Category: Business

MIL-OSI USA: Warren, Duckworth Raise Concerns Over Potential Quid Quo Pro between Elon Musk and Dr. Troy Meink, Trump’s Air Force Secretary Nominee

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

February 27, 2025

Reports Indicate Musk Pushed for Meink for Key Role after Meink Favored SpaceX Contract

“These reports raise concerns about your ability, if confirmed as Secretary, to treat contractors fairly and prioritize the Air Force’s mission over Elon Musk’s business interests.”

Text of Letter (PDF)

Washington, D.C. – Today, U.S. Senators Elizabeth Warren (D-Mass.) and Tammy Duckworth (D-Ill.), members of the Senate Armed Services Committee, sent a letter to Dr. Troy Meink, nominee for Secretary of the Air Force, following troubling reports that Elon Musk “pushed for” and “recommended” Dr. Meink’s nomination to serve as Secretary of the Air Force after Meink favored SpaceX in a contracting deal while at the National Reconnaissance Organization.

If Dr. Meink is confirmed to be Secretary of the Air Force, he would be responsible for key contracting, deployment, and acquisition decisions. He would also make decisions about the role of key automated technologies and space programs, mixed-use unmanned aerial vehicles, artificial intelligence, and key space programs, crucially “oversee(ing) lucrative contracts for critical space efforts where top Trump ally Elon Musk’s SpaceX dominates.” All of these decisions may have a direct impact on SpaceX, Mr. Musk’s aerospace company, and other companies owned by him.

Reporting from Reuters suggests Dr. Meink showed favoritism towards SpaceX during his time at the National Reconnaissance Office (NRO). Space X was reportedly able to secure $2.5 billion in federal contracts while blocking bids from competitors—through a last-minute alteration Dr. Meink made to the NRO contract. When L3Harris Technologies raised concerns about changes to the contract, Dr. Meink allegedly threatened the company, saying “future business with the agency could be hurt if it filed a formal protest.”

“SpaceX’s monopoly over NRO contracts has created a situation where ‘SpaceX is building hundreds of the satellites for the spy agency and then putting them into orbit on its own rocket,’ wrote the senators. “This type of vertical integration can ‘culminate in a de facto monopoly, cementing a stagnant and wasteful anticompetitive paradigm.’”

“These are incredibly serious allegations of misconduct and favoritism,” the senators continued. “These reports raise concerns about your ability, if confirmed as Secretary, to treat contractors fairly and prioritize the Air Force’s mission over Elon Musk’s business interests.”

The senators demanded answers to their concerns about his previous contracting decisions, the nature of his relationship with Mr. Musk, and his plans to engage in future contracting decisions at the Pentagon, if confirmed, by March 6, 2025.

MIL OSI USA News –

February 28, 2025

MIL-OSI: Madison Pacific Properties Inc. announces the results for the four months ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 27, 2025 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces the results of operations for the four months ended December 31, 2024.

In July 2024, the Company’s Board of Directors approved a change of financial year-end of the Company from August 31 to December 31. This change of year-end is effective for the financial year commencing September 1, 2024. The Company’s transition year is the four months ended December 31, 2024. The comparative consolidated financial statements are for the year ended August 31, 2024. The results for the four months ended December 31, 2024 as presented are not comparable to the prior year.

The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.

For the four months ended December 31, 2024, the Company is reporting a net income of $5.1 million (year ended August 31, 2024: net loss of $44.2 million); cash flows generated from operating activities before changes in non-cash operating balances of $3.6 million (year ended August 31, 2024: $11.4 million); and income per share of $0.08 (year ended August 31, 2024: loss per share of $0.74). Included in net income are net gain on the fair value adjustment on investment properties of approximately $3.8 million (year ended August 31, 2024: net loss of $0.2 million), losses on fair value adjustment on interest rate swaps of $0.9 million (year ended August 31, 2024: $4.2 million), and equity losses of associate and joint ventures of $0.6 million (year ended August 31, 2024: equity earnings of $0.4 million). Included in the net loss for year ended August 31, 2024 was a provision of $51.5 million for uncertain tax positions recognizing a tax liability for unpaid taxes, estimated interest expense and awarded legal costs and provisions against the carrying value of the Company’s tax deposits and deferred tax assets related to unused carryforward amounts.

As at December 31, 2024, the Company owns approximately $724 million in investment properties (August 31, 2024: $708 million).

As at the date of this Press Release, the Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 94.71% of available space within the industrial and commercial investment properties is currently leased and within the multi-family residential properties, 98.63% is currently leased. The Company’s development properties include a 50% interest in the Silverdale Hills Limited Partnership which currently owns approximately 1,406 acres of primarily residential designated development lands in Mission, British Columbia.

For a review of the risks and uncertainties to which the Company is subject, see its most recently filed annual and interim MD&A.


Contact:	Mr. John Delucchi President & CEO	Ms. Bernice Yip Chief Financial Officer
Telephone:	(604) 732-6540	(604) 732-6540
Address:	389 West 6^th Avenue Vancouver, B.C. V5Y 1L1

The MIL Network –

February 28, 2025

MIL-OSI Australia: Active transport boost for Queensland

Source: Australia Government Ministerial Statements

People living in Queensland will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Government.

$24 million will be invested in 25 projects across Queensland to build new or upgrade existing bicycle and walking paths.

Residents and visitors to the Capricorn Coast are set to benefit from two 2.5-metre-wide shared paths on Emu Park Road. The $2.3 million investment will support the Queensland Department for Transport and Main Roads with the design and construction of these new paths.

Further north, $300,000 will be invested to connect the Les Wilson Barramundi Discovery Centre to the Karumba CBD with new footpaths.

In South East Queensland, a brand new walking and cycling bridge over Terrors Creek in Dayboro will be constructed with a $2 million investment from the Albanese Government. The Moreton Bay Regional Council project will create a much safer and accessible alternative for people walking and cycling, compared to the narrow shoulders on the existing Mount Mee Road Bridge.

Moreton Bay Regional Council will also receive a $515,000 investment to improve the intersection at Diamond Jubilee Way with Discovery Drive, Memorial Drive and Endeavour Boulevard in North Lakes, $450,000 to deliver 1.3 kilometres of footpaths on Bridges Road in Morayfield and $225,000 to construct a 650-metre shared path on Scarborough Road in Scarborough.

The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns.

Our new Active Transport Fund is one part of this, providing safe and accessible transport options that are good for the planet and good for ourselves.

This program supports the Government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

For the full list of successful projects in Queensland visit: Active Transport Fund | Infrastructure Investment Program

Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“Queensland is famous for being warm year-round, making it the perfect state to be out and about, enjoying the fresh air. Investing in active transport options right across Queensland will give locals and visitors more ways move and make the most of the outdoors.

“Whether you’re pushing a pram, walking, cycling or making the most of Brisbane’s e-scooter trial, we’re making it easier for people to get to school, work or anywhere else, without having to jump in the car.”

MIL OSI News –

February 28, 2025
MIL-OSI United Kingdom: Boost for Gaelic broadcasting

Source: Scottish Government

Supporting Gaelic dramas.

Gaelic language broadcasting is to receive an additional £1.8 million to help build on the success of BBC Alba’s crime thriller An t-Eilean.

The increase is contained in the Scottish Government’s 2025/26 Budget and raises total funding for MG ALBA (the Gaelic Media Service) to £14.8 million in the upcoming financial year.

Independent research has found that Gaelic media generates £1.34 for every £1 invested and supports 340 jobs across Scotland, including 160 jobs in the islands.

Deputy First Minister and Gaelic Secretary Kate Forbes announced the new funding on a World Gaelic Week visit to BBC studios in Glasgow, where she met Meredith Brook, who plays the character Sìne Maclean in An t-Eilean (The Island).

The drama has attracted a record number of viewers since the first episode aired on BBC ALBA and BBC iPlayer on 14 January and has already been sold to broadcasters in other European countries.

Ms Forbes said:

“An t-Eilean’s success demonstrates how supporting a thriving Gaelic broadcasting sector can bring international interest to Scotland.

“The programme marks a new era of Gaelic TV which could draw tourists into Scotland to support jobs and economic opportunities in the country’s island communities.

“This extra funding will enable Gaelic broadcasters to build on existing high-quality content and attract new audiences. To grow Gaelic, we are taking forward the Scottish Languages Bill to strengthen provision of Gaelic education and investing a total of £35.7 million in initiatives to promote the language in 2025-26.”

Meredith Brook said:

“The making of An t-Eilean has set an exciting precedent for the future of Gaelic drama on BBC ALBA, telling engaging stories in the Gaelic language with a universal reach.

“As one of the Gaelic actors in this series, I’m proud to have played such a pivotal role in sharing the language I’m so proud of with the world.”

Background

Pictures from Ms Forbes’ visit to BBC studios are available online.

Research from Ernst and Young on the economic impact of MG ALBA (the Gaelic Media Service) is available online.

Togail airson craoladh na Gàidhlig

A’ cur taic ri dràmathan Gàidhlig

Gheibh craoladh na Gàidhlig £1.8 millean a bharrachd gus cuideachadh le bhith a’ togail air soirbheachadh dràma eucoir BBC Alba, An t-Eilean.

Tha an t-àrdachadh seo a’ tighinn bho Bhuidseat Riaghaltas na h-Alba airson 2025/26. Togaidh e am maoineachadh uile gu lèir a gheibh MG ALBA gu £14.8 millean sa bhliadhna ionmhais a tha romhainn.

Lorg rannsachadh neo-eisimeileach gu bheil meadhanan na Gàidhlig a’ cruthachadh £1.34 airson gach £1 a gheibh iad is a’ cur taic ri 340 dreuchd air feadh Alba, le 160 dhiubh sin anns na h-eileanan.

Chaidh am maoineachadh ùr a chuir an cèill leis an Leas-Phrìomh Mhinistear agus Rùnaire na Gàidhlig Ceit Fhoirbeis is i a’ tadhal, mar phàirt de Sheachdain na Gàidhlig, air stiùideothan a’ BhBC ann an Glaschu. An sin, choinnich i ri Meredith Brook, a tha a’ cluich a’ charactair Sìne Nic’IllEathain anns An t-Eilean.

Tha an dràma air clàran a bhriseadh a thaobh luchd-amhairc bhon a chaidh a’ chiad eapasod a chraoladh air BBC ALBA agus BBC iPlayer air 14 Faoilleach. Chaidh e mu thràth a reic gu craoladairean ann an dùthchannan Eòrpach eile.

Thuirt a’ BhCh. Fhoirbeis:

“Tha soirbheachadh An t-Eilean a’ cur am follais mar as urrainn do roinn mheadhanan Ghàidhlig bheòthail ùidh eadar-nàiseanta a thogail ann an Alba.

“Tha am prògram a’ comharrachadh linn ùr ann an TBh na Gàidhlig a b’ urrainn luchd-turais a thàladh a dh’Alba gus taic a chur ri obraichean agus cothroman eaconamach ann an coimhearsnachdan eileanach na dùthcha.

“Bheir am maoineachadh a bharrachd seo cothrom do chraoladairean na Gàidhlig togail air prògraman fìor mhath a tha mu thràth aca is luchd-amhairc ùr a ghlacadh. Gus a’ Ghàidhlig fhàs, tha sinn a’ toirt air adhart Bile nan Cànan Albannach gus foghlam Gàidhlig a neartachadh is a’ cur £35.7 millean uile gu lèir ri iomairtean a bhios a’ cur a’ chànain air adhart ann an 2025-26.”

Thuirt Meredith Brook:

“Le bhith a’ dèanamh An t-Eilean, tha sinn air eisimpleir a thabhann a bhrosnaicheas dràmathan do BhBC ALBA san àm ri teachd, a tha ag innse sgeulachdan tarraingeach ann an Gàidhlig a tha a’ suathadh ri cùisean uile-choitcheann.

“Mar aon de chleasaichean Gàidhlig an t-sreatha seo, ’s e urram tha ann dhomh gun robh pàirt cho cudromach agam ann a bhith a’ cur cànan air a bheil mi cho pròiseil mu choinneamh na cruinne.”

Cùl-fhiosrachadh

Gheibhear dealbhan bho thuras na BCh. Fhoirbeis gu stiùideothan a’ BhBC air-loidhne.

Tha rannsachadh bho Ernst agus Young mu bhuaidh eaconamach MG ALBA ri fhaighinn air-loidhne.

MIL OSI United Kingdom –

February 28, 2025
MIL-OSI USA: Gillibrand Leads Effort With Senators Schumer, Blumenthal, Murphy To Reintroduce $65 Million Annual Authorization For Long Island Sound Restoration

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand

Today, U.S. Senators Kirsten Gillibrand (D-NY), Charles E. Schumer (D-NY), Richard Blumenthal (D-CT), and Chris Murphy (D-CT) reintroduced the Long Island Sound Restoration and Stewardship Reauthorization Act. The Long Island Sound borders New York and Connecticut, with more than 20 million people living within 50 miles of the Sound’s beaches. Decades of high levels of pollution, dumping of dredged materials, and releases of untreated sewage have put the Sound’s wildlife population, fisheries, water quality, and surrounding communities at risk. The economic viability of the Sound, which contributes around $9.4 billion annually to the regional economy, is dependent on activities like sport and commercial fishing, boating, recreation, and tourism. This bill would reauthorize a total of $65 million annually for water quality and shore restoration programs.

“Passage of the Long Island Sound Restoration and Stewardship Reauthorization Act is necessary to protect one of New York’s most important natural and economic treasures,” said Senator Gillibrand. “I’m leading the charge to reauthorize $65 million annually for restoration efforts that will preserve the Sound’s long-term health for generations to come.”

“The Long Island Sound is a natural treasure and economic engine for New York that draws families, boaters, tourists, and anglers to our shores,” said Senator Schumer. “I’ve worked hard to deliver the federal funding to protect, clean up, and improve the Sound, its habitats, and beaches, but there is more work to be done. The Long Island Sound Restoration and Stewardship Reauthorization Act will authorize $65 million annually for projects that will boost the Sound’s water quality, restore its shorelines and coastal wetlands, and ensure a cleaner environment for New Yorkers for generations to come.”

“Urgent action is needed to protect and preserve Long Island Sound – an ecological treasure home to precious wildlife,” said Senator Blumenthal. “The reauthorization of $65 million annually will support efforts to restore shore programs and improve water quality, after sewage, runoffs and other contaminants have polluted the Sound for years. I’ll continue to fight to protect Long Island Sound for nearby communities, wildlife populations, and future generations to thrive.”

“Shoreline communities in Connecticut rely on a clean, healthy Long Island Sound. We made historic investments in its restoration over the past few years, and we can’t afford to roll back that progress. I’m glad to team up with Leader Schumer and Senators Gillibrand and Blumenthal on this bill to protect the future of the Sound,” said Senator Murphy.

Representatives Nick LaLota (R-NY) and Joe Courtney (D-CT) introduced companion legislation in the House of Representatives. The bill is also supported by stakeholder groups in New York and Connecticut.

“The Long Island Sound is more than just a body of water—it’s a vital part of life for communities across Suffolk County. Protecting the Sound means supporting the local economies that depend on tourism, fishing, recreation and maritime industries. That’s why I proudly introduced companion legislation to Senator Gillibrand’s bill in the House, in partnership with my colleague across the aisle and across the Sound, Congressman Courtney. This bipartisan, bicameral effort underscores our shared commitment to investing in the future of our communities, environment, and the countless people who rely on the Sound. These legislative measures will safeguard the Sound and its watershed for generations to come, reinforcing my commitment to improving the quality of life for all Long Islanders,” said Rep. Nick LaLota.

“We are hitting the ground running in the new Congress to get the Long Island Sound Caucus’s top bipartisan priority across the finish line,” said Rep. Joe Courtney. “The Sound is a unique body of water and a powerful engine to our region’s fishing, shipbuilding, and ecotourism economies. Our bill ensures the Sound remains a valuable resource for our communities for years to come. I am confident that after the bill’s passage in the House last Congress and growing momentum in the Senate, we will once and for all send our bill to the President’s desk.”

“In the last decade there is much progress to report in restoring Long Island Sound. Water quality has improved, the dead zone has shrunk, wetlands have been restoration, fish passages have been created, and stormwater runoff is being filtered. We cannot stop now, we still have more to accomplish. The Long Island Sound Restoration and Stewardship Reauthorization Act is critically needed to continue progress and ensure a healthy Sound for future generations. The Sound is an extension of our backyards, a gem that is beloved by millions of people. Thank you to Senator Gillibrand for her continued support championing protection for the Sound,” said Adrienne Esposito, Executive Director, Citizens Campaign for the Environment.

“With its 1,194 square miles and over 23 million people living within fifty miles of its shorelines, Long Island Sound has served as a major economic driver for our local economies, estimated to exceed $10 Billion per year. The health of the Sound is critical to our economy, to the wildlife that inhabit it, and to the people who enjoy it. Over the past 20 years, the improved health of the Sound was made possible through projects funded by the bi-state and bipartisan Long Island Sound Restoration and Stewardship Act. Since this Act expired at the end of 2024, it is critical that Congress reauthorize this bill and fund it at the authorized level of $65 million per year,” said Eric Swenson, Executive Director, Hempstead Harbor Protection Committee.

“Communities in Connecticut and New York depend on Long Island Sound for a vibrant economy as people near and far spend time here swimming, boating, fishing, and enjoying great seafood. Sustaining the Long Island Sound Restoration and Stewardship Act enables everyone to work together for clean, healthy water and natural resources, which supports jobs around the region. A clean, resilient Long Island Sound is also essential to preserving populations of local plants and wildlife in the water and along the coastline,” saidHolly Drinkuth, Director of River and Estuary Conservation, The Nature Conservancy in CT.

“The continuation of efforts to preserve and restore the Long Island Sound depends on our youth. At Project Oceanology we raise students’ collective understanding of the vulnerability of the marine environment and what they can do to protect it. Our hands-on experiential educational programs are delivered on the waters and shorelines of the Sound. We integrate ocean literacy principles and Next Generation Science Standards into K-12 education. Since our founding in 1972 we have provided over one million participants including students, summer campers, teachers, and the public first hand opportunities to explore, learn, and take action,” said Andrew Ely, Executive Director of Project Oceanology.

“We are grateful to Senator Gillibrand and co-sponsors Senate Democratic Leader Schumer from New York and Senators Blumenthal and Murphy from Connecticut—for prioritizing the reauthorization of critical funding for clean water and restoration programs that protect and restore the health of Long Island Sound,” said Denise Stranko, executive vice president of programs for Save the Sound. “To reintroduce this bill this early in the new session demonstrates the leadership and commitment of our legislators from the Long Island Sound region, who have continued to champion this essential legislation and the important work it supports.”

“Investment in Long Island Sound is critical to the health of our communities,” said the Maritime Aquarium at Norwalk Director of Conservation and Policy Dr. Sarah Crosby. “At The Maritime Aquarium, this investment is directly funding research that will inform restoration strategy and increase resilience of our salt marshes–ecosystems that protect coastlines from the devastating effects of hurricanes. We are grateful to Senators Gillibrand, Schumer, Blumenthal and Murphy, as well as Representatives LaLota and Courtney, for their unwavering support of Long Island Sound’s habitats and wildlife.”

“The Long Island Sound Restoration and Stewardship Reauthorization Act is absolutely critical to the health and sustainability of the Sound as well as the prosperity of our coastal communities. On Long Island, the environment is the economy, and we commend and thank Senator Gillibrand and her fellow lawmakers for leading this charge and looking out for New Yorkers,” said Julie Tighe, President of the New York League of Conservation Voters.

In 1985, the U.S. Environmental Protection Agency (EPA), in agreement with New York and Connecticut, created the Long Island Sound Study (LISS), a partnership charged with advancing efforts to restore the Sound and address low oxygen levels and excess nitrogen levels that have depleted fish and shellfish populations as well as hurt shoreline wetlands. In 1990, the Long Island Sound Improvement Act was passed, providing federal dollars to advance Sound cleanup projects, including wastewater treatment improvements.

