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Category: Business

  • MIL-OSI: Cenovus to hold fourth-quarter and full-year conference call and webcast on February 20

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its fourth-quarter and full-year 2024 results on Thursday, February 20, 2025. The news release will provide consolidated fourth-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    Conference call: 9 a.m. MT (11 a.m. ET)

    To join the conference call, please dial 1-800-206-4400 (toll-free in North America) or 1-289-514-5005 to reach a live operator who will place you into the call.

    It is recommended that participants dial in at least 10 minutes before the conference call begins.
    A live audio webcast will also be available and archived for approximately 30 days.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the “Bank”), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn’s retirement on May 25, 2026.

    Mr. Metz has served as Executive Vice President and Chief Revenue Officer of the Company and the Bank since February 2019. He previously served as Executive Vice President and Chief Lending Officer of the Company and the Bank from September 2016 to February 2019. From 2011 to 2016, Mr. Metz served as Senior Vice President, Chief Lending Officer of Metro Bank, headquartered in Harrisburg, Pennsylvania.

    “Adam understands the mission, culture and values that have driven Orrstown Bank’s growth over the past decade,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “His efforts and leadership have contributed significantly to the bank’s success during that time. Adam’s promotion is part of our natural succession planning process and is extraordinarily well-deserved.”

    About Orrstown

    With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudoun County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact

    For media inquiries or further information, please contact:

    John Moss
    SVP, Director of Marketing and Client Experience, Orrstown Bank
    717-747-1520
    jmoss@orrstown.com

    The MIL Network –

  • MIL-OSI Submissions: Africa – Former Prime Minister of Ethiopia Led African Legacies Institute Delegation on Historic Visit to Washington, D.C.

    Source: African Legacies Institute

    The visit reinforced ALI’s unwavering commitment to celebrating and safeguarding the contributions of Africa’s democratic leaders

    WASHINGTON D.C., United States of America, February 13, 2025/ — The African Legacies Institute (ALI) (www.AfricanLegacies.org), a pioneering organization dedicated to preserving, honoring, and promoting the legacies of democratic African Heads of State and Government, achieved a significant milestone during a high-profile visit to Washington, D.C. Leading the delegation was H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia, who was among a select group of former heads of state invited by the Multicultural Coalition Presidential Inaugural Ball Committee. 

    Accompanying him were ALI officials Rachelle Yayi, Franya Cabral Ruiz, Sheree M. Mitchell, and George Williams II. Representing the Institute with distinction, H.E. Hailemariam Desalegn highlighted ALI’s mission to preserve Africa’s democratic legacies, emphasizing the importance of good governance, peaceful transitions of power, and sustainable development to an engaged and supportive audience.

    The visit reinforced ALI’s unwavering commitment to celebrating and safeguarding the contributions of Africa’s democratic leaders. As of 2025, 36 living former African Heads of State and Government have successfully overseen democratic transitions. Their enduring legacy, marked by integrity, visionary leadership, and adherence to constitutional principles, serves as an inspiration for future generations and underscores Africa’s commitment to peace, unity, and sustainable democracy.

    Key Highlights of the Visit

    Presidential Inaugural Prayer Breakfast
    The delegation attended the Presidential Inaugural Prayer Breakfast at the Waldorf Astoria, a bipartisan event established in 1992 that convenes spiritual leaders and global dignitaries from over 50 countries.

    Multicultural Coalition U.S. Presidential Inaugural Ball
    The ALI delegation received a special invitation from Chairman Pastor Mark Burns, spiritual advisor to President Trump, to attend the prestigious Multicultural Coalition U.S. Presidential Inaugural Ball. The event brought together distinguished figures from politics, entertainment, and advocacy to celebrate leadership and unity.

    Historic Televised Interview with Voice of America
    The visit featured a historic televised interview of H.E. Hailemariam Desalegn conducted by journalist Peter Clottey of Voice of America (VOA), the largest U.S. international broadcaster, reaching an audience of 35 million viewers. The conversation explored the profound contributions of former African democratic heads of state, particularly in national development, peacebuilding, and democratic governance. H.E. Hailemariam Desalegn shared insightful reflections on leadership and the crucial role former African leaders play in shaping the continent’s future. He underscored the importance of preserving their legacies to inspire and guide future generations.

    High-Level Meeting at the United States Institute of Peace (USIP)
    The ALI delegation engaged with Dr. Joseph Sany, Vice President of the Africa Center at USIP, to explore potential collaborations on peacebuilding, leadership training, and governance frameworks, leveraging the expertise of former African Heads of State.

    Reception at the Hay-Adams Hotel
    The delegation attended a private reception hosted by Gunster Strategies Worldwide, bringing together global leaders, policymakers, and industry figures. Distinguished guests included Nigel Farage, African Ambassadors to the U.S., U.S. Ambassadors to Europe, and high-level elected officials.

    Fireside Chat with Engineering Students at Howard University
    H.E. Hailemariam Desalegn led an intimate fireside chat with student leaders from Howard University’s College of Engineering and Architecture. The discussion reinforced ALI’s commitment to fostering stronger collaborations between Africa and the African Diaspora while encouraging students to support economic development on the continent.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Africa – Mozambique Commits to ‘Drill Baby Drill’ During AEC Stakeholder Roundtable

    Source: African Energy Chamber

    The African Energy Chamber united Mozambican oil and gas stakeholders and global partners to discuss opportunities and progress being made to advance the growth of the oil and gas industry

    MAPUTO, Mozambique, February 13, 2025/ — Our module being a developing nation as we are is to ‘Drill Baby Drill’ and maximize the exploration and production of oil and gas to catalyze industrialization and economic growth.

    This was the key message delivered by Florival Mucave, Chairman of the Mozambique Energy Chamber, during the Invest in African Energies: Mozambique Roundtable held in partnership with the African Energy Chamber (AEC) in Maputo on Thursday.

    In his opening remarks, Mucave emphasized that increased investment in oil and gas projects is Mozambique’s best opportunity to eradicate poverty and boost economic development.

    “We are confident that oil and gas will deliver significant benefits to our people. While we recognize the challenges posed by climate change and remain committed to addressing them, we cannot afford to sit on these vast resources and continue to struggle economically,” he stated.

    NJ Ayuk, Executive Chairman of the AEC, echoed this sentiment, stressing the need for stronger collaboration between the private and public sectors to foster youth and women’s inclusion while creating an investor-friendly environment.

    “Mozambique’s energy story is still being written, and it must be written here in Mozambique. We must get it right by prioritizing local content, avoiding resource nationalization and strengthening partnerships with both global and local companies – they are not our adversaries,” Ayuk remarked.

    He further urged Mozambique to push back against the demonization of fossil fuels, stating, “When they tell you oil is bad, yet they continue to benefit from it, we must produce every drop to empower ourselves. Do not apologize for developing this God-given resource. The Chamber will continue to stand by you.”

    During the event, Mozambique’s Petroleum regulator Administrator Milton Macuacua Zibane said the country is implementing efforts fast-track implementation of over $15 billion worth of planned projects to create local jobs and drive economic expansion.

    MIL OSI – Submitted News –

  • MIL-OSI Global: Like dictators before him, Trump threatens international peace and security

    Source: The Conversation – Canada – By Sabine Nolke, Research Associate in International Law, Western Academy for Advanced Research, Western University

    At first, Canadians just shook their collective heads when United States President Donald Trump suggested Canada become the 51st American state.

    They rolled their eyes when he posted a fake image of himself standing next to a Canadian flag amid snowy mountaintops — in actuality, the Swiss Alps.

    Another Trump post showed a map purporting to merge Canada and the U.S. That prompted Prime Minister Justin Trudeau to respond on social media that there was not a “snowball’s chance in hell” that Canadians would soon become Americans.

    Meme wars are one thing, but in the real world, threatening the sovereignty and territorial integrity of a foreign state is quite another. Canadian leaders have stopped laughing, and they now need to situate Trump’s dangerous rhetoric in the language of international law and state-to-state relations.

    As a former Canadian ambassador to the Netherlands, and a permanent representative to the Organization for the Prohibition of Chemical Weapons and international courts and tribunals in The Hague, I know language matters.

    Trump’s threats make it an opportune time to provide a brief snapshot of the historical context for Trump’s rhetoric, and the necessary 21st-century vocabulary with which to respond and shape the public discourse.

    Manifest Destiny

    In threatening hefty tariffs on Canada, Trump cited the flow of fentanyl over the Canada-U.S. border, but it was clear it had little to do with fentanyl, particularly since so little crosses the border into the U.S. Instead, it seems he is coming for Canada’s sovereignty as an independent state.

    When asked on Feb. 3 how Canada could ward off tariffs, Trump reiterated: “What I’d like to see is Canada become our 51st state.”

    Later that same day, Trump paused tariffs on Canada, ostensibly thanks to border measures that Canada, like Mexico, had already announced. But what is still being said by the president of one of the most powerful nations on Earth cannot be unsaid.

    At a Jan. 7 news conference, Trump called the border between Canada and the U.S. an “artificially drawn line” — echoing rhetoric deployed by Vladimir Putin as justification for Russia’s aggression against Ukraine. His remarks, in fact, were gleefully retweeted by Russia’s propaganda channel RT.

    Putin claims the Ukrainian border is the result of “administrative” action under the former Soviet Union, while Trump appears to be invoking the 19th century American concept of “Manifest Destiny.”

    He used the phrase verbatim in his inaugural address in the context of planting a flag on Mars, but it is entirely consistent with his plans for, and rhetoric on, Canada.

    As John O’Sullivan, the American diplomat who coined the phrase, wrote in a 1845 article entitled Annexation, it’s America’s destiny to “overspread the continent.” Trump appears to be taking that idea to heart.

    ‘The free white race’

    Arguably the biggest fan of territorial expansion in the 20th century was Adolf Hitler, architect of the Third Reich. Trump reportedly has some of Hitler’s writings on his bedside table. Hitler had this to say in Chapter 4 of Mein Kampf:

    “The extent of the national territory is a determining factor in the external security of the nation. The larger the territory which a people has at its disposal, the stronger are the national defences of that people.”

    Sound familiar?

    But why Canada and not Mexico, you may ask? Likely because he considers Canada less racialized, even though modern-day Canada has a large multicultural population.



    Read more:
    Trump has put down his racist dog whistle and picked up a bull horn

    In 1848, however, in the midst of the American expansionist era, pro-slavery South Carolina Sen. John Calhoun said:

    “We have never dreamt of incorporating into our Union any but the Caucasian race — the free white race. To incorporate Mexico, would be the very first instance of the kind, of incorporating an Indian race; for more than half of the Mexicans are Indians, and the other is composed chiefly of mixed tribes. I protest against such a union as that! Ours, sir, is the Government of a white race.”

    In short, neither the context nor the history informing Trump’s designs on Canada are reassuring for Canadians.

    Rules still matter

    Trump’s dismissive approach to established borders ignores fundamental norms and principles on the sovereignty, equality and territorial integrity of states, codified following the Second World War in the Charter of the United Nations. Canada is a founding member of the UN; its status as a sovereign state is not subject to challenge under international law.

    The charter clearly states that “all Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the purposes of the United Nations.”

    Similarly, the North Atlantic Treaty obliges NATO member states to “refrain in their international relations from the threat or use of force in any manner inconsistent with the purposes of the United Nations.”



    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot

    Trump has said he will use “economic force” to annex Canada. The suggestion that an economically devastated Canada could be sufficiently brought to heel has been embraced by the so-called MAGA-sphere, including an influential blogger with ties to Russia.

    International law

    Threatening economic rather than military force does not make Trump’s efforts at subjugating Canada any more acceptable in terms of international law.

    In 1970, in the UN’s Declaration on Principles of International Law Concerning Friendly Relations and Co-Operations Among States, the UN General Assembly unanimously confirmed that “no state may use … economic, political or any other type of measures to coerce another state in order to obtain from it the subordination of its exercise of its sovereign rights.” While not legally binding, this declaration represents customary international law.

