rights groups pledged to fight Trump’s use of the act by filing legal challenges if Trump invoked it.

    The Trump administration wrote in its order that the Venezuelan criminal organization Tren de Aragua is “conducting irregular warfare and undertaking hostile actions against the United States.”

    The American Civil Liberties Union and another legal nonprofit, Democracy Forward, filed a lawsuit on March 15, the same day the Trump administration announced it was invoking the act.

    The Alien Enemies Act’s text and history present formidable legal hurdles for the Trump administration proving that Tren de Aragua is at war with the U.S. While the organization is primarily based in Venezuela, Tren de Aragua members in the U.S. have been arrested in Pennsylvania, Florida, New York, Texas and California for crimes including shooting New York police officers.

    The 1798 law is clear that an “invasion or predatory incursion” must be undertaken by a “foreign nation or government” in order for it to be invoked.

    Yet Congress has not declared war on any country, including Venezuela, in over 80 years, nor has another government launched an invasion against U.S. territory.

    And drug cartels are not actual national governments running Latin American countries, so they don’t meet the criteria in the Alien Enemies Act.

    In the past, Trump’s senior advisers have said with no clear evidence that the administration can justly claim that some Latin American governments, such as Mexico and Venezuela, are run by drug cartels that are attacking U.S. security.

    Whatever the argument, the tenacious problem that the Trump administration will face is that neither the letter of the law nor historical precedents support peacetime use of the Alien Enemies Act.

    None of these textual and historical realities will matter, however, if the courts ultimately decide that a president – simply saying that the country is being invaded by a foreign nation – is sufficient to legally invoke the act and is not subject to judicial review.

    This makes it impossible to automatically dismiss blueprints for using an 18th-century law, however dubious, and it appears the Venezuelan deportations case appears headed for the Supreme Court. If Trump succeeds at invoking the Alien Enemies Act, I believe it would add another chapter to the Alien Enemies Act’s sordid history.

    This is an updated version of a story originally published on Dec. 11, 2024.

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

    – ref. Trump is using the Alien Enemies Act to deport immigrants – but the 18th-century law has been invoked only during times of war – https://theconversation.com/trump-is-using-the-alien-enemies-act-to-deport-immigrants-but-the-18th-century-law-has-been-invoked-only-during-times-of-war-252434

    MIL OSI – Global Reports –

  • MIL-OSI USA: Tuberville, Young Fight for Right-to-Work States, Promote Competition

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Todd Young (R-IN) in reintroducing the Fair and Open Competition Act (FOCA), which would prevent the federal government from mandating project labor agreements (PLAs) on federal projects funded by taxpayers. This legislation would provide more opportunities to bid on government work, increase workforce competition, lower government construction costs, and save taxpayer dollars.

    Sen. Tuberville cosponsored this legislation in the 118th Congress.

    “Alabama’s workers deserve an equal playing field,” said Sen. Tuberville. “Alabama is a Right-to-Work state, and that means we don’t force workers to unionize. Construction companies and workers should win bids based off of merit, not their unionization status. I am proud to work with my colleagues to protect workers, boost business, and lower costs.” 

    “The Fair and Open Competition Act is pro-worker legislation that will restore competition in the construction industry, protect Hoosier workers from discriminatory contracts, and lower costs for taxpayers,” said Sen. Young. “Growing up with a dad who ran a small business and around family members and close friends who were union members, I appreciate what everyone brings to the table. This bill strikes the right balance to ensure various contractors can bid on these projects on their own merits.”

    Sens. Tuberville and Young were joined by Sens. Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), James Lankford (R-OK), Cynthia Lummis (R-WY), Jim Risch (R-ID), Rick Scott (R-FL), and Thom Tillis (R-NC) in cosponsoring the legislation. 

    Congressman Clay Higgins (R-LA-3) led the effort in the U.S. House of Representatives.

    Read full text of the legislation here. 

    BACKGROUND:

    On February 4, 2022, President Biden issued Executive Order 14063, requiring federal contracting agencies to mandate Project Labor Agreements (PLAs) on federal construction projects valued at $35 million or more, with limited exceptions. This new mandate poses serious risks:

    • It effectively bars over 80% of the U.S. construction workforce—those who are non-union—from competing on these federal projects.
    • Taxpayers bear the cost, as various studies have shown that PLAs can increase construction costs by 12% to 20%.
    • Right-to-work states are especially harmed when local non-union workers are shut out of cooperative federal projects.

    Specifically, the FOCA would:

    • Prohibit federal agencies from requiring PLAs as a condition of winning a contract.
    • Permit contractors and subcontractors to decide if a PLA is suitable on a case-by-case basis—without government interference.
    • Direct the Federal Acquisition Regulation (FAR) to be updated within 60 days to remove or block any requirement that contractors enter into PLAs.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI: Home BancShares, Inc. Announces First Quarter Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., March 17, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced it expects to release First Quarter 2025 earnings after the market closes on April 16, 2025. Following this release, management will conduct a conference call to review these earnings at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025.

    We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City, with branches in Texas operating as Happy State Bank, a division of Centennial Bank. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:
    Home BancShares, Inc.
    Donna Townsell
    Senior Executive Vice President &
    Director of Investor Relations
    (501) 328-4625
    Ticker symbol: HOMB

    The MIL Network –

  • MIL-OSI: PIMCO Canada Corp. Announces Quarterly Distributions for PIMCO Canada Exchange Traded Series

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to United States newswire services or for dissemination in the United States

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) today announced the 2025 first quarter cash distributions for the ETF series (“ETF Series”) of the PIMCO Canada mutual funds that distribute quarterly (“Funds”). Unitholders of record of the ETF Series, at the close of business on March 21, 2025, will receive a per-unit cash distribution payable on or about March 31, 2025.

    Details of the per-unit cash distribution amounts are as follow:

     Fund Name  Ticker Cash Distribution per Unit
     PIMCO Managed Conservative Bond Pool  PCON $0.15106 
     PIMCO Managed Core Bond Pool  PCOR $0.15602 
     PIMCO Canadian Core Bond Fund  CORE $0.15218 

    The Manager, PIMCO Canada, administers and manages the PIMCO Canada ETFs, and retains Pacific Investment Management Company LLC (“PIMCO”) to provide sub-advisory services to the Funds.

    About PIMCO

    PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

    Forward-Looking Statements

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect the Funds’, PIMCO Canada’s and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Funds, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Funds, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

    No offering is being made by this material. Interested investors should obtain a copy of the prospectus, which is available from your Financial Advisor.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

    All investments contain risk and can lose value. For a summary of the risks of an investment in a specific fund, please see the Funds prospectus.

    The Fund’s distribution rates may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund’s distribution rate or that the rate will be sustainable in the future.

    For instance, during periods of low or declining interest rates, the Fund’s distributable income and distribution rate may decline for many reasons. For example, the Fund may have to deploy uninvested assets (whether from purchases of Fund units, proceeds from matured, traded or called debt obligations or other sources) in new, lower yielding instruments. Additionally, payments from certain instruments that may be held by the Fund (such as variable and floating rate securities) may be negatively impacted by declining interest rates, which may also lead to a decline in the Fund’s distributable income and distribution rate.

    Funds can offer different series, which are subject to different fees and expenses (which may affect performance), having different minimum investment requirements and are entitled to different services.

    The products and services provided by PIMCO Canada may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.

    PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO

    PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350

    Contact:
    Agnes Crane
    PIMCO – Media Relations Phone: +212 597.1054

    The MIL Network –

  • MIL-OSI Security: Slidell Man Pleads Guilty of 10,593 Gram Fentanyl Distribution Conspiracy, Firearm Possession by Felon, and Money Laundering

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that GREGORY SMITH (“SMITH”), age 41, of Slidell, pled guilty on March 13, 2025, to conspiracy to distribute, and possess with the intent to distribute, over 400 grams of fentanyl, in violation of 21 U.S.C. §§ 841(a)(1), 841(b)(1)(A), and 846 (Count 1).  SMITH also pled guilty to being a felon in possession of a firearm, in violation of 18 U.S.C. §§ 922(g)(1) and 924(a)(8) (Count 2).  Finally, SMITH pled guilty to engaging in monetary transactions derived from specified unlawful activity, in violation of Title 18, United States Code, Sections 1957 (Counts 3-5).