In 2006, Congress passed the Long Island Sound Stewardship Act, which provided federal dollars for projects to restore the coastal habitat to help revitalize the wildlife population, coastal wetlands, and plant life. In 2018, Senator Gillibrand’s Long Island Sound Restoration and Stewardship Act, which combined and reauthorized the two complementary water quality and habitat restoration programs, was enacted as a part of the America’s Water Infrastructure Act of 2018. As of 2022, federal funding for the Long Island Sound had enabled programs to significantly reduce the amount of nitrogen entering the Long Island Sound from sewage treatment plants by 70.3% compared to the 1990s, reduce hypoxic conditions by 58% compared to the 1990s, restore at least 2,239 acres of coastal habitat, and fund 570 conservation projects.

MIL OSI USA News –

February 28, 2025

MIL-OSI: CORRECTION – Global Net Lease Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

In a release issued under the same headline earlier today by Global Net Lease, Inc. (NYSE: GNL), please note that in the Full Year 2025 Guidance and Dividend Update section, the third bullet should read “Reduced quarterly dividend…” and not “Reduced annual dividend…” as previously stated. The corrected release is as follows:

– Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance

– Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x

– Company Meets and Exceeds its Full-Year 2024 Earnings Guidance

– Recently Announced $1.8 Billion Multi-Tenant Portfolio Sale Would Significantly Reduce Leverage and Improve Liquidity Position

– Proposed Transaction Would Create Pure-Play, Single-Tenant Net Lease Company with Enhanced Portfolio Metrics

– Company Initiates Opportunistic $300 Million Share Repurchase Program

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter and year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

Revenue was $199.1 million in fourth quarter 2024 compared to $206.7 million in fourth quarter 2023, primarily as a result of $835 million of dispositions closed throughout the year
Net loss attributable to common stockholders was $17.5 million in fourth quarter 2024, compared to $59.5 million in fourth quarter 2023
Core Funds From Operations (“Core FFO”) was $68.5 million, or $0.30 per share, in fourth quarter 2024, compared to $48.3 million, or $0.21 per share, in fourth quarter 2023
Adjusted Funds From Operations (“AFFO”)¹ was $78.3 million², or $0.34 per share, in fourth quarter 2024, compared to $71.7 million, or $0.31 per share, in fourth quarter 2023; full-year 2024 AFFO was $303.8 million, or $1.32 per share
Closed $835 million of dispositions in 2024 at a cash cap rate of 7.1% with a weighted average lease term of 4.9 years
Reduced net debt by $734 million in 2024, improving Net Debt to Adjusted EBITDA from 8.4x to 7.6x²
Exceeded projected cost synergies, reaching $85.0 million versus the expected $75.0 million, highlighting the Company’s successful integration efforts and ability to drive value through strategic initiatives
Increased portfolio occupancy from 93% as of the end of first quarter 2024 to 97% as of the end of the fourth quarter of 2024
Leased 1.2 million square feet across the portfolio, resulting in nearly $17.0 million of new straight-line rent
Renewal leasing spread of 6.8% with a weighted average lease term of 9.7 years; new leases completed in the quarter had a weighted average lease term of 6.5 years
Weighted average annual rent increase of 1.3% provides organic rental growth, excluding 14.8% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increase
Sector-leading 61% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants³

Multi-Tenant Portfolio Sale

Entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties for approximately $1.8 billion
This strategic transaction would accelerate GNL’s disposition initiative and position the Company for sustained growth and value creation as a pure-play, single-tenant net lease company

“We are incredibly proud of our achievements at GNL in 2024 and even more excited about what lies ahead,” stated Michael Weil, CEO of GNL. “The sale of our multi-tenant portfolio would mark a pivotal moment, reinforcing the strong momentum we have built. This transaction would reshape GNL into a pure-play, single-tenant net lease company, eliminating the operational complexities, G&A expenses and capital expenditures tied to multi-tenant retail properties. More importantly, it would accelerate our deleveraging strategy and fortify our balance sheet. This strategic transformation, including the recently announced share repurchase program, underscores our long-term vision, reinforcing our commitment to prudent management, sustainable growth and driving meaningful shareholder value.”

Full Year 2025 Guidance and Dividend Update⁴
The Company is establishing initial 2025 guidance, which is contingent on the sale of our multi-tenant portfolio with respect to AFFO and Net Debt to Adjusted EBITDA.

AFFO per share range of $0.90 to $0.96
Net Debt to Adjusted EBITDA range of 6.5x to 7.1x
Reduced quarterly dividend to $0.190 per share of common stock beginning with the dividend expected to be declared in April 2025 which would generate $78 million in incremental annual cash flow

Summary Fourth Quarter 2024 Results

	Three Months Ended December 31,
(In thousands, except per share data)	2024			2023
Revenue from tenants	$	199,115		$	206,726

Net loss attributable to common stockholders	$	(17,458	)	$	(59,514	)
Net loss per diluted common share	$	(0.08	)	$	(0.26	)

NAREIT defined FFO attributable to common stockholders	$	64,334		$	43,165
NAREIT defined FFO per diluted common share	$	0.28		$	0.19

Core FFO attributable to common stockholders	$	68,538		$	48,331
Core FFO per diluted common share	$	0.30		$	0.21

AFFO attributable to common stockholders	$	78,297		$	71,656
AFFO per diluted common share	$	0.34		$	0.31

Property Portfolio

At December 31, 2024, the Company’s portfolio consisted of 1,121 net leased properties located in ten countries and territories and comprised of 60.7 million rentable square feet. The Company operates in four reportable segments: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office. The real estate portfolio metrics include:

97% leased with a remaining weighted-average lease term of 6.2 years⁵
81% of the portfolio contains contractual rent increases based on annualized straight-line rent
61% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
80% U.S. and Canada, 20% Europe (based on annualized straight-line rent)
34% Industrial & Distribution, 28% Multi-Tenant Retail, 21% Single-Tenant Retail and 17% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources⁶

As of December 31, 2024, the Company had liquidity of $492.2 million and $460.0 million of capacity under the Company’s revolving credit facility. The Company had net debt of $4.6 billion⁷, including $2.3 billion of mortgage debt.

As of December 31, 2024, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%, compared to approximately 80% as of December 31, 2023. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.5 times⁸. Weighted average debt maturity was 3.0 years as of December 31, 2024 as compared to 3.2 years as of December 31, 2023.

Footnotes/Definitions

¹	While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity. AFFO for the fourth quarter 2024 also contains a number of adjustments for items that the Company believes were non-recurring, one-time items including adjustments for items that were settled in cash such as merger and proxy related expenses.

²	Includes the collection of $4.5 million in past-due funds from Children of America and approximately $3.0 million in termination fees.

³	As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of December 31, 2024. Comprised of 31.4% leased to tenants with an actual investment grade rating and 29.1% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of December 31, 2024.

⁴	We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.

⁵	Weighted-average remaining lease term in years is based on square feet as of December 31, 2024.

⁶	During the year ended December 31, 2024, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock under its “at-the-market” programs.

⁷	Comprised of the principal amount of GNL’s outstanding debt totaling $4.7 billion less cash and cash equivalents totaling $159.7 million, as of December 31, 2024.

⁸	The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that interest coverage ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

Conference Call

GNL will host a webcast and conference call on February 28, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

Dial-in instructions for the conference call and the replay are outlined below.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792
International Dial-In: 1-201-689-8263

Conference Replay

For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.

Or dial-in below:

Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference Number: 13746750
*Available from 2:00 p.m. ET on February 28, 2025 through May 28, 2025.

Supplemental Schedules

The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Forward-Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the multi-tenant portfolio sale) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:

Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020

Global Net Lease, Inc. Consolidated Balance Sheets (In thousands)

	December 31,
	2024			2023
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	1,172,146		$	1,430,607
Buildings, fixtures and improvements		5,293,468			5,842,314
Construction in progress		4,350			23,242
Acquired intangible lease assets		1,057,967			1,359,981
Total real estate investments, at cost		7,527,931			8,656,144
Less: accumulated depreciation and amortization		(1,164,629	)		(1,083,824	)
Total real estate investments, net		6,363,302			7,572,320
Assets held for sale		17,406			3,188
Cash and cash equivalents		159,698			121,566
Restricted cash		64,510			40,833
Derivative assets, at fair value		2,471			10,615
Unbilled straight-line rent		99,501			84,254
Operating lease right-of-use asset		74,270			77,008
Prepaid expenses and other assets		108,562			121,997
Deferred tax assets		4,866			4,808
Goodwill		51,370			46,976
Deferred financing costs, net		9,808			15,412
Total Assets	$	6,955,764		$	8,098,977

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,221,706		$	2,517,868
Revolving credit facility		1,390,292			1,744,182
Senior notes, net		906,101			886,045
Acquired intangible lease liabilities, net		76,800			95,810
Derivative liabilities, at fair value		3,719			5,145
Accounts payable and accrued expenses		75,735			99,014
Operating lease liability		48,333			48,369
Prepaid rent		28,734			46,213
Deferred tax liability		5,477			6,009
Dividends payable		11,909			11,173
Total Liabilities		4,768,806			5,459,828
Commitments and contingencies		—			—
Stockholders’ Equity:
7.25% Series A cumulative redeemable preferred stock		68			68
6.875% Series B cumulative redeemable perpetual preferred stock		47			47
7.50% Series D cumulative redeemable perpetual preferred stock		79			79
7.375% Series E cumulative redeemable perpetual preferred stock		46			46
Common stock		3,640			3,639
Additional paid-in capital		4,359,264			4,350,112
Accumulated other comprehensive loss		(25,844	)		(14,096	)
Accumulated deficit		(2,150,342	)		(1,702,143	)
Total Stockholders’ Equity		2,186,958			2,637,752
Non-controlling interest		—			1,397
Total Equity		2,186,958			2,639,149
Total Liabilities and Equity	$	6,955,764		$	8,098,977

Global Net Lease, Inc. Consolidated Statements of Operations (In thousands, except per share data)

	Three Months Ended						Year Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Unaudited)			(Unaudited)			(Unaudited)
Revenue from tenants	$	199,115		$	206,726		$	805,010		$	515,070

Expenses:
Property operating		35,619			37,037			142,497			67,839
Operating fees to related parties		—			(580	)		—			28,283
Impairment charges		20,098			2,978			90,410			68,684
Merger, transaction and other costs		1,792			4,349			6,026			54,492
Settlement costs		—			—			—			29,727
General and administrative		13,763			16,867			57,734			40,187
Equity-based compensation		2,309			1,058			8,931			17,297
Depreciation and amortization		83,020			98,713			349,943			222,271
Total expenses		156,601			160,422			655,541			528,780
Operating income (loss) before gain on dispositions of real estate investments		42,514			46,304			149,469			(13,710	)
Gain (loss) on dispositions of real estate investments		21,326			(988	)		57,015			(1,672	)
Operating income (loss)		63,840			45,316			206,484			(15,382	)
Other income (expense):
Interest expense		(77,234	)		(83,575	)		(326,932	)		(179,411	)
Loss on extinguishment and modification of debt		(2,412	)		(817	)		(15,877	)		(1,221	)
Gain (loss) on derivative instruments		6,853			(4,478	)		4,229			(3,691	)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness		1,917			—			3,249			—
Other income		1,476			435			1,720			2,270
Total other expense, net		(69,400	)		(88,435	)		(333,611	)		(182,053	)
Net loss before income tax		(5,560	)		(43,119	)		(127,127	)		(197,435	)
Income tax expense		(962	)		(5,459	)		(4,445	)		(14,475	)
Net loss		(6,522	)		(48,578	)		(131,572	)		(211,910	)
Preferred stock dividends		(10,936	)		(10,936	)		(43,744	)		(27,438	)
Net loss attributable to common stockholders	$	(17,458	)	$	(59,514	)	$	(175,316	)	$	(239,348	)

Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.08	)	$	(0.26	)	$	(0.76	)	$	(1.71	)
Weighted Average Shares Outstanding:
Basic and Diluted		230,596			230,320			230,440			142,584

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)

		Three Months Ended												Year Ended
		March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			December 31, 2024
Adjusted EBITDA
	Net loss	$	(23,751	)	$	(35,664	)	$	(65,635	)	$	(6,522	)	$	(131,572	)
	Depreciation and amortization		92,000			89,493			85,430			83,020			349,943
	Interest expense		82,753			89,815			77,130			77,234			326,932
	Income tax expense		2,388			(250	)		1,345			962			4,445
	EBITDA		153,390			143,394			98,270			154,694			549,748
	Impairment charges		4,327			27,402			38,583			20,098			90,410
	Equity-based compensation		1,973			2,340			2,309			2,309			8,931
	Merger, transaction and other costs ^[1]		761			1,572			1,901			1,792			6,026
	(Gain) loss on dispositions of real estate investments		(5,867	)		(34,102	)		4,280			(21,326	)		(57,015	)
	(Gain) loss on derivative instruments		(1,588	)		(530	)		4,742			(6,853	)		(4,229	)
	Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness		(1,032	)		(300	)		—			(1,917	)		(3,249	)
	Loss on extinguishment and modification of debt		58			13,090			317			2,412			15,877
	Other expense (income)		16			(309	)		49			(1,476	)		(1,720	)
	Expenses attributable to European tax restructuring ^[2]		469			16			—			—			485
	Transition costs related to the Merger and Internalization ^[3]		2,826			995			138			527			4,486
	Adjusted EBITDA		155,333			153,568			150,589			150,260			609,750
	General and administrative		16,177			15,196			12,598			13,763			57,734
	Expenses attributable to European tax restructuring ^[2]		(469	)		(16	)		—			—			(485	)
	Transition costs related to the Merger and Internalization ^[3]		(2,826	)		(995	)		(138	)		(527	)		(4,486	)
	NOI		168,215			167,753			163,049			163,496			662,513
	Amortization related to above- and below-market lease intangibles and right-of-use assets, net		2,225			1,901			1,805			1,572			7,503
	Straight-line rent		(4,562	)		(5,349	)		(5,343	)		(3,896	)		(19,150	)
	Cash NOI	$	165,878		$	164,305		$	159,511		$	161,172		$	650,866

Cash Paid for Interest:
	Interest Expense	$	82,753		$	89,815		$	77,130		$	77,234		$	326,932
	Non-cash portion of interest expense		(2,394	)		(2,580	)		(2,496	)		(2,510	)		(9,980	)
	Amortization of discounts on mortgages and senior notes		(15,338	)		(24,080	)		(14,156	)		(15,017	)		(68,591	)
	Total cash paid for interest	$	65,021		$	63,155		$	60,478		$	59,707		$	248,361

[1]	These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
[2]	Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
[3]	Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands, except per share data)

		Three Months Ended												Year Ended
		March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			December 31, 2024
Funds from operations (FFO):
	Net loss attributable to common stockholders (in accordance with GAAP)	$	(34,687	)	$	(46,600	)	$	(76,571	)	$	(17,458	)	$	(175,316	)
	Impairment charges		4,327			27,402			38,583			20,098			90,410
	Depreciation and amortization		92,000			89,493			85,430			83,020			349,943
	(Gain) loss on dispositions of real estate investments		(5,867	)		(34,102	)		4,280			(21,326	)		(57,015	)
FFO (defined by NAREIT)			55,773			36,193			51,722			64,334			208,022
	Merger, transaction and other costs^[1]		761			1,572			1,901			1,792			6,026
	Loss on extinguishment and modification of debt		58			13,090			317			2,412			15,877
Core FFO attributable to common stockholders			56,592			50,855			53,940			68,538			229,925
	Non-cash equity-based compensation		1,973			2,340			2,309			2,309			8,931
	Non-cash portion of interest expense		2,394			2,580			2,496			2,510			9,980
	Amortization related to above- and below-market lease intangibles and right-of-use assets, net		2,225			1,901			1,805			1,572			7,503
	Straight-line rent		(4,562	)		(5,349	)		(5,343	)		(3,896	)		(19,150	)
	Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness		(1,032	)		(300	)		—			(1,917	)		(3,249	)
	Eliminate unrealized (gains) losses on foreign currency transactions^[2]		(1,259	)		(230	)		4,360			(6,289	)		(3,418	)
	Amortization of discounts on mortgages and senior notes		15,338			24,080			14,156			15,017			68,591
	Expenses attributable to European tax restructuring^[3]		469			16			—			—			485
	Transition costs related to the Merger and Internalization^[4]		2,826			995			138			527			4,486
	Forfeited disposition deposit^[5]		—			(196	)		(5	)		(74	)		(275	)
Adjusted funds from operations (AFFO) attributable tocommon stockholders		$	74,964		$	76,692		$	73,856		$	78,297		$	303,809
Weighted average common shares outstanding – Basic and Diluted			230,320			230,381			230,463			230,596			230,440
Net loss per share attributable to common shareholders — Basic and Diluted		$	(0.15	)	$	(0.20	)	$	(0.33	)	$	(0.08	)	$	(0.76	)
FFO per diluted common share		$	0.24		$	0.16		$	0.22		$	0.28		$	0.90
Core FFO per diluted common share		$	0.25		$	0.22		$	0.23		$	0.30		$	1.00
AFFO per diluted common share		$	0.33		$	0.33		$	0.32		$	0.34		$	1.32
Dividends declared to common stockholders		$	81,923		$	63,754		$	63,722		$	63,484		$	272,883

[1]	These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
[2]	For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the year ended December 31, 2024, the gain on derivative instruments was $4.2 million, which consisted of unrealized gains of $3.4 million and realized gains of $0.8 million.
[3]	Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
[4]	Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
[5]	Represents a forfeited deposit from a potential buyer of one of our properties, which is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.

The following table provides operating financial information for the Company’s four reportable segments:

		Three Months Ended December 31,				Year Ended December 31,
(In thousands)		2024		2023 ⁽¹⁾		2024		2023 ⁽¹⁾
Industrial & Distribution:
	Revenue from tenants	$	54,561	$	62,223	$	237,645	$	220,102
	Property operating expense		6,694		5,407		21,820		15,457
	Net operating income	$	47,867	$	56,816	$	215,825	$	204,645

Multi-Tenant Retail:
	Revenue from tenants	$	63,131	$	66,412	$	259,280	$	79,799
	Property operating expense		20,387		22,494		86,025		26,951
	Net operating income	$	42,744	$	43,918	$	173,255	$	52,848

Single-Tenant Retail:
	Revenue from tenants	$	42,648	$	41,288	$	164,514	$	65,478
	Property operating expense		4,012		4,286		15,787		6,045
	Net operating income	$	38,636	$	37,002	$	148,727	$	59,433

Office:
	Revenue from tenants	$	38,775	$	36,803	$	143,571	$	149,691
	Property operating expense		4,526		4,850		18,865		19,386
	Net operating income	$	34,249	$	31,953	$	124,706	$	130,305

(1)	Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.

Caution on Use of Non-GAAP Measures

Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and cash paid for interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

The MIL Network –

February 28, 2025

MIL-OSI: Infinera Corporation Fourth Quarter and Fiscal 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

FY’24 Highlights:

Year-over-year growth in bookings and backlog; book-to-bill ratio of approximately 1.1x for FY’24 and 1.3x for Q4’24
Record revenue with webscalers – total revenue exposure (direct and indirect) greater than 50% of FY’24 revenue
Significant design wins across the GX systems portfolio with webscalers and Tier 1 Communications Service Providers (CSPs)
Substantial awards for ICE-X 400G and 800G pluggables from webscalers and Tier 1 CSPs
Launched ICE-D to address the projected multi-billion dollar intra-data center opportunity driven by AI workloads
Secured CHIPS & Science Act funding with the potential for greater than $200 million in total federal incentives, in addition to potential state and local incentives
Announced a definitive agreement to be acquired by Nokia (acquisition anticipated to be completed on or about February 28, 2025)

SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) has released financial results for its fourth quarter and fiscal year ended December 28, 2024. This press release is also published on Infinera’s Investor Relations website.