    In 1986, the International Court of Justice ruled in Nicaragua v, United States that:

    “A prohibited intervention must accordingly be one bearing on matters in which each State is permitted, by the principle of State sovereignty, to decide freely. One of these is the choice of a political, economic, social and cultural system, and the formulation of foreign policy. Intervention is wrongful when it uses methods of coercion in regard to such choices, which must remain free ones.”

    Keeping score

    It’s both right and righteous for our elected leaders to say that Canada will never be the 51st state.

    But the time has come, especially in the context of Trump’s threats to buy Greenland, seize the Panama Canal and turn Gaza into a Middle Eastern Riviera, to call out his threats to Canada.

    Amid Trump’s dizzying litany of outlandish pronouncements, Canada’s leaders must keep track of what Trump’s declarations represent:

    • A threat to international peace and security;
    • A threat to the sovereignty and territorial integrity of Canada;
    • Unlawful coercion and intervention in the affairs of a sovereign state;
    • A breach of the UN Charter;
    • A breach of the North Atlantic treaty.

    Trump’s threats are no way to treat an ally, but unfortunately for him, international law is on Canada’s side.

    Sabine Nolke 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. Like dictators before him, Trump threatens international peace and security – https://theconversation.com/like-dictators-before-him-trump-threatens-international-peace-and-security-248735

    MIL OSI – Global Reports –

  • MIL-OSI Security: Former Illinois Speaker of the House Michael J. Madigan Convicted on Federal Conspiracy and Bribery Charges

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

    CHICAGO — A federal jury in Chicago today convicted former Speaker of the Illinois House of Representatives MICHAEL J. MADIGAN on conspiracy and bribery charges for using his official position to corruptly solicit and receive personal financial rewards for himself and his associates.

    Madigan, 82, of Chicago, was convicted on ten counts against him, including one count of conspiracy to commit an offense against the United States, four counts of using interstate facilities to promote unlawful activity, three counts of wire fraud, and two counts of bribery.  The jury acquitted Madigan on four counts of using interstate facilities to promote unlawful activity, two bribery counts, and an attempted extortion count.  U.S. District Judge John Robert Blakey declared a mistrial on six other counts for which the jury did not reach a unanimous verdict – one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

    The jury returned its verdicts against Madigan after a four-month trial in U.S. District Court in Chicago.  A sentencing hearing has not yet been scheduled.  Each wire fraud count is punishable by a maximum sentence of 20 years in federal prison, while each bribery count is punishable by up to ten years.  The maximum for conspiracy to commit an offense against the United States and each count of using interstate facilities to promote unlawful activity is five years.

    Judge Blakey also declared a mistrial as to all six deadlocked counts against a co-defendant, MICHAEL F. MCCLAIN, 77, of Quincy, Ill.  McClain was charged with one count of racketeering conspiracy, two counts of wire fraud, one count of bribery, one count of conspiracy to commit an offense against the United States, and one count of using interstate facilities to promote unlawful activity.

    Evidence at trial revealed that Madigan, who served as House Speaker and occupied a number of other political roles, conspired with others to cause the utility company Commonwealth Edison to make monetary payments to Madigan’s associates as a reward for their loyalty to Madigan, in return for performing little or no legitimate work for the business.  The true nature of the payments was to influence and reward Madigan in connection with specific legislation ComEd sought in the Illinois General Assembly.

    Madigan was also convicted of scheming to accept legal work unlawfully steered to his private law firm and his son by an Alderman of the Chicago City Council, in exchange for Madigan’s assistance in inducing the Governor of Illinois to appoint the Alderman to a compensated State Board position.

    The verdicts were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Ramsey E. Covington, Acting Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago.  The government is represented by Assistant U.S. Attorneys Amarjeet S. Bhachu, Diane MacArthur, Sarah E. Streicker, and Julia Schwartz.

    MIL Security OSI –

  • MIL-OSI Security: Two East Bay Residents, One Of Whom Was A Bank Teller, Indicted On Charges Of Cashing Stolen U.S. Treasury Checks

    Source: Office of United States Attorneys

    OAKLAND – A federal grand jury has indicted Franchesca Calagui, 25, and Dondre Gray, 27, with conspiracy to commit bank fraud and bank fraud, and also charged Calagui with receipt of U.S. Treasury check with forged endorsement or signature.

    According to the indictment unsealed yesterday, from around May 2022 through March 2023, Calagui and Gray, both of Emeryville, Calif., conspired to obtain stolen U.S. Treasury checks, recruit others to fraudulently endorse or sign the stolen U.S. Treasury checks, and give the checks to Calagui to cash for the defendants’ personal benefit.  At the time, Calagui was a part-time associate banker at JP Morgan Chase Bank.

    The indictment describes text messages between Gray and Calagui discussing the ongoing scheme in which Gray stated “I definitely don’t wanna scam with chase since you work there,” and Calagui responded “I do not care if u scam us lmao.”  Gray allegedly explained how he operated the scheme using runners, individuals who gets paid to enter a bank with a fraudulent check, cash it, and return the proceeds to the person who employed the runner.  In all, the defendants are charged with devising and executing a scheme to cash at least 339 stolen U.S. Treasury checks totaling more than $850,000.

    Acting United States Attorney Patrick D. Robbins, FBI Acting Special Agent in Charge Dan Costin, Treasury Inspector General for Tax Administration (TIGTA) Acting Special Agent in Charge Brandon Knarr, Special Agent in Charge Tyler Hatcher of the Internal Revenue Service Criminal Investigation (IRS-CI) Los Angeles Field Office, Special Agent in Charge Ryan Korner from the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), San Francisco Division Inspector in Charge Stephen M. Sherwood of the U.S. Postal Inspection Service (USPIS), Special Agent in Charge Dimitriana Nikolov with the Department of Veterans Affairs Office of Inspector General’s (VA OIG) Northwest Field Office, and Acting Special Agent in Charge Dean Lake of the Social Security Administration Office of the Inspector General (SSA OIG) made the announcement.

    Both defendants are charged with one count of conspiracy to commit bank fraud under 18 U.S.C. § 1349 and five counts of bank fraud under 18 U.S.C. §§ 1344(1), (2).  Calagui is also charged with five counts of receipt of U.S. Treasury check with forged endorsement or signature under 18 U.S.C. § 510(b).  Calagui and Gray were arrested and made their initial appearances in federal district court yesterday.  Defendants are next scheduled to appear before U.S. District Judge Yvonne Gonzalez Rogers on April 3, 2025, for a status conference.

    An indictment merely alleges that a crime has been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt.  If convicted, each defendant faces a maximum sentence of 30 years in prison and a fine of $1,000,000 on each charged count.  Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Special Assistant United States Attorney Cynthia Johnson is prosecuting this case with the assistance of Amala James. The prosecution is the result of an investigation by the FBI, TIGTA, IRS-CI, FDIC-OIG, USPIS, VA OIG, and SSA OIG.

    Franchesca Calagui Indictment
     

    MIL Security OSI –

  • MIL-OSI Security: Three Sales Executives Charged in Connection With Pre-IPO Fraud Scheme

    Source: Office of United States Attorneys

    Defendants Lied to Investors Regarding Hidden Markups and Fees and Stole Millions of Dollars in Investor Funds for Themselves

    Earlier today, at the federal court in Brooklyn, a superseding indictment was unsealed charging Robert Cassino, also known as “Bobby Cassino,” Joseph Passalaqua and Joseph Rivera with securities fraud conspiracy, wire fraud conspiracy and securities fraud.  The defendants were arrested today and are being arraigned this afternoon before United States Magistrate Judge James R. Cho.  Raymond John Pirrello, Jr., also known as “Ray John,” was previously indicted for his involvement in the scheme.

    John J. Durham, United States Attorney for the Eastern District of New York and James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) announced the charges.

    “The defendants repeatedly lied to investors about the costs associated with their investments and diverted millions of dollars in undisclosed mark-up fees to their sales offices,” stated United States Attorney Durham.  “My Office will vigorously prosecute those who seek to take advantage of individual investors for their own greed.”

    Mr. Durham expressed his appreciation to the Securities and Exchange Commission (SEC), New York Regional Office, for its significant cooperation and assistance during the investigation.

    “At the behest of the company’s leadership, three defendants allegedly enticed investors with material misinformation to steal millions of their dollars through undisclosed upfront fees. This alleged scheme allowed the defendants’ respective sales offices to unlawfully profit at the expense of their clients’ trust and money. The FBI will never permit any individual to engage in hypocritical financial practices to covertly divert investments for personal enrichment,” stated FBI Assistant Director in Charge Dennehy.

    As detailed in the superseding indictment, Pirrello, Cassino, Passalaqua and Rivera engaged in a scheme to defraud investors and prospective investors in securities offered by the company Late Stage Management, LLC (Late Stage). Late Stage was a New Jersey based manager of investment funds that offered investors “no fee” opportunities to invest in “Pre IPO” stocks, i.e., shares of stock in companies that anticipated an initial public offering (“IPO”) in the near term.  Late Stage worked with several sales offices throughout New Jersey, New York and Florida to promote the investments, including Pre IPO Marketing, Inc. (“Pre IPO Marketing”), Prior2IPO and B4IPO.

    Pirrello worked as the partner to the leadership of Late Stage, and Cassino, Passalaqua and Rivera led operations at Pre IPO Marketing, Prior2IPO and B4IPO, respectively.  Pirrello and co-conspirators communicated with Cassino, Passalaqua, Rivera and others about how to market Late Stage to investors.  Cassino, Passalaqua and Rivera then made material misrepresentations and omissions to investors and potential investors in Late Stage relating to, among other things, the existence and amount of fees paid by investors in stock offered by Late Stage.  For example, they claimed that the only time Late Stage profited was on exit, when the company made its IPO or sold to a larger company, in which case it would be entitled to a 20% share of the investor’s profits.  In reality, however, Late Stage charged fees in the form of upfront markups ranging from 10-50% of each investment.  In total, between approximately March 2019 and July 2022, sales offices working on behalf of Late Stage raised approximately $528 million from investors and diverted approximately $88.6 million in undisclosed upfront markups to Pirrello, Cassino, Passalaqua, Rivera and their co-conspirators.   

    The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

    If you believe that you or someone you know was victimized by Pirrello, Cassino, Passalaqua, Rivera or their co-conspirators, please inform the FBI at the following website: www.fbi.gov/Pirrello or by calling 1-800-CALL-FBI.

    The government’s case is being handled by the Office’s Business and Securities Fraud Section.  Assistant United States  Attorney Jessica K. Weigel is in charge of the prosecution with assistance from Special Agent Martin Sullivan and Paralegal Specialist Sarah Burn.

    The Defendants:

    ROBERT CASSINO (also known as “Bobby Cassino”)
    Age: 62
    Long Beach, New York

    JOSEPH PASSALAQUA
    Age:  36
    Sparta, New Jersey

    JOSEPH RIVERA
    Age: 45
    Elmont, New York

    Previously Indicted Defendant:

    RAYMOND JOHN PIRRELLO, JR. (also known as “Ray John”)
    Age: 48
    Sparta, New Jersey

    E.D.N.Y. Docket No. 23-CR-499 (S-1) (KAM)

    MIL Security OSI –

  • MIL-OSI Security: Lottery Fraud Scheme Against Seniors Lands South Florida Man in Federal Prison

    Source: Office of United States Attorneys

    MIAMI – A Miami man has been sentenced to 44 months in federal prison and ordered to pay $234,995 in victim restitution for participating in a nationwide lottery fraud scheme targeting seniors. The sentence comes after the defendant pleaded guilty in October 2024 to conspiring to commit mail and wire fraud and to criminal contempt for violating a court order.

    From May 2020 to July 2022, Akiel Doman, 34, of North Miami Beach, Florida, and others repeatedly called victims throughout the United States and falsely told them that they had won millions of dollars and often, a car, in a lottery. The caller, falsely claiming to be a representative of the lottery company, told the victims that they needed to first pay fees or taxes to claim their winnings. Others working with Doman gave the victims specific instructions on how, and to whom, to send the purported fees or taxes. In connection with this scheme, the victims sent money, including direct deposits, to Doman’s bank accounts.