    According to court documents, SMITH conspired with others to distribute fentanyl in the Eastern District of Louisiana and elsewhere.  On May 4, 2023, the Drug Enforcement Administration (DEA) searched SMITH’s residence and seized approximately 10,593.572 grams of fentanyl, 3.76 grams of cocaine, marijuana, and drug paraphernalia, including two digital scales with fentanyl residue, a rectangle cake pan with fentanyl residue, multiple blenders with fentanyl residue, and a vacuum sealer with fentanyl residue.  Law enforcement also seized $15,520 in United States currency and a loaded Masterpiece Arms MPA Defender, nine-millimeter semi-automatic submachine gun, with an extended magazine.  In July and August of 2021, SMITH structured cash deposits of his illegal narcotics proceeds into an account at a bank, then sent a wire to a credit union account using the funds to pay-off the balance on a car and purchase a $27,617.55 official check payable to a title company.  This official check was used at the closing for the purchase of SMITH’s residence.  SMITH also used $48,931 in illegal drug proceeds to purchase a 2018 Maserati Levante.

    SMITH faces a mandatory minimum sentence of 10 years, up to life imprisonment, a fine of up to $10,000,000, and at least 5 years of supervised release for Count 1.  SMITH also faces a maximum sentence of 15 years of imprisonment, up to a $250,000 fine, and up to 3 years of supervised release for being a felon in possession of a firearm.  SMITH faces a maximum sentence of 20 years of imprisonment, up to a $500,000 fine, and up to 3 years of supervised release for each count of engaging in monetary transactions derived from specified unlawful activity.  He also faces a $100 mandatory special assessment fee for each count.

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

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

    This case is being investigated by the Drug Enforcement Administration and the Louisiana State Police.  Assistant United States Attorneys Rachal Cassagne and André Jones of the Narcotics Unit are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Baltimore Man Sentenced to Federal Prison for Role in Maryland Unemployment Insurance Scheme

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Defendant obtained people’s personal information to file false and fraudulent unemployment insurance claims.

    Baltimore, Maryland – Today, U.S. District Judge Julie R. Rubin sentenced Devante Smith, 30, of Baltimore, Maryland, to 57 months in prison followed by three years of supervised release, in connection with his role in an unemployment insurance fraud scheme. Through the conspiracy, victims lost at least $298,685. 

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor’s Office of Inspector General (DOL-OIG), and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation – Baltimore Field Office.

    According to the guilty plea, beginning in June of 2020, and continuing through at least May 2021, Smith engaged in a conspiracy to defraud and obtain money under fraudulent pretenses in connection with an unemployment insurance scheme.  Smith obtained personal identifiable information of identity victims to fraudulently file claims for unemployment insurance with the Maryland Department of Labor (MD-DOL).

    Smith and his co-conspirators used the unemployment insurance benefits, which were designated to assist persons who were unemployed or underemployed due to the COVID-19 national emergency, for their own personal use. Additionally, Smith and co-defendant Tiia Woods, 47, of Jacksonville, Florida, stole identification cards, social security cards, and/or birth certificates from identity victims, to submit with fraudulent UI applications to MD-DOL.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act — a federal law enacted in March 2020 — provided emergency financial assistance to Americans suffering from the economic effects of the COVID-19 pandemic. The CARES Act authorized increased unemployment insurance (“UI”) benefits.  UI benefits have historically been a state and federal program that provided monetary benefits to eligible workers.  The CARES Act expanded states’ ability to provide UI benefits for many workers impacted by COVID-19, including self-employed workers or independent contractors, who would not normally be eligible for UI benefits. 

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the CARES Act. The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended the DOL-OIG and FBI, along with Bank of America – Detection and Complex Investigations Fraud Rings and Analytics, for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Evelyn Lombardo Cusson and Harry M. Gruber who prosecuted the federal case

    For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: Natural Gas Services Group, Inc. Reports Fourth Quarter and Year-End 2024 Financial and Operating Results; Provides 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, March 17, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months and year-ended December 31, 2024. The Company also provided guidance for its full year 2025, anticipating significant top- and bottom-line growth with strong momentum moving into 2026.

    Fourth Quarter and Full Year 2024 Highlights

    • Rental revenue of $38.2 million for the fourth quarter and $144.2 million for the full year 2024, representing increases of 21% and 36%, respectively, compared to the prior year comparable periods.
    • Net income of $2.9 million or $0.23 per diluted share for the fourth quarter and $17.2 million or $1.37 per diluted share for the full year 2024, representing increases of 68% and 263%, respectively, compared to the prior fourth quarter and full year 2023 periods.
    • Cash flow generated from operating activities of $9.4 million for the fourth quarter and $66.5 million for the full year 2024. This compares to net cash used in operating activities of $7.7 million for the fourth quarter and cash generated of $18.0 million for the full year 2023.
    • Adjusted EBITDA of $18.0 million for the fourth quarter and $69.5 million for the full year 2024; 2024 Adjusted EBITDA was 52% higher than 2023 and represented the highest level in the Company’s history. Please see Non-GAAP Financial Measures – Adjusted EBITDA, below.

    Management Commentary and Outlook

    “2024 was a transformational year for Natural Gas Services Group as we executed against our strategic objectives and significantly improved our market presence and financial performance,” stated Justin Jacobs, Chief Executive Officer. “During the year, we enhanced our team and infrastructure, further diversified and expanded our customer base, organically expanded into large horsepower electric units, maintained our industry-leading service levels, and materially increased the size of our overall fleet. I am quite proud of the NGS team as their unwavering dedication to our customers and their passion to excel are the driving forces of our results.”

     “2024 was also a record year for NGS as our utilized rental fleet approached 500,000 horsepower and our Adjusted EBITDA increased by over 50% compared to 2023. Equally important, our business became significantly more capital efficient: our total debt increased by only $6 million over the course of 2024 and our leverage declined from 2.53x at the end of 2023 to 2.36x at 2024 year-end. The reduction of working capital was a material driver in the improvement in capital efficiency, and we believe there is more opportunity to monetize non-cash assets in the near term.”

    “Looking forward, we see continued strength in the market. We believe our organic growth rate leads the industry and we are taking market share. This was made possible by the hard work of our service technicians and field service team, our leading compressor technology, and strong partnerships with our customers. We expect 2025 will be another year of significant growth in new large horsepower units and we have already signed material new unit contracts for 2026. We are excited for the future and believe we are well positioned to continue to increase shareholder value.”

    Corporate Guidance – 2025 Outlook

     In November 2024, the Company noted it expected 2024 Adjusted EBITDA to be in the range of $67 – $69 million, total growth capital expenditures for the year to be in the range of $65 – $75 million, and total maintenance expenditures for the year to be in the range of $8 – $11 million. For the full year 2024, the Company reported Adjusted EBITDA of $69.5 million, growth capital expenditures of $60.5 million and maintenance capital expenditures of $11.4 million. Additionally, as of December 31, 2024, rented horsepower stood at 491,756, representing year-over-year growth of 17%.

    The Company today provides the following commentary regarding its financial expectations for the 2025 Fiscal Year. For the year ending December 31, 2025, the Company expects growth capital expenditures, which are mostly comprised of new units (essentially all of which are under contract), to be in the range of $95 – $120 million. Once all these units are deployed with customers, which is expected by early 2026, the Company expects its rented horsepower to increase by approximately 90,000 horsepower, which represents an increase of approximately 18% versus year-end 2024. The timing of unit deployments is very heavily weighted to the second half of 2025 and early 2026. Accordingly, the majority of the impact of 2024 and 2025 growth capital expenditures will start to be reflected in Adjusted EBITDA in the second half of 2025 and the first quarter of 2026.

    Based on the timing of contractual orders and deployments in 2025, the Company expects 2025 Adjusted EBITDA to be in the range of $74 – $78 million, which at the mid-point of the range, represents a 9% increase over 2024. This range is reflective of the timing of anticipated unit deployments.

      Outlook
    FY 2025 Adjusted EBITDA $74 – $78 million
    FY 2025 Growth Capital Expenditures $95 – $120 million
    FY 2025 Maintenance Capital Expenditures $10 – $13 million
    Target Return on Invested Capital At least 20%

    The Company further notes that once all the 2025 growth capital expenditures are spent and the units are deployed, its “run rate” Adjusted EBITDA should increase at a rate (when compared to the fourth quarter of 2024) well in excess of the Company’s anticipated horsepower growth of 18% as noted above. The Company expects 2025 maintenance capital expenditures of $10 – $13 million and its targeted return on invested capital of at least 20% remains unchanged.