GAAP revenue for the quarter was $414.4 million compared to $354.4 million in the third quarter of 2024 and $453.5 million in the fourth quarter of 2023.

GAAP gross margin for the quarter was 38.0% compared to 39.8% in the third quarter of 2024 and 38.6% in the fourth quarter of 2023. GAAP operating margin for the quarter was 0.0% compared to (3.1)% in the third quarter of 2024 and 2.5% in the fourth quarter of 2023.

GAAP net loss for the quarter was $(26.3) million, or $(0.11) per diluted share, compared to net loss of $(14.3) million, or $(0.06) per diluted share, in the third quarter of 2024, and net income of $12.9 million, or $0.06 per diluted share, in the fourth quarter of 2023.

Non-GAAP gross margin for the quarter was 38.4% compared to 40.4% in the third quarter of 2024 and 39.6% in the fourth quarter of 2023. Non-GAAP operating margin for the quarter was 5.4% compared to 3.5% in the third quarter of 2024 and 7.2% in the fourth quarter of 2023.

Non-GAAP net income for the quarter was $8.2 million, or $0.03 per diluted share, compared to $0.3 million, or $0.00 per diluted share, in the third quarter of 2024, and $28.6 million, or $0.12 per diluted share, in the fourth quarter of 2023.

GAAP revenue for the year was $1,418.4 million compared to $1,614.1 million in 2023. GAAP gross margin for the year was 38.4% compared to 38.6% in 2023. GAAP operating margin for the year was (5.9)% compared to (0.3)% in 2023. GAAP net loss for the year was $(150.3) million, or $(0.64) per diluted share, compared to $(25.2) million, or $(0.11) per diluted share, in 2023.

Non-GAAP gross margin for the year was 39.0% compared to 39.9% in 2023. Non-GAAP operating margin for the year was 0.3% compared to 5.4% in 2023. Non-GAAP net loss for the year was $(43.8) million, or $(0.19) per diluted share, compared to net income of $53.4 million, or $0.23 per diluted share, in 2023.

A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

Infinera CEO, David Heard, said “We exited 2024 with significant momentum in our business, growing Q4’24 bookings sequentially by more than 50% and by approximately 20% compared to Q4’23. The growth in bookings and substantial increase in backlog in 2024, when combined with our strategic wins, position us well in 2025 and beyond for the next wave of optical spend fueled by relentless bandwidth growth, increased fiber deployments, and AI-driven data-center builds.”

“Looking ahead, I remain excited about our pending merger with Nokia, as we prepare to join forces with a recognized industry leader. With greater scale and deeper resources together, we intend to set the pace of innovation as optics take on an increasingly critical role in the era of AI,” continued Mr. Heard.

Pending Merger with Nokia

On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. On February 18, 2025, Infinera issued a press release announcing that the Merger is anticipated to be completed on or about February 28, 2025, which date remains subject to the satisfaction of remaining closing conditions.

In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

Fourth Quarter 2024 Investor Slides to be Made Available Online

Investor slides reviewing Infinera’s fourth quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

Contacts:

Media:
Anna Vue
Tel. +1 (916) 595-8157
avue@infinera.com

Investors:
Amitabh Passi, Head of Investor Relations
Tel. +1 (669) 295-1489
apassi@infinera.com

About Infinera

Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

Forward-Looking Statements

This press release contains certain 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 generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in direct government funding and tax incentives; statements about Infinera’s strategic positioning in 2025 and beyond; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera has or may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; the effects of tariffs; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 28, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

Use of Non-GAAP Financial Information

In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

Infinera Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	Three months ended						Twelve months ended
	December 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Revenue:
Product	$	325,123		$	373,172		$	1,103,131		$	1,304,229
Services		89,264			80,284			315,315			309,899
Total revenue		414,387			453,456			1,418,446			1,614,128
Cost of revenue:
Cost of product		212,250			233,693			706,498			810,845
Cost of services		44,882			42,643			166,792			167,532
Amortization of intangible assets		—			—			—			10,621
Restructuring and other related costs		(56	)		2,218			596			2,218
Total cost of revenue		257,076			278,554			873,886			991,216
Gross profit		157,311			174,902			544,560			622,912
Operating expenses:
Research and development		75,214			79,645			300,437			316,879
Sales and marketing		40,504			42,532			158,861			166,938
General and administrative		31,566			35,112			132,680			124,874
Amortization of intangible assets		2,256			2,256			9,025			12,344
Merger-related charges		7,550			—			23,021			—
Restructuring and other related costs		81			4,096			4,186			6,717
Total operating expenses		157,171			163,641			628,210			627,752
Income (loss) from operations		140			11,261			(83,650	)		(4,840	)
Other income (expense), net:
Interest income		594			982			3,383			2,716
Interest expense		(6,746	)		(8,814	)		(32,302	)		(30,609	)
Other gain (loss), net		(11,547	)		4,739			(20,457	)		15,325
Total other income (expense), net		(17,699	)		(3,093	)		(49,376	)		(12,568	)
Income (loss) before income taxes		(17,559	)		8,168			(133,026	)		(17,408	)
Provision for (benefit from) income taxes		8,784			(4,705	)		17,312			7,805
Net income (loss)	$	(26,343	)	$	12,873		$	(150,338	)	$	(25,213	)
Net income (loss) per common share:
Basic	$	(0.11	)	$	0.06		$	(0.64	)	$	(0.11	)
Diluted	$	(0.11	)	$	0.06		$	(0.64	)	$	(0.11	)
Weighted average shares used in computing net income (loss) per common share:
Basic		236,974			230,509			234,672			226,726
Diluted		236,974			233,090			234,672			226,726

Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands, except percentages)
(Unaudited)

	Three months ended														Twelve months ended
	December 28, 2024					September 28, 2024					December 30, 2023				December 28, 2024					December 30, 2023
Reconciliation of Gross Profit and Gross Margin:
GAAP as reported	$	157,311		38.0	%	$	141,214		39.8	%	$	174,902	38.6	%	$	544,560		38.4	%	$	622,912		38.6	%
Stock-based compensation expense⁽¹⁾		1,867		0.4	%		2,084		0.6	%		2,328	0.5	%		7,621		0.6	%		10,000		0.6	%
Amortization of acquired intangible assets⁽²⁾		—		—	%		—		—	%		—	—	%		—		—	%		10,621		0.7	%
Restructuring and other related costs⁽³⁾		(56	)	(0.0)	%		(24	)	—	%		2,218	0.5	%		596		0.0	%		2,218		0.1	%
Warehouse fire recovery⁽⁴⁾		—		—	%		—		—	%		—	—	%		—		—	%		(1,985	)	(0.1)	%
Non-GAAP as adjusted	$	159,122		38.4	%	$	143,274		40.4	%	$	179,448	39.6	%	$	552,777		39.0	%	$	643,766		39.9	%

Reconciliation of Operating Expenses:
GAAP as reported	$	157,171				$	152,212				$	163,641			$	628,210				$	627,752
Stock-based compensation expense⁽¹⁾		10,333					12,305					10,429				43,300					52,150
Amortization of acquired intangible assets⁽²⁾		2,256					2,257					2,256				9,025					12,344
Restructuring and other related costs⁽³⁾		81					(157	)				4,096				4,186					6,717
Merger-related charges⁽⁵⁾		7,550					6,954					—				23,021					—
Non-GAAP as adjusted	$	136,951				$	130,853				$	146,860			$	548,678				$	556,541

Reconciliation of Income (Loss) from Operations and Operating Margin:
GAAP as reported	$	140		0.0	%	$	(10,998	)	(3.1)	%	$	11,261	2.5	%	$	(83,650	)	(5.9)	%	$	(4,840	)	(0.3)	%
Stock-based compensation expense⁽¹⁾		12,200		3.0	%		14,389		4.1	%		12,757	2.8	%		50,921		3.7	%		62,150		3.8	%
Amortization of acquired intangible assets⁽²⁾		2,256		0.5	%		2,257		0.6	%		2,256	0.5	%		9,025		0.6	%		22,965		1.4	%
Restructuring and other related costs⁽³⁾		25		0.0	%		(181	)	(0.1)	%		6,314	1.4	%		4,782		0.3	%		8,935		0.6	%
Warehouse fire recovery⁽⁴⁾		—		—	%		—		—	%		—	—	%		—		—	%		(1,985	)	(0.1)	%
Merger-related charges⁽⁵⁾		7,550		1.9	%		6,954		2.0	%		—	—	%		23,021		1.6	%		—		—	%
Non-GAAP as adjusted	$	22,171		5.4	%	$	12,421		3.5	%	$	32,588	7.2	%	$	4,099		0.3	%	$	87,225		5.4	%

	Three months ended									Twelve months ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Reconciliation of Net Income (Loss):
GAAP as reported	$	(26,343	)	$	(14,313	)	$	12,873		$	(150,338	)	$	(25,213	)
Stock-based compensation expense⁽¹⁾		12,200			14,389			12,757			50,921			62,150
Amortization of acquired intangible assets⁽²⁾		2,256			2,257			2,256			9,025			22,965
Restructuring and other related costs⁽³⁾		25			(181	)		6,314			4,782			8,935
Warehouse fire recovery⁽⁴⁾		—			—			—			—			(1,985	)
Merger-related charges⁽⁵⁾		7,550			6,954			—			23,021			—
Foreign exchange (gains) losses, net⁽⁶⁾		11,855			(8,039	)		(4,852	)		21,954			(14,755	)
Income tax effects⁽⁷⁾		655			(788	)		(780	)		(3,120	)		1,292
Non-GAAP as adjusted		8,198		$	279		$	28,568		$	(43,755	)	$	53,389

Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:
Basic		236,974			235,832			230,509			234,672			226,726
Diluted⁽⁸⁾		236,974			235,832			233,090			234,672			226,726

Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:
Basic		236,974			235,832			230,509			234,672			226,726
Diluted⁽⁹⁾		269,422			240,502			259,210			234,672			255,468

Reconciliation of Adjusted EBITDA ⁽¹⁰⁾:
Non-GAAP net income (loss)	$	8,198		$	279		$	28,568		$	(43,755	)	$	53,389
Add: Interest expense, net		6,152			7,890			7,832			28,919			27,893
Less: Other gain (loss), net		308			446			(113	)		1,497			570
Add: Income tax effects		8,129			4,698			(3,925	)		20,432			6,513
Add: Depreciation		13,333			13,501			17,125			53,308			55,819
Non-GAAP as adjusted	$	35,504		$	25,922		$	49,713		$	57,407		$	143,044

Net Income (Loss) per Common Share: GAAP
Basic	$	(0.11	)	$	(0.06	)	$	0.06		$	(0.64	)	$	(0.11	)
Diluted⁽⁸⁾	$	(0.11	)	$	(0.06	)	$	0.06		$	(0.64	)	$	(0.11	)

Net Income (Loss) per Common Share: Non-GAAP
Basic	$	0.03		$	0.00		$	0.12		$	(0.19	)	$	0.24
Diluted⁽⁹⁾	$	0.03		$	0.00		$	0.12		$	(0.19	)	$	0.23

⁽¹⁾Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):


	Three months ended						Twelve months ended
	December 28, 2024		September 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Cost of revenue	$	1,867	$	2,084	$	2,328	$	7,621	$	10,000
Research and development		4,547		4,623		4,917		18,779		22,474
Sales and marketing		3,036		3,241		2,328		12,175		13,699
General and administration		2,750		4,441		3,184		12,346		15,977
Total operating expenses		10,333		12,305		10,429		43,300		52,150
Total stock-based compensation expense	$	12,200	$	14,389	$	12,757	$	50,921	$	62,150

⁽²⁾Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

⁽³⁾Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

⁽⁴⁾Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

⁽⁵⁾Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.

⁽⁶⁾Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

⁽⁷⁾The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.

⁽⁸⁾The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.

For purposes of calculating GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):


	Three months ended								Twelve months ended
	December 28, 2024			September 28, 2024			December 30, 2023		December 28, 2024			December 30, 2023
GAAP net income (loss) for basic earnings per share	$	(26,343	)	$	(14,313	)	$	12,873	$	(150,338	)	$	(25,213	)
Interest expense related to the convertible senior notes, net of tax		—			—			104		—			—
GAAP net income (loss) for diluted earnings per share	$	(26,343	)	$	(14,313	)	$	12,977	$	(150,338	)	$	(25,213	)

Weighted average basic common shares outstanding		236,974			235,832			230,509		234,672			226,726
Dilutive effect of restricted and performance share units		—			—			682		—			—
Dilutive effect of 2024 convertible senior notes^(a)		—			—			1,899		—			—
Dilutive effect of 2027 convertible senior notes^(b)		—			—			—		—			—
Dilutive effect of 2028 convertible senior notes^(c)		—			—			—		—			—
Weighted average dilutive common shares outstanding		236,974			235,832			233,090		234,672			226,726

GAAP net income (loss) per common share:
Basic	$	(0.11	)	$	(0.06	)	$	0.06	$	(0.64	)	$	(0.11	)
Diluted	$	(0.11	)	$	(0.06	)	$	0.06	$	(0.64	)	$	(0.11	)

^(a)For the three- months ended December 28, 2024 and September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024 and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

^(b)For each of the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For both the twelve- months ended December 28, 2024, and December 30, 2023, there were 26.1 million shares, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

^(c)For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, and December 30, 2023, there were zero and 0.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

⁽⁹⁾The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.

For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):


	Three months ended						Twelve months ended
	December 28, 2024		September 28, 2024		December 30, 2023		December 28, 2024			December 30, 2023
Non-GAAP net income (loss) for basic earnings per share	$	8,198	$	279	$	28,568	$	(43,755	)	$	53,389
Interest expense related to the convertible senior notes, net of tax		752		—		1,652		—			5,370
Non-GAAP net income (loss) for diluted earnings per share	$	8,950	$	279	$	30,220	$	(43,755	)	$	58,759

Weighted average basic common shares outstanding		236,974		235,832		230,509		234,672			226,726
Dilutive effect of restricted and performance share units		6,328		4,670		682		—			1,674
Dilutive effect of employee stock purchase plan		—		—		—		—			53
Dilutive effect of 2024 convertible senior notes^(a)		—		—		1,899		—			—
Dilutive effect of 2027 convertible senior notes^(b)		26,120		—		26,120		—			26,210
Dilutive effect of 2028 convertible senior notes^(c)		—		—		—		—			895
Weighted average dilutive common shares outstanding		269,422		240,502		259,210		234,672			255,558

Non-GAAP net income (loss) per common share:
Basic	$	0.03	$	0.00	$	0.12	$	(0.19	)	$	0.24
Diluted	$	0.03	$	0.00	$	0.12	$	(0.19	)	$	0.23

^(a)For the three- months ended December 28, 2024, September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

^(b)For the three- months ended September 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

^(c)For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, there were no shares excluded from the calculation of diluted net income (loss) per share.

⁽¹⁰⁾Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.

Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands)
(Unaudited)

Free Cash Flow

We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.


	Three months ended									Twelve months ended
	December 28, 2024			September 28, 2024			December 30, 2023			December 28, 2024			December 30, 2023
Net cash provided by operating activities	$	72,045		$	44,563		$	79,652		$	80,680		$	49,510
Purchase of property and equipment		(28,265	)		(24,090	)		(21,414	)		(75,013	)		(62,314	)
Free cash flow	$	43,780		$	20,473		$	58,238		$	5,667		$	(12,804	)

Infinera Corporation
Consolidated Balance Sheets
(In thousands, except par values)

	December 28, 2024			December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	145,808		$	172,505
Short-term restricted cash		—			517
Accounts receivable, net		336,552			381,981
Inventory		308,213			431,163
Prepaid expenses and other current assets		155,249			129,218
Total current assets		945,822			1,115,384
Property, plant and equipment, net		249,496			206,997
Operating lease right-of-use assets		36,348			39,973
Intangible assets, net		15,794			24,819
Goodwill		224,233			240,566
Long-term restricted cash		420			837
Other long-term assets		61,645			50,662
Total assets	$	1,533,758		$	1,679,238
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	284,992		$	299,005
Accrued expenses and other current liabilities		143,385			110,758
Accrued compensation and related benefits		49,942			85,203
Short-term debt, net		482			25,512
Accrued warranty		13,243			17,266
Deferred revenue		134,727			136,248
Total current liabilities		626,771			673,992
Long-term debt, net		667,930			658,756
Long-term accrued warranty		12,264			15,934
Long-term deferred revenue		29,290			21,332
Long-term deferred tax liability		3,035			1,805
Long-term operating lease liabilities		41,601			47,464
Other long-term liabilities		36,352			43,364
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value Authorized shares – 25,000 and no shares issued and outstanding		—			—
Common stock, $0.001 par value Authorized shares – 500,000 in 2024 and 500,000 in 2023 Issued and outstanding shares – 237,396 in 2024 and 230,994 in 2023		237			231
Additional paid-in capital		2,024,810			1,976,014
Accumulated other comprehensive loss		(33,388	)		(34,848	)
Accumulated deficit		(1,875,144	)		(1,724,806	)
Total stockholders’ equity		116,515			216,591
Total liabilities and stockholders’ equity	$	1,533,758		$	1,679,238

Infinera Corporation
Consolidated Statements of Cash Flows
(In thousands)

	Twelve months ended
	December 28, 2024			December 30, 2023
Cash Flows from Operating Activities:
Net loss	$	(150,338	)	$	(25,213	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		62,333			78,784
Non-cash restructuring charges and other related costs		40			1,200
Amortization of debt issuance costs and discount		3,680			3,862
Operating lease expense		9,252			7,464
Stock-based compensation expense		50,921			62,150
Other, net		(76	)		(823	)
Changes in assets and liabilities:
Accounts receivable		40,218			38,511
Inventory		121,772			(57,864	)
Prepaid expenses and other current assets		(49,159	)		9,683
Accounts payable		(28,258	)		(2,921	)
Accrued expenses and other current liabilities		11,568			(40,063	)
Deferred revenue		8,727			(25,260	)
Net cash provided by operating activities		80,680			49,510
Cash Flows from Investing Activities:
Purchase of property and equipment		(75,013	)		(62,314	)
Net cash used in investing activities		(75,013	)		(62,314	)
Cash Flows from Financing Activities:
Proceeds from issuance of 2028 Notes		—			98,751
Repayment of 2024 Notes		(18,747	)		(83,446	)
Payment of debt issuance cost		—			(2,108	)
Proceeds from asset-based revolving credit facility		50,000			50,000
Repayment of asset-based revolving credit facility		(50,000	)		(50,000	)
Repayment of mortgage payable		(470	)		(510	)
Principal payments on finance lease obligations		(562	)		(1,023	)
Payment of term license obligation		(10,318	)		(10,417	)
Proceeds from issuance of common stock		6			14,931
Tax withholding paid on behalf of employees for net share settlement		(2,129	)		(2,465	)
Net cash (used in) provided by financing activities		(32,220	)		13,713
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(1,078	)		(16,253	)
Net change in cash, cash equivalents and restricted cash		(27,631	)		(15,344	)
Cash, cash equivalents and restricted cash at beginning of period		173,859			189,203
Cash, cash equivalents and restricted cash at end of period⁽¹⁾	$	146,228		$	173,859

Infinera Corporation
Consolidated Statements of Cash Flows
(In thousands)

	Twelve months ended
	December 28, 2024		December 30, 2023
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net	$	21,790	$	14,109
Cash paid for interest, net	$	27,359	$	22,394
Supplemental schedule of non-cash investing and financing activities:
Transfer of inventory to fixed assets	$	—	$	1,847
Property and equipment included in accounts payable and accrued liabilities	$	34,385	$	10,104
Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities)	$	14,196	$	23,326

⁽¹⁾ Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):


	December 28, 2024		December 30, 2023

Cash and cash equivalents	$	145,808	$	172,505
Short-term restricted cash		—		517
Long-term restricted cash		420		837
Total cash, cash equivalents and restricted cash	$	146,228	$	173,859

Infinera Corporation
Supplemental Financial Information
(Unaudited)

	Q1’23			Q2’23			Q3’23			Q4’23			Q1’24			Q2’24			Q3’24			Q4’24
GAAP Revenue $(Mil)	$	392.1		$	376.2		$	392.4		$	453.5		$	306.9		$	342.7		$	354.4		$	414.4
GAAP Gross Margin %		37.5	%		38.0	%		40.3	%		38.6	%		36.0	%		39.6	%		39.8	%		38.0	%
Non-GAAP Gross Margin %⁽¹⁾		38.8	%		39.3	%		41.9	%		39.6	%		36.6	%		40.3	%		40.4	%		38.4	%
GAAP Revenue Composition:
Domestic %		60	%		58	%		59	%		67	%		54	%		58	%		60	%		62	%
International %		40	%		42	%		41	%		33	%		46	%		42	%		40	%		38	%
Customers >10% of Revenue		—			1			1			1			—			—			2			2
Cash Related Information:
Cash from Operations $(Mil)	$	(1.8	)	$	1.4		$	(29.7	)	$	79.6		$	24.0		$	(59.9	)	$	44.5		$	72.1
Capital Expenditures $(Mil)	$	16.8		$	10.8		$	13.3		$	21.4		$	8.1		$	14.6		$	24.0		$	28.3
Depreciation & Amortization $(Mil)	$	19.6		$	19.8		$	20.0		$	19.4		$	15.4		$	15.6		$	15.7		$	15.6
DSOs⁽²⁾		78			79			76			77			79			76			74			74
Inventory Metrics:
Raw Materials $(Mil)	$	67.6		$	85.4		$	110.4		$	133.6		$	132.5		$	119.4		$	105.2		$	69.7
Work in Process $(Mil)	$	71.8		$	71.9		$	69.9		$	68.4		$	68.6		$	68.7		$	67.6		$	67.9
Finished Goods $(Mil)	$	273.6		$	270.1		$	276.6		$	229.2		$	219.6		$	196.1		$	183.3		$	170.6
Total Inventory $(Mil)	$	413.0		$	427.4		$	456.9		$	431.2		$	420.7		$	384.2		$	356.1		$	308.2
Inventory Turns⁽³⁾		2.4			2.2			2.1			2.5			1.8			2.0			2.3			3.1
Worldwide Headcount		3,351			3,365			3,369			3,389			3,323			3,334			3,340			3,418
Weighted Average Shares Outstanding (in thousands):
Basic		222,393			225,922			228,077			230,509			231,533			234,349			235,832			236,974
Diluted		265,921			262,712			257,219			259,210			260,980			265,591			267,999			269,422

⁽¹⁾Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.