    Doman also violated a consent decree entered by the United States District Court for the Southern District of Florida in 2019 prohibiting him from participating in lottery frauds. United States v. Doman, No. 18-cv-24731.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Acting Inspector in Charge Steven L. Hodges of the U.S. Postal Inspection Service (USPIS), Miami Division, made this announcement.

    USPIS Miami investigated this case. Assistant U.S. Attorney Bertha R. Mitrani prosecuted it.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-60133.

    ###

    MIL Security OSI –

  • MIL-OSI: Trisura Group Reports Fourth Quarter and Record Annual Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the fourth quarter and year ended December 31, 2024.

    David Clare, President and CEO of Trisura, stated, “Trisura achieved strong Operating net income of $38.2 million in the quarter, or $0.79 per share, supporting our highest ever annual Operating net income of $135.8 million, driven by growth, strong underwriting, and higher Net investment income. Operating combined ratio of 81.5% for the quarter and 82.9% for the year shows the strength and potential of the combined platform.

    Growth, strong earnings, unrealized gains and the impact of foreign exchange lifted book value by 27% to $785 million, an all-time high. Profitability from core operations continued, resulting in a 19.4% Operating ROE.

    We made significant progress expanding in 2024. Premiums from our US Surety platform grew by 197% in the year, broadening our footprint and developing relationships with important distribution partners. In US Corporate Insurance we bound our first premium, continued to establish our brand and grow our network while we build out licenses.

    We observed weaker performance from a group of US programs we had previously non-renewed. These programs have been included in Exited lines, to clearly demonstrate their impact. Premium growth and profitability continued in our ongoing portfolio of US Programs.

    Despite the impact of Exited lines, Trisura achieved an 88.8% Combined ratio for the year, and a 96.7% Combined ratio in the quarter. Net income in Q4 grew by 70.1% to $19.3 million and we reached our highest annual Net income ever of $118.9 million.

    Growth initiatives remain well-funded with our highest book value yet and a conservative 11% debt-to-capital underscoring flexibility and capacity for growth.”

    Financial Highlights

    • Insurance revenue increased by 5.2% in Q4 2024 led by strength in Primary lines (Surety, Corporate Insurance and Warranty). Importantly, these are the lines that have the highest underwriting margin.
    • Net income of $19.3 million in the quarter grew 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio. Operating net income(1) of $38.2 million in the quarter grew 47.6% compared to Q4 2023, as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio.
    • Operating EPS(2) of $0.79 for the quarter increased compared to $0.54 in the prior year, demonstrating the strength of core operations(3) through continued growth and profitability. EPS of $0.40 in Q4 2024 was greater than $0.23 in Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines.
    • Book value reached a new record of $785.3 million and book value per share(4) of $16.44 increased 26.3% from December 31, 2023, the combined result of earnings from Trisura Specialty, investment returns and foreign exchange.
    • ROE(4) of 16.9% increased compared to 12.2% in Q4 2023, demonstrating a return to our mid-teens target. Operating ROE(5) of 19.4% was slightly lower than Q4 2023, as strong profitability from core operations continued, but Shareholders’ equity increased disproportionately from unrealized gains and foreign exchange.
    Amounts in C$ millions Q4 2024 Q4 2023 Variance 2024 2023 Variance
    Insurance revenue 794.2 755.0 5.2% 3,118.3 2,789.2 11.8%
    Net income 19.3 11.3 70.1% 118.9 66.9 77.6%
    Operating net income(1) 38.2 25.9 47.6% 135.8 110.2 23.3%
    EPS – diluted, $ 0.40 0.23 73.9% 2.45 1.42 72.5%
    Operating EPS – diluted, $(2) 0.79 0.54 46.3% 2.80 2.34 19.7%
    Book value per share, $(4) 16.44 13.02 26.3% 16.44 13.02 26.3%
    Debt-to-Capital ratio(4) 11.1% 10.8% 0.3pts 11.1% 10.8% 0.3pts
    ROE(4) 16.9% 12.2% 4.7pts 16.9% 12.2% 4.7pts
    Operating ROE(5) 19.4% 20.0% (0.6pts) 19.4% 20.0% (0.6pts)
    Combined ratio 96.7% 105.4% (8.7pts) 88.8% 91.2% (2.4pts)
    Operating combined ratio(6) 81.5% 88.1% (6.6pts) 82.9% 81.9% 1.0pts

    Insurance Operations

    • Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura’s Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter.
    • The consolidated Operating combined ratio(3) was 81.5% for the quarter reflecting a lower Loss ratio(3) than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion.
    • Strong underwriting contributed to a loss ratio in Trisura Specialty of 12.8%, a ROE of 27.4% and Operating ROE of 24.9% in Q4 2024.

    Capital

    • The Minimum Capital Test ratio(7) of our regulated Canadian subsidiary was 276% as at December 31, 2024 (251% as at December 31, 2023), which comfortably exceeded regulatory requirements(8) of 150%.
    • As at December 31, 2024, the Risk-Based Capital(9) of the regulated US insurance companies are expected to be in excess of the various company action levels of the states in which they are licensed. Calculations are finalized as statutory returns are completed.
    • Consolidated debt-to-capital ratio of 11.1% as at December 31, 2024 is below our long-term target of 20.0%.

    Investments

    • Net investment income rose 5.8% in the quarter compared to Q4 2023. The portfolio benefited from increased capital generated from strong operational performance.

    Earnings Conference Call

    Trisura will host its Fourth Quarter and 2024 Annual Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, February 14th, 2025.

    To listen to the call via live audio webcast, please follow the link below:

    https://edge.media-server.com/mmc/p/mghkbw3a/

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:

    Name: Bryan Sinclair

    Tel: 416 607 2135

    Email: bryan.sinclair@trisura.com

    Trisura Group Ltd.
    Consolidated Statements of Financial Position
    As at December 31, 2024 and December 31, 2023
    (in thousands of Canadian dollars, except as otherwise noted)
    As at December 31, 2024 December 31, 2023
    Cash and cash equivalents         270,378         604,016
    Investments         1,434,534         890,157
    Other assets         42,392         53,712
    Reinsurance contract assets         2,771,163         2,003,589
    Capital assets and intangible assets         29,383         16,657
    Deferred tax assets         44,043         16,314
    Total assets         4,591,893         3,584,445
    Insurance contract liabilities         3,546,053         2,769,951
    Other liabilities         162,302         120,065
    Loan payable         98,272         75,000
    Total liabilities         3,806,627         2,965,016
    Shareholders’ equity         785,266         619,429
    Total liabilities and shareholders’ equity         4,591,893         3,584,445
    Trisura Group Ltd.
    Consolidated Statements of Comprehensive Income
    For the three and twelve months ended December 31
    (in thousands of Canadian dollars, except as otherwise noted)
      Q4 2024 Q4 2023 2024 2023
    Insurance revenue         794,162         754,953         3,118,322         2,789,187
    Insurance service expenses         (881,999)         (615,167)         (2,748,110)         (2,245,246)
    Net income (expense) from reinsurance contracts assets         101,624         (135,627)         (253,980)         (458,606)
    Insurance service result         13,787         4,159         116,232         85,335
    Net investment income (loss)         17,138         16,206         67,045         51,669
    Net gains (losses) & net credit impairment losses         2,886         9,058         24,699         (8,763)
    Total investment income         20,024         25,264         91,744         42,906
    Finance expenses from insurance contracts         (7,015)         (27,716)         (78,522)         (75,875)
    Finance income from reinsurance contracts         5,908         23,511         67,732         65,759
    Net insurance finance expenses         (1,107)         (4,205)         (10,790)         (10,116)
    Net financial result         18,917         21,059         80,954         32,790
    Net insurance and financial result         32,704         25,218         197,186         118,125
    Other income         508         727         7,506         7,654
    Other operating expenses         (6,804)         (10,346)         (42,932)         (32,947)
    Other finance costs         (947)         (565)         (3,270)         (2,409)
    Income before income taxes         25,461         15,034         158,490         90,423
    Income tax expense         (6,208)         (3,714)         (39,575)         (23,482)
    Net income         19,253         11,320         118,915         66,941
    Operating net income         38,181         25,875         135,850         110,201
    Other comprehensive income (loss)         17,194         8,452         43,843         6,328
    Comprehensive income         36,447         19,772         162,758         73,269
    Trisura Group Ltd.
    Consolidated Statements of Cash Flows
    For the three and twelve months ended December 31
    (in thousands of Canadian dollars, except as otherwise noted)
      Q4 2024 Q4 2023 2024 2023
    Net income 19,253 11,320         118,915         66,941
    Non-cash items (3,127) (11,727)         (20,517)         5,264
    Change in working capital 102,620 100,302         68,598         194,038
    Realized (gains) losses (784) 1,769         (2,314)         3,950
    Income taxes paid (16,609) (1,736)         (42,316)         (9,841)
    Interest paid (984) (1,115)         (2,640)         (2,439)
    Net cash from (used in) operating activities 100,369 98,813         119,726         257,913
    Proceeds on disposal of investments 140,380 12,894         342,306         102,492
    Purchases of investments (221,476) (41,001)         (795,269)         (219,121)
    Acquisition of subsidiary – –         (15,015)         –
    Net purchases of capital and intangible assets (647) 32         (3,835)         (714)
    Net cash (used in) investing activities (81,743) (28,075)         (471,813)         (117,343)
    Shares issued – (63)         2,989         51,507
    Shares purchased under Restricted Share Units plan 922 436         (2,215)         (1,409)
    Loans received – –         46,607         –
    Loans repaid – –         (23,335)         –
    Principal portion of lease payments (234) (510)         (2,006)         (2,034)
    Net cash from (used in) financing activities 688 (137)         22,040         48,064
    Net decrease in cash and cash equivalents, during the period 19,314 70,601         (330,047)         188,634
    Cash and cash equivalents, beginning of period 262,850 531,484         604,016         406,368
    Currency translation (11,786) 1,931         (3,591)         9,014
    Cash and cash equivalents, end of period 270,378 604,016         270,378         604,016

    Non-IFRS Financial Measures and other Financial Measures

    Table 1 – Reconciliation of reported Net income to Operating net income(4): reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

      Q4 2024 Q4 2023 2024 2023
    Net income 19,253 11,320 118,915 66,941
    Adjustments:        
    Non-recurring Surety revenues – – – (4,596)
    Impact of certain changes in Fronting reinsurance structures – – 1,435 –
    Loss from run-off program – 19,196 3,714 47,229
    Non-recurring items (3,100) 4,549 3,565 4,549
    Impact of Exited lines 30,577 – 30,577 –
    Impact of SBC (839) 1,589 3,507 (1,914)
    Impact of movement in yield curve within Finance (expenses) income from insurance and reinsurance contracts (396) 2,071 1,207 723
    Net (gains) losses (2,886) (9,058) (24,699) 8,763
    Tax impact of above items, and other tax adjustments (4,428) (3,792) (2,371) (11,494)
    Operating net income 38,181 25,875 135,850 110,201

    Table 2 – ROE(4)and Operating LTM ROE(5): a measure of the Company’s use of equity.

      Q4 2024 Q4 2023
    LTM net income         118,915         66,941
    LTM average equity         702,012         549,672
    ROE 16.9% 12.2%
    Operating LTM net income(1)         135,850         110,201
    Operating LTM ROE 19.4% 20.0%

    Table 3 – Reconciliation of Average equity(10)to LTM average equity: LTM average equity is used in calculating Operating ROE.

      Q4 2024 Q4 2023
    Average equity         702,348         556,538
    Adjustments: days in quarter proration         (336)         (6,866)
    LTM average equity         702,012         549,672

    Footnotes

    (1) See section on Non-IFRS financial measures table 10.2 in Q4 2024 MD&A for details on composition. Operating net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, Operating Metrics table.

    (2) This is a non-IFRS ratio. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. Details on composition and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, table 10.17.

    (3) See Section 10, Operating Metrics in Q4 2024 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

    (4) This is a supplementary financial measure. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition.