    2024 Fourth Quarter Financial Results

    Revenue: Total revenue for the three months ended December 31, 2024 increased 12% to $40.7 million from $36.2 million for the three months ended December 31, 2023. This increase was due primarily to an increase in rental revenues. Rental revenue increased 21% to $38.2 million in the fourth quarter of 2024 from $31.6 million in the fourth quarter of 2024 due to the addition of higher horsepower packages and pricing improvements. As of December 31, 2024, we had 491,756 horsepower (1,208 rented units) compared to 420,432 horsepower (1,247 rented units) as of December 31, 2023, reflecting a 17% increase in total utilized horsepower. Sequentially, total revenue was essentially flat for the comparable periods, primarily related to lower sales revenue offset by an increase in rental revenue.

    Gross Margins: Total gross margins, including depreciation expense increased to $14.6 million for the three months ended December 31, 2024, compared to $13.3 million for the same period in 2023 and decreased from $14.9 million for the three months ended September 30, 2024. Total adjusted gross margin, exclusive of depreciation expense, for the three months ended December 31, 2024, increased to $23.0 million compared to $20.3 million for the three months ended December 31, 2023, and $22.9 million for the three months ended September 30, 2024.  For a reconciliation of Gross Margin, see Non-GAAP Financial Measures – Adjusted Gross Margin, below.

    Operating Income: Operating income for the three months ended December 31, 2024 was $6.0 million compared to operating income of $4.4 million for the three months ended December 31, 2023 and operating income of $9.5 million, during the third quarter of 2024.

    Net Income: Net income for the three months ended December 31, 2024, was $2.9 million, or $0.23 per diluted share compared to net income of $1.7 million or $0.14 per diluted share for the fourth quarter of 2023, and $5.0 million or $0.40 per diluted share for the third quarter of 2024. The increase in net income year-over-year was primarily related to higher rental revenue and rental gross margin, while the sequential decline was primarily related to the inventory allowance and decrease in sales gross profit related to the closure of our Midland fabrication operations, the intangible asset impairment, an increase in stock-based compensation, and an increase in depreciation.

    Cash Flows: At December 31, 2024, cash and cash equivalents were approximately $2.1 million, while working capital was $30.8 million. For the twelve months of 2024, cash flows provided by operating activities were $66.5 million, while cash flows used in investing activities was $71.4 million. This compares to cash flows provided by operating activities of $18.0 million and cash flows used in investing activities of $153.9 million for the comparable twelve-month period in 2023. Cash flow used in investing activities during 2024 included $71.9 million in capital expenditures.

    Adjusted EBITDA: Adjusted EBITDA increased 11% to $18.0 million for the three months ended December 31, 2024, from $16.3 million for the same period in 2023. This increase was primarily attributable to higher rental revenue and rental adjusted gross margin. Sequentially, adjusted EBITDA declined by 1% when compared to $18.2 million for the three months ended September 30, 2024.

    Debt: Outstanding debt on our revolving credit facility as of December 31, 2024 was $170 million. Our leverage ratio at December 31, 2024 was 2.36x and our fixed charge coverage ratio was 2.44x. The Company is in compliance with all terms, conditions and covenants of the credit agreement.

    Selected data: The tables below show revenue by product line, gross margin and adjusted gross margin for the trailing five quarters. Adjusted gross margin is the difference between revenue and cost of sales, exclusive of depreciation.

      Revenues
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $             31,626   $             33,734   $             34,926   $             37,350   $             38,226
    Sales                   2,921                     2,503                     2,270                     1,843                        997
    Aftermarket services                   1,674                        670                     1,295                     1,493                     1,435
    Total $             36,221   $             36,907   $             38,491   $             40,686   $             40,658
      Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              12,366   $             13,761   $             13,211   $             15,043   $             14,865
    Sales                       553                        253                         (50)                      (258)                      (531)
    Aftermarket services                       421                        163                        269                        151                        296
    Total $              13,340   $             14,177   $             13,430   $             14,936   $             14,630

               

      Adjusted Gross Margin (1)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              19,199   $             20,620   $             20,698   $             22,908   $             23,107
    Sales                       620                        323                           21                      (185)                      (449)
    Aftermarket services                       440                        170                        283                        169                        321
    Total $              20,259   $             21,113   $             21,002   $             22,892   $             22,979
      Adjusted Gross Margin %
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rental 60.7 %   61.1 %   59.3 %   61.3 %   60.4 %
    Sales 21.2 %   12.9 %   0.9 %   (10.0) %   (45.0) %
    Aftermarket services 26.3 %   25.4 %   21.9 %   11.3  %   22.4 %
    Total 55.9 %   57.2 %   54.6 %   56.3 %   56.5 %
      Compression Units (at end of period)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rented horsepower            420,432                444,220                454,568                475,534                491,756   
    Fleet horsepower available            520,365                542,256                552,599                579,699                598,840   
    Horsepower utilization 80.8 %   81.9 %   82.3 %   82.0 %   82.1 %
                       
    Units utilized                1,247                     1,245                     1,242                     1,229                     1,208    
    Fleet units                1,876                     1,894                     1,899                     1,909                     1,912    
    Unit utilization 66.5 %   65.7 %   65.4 %   64.4 %   63.2 %

    (1) For a reconciliation of adjusted gross margin to its most directly comparable financial measure calculated and presented in accordance GAAP, please read “Non-GAAP Financial Measures – Adjusted Gross Margin” below.

    Non-GAAP Financial Measure – Adjusted Gross Margin: “Adjusted Gross Margin” is defined as total revenue less costs of revenues (excluding depreciation and amortization expense). Adjusted gross margin is included as a supplemental disclosure because it is a primary measure used by our management as it represents the results of revenue and costs (excluding depreciation and amortization expense), which are key components of our operations. Adjusted gross margin differs from gross margin, in that gross margin includes depreciation and amortization expense. We believe Adjusted gross margin is important because it focuses on the current operating performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations. Depreciation and amortization expense does not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity. Rather, depreciation and amortization expense reflect the systematic allocation of historical property and equipment costs over their estimated useful lives.

    Adjusted gross margin has certain material limitations associated with its use as compared to gross margin. These limitations are primarily due to the exclusion of depreciation and amortization expense, which is material to our results of operations. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and our ability to generate revenue. In order to compensate for these limitations, management uses this non-GAAP measure as a supplemental measure to other GAAP results to provide a more complete understanding of our performance. As an indicator of our operating performance, Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin as determined in accordance with GAAP. Our Adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted gross margin in the same manner.

    The following table calculates our gross margin, the most directly comparable GAAP financial measure, and reconciles it to Adjusted gross margin for the periods presented:

      Adjusted Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Total revenue $              36,221   $             36,907   $             38,491   $             40,686   $             40,658
    Cost of revenue, exclusive of depreciation                (15,962)                 (15,794)                 (17,489)                 (17,794)                 (17,679)
    Depreciation allocable to costs of revenue                  (6,919)                   (6,936)                   (7,572)                   (7,956)                   (8,349)
    Gross margin                 13,340                   14,177                   13,430                   14,936                   14,630
    Depreciation allocable to costs of revenue                    6,919                     6,936                     7,572                     7,956                     8,349
    Adjusted gross margin $              20,259   $             21,113   $             21,002   $             22,892   $             22,979

    Non-GAAP Financial Measures – Adjusted EBITDA: “Adjusted EBITDA” reflects net income or loss before interest, taxes, depreciation and amortization, non-cash equity-classified stock-based compensation expense, non-recurring restructuring charges including severance expenses, impairments, increases in inventory allowance and retirement of rental equipment. Adjusted EBITDA is a measure used by management, analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under accounting principles GAAP, and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by NGS may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable GAAP measure to Adjusted EBITDA is net income (loss).