⁽²⁾Infinera calculates DSO based on 91 days.

⁽³⁾Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.

The MIL Network –

February 28, 2025

MIL-Evening Report: ‘Brain vitrification’: new research shows how the Vesuvius eruption turned a man’s brain to glass

Source: The Conversation (Au and NZ) – By Louise Zarmati, Senior Lecturer in Humanities and Social Sciences Education, Faculty of Education, University of Tasmania

A fragment of vitrified brain found at Herculaneum. Guido Giordano et al. / Scientific Reports

A young man killed in the eruption of Mount Vesuvius in 79 CE was likely overcome by a fast-moving cloud of gas at a temperature of more than 500°C in a process that transformed fragments of his brain into glass, according to new research.

The man’s remains were discovered in 1961, and in 2020 researchers confirmed that parts of his brain had been turned into glass. This is only example of vitrified brain matter found to date at any archaeological site.

The new study, led by Guido Giordano of Roma Tre University and published in Scientific Reports, explains how the unusual sequence of rapid heating and cooling required to turn organic matter into glass may have occurred.

Pompeii’s less famous neighbour

The city of Pompeii is one of the most famous archaeological sites in Italy and the world. Fewer people know about its smaller neighbour, Herculaneum, which was also destroyed by the devastating eruption of Mount Vesuvius in 79 CE.

Herculaneum was settled during the sixth century BCE by Greek traders who named it after the Greek hero Herakles (whom the Romans called Hercules). By the first century CE, it had developed into a typical Roman town.

The excavated ruins of Herculaneum today. Mount Vesuvius can be seen in the background.
WitR / Shutterstock

Built on a grid plan, Herculaneum boasted a forum, theatre, elaborate bath complexes, multi-storey buildings and luxurious private seafront villas with spectacular views over the Bay of Naples.

The town’s population is estimated to have been around 5,000 people at the time of the eruption. They consisted of wealthy Roman citizens, merchants, artisans, and current and freed slaves. About 7 kilometres to the east, Mount Vesuvius loomed.

A tale of two destructions

Although Pompeii and Herculaneum were both destroyed, their experiences of the eruption were different.

Located about 8km southeast of Vesuvius, Pompeii was violently pelted by falling pumice and ash for about 12 hours before its final destruction by what are called “pyroclastic surges”: fast-moving, turbulent clouds filled with hot gases, ash and steam. Pompeii’s end arrived some 18–20 hours after the eruption began.

Herculaneum’s destruction came much sooner. During the first hours it experienced light ash and pumice fall. Most of the population is believed to have left during this time.

Then, about 12 hours after the eruption began, in the early hours of the morning, Herculaneum was engulfed by a swift-moving, deadly pyroclastic surge. The deadly cloud of gas, ash and rock swept over the town at speeds greater than 150km per hour. Anyone who had not already escaped died rapidly and violently as the town was buried.

A rain of ash, a sudden heat

Casts of the bodies of victims found at Pompeii.
Lancevortex / Wikimedia, CC BY-SA

Because of the differences in how the eruption hit the two towns, those who died in each were preserved in different ways.

At Pompeii, victims were buried under ash that hardened around their bodies. This allowed archaeologist Giuseppe Fiorelli to develop a technique in the 1860s for creating the now-famous plaster casts that dramatically preserved the victims’ final positions at the moment of death.

At Herculaneum, extreme heat (400–500°C) from pyroclastic surges caused instant death. As a result, we see skeletal remains with signs of thermal shock: skulls fractured from boiling brain tissue and rapidly carbonised flesh.

Victims found in boat houses and along the shore at Herculaneum in the 1980s appear to have died quickly while waiting to escape by sea.

‘The custodian’

In 1961, Italian archaeologist Amedeo Maiuri discovered a skeleton in a small room of the College of the Augustales, a public building dedicated to worship of the emperor. The victim was lying face-down on the charred remains of a wooden bed.

Maiuri identified the person as male and about 20 years old, and dubbed him “the custodian” of the Augustales. What was unusual about this skeleton was the appearance of glassy, black material scattered within the cranial cavity, something archaeologists had not seen before at either Herculaneum or Pompeii.

The carbonised remains of ‘the custodian’ found at Herculaneum.
Guido Giordano et al. / Scientific Reports

In 2020, a scientific team led by anthropologist PierPaolo Petrone and volcanologist Guido Giordano conducted the first study of the glassy material using a scanning electron microscope and a neural network image-processing tool. They identified traces of the victim’s brain cells, axons and myelin in the well-preserved sample.

Petrone and Giordano concluded that the conversion of the man’s brain tissue into glass was the result of its sudden exposure to scorching volcanic ash followed by a rapid drop in temperature.

Brain of glass

The follow-up study, released today in Scientific Reports, provides a more detailed analysis of the vitrification process. The scientists estimate the temperature at which the brain transformed into glass had to be above 510°C, followed by rapid cooling.

The researchers propose the following scenario to describe the victim’s death and explain how his brain was vitrified.

The victim died when he was engulfed by the fast-moving, extremely hot ash cloud of the pyroclastic surge. His brain rapidly heated to a temperature exceeding 510°C. The thick bones of the skull may have protected the brain tissue from turning to gas and vaporising.

Fragments of the man’s brain were turned into glass by a very particular process of rapid heating and cooling.
Guido Giordano et al. / Scientific Reports

Within minutes, the ash cloud dissipated and the temperature quickly dropped to around 510°C, a temperature suitable for vitrification. The researchers also believe the fact the brain was broken into small pieces allowed it to cool quickly and therefore vitrify.

In the final phase of the eruption, Herculaneum was buried by thick, lower-temperature deposits that preserved what remained of the man’s body in cement-like material. The vitrification resulted in the preservation of complex neural structures such as neurons and axons.

This research makes a significant contribution to scientific knowledge. After centuries of archaeological research, this is still the only known example of human brain matter preserved by vitrification.

Louise Zarmati 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. ‘Brain vitrification’: new research shows how the Vesuvius eruption turned a man’s brain to glass – https://theconversation.com/brain-vitrification-new-research-shows-how-the-vesuvius-eruption-turned-a-mans-brain-to-glass-250918

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI USA: ICYMI — On “Morning Joe,” Senator King Warns of Unconstitutional Overstep by White House

US Senate News:

Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senator Angus King (I-Maine) today joined Morning Joe to stress the urgency of the unprecedented, unconstitutional overstep from President Trump’s Administration and Elon Musk’s Department of Government Efficiency (DOGE). During the interview — which comes in the midst of another round of reckless federal layoffs — King made clear the dangers of Congress further ceding it’s power to the President, noting that doing so is a “fundamental misunderstanding” of what is outlined in the Constitution.

You can watch the full clip on YouTube here

Senator King has been consistently sounding the alarm on President Donald Trump’s existential threat to the Constitution. At the end of January, he gave a speech on the Senate floor sharing that this administration is doing ‘exactly what the Framers [of the Constitution] most feared.” A couple weeks later, he took to the floor again to respond to the hiring freezes and firings, calling them “thoughtless and dangerous.” Senator King also previously declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. Recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials.

+++

Mika Brzezinski: “It’s been five weeks since President Trump took office for the second time, and his administration has reshaped government on everything from law and order, to the role of the free press. With that as our backdrop, our next guest took to the Senate floor last week with a message to his colleagues, ‘it’s time to wake up.’”

Sen. King: “This isn’t just a battle between the Senate and the House and the President, and they’re fighting about powers. No, the reason the framers designed our Constitution the way they did was that they were afraid of concentrated power. The responsibility of the president is to take care that the laws be faithfully executed, not write the laws, not deny the laws, not ignore the laws, not pick which laws he or she likes, but to take care that the laws are faithfully executed. That’s the responsibility of the president. And right now, those laws are being ignored. Power was divided for a reason. There’s some criticism now in the press saying people are talking about a constitutional crisis. They’re crying wolf. No, this is a constitutional crisis. It’s the most serious assault on our Constitution in the history of this country. It is the most serious assault on the very structure of our Constitution—which is designed to protect our freedoms and our liberty — in the history of this country. It is a constitutional crisis. And I’ll tell you what makes it worse. The President and the Vice President are already hinting that they’re not going to obey decisions of the courts. What’s it going to take for us to wake up? When I say us, I mean this entire body to wake up to what’s going on here? Is it going to be too late? Is it going to be when the President has accreted all this power and the congress is an afterthought? What’s it going to take? I mean, the offenses keep piling up. The President over the weekend famously quoted Napoleon, ‘when you’re saving your country, you don’t have to obey any law’. Wow. A president of the United States, quoting Napoleon about not having to obey the law.”

Mika Brzezinski: “Independent Senator Angus King of Maine, joins us now. It’s great to have you back on the show, Senator. Katty Kay has the first question for you, sir. Katty.”

Katty Kay: “Senator, I’ve known you for a long time, and you are not given to making speeches lightly like that on the floor. You choose your words carefully. Who were you talking to? Who was your audience? What were you trying to achieve when you stood up there on the Senate Floor and spoke to your colleagues?”

Sen. King: “I was trying to capture the conscience of the Republican Senators because that’s where the power is. They have a 53 vote majority in the Senate, and they can go to the White House and tell the President, ‘slow down.’ This is not the way our system is designed. They have some influence. That’s what I’m really talking about. What’s shocking to me is that we’re not standing up for the Constitution. And when the Executive, when the President cancels a whole agency created by Congress, whether it’s AID or the Consumer Finance Board or the independent agencies that were set up almost 100 years ago to protect the public as independent agencies, the Congress is not only giving its power, but as I said in the speech, we’re violating the fundamental structure of the Constitution, which was there in order to protect us. The framers were students of human nature, and they understood a very important principle. Power corrupts and absolute power corrupts absolutely. Therefore, they divided power. That’s what the constitution is all about. It divides power between the president, the congress, the courts, the states, and the federal government so that nobody would have all the power, because that inevitably leads to abuse.”

Katty Kay: “You’re an independent. You vote with Democrats, by and large, but I know you have good relationships with your Republican colleagues as well. Do you think they’re open to your message? When you have your private conversations with them? And I don’t want you to disclose names, are you hearing murmurs of disquiet?”

Sen. King: “I think, yes, I think disquiet is a good word. I think they’re uneasy. I think many of them understand what’s going on, although their public posture is, ‘well the courts will protect us, the courts will take care of us.’ Well, there are two problems with that. Number one, it’s a cop out. We’re not holding up our end of the constitutional bargain. We all take an oath when we come in to defend the Constitution, not a president or a party, but to defend the Constitution against all enemies, foreign and domestic. I think it’s fascinating that the framers had an idea there might be domestic enemies to the Constitution. So it’s our responsibility. And the other the other part about the courts is, as I mentioned in the speech, the Vice President and the President have already made noises about not obeying court orders. What happens then? That’s where I think it is our responsibility in the Congress. And again, I want to repeat this is not institutional jealousy. Although Madison in the Federalist thought institutional jealousy would protect this division of power, but he didn’t contemplate parties, that’s one of the problems. But it is not institutional jealousy. It’s the fundamental structure that keeps us free from an autocrat, from a dictator, from a monarch. These guys in 1787 had just fought a brutal seven year war against a king. They didn’t want concentrated power. They wanted it to be divided. And if Donald Trump doesn’t like AID, come to Congress and pass a bill. He’s got a majority in both houses to abolish it, but don’t do it in the middle of the night with this guy, Musk, and nobody knows who he’s working for or what his authority is. You know, we’ve got a bunch of 25 year-olds deciding to cut programs. Here’s another example from the other day. And this tells you where we are. Someone pointed out that the Ebola Prevention Program was cut in the AID cuts. Musk said, ‘oh, that was a mistake. We’re going to fix it.’ Think of the implications of that. What he’s really saying is, ‘I get to decide which programs we fund and which we don’t.’ That’s not the way our system is set up. That’s not the way this thing is supposed to work again, to protect our freedoms. People who are cheering all of this going on, boy, they’re going to have some second thoughts when the eye of Sauron turns to them.”

Katty Kay: “As it will.”

Willie Geist: “Senator, good morning. It’s great to have you on. In fact, Elon Musk just yesterday stood up in that cabinet meeting and sort of laughed off what happened with Ebola, saying, ‘we made a mistake and we fixed it.’ We reported this morning the Washington Post saying that actually hasn’t been fixed yet, and that money has not been put back where it needs to be to fight Ebola. Just one example. I’m just curious as to follow up on what Katty said about your fellow senators, Republicans and members of the House as well. Thinking of Speaker Mike Johnson, who is a constitutional lawyer, when they say — ”

Sen. King: “I wonder what constitution he’s a lawyer of”

Willie Geist: “Well, that’s a fair question. In many cases, going back to the 2020 election, forward where he helped Donald Trump with all that. But when they say, ‘look, we’re doing this because the country elected Donald Trump with a mandate. We just have to carry out what he says to do,’ that strikes a lot of people as a fundamental misunderstanding of the role of Congress and the checks and balance of our government. So what do you make of that argument that these, these men and women view their role as a rubber stamp of what Donald Trump wants, whatever it may be, and even if it violates the Constitution?”

Sen. King: “Well, I think the best answer to that is to go back to the oath that we all take. The oath isn’t to a president, it isn’t to a party, but to the Constitution itself. And the Constitution is very clear about the division of power. In fact, the Constitution, as I mentioned in the speech, doesn’t give the president all that much power. He is Commander in Chief, yes, but the fundamental responsibility of the president in the Constitution is to, quote, ‘take care that the laws be faithfully executed.’ I emphasize the word executed. That means carry forward. It doesn’t mean write the laws, create the laws, ignore which laws you like. And for a member of Congress to say, well, we’ve got to do whatever the president says is a fundamental misunderstanding and in my view, a violation of our of our oath and our obligation to the people of this country to keep intact the division of power, which is what keeps us safe.”

Mika Brzezinski: “Independent Senator Angus King of Maine. Thank you very much for coming on the show this morning.”

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: King, Secretary of the Navy Nominee Discuss What Shipbuilders Can Learn from Private Sector

US Senate News:

Source: United States Senator for Maine Angus King

To watch or download the exchange, click here

WASHINGTON, D.C.—Today, U.S. Senator Angus King (I-ME) and the nominee for Secretary of the Navy discussed utilizing lessons from the private sector to maintain best practices for ship designing, building, and maintenance. In a hearing of the Senate Armed Services Committee (SASC), King pressed the Trump Administration’s nominee, John Phelan, on his plans to benchmark Navy ships against private sector companies. To make the armed services more efficient. Later in their exchange, Senator King invited the nominee, if confirmed, to visit Maine’s shipyards – Bath Iron Works and Portsmouth Naval Shipyard – to get a better understanding of workforce needs like child care and available employee parking.

King began, “I love your focus on maintenance. I have a half facetious, half serious suggestion. We should benchmark our availability of our ships against … cruise lines. If they had the low availability we have, they would be out of business a long time ago. You understand that when you have an enormous capital asset it should be used. Every minute that it is not used is penalizing the taxpayers and diminishing the effectiveness of the Navy. I hope that you will really focus on that and I would like to see the metrics over a period of years of time in dry dock versus availability. I take it that is going to be a significant focus of your work?”

“Thank you for the question, Senator King. I did enjoy our time together,” Phelan responded. “I jokingly say President Trump has texted me numerous times very late at night, sometimes after 1:00 in the morning, of rusty ships, or ships in a yard, asking me what I’m doing about it. And I told him I’m not confirmed yet and have not been able to do anything about it but I will be very focused on it. I view it as a critical issue and I think your idea about benchmarking versus some of the other private sector companies is a very good idea and understanding how they keep these things running is very important. I know under a prior secretary before they used Southwest Airlines to come in to help with our planes and getting more efficient. There are a lot of best practices to be shared across the two and I am hoping with my relationships and contacts in the private sector we should be able to do that.”

King responded, “I loved it when you said we’ve never done it before it is not a sufficient excuse. You’ve got to be looking forward and not backward.”

King then followed up on the conversation to invite Phelan to Maine and highlight the workforce issues affecting Maine’s shipyards.

King continued to share, “By the way, I want to invite you to the ill-named Portsmouth Naval Shipyard, and to Bath Iron Works where the DDGs are built. In our legislation, we talked about fostering a collaborative relationship between the Navy and the two major shipyards that build DDGs on the DDX design so it is buildable. One of the problems is that design is separated and then you go to build it and it is very expensive. I hope you will commit to continuing that collaborative relationship and stepping it up because I understand it has faltered to some extent.”

“Thank you for the question. If confirmed, I look forward to visiting Maine and New Hampshire with you. I’ve been trying to spend time understanding how the whole process works. I read a book about how the B-2 bombers were designed by 12 people and I believe when I met with Senator Ernst she mentioned that on one ship we had 800 people designing a ship. I don’t know how you build something with 800 people. It just adds to requirements,” Phelan responded.

King concluded, “Collaboration between the Navy and ship builders would bear fruit for the taxpayers as well as the buildability of the ship. Workforce and shipbuilding I wanted to talk about. Believe it or not, parking and childcare are issues in the workforce and that doesn’t sound like it would be a Navy project to build a parking garage or a childcare center, but that is absolutely necessary in order to maintain the workforce in shipbuilding in the economy we are in today.”