    (5) This is a non-IFRS ratio. See table 10.18 in Q4 2024 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

    (6) This is a non-IFRS ratio. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition. Operating combined ratio excludes the impact of certain items to normalize results in order to reflect our Trisura Specialty operations.

    (7) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

    (8) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

    (9) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

    (10) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

    Cautionary Statement Regarding Forward-Looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Non-IFRS and Other Financial Measures

    Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three and twelve months ended December 31, 2024. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

    The MIL Network –

  • MIL-OSI: Patria Announces Changed Record Date for Previously Announced Regular Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, Feb. 13, 2025 (GLOBE NEWSWIRE) — Patria Investments Limited (Nasdaq:PAX) has amended the record date of its recently declared quarterly cash dividend of US$0.15 per share from February 28, 2025 to February 25, 2025. The payment date for the quarterly dividend will remain March 17, 2025, as previously announced on February 12, 2025.

    About Patria

    Patria is a global alternative asset manager and industry leader in Latin America. Founded over 35 years ago, Patria has total assets under management of $41.9 billion, and offices in 13 cities on 4 continents. Patria aims to generate attractive long-term investment returns and, through a diversified platform with strategies that include Private Equity, Infrastructure, Credit, Real Estate, Public Equities and Global Private Markets Solutions, serve as the gateway to alternative investments for both local investors in Latin America, as well as global investors. Further information is available at www.patria.com.

    Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

    Contact: Patria Shareholder Relations
    E. PatriaShareholderRelations@patria.com
    T. +1 917 769 1611

    The MIL Network –

  • MIL-OSI: Prestige Wealth Inc. Announces First Half of Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (Nasdaq: PWM) (the “Company” or “Prestige Wealth”), a wealth management and asset management services provider based in Hong Kong, today announced its unaudited financial results for the six months ended March 31, 2024.

    Mr. Kazuho Komoda, the Company’s Chief Executive Officer, commented, “Reflecting upon the first half of fiscal year 2024, we made many strategic layouts including exploring the path of using technology method to scale up wealth management business, preparing for expanding business areas and actively seeking talents for business upgrade. Meanwhile, we also maintain stable growth in our existing business and garnered an increase of our total revenues from compared to the same period of fiscal year 2023.”

    Mr. Komoda continued, “Benefited from our efforts and status of listed company, we have access to better business resources, advanced technology, and financing capabilities to hedge against negative macroeconomic impacts. In fact, we have also made many significant strategic initiatives in fiscal year 2024, including acquisitions and post IPO financing. This presents us with immense opportunities, and we want to assure our clients and shareholders that we are in prime position to harness these prospects. We will continue to strive to create value for all shareholders.”

    First Half of Fiscal Year 2024 Financial Results

        For the Six Months Ended March 31,  
        2024     2023     Change     Change  
        USD     USD     USD     %  
        (Unaudited)     (Unaudited)              
    Selected Unaudited Interim Condensed Consolidated Statements of Income Data:                        
    Net revenues   497,629     312,964     184,665     59.01  
    Operation cost and expenses   (1,105,629 )   (311,871 )   793,758     254.51  
    (Loss) Income from operations   (608,000 )   1,093     (609,093 )   (55,726.72 )
    Other income   118,580     3,335     115,245     (3,455.59 )
    (Loss) Income before income taxes   (489,420 )   4,428     (493,848 )   (11,152.85 )
    Income taxes (expenses) benefits   (14,009 )   21,132     (35,141 )   (166.29 )
    Net (loss) income   (503,429 )   25,560     (528,989 )   (2,069.60 )
    (Loss) Earnings per ordinary share – basic and diluted   (0.055 )   0.003     (0.058 )   (1,933.33 )
                             

    Net Revenues

    Net revenues were $497,629 in the six months ended March 31, 2024, compared to $312,964 in the six months ended March 31, 2023. The increase was primarily due to increase in net revenue from asset management services, partially offset by the decrease in net revenue from wealth management services.

    • Net revenue from wealth management services was $11,685 in the six months ended March 31, 2024, compared to $74,875 in the six months ended March 31, 2023. The decrease was primarily due to the decrease number of cases of referrals.
    • Net revenue from asset management services was $485,944 in the six months ended March 31, 2024, increased from $238,089 in the six months ended March 31, 2023. The increase was primarily due to the Company provided asset management related advisory services to new client.

    Operating Costs and Expenses

    Operating costs and expenses are primarily comprised of selling, general and administrative expenses. Selling, general and administrative expenses were $1,105,629 in the six months ended March 31, 2024, compared to $311,871 in the six months ended March 31, 2023. The increase in selling, general and administrative expenses was mainly due to the increases in wages & salaries from senior management, depreciation of right-of-use assets and audit fee.

    (Loss) Income from operations

    Loss from operations was $608,000 in the six months ended March 31, 2024, compared to an income from operations of $1,093 in the six months ended March 31, 2023.

    Income Tax (Expenses) Benefits

    Income tax expenses were $14,009 in the six months ended March 31, 2024, compared to an income tax benefit of $21,132 in the six months ended March 31, 2023, primarily because the Company had net taxable profits from one of its subsidiaries.

    Net (Loss) Income

    Net loss was $503,429 in the six months ended March 31, 2024, compared to a net income of $25,560 in the six months ended March 31, 2023.

    Basic and Diluted Earnings per Share

    Basic and diluted loss per share was $0.055 in the six months ended March 31, 2024, compared to basic and diluted earnings per share $0.003 in the six months ended March 31, 2023.

    Balance Sheet

    As of March 31, 2024, the Company had cash and cash equivalents of $294,548, compared to $431,307 as of September 30, 2023.

    Cash Flow

    Net cash used in operating activities was $2,995,580 in the six months ended March 31, 2024, compared to net cash provided by operating activities of $454,660 in the six months ended March 31, 2023, mainly due to increase in prepayment.

    Net cash used in investing activities was $2,862,641 in the six months ended March 31, 2024, compared to net cash provided by investing activities of $1,414,297 in the six months ended March 31, 2023, due to decease in loan and interest repayment from a related party.

    Net cash used in financing activities was $nil in the six months ended March 31, 2024, compared to net cash used by investing activities of $545,499 in the six months ended March 31, 2023, due to decease in deferred offering cost.

    Recent Accounting Pronouncements

    On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023, with early adoption permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Group is currently evaluating the impact of adopting the standard and does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.

    Recent Developments

    On November 4, 2024, the Company completed its acquisition of all shares of SPW Global Inc., a company incorporated under the laws of the British Virgin Islands, which in turn wholly owns Wealth AI PTE LTD. or Wealth AI, a company incorporated under the laws of Republic of Singapore. Wealth AI is a company based in Singapore that offers personalized, cost-effective wealth management solutions using artificial intelligence. Founded by AI experts from top technology companies in 2022, Wealth AI is dedicated to the transformative potential of artificial intelligence in wealth management.

    On December 16, 2024, the Company completed its acquisition of all shares of InnoSphere Tech Inc. (“InnoSphere Tech”), a company incorporated under the laws of the British Virgin Islands. InnoSphere Tech is a technology company that leverages its advantages in web scraping technology to collect data on finance, wealth management, and related industries according to international standards. Through the accumulation and processing of large amounts of data, its system can train a specialized large model tailored for the wealth management industry, providing robust foundational support to clients in the financial sector that surpasses traditional general-purpose large models.

    On December 16, 2024, the Company also completed its acquisition of all shares of Tokyo Bay Management Inc. (“Tokyo Bay”), a company incorporated under the laws of the British Virgin Islands. Tokyo Bay is a company based in Tokyo, Japan. Founded by experienced professionals, the Tokyo Bay team has accumulated extensive premium client resources and local market knowledge over the past years, providing wealth management services, family affairs services, lifestyle management services and related value-added services to high-net-worth clients in Japan.

    About Prestige Wealth Inc.

    Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, assisting its clients in identifying and purchasing well-matched wealth management products and global asset management products. With a focus on quality service, the Company has retained a loyal customer base consisting of high-net-worth and ultra-high-net-worth clients in Asia. Through the Company’s wealth management service, it introduces clients to customized wealth management products and provides them with tailored value-added services. The Company provides asset management services via investment funds that it manages and also provides discretionary account management services and asset management-related advisory services to clients. For more information, please visit the Company’s website: http://ir.prestigewm.hk/index.html.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    PRESTIGE WEALTH INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
        March 31,
    2024    		     September 30,
    2023    		  
        (Unaudited)        
    CURRENT ASSETS                
    Cash and cash equivalents   $ 294,548     $ 431,307  
    Restricted cash     200,000       200,000  
    Accounts receivable     350,826       273,257  
    Contract asset     3,002       91,565  
    Note Receivables     1,037,199       3,755,794  
    Amounts due from related parties     1,619,590       1,592,593  
    Right-of-use assets, current     213,978       213,814  
    Income tax receivable     45,783       29,279  
    Prepaid expenses and other assets     2,765,857       66,484  
    Total current assets     6,530,783       6,654,093  
                     
    NON-CURRENT ASSETS                
    Right-of-use asset, non-current   $ 42,247     $ 140,898  
    Prepaid expenses and other assets     68,672       68,620  
    Total non-current assets   $ 110,919     $ 209,518  
    Total assets   $ 6,641,702     $ 6,863,611  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Current Liabilities                
    Income tax payable   $ 37,345     $ 27,648  
    Lease liability, current     237,535       220,101  
    Amounts due to related parties     190,844       —  
    Deferred tax liabilities     11,858       14,415  
    Other payables and accrued liabilities     435,228       257,906  
    Total current liabilities   $ 912,810     $ 520,070  
                     
    NON-CURRENT LIABILITIES                
    Lease liability, non-current   $ 49,095     $ 160,996  
    Total non-current liabilities   $ 49,095     $ 160,996  
    Total liabilities   $ 961,905     $ 681,066  
                     
    Shareholders’ equity                
    Ordinary share ($0.000625 par value, 1,600,000,000 shares authorized, 9,150,000 shares issued and outstanding as of March 31, 2024; $0.000625 par value, 160,000,000 shares authorized, 9,150,000 shares issued and outstanding as of September 30, 2023)*   $ 5,719     $ 5,719  
    Additional paid in capital     2,570,664       2,570,664  
    Retained earnings     3,139,565       3,642,994  
    Accumulated other comprehensive loss     (36,151 )     (36,832 )
    Total shareholders’ equity   $ 5,679,797     $ 6,182,545  
    Total liabilities and shareholders’ equity   $ 6,641,702     $ 6,863,611  
                     
    * The shares are presented on a retroactive basis to reflect the Company’s share subdivision on July 15, 2022.                
                     