    The following tables reconciles our net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented:

      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Net income $                1,702   $                5,098   $                4,250   $                5,014   $                2,865
    Interest expense                    2,297                     2,935                     2,932                     3,045                     3,015
    Income tax expense                       431                     1,479                     1,294                     1,383                        283
    Depreciation and amortization                    7,160                     7,087                     7,705                     8,086                     8,469
    Stock-based compensation expense                       228                        274                        242                        522                        783
    Severance and restructuring charges                         —                           —                           33                           —                           —
    Impairments                         —                           —                           —                        136                        705
    Inventory allowance                    3,965                           —                           —                           —                     1,863
    Retirement of rental equipment                       505                             5                           —                           —                           23
    Adjusted EBITDA $              16,288   $             16,878   $             16,456   $             18,186   $             18,006
      Year ended December 31,
      2023   2024  
      (in thousands)
    Net income $                4,747   $             17,227  
    Interest expense                    4,082                   11,927  
    Income tax expense                    1,873                     4,439  
    Depreciation and amortization                 26,550                   31,347  
    Stock-based compensation expense                    2,054                     1,821  
    Severance and restructuring charges                    1,224                           33  
    Impairments                       779                        841  
    Inventory allowance                    3,965                     1,863  
    Retirement of rental equipment                       505                           28  
    Adjusted EBITDA $              45,779   $             69,526  

    Conference Call Details: The Company will host a conference call to review its fourth-quarter and year-end financial results on Tuesday, March 18 at 8:30 a.m. (EST), 7:30 a.m. (CST). To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our Company’s updates.

    About Natural Gas Services Group, Inc.
    Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    Forward-Looking Statements

    Certain statements herein (and oral statements made regarding the subjects of this release) constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions.

    These forward–looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of the Company. Forward–looking information includes, but is not limited to statements regarding: guidance or estimates related to EBITDA growth, projected capital expenditures; returns on invested capital, fundamentals of the compression industry and related oil and gas industry, valuations, compressor demand assumptions and overall industry outlook, and the ability of the Company to capitalize on any potential opportunities.

    While the Company believes that the assumptions concerning future events are reasonable, investors are cautioned that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Some of these factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to:

    • conditions in the oil and gas industry, including the supply and demand for oil and gas and volatility in the prices of oil and gas;
    • our reliance on major customers;
    • failure of projected organic growth due to adverse changes in the oil and gas industry, including depressed oil and gas prices, oppressive environmental regulations and competition;
    • our inability to achieve increased utilization of assets, including rental fleet utilization and monetizing other non-cash balance sheet assets;
    • failure of our customers to continue to rent equipment after expiration of the primary rental term;
    • our ability to economically develop and deploy new technologies and services, including technology to comply with health and environmental laws and regulations;
    • failure to achieve accretive financial results in connection with any acquisitions we may make;
    • fluctuations in interest rates;
    • regulation or prohibition of new well completion techniques;
    • competition among the various providers of compression services and products;
    • changes in safety, health and environmental regulations;
    • changes in economic or political conditions in the markets in which we operate;
    • the inherent risks associated with our operations, such as equipment defects, malfunctions, natural disasters and adverse changes in customer, employee and supplier relationships;
    • our inability to comply with covenants in our debt agreements and the decreased financial flexibility associated with our debt;
    • inability to finance our future capital requirements and availability of financing;
    • capacity availability, costs and performance of our outsourced compressor fabrication providers and overall inflationary pressures;
    • impacts of world events, such as acts of terrorism and significant economic disruptions and adverse consequences resulting from possible long-term effects of potential pandemics and other public health crises; and
    • general economic conditions.

    In addition, these forward-looking statements are subject to other various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

    For More Information, Contact:
    Anna Delgado, Investor Relations
    (432) 262-2700
    IR@ngsgi.com
    www.ngsgi.com

     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (unaudited)
      December 31,
      2024   2023
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $                2,142   $                2,746
    Trade accounts receivable, net of provision for credit losses                 15,626                   39,186
    Inventory, net of allowance for obsolescence                 18,051                   21,639
    Federal income tax receivable                 11,282                   11,538
    Prepaid expenses and other                   1,075                     1,162
    Total current assets                 48,176                   76,271
    Long-term inventory, net of allowance for obsolescence                         —                        701
    Rental equipment, net of accumulated depreciation               415,021                 373,649
    Property and equipment, net of accumulated depreciation                 22,989                   20,550
    Intangible assets, net of accumulated amortization                         —                        775
    Other assets                   6,342                     6,783
    Total assets $           492,528   $           478,729
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $                9,670   $             17,628
    Accrued liabilities                   7,688                   15,085
    Total current liabilities                 17,358                   32,713
    Credit facility               170,000                 164,000
    Deferred income taxes                 45,873                   41,636
    Other long-term liabilities                   4,240                     4,486
    Total liabilities               237,471                 242,835
    Commitments and contingencies      
    Stockholders’ Equity:      
    Preferred stock, 5,000 shares authorized, no shares issued or outstanding                         —                           —
    Common stock, 30,000 shares authorized, par value $0.01; 13,762 and 13,688 shares issued as of December 31, 2024 and 2023, respectively                      138                        137
    Additional paid-in capital               118,415                 116,480
    Retained earnings               151,508                 134,281
    Treasury shares, at cost, 1,310 shares for each of December 31, 2024 and 2023, respectively               (15,004)                 (15,004)
    Total stockholders’ equity               255,057                 235,894
    Total liabilities and stockholders’ equity $           492,528   $           478,729
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    Revenue:              
    Rental $         38,226   $         31,626   $       144,236   $       106,159
    Sales                  997                 2,921                 7,613                 8,921
    Aftermarket services               1,435                 1,674                 4,893                 6,087
    Total revenue            40,658              36,221            156,742            121,167
    Cost of revenues (excluding depreciation and amortization)              
    Rental            15,119              12,427                 7,903                 8,919
    Sales               1,446                 2,301              56,903              48,877
    Aftermarket services               1,114                 1,234                 3,950                 4,658
    Total cost of revenues (excluding depreciation and amortization)            17,679              15,962              68,756              62,454
    Selling, general and administrative expenses               5,831                 4,390              21,012              16,938
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    Loss (gain) on sale of property and equipment, net                    45                  (200)                  (430)                  (481)
    Total operating costs and expenses            34,615              31,782            123,417            110,710
    Operating income               6,043                 4,439              33,325              10,457
    Other income (expense):              
    Interest expense             (3,015)               (2,297)             (11,927)               (4,082)
    Other income (expense)                  120                       (9)                    268                    245
    Total other expense, net             (2,895)               (2,306)             (11,659)               (3,837)
    Income before income taxes               3,148                 2,133              21,666                 6,620
    Provision for income taxes                (283)                  (431)               (4,439)               (1,873)
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Earnings per share:              
    Basic $              0.23   $              0.14   $              1.39   $              0.39
    Diluted $              0.23   $              0.14   $              1.37   $              0.38
    Weighted average shares outstanding:              
    Basic            12,438              12,378              12,412              12,316
    Diluted            12,586              12,435              12,543              12,383
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    (Gain) loss on sale of property and equipment                    45                  (200)                  (430)                  (481)
    Amortization of debt issuance costs                  216                    138                    746                    425
    Deferred income taxes                  182                    430                 4,237                 1,838
    Stock-based compensation                  783                    228                 1,821                 2,054
    Provision for credit losses                    —                    293                    433                    492
    (Gain) loss on company owned life insurance                     (4)                    186                  (156)                    235
    Changes in operating assets and liabilities:              
    Trade accounts receivables               9,183             (11,438)              23,127             (25,010)
    Inventory               1,355                 1,939                 2,477                  (669)
    Prepaid expenses and prepaid income taxes               1,177                    274                    152                       (7)
    Accounts payable and accrued liabilities           (18,580)             (12,478)             (17,727)                 2,436
    Other               1,144                  (369)                    477                    174
    NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES               9,426               (7,665)              66,463              18,033
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Purchase of rental equipment,  property and other equipment           (14,544)             (25,380)             (71,894)          (153,943)
    Purchase of company owned life insurance                (187)                    (44)                    (22)                  (422)
    Proceeds from sale of property and equipment                  (28)                    246                    476                    477
    NET CASH USED IN INVESTING ACTIVITIES           (14,759)             (25,178)             (71,440)          (153,888)
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from credit facility borrowings            20,000              36,000              28,000            139,000
    Repayments of credit facility borrowings           (13,000)                      —             (22,000)                      —
    Payments of other long term liabilities                (158)                    (45)                  (780)                    (95)
    Payments of debt issuance costs                    —                  (562)                  (962)               (2,693)
    Proceeds from exercise of stock options                  223                      —                    293                      —
    Taxes paid related to net share settlement of equity awards                    —                       (1)                  (178)                  (983)
    NET CASH PROVIDED BY FINANCING ACTIVITIES               7,065              35,392                 4,373            135,229
    NET CHANGE IN CASH AND CASH EQUIVALENTS               1,732                 2,549                  (604)                  (626)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                  410                    197                 2,746                 3,372
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $           2,142   $           2,746   $           2,142   $           2,746

    The MIL Network –

  • MIL-OSI Economics: African Development Bank, African Water Facility, Association of European Development Finance Institutions to hold Investment Event for Water and…

    Source: African Development Bank Group

    The African Development Bank Group, African Water Facility, and the Association of European Development Finance Institutions will host a high-level event to generate investment for water and sanitation services in Africa. Taking place on 18 March 2025 in Brussels, the event will bring together development finance institutions, private sector investors, and philanthropic organizations.