As a member of the Senate Armed Services Committee, Senator King has championed funding for both Bath Iron Works (BIW) and Portsmouth Naval Shipyard (PNSY). Last year, he strongly urged Mr. Frederick J. Stefany, Acting Assistant Secretary of the Navy for Research, Development and Acquisition to prioritize long-term investments in the defense industrial base – including Bath Iron Works—to avoid a ‘trough’ between contracted work, resulting in a likely loss of workers and threatening American national security. In the Senate passed FY2025 National Defense Authorization Act, Senator King secured authorization for the procurement of an addition DDG-51 Arleigh Burke-class destroyer that Bath Iron Works will build.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Federal Court Finds Firing of Probationary Federal Employees

Source: American Federation of State, County and Municipal Employees Union

Judge Alsup calls probationary federal employees “the lifeblood of our government”

SAN FRANCISCO – Today, the U.S. District Court for the Northern District of California, presided over by Judge William H. Alsup, granted a temporary restraining order against the Office of Personnel Management (OPM) and its Acting Director, Charles Ezell, finding the termination of probationary federal employees illegal because OPM had no authority to order it. Judge Alsup said that when federal agencies fire employees for no reason, “that’s just not right in our country,” adding that we can’t “run our agencies with lies.” “The Office of Personnel Management does not have any authority whatsoever under any statute in the history of the universe to hire and fire employees at another agency,” he stated.

The judge ordered OPM to immediately notify federal agencies of the ruling, including the Department of Defense, which is poised to terminate thousands of probationary employees tomorrow.Judge Alsup further ordered the federal government to disclose by Tuesday the participants on the February 13 call that has been widely reported to have been the occasion which which OPM ordered the agencies to terminate probationary employees. He indicated that a longer written order would follow shortly on the heels of today’s ruling from the bench.

The plaintiffs had the following responses to the decision:

“This ruling by Judge Alsup is an important initial victory for patriotic Americans across this country who were illegally fired from their jobs by an agency that had no authority to do so,” said Everett Kelley, National President of the American Federation of Government Employees. “These are rank-and-file workers who joined the federal government to make a difference in their communities, only to be suddenly terminated due to this administration’s disdain for federal employees and desire to privatize their work. OPM’s direction to agencies to engage in the indiscriminate firing of federal probationary employees is illegal, plain and simple, and our union will keep fighting until we put a stop to these demoralizing and damaging attacks on our civil service once and for all.”

“We know this decision is just a first step, but it gives federal employees a respite. While they work to protect public health and safety, federal workers have faced constant harassment from unelected billionaires and anti-union extremists whose only goal is to give themselves massive tax breaks at the expense of working people. We will continue to move this case forward with our partners until federal workers are protected against these baseless terminations,” said AFSCME President Lee Saunders.

“This decision by Judge Alsup is a major win for Main Street. The mass firings of Small Business Administration employees creates uncertainty for time-strapped entrepreneurs. Chaos is the enemy and this ruling brings a little bit more peace of mind to small business owners that keep our economy going,” said Richard Trent, Executive Director for the Main Street Alliance.

“This ruling is a win for National Park Service employees who have been wrongfully fired across the country,” said Phil Francis, Chair of the Executive Council of the Coalition to Protect America’s National Parks. “NPS employees are dedicated to protecting the irreplaceable resources and stories found at over 430 units of the National Park System. Without our park rangers, our national parks – and the ability of Americans to safely visit them – are at risk. We applaud today’s ruling and we look forward to continuing the work to ensure our parks and people are protected.”

“The recent mass layoffs have disproportionately affected Veterans, leading to job losses and increased uncertainty. This ruling is a win for the Veterans who have been impacted and rely on federal employment for stability, and these cuts have disrupted their livelihoods,” said VoteVets Action Fund Chairman Major General (Ret.) Paul Eaton.

“The rule of law applies to everyone, including presidential administrations,” said Erik Molvar, Executive Director of Western Watersheds Project. “Federal land and wildlife agencies need staff to enforce environmental protection regulations and keep an eye on western public lands, so we are pleased that the courts have struck down these illegal firings.”

“This is a win for the thousands of public servants who keep our country running, for veterans and their families who rely on the Department of Veterans Affairs and other agencies, and for the millions of Americans who depend on critical government services,” said Jose Vasquez, Executive Director of Common Defense. “The court’s decision stops a blatant power grab that threatened to gut essential services, from veterans’ healthcare to disaster relief. Today, justice prevailed, but our fight continues to ensure no administration can ever again play politics with the livelihoods of those who serve our country and our communities.”

“The law is clear that OPM has no authority to order the federal agencies to fire their employees. Today’s ruling is an important first step in holding this administration accountable for these unlawful acts,” said Danielle Leonard, Altshuler Berzon, representing the plaintiffs.

“Today’s decision is an important victory for the rights of federal workers. The work done by the plaintiffs, led by public service unions along with small business, veterans, and conservation organizations, has been extraordinary and tireless,” said Norm Eisen, executive chair of State Democracy Defenders Fund. “Together, we’re going to keep holding this administration accountable whenever and wherever they try to undermine the rights of the people of the United States under the cynical guise of reform.”

MIL OSI USA News –

February 28, 2025
MIL-OSI Security: Alabama Man Sentenced to Five Years in Prison for Violating Iran Sanctions

Source: Federal Bureau of Investigation (FBI) State Crime News

BIRMINGHAM, Ala. – Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

According to court documents, in May 2014, Hunt registered Vega Tools, LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE), routing payments through UAE banks, and lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt lied also to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.

Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney Prim F. Escalona for the Northern District of Alabama, Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce Bureau of Industry and Security, and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

BIS investigated the case with valuable assistance provided by the FBI.

Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL Security OSI –

February 28, 2025
MIL-OSI Security: Portland Man Sentenced to Federal Prison for Bank Fraud and Identity Theft

Source: Office of United States Attorneys

PORTLAND, Ore.–A Portland man was sentenced to federal prison today for using a stolen identity and financial information to steal more than $426,000 from a victim with an intellectual disability.

Clinton Wells, 36, was sentenced to 36 months in federal prison and three years’ supervised release. He was also ordered to pay $426,481.14 in restitution to his victim.

According to court documents, between March 2019 and April 2022, Wells knowingly and intentionally used personal identification and bank account information to steal the victim’s life savings. On March 13, 2019, while working for a national tax preparation company, Wells met the victim and gained access to their personal and financial information. The following day, Wells began transferring money from the victim’s bank account into his own.

In April 2019, Wells created a user profile through the victim’s online banking system. With this access, Wells completed more than 1,100 transactions including electronic money transfers and online purchases. Wells used the money to fund extravagant trips, personal expenses and online purchases. Wells’ theft went undetected until the victim passed away and family found unopened bank statements showing the unauthorized transactions.

On February 13, 2024, a federal grand jury in Portland returned a six-count indictment charging Wells with bank fraud and aggravated identity theft.

On October 30, 2024, Wells pleaded guilty to one count of bank fraud and one count of aggravated identity theft.

This case was investigated by the U.S. Treasury Inspector General for Tax Administration, IRS Criminal Investigation, and Multnomah County Sheriff’s Office. It was prosecuted by Meredith D.M. Bateman, Assistant U.S. Attorney for the District of Oregon.

MIL Security OSI –

February 28, 2025
MIL-OSI USA: Cantwell Statement on Mass NOAA Layoffs

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.27.25
Cantwell Statement on Mass NOAA Layoffs
WASHINGTON, D.C. – Today, the Trump Administration laid off at least 880 workers from the National Oceanic and Atmospheric Administration (NOAA). U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, issued the following statement:
“The firings jeopardize our ability to forecast and respond to extreme weather events like hurricanes, wildfires, and floods—putting communities in harm’s way. They also threaten our maritime commerce and endanger 1.7 million jobs that depend on commercial, recreational and tribal fisheries, including thousands in the State of Washington. This action is a direct hit to our economy, because NOAA’s specialized workforce provides products and services that support more than a third of the nation’s GDP.”
Last week, Sen. Cantwell sent a letter to Secretary of Commerce Howard Lutnick, calling on him to exempt the National Weather Service (NWS) from the federal hiring freeze, and protect all NOAA workers from firings “that would jeopardize the safety of the American public.”
“Without NOAA’s workforce, communities will not be prepared for the next big Nor’easter, hurricane, wildfire, or drought,” wrote Sen. Cantwell. “Ships will not be able to safely navigate through our waterways. Farmers will not have the data they need to manage their crops. NOAA’s workforce keeps people alive and provides communities with the scientific support tools to protect their families and grow their businesses. I urge you to appreciate these critical government functions and reverse the hiring freeze and refrain from mass firings of these invaluable public servants—American lives depend on it.”
Also last week, speaking in opposition to the nomination of now-Secretary Lutnick on the Senate floor, Sen. Cantwell cited his “tepid support” for NOAA as a key reason for her decision to vote against his confirmation.
“When asked for the record, ‘Should NOAA be dismantled, as called for in Project 2025?’, Mr. Lutnick would only say he’ll figure it out once he’s confirmed,” Sen. Cantwell said. “We needed a bigger commitment to NOAA. NOAA already supplies a big, important aspect of what we deal with, with weather forecasting, tracking extreme weather, hurricanes, wildfires, managing our fisheries, operating ships that conduct important charting for national security. Mr. Lutnick gave very tepid support for NOAA.”
Project 2025 calls for NOAA to be “dismantled and many of its functions eliminated,” calling it part of the “climate change alarm industry.” NOAA provides critical services to the nation including weather forecasts, extreme storm tracking and monitoring, tools to enable communities to adapt to sea level rise and climate change, supporting fisheries management, and conserving marine mammals and other protected species including salmon and orcas.
Sen. Cantwell is a champion of NOAA and helped secure $3.3 billion in NOAA investments in the Inflation Reduction Act to help communities prepare for and adapt to climate change, boost science needed to understand changing weather and climate patterns, and invest in advanced computer technologies that are critical for extreme weather prediction and emergency response. Her Fire Ready Nation Act, bipartisan legislation to strengthen NOAA’s ability to help forecast, prevent, and fight wildfires, passed the Commerce committee unanimously earlier this month and now heads to the full Senate for consideration.

MIL OSI USA News –

February 28, 2025
MIL-OSI New Zealand: Tech – Samsung Launches A New Premium Care Service Offering for Laundry and Fridge Products

Source: Samsung

A 0% interest-free payment plan, for up-to five years, including continuous product efficiency and cleanliness routine

AUCKLAND, NZ – February 28, 2025 – Samsung is excited to announce the launch of Premium Care Service, a new offering available when you purchase any one of 10 Samsung laundry and fridge products. Financing for this offer is available to customers at the convenience of a 0% interest free payment plan for up to 60-months[1], powered by Finance Now.

Premium Care Service offers customers an annual in-depth cleaning service from a Samsung–certified technician, to keep their appliance running hygienically. Kiwi’s will also get personalised AI setup tips to maximise the use of their new Samsung appliance and its AI features, as well as assistance in setting up the Samsung SmartThings App to enhance their home experience.[2] These benefits are in addition to a flexible up-to five-year payment plan through Finance Now, meaning customers can enjoy Premium Care Service on their Samsung laundry and fridge product(s),[3] while managing their budget effectively.

“Our mission is to make a high-quality in-depth appliance cleaning service accessible to kiwi households, and Premium Care Service does exactly that,” said Jens Anders, Vice President of Samsung New Zealand. “With a new maximum five year payment plan, we are ensuring that Kiwis can enjoy Samsung’s latest AI home appliance innovation with complete peace of mind.”[4]

The Premium Care Service is now available for eligible Samsung laundry and fridge products in the Auckland region. This service offers a convenient, annual in-depth cleaning service to allow your appliances to continue to perform at their best.

To celebrate the launch, customers can enjoy a special 50% discount on the Premium Care Service throughout the month of March[5].

Looking ahead, Samsung is exploring the expansion of its Premium Care Service to offer additional benefits for Kiwi customers. The Samsung online store is currently assessing plans to introduce a Premium Care Service offering for TV and A Series tablets, with the aim of extending these services nationwide in the future.

For more information visit: https://www.samsung.com/nz/offer/care-service/

[1] 0% interest from 12/24/36/48/60 Months with equal monthly repayments. Minimum purchase $200. Late payment fees may apply. No Establishment or Monthly Service fees. Customers must apply and, be approved for a loan subject to Finance Now Limited’s terms and conditions, fees and normal lending criteria apply. Full Disclosure of all of the terms of your loan (including the total amount payable over the term of the loan) will be provided to you prior to finalising the loan. Finance Now Limited reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice. Trade In is not available with Finance Now. Samsung NZ reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice

[1] Subject to compatible devices. The cleaning service, AI setup tips and SmartThings assistance will be completed on the first scheduled visit

[1] Premium Care Service is only available for Eligible Samsung Products. See Terms and Conditions for Premium Care Service for more information.

[1] Subject to responsible lending inquiries and affordability criteria.

[1] Premium Care Service has an original RRP of $1299.89. With the 50% promotional discount, the price is now $649.99. This promotion is available from 27 February 2025, 5pm to 31 March 2025, 5pm. Prices displayed for Premium Care Service does not include price of the Eligible Product. Premium Care Service is only available if purchased together with an Eligible Product. For a list of Eligible Products and further terms, please visit www.samsung.com/nz/offer/care-service/

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners.

[1] 0% interest from 12/24/36/48/60 Months with equal monthly repayments. Minimum purchase $200. Late payment fees may apply. No Establishment or Monthly Service fees. Customers must apply and, be approved for a loan subject to Finance Now Limited’s terms and conditions, fees and normal lending criteria apply. Full Disclosure of all of the terms of your loan (including the total amount payable over the term of the loan) will be provided to you prior to finalising the loan. Finance Now Limited reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice. Trade In is not available with Finance Now. Samsung NZ reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice

[2] Subject to compatible devices. The cleaning service, AI setup tips and SmartThings assistance will be completed on the first scheduled visit

[3] Premium Care Service is only available for Eligible Samsung Products. See Terms and Conditions for Premium Care Service for more information.

[4] Subject to responsible lending inquiries and affordability criteria.

[5] Premium Care Service has an original RRP of $1299.89. With the 50% promotional discount, the price is now $649.99. This promotion is available from 27 February 2025, 5pm to 31 March 2025, 5pm. Prices displayed for Premium Care Service does not include price of the Eligible Product. Premium Care Service is only available if purchased together with an Eligible Product. For a list of Eligible Products and further terms, please visit www.samsung.com/nz/offer/care-service/

MIL OSI New Zealand News –

February 28, 2025
MIL-OSI Canada: Premier announces new Minister of Infrastructure

Source: Government of Canada regional news (2)

Minister of Infrastructure, Martin Long, at swearing-in ceremony on February 27, 2025

Martin Long, MLA for West Yellowhead, was sworn in as Minister of Infrastructure on Feb. 27. Minister Long has served as the Parliamentary Secretary for Small Business and Tourism in the former Jobs, Economy and Innovation ministry, Parliamentary Secretary for Small Business in Jobs, Economy, and Trade, and most recently as the Parliamentary Secretary for Rural Health.

“I am pleased to welcome Martin to Alberta’s cabinet. He is an extremely hard worker and I have full confidence in his ability to work with me and our cabinet colleagues to deliver on our government’s priorities, focusing on keeping our province the best place in Canada to live, work and raise a family.”

Danielle Smith, Premier

“I’m honoured to take on the role of Minister of Infrastructure. Our province is growing and it’s an exciting time to lead a ministry that will continue building infrastructure to meet the needs of Albertans today and for the future.”

Martin Long, Minister of Infrastructure

Budget 2025’s Capital Plan will invest $26.1 billion across the province over the next three years, an increase of $1.1 billion from last year. Of that amount, $2.6 billion will go toward new schools and modernization projects that are critical to meeting the needs of a growing province.

MIL OSI Canada News –

February 28, 2025
MIL-OSI New Zealand: Development News – Development Contribution Fee Overhaul Sparks Cautious Optimism, Says Property Council

Source: Property Council New Zealand

Auckland, New Zealand – Property Council New Zealand has welcomed today’s announcement regarding the overhaul of development contribution fees, a move it believes will pave the way for more commercial viability and the construction of much-needed homes across the country.

Leonie Freeman, Chief Executive of Property Council New Zealand, expressed support for the changes:

“Today’s announcement on the overhaul of development contribution fees is a welcome move, paving the way for greater commercial viability and supporting the construction of more homes. With housing affordability becoming an increasingly pressing issue, this reform could go a long way in ensuring that development is not unnecessarily hindered.”

Freeman noted that development contribution fees have a significant impact on growth, both positively and negatively.

“Development contribution fees have the power to either drive or hinder growth. Recently, some councils have raised these fees by an astonishing 289%, pushing the total cost to approximately $100,000 per home, ultimately adding to the final purchase price for buyers. These increases are unsustainable and limit the ability to address the growing housing shortage.”

For years, Property Council has advocated for a more consistent and transparent approach to these fees.

“For too long, development contribution fees have lacked consistency, been used to fund infrastructure unrelated to the development area, and remained entirely at the discretion of councils. This has led to unpredictable and, at times, unjustifiable costs for developers and, ultimately, homebuyers,” said Freeman.

Property Council has been a vocal proponent of an independent regulator to oversee development contribution fees and ensure greater consistency.
“Property Council has strongly advocated for an independent regulator to bring much-needed consistency to a system that has long been unpredictable. We hope this step will provide greater long-term certainty for development, benefiting both developers and the communities they serve.”

The new system promises to focus on ensuring development contributions are spent directly on infrastructure tied to the specific development areas.
“We’re encouraged that the new system aims to ensure development contributions are dedicated to infrastructure spending related to the area being developed. In the past, we’ve seen fees collected in Drury used to fund projects like the Devonport Library – an approach that simply doesn’t add up,” Freeman said.

Looking ahead, Freeman expressed cautious optimism about the potential of the new system, should it adhere to core principles.

“If the new system upholds principles of consistent pricing, accountability, and a standardised methodology nationwide under the new regulator, we can look to the future with cautious confidence. This reform is an important step towards creating a more sustainable and transparent approach to development in New Zealand.”

“Our members need certainty to develop. They need a system that guarantees consistent pricing and application across the country, where levies collected from a development are reinvested into the same area. A system that is transparent and well-regulated. Today, we believe we are one step closer to realising that goal.”

The Property Council will continue to monitor the rollout of the new system, advocating for measures that prioritise long-term benefits for communities and the housing market.

About Property Council New Zealand

Property Council is the leading advocate for Aotearoa New Zealand’s largest industry – property.

Property Council New Zealand is the one organisation that collectively champions property. We bring together members from all corners of the property ecosystem to advocate for reduced red tape that enables development, encourages investment, and supports our communities to thrive.

Property is New Zealand’s largest industry, making up 15% of economic activity. As a sector, we employ 10% of New Zealand’s workforce and contribute over $50.2 billion to GDP.

A not-for-profit organisation, the Property Council connects over 10,000 property professionals, championing the interests of over 550 member companies.

Our membership is broad and includes some of the largest commercial and residential property owners and developers in New Zealand. The property industry comes together at our local, national and online events, which offer professional development, exceptional networking and access to industry-leading research.

Our members shape the cities and spaces where New Zealanders live, work, play and shop.

www.propertynz.co.nz

MIL OSI New Zealand News –

February 28, 2025
MIL-OSI United Kingdom: Intertrade UK kickstarts drive to boost trade
Source: United Kingdom – Executive Government & Departments

Press release

Intertrade UK kickstarts drive to boost trade

Boost to internal market as Intertrade UK holds its first meeting today. The new body, chaired by Baroness Foster of Aghadrumsee, was a key Safeguarding the Union commitment.
In a further move to strengthen and protect the UK internal market for businesses across the country, Intertrade UK will hold its first meeting today.

The Secretary of State for Northern Ireland Hilary Benn has today announced the five panel members of Intertrade UK who will join the Chair of Intertrade UK, The Rt Hon. the Baroness Foster of Aghadrumsee DBE.

The new body will advise on opportunities to promote and boost trade across the UK, utilising the wide-ranging expertise of its members drawn from industry and academia who are recognised leaders in their fields.

Intertrade UK will do this through promoting trade in goods and services across the UK and advising on overcoming identified barriers, considering how best businesses can take advantage of the full opportunities of the UK internal market, and conduct research and publish insights aimed at advancing domestic trade.