    PRESTIGE WEALTH INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
        For the six months ended
    March 31,    		  
        2024     2023  
        (Unaudited)     (Unaudited)  
    Net revenue            
    Wealth management services            
    Referral fees   $ 11,685     $ 74,875  
                     
    Asset management services                
    Advisory service fees     459,974       212,486  
    Management fees     25,970       25,603  
    Subtotal     485,944       238,089  
    Total net revenue     497,629       312,964  
                     
    Gross Margin     497,629       312,964  
                     
    Operation cost and expenses                
    Selling, general and administrative expenses     1,105,629       311,871  
    Total operation cost and expenses     1,105,629       311,871  
                     
    (Loss) Income from operations     (608,000 )     1,093  
                     
    Other income     118,580       3,335  
                     
    (Loss) Income before income taxes     (489,420 )     4,428  
    Income taxes (expenses) benefits     (14,009 )     21,132  
                     
    Net (loss) income   $ (503,429 )   $ 25,560  
                     
    Other comprehensive (loss) income                
    Foreign currency translation adjustment     681       6,016  
    Total comprehensive (loss) income   $ (502,748 )   $ 31,576  
                     
    (Loss) Earnings per ordinary share                
    Basic and diluted   $ (0.055 )   $ 0.003  
                     
    Weighted average number of ordinary shares outstanding*                
    Basic and diluted     9,150,000       8,000,000  
                     

    The MIL Network –

  • MIL-OSI USA: Ernst Calls for the Senate to Confirm Kelly Loeffler as SBA Administrator

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – Today, U.S. Senator Joni Ernst (R-Iowa), chair of the Senate Committee on Small Business and Entrepreneurship, spoke on the Senate floor in support of Kelly Loeffler to be confirmed as the Administrator of the Small Business Administration (SBA).
    Chair Ernst has highlighted Kelly Loeffler’s plan to fix the broken SBA and advanced her nomination out of committee on a bipartisan vote of 12-7.
    Watch her full remarks here.
    Ernst’s remarks as delivered:
    “Mr. President, later today we have the opportunity to advance the nomination of the Honorable Kelly Loeffler to be the Administrator of the Small Business Administration.
    “Senator Loeffler is immensely qualified for this role.
    “As a successful businesswoman, it is abundantly clear that Senator Loeffler truly understands what it takes to be an entrepreneur and will be an effective voice for small businesses across America.
    “Since President Trump’s election in November, optimism on Main Street has surged to its highest levels since 2018!
    “Our nation’s job creators – small businesses – are excited about the prospect of having a dedicated and knowledgeable leader at the helm of SBA.
    “Last week, the Small Business Committee, where I serve as Chair, favorably reported her nomination out with a bipartisan vote — a sure sign that my friends on both sides of the aisle believe she is fit to lead SBA. 
    “Senator Loeffler will bring accountability back to the agency and promote policies that will truly benefit American small businesses.
    “As evidenced in her nomination hearing, Senator Loeffler’s experience and her expertise make her the right person to lead the SBA and advocate for our small businesses.
    “Growing up on her family’s farm in Bloomington, Illinois, Senator Loeffler experienced firsthand the problems facing America’s farmers and small business owners.
    “And as a fellow farm girl myself, I look forward to having some more Midwest common sense in Washington D.C.!
    “Senator Loeffler also witnessed her parents start up a small trucking business and navigate complex rules and regulations.
    “She understands the struggles small businesses face because you know what, she has experienced them. 
    “Fortunately, Senator Loeffler is ready to cut the red tape and reduce the burdens that so many of our job creators still face today.
    “Senator Loeffler is also a successful entrepreneur.
    “She was the first employee and CEO of a financial technology company.
    “Through her hard work and tenacity, she aggressively grew the company and took it public within three years.
    “Additionally, Senator Loeffler knows what it means to work for Main Street and the American people.
    “During COVID, as a U.S. Senator, she worked tirelessly to bring relief to the people of Georgia, specifically through the Paycheck Protection Program.
    “However, she, like me, recognizes that some took advantage of this program, and they need to be held accountable.
    “During her confirmation hearing, Senator Loeffler detailed her zero-tolerance policy for waste, fraud, and abuse in the SBA.
    “Mr. President, that should be welcome news for all of us.
    “In addition, Senator Loeffler indicated the need for a full-scale audit – I started my political career as an auditor so I agree with this – the full-scale audit at the SBA to uncover any improper spending, and stated she would rely on that data to make the best decisions for the future of SBA.
    “Senator Loeffler also noted the importance of working with Congress, particularly when it comes to disaster relief.
    “She recognized the tragedy of the SBA’s disaster shortfall – which lasted for 66 days in the middle of back-to-back natural disasters – she recognized that this should never happen again. 
    “SBA’s vital role in the disaster process cannot be overstated, and we must ensure we have an Administrator who will alert Congress at the first signs of any concerns.
    “The SBA needs a strong leader with a proven track record in business management, and Senator Loeffler brings all of that and more to the table.
    “I look forward to working with Senator Loeffler to ensure small businesses all across America can thrive and maintain these high levels of optimism we’re already seeing under this administration.
    “I urge my colleagues to advance her nomination. Support her with a yes vote.”

    MIL OSI USA News –

  • MIL-OSI USA: Senators Markey, Luján, Peters Condemn Weaponization of Federal Communications Commission Against Broadcasters and Public Media

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Letter Text (PDF)
    Washington (February 13, 2025) – Senators Edward J. Markey (D-Mass.), Ben Ray Luján (D-N.M.), and Gary Peters (D-Mich.), members of the Senate Commerce, Science, and Transportation Committee, wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington regarding recent actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes.
    In the letter the lawmakers wrote, “We write to express our serious concern about the recent actions taken by the Federal Communications Commission (FCC) under Chairman Carr to open or reopen investigations into broadcasting companies without any evidence of wrongdoing in what appears to be an attempt to intimidate broadcasters for political purposes. Specifically, we are concerned by both of your recent assertions that broadcast stations could be investigated over their editorial decision-making, which raises concerns under the First Amendment. Additionally, we are deeply concerned that in just the first two weeks under Chairman Carr, the Commission has reinstated three previously closed complaints against ABC, CBS, and NBC — absent any new evidence — without also reinstating a similar complaint against a Fox broadcasting station. Finally, we are troubled by your announced investigation into PBS and National Public Radio (NPR) member stations without any evidence that these news sources have departed from decades-long practices for sponsorship disclosures. Taken together, these efforts appear politically motivated and designed to punish, censor or intimidate members of the free press based on political disagreement with editorial choices. This weaponization of the FCC is unacceptable. We urge you to immediately cease such conduct and respect the First Amendment.
    The lawmakers continue, “We urge you both to follow the Constitution, immediately cease abusing the FCC’s legal authority, and return to the evidence-based decision-making that has been a staple of the Commission’s long and storied history.”

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.13.25
    Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”
    WA depends on steel & aluminum imports; last year, the state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last round of Trump trade wars nearly decimated WA’s apple export market to India; Cantwell helped negotiate end to retaliatory tariffs in 2023 & restore the market
    WASHINGTON, D.C. – This morning, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, appeared on CNBC’s Squawk Box to push back against President Trump’s aggressive use of tariffs, even against the United States’ closest allies, instead of focusing on opening up export markets and lowering costs for American consumers.
    “This is the fourth week of the Trump Administration, and I would hope that we would have been hearing about how we’re lowering costs on housing, food prices, and drugs. And instead, we’re now in – it almost seems like a tariff tantrum, like we’re just going to tariff everything. And what I would like to see is an engagement by both Democrats and Republicans pushing back on this notion that a ‘tariff everything’ strategy is the way to get out of this situation,” Sen. Cantwell told Squawk Box’s Andrew Ross Sorkin.
    “I’ve been critical of Obama’s tariffs. I’ve been critical of Biden’s tariffs. What I want people to understand is we live in a world, now, where alliances and dealing with these issues on a coalition basis will get us further, because 95% of consumers are outside the United States,” she continued.
    “In the last Trump administration, he did the same thing [… he] cut hundreds of apple jobs in my state that never recovered. But it decimated a $120 million market, and then, basically, because of the retaliatory tariffs, we were without an apple market to India. I worked in the Biden administration to get that restored. So, what people don’t understand is, in this environment, you don’t just lose farmland — because actually, Bill Gates or somebody will buy it — you’re losing farmers. And right now, the world, we should be opening up markets. We should be opening up agriculture opportunities around the globe.”
    Her full appearance on Squawk Box can be viewed HERE; a transcript of the interview is HERE.
    In Washington state, two out of every five jobs are tied to trade and trade-related industries.  Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics.
    When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.  
    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
    Last week, Sen. Cantwell also delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.
    Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.
    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.
    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.
    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.
    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.13.25
    Cantwell Sounds Alarm on Trump Funding Cuts for Lifesaving Biomed Research
    State University is on the front lines of avian flu research – Trump’s NIH cuts could jeopardize pandemic response
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined the entire Senate Democratic Caucus in sending a letter to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. expressing serious alarm over the Trump Administration’s recent decisions that threaten to undermine America’s life-saving biomedical research infrastructure, in violation of federal law.
    “This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the Senators wrote.
    Last week, the National Institutes of Health (NIH) announced it would set the maximum rate for indirect costs to 15 percent—creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system and stifle the development of new cures for disease.
    This Trump administration action is blatantly illegal as Congress’ bipartisan Labor-HHS-Education Appropriations law prohibits modifications to NIH’s indirect costs. Moreover, Congress specifically included this language in the law after President Trump similarly tried to unilaterally impose a sweeping across-the-board cut for research institutions in his first term – and Congress has included it in every appropriations law since then.
    Research entities in Washington state received $1.29 billion in NIH funding in Fiscal Year 2023, which supports nearly 12,000 jobs and nearly $3 billion in economic activity. A state by state analysis of total NIH funding, jobs supported, and economic activity supported through NIH research is available HERE.
    Earlier this week, Washington state Attorney General Nick Brown joined 21 other attorneys general in filing a multi-state lawsuit in the U.S. District Court for Massachusetts challenging the move. A federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21st.
    Sen. Cantwell discussed the repercussions of the proposed NIH cuts during her floor speech explaining her opposition to RFK Jr.’s nomination to head the Health and Human Services Administration last night. Video of Sen. Cantwell’s speech is available HERE, audio HERE, and transcript HERE.
    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.
    The full text of the letter is HERE and below.
    Dear Secretary Kennedy,
    We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers. 
    As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.
    Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.
    These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.
    In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.
    The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.
    The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Fischer Questions Experts on Importance of Increased U.S. Presence in Greenland

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    At a Senate Commerce Committee hearing this week, U.S. Senator Deb Fischer (R-Neb.) questioned expert witnesses on the strategic importance of Greenland and the need to maintain a strong American presence in the Greenland-Iceland-UK (GIUK) Gap.

    During the hearing, Senator Fischer questioned Dr. Rebecca Pincus, Director of the Wilson Center Polar Institute, and Mr. Alexander Gray, a senior fellow in National Security Affairs at the American Foreign Policy Council, on the importance of Pituffik Space Base and the U.S. radar systems based in Greenland, as well as the significance of the GIUK Gap in light of increased Russian and Chinese activity in the Arctic. Senator Fischer highlighted how critical it is that the Department of Defense maintain its access to spectrum airwaves so it can detect and track incoming threats to our homeland.

    Click the image above to watch a video of Sen. Fischer’s questioning

    Click here to download audio

    Click here to download video


    Senator Fischer questions experts:

    Senator Fischer:     Dr. Pincus, there’s been much discussion of late on Greenland, but I think what’s underappreciated is something that you were trying to focus on, and that’s the importance of Greenland to a whole host of U.S. strategic interests that are there. And, obviously, yes, we need to develop a good working relationship, a good partnership, with Greenland. You mentioned the Space Base that’s in Greenland. It’s a critical forward operating location. It is the Department’s northernmost installation. It hosts radar systems that are essential to our missile defense.

    You know, the comment was made that there could be flight paths of ICBMs over Greenland. Well, that may or may not happen. But what is key there is that no matter where in the Arctic ICBMs are flying, what we have to have is radars to be on Greenland so that not only can they track, but they can also detect any incoming threats.

    I’d also like to consider the Greenland-Iceland-UK (GIUK) Gap, and Mr. Gray, maybe you’d want to add some into this discussion as well. As we look at the increased Russian submarine activity there in recent years, and you couple that with the growing Chinese and Russian presence in the Arctic, I think it’s hard to understate that Gap’s importance. So, both of you, do you assess that increased U.S. presence in the GIUK Gap would be beneficial?

    Dr. Pincus: Thank you very much, Senator, for that terrific question. You know, I think it’s very helpful to talk in terms of specifics. And in Greenland, we have long had radar installations to give us early warning of incoming ICBMs coming from Eurasia. And in the current era of hypersonics, new missiles, new missile delivery systems, it’s very important that those radars remain in place and that we recapitalize and modernize them to give us as much advance notice as possible. So, there’s a big radar system at the Pituffik Base. There’s a big airfield, there’s a deep-water port on the east coast of Greenland, that is the westernmost point of the GIUK gap. So, it is a key point for monitoring Russian naval activity and, you know, I think we are looking at a set of challenges in the GIUK gap related to Russian activity, undersea activity. That is a real problem set for us.