    During the event, the African Development Bank and African Water Facility will showcase investment-ready projects and those in their pipeline, offering opportunities for investors and development financiers to support high-impact water and sanitation projects, including homegrown solutions that will drive economic growth, social stability, and public health improvements across Africa.

    Why This Matters

    Africa faces significant water and sanitation challenges, amplified by increasing pressure on strained water resources by the continent’s growing population, which is expected to double by 2050. Currently, 411 million people lack access to safe drinking water, 779 million are without essential sanitation services, and 839 million do not have access to basic hygiene services, according to a 2020 report by UNICEF and the World Health Organization (WHO).

    This lack of access contributes to severe public health challenges, including the spread of waterborne diseases such as cholera and diarrhea, which have caused over 400,000 deaths annually on the continent, according to the WHO.

    The economic cost of inadequate access to water and sanitation is also high. Inadequate sanitation alone results in losses of up to $5.5 billion per year in sub-Saharan Africa due to healthcare costs and lost productivity. However, investing in climate-resilient water and sanitation services could yield at least $7 in economic returns for every $1 spent.

    “Water and sanitation infrastructure is fundamental to economic growth. Investing in it is not only a necessity, but good business sense. By securing funding for high-impact projects, we can create jobs, improve public health, and grow local economies,” said Mtchera Chirwa, Director for Water Development and Sanitation at the African Development Bank and Coordinator of African Water Facility.

    Beyond funding, the event will facilitate discussions on public-private partnerships, blended finance models, and innovative financing mechanisms to accelerate progress in achieving United Nations Sustainable Development Goal 6 – universal access to clean water and sanitation by 2030.

    Association of European Development Finance Institutions CEO David Kuijper said. “As stakeholders in development, together, we have the resources to make transformative change happen. The Association of European Development Finance Institutions values the partnership with the African Development Bank and African Water Facility to convene this event to find financial and technical resources for solutions through projects already on the market in Africa.”

    MIL OSI Economics –

  • MIL-OSI Economics: In the Centre of Cameroon, pineapple farming is transforming the daily lives of women

    Source: African Development Bank Group
    On the green hills of Ngoumou, cocoa, coffee, banana and pineapple plantations stretch as far as the eye can see. The district in the Centre Region of Cameroon is a rapidly developing agricultural hub and a key supplier to neighbouring markets.

    MIL OSI Economics –

  • MIL-OSI Economics: Speech by Dr. Akinwumi A. Adesina, President and Chairman of the Boards of Directors, African Development Bank Group at the State House event on the…

    Source: African Development Bank Group
    Your Excellency, Dr. William Samoei Ruto, President of the Republic of Kenya, C.G.H.
    Your Excellency, Professor Kithure Kindiki, Deputy President of the Republic of Kenya.
    Honorable Musalia Mudavadi, Prime Cabinet Secretary,
    Honorable Cabinet Secretaries,
    Distinguished Ladies and Gentlemen.
     

    MIL OSI Economics –

  • MIL-OSI Video: What is the Palmetto Challenge?

    Source: United States Department of Defense (video statements)

    —————
    Members of the @AFBlueTube participated in the Palmetto Challenge to assess their ability to perform wartime or contingency missions under austere conditions at Gulfport Combat Readiness Training Center, Miss.

    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=xhsIMXJ3QMQ

    MIL OSI Video –

  • MIL-OSI USA: SEC Charges New Jersey Investment Adviser and His Firm with Fraud and Other Violations

    Source: Securities and Exchange Commission

    Defendants disregarded their 2021 settlement and continued their fraud unabated, causing $1.6 million in harm to their fund and the fund’s retail investors

    The Securities and Exchange Commission today announced that it has filed charges against David Yow Shang Chiueh of East Hanover, New Jersey and his investment advisory firm, Upright Financial Corp., for misconduct and for investing more than 25 percent of Upright Growth Fund’s assets in a single company over multiple years, causing losses of $1.6 million.

    In November 2021, Chiueh and Upright settled SEC charges that they, as investment advisers to Upright Growth Fund, violated its policy by investing more than 25 percent of its assets in one industry between July 2017 and June 2020, committing fraud and breaching their fiduciary duties. Despite being ordered to stop this conduct, the SEC’s complaint alleges, the defendants continued their fraud by violating the 25 percent industry concentration limit and making misrepresentations about it between at least November 24, 2021, and June 23, 2024. As a result, the complaint alleges that the defendants’ decision to wait more than two-and-a-half years to sell the relevant stock resulted in losses of approximately $1.6 million to the fund and its investors.

    Additionally, the SEC’s complaint alleges the defendants engaged in further misconduct during this same period when Chiueh operated the fund’s board without the required number of independent trustees and misrepresented the independence of one in filings. The defendants also failed to provide or withheld key information from the board, according to the complaint, and they hired an accountant for the fund without the required vote by the board.

    “As alleged, the defendants not only ran the fund contrary to its fundamental investment policies, but they actively misled investors and the fund’s board about their conduct,” said Corey Schuster, Chief of the Division of Enforcement’s Asset Management Unit. “Undeterred by their prior SEC settlement involving these very same issues, we allege that the defendants repeatedly violated fundamental rules designed to protect investors in mutual funds.”

    The SEC’s complaint charges the defendants with violating antifraud and other provisions of the federal securities laws, including provisions of the Investment Advisers Act and Investment Company Act. The complaint seeks permanent injunctive relief, return of allegedly ill-gotten gains, and civil penalties.

    The SEC’s investigation was conducted by Stephen Holden and Ming Ming Yang, and supervised by Lee A. Greenwood and Mr. Schuster, all of the Enforcement Division’s Asset Management Unit, as well as Debra Jaroslawicz, senior trial counsel in the New York Regional Office. The litigation will be led by Ms. Jaroslawicz, Mr. Holden, and Ms. Yang.

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 17.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    17 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 17.03.2025

    Espoo, Finland – On 17 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,034,246 4.91
    CEUX 1,306,506 4.91
    BATE – –
    AQEU – –
    TQEX 164,453 4.91
    Total 3,505,205 4.91

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 17 March 2025 was EUR 17 207 402. After the disclosed transactions, Nokia Corporation holds 175 589 992 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Varonis Acquires Cyral to Reinvent Database Activity Monitoring

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 17, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the data security leader, today announced the acquisition of the next-generation database activity monitoring (DAM) provider Cyral.

    Cyral’s innovative approach to DAM uses agentless and stateless interception technology that deploys quickly and overcomes the challenges legacy vendors face in preventing data breaches and ensuring compliance.

    “By combining Cyral’s cloud-native DAM with Varonis’ robust and growing database security capabilities, customers can begin to upgrade their costly legacy solutions, shattering the silos that have traditionally separated structured and unstructured data security,” said Varonis CEO, President, and Co-founder Yaki Faitelson. “With this acquisition, we are addressing the most difficult database security challenges, and equipping our customers with a modern, end-to-end platform.”

    A structured data explosion fueled by cloud and AI

    The database market is set to explode to $225 billion by 2028. Giants like Databricks and Snowflake have unlocked virtually unlimited capacity and frictionless access to databases, data lakes, and data pipelines. Meanwhile, vector databases, the foundation of AI model training and processing, are challenging security teams with unprecedented scale, volume, and complexity.

    Organizations struggle to secure thousands of managed, unmanaged, and on-prem databases storing their most critical PII, intellectual property, and AI training data. Lack of competition and complex barriers to entry have stifled innovation in the DAM market. The AI era demands a new and novel approach to database security.