The first meeting of Intertrade UK will be held this morning in Enniskillen where members will formally adopt the Terms of Reference, discuss and agree a programme of work with key priorities to take forward over the next 18 months.

Speaking about today’s appointments, Secretary of State for Northern Ireland, Hilary Benn, said:

The UK internal market is vital for businesses right across the country, and the Government is committed to taking all steps to protect and strengthen it.

East West trade is essential for UK growth, and part of the success of Intertrade UK will be to ensure that people can enjoy the full benefits of the UK internal market for both goods and services.

This was an important commitment in the Safeguarding the Union command paper, and with this experienced panel of members in place, I look forward to seeing Intertrade UK play an important role in promoting UK-wide trade and economic growth.

Chair of Intertrade UK, Baroness Arlene Foster, said:

The Safeguarding the Union Command paper had strengthening the UK internal market at its core. I am very pleased that we will have our first meeting of Intertrade UK today which was set up as a consequence of that Command paper so we can take this important work forward.

The panel members which have been appointed by the Secretary of State for Northern Ireland have a wealth of experience on trade in and out of Northern Ireland and we will immediately get to work looking at challenges which have been identified and if and how these can be practically resolved.

The establishment of Intertrade UK represents another significant step in delivering on the commitments set out in the Safeguarding the Union Command Paper and a key asset in delivery of this Government’s Growth Mission.

Notes to editors

Intertrade UK full panel members:

The Rt Hon. the Baroness Foster of Aghadrumsee DBE – Chair of Intertrade UK

Dr Esmond Birnie – Senior Economist, Ulster University

Kirsty McManus – Northern Ireland Director, Institute of Directors

Suzanne Wylie – Chief Executive Officer, Northern Ireland Chamber of Commerce

Roger Pollen – Head of Federation of Small Businesses Northern Ireland

Angela McGowan – Director for Northern Ireland, Confederation of British Industry

The Terms of Reference will be formally adopted during the meeting.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 28 February 2025
MIL OSI United Kingdom –
February 28, 2025
MIL-OSI Australia: Warrawong Plaza rezoned for 1,300 new homes

Source: New South Wales Government 2

Headline: Warrawong Plaza rezoned for 1,300 new homes

Published: 28 February 2025

Released by: Minister for Planning and Public Spaces

Warrawong is ready for an additional 1,300 well-located homes following the approval of new planning controls for Warrawong Plaza.

The planning proposal at 43-65 Cowper Street, Warrawong, increases the maximum building height from eight to approximately 22 storeys which paves the way for the master planned mixed-use development to provide up to 1,300 new homes, with 15 per cent set aside as affordable housing for at least 15 years.

This project is another example of the NSW Government helping to increase supply as the housing crisis continues to be the biggest issue facing the state.

The rezoning will add a minimum of 6,500 square metres of publicly accessible open space, along with pedestrian links to Cowper Street and Northcliffe Drive, and Warrawong Plaza will continue to operate on the site.

A new bus interchange has been added to the proposal following community feedback during the project’s public exhibition in June and July 2024.

The proposal’s first homes could be built by 2028, which will help meet the Illawarra’s growing housing needs. Trading will continue at Warrawong Plaza during construction.

The proposal comes as Illawarra residents’ ideas help shape the Master Plan for the future of the 32-hectare Warrawong Parklands and around 100 construction jobs that will flow from the NSW Government’s approval of BlueScope’s $200 million Plate Mill refurbishment at nearby Port Kembla.

Future development applications that are more than $60 million will be assessed by the Department and will be subject to design excellence requirements.

This is part of the Minns Labor Government’s plan to build a better NSW with a greater choice of homes, so young people, families and workers have somewhere to live in the communities they choose.

For more information, visit the planning proposal webpage.

Minister for Planning and Public Spaces and Member for Wollongong Paul Scully said:

“The Warrawong Plaza and transport hub offers an ideal infill development opportunity to deliver more well-located homes and affordable housing in this changing suburb.

“This is an ideal location close to Kully Bay Park, Lake Illawarra and a short drive from Port Kembla’s Beach Pavilion.

“Adding new homes will benefit young people, families and key local workers while also offering existing shops with increased customers and the potential for new businesses in the Warrawong CBD.”

MIL OSI News –

February 28, 2025
MIL-OSI Security: Minneapolis Man Pleads Guilty in $250 Million Feeding Our Future Fraud Scheme

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

MINNEAPOLIS – A Minneapolis man has pleaded guilty to wire fraud for his role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, from April 2020 through January 2022, Abdikadir Ainashe Mohamud, a.k.a. “AK,” 33, claimed to be operating a child nutrition site in Willmar, Minnesota, a small town with a total population of approximately 21,000. Mohamud ran his food site, Stigma-Free Willmar, under the sponsorship of Feeding our Future. In October 2020, Mohamud approached the owner of FaaFan restaurant and offered to pay him monthly so that he could claim the small storefront restaurant as a Stigma-Free Willmar food site. By October 20, 2020, less than a month after registering the Stigma-Free Willmar site, Mohamud claimed to be serving meals to 3,000 children per day, seven days a week from FaaFan. Mohamud created a shell company, Tunyar Trading, and claimed it was a meal vendor for the Stigma-Free Willmar food site. Between November 2020 and December 2021, Mohamud and his co-conspirators claimed to have served approximately 1.6 million meals to children through Stigma-Free Willmar.

To accomplish their scheme, Mohamud and his co-conspirators prepared and submitted fake meal counts, invoices, and attendance rosters. Mohamud ultimately transferred more than $2.5 million from Tunyar Trading to himself and other co-conspirators. He also created another shell company called Five A’s Projects LLC, where he transferred more than $1 million in Federal Child Nutrition Program funds. These proceeds were used to purchase the former location of Kelly’s 19th Hole, a bar and restaurant in Brooklyn Park, Minnesota.

According to court documents, Mohamud paid more than $225,000 in bribes and kickbacks from Tunyar Trading LLC to Abdikerm Eidleh, a Feeding Our Future employee who served as the site support manager for the Stigma-Free Willmar site, in exchange for sponsoring and facilitating Stigma-Free Willmar’s fraudulent participation in the Federal Child Nutrition Program. In exchange, Feeding Our Future received nearly $500,000 in administrative fees for sponsoring the Stigma-Free Willmar site’s participation in the program. In December 2021, the defendant paid $5,750 to a GoFundMe account for Feeding Our Future created by Aimee Bock.

In total, Stigma-Free Willmar received over $5.3 million in payments from Feeding Our Future based on fraudulent claims. As part of his sentence, Mohamud was ordered to forfeit the Kelly’s 19^th Hole property, and $378,207.20 in fraudulent funds seized from his Tunyar Trading LLC bank account.

Mohamud pleaded guilty today in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.

The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

Assistant U.S. Attorneys Joseph H. Thompson, Harry M. Jacobs, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

MIL Security OSI –

February 28, 2025
MIL-OSI: Fifth Era Acquisition Corp I Announces the Pricing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Each Unit Includes One Class A Ordinary Share and
One Share Right to Receive 1/10th of a Class A Ordinary Share

New York, NY, Feb. 27, 2025 (GLOBE NEWSWIRE) — Fifth Era Acquisition Corp. I (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and begin trading tomorrow, February 28, 2025, under the ticker symbol “FERAU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. An amount equal to $10.00 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “FERA” and “FERAR,” respectively. The offering is expected to close on March 3, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus on technology enabled businesses in a diverse range of areas including internet, enterprise technology, software, including artificial intelligence, fintech and blockchain.

The Company’s management team is led by Mitchell Mechigian, its Chief Executive Officer and Director, Alison Davis, its managing director, Chris Linn, its Chief Financial Officer and Director, and Matthew Le Merle, its Managing Director and Chairman of the Board of Directors (the “Board”). In addition, the Board includes Colin Wiel, Gary Cookhorn, and Rebecca Macieira-Kaufmann.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022, or by email at prospectus@cantor.com.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on February 27, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Fifth Era Acquisition Corp I
Mitchell Mechigian
spac@fifthera.com

The MIL Network –

February 28, 2025
MIL-OSI: Prospera Announces Monthly Operations Update and Increase to Term Loan

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

Prospera Energy remains committed to providing stakeholders with transparent, timely, and data-driven updates on operational performance and field developments. This monthly report delivers key insights into the company’s production trends, optimization initiatives, and strategic advancements. All production figures represent the Company’s gross sales, reported in accordance with NI 51-101 and applicable industry standards.

Production averaged 680 boe/d (92% oil) from February 1^st-25^th, with production peaking on February 25^th at 798 boe/d (92% oil), despite extreme winter conditions including record low wind chills reaching -47°C on several days. This production growth reflects the Company’s continued efforts to optimize well performance and bring additional production online.

The company continues advancing its Hearts Hill workover program with seven of eleven wells now completed, achieving capital efficiency of less than $5,000 per boe/d. In mid-February, Prospera deployed a second service rig to accelerate its Luseland workover program with three of ten wells now completed. The program’s first three wells have come in 24% under budget, while still in the clean-up and load fluid recovery phase.

The company is specifically targeting high-impact Luseland workovers, including wells with significant reservoir and production potential that have remained offline for the last 10 to 15 years. These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability of past operators, and outdated heavy oil downhole technology which has since seen a step change during this timeframe and which Prospera can now leverage. Additionally, the Company has initiated a review of several enhanced oil recovery techniques, including polymer flooding, steam injection, injector conversions to improve waterflood sweep, and facility debottlenecking to optimize production efficiency.

Reaffirming its commitment to strengthening its financial position, Prospera has successfully negotiated structured payment plans and arrangements with its top 50 vendors ranked by outstanding accounts payable arrears. This initiative marks a significant step toward reducing liabilities, enhancing cash flow management, and fostering long-term vendor partnerships—ensuring the Company can execute its development plans with greater financial flexibility.

The company continues to make significant strides in addressing MER and AER non-compliances including spill pile clean-ups, well and lease signage, mineral lease reacquisitions, general housekeeping, and annulus/packer fixes, ensuring adherence to regulatory standards while maintaining operational efficiency. These compliance efforts remain a top priority as Prospera reinforces its commitment to responsible resource development.

The pipeline cutout failure analysis and third-party engineering review for both Hearts Hill pipeline failures have been completed and shared with the appropriate regulatory bodies. The conclusions from these evaluations have been incorporated into Prospera’s field-wide development strategy, as well as its abandonment, reclamation, and turnaround initiatives.

In Brooks, the company continues to accelerate well production by increasing fluid level drawdown, implementing casing gas compression to alleviate pressure on the reservoir, and enhanced wax and scale mitigation strategies. These efforts have led to increased production, with additional optimization capacity available on these fronts. Preparatory work in Brooks is ongoing, including evaluations of acid fracs versus cross-linked gel fracs and the most effective matrix stimulation techniques for the Pekisko wells. AFE’s have been finalized for various projects and are ready to be capitalized as part of the company’s development plans.

The company has completed extensive reviews of the nine horizontal wells drilled in 2023 in the Cuthbert pool, as only three of the wells are performing to expectations. The six lower-producing wells have been analyzed through reservoir engineering, geological assessments, and drilling post-mortem analysis. Plans are in place to conduct workovers on four of these wells over time, with one specific workover scheduled for later in Q1.

Replacement of worn-out field equipment has accelerated, with new and rebuilt engine installations being completed across all fields. Plans are in place to purchase additional new and rebuilt engines as wells are brought online. Lease operating cost reviews are now being conducted more frequently, with a current focus on optimizing electricity costs, flushby costs, and the transportation of oil from our batteries to sales points.

Loan Amendment Update
The Corporation announces a further amendment to its $11,000,000 promissory note, originally dated July 7, 2024, in collaboration with its principal lender. Following previous increases, an additional $1,550,000 has been added, bringing the total principal amount to $14,500,000. The note retains its original terms, including a 12% interest rate and a two-year maturity, with no other changes. This amendment remains subject to acceptance by the TSXV.

About Prospera

Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

For Further Information:

Shawn Mehler, PR
Email: investors@prosperaenergy.com

Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com

Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

The MIL Network –

February 28, 2025
MIL-OSI Submissions: Riyadh International Disputes Week 2025 Concludes, With a High Turnout of Participants From 82 Countries

Source: AETOSWire

Riyadh International Disputes Week – Riyadh concluded the 2nd edition of the Riyadh International Disputes Week (RIDW25) with a significant international turnout of more than 4.8 thousand attendees from 82 countries. With more than 87 specialized legal events, RIDW25 featured 470 renowned local and international speakers, who came together to explore the latest global trends shaping the commercial dispute resolution industry.

With a rich lineup of legal and arbitration experts, lawyers, thought leaders, and representatives of key global organizations, the event reflects Saudi Arabia’s keenness to boost its investment climate, and attract foreign investment and major international companies, in charge of mega project developments in the Kingdom. Developing a wide range of dispute settlement mechanisms is a key factor in investment attractiveness and economic competitiveness globally.

Organized by the Saudi Center for Commercial Arbitration (SCCA), RIDW25 is one of the distinguished international events in the commercial dispute resolution industry, on par with the Paris Arbitration Week, the London International Disputes Week and the China Arbitration Week.

The centerpiece of RIDW25, the 4th International Conference and Exhibition of the Saudi Center for Commercial Arbitration (SCCA25) brought together prominent legal figures from various sectors, with an audience of 1,250+ local and international participants from across the legal and business. The SCCA25 featured 28 speakers and 9 panel discussions, keynote speeches and presentations, exploring the most prominent ways to develop the commercial arbitration environment and enhance the integration of international legal practices.

RIDW25 also featured the sixth edition of the SCCA International Arbitration Moot (SIAM6), an international commercial arbitration competition for Arabic-speaking students who compete in hypothetical arbitrations that simulate real-world international commercial arbitration cases. SIAM6 is the sister competition of Willem C. Vis International Commercial Arbitration Moot (‘Vis Moot’).

Also on the agenda, discussions on the impact of AI in arbitration, and how technology can contribute to enhancing the efficiency and transparency of dispute resolution processes.

Dr. Walid bin Sulaiman Abanumay, Chairman of the Board of SCCA confirmed that RIDW25 reinforces Saudi Arabia’s position as a reliable destination to address commercial and investment disputes and reflects its commitment to nurture a legal environment that supports economic growth and investment, in line with the goals of the “Saudi Vision 2030”.

MIL OSI – Submitted News –

February 28, 2025
MIL-OSI USA: Making Innovation Happen: New IN² Cohort Focuses on Advanced Energy Implementation
Source: US National Renewable Energy Laboratory

Teens sit outside of Ponderosa High School in Coconino County, Arizona, in the garden that students created and maintained. Photo from Ponderosa High School

At Ponderosa High School in Coconino County, Arizona, students are determined to overcome obstacles on their path to graduation. Some arrive behind on credits, while others are returning to the classroom after time away. The alternative school offers more than a second chance—it is an opportunity for transformation.

That is just one reason why Coconino County Schools selected Ponderosa as the focus of an advanced energy initiative through the Wells Fargo Innovation Incubator (IN²), managed by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).

“Our goal at Ponderosa is to create opportunities that shift perspectives—helping students see a hopeful future and discover industries they may not have considered,” Ponderosa High Principal Les Hauer said. “The energy future is full of possibility, and this initiative helps us show students what’s possible while preparing them to succeed.”

Coconino County is one of 10 members of IN²’s latest cohort, which marked a significant milestone for the program. For the first time in its 10-year history, IN² shifted its focus from supporting startups to implementing energy technologies within established organizations.

Before pitching their projects in December 2024, participants engaged in months of preparation and education, including technology selection and impact analyses. The pitch session culminated in the cohort presenting their plans to install and use a tool or system within six months, with winners receiving a share of $750,000 in Wells Fargo funding to bring their projects to life.

“This is a monumental new direction for IN²,” said IN² Program Manager Sarah Derdowski. “IN² continues to help startups move forward over the ‘valleys of death,’ but now we also get to support the implementation of innovative technologies and make real progress in building a resilient, adaptable future.”

Pumpkins grow in the student garden outside of Ponderosa High School. Photo from Ponderosa High School

The participants in the cohort are:
- Avangrid
- Coconino County
- CBRE
- Digital Realty
- Galvanize Real Estate (GRE)
- Intermountain Health
- Prime Data Centers
- Schneider Electric
- Southern Company
- University of Colorado Boulder.
Although some cohort members are large companies, they face unique barriers where IN²’s support is invaluable. During pitch day, one of the presenters made the problem plain: Even large, well-funded organizations may find resistance to innovative technologies if they might compromise profitability.

“Pursuing new technologies is often seen as a cost and business risk for any size organization,” said Howard Branz, director of science and impact for Galvanize Climate Solutions. “At GRE, our scientists and investors work together to mitigate these risks by piloting technologies in real-world settings where we can test and prove their performance, ensuring that increasing profitability and meeting our metrics go hand-in-hand. The IN² award allows us to further accelerate the deployment of cutting-edge building technology solutions, advancing our goals.”

Coconino County’s Teaching Moment

Coconino County’s ambitious vision stood out among the pitches in early December with its goal of reducing the district’s energy consumption by 40% while creating a replicable school model for the region.

“We hope to transform our local schools by serving as a demonstration site for retrofitting and energy practices,” Superintendent Cheryl Mango-Paget said.

Ponderosa High School, located near the Grand Canyon, has about 70 students. The district identified heating, ventilation, and air conditioning (HVAC) as the best opportunity because it could have the greatest impact. The district’s aging air conditioning units are due for replacement, and the hope is that Ponderosa can serve as a blueprint for surrounding schools.

To achieve that, Coconino County would integrate three technologies in one building. Blue Frontier, a company that graduated from IN² several years ago, will install a new AC unit that uses liquid desiccant technology developed by NREL. Rensair will improve air quality. And Komfort will address energy through lighting. The single Blue Frontier unit could replace up to 18 AC units already on the building. Estimates done during IN² show the new systems, at minimum, could cut utility costs by 50%.

Participants from Coconino County pitch their proposal during the pitch day in early December 2024. Photo by Agata Bogucka, NREL

“This partnership with NREL and IN² is a powerful teaching tool,” Hauer said. “We’re giving students a hands-on experience beyond the classroom by letting them observe the installation process.”

While the students will not install the systems themselves, they will learn from the process and gain insight into future job opportunities in the HVAC and advanced energy industries.

CBRE’s AC Pivot

When Jeff Dunbar, senior sustainability director for CBRE, first got involved with IN², he thought their project would focus on advanced cement. Then he realized they only had six months to implement, so he pivoted to a faster solution: rooftop HVAC units.

“We replace thousands of rooftop units every year in the U.S.,” Dunbar said. “This became an easy lever for us to pull.”

CBRE manages more than 7 billion square feet of property around the world and spent more than $33 billion with suppliers last year globally. Once CBRE identified the HVAC direction, NREL helped pinpoint where to go next.

Jeff Dunbar, senior sustainability director for CBRE, pitches the company’s proposal during the IN2 pitch day. Photo by Agata Bogucka, NREL

“I stood in a room at NREL and stared at Blue Frontier’s mockup of this technology while an NREL engineer explained how it works,” Dunbar said. “Together, we found our ‘Goldilocks’ site that matches the necessary specs on a building in Delaware.”

The pilot project will install and test Blue Frontier’s unit on this building in Delaware, with the potential of replicating it at other sites nationwide. The system is designed as a drop-in replacement—it integrates seamlessly with existing infrastructure and eliminates the need for costly modifications.

“Our hope is that by the end of the first summer season, the results will give us the confidence to move forward with other sites,” Dunbar said during the pitch.

Additionally, CBRE is not giving up on the idea of an advanced cement project.

“As an offshoot, NREL pulled us into conversations with several advanced concrete partners about a potential project in 2025,” Dunbar said. “We can continue to pursue the concrete challenge outside of the IN² program.”