    The gap between Greenland, Iceland, the U.K., also I would add Norway, provides us some really important points from which to support monitoring and activity. It would be best to talk to the Department of Defense in a classified setting about what specific capabilities and access they may need. But I will say that the 1951 Defense Agreement gives us very wide access to Greenland. We have never had a problem asking for access and permissions and not getting it. And both Greenland and Denmark have made it clear that they stand ready to have that conversation again. I think the Danish defense investments that have been announced include domain awareness capabilities and presence that will help us.

    There’s certainly more that can be done, but I think being very specific about ‘what the problem is’ is helpful in terms of thinking about our appropriate response, and also recognizing that in an event of a contingency, fixed installations—whether it’s a radar asset or an airfield—they would be taken out with long range missile strikes. So, I would say that Russia doesn’t have the capability to seize and hold Greenland, and nor would there be a strong military argument for it to do so, given that its most likely response in the event of a contingency would be to strike those assets and then keep moving on.

    Senator Fischer: Which would also make it extremely important that DOD maintains that spectrum is used to be able to identify what’s coming in, not just for the homeland but also for Greenland.

    Dr. Pincus: Absolutely, and I think having a conversation about air defense and missile defense options we have. We do not have interceptors in Greenland. We do not have interceptors in Canada. We have them in Alaska. So, I think there is a conversation to be had about that specific capability. Thank you.

    Senator Fischer:     Mr. Gray, before I get called out, please.

    Mr. Gray:     Thank you, Senator. So many of our concerns, strategically, about Greenland, going back to the ‘40s, have been about the GIUK gap, and it’s been a concern across multiple great power competitors. It is a concern today. To me, the question is less—Dr. Pincus has made the comment about militarily, it would probably not be taken out. I’m more concerned about a future political arrangement in Greenland that could be influenced or controlled adversely by an adversary power in a way that would prevent us from being able to exercise the type of control or the type of domain awareness over the gap that we have had in recent years.

    That’s why I think these proposals that I’ve mentioned, others have put forward for what is the long-term political arrangement in connection with Greenland—it’s so important because we have to have the ability to maintain some sort of control and some sort of awareness over that gap. 

    Senator Fischer:     Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

     Senator Reverend Warnock secured a commitment from Federal Reserve Chair Jerome Powell, to report to Congress if the Department of Government Efficiency (DOGE) attempts to undermine the agency’s independence

    The commitment came during the Federal Reserve’s semi-annual Monetary Policy Report to Congress during a Wednesday’s Senate Banking committee hearing

    Senator Reverend Warnock’s questioning underscored concern around the recent reports of DOGE accessing several federal agencies’ privileged information

    During the hearing, Senator Reverend Warnock also highlighted the recent news of the dissolution of the Consumer Financial Protection Bureau

    Senator Reverend Warnock on DOGE: “Thousands of Georgians, of all political stripes, have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data”

    Senator Reverend Warnock on CFPB: “Certainly the bureau (CFPB) was not created to be dismantled. Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services”

    Watch Senator Reverend Warnock at Thursday’s hearing HERE

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Banking Committee, secured a commitment from Chair of the Federal Reserve, Jerome Powell, promising to report back to Congress and specifically, the Senate Banking committee, if he learned of any attempt by the Department of Government Efficiency (DOGE) to access the Federal Reserve’s protected systems or any attempt to undermine the agency’s independence. 

    “Will you commit to report to this committee, majority and minority, immediately, should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s (Federal Reserve) independence or access protected systems?” asked Senator Reverend Warnock.

    “Yes,” said Chair Jerome Powell.

    The line of questioning came as there have been reports that several agencies have been accessed by DOGE, namely the Department of Treasury. Additionally, Senator Warnock addressed the shuttering of the Consumer Financial Protection Bureau (CFPB). Last congress, Senator Warnock chaired the Banking subcommittee that had jurisdiction over CFPB.

    “Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse,” said Senator Reverend Warnock.

    The hearing marked the first of the Semiannual Monetary Policy Reports to Congress from the Federal Reserve this Congress, which are written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.”

    Watch the Senator’s full remarks and line of questioning HERE. 

    See below transcript of the key exchange between Senator Warnock and Federal Reserve Chair Jerome Powell:

    Senator Reverend Warnock (SRW): “I want to echo the words of ranking member Warren and so many of my colleagues today on DOGE and project 2025’s illegal attack on the Consumer Protection Financial Bureau, certainly the bureau was not created to be dismantled.”

    “Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse.”

    “The CFPB has returned more than $21 billion to Americans.” 

    “Make no mistake, this attack on the CFPB will increase costs for Americans and give the green light to fraudsters and predatory actors seeking to cheat hard-working Americans.”

    “Chairman Powell, thousands of Georgians of all political stripes have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data, and the Treasury Department systems that control six trillion dollars in annual payments to millions of American citizens, including social security, Medicare, and tax refunds. 

    “Has Elon Musk or members of his team, to your knowledge, attempted to access the Fed’s protected data and systems?”

    Chair of the Federal Reserve, Jerome Powel (JP): “I don’t believe.”

    SRW: “Will you commit to report to this committee, majority and minority, immediately should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s independence or access protected systems?

    JP: “Yes.”

    MIL OSI USA News –

  • MIL-OSI: Diginex announces new AI functionality after winning Government recognition for AI-powered compliance innovation

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 13, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, today announced the development of new AI functionality which is expected to be built leveraging OpenAI’s platform. The Company anticipates that the deployment of this AI feature will contribute to revenue growth starting in 2025 by enhancing diginexESG‘s value proposition and driving increased customer adoption. The initial focus will be on helping companies comply with sustainability disclosure requirements set by the International Sustainability Standards Board (ISSB) and International Financial Reporting Standards (IFRS), which are increasingly being mandated for companies involved in global ESG reporting. These features will provide rapid data extraction, improved compliance, and enhanced risk assessment for users of the Company’s ESG SaaS reporting product, diginexESG.

    This AI functionality positions diginexESG to capture the growing demand for ESG reporting solutions – a market projected to reach between USD 1.5 billion and USD 4.35 billion by 2027, with an expected CAGR of 15.9% to 30% according to industry research from Verdantix – and is alongside the Company’s recent selection by the Financial Services and the Treasury Bureau (FSTB) of Hong Kong for the Green and Sustainable Fintech PoC program. The FSTB, which oversees financial and treasury policy for the Hong Kong SAR Government, launched this program to support innovative green fintech solutions with measurable environmental and financial impact. This builds on previous recognition where, in December 2023, the Hong Kong Monetary Authority, named Diginex as winner of the “Sustainability or Climate-related Disclosure and Reporting” category.

    The FSTB launched this program to accelerate the development and commercial adoption of green fintech solutions by technology firms and research institutions. “We are thrilled to receive this endorsement and support from FSTB, which underscores the importance of AI technology in addressing significant challenges within the ESG and sustainability industry,” said Mark Blick, Chief Executive Officer of Diginex Limited. “We will be accelerating our efforts to deliver innovative AI-powered functionality that will support companies with their ESG, Climate and Supply Chain data collection and reporting while improving efficiency and customer experience. We plan to collaborate closely with leading global financial institutions to introduce this new feature to their clients.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, statements concerning the Company’s product offerings, business strategy, projections and future growth. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Company’s business strategy will be successful. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: ConnectM Announces Receipt of Notice from Nasdaq That ConnectM has Regained Compliance with Nasdaq Rule

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, had previously announced that on December 6, 2024, it received a notice from the Staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Third Quarter 10-Q”), it no longer complies with Nasdaq Listing Rule 5250(c)(1) (the “Rule”) for continued listing, which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.

    ConnectM today announced that on January 31, 2025, the Staff notified ConnectM that, based on the Company’s December 16, 2024, filing of the Third Quarter 10-Q, Staff has determined that the Company complies with the Rule. Accordingly, the matter is now closed.  

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

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

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

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    The MIL Network –

  • MIL-OSI: Applied Materials Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue $7.17 billion, up 7 percent year over year
    • GAAP gross margin 48.8 percent and non-GAAP gross margin 48.9 percent
    • GAAP operating margin 30.4 percent and non-GAAP operating margin 30.6 percent
    • GAAP EPS $1.45 and non-GAAP EPS $2.38, down 40 percent and up 12 percent year over year, respectively
    • Generated $925 million in cash from operations and distributed $1.64 billion to shareholders including $1.32 billion in share repurchases and $326 million in dividends

    SANTA CLARA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its first quarter ended Jan. 26, 2025.

    “The industry drive to accelerate the development of advanced compute and more sophisticated AI is gaining momentum,” said Gary Dickerson, President and CEO. “Applied Materials is enabling the major device architecture inflections critical for energy-efficient AI and our focus on high-velocity co-innovation creates unique collaboration opportunities with our customers and partners, positioning Applied for continued growth and outperformance in the years to come.”

    “We delivered strong financial performance in the first fiscal quarter, with record revenue, gross margin expansion and robust shareholder distributions,” said Brice Hill, Senior Vice President and CFO. “ For the second fiscal quarter, we are encouraged by the trends supporting continued customer investments to enable leading-edge technology inflections, while also taking into account export control related headwinds.”

    Results Summary

      Q1 FY2025   Q1 FY2024   Change
      (In millions, except per share amounts and percentages)
    Net revenue $ 7,166     $ 6,707     7%
    Gross margin   48.8 %     47.8 %   1.0 point
    Operating margin   30.4 %     29.3 %   1.1 points
    Net income $ 1,185     $ 2,019     (41)%
    Diluted earnings per share $ 1.45     $ 2.41     (40)%
    Non-GAAP Results          
    Non-GAAP gross margin   48.9 %     47.9 %   1.0 point
    Non-GAAP operating margin   30.6 %     29.5 %   1.1 points
    Non-GAAP net income $ 1,946     $ 1,782     9%
    Non-GAAP diluted EPS $ 2.38     $ 2.13     12%
    Non-GAAP free cash flow $ 544     $ 2,096     (74)%
                       

    A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

    Impact of Singapore Tax Incentives

    As a result of new tax incentive agreements in Singapore in fiscal 2025, the company recorded a $644 million, or $0.79 per diluted share, income tax expense due to the remeasurement of deferred tax assets in Singapore.

    Business Outlook

    Applied’s total net revenue, non-GAAP gross margin and non-GAAP diluted EPS for the second quarter of fiscal 2025, including the estimated impact of recently announced U.S. export regulations, are expected to be approximately as follows:

      Q2 FY2025
    (In millions, except percentage and per share amounts)  
    Total net revenue $ 7,100   +/- $ 400  
    Non-GAAP gross margin   48.4 %    
    Non-GAAP diluted EPS $ 2.30   +/- $ 0.18  
                   

    This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share and a gain on asset sale of $0.05 per share, and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

    First Quarter Reportable Segment Information

    Semiconductor Systems Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 5,356     $ 4,909  
    Foundry, logic and other   68 %     62 %
    DRAM   28 %     34 %
    Flash memory   4 %     4 %
    Operating income $ 1,986     $ 1,744  
    Operating margin   37.1 %     35.5 %
    Non-GAAP Results    
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 1,594     $ 1,476  
    Operating income $ 447     $ 417  
    Operating margin   28.0 %     28.3 %
    Non-GAAP Results    
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Q1 FY2025   Q1 FY2024
      (In millions, except percentages)
    Net revenue $ 183     $ 244  
    Operating income $ 14     $ 25  
    Operating margin   7.7 %     10.2 %
    Non-GAAP Results    
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    Corporate and Other Q1 FY2025   Q1 FY2024
      (In millions)
    Unallocated net revenue $ 33     $ 78  
    Unallocated cost of products sold and expenses   (305 )     (297 )
    Total $ (272 )   $ (219 )
                   

    Use of Non-GAAP Financial Measures

    Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied’s ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

    Webcast Information

    Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, our business outlook for the second quarter of fiscal 2025 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; the implementation of additional export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations; global trade issues and changes in trade and export license policies and our ability to obtain licenses or authorizations on a timely basis, if at all; imposition of new or increases in tariffs and any retaliatory measures; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting our information systems or information contained in them, or affecting our operations, suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; the effects of regional or global health epidemics; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations and other risks and uncertainties described in our SEC filings, including our recent Forms 10-K and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