    A unified Data Security Platform

    The days of fragmented data security products are ending. Varonis protects data wherever it lives, at rest or in motion, from a single unified platform—enabling organizations to continuously reduce their sensitive data exposure and respond to threats in the age of AI.

    Cyral was co-founded by Manav Mital, who identified the crucial need to manage databases at scale using cloud-native technology. “Varonis’ acquisition of Cyral brings together a shared vision for securing customers’ data end-to-end as AI ushers in a new era of growth and innovation,” said Cyral Co-Founder and CEO Manav Mital. “The lifeblood of AI is data, and Varonis is leading the charge by driving automated data security outcomes at scale.”

    The acquisition is not expected to have a material impact on revenue this year.

    Additional Resources

    Forward-Looking Statements

    This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Abaxx Announces C$20,000,000 Convertible Debenture Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announces it proposes to raise on a non-brokered private placement basis an aggregate principal amount of up to C$20,000,000 (the “Offering”) pursuant to the issuance of secured convertible debentures (the “Debentures”) due 36 months following the date of issuance (the “Maturity Date”).

    Each Debenture will consist of C$1,000 principal amount of secured convertible debentures of the Company and will be convertible into common shares of the Company (each, a “Debenture Share) at the option of the holder thereof at any time prior to the Maturity Date at a conversion price equal to C$13 per Debenture Share. The outstanding principal amount of the Debentures, together with any accrued and unpaid interest, will become due and payable in full on the Maturity Date and will be payable in cash.

    The Debentures will be issued at an original issue discount equal to 2.5% of the aggregate principal amount of the Debentures and shall bear interest at a rate of 7.0% per annum from the date of issue, payable semi-annually in arrears in cash. The Debentures will be secured against certain publicly-traded securities owned by the Company.

    The Offering is expected to close on or around March 25, 2025, and is subject to completion of final transaction documentation and all regulatory approvals, including the approval of Cboe Canada. The net proceeds of the Offering are expected to be used for general corporate and working capital purposes. The Debentures and Debenture Shares issuable pursuant to the Offering will be subject to statutory hold periods of four months and one day from the date of issuance thereof.

    The Company may pay a commission or finder’s fee to eligible parties in connection with the Offering, subject to the approval of Cboe Canada and compliance with applicable securities laws.

    The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward- looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: the proposed terms of the Debentures, the closing and timing of closing of the Offering, regulatory approvals and the proposed use of proceeds from the Offering. Such factors impacting forward-looking information include, among others: the inability to receive regulatory approvals in connection with the Offering or inability to finalize transaction documentation; risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion & analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI Global: Cells lining your skin and organs can generate electricity when injured − potentially opening new doors to treating wounds

    Source: The Conversation – USA – By Sun-Min Yu, Postdoctoral Research Fellow in Polymer Science and Engineering, UMass Amherst

    Your skin cells can generate electricity when wounded. Torsten Wittmann, University of California, San Francisco/NIH via Flickr, CC BY-NC

    Your cells constantly generate and conduct electricity that runs through your body to perform various functions. One such example of this bioelectricity is the nerve signals that power thoughts in your brain. Others include the cardiac signals that control the beating of your heart, along with other signals that tell your muscles to contract.

    As bioengineers, we became interested in the epithelial cells that make up human skin and the outer layer of people’s intestinal tissues. These cells aren’t known to be able to generate bioelectricity. Textbooks state that they primarily act as a barrier against pathogens and poisons; epithelial cells are thought to do their jobs passively, like how plastic wrapping protects food against spoilage.

    To our surprise, however, we found that wounded epithelial cells can propagate electrical signals across dozens of cells that persist for several hours. In this newly published research, we were able to show that even epithelial cells use bioelectricity to coordinate with their neighbors when the emergency of an injury demands it. Understanding this unexpected twist in how the body operates may lead to improved treatments for wounds.

    Discovering a new source of bioelectricity

    Don’t laugh: Our interest in this topic began with a gut feeling. Think of how your skin heals itself after a scratch. Epithelial cells may look silent and calm, but they’re busy coordinating with each other to extrude damaged cells and replace them with new ones. We thought bioelectric signals might orchestrate this, so our intuition told us to search for them.

    Almost all the vendors we contacted to obtain the instrument we needed to test our idea warned us not to try these experiments. Only one company agreed with reluctance. “Your experiment won’t work,” they insisted. If we made the attempt and found nothing worthwhile to study, they feared it would make their product look bad.

    But we did our experiments anyway – with tantalizing results.

    We grew a layer of epithelial cells on a chip patterned with what’s called a microelectrode array – dozens of tiny electric wires that measure where bioelectric signals appear, how strong the signals are and how fast they travel from spot to spot. Then, we used a laser to zap a wound in one location and searched for electric signals on a different part of the cell layer.

    Microelectrode arrays detect electrical signals in cells.
    Kwayyy/Wikimedia Commons, CC BY-SA

    Several hours of recording confirmed our intuition: When faced with the emergency need to repair themselves, bioelectrical signals appear when epithelial cells need a quick way to communicate over long distances.

    We found that wounded epithelial cells can send bioelectric signals to neighboring cells over distances more than 40 times their body length with voltages similar to those of neurons. The shapes of these voltage spikes are also like those of neurons except about 1,000 times slower, indicating they might be a more primitive form of intercellular communication over long distances.

    Powering the bioelectric generator

    But how do epithelial cells generate bioelectricity?

    We hypothesized that calcium ions might play a key role. Calcium ions show up prominently in any good biology textbook’s list of major molecules that help cells function. Since calcium ions regulate the forces that contract cells, a function necessary to remove damaged cells after wounding, we hypothesized that calcium ions ought to be critical to bioelectricity.

    To test our theory, we used a molecule called EDTA that tightly binds to calcium ions. When we added EDTA to the epithelial cells and so removed the calcium ions, we found that the voltage spikes were no longer present. This meant that calcium ions were likely necessary for epithelial cells to generate the bioelectric signals that guide wound healing.

    We then blocked the ion channels that allow calcium and other positively charged ions to enter epithelial cells. As a result, the frequency and strength of the electrical signals that epithelial cells produce were reduced. These findings suggest that while calcium ions may play a particularly crucial role in allowing epithelial cells to produce bioelectricity, other molecules may also matter.

    Further research can help identify those other ion channels and pathways that allow epithelial cells to generate bioelectricity.

    Epithelial cells line your large intestine.
    Choksawatdikorn/Science Photo Library via Getty Images

    Improving wound healing

    Our discovery that epithelial cells can electrically speak up during a crisis without compromising their primary role as a barrier opens doors for new ways to treat wounds.

    Previous work from other researchers had demonstrated that it’s possible to enhance wound healing in skin and intestinal tissues by electrically stimulating them. But these studies used electrical frequencies many times higher than what we’ve found epithelial cells naturally produce. We wonder whether reevaluating and refining optimal electric stimulation conditions may help improve biomedical devices for wound healing.

    Further down the road of possibility, we wonder whether electrically stimulating individual cells might offer even more healing potential. Currently, researchers have been electrically stimulating the whole tissue to treat injury. If we could direct these electrical signals to go specifically to where a remedy is needed, would stimulating individual cells be even more effective at treating wounds?

    Our hope is that these findings could become a classic case of curiosity-driven science that leads to useful discovery. While our dream may carry a high risk of failure, it also offers potentially high rewards.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Cells lining your skin and organs can generate electricity when injured − potentially opening new doors to treating wounds – https://theconversation.com/cells-lining-your-skin-and-organs-can-generate-electricity-when-injured-potentially-opening-new-doors-to-treating-wounds-252255

    MIL OSI – Global Reports –

  • MIL-OSI: RBAZ Bancorp, Inc. Closing of Asset Sale and Stock Transfer Records

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, March 17, 2025 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCPK: RBAZ) (“RBAZ”), the holding company of Republic Bank of Arizona, an Arizona state bank (“Republic Bank”), today announced that all necessary regulatory approvals have been obtained to complete the sale of substantially all of the assets and liabilities (the “Asset Sale”) of Republic Bank to Pima Federal Credit Union (“Pima Federal”) under the Purchase and Assumption Agreement, dated as of May 16, 2024 (the “Purchase Agreement”), by and among RBAZ, Republic Bank and Pima Federal. RBAZ shareholders also have approved the Purchase Agreement and the transactions contemplated thereby. RBAZ expects to close the Asset Sale on May 2, 2025, subject to the satisfaction of customary closing conditions under the Purchase Agreement.