Intermountain Health’s Strive for Change

Glen Garrick, system sustainability director for Intermountain Health, is also working with NREL on a project separate from the IN² pitch he presented. The company has 16 traditional shuttles, and it wants to change that and incorporate advanced technologies.

Initially, the employee responsible for managing the fleet resisted the idea, uncertain about its feasibility. But the project gained momentum after a visit to NREL.

“We flew out to NREL and sat in a room talking with 10 experts,” Garrick said. “Some on our team had a healthy skepticism about the shuttles. But after candid discussions with subject matter experts and experienced professionals from NREL, those individuals on our team completely changed their mindset.”

With approximately 400 clinics and 34 hospitals across the Intermountain West, Intermountain Health plans to order the first set of shuttles in 2025 and begin using them in 2026.

In addition to the shuttles, Garrick presented a pilot project at one location that would include a solar canopy with panels that move with the sun and battery storage for advanced energy.

“We tried to find projects that have a long payback because those wouldn’t get approved without IN²,” Garrick said. “It’s not meant to be a huge sexy project—it’s a demonstration project that helps us start to shift toward more on-campus renewables.”

The driving force is to avoid taking money away from patient care.

“Every dollar that goes to energy or waste is one less for patient funding,” he said. “Whenever I can bring in external funding, that’s money saved for patient care.”

During the IN² pitch day, the attendees networked with each other in between the pitches from the different participants. Photo by Agata Bogucka, NREL

NREL’s Assistance

This IN² cohort did not have to figure out the solutions to their challenges on their own. With guidance from NREL experts and support from consulting firm Overlay Build, participants overcame technical and strategic hurdles unique to their companies to move their projects forward.

For Coconino County, narrowing down a daunting list of 168 potential HVAC technologies was a critical first step.

“When I saw the list, first I cried,” Mango-Paget said. “But IN² and NREL helped us discover the best bang for our buck, and that led us to three companies that could make the biggest impact.”

NREL’s support did not stop at the planning phase. For CBRE, NREL’s direct involvement in monitoring the Delaware pilot will ensure a smooth transition from concept to implementation.

“The scientists who helped birth this liquid desiccant technology are going to come help monitor the site in Delaware,” Dunbar said. “That helps de-risk it for us. We’re trying to do this at scale; it’s exciting to be at the front end of that curve.”

The value of NREL’s expertise also extends beyond IN²’s formal structure. Garrick believes Intermountain’s partnership with NREL will continue independently of the IN² project.

“I could see a new project evolving in the next six months,” he said. “We have all the contacts, and I think it’s entirely possible we’ll reach out directly for support.”

By providing both education now and actionable solutions down the road, NREL and IN² have empowered these organizations to overcome barriers, adopt innovative technologies, and make measurable progress.

Winners

Five of the 10 participants in this first-of-its-kind cohort earned monetary awards.
- CBRE received $150,000 for its project, which will cover the engineering, design, and construction costs for the pilot and a scalability study.
- Coconino County received $55,000 for the Rensair and Komfort parts of its project.
- Digital Realty received $125,000 to partner with Hayzel and improve chilling in its data centers in Santa Clara, California.
- Galvanize Real Estate received $200,000 to work with EnKoat, an IN² portfolio company, and Alpen for a pilot on a building in Pedricktown, New Jersey.
- The University of Colorado Boulder received $220,000 to work with INOVUES to retrofit existing windows in aging buildings with hermetically sealed high-performance glass.
All the pilot projects must be completed within six months. NREL will keep track of their progress and post updates in the future.

And the participants—including the five teams that did not earn funding—are walking away with tailored technology adoption playbooks and access to expertise in digitization and change management.

“Alongside the new relationships formed with NREL, the program itself is an award,” Derdowski said. “We’re already seeing renewed efforts to change the culture at all of these organizations.”

“I’m really glad we went through the process because we saved one project because of it,” Garrick said. “If it wasn’t for that contact with NREL, that project would have died.”

Updates on how the installations proceed will be found on www.in2ecosystem.com later this year.

MIL OSI USA News –
February 28, 2025
MIL-OSI Security: Two Southern California Men Arrested on Indictment Alleging Scheme Targeting Elderly Victims and Causing $10 Million in Losses

Source: Office of United States Attorneys

LOS ANGELES – Two men living in Southern California were arrested today for allegedly leading a complex money laundering scheme that targeted more than 100 victims, many of whom were targeted because they were elderly, and caused victims more than $10 million in losses.

Sylas Nyuydzene Verdzekov, 38, of Chino Hills, and Lovert Che, 44, of Lomita, were taken into federal custody today. A third defendant, Mustapha Nkachiwouo Selly Yamie, 29, of Inglewood, is being sought by law enforcement. Each defendant is charged with one count of conspiracy to commit money laundering.

Verdzekov and Che are expected to be arraigned this afternoon in United States District Court in downtown Los Angeles.

“As the indictment alleges, these defendants built a sophisticated fraud and money laundering scheme that targeted and preyed on our most vulnerable citizens. They not only stole the victims’ money, but robbed them of their security and trust,” said Acting United States Attorney Joseph T. McNally. “Let this serve as a clear message: If you defraud members of our community, especially the elderly, we will hold you accountable to the fullest extent of the law.”

“Financial fraud against our elder population has unfortunately lined the pockets of several transnational criminal organizations,” said HSI Los Angeles Acting Special Agent in Charge John Pasciucco. “HSI and our law enforcement partners remain committed to protecting our most vulnerable and ensuring the public is informed of the red flag indicators of elder fraud.”

According to the indictment, from at least November 2021 and continuing to the present, Verdzekov, Yamie, and Che, and their co-conspirators, created fake identification documents of fictitious people, including passports and driver’s licenses. Using these fake documents, the defendants and their co-conspirators created at least 36 shell companies in California, which conducted no legitimate business and were created solely to advance their crimes.

Verdzekov, Yamie, and Che, and their co-conspirators, opened at least 145 bank accounts and at least 32 private mailboxes across Southern California using the fake identities and sham businesses.

In one scheme specifically targeting elderly victims using phone calls and email pop-ups, the defendants and their co-conspirators posed as law enforcement personnel or employees with well-known companies attempting to help the victims maintain the security of their accounts. They then allegedly fabricated claims of victim bank accounts or payment accounts being compromised and needing to be resolved quickly.

The defendants and their co-conspirators convinced the victims of their purported authority through pictures of fake badges and fake job titles, then requested the victims’ personally identifiable information (PII) and bank account information. Victims were told they needed to move money from their corrupted accounts quickly to ensure they kept all their money, and to move it into accounts that Verdzekov, Yamie, and Che, and their co-conspirators, fraudulently opened and controlled. Victims typically moved money via electronic bank transfers, money orders, cashier’s checks, or personal checks into these fraudulent bank accounts or mailboxes.

The defendants and their co-conspirators then deposited the ill-gotten gains into the bank accounts they controlled with the intent of disguising the ownership and control of the funds. Verdzekov, Yamie, Che, and their co-conspirators then withdrew large cash amounts to use the stolen funds on personal expenses, including rental payments.

In a similar scam, the defendants and their co-conspirators allegedly posed as a real estate owner selling property. Using fake identification and credentials, the defendants deceived victims into believing that they were entering into a legitimate sale of the property and tricked the victims into wiring money or mailing a check to an account or mailbox the defendants and their co-conspirators controlled.

In total, Verdzekov, Yamie, and Che, and their co-conspirators, laundered at least $10 million in funds taken from at least 100 victims.

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

If convicted, the defendants would face a statutory maximum sentence of 20 years in federal prison.

Homeland Security Investigations’ Document Benefit Fraud Task Force, the FBI’s Honolulu Field Office, the U.S. Department of State’s Diplomatic Security Service (DSS), and the United States Postal Inspection Service are investigating this matter. The investigation remains ongoing.

If you think you have been a victim of a scam, immediately contact your bank or financial institution to request a recall or reversal as well as a Hold Harmless Letter or Letter of Indemnity and contact local law enforcement. Additionally, file a detailed complaint with the Internet Crime Complaint Center at www.ic3.gov. The Internet Crime Complaint Center is run by the FBI and serves as the country’s hub for reporting cybercrime.

Assistant United States Attorneys Sarah S. Lee and Gregg E. Marmaro of the Major Frauds Section are prosecuting this case.

MIL Security OSI –

February 28, 2025
MIL-OSI NGOs: Australia releases coordinates of coral destruction by NZ fishers to Greenpeace

Source: Greenpeace Statement –

SYDNEY, Friday 28 FEB 2025 – Despite the New Zealand government refusing to release the location where a New Zealand bottom trawler hauled up deep sea coral in the Tasman Sea late last year, Australia has released the coordinates on request from Greenpeace, a move the group applauded as “promising ocean protection leadership”.

The Tasman Viking, a New Zealand bottom trawler, pulled up 37kg of deep sea coral in the Lord Howe Rise area, renowned for diverse marine life in October 2024. This triggered a rule under the South Pacific Regional Fisheries Management Organisation (SPRFMO), to temporarily close the area.

Under SPRFMO, the best available information is meant to be provided on the nature of an encounter with coral such as this, and Greenpeace has offered to document the site as part of their Seamounts Expedition, due to commence in March 2025.

But requests from Greenpeace for the coordinates of the closed area were declined by the New Zealand Government due to ‘commercial sensitivity’. The Australian SPRFMO Commissioner has now released these coordinates in response to requests from Greenpeace.

Georgia Whitaker, Greenpeace Australia Pacific Senior Campaigner, said:

“It’s promising to see the Australian Government prioritising ocean protection and scientific research over commercial interests. By releasing the coordinates of bottom-trawling vandalism, the Australian government has proven it can and will stand up for the ocean.

“What we need to see now is the Australian Government take a step further to protect these waters by finally ratifying the Global Ocean Treaty into Australian law, and proposing that rich biodiverse areas like the Tasman Sea can become ocean sanctuaries free from destructive industrial fishing.”

Earlier this week, both major Australian political parties indicated their intent to take ocean protection seriously this election. Labor has acknowledged that only 24% of Australia’s waters are highly protected from industrial fishing and oil and gas – Greenpeace is calling for that number to be increased, not just in domestic waters but in adjoining international waters.

“True ocean protection leadership on the global stage is about hoisting the sails and facing the wind — we need strong policies that protect the ocean and the high seas between Australia and New Zealand, with no loopholes for industry,” Whitaker added.

Greenpeace Aotearoa expedition lead Ellie Hooper is calling the New Zealand government’s refusal to share the coordinates “ludicrous” and “a blatant example of the Luxon-led government running interference for the fishing industry.”

Hooper says: “These coordinates have already been shared with all fishing companies and SPRFMO countries, so why is the information being hidden in order to prevent research and documentation?

“Australia clearly has a more progressive and transparent approach when it comes to deep-sea management, and has provided us with the chance to go to this area and attempt to survey it.”

It’s estimated that coral brought to the surface by trawlers is only a small fraction of what’s destroyed on the seafloor.1

New Zealand is the only country still bottom trawling in the high seas of the South Pacific and has faced criticism for blocking protection measures at SPRFMO this month.

Notes:
Coral in nets to destroyed on seafloor ratios:
1. Geange, S. et al 2017, SC7-DW14, and Stephenson, F. et al 2022, SC10-DW04

—ENDS—

MIL OSI NGO –

February 28, 2025
MIL-OSI USA: As tariffs loom, Republicans block Senator Coons’ bill on Senate floor that would prevent President Trump from unilaterally imposing tariffs on allies

US Senate News:

Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senator Chris Coons (D-Del.) went to the Senate floor today to ask for unanimous consent to pass his Stopping Tariffs on Allies and Bolstering Legislative Exercise of (STABLE) Trade Policy Act. The legislation, co-led with Senator Tim Kaine (D-Va.), would prevent any president from imposing tariffs on U.S. allies and free trade partners without congressional approval.
The STABLE Trade Policy Act would institute a requirement of congressional approval before a president could impose new tariffs on U.S. allies and free trade agreement partners. Currently, the president can impose tariffs on any nation using authorities that Congress created to combat national security risks and address international emergencies. President Trump has used these authorities to impose 25% tariffs on Mexico and Canada, which were set to go into place on February 1 and then delayed by a month. They are now expected to be implemented this coming week.
In addition to the tariffs on Mexico and Canada, President Trump has also claimed he will impose “reciprocal” tariffs on the European Union and additional tariffs on all imports of steel, aluminum, microchips, pharmaceuticals and automobiles. Further rounds of tariffs against Mexico and Canada are also possible. Immediate passage of the STABLE Trade Policy Act would prevent President Trump from implementing these subsequent tariffs without congressional approval.
“These tariffs will be disastrous for our economy and our national security,” Senator Coons said on the Senate floor. “These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on.”
Senator Coons said that even if Trump delays the tariffs at the last minute, the uncertainty still raises costs for businesses and consumers. He emphasized that imposing tariffs on our closest allies and free trade partners will only weaken U.S. global standing and make our allies less likely to stand with us in the future.
“These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. They will impact American businesses, American families, and American communities,” said Senator Coons. “So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips––but sparking tariff wars in our region and around the world is not the way to do that.”
U.S. Senator Mike Crapo (R-Idaho) objected.
A video and transcript of Senator Coons’ comments are available below.
WATCH HERE.
Senator Coons: Mr. President, I rise today to seek unanimous consent for my STABLE Trade Policy Act with Senator Kaine––an act that would prevent any president from imposing tariffs on a U.S. ally or free trade agreement partner without congressional consent. I’ll make that motion in just a moment, but let me first just explain what this is and why I’m doing it. Next week, President Trump has announced plans to impose 25% tariffs on products coming into the United States from Mexico and Canada––our number one and number two trading partners. These tariffs will be disastrous for our economy and our national security. These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on.
Our economies are so closely integrated––the United States, Canada and Mexico–– that it will increase the cost of a GM pickup truck about $10,000, and even if these tariffs at the last minute are delayed, businesses are hurt by the uncertainty, which continues to increase costs. President Trump plans to follow those tariffs with reciprocal tariffs on the EU, which includes many of our critical NATO allies and closest partners. Imposing tariffs on our allies and partners diminishes our standing in the world and makes our neighbors less likely to help us in the future.
It’s no surprise that Americans think this is a terrible idea. Barely a quarter of Americans think imposing tariffs on Canada are a good idea. More than double that disapprove. President Trump has already declared an economic emergency to justify imposing these tariffs on Mexico and Canada, but my bill with Senator Kaine would prevent him from abusing long established national security authorities to follow through on further tariff threats against our allies and FTA partners.
The U.S. Constitution and the Commerce Clause – Article I, Section Eight – gives Congress jurisdiction over trade policy, and it’s time that we took ownership back, controlling the ability to impose tariffs willy-nilly on our trusted partners and allies by passing this bill and reining in President Trump’s costly and damaging ideas. And so, Mr. President, I ask unanimous consent that the Committee on Finance be discharged from further consideration of Senate Bill 348, and the Senate proceed to its immediate consideration, that the bill be considered [to be] read a third time and passed, and that the motion to reconsider be made and laid upon the table.
…
Senator Coons: Mr. President, I understand that Senator Crapo, the Chairman of the Finance Committee, a supporter of President Trump, has blocked this bill today, and I hope to find ways to work with him on improving market access and on elevating the quality and the capabilities of U.S. trade engagement with our partners. But I really don’t understand why President Trump seems so intent on harming one of his signature accomplishments––the USMCA. I’m disappointed because Congress gave the president authority to impose tariffs in the event of a national security crisis, Congress did not grant this power to pursue petty grudges against trusted neighbors. Honestly, how can anyone be angry at Canadians? They are the nicest people in the world, and yet here they are, working with us, pleading with us to not impose ruinous tariffs that would harm their economy and ours.
I’ll briefly then just make again a few simple points. I’m disappointed that President Trump isn’t doing more to reduce costs. He was elected in no small part because of high inflation and promised it would come down on day one. These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. It will impact American business, American families, and American communities.
So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips, but imposing reciprocal tariffs on trusted friends and allies,sparking tariffs wars in our region and around the world, is not the way to do that. Two-thirds of Americans already think that President Trump isn’t doing enough to lower costs. Blocking this bill will only accelerate that, if President Trump continues to act unwisely and bully and threaten our closest and most trusted partners. We must find a better way forward together.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Sens. Moran, Coons Introduce Legislation to Bolster Trade Negotiations with the United Kingdom

US Senate News:

Source: United States Senator for Kansas – Jerry Moran

WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and Chris Coons (D-Del.) today reintroduced the Undertaking Negotiations on Investment and Trade for Economic Dynamism (UNITED) Act. Their legislation would authorize the Trump Administration to reach a trade agreement with the United Kingdom that will open export opportunities for businesses of all sizes, strengthen critical supply chains and advance economic prosperity for people in both nations. The UNITED Act also requires the administration to work closely with Congress throughout the process to make certain that any agreement advances congressional trade policy priorities. Companion legislation was introduced in the U.S. House of Representatives by Congressmen Adrian Smith (R-Neb.) and Jim Himes (D-Conn.).

The bill’s reintroduction comes as U.K. Prime Minister Keir Starmer arrives in Washington today to meet with President Trump at the White House.

“Strengthening our economic relationship with the United Kingdom will bolster our strategic interests and create opportunities for American producers and businesses,” said Sen. Moran. “The U.K. is one of our oldest and closest allies, and creating a new free trade agreement would reduce consumer costs, increase production, and open new markets for a variety of industries, including Kansas agriculture, biofuels, and aerospace products.”

“We should be building on the strong trade relationships and close partnership that we share with the United Kingdom. A comprehensive free trade agreement with the United Kingdom would advance both countries’ strategic and economic interests while creating new economic opportunities for Delaware workers, businesses, and consumers,” said Sen. Coons. “This bill demonstrates the strong bipartisan support in Congress for restarting negotiations with the U.K. on a trade deal that sets ambitious international standards for our shared priorities on climate, labor protections, digital trade, intellectual property rights, and many other areas.”

“There’s no better way to strengthen ties with a historic partner like the United Kingdom than coming together to develop a comprehensive trade agreement,” said Rep. Smith. “In 2022, I had the opportunity to lead a bipartisan congressional delegation to the UK where I saw firsthand the value such an agreement holds for both our countries. In his first term, President Trump initiated trade talks with the UK and more broadly demonstrated his ability to negotiate deals of mutual benefit. Congress should do everything possible to keep pace and empower his vigorous engagement. The UNITED Act is a bipartisan effort to move into the future of rules-based trade relations by promoting expanded access to international markets eager for our products and safeguarding American innovation. I thank Representative Himes and Senators Moran and Coons for their cooperation on this legislation.”

“Strong trade partners are critical to a prosperous economy—creating jobs, increasing opportunities for businesses, and bringing down costs for consumers,” said Rep. Himes. “The UNITED Act builds on our existing special relationship with the United Kingdom and paves the way for a new, comprehensive free trade agreement.”

The U.S.-Mexico-Canada Agreement (USMCA), which passed the Senate with overwhelming bipartisan support in 2020, set high standards for fair and competitive trade. The UNITED Act encourages the executive branch to build on those standards in negotiations with the U.K. in order to make certain U.S. workers and companies can compete on a level playing field.