    About Applied Materials

    Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

    Investor Relations Contact:
    Liz Morali (408) 986-7977
    liz_morali@amat.com 

    Media Contact:
    Ricky Gradwohl (408) 235-4676
    ricky_gradwohl@amat.com 

     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025    		   January 28,
    2024
    Net revenue $ 7,166     $ 6,707  
    Cost of products sold   3,670       3,503  
    Gross profit   3,496       3,204  
    Operating expenses:      
    Research, development and engineering   859       754  
    Marketing and selling   206       207  
    General and administrative   256       276  
    Total operating expenses   1,321       1,237  
    Income from operations   2,175       1,967  
    Interest expense   64       59  
    Interest and other income (expense), net   8       395  
    Income before income taxes   2,119       2,303  
    Provision for income taxes   934       284  
    Net income $ 1,185     $ 2,019  
    Earnings per share:      
    Basic $ 1.46     $ 2.43  
    Diluted $ 1.45     $ 2.41  
    Weighted average number of shares:      
    Basic   814       831  
    Diluted   819       837  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
           
    (In millions) January 26,
    2025    		   October 27,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 6,264     $ 8,022  
    Short-term investments   1,949       1,449  
    Accounts receivable, net   5,998       5,234  
    Inventories   5,501       5,421  
    Other current assets   982       1,094  
    Total current assets   20,694       21,220  
    Long-term investments   2,686       2,787  
    Property, plant and equipment, net   3,563       3,339  
    Goodwill   3,768       3,732  
    Purchased technology and other intangible assets, net   237       249  
    Deferred income taxes and other assets   2,390       3,082  
    Total assets $ 33,338     $ 34,409  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Short-term debt $ 799     $ 799  
    Accounts payable and accrued expenses   4,485       4,820  
    Contract liabilities   2,452       2,849  
    Total current liabilities   7,736       8,468  
    Long-term debt   5,461       5,460  
    Income taxes payable   684       670  
    Other liabilities   832       810  
    Total liabilities   14,713       15,408  
    Total stockholders’ equity   18,625       19,001  
    Total liabilities and stockholders’ equity $ 33,338     $ 34,409  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
       
      Three Months Ended
    (In millions) January 26,
    2025    		   January 28,
    2024
    Cash flows from operating activities:      
    Net income $ 1,185     $ 2,019  
    Adjustments required to reconcile net income to cash provided by operating activities:      
    Depreciation and amortization   105       91  
    Share-based compensation   195       170  
    Deferred income taxes   668       (72 )
    Other   95       (235 )
    Net change in operating assets and liabilities   (1,323 )     352  
    Cash provided by operating activities   925       2,325  
    Cash flows from investing activities:      
    Capital expenditures   (381 )     (229 )
    Cash paid for acquisitions, net of cash acquired   (28 )     —  
    Proceeds from sales and maturities of investments   1,223       531  
    Purchases of investments   (1,711 )     (749 )
    Cash used in investing activities   (897 )     (447 )
    Cash flows from financing activities:      
    Proceeds from issuance of commercial paper   200       100  
    Repayments of commercial paper   (200 )     (100 )
    Common stock repurchases   (1,318 )     (700 )
    Tax withholding payments for vested equity awards   (142 )     (192 )
    Payments of dividends to stockholders   (326 )     (266 )
    Repayments of principal on finance leases   —       1  
    Cash used in financing activities   (1,786 )     (1,157 )
    Increase (decrease) in cash, cash equivalents and restricted cash equivalents   (1,758 )     721  
    Cash, cash equivalents and restricted cash equivalents—beginning of period   8,113       6,233  
    Cash, cash equivalents and restricted cash equivalents — end of period $ 6,355     $ 6,954  
           
    Reconciliation of cash, cash equivalents, and restricted cash equivalents      
    Cash and cash equivalents $ 6,264     $ 6,854  
    Restricted cash equivalents included in deferred income taxes and other assets   91       100  
    Total cash, cash equivalents, and restricted cash equivalents $ 6,355     $ 6,954  
           
    Supplemental cash flow information:      
    Cash payments for income taxes $ 70     $ 139  
    Cash refunds from income taxes $ 70     $ 2  
    Cash payments for interest $ 52     $ 34  
                   

    Additional Information

      Q1 FY2025   Q1 FY2024
    Net Revenue by Geography (In millions)  
    United States $ 917     $ 759  
    % of Total   13 %     11 %
    Europe $ 330     $ 410  
    % of Total   4 %     6 %
    Japan $ 540     $ 565  
    % of Total   8 %     9 %
    Korea $ 1,667     $ 1,231  
    % of Total   23 %     18 %
    Taiwan $ 1,183     $ 559  
    % of Total   17 %     8 %
    Southeast Asia $ 286     $ 186  
    % of Total   4 %     3 %
    China $ 2,243     $ 2,997  
    % of Total   31 %     45 %
           
    Employees(In thousands)      
    Regular Full Time   36.0       34.5  
                   
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025    		   January 28,
    2024
    Non-GAAP Gross Profit      
    GAAP reported gross profit $ 3,496     $ 3,204  
    Certain items associated with acquisitions1   7       7  
    Non-GAAP gross profit $ 3,503     $ 3,211  
    Non-GAAP gross margin   48.9 %     47.9 %
    Non-GAAP Operating Income      
    GAAP reported operating income $ 2,175     $ 1,967  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Non-GAAP operating income $ 2,190     $ 1,981  
    Non-GAAP operating margin   30.6 %     29.5 %
    Non-GAAP Net Income      
    GAAP reported net income $ 1,185     $ 2,019  
    Certain items associated with acquisitions1   12       11  
    Acquisition integration and deal costs   3       3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )     (1 )
    Unrealized loss (gain) on strategic investments, net   106       (280 )
    Income tax effect of share-based compensation2   (10 )     (26 )
    Income tax effects related to intra-entity intangible asset transfers3   674       22  
    Resolution of prior years’ income tax filings and other tax items   (16 )     33  
    Income tax effect of non-GAAP adjustments4   1       1  
    Non-GAAP net income $ 1,946     $ 1,782  
    1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       
    2 GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.
       
    3 Amount for the three months ended January 26, 2025, included changes to income tax provision of $30 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
    4 Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except per share amounts) January 26,
    2025    		   January 28,
    2024
    Non-GAAP Earnings Per Diluted Share      
    GAAP reported earnings per diluted share $ 1.45     $ 2.41  
    Certain items associated with acquisitions   0.01       0.01  
    Realized loss (gain), dividends and impairments on strategic investments, net   (0.01 )     —  
    Unrealized loss (gain) on strategic investments, net   0.13       (0.33 )
    Income tax effect of share-based compensation   (0.01 )     (0.03 )
    Income tax effects related to intra-entity intangible asset transfers1   0.83       0.03  
    Resolution of prior years’ income tax filings and other tax items   (0.02 )     0.04  
    Non-GAAP earnings per diluted share $ 2.38     $ 2.13  
    Weighted average number of diluted shares   819       837  
    1 Amount for the three months ended January 26, 2025, included changes to income tax provision of $0.04 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in fiscal 2025.
       
     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
       
      Three Months Ended
    (In millions, except percentages) January 26,
    2025    		   January 28,
    2024
    Semiconductor Systems Non-GAAP Operating Income      
    GAAP reported operating income $ 1,986     $ 1,744  
    Certain items associated with acquisitions1   12       10  
    Non-GAAP operating income $ 1,998     $ 1,754  
    Non-GAAP operating margin   37.3 %     35.7 %
    Applied Global Services Non-GAAP Operating Income      
    GAAP reported operating income $ 447     $ 417  
    Non-GAAP operating income $ 447     $ 417  
    Non-GAAP operating margin   28.0 %     28.3 %
    Display Non-GAAP Operating Income      
    GAAP reported operating income $ 14     $ 25  
    Non-GAAP operating income $ 14     $ 25  
    Non-GAAP operating margin   7.7 %     10.2 %
    1  These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.
       

    Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within corporate and other and included in consolidated operating income.

     
    APPLIED MATERIALS, INC.
    UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
       
      Three Months Ended
    (In millions, except percentages) January 26, 2025
       
    GAAP provision for income taxes (a) $ 934  
    Income tax effect of share-based compensation   10  
    Income tax effects related to intra-entity intangible asset transfers   (674 )
    Resolutions of prior years’ income tax filings and other tax items   16  
    Income tax effect of non-GAAP adjustments   (1 )
    Non-GAAP provision for income taxes (b) $ 285  
       
    GAAP income before income taxes (c) $ 2,119  
    Certain items associated with acquisitions   12  
    Acquisition integration and deal costs   3  
    Realized loss (gain), dividends and impairments on strategic investments, net   (9 )
    Unrealized loss (gain) on strategic investments, net   106  
    Non-GAAP income before income taxes (d) $ 2,231  
       
    GAAP effective income tax rate (a/c)   44.1 %
       
    Non-GAAP effective income tax rate (b/d)   12.8 %
           
     
    UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW
       
      Three Months Ended
    (In millions) January 26,
    2025    		   January 28,
    2024
    Cash provided by operating activities $ 925     $ 2,325  
    Capital expenditures   (381 )     (229 )
    Non-GAAP free cash flow $ 544     $ 2,096  
                   

    The MIL Network –

  • MIL-OSI: Freehold Royalties Declares Dividend for February 2025

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold) (TSX: FRU) announces that its Board of Directors has declared a dividend of Cdn. $0.09 per common share to be paid on March 17, 2025 to shareholders of record on February 28, 2025.

    These dividends are designated as “eligible dividends” for Canadian income tax purposes.

    Freehold is uniquely positioned as a leading North American energy royalty company with approximately 6.1 million gross acres in Canada and approximately 1.2 million gross drilling acres in the United States. Freehold’s common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU.

    The MIL Network –

  • MIL-OSI: iPower Reports Fiscal Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Fiscal Q2 Revenue up 14% to $19.1 Million

    Achieves GAAP Profitability and Positive Cash Flow from Operations

    RANCHO CUCAMONGA, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced its financial results for the fiscal second quarter ended December 31, 2024.

    Fiscal Q2 2025 Results vs. Year-Ago Quarter

    • Total revenue increased 14% to $19.1 million.
    • Gross profit increased 15% to $8.4 million, with gross margin up 40 bps to 44.0%.
    • Net income attributable to iPower improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share.
    • As of December 31, 2024, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Management Commentary

    “We delivered strong results across all key financial metrics in our fiscal second quarter while further enhancing our SuperSuite platform,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we continued to optimize operations and strengthen our presence across both our established and emerging sales channels. We also remain focused on supply chain diversification by exploring new supplier relationships beyond our existing network, reinforcing our commitment to building a more resilient and adaptable infrastructure.”

    “Our SuperSuite platform is gaining further momentum as we leverage our superior supply chain, warehousing and merchandising expertise to drive sales growth for partners with innovative product catalogs. Additionally, we are making steady progress with our recently launched SaaS platform, refining its capabilities to improve supplier collaboration, streamline operations, and better align partners with evolving market demands. With a strong pipeline of prospective partners, we are well-positioned to capitalize on the growing demand for SuperSuite as we bolster our comprehensive service offerings.”

    iPower CFO, Kevin Vassily, added, “Our ongoing efforts to optimize our cost structure have delivered meaningful results as we continue to drive gross margin expansion and operating leverage in our business. We have also officially shuttered our legacy commercial hydroponics business, as we are now focused on our core competency as a data-driven, consumer products and services company. We believe these initiatives, coupled with our accelerating growth in our SuperSuite business, will enable us to execute on our goals ahead.”

    Fiscal Second Quarter 2025 Financial Results 

    Total revenue in the fiscal second quarter of 2025 increased 14% to $19.1 million compared to $16.8 million for the same period in fiscal 2024. The increase was driven primarily by growth in iPower’s SuperSuite supply chain offerings, as well as greater product sales to the Company’s largest channel partner.