    “We are pleased to have received all necessary regulatory approvals to move ahead to closing on our transaction announced May 16, 2024,” said Alan Sparks, Chairman of RBAZ and Republic Bank. “This is another significant milestone in completing this transformational business combination. We are excited about the expansion of Pima Federal’s product offerings in the high-growth metro market of Phoenix and look forward to bringing these two strong companies together to deliver service excellence to our customers and communities across our market.”

    “We’re excited this step in the process has been completed,” said Mr. Sparks. “As we have said all along, Pima Federal’s like-minded culture and customer approach are an ideal fit for our team, along with the customers and communities we serve. This partnership will allow us to continue delivering the products, services and expertise they expect and deserve. This is a great outcome for our shareholders, as well.”

    After the closing of the Asset Sale, RBAZ will begin the process of voluntarily dissolving Republic Bank and RBAZ, and distributing RBAZ’s net assets, including the net cash proceeds from the Asset Sale, to the shareholders of RBAZ. RBAZ anticipates making two or more distributions to the shareholders, with the first occurring shortly after the closing of the Asset Sale and the final occurring as soon as practicable in connection with the final dissolution of RBAZ. The actual timing of the distributions will be based on the closing of the Asset Sale and the satisfaction of conditions to the dissolution of Republic Bank and RBAZ.

    RBAZ intends to cause its common stock to no longer trade or be quoted on the OTC Pink Market after the closing of the Asset Sale. RBAZ anticipates closing its stock transfer records at the same time. Thereafter, RBAZ common stock will represent only the right to receive distributions.

    After the closing of the Asset Sale, RBAZ shareholders will receive transmittal documents from RBAZ’s transfer agent, Computershare Trust Company, N.A. RBAZ shareholders must surrender their stock certificate(s) (if applicable) and return the transmittal documents to receive the distributions.

    About RBAZ Bancorp, Inc.

    RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

    About Republic Bank of Arizona

    Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

    Forward-Looking Statements

    Certain statements contained in this press release may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors – many of which are beyond the control of RBAZ – could cause actual conditions, events or results to differ materially from those anticipated, discussed, projected, expressed or implied by forward-looking statements. We caution you not to place undue reliance on the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially from the expectations of RBAZ and Republic Bank include the nature and amount of the liabilities remaining at RBAZ and Republic Bank following the proposed Asset Sale, including material federal income tax liabilities, the results of any litigation involving RBAZ and Republic Bank, and the amount of costs and expenses associated with dissolving RBAZ and Republic Bank, all of which must be satisfied or provided for before RBAZ may distribute its residual assets to its shareholders. Forward-looking statements speak only as of the date they are made. RBAZ and Republic Bank do not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

    Contact:   Brian Ruisinger
    President and Chief Executive Officer
    Phone: (602) 280-9404
    Email: bruisinger@republicaz.com

    The MIL Network –

  • MIL-OSI: APA Corporation and Partners Lagniappe Alaska and Oil Search Announce Significant Oil Discovery in Alaska’s North Slope at Sockeye-2 Exploration Well; Partners Proceeding with Further Evaluation and Testing

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) — APA Corporation (NYSE, Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced preliminary results of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25%.

    The Sockeye-2 well was drilled to a depth of approximately 10,500 feet and successfully encountered a high-quality reservoir with approximately 25 feet of net oil pay in one blocky, Paleocene-aged sand with an average porosity of 20%. As compared to recent regional field analogues in the Brookian play, the porosity and permeability are both better than expected, with the permeability to be confirmed through a planned flow test. Additional zones of potential pay were also encountered in the shallower Staines Tongue formation.

    The Sockeye prospect is amplitude supported across 25,000 to 30,000 acres, and confirms the partners’ geologic and geophysical models, derisking numerous additional prospects in the area. Wireline logging is complete and additional data collection is underway, including acquiring core and flow testing the well. The partners will provide further updates following the flow test results.

    “The Sockeye-2 test is the second successful exploratory well drilled by the partnership on a 325,411-acre position on state lands. The first well, King Street-1, was a new field discovery with oil in two separate Brookian Zones. The Sockeye-2 well further demonstrates the potential of the play, presenting an exciting opportunity in an active area of the North Slope with significant existing infrastructure,” said Bill Armstrong, CEO of Armstrong Oil & Gas.

    “We are very encouraged by the results at the Sockeye-2 well, which further proves our geologic and geophysical models and confirms a working hydrocarbon system. We look forward to the results of the flow test and sharing more information about the broader opportunity in Alaska,” added John J. Christmann, APA Corporation CEO.

    About APA

    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2024, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release 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. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

    Contacts

    Investor: (281) 302-2286
    Media: (713) 296-7276        
    Website: www.apacorp.com

    APA-G

    The MIL Network –

  • MIL-OSI: Netcapital Announces Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Management to Host Earnings Call on March 19, 2025 at 10:00 a.m. ET

    BOSTON, MA, March 17, 2025 (GLOBE NEWSWIRE) — Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter of fiscal year 2025 ended January 31, 2025.

    “During the fiscal year, management shifted its focus to establishing the company’s wholly-owned broker-dealer subsidiary, Netcapital Securities Inc., which was approved by FINRA in November. We believe this major milestone will provide additional sources of revenue going forward,” said Martin Kay, CEO of Netcapital Inc. “We did face a tough quarter during an uncertain market environment. Looking forward, however, we are pleased that Algernon NeuroScience Inc. recently engaged Netcapital Securities for a planned Regulation A (Reg A) offering and to provide broker-dealer and administrative services.”

    Third Quarter Fiscal 2025 Financial Results

    • Revenue decreased approximately 85% year-over-year to $152,682, compared to revenue of $1,042,793 million in the third quarter of fiscal year 2024
    • Operating loss was ($1,687,692) in the third quarter fiscal 2025, compared to ($1,205,157) for the third quarter fiscal 2024
    • Net loss was ($3,006,537) in the third quarter fiscal 2025, compared to net loss of ($2,227,542) for the same period in the prior year
    • Loss per share was ($1.57) in the third quarter fiscal 2025, compared to loss per share of ($13.60) for the same period in the prior year
    • As of January 31, 2025, the Company had cash and cash equivalents of $614,304

    Conference Call Information

    The Company will host an investor conference call on Wednesday, March 19, 2025, at 10 a.m. ET.

    Participant access: 844-985-2012 or 973-528-0138
    Conference entry code: 165756

    For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the three-month period ended January 31, 2025, which has been filed with the Securities and Exchange Commission.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company’s consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The Company’s broker-dealer, Netcapital Securities Inc., is also registered with the SEC and is a member of FINRA.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS

        January 31, 2025
    (Unaudited)    		     April 30, 2024
    (Audited)    		  
    Assets:                
    Cash and cash equivalents   $ 614,304     $ 863,182  
    Accounts receivable net     –       134,849  
    Other receivables     2,400       1,200  
    Note receivable     20,000       20,000  
    Prepaid expenses     36,115       23,304  
    Total current assets     672,819       1,042,535  
                     
    Deposits     6,300       6,300  
    Notes receivable – related parties     202,000       202,000  
    Purchased technology, net     14,706,398       14,733,005  
    Investment in affiliate     240,080       240,080  
    Equity securities     24,073,080       25,333,386  
    Total assets   $ 39,900,677     $ 41,557,306  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 2,160,727     $ 793,325  
    Accrued expenses     250,983       310,300  
    Deferred revenue     360       466  
    Interest payable     98,218       92,483  
    Current portion of SBA loans     1,885,800       1,885,800  
    Loan payable – bank     34,324       34,324  
    Total current liabilities     4,430,412       3,116,698  
                     
    Long-term liabilities:                
    Long-term SBA loans, less current portion     500,000       500,000  
    Total liabilities     4,930,412       3,616,698  
                     
    Commitments and contingencies     –       –  
                     
    Stockholders’ equity:                
    Common stock, $.001 par value; 900,000,000 shares authorized, 2,112,488 and 326,867 shares issued and outstanding     2,113       327  
    Shares to be issued     122,124       122,124  
    Capital in excess of par value     42,120,673       37,338,594  
    Retained earnings (deficit)     (7,274,645 )     479,563  
    Total stockholders’ equity     34,970,265       37,940,608  
    Total liabilities and stockholders’ equity   $ 39,900,677     $ 41,557,306  