The text of the bill is available here.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: What They Are Saying: Broadband Industry Leaders Applaud Introduction of the Broadband Grant Tax Treatment Act

US Senate News:

Source: United States Senator for Kansas – Jerry Moran

WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.) led the introduction of the Broadband Grant Tax Treatment Act to amend the Internal Revenue Code to make certain that federal broadband deployment funding will not be considered taxable income. This legislation received support from businesses, universities and associations across Kansas and the nation. Statements in support of the Broadband Grant Tax Treatment Act can be found below:

“We appreciate the leadership of Senators Moran and Warner for their efforts to eliminate the tax on broadband grants to ensure more investment can connect more of our citizens and communities. Their bill is as pro-consumer as it gets.” – Brandon Heiner, Senior Vice President of Government Affairs at USTelecom – The Broadband Association

“CTIA commends the bipartisan work of Senators Warner and Moran to reintroduce the Broadband Grant Tax Treatment Act in this Congress. Guaranteeing that grant funds can be optimally spent as intended will encourage the investments that reinforce and accelerate broadband deployment. This legislation will help ensure all Americans have access to world-leading wireless networks and that the United States is first globally in technology.” – Kelly Cole, Senior Vice President of Government Affairs at CTIA

“NTCA and its members greatly appreciate Congress’s commitment to funding broadband deployment programs that help further the mission of connecting all Americans. However, when these funds are taxed, providers are required to pay the federal government a portion of the same award that they received from the federal government, instead of using the funds to serve the hardest-to-reach communities. NTCA thanks Sens. Moran and Warner for their leadership in introducing this commonsense legislation to ensure that every dollar granted for broadband deployment is used effectively to further the mission of connecting all Americans.” – Shirley Bloomfield, CEO of NTCA – The Rural Broadband Association

“Grant funding has the potential to make sure that our rural and underserved communities receive connectivity through wireless and broadband services, but the impact that these grants can have is limited if those grants are taxed, undercutting the potential of federal broadband programs. Federal broadband grants should be free from taxation to ensure that every dollar goes towards connecting Americans. I applaud Sens. Moran (R-KS) and Warner (D-VA) for leading this bill in the Senate and urge its swift passage.” – Tim Donovan, President & CEO of The Competitive Carriers Association (CCA)

“INCOMPAS members are building networks of the future with a mission to connect all Americans. Public-private partnerships are a critical component to help achieve this goal. This bill will ensure every single dollar allocated to deploying broadband goes to deploying broadband. INCOMPAS wholeheartedly supports this commonsense measure and urges Congress to act swiftly to ensure our members can continue to use critical grant resources to bridge the digital divide.” – Chip Pickering, CEO of INCOMPAS

“ACA Connects thanks Senators Jerry Moran and Mark Warner for leading on the Broadband Grant Tax Treatment Act. This bipartisan legislation will ensure 100 percent of broadband grants are used to close the digital divide. America’s small and independent providers support this bill to make every dollar count as they invest in their communities, deploy infrastructure, and connect more people to high-speed internet.” – Grant Spellmeyer, President & CEO of ACA Connects

“We applaud Senators Moran and Warner for reintroducing this bipartisan legislation to make sure the small, rural broadband providers we represent don’t get stuck with a major tax bill when they accept government grants to build broadband networks – Advocates for Rural Broadband. Congress has made an historic level of investment in broadband over the past several years and we want to see it pay dividends. Every dollar diverted to paying taxes on government grants is a dollar that is not invested in the network and connecting all Americans to broadband.” – Derrick Owens, Senior Vice President for Government and Industry Affairs for WTA – Advocates for Rural Broadband

“TIA is pleased to see the reintroduction of the Broadband Grant Tax Treatment Act (BGTTA) by Senators Warner and Moran. This crucial legislation addresses a significant issue affecting the deployment of high-speed broadband networks across the United States. The broadband programs established under the Infrastructure Investment and Jobs Act (IIJA), particularly the $42.5 billion Broadband Equity, Affordability, and Deployment (BEAD) program, have the potential to connect all Americans to high-speed broadband. However, the current tax treatment of all federal broadband grants, including BEAD, as taxable income significantly reduces the funds available for building these networks. This unintentional tax burden significantly limits potential applicants for larger projects and could deter small service providers from seeking broadband funding. As Congress and President Trump’s administration work on streamlining BEAD requirements, it is imperative that Congress passes the BGTTA to ensure these dollars are used for their intended purpose: Connecting Americans with high speed, secure broadband.” – The Telecommunications Industry Association (TIA)

“The Infrastructure Investment and Jobs Act’s purpose is to spur infrastructure deployment, but short-sighted tax policy currently limits the potential reach of broadband grants, undercutting our goal of enabling connectivity everywhere. Senators Moran and Warner’s common sense Broadband Grant Tax Treatment Act will ensure we can finish the job and close the digital divide.” – The Wireless Infrastructure Association (WIA)

“Since the pandemic, Congress has appropriated billions of dollars to accelerate the deployment of broadband networks in unserved areas so all Americans, no matter where they live, can get online. Significant portions of that funding are presently taxable, and every dollar returned to Washington is one less dollar available to connect unserved communities. We therefore commend Senators Warner and Moran for introducing the Broadband Grant Tax Treatment Act, a pragmatic solution which eliminates the tax on broadband grants so that those funds can more ably meet Congress’ important universal service goals. Connected communities are more prosperous communities, which is the ultimate goal of Internet-for-All.” – Matt Mandel, Vice President of Government Affairs at The Wireless Internet Service Providers Association (WISPA)

“The Communications Infrastructure Contractors Association and our 1,000 member companies from coast to coast are proud to support the Broadband Grant Tax Treatment Act that was recently introduced in the 119th Congress. NATE member companies are on the front lines of deployment and will play an instrumental role in closing the digital divide. It is imperative that the entirety of federal broadband dollars allocated for these purposes go towards connectivity, rather than making their way back to the government through taxes. We thank Senators Jerry Moran and Mark Warner for bringing this legislation forward in the Senate and also applaud Representatives Mike Kelly and Jimmy Panetta for spearheading this important proposal in the House of Representatives.” – Todd Schlekeway, President & CEO of NATE – The Communications Infrastructure Contractors Association

“I would like to thank Senator Moran on his leadership in the effort to address the taxation challenge on federal broadband grants. Nex-Tech is a broadband provider committed to expanding high-speed internet access in rural Kansans, and I wholeheartedly support the Broadband Grant Tax Treatment Act. This legislation ensures that every dollar of federal grant funding can be fully utilized for broadband deployment, rather than being diminished by taxes. By removing this financial barrier, it will allow us to fully utilize funding for the delivery of essential internet services to underserved areas, fostering economic growth and improving quality of life for areas served by Nex-Tech.” – Jimmy Todd, CEO & General Manager of Nex-Tech

“We are pleased to hear the about the introduction of the ‘Broadband Grant Tax Treatment Act’ by Senator Moran and his colleagues. The current method of taxing grant dollars greatly limits the dollars available to build out broadband networks to these unserved parts of Kansas in need of reliable broadband. We support this legislation and appreciate the work Senator Moran has done to introduce this bill as we continue work to close the digital divide.” – Greg Reed, CEO of Wheat State Technologies

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Transcript: Governor Hochul is a Guest on ‘Morning Joe’

Source: US State of New York

arlier today, Governor Hochul was a guest on MSNBC’s “Morning Joe”.

AUDIO: The Governor’s remarks are available in audio form here.

A rush transcript of the Governor’s remarks is available below:

William Geist, MSNBC: Let’s bring in New York’s Democratic Governor, Kathy Hochul. Governor, great to have you here.

Governor Hochul: Thank you.

William Geist, MSNBC: So much to talk to you about, including your meeting with President Trump. But what do you think about the idea of former Governor Cuomo being the Mayor of New York City?

Governor Hochul: My job as the Governor of the State is to work with whomever the voters select as their candidate – their nominee for Mayor.

I’ve worked with Bill de Blasio. I’ve worked with Mayor Adams. My job is to work closely, unlike the past when it seemed like there always had to be this inherent battle between Albany and New York City. I reject that. And the people are better served when they have a Governor who’s willing to try and help the City, which I’ve been doing.

William Geist, MSNBC: Do you think Cuomo would be a good mayor?

Governor Hochul: God only knows. Who knows? We’ll see. We’ll see. And I don’t know if that’s going to be the case either. So a lot of unknowns, but my view is — my job is to work with whoever the voters want.

Jonathan Lemire, MSNBC: So Governor, speaking of the current Mayor of New York City, Eric Adams, last week you put some guardrails in place to limit his power. We know that the Mayor is under investigation, and has received some sort of deal from the Trump DOJ. Do you feel like right now, you have left — you had the option to start a process to remove him from power, you opted not to. What would change your mind? Could you revisit that decision?

Governor Hochul: Certainly. And it’s an extraordinary power — to think that one individual can use her judgment and say that you’ve lost the public trust. And so it’s not one that you take lightly, but I also know there’s a lot of people in the City who are very concerned about the influence of the Trump Administration in our city.

They’re trying very hard to have control over everything, not just immigration, but even how I control the traffic in New York. So this is a concern. A lot of people are outraged. People are very concerned about this — worried. But I said, “If I can get some controls in place to give me line of sight into budget investigations, legal—” and this has to be approved by the City Council. I can’t even unilaterally do those controls.

I was just trying to create some safeguards or people can trial dial down the temperature a little bit — and just like I had to do last fall — calm it down and just let people know that we’re fighting for them, working for them, and not all this drama that seems to be just so prevalent all the time.

New Yorkers are just getting exhausted.

Mika Brzezinski, MSNBC: Joe, jump in.

Joe Scarborough, MSNBC : Governor, you talked about traffic and we’ve had Congressman Mike Lawler on, who I think wants your job. And he’s been very critical of congestion pricing, your role in it. I know Donald Trump also has tried to get involved in traffic patterns in New York City.

Would love for you to respond to those criticisms from Congressman Lawler as well as pushback from Donald Trump on congestion pricing. And is it working?

Governor Hochul: First of all, I’d be happier if someone like a Mike Lawler and his six colleagues in Congress, the Republicans, instead of making sure that we have people in our state without health care — taking away thousands of individuals’, millions of individuals’ right to be able to get chemo treatments and insulin — to be able to get the health care they need like they voted on the other day saying, “We don’t care about Medicaid.” I’d rather they focus on that, but let me get back to congestion.

Joe Scarborough, MSNBC: Governor, can I, since you talked about that, I’m really glad you talked about that because this is a common misconception among Republicans, and I know because I used to be one. Most Republicans don’t understand how much rural health care is controlled, is powered by, is supported by Medicaid. Hospitals are shutting down when their Medicaid cuts providers massively in underserved rural communities like upstate New York. And areas where I lived in upstate New York, Medicaid often is where people send their parents in upstate New York if they need long-term care.

And so I am curious, you look at a map of America, and you see the dark red spots where Medicaid is used — upstate New York is one of those places. I’m wondering what would these Medicaid cuts that Republicans are promising right now, what would these Medicaid cuts do to people who lived in communities like I lived in, in upstate New York?

Governor Hochul: Joe, you hit on something that is so profound — is that the red parts of even New York and across America, these are the people who are going to be hit hardest by what the Republican members of Congress did, and by drinking the Kool-Aid and not even questioning the merits of destroying a program that so many of their own constituents, their own constituents rely on it.

If you go back memory lane, 2011, I got elected to Congress in the most Republican district in the State of New York, large swaths of upstate New York. You know how I did that? The Paul Ryan budget came out and declared war on Medicare, and I was able to take that as a long-shot Democrat that no one thought I had a chance to win and weaponize that and say, “You did this to these seniors up in Wyoming County and Orleans County and Niagara County. You’ve hurt the health care system. You’ve made sure this little child who’s got leukemia can never get treatment again because now their insurance company can drop them.” That’s how I won by a fairly good margin in a district that I had no chance in. That’s what we have to remember.

These Republicans need to own that vote starting now. Show up at their offices and say “Did you ask what the impact is, Joe?” I have rural hospitals on the verge of collapse. Doctors don’t want to go there. But that does not mean I don’t have high pockets of poverty. I have people who have major dental problems. I’m trying so hard to eradicate this. And I’ve got my own Republicans from New York working against me, against their constituents.

This is all about basic health care, maternal health care. This is about getting your insulin treatments. This is about trying to take care of your cancer. And this is about your grandma and grandpa and maybe your parents sitting in a nursing home because that’s the largest expense for Medicaid. So that’s what they need to own. As I’ve said before, Joe, they break it, they own it. And you now own this.

Joe Scarborough, MSNBC: And we’re going to get to congestion pricing. I just want to finish on one thought that again, I don’t think most Republicans that voted this way know, or if they do know — man, it sure is a vote against their own constituents, if they’re from rural areas and they represent upstate New York.

In rural America, almost 50 percent of children get their health care through Medicaid. About 20 percent of adults under the age of 65 get their health care from Medicaid. More people, especially children, a higher percentage of children and adults, get their health care in rural America from Medicaid than do people in urban areas. So they are specifically going after their own constituents, whether it’s upstate New York, whether it’s upstate in Michigan — it is remarkable that they are voting against their own constituents’ interests.

Governor Hochul: And I’m very happy to remind their constituents of that very fact: that their own elected leaders have betrayed them. And everything that was promised — remember how on day one of the Trump Administration, prices were going to go down? You know what the cost of eggs in New York City are, if you can even find them?

Mika Brzezinski, MSNBC: You can’t find them.

Governor Hochul: It went up 40 percent since Donald Trump was elected. So instead of going down, they’re going up even higher. So people are starting to wake up. They’re saying, “Wait a minute, this is not what I thought I was voting for.” And it’s happening even sooner than I thought — literally in the first few months here. I thought this would take a little longer, but my God, they’re self destructing so fast.

Mika Brzezinski, MSNBC: Yeah. Mike?

Mike Barnicle, MSNBC: Governor, we’re sitting here this morning in New York City, arguably one of the three most important cities in the world. And as Governor—

Governor Hochul: I’d say number one.

Mike Barnicle, MSNBC: Washington’s pretty important.

Governor Hochul: I lived in Washington, I get it. But we’re still number one.

Mike Barnicle, MSNBC: Okay. I don’t want to do geography with you.

Governor Hochul: And then there’s Buffalo.

Mike Barnicle, MSNBC: Yeah, there is Buffalo, yeah. You know, you’re talking about congestion, parking, traveling, talking subways here in New York, which is the easiest way to get around. And yet the Governor of New York plays an enormous role in New York City in terms of public safety. Finally, New York City, after two or three tries, has a really, really excellent Police Commissioner, Jessica Tisch. How do you, as Governor of New York, help New York City and help the police department, help the subways, help the concept of safety; reducing the concept of fear?

Governor Hochul: This is the most important thing I can do as Governor: to provide dollars for public safety and programming. We have spent over $1 billion on public safety — much of it for New York City. But, you know what we’re doing right now? I was told that we should have more police officers on the overnight trains. They couldn’t afford the overtime. We’re picking up the tab. No governor has had that level of cooperation to help solve city problems, probably in its history. But I know that if this city is paralyzed with fear and the thought of something happening to themselves or their children on the streets of New York, then all of a sudden it starts to suppress the vitality of the City and people don’t want to come here.

We have turned the corner on this. I will work with the Commissioner of Police. She is outstanding, and she’s just this down to earth, incredible person who says, “I understand how to get this done.” So, I put cameras in all the subway trains. They said, “It’s going to take two years.” I said, “you’re going to get it done now.” Every single car has a camera to keep an eye on things. I have National Guard all over the streets and also the subway. I said, “I need to have a physical presence to calm it down, especially over the summer and the fall, when things are very anxious,” and paying for the overtime. So, we are making a difference.

I want you to know that it may not feel it — and I’m not trying to tell everybody how they should feel — but the crowds are back, the energy is back and people are safer than they had been. And the numbers are just extraordinary, but we’re not stopping. We never, never say we’re done with fighting crime. We have to keep doing it, but I want to keep partnering with the city and our commissioner as well.

But congestion pricing — I love to talk about that too, because that is an area where we have a major conflict. I want you to process this distinction here. The Trump Administration has said that it should be up to the states to decide whether women can control their own bodies, right? States should decide whether they should control their own bodies, but they’re telling me as a state that I can’t control my own traffic? That I have to go to them for approval to control traffic in New York City and deal with a paralyzing congestion problem that — after decades of people talking about it — we finally got it done. And guess what? It is working.

Everybody should see this brochure that I designed. I’m very proud of this. But it shows all the numbers, the traffic—

Mika Brzezinski, MSNBC: What was this for, this brochure?

Willie Geist, MSNBC: It was for a meeting you had.

Governor Hochul: Yeah, I did make it for the President. But I’m willing to share it with all of you.

Mika Brzezinski, MSNBC: Okay.

Governor Hochul: I took this to the White House when I was there with the governors in the afternoon. I said to the President’s staff, I said, “I still need that conversation about congestion pricing that he promised me.”

So I got called back to go over there at 6:00 last Friday evening. I went over there and went in the White House by myself, and I was greeted by serious members of his cabinet who were in his office as well. We sat all together, but I said, “Mr. President, you’re a New Yorker.”

First of all, the most offensive thing I found in the letter from Sean Duffy was citing New Jersey, saying they don’t like this program. I said, “Mr. President, we’re both New Yorkers. What do we care what New Jersey thinks?”

Willie Geist, MSNBC: Easy, come on, I’m from Jersey.

Governor Hochul: It’s a lovely place, but you know what? Your ride in if you are taking the tunnels – it’s 48 percent faster. So, I want New Jersey residents to come here. Come, you’re part of an important part of our economy. And if you’re still driving — and although 90 percent of you take public transit, which is why I need to keep this money coming to investment — the vast majority of you are taking public transit, but if you’re driving, I just gave you the gift of time. Yes, I’m sorry there’s a cost to it, but that’s what the concept of congestion pricing is all about.

This city is in a different place than it was before congestion pricing. I need to continue proving this to the President.

Mika Brzezinski, MSNBC: Ambulances can get to the hospital; that would be the bottom line.

Governor Hochul: Delayed buses are now down 48 percent. Kids are getting to school sooner. It has had a profound impact on the lives of New Yorkers. We have to fight to keep it going, and that’s why I’m taking it to the courts and I’ll take it wherever I can. And they’re telling us we have to have an orderly cessation by the end of March. I’m saying I’m going to have an orderly resistance. We are not turning off the cameras.

Willie Geist, MSNBC: And as you spoke New Yorker to New Yorker to the President of the United States, what did he say? How did he respond to your case?

Governor Hochul: He said it’s a terrible tax — terrible tax on the working class. And I said, “The vast majority of people go into that district, take public transit. You’re going to have to give me $15 billion to invest in a subway system then.” If I lose $15 billion that we’re able to leverage with the money brought in by congestion pricing, then I won’t be able to fix the stations and the repairs and the new buses I need.

And I said to everybody, and when he sent out his “Trump is the King” picture in the paper — if you saw that cover, that’s what they tweeted when he said “Long live the king,” when he killed congestion pricing. I said, “You know what? I need this to work. I need this to work. And we cannot be dictated to by someone who calls himself a king.” This is America. This is New York.

Mike Barnicle, MSNBC: What did he say?

Governor Hochul: I said that, yeah.

Mike Barnicle, MSNBC: But what did he say?

Governor Hochul: I just said — I don’t remember what he said. I just said, “It’s not about being a king. It’s not about being a king.” And I’m trying to find a common ground here. I want him to understand that this is a city that he cares about. And he understands it more than any president since FDR.

We haven’t had a New York president, but more than anyone, he’s got property here. He understands we want to make sure that this city keeps moving. So I was just trying to appeal to him as a New Yorker and say, “This is good for New York.” I said, I wasn’t sure it was going to work like this. Guaranteed I was, this is a little bit of an experiment, but I think other cities are going to look at what we’re doing here and say that we reduce congestion. We also improve the quality of life dramatically for everyone who lives in this district. So we’re a model and I just hope the President will give us another chance to prove this.

And as a lot of friends he has and business leaders and people that own the real estate and see what’s happening, they should be calling him up and talking about this. So it ain’t over.

Mika Brzezinski, MSNBC: It ain’t over. New York State’s Democratic Governor, Kathy Hochul. Thank you very much.

MIL OSI USA News –

February 28, 2025

Category: Business

Togail airson craoladh na Gàidhlig

A’ cur taic ri dràmathan Gàidhlig

Pompeii’s less famous neighbour

A tale of two destructions

A rain of ash, a sudden heat

‘The custodian’

Brain of glass

Intertrade UK kickstarts drive to boost trade

Notes to editors

Share this page

Updates to this page

Coconino County’s Teaching Moment

CBRE’s AC Pivot

Intermountain Health’s Strive for Change

NREL’s Assistance

Winners