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
       

        Three Months Ended     Three Months Ended     Nine Months Ended     Nine Months Ended  
        January 31, 2025     January 31, 2024     January 31, 2025     January 31, 2024  
                             
    Revenues   $ 152,682     $ 1,042,793     $ 465,437     $ 4,604,260  
    Costs of services     7,155       58,875       37,156       97,062  
    Gross profit     145,527       983,918       428,281       4,507,198  
                                     
    Costs and expenses:                                
    Consulting expense     63,555       175,357       240,581       544,033  
    Marketing     12,887       32,198       31,993       320,817  
    Rent     20,178       19,544       58,736       57,533  
    Payroll and payroll related expenses     815,024       869,517       2,701,318       2,957,394  
    General and administrative costs     921,575       1,092,459       3,794,013       2,529,378  
    Total costs and expenses     1,833,219       2,189,075       6,826,641       6,409,155  
    Operating income (loss)     (1,687,692 )     (1,205,157 )     (6,398,360 )     (1,901,957 )
                                     
    Other income (expense):                                
    Interest expense     (10,376 )     (11,918 )     (30,441 )     (35,784 )
    Interest income     400       –       1,200       –  
    Impairment expense     (1,300,000 )     –       (1,300,000 )     –  
    Amortization of intangible assets     (8,869 )     (28,331 )     (26,607 )     (84,993 )
    Unrealized loss on equity securities     –       (2,696,135 )     –       (2,696,135 )
    Total other income (expense)     (1,318,845 )     (2,736,384 )     (1,355,848 )     (2,816,912 )
    Net income (loss) before taxes     (3,006,537 )     (3,941,541 )     (7,754,208 )     (4,718,869 )
    Income tax expense (benefit)     –       (1,713,999 )     –       (2,339,288 )
    Net income (loss)   $ (3,006,537 )   $ (2,227,542 )   $ (7,754,208 )   $ (2,379,581 )
                                     
    Basic earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
    Diluted earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
                                     
    Weighted average number of common shares outstanding:                                
    Basic     1,915,367       163,807       1,119,479       135,111  
    Diluted     1,915,367       163,807       1,119,479       135,111  

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., March 17, 2025 (GLOBE NEWSWIRE) — On March 17, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.37 per BUC.

    The cash distribution will be paid on April 30, 2025 to all BUC holders of record as of the close of trading on March 31, 2025. The BUCs will trade ex-distribution as of March 31, 2025.

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    The MIL Network –

  • MIL-OSI: Global Star Acquisition Inc. Commences Trading on the OTC Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and SEOUL, South Korea, March 17, 2025 (GLOBE NEWSWIRE) — Global Star Acquisition Inc. (OTC Markets: GLST) (“Global Star” or the “Company”), a special purpose acquisition company, received a notification letter from The Nasdaq Stock Market, LLC (“Nasdaq”) on March 7, 2025, notifying the Company that it no longer meets continued listing requirements. As a result, Nasdaq pursuant to its discretionary authority under Listing Rules 5101,1 and IM-5101-12 suspended trading of the Company’s securities on March 7, 2025. Following the suspension of trading on Nasdaq, the Company’s securities began trading on the OTC Markets as of March 14, 2025.

    On February 3, 2025, Global Star’s shareholders approved the previously announced business combination between Global Star and K Enter Holdings, Inc. (“K Enter”). Both Global Star and K Enter remain committed to consummating the business combination and plan to have the securities of the post-business combination entity, K Wave Media, Ltd., to be listed on The Nasdaq Stock Market.

    About Global Star Acquisition Inc.

    Global Star Acquisition Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

    About K Enter Holdings Inc.

    K Enter Holdings Inc. is a Delaware corporation that operates an internal K drama production team and is the owner of the controlling equity interests in six diversified entertainment operating companies based in Korea, engaged in the entertainment content, IP creation, merchandising and entertainment investment businesses (the “Six Korean Entities”). The Six Korean Entities include Play Company Co., Ltd, a Korean IP merchandising company, and Solaire Partners Ltd., a Korean IP content-specialized private equity firm, Studio Anseilen Co., Ltd., a K drama production company, and The LAMP Co., Ltd., Bidangil Pictures Co., Ltd., and Apeitda Co., Ltd., each of which is a K movie production company.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the Proposed Business Combination and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this press release. To the fullest extent permitted by law under no circumstances will Global Star, K Enter, or any of the Six Korean Entities, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this press release have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Global Star nor K Enter has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Global Star, K Enter or the Proposed Business Combination. Viewers of this press release should each make their own evaluation of Global Star and K Enter and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the benefits of the Proposed Business Combination, including K Enter’s ability to accelerate the development of its products and bring them to market, the anticipated timing for completion of the Proposed Business Combination, and Global Star’s and K Enter’s expectations, plans or forecasts of future events and views as of the date of this press release. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. These forward-looking statements, which may include, without limitation, words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the control of Global Star or K Enter).

    In addition, this press release includes a summary set of risk factors that may have a material impact on Global Star, K Enter or the Proposed Business Combination, which are not intended to capture all the risks to which Global Star, K Enter or the Proposed Business Combination is subject or may be subject. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Proposed Business Combination may not be completed by Global Star’s business combination deadline; (4) the inability to complete the Proposed Business Combination, including but not limited to due to the failure to obtain approval of the stockholders of Global Star or K Enter for the Merger Agreement, to receive certain governmental, regulatory and third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount of cash available following any redemptions by Global Star ‘s stockholders; (6) the inability to obtain or maintain the listing of Global Star’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; (7) the effect of the announcement or pendency of the Proposed Business Combination on K Enter’s business relationships, operating results, and business generally; (8) risks that the Proposed Business Combination disrupts current plans and operations of K Enter or the Six Korean Entities; (9) the inability to realize the anticipated benefits of the Proposed Business Combination and to realize estimated pro forma results and underlying assumptions, including but not limited to with respect to estimated stockholder redemptions and costs related to the Proposed Business Combination; (10) the possibility that Global Star or K Enter or the Six Korean Entities may be adversely affected by other economic or business factors; (11) changes in the markets in which K Enter and the Six Korean Entities compete, including but not limited to with respect to its competitive landscape, technology evolution, changes in entertainment choices or regulatory changes; (12) changes in domestic and global general economic conditions; (13) risk that K Enter may not be able to execute its growth strategies; (14) the risk that K Enter experiences difficulties in managing its growth and expanding operations after the Proposed Business Combination; (15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable terms or at all; (16) the ability to recognize the anticipated benefits of the Proposed Business Combination to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of K Enter to grow and manage growth economically and hire and retain key employees; (17) risk that K Enter may not be able to develop and maintain effective internal controls; (18) the risk that K Enter may fail to keep pace with rapid technological developments or changes in entertainment tastes to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and services; (19) the ability to develop, license or acquire new content, products and services; (20) the risk that K Enter is unable to secure or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to K Enter’s business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Proposed Business Combination; (25) the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions; (26) the risk that K Enter fails to successfully and timely consummate its acquisition of one or more of the Six Korean Entities`; and (27) other risks and uncertainties identified in the registration statement on Form F-4, which included a proxy statement/prospectus filed in connection with the Proposed Business Combination (the “Registration Statement”), including those under “Risk Factors” therein, and in other filings with the U.S. Securities and Exchange Commission (“SEC”) made by Global Star. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Global Star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Registration Statement filed with the SEC with respect to the Proposed Business Combination, and other documents filed by Global Star from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive, are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Forward-looking statements speak only as of the date they are made. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Global Star nor K Enter presently know or that Global Star and K Enter currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. However, while Global Star and K Enter may elect to update these forward-looking statements at some point in the future, Global Star and K Enter specifically disclaim any obligation to do so. Neither Global Star nor K Enter gives any assurance that Global Star or K Enter, or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements, and they should not be relied upon as representing Global Star’s and K Enter’s assessments as of any date subsequent to the date of this press release.

    Contact

    Global Star Acquisition, Inc.
    Investor Contact
    MZ Group
    Shannon Devine/Rory Rumore
    +1 (203) 741-8811
    GLST@mzgroup.us

    The MIL Network –