    Gross profit in the fiscal second quarter of 2025 increased 15% to $8.4 million compared to $7.3 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin increased 40 basis points to 44.0% compared to 43.6% in the year-ago period. The increase in gross margin was primarily driven by improved pricing through key supplier negotiations.

    Total operating expenses in the fiscal second quarter of 2025 improved 22% to $7.7 million compared to $9.9 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower selling and fulfillment expenses related to the Company’s largest channel partner.

    Net income attributable to iPower in the fiscal second quarter of 2025 improved to $0.2 million or $0.01 per share, compared to net loss attributable to iPower of $1.9 million or $(0.06) per share for the same period in fiscal 2024.

    Cash and cash equivalents were $2.9 million at December 31, 2024, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 31% to $4.4 million compared to $6.3 million as of June 30, 2024.

    Conference Call 

    The Company will hold a conference call today, February 13, 2025, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December 31, 2024.

    iPower’s management will host the conference call, which will be followed by a question-and-answer session.

    The conference call details are as follows:

    Date: Thursday, February 13, 2025
    Time: 4:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.

    The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.

    About iPower Inc. 

    iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower’s capabilities include a full spectrum of online channels, robust fulfillment capacity, a nationwide network of warehouses, competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower’s website at www.meetipower.com.

    Forward-Looking Statements 

    All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower’s Annual Report on Form 10-K, as filed with the SEC on September 20, 2024, and in its other SEC filings, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    IPW@elevate-ir.com

    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Balance Sheets
    As of December 31, 2024 and June 30, 2024
     
              December 31,   June 30,
              2024   2024
              (Unaudited)      
    ASSETS            
    Current assets            
      Cash and cash equivalent   $ 2,877,457     $ 7,377,837  
      Accounts receivable, net     13,926,432       14,740,093  
      Inventories, net     9,183,631       10,546,273  
      Prepayments and other current assets, net     2,292,744       2,346,534  
          Total current assets     28,280,264       35,010,737  
                       
    Non-current assets            
      Right of use – non-current     4,757,429       6,124,163  
      Property and equipment, net     303,059       370,887  
      Deferred tax assets, net     3,001,517       2,445,605  
      Goodwill     3,034,110       3,034,110  
      Intangible assets, net     3,306,014       3,630,700  
      Other non-current assets     1,187,179       679,655  
          Total non-current assets     15,589,308       16,285,120  
                       
          Total assets   $ 43,869,572     $ 51,295,857  
                       
    LIABILITIES AND EQUITY            
    Current liabilities            
      Accounts payable, net     8,853,320       11,227,116  
      Other payables and accrued liabilities     3,491,596       3,885,487  
      Lease liability – current     1,540,624       2,039,301  
      Short-term loan payable     –       491,214  
      Short-term loan payable – related party     350,000       350,000  
      Revolving loan payable, net     –       5,500,739  
      Income taxes payable     274,947       276,158  
          Total current liabilities     14,510,487       23,770,015  
                       
    Non-current liabilities            
      Long-term revolving loan payable, net     4,042,400       –  
      Lease liability – non-current     3,612,756       4,509,809  
                       
          Total non-current liabilities     7,655,156       4,509,809  
                       
          Total liabilities     22,165,643       28,279,824  
                       
    Commitments and contingency     –       –  
                       
    Stockholders’ Equity            
      Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and            
        outstanding at December 31, 2024 and June 30, 2024     –       –  
      Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and            
        31,359,899 shares issued and outstanding at December 31, 2024 and June 30, 2024     31,361       31,361  
      Additional paid in capital     33,867,156       33,463,883  
      Accumulated deficits     (12,041,063 )     (10,230,601 )
      Non-controlling interest     (44,195 )     (38,204 )
      Accumulated other comprehensive loss     (109,330 )     (210,406 )
          Total stockholders’ equity     21,703,929       23,016,033  
                       
          Total liabilities and stockholders’ equity   $ 43,869,572     $ 51,295,857  
                       
    iPower Inc. and Subsidiaries
    Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
    For the Three and Six Months Ended December 31, 2024 and 2023
     
            For the Three Months Ended December 31,   For the Six Months Ended December 31,
            2024   2023   2024   2023
            (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    REVENUES                    
      Product sales   $ 17,606,889     $ 16,800,122     $ 35,882,301     $ 43,308,496  
      Service income     1,465,682       –       2,198,791       –  
        Total revenues     19,072,571       16,800,122       38,081,092       43,308,496  
                                 
    COST OF REVENUES                        
      Product costs     9,461,119       9,481,882       19,378,567       24,231,411  
      Service costs     1,221,566       –       1,824,742       –  
        Total cost of revenues     10,682,685       9,481,882       21,203,309       24,231,411  
                                 
    GROSS PROFIT     8,389,886       7,318,240       16,877,783       19,077,085  
                                 
    OPERATING EXPENSES:                        
      Selling and fulfillment     4,628,914       6,936,980       10,543,722       17,000,451  
      General and administrative     3,077,365       2,933,607       8,396,888       5,897,658  
        Total operating expenses     7,706,279       9,870,587       18,940,610       22,898,109  
                                 
    INCOME (LOSS) FROM OPERATIONS     683,607       (2,552,347 )     (2,062,827 )     (3,821,024 )
                                 
    OTHER INCOME (EXPENSE)                        
      Interest expenses     (140,672 )     (182,612 )     (280,634 )     (410,977 )
      Loss on equity method investment     (802 )     (801 )     (1,721 )     (1,826 )
      Other non-operating income (expenses)     (205,958 )     128,838       12,728       61,672  
        Total other expenses, net     (347,432 )     (54,575 )     (269,627 )     (351,131 )
                                 
    INCOME (LOSS) BEFORE INCOME TAXES     336,175       (2,606,922 )     (2,332,454 )     (4,172,155 )
                                 
    PROVISION FOR INCOME TAX EXPENSE (BENEFIT)     120,511       (688,939 )     (516,001 )     (964,821 )
    NET INCOME (LOSS)     215,664       (1,917,983 )     (1,816,453 )     (3,207,334 )
                                 
      Non-controlling interest     (3,155 )     (3,155 )     (5,991 )     (5,991 )
                                 
    NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.   $ 218,819     $ (1,914,828 )   $ (1,810,462 )   $ (3,201,343 )
                                 
    OTHER COMPREHENSIVE INCOME (LOSS)                        
      Foreign currency translation adjustments     156,130       (160,255 )     101,076       (160,962 )
                                 
    COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.     $ 374,949     $ (2,075,083 )   $ (1,709,386 )   $ (3,362,305 )
                                 
    WEIGHTED AVERAGE NUMBER OF COMMON STOCK                        
      Basic     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
      Diluted     31,437,517       29,790,242       31,427,360       29,777,378  
                                 
    EARNINGS (LOSSES) PER SHARE                        
      Basic   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 
      Diluted   $ 0.01     $ (0.06 )   $ (0.06 )   $ (0.11 )
                                 

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces 3.3% Increase in Common Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced that on February 12, 2025, its Board of Directors approved a quarterly cash dividend of $0.31 per outstanding common share, an increase of $0.01, or 3.3%, from the most recent quarter.

    “The increase in our quarterly cash dividend is reflective of both our Board’s ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy,” said President and Chief Executive Officer Martin K. Birmingham.

    The $0.31 cash dividend represents an annualized yield of 4.4% based on the closing share price of $28.00 on February 12, 2025.

    The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

    All dividends are payable April 2, 2025, to shareholders of record on March 14, 2025.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    The MIL Network –

  • MIL-OSI: Definitive Healthcare Announces Timing of Its Fourth Quarter and Full Year 2024 Financial Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., Feb. 13, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

    A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

    A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through March 29, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

    About Definitive Healthcare
    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contact:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com

    Source: Definitive Healthcare Corp.

    The MIL Network –

  • MIL-OSI: Epsilon Energy Ltd. Announces New Share Repurchase Program and Borrowing Base Redetermination

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today announced that its Board of Directors terminated and revoked authority under the normal course issuer bid program which commenced on March 27, 2024. At the same time, the Board of Directors approved a new one-year share repurchase program, under which the Company is authorized to repurchase up to 2,200,876 common shares, representing 10% of the outstanding common shares of Epsilon, for an aggregate purchase price of not more than US $13.0 million, pursuant to a normal course issuer bid. The one-year period commenced on February 12, 2025. The program will end on February 11, 2026, unless the maximum amount of common shares is purchased before then or Epsilon provides earlier notice of termination.

    The Company believes that the market price of its common shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed repurchase of common shares constitutes an appropriate use of Epsilon’s funds, and the repurchase of its common shares is one way of creating shareholder value.

    Repurchases will be made from time to time through the facilities of the NASDAQ Global Market. The price paid for the common shares will be, subject to applicable securities laws, the prevailing market price of such common shares on the NASDAQ Global Market at the time of such purchase. The Company intends to fund the purchase out of available cash and does not expect to incur debt to fund the share repurchase program.

    The Company also announced the results of a borrowing base redetermination on the Company’s senior secured reserve-based lending revolving credit facility (the “Credit Facility”) with Frost Bank (the “Lender”). Effective on February 10, 2025, the Lender redetermined the borrowing base at $45 million, which will remain until the next redetermination later in the year.

    About Epsilon

    Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta, New Mexico, and Oklahoma.

    Contact Information:

    281-670-0002

    Jason Stabell
    Chief Executive Officer
    Jason.Stabell@EpsilonEnergyLTD.com

    Andrew Williamson
    Chief Financial Officer
    Andrew.Williamson@EpsilonEnergyLTD.com

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the fourth quarter and full year ended December 31, 2024, on Thursday, February 27, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Fourth Quarter and Full Year 2024 Conference Call Details:
    Thursday, February 27, 2025 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744
       

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty    
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network –

  • MIL-OSI Submissions: Australia – CBA partners with NSW Government to deliver banking services, building a brighter future for people, businesses and communities – CBA

    Source: Commonwealth Bank of Australia (CBA)

    CBA to deliver innovative payments and transaction banking services at scale, to shape the State’s digital future.

    NSW Government today announced that Commonwealth Bank has been selected to provide banking services and support to benefit the people, businesses and communities of the State.

    As part of the agreement, CBA will deliver liquidity management, transaction banking, merchant acquiring, FX, cross-border payments and transit payments services, to increase efficiency and make transacting with the government seamless for the people of New South Wales.

    CBA will help shape the State’s digital future by deploying the bank’s innovative payments technologies and transaction banking expertise, including globally recognised responsible AI capabilities, specialised government payment solutions and market leading merchant technologies.

    CBA has been retained to provide transit ticketing services for the NSW Government and will support the State to deliver new technologies for improved journey planning, payment and information access.

    As part of the long-term partnership, CBA is committed to delivering a number of benefits for the broader community and citizens of New South Wales, including investments to support small business, innovation and data insights.

    Approximately 40 per cent of all payments across Australia are processed through CBA’s network, and this rich data and insight will be leveraged to enable the government to make timely and informed data-driven decisions to help build a brighter future for the State.

    The agreement will also help to ensure the safety and security of payments through the implementation of CBA’s leading cyber and fraud management technologies, such as Namecheck, an Australian banking first that has saved the bank’s customers more than $400 million in mistaken payments and scams to date.

    Sinead Taylor, incoming CBA Group Executive, Institutional Banking and Markets, said CBA would bring the bank’s full breadth of transaction banking capabilities to drive better outcomes for New South Wales.

    “We are thrilled to have been given the opportunity by the New South Wales Government to harness our scale, digital innovation and government credentials to support a thriving, resilient and sustainable New South Wales.”

    “CBA is at the forefront of payments modernisation and our secure, resilient and innovative payments technologies, combined with our sophisticated scams and fraud mitigation tools, will drive efficiencies and deliver a better experience for people across the State.”

    “The New South Wales Government and CBA have a history of working together to drive innovation, with our long-standing partnership with Transport for NSW as just one example, and we look forward to broadening our partnership to benefit the people, businesses and communities of New South Wales.”

    MIL OSI – Submitted News –

  • MIL-OSI USA: Senators Luján, Markey, Peters Condemn Weaponization of Federal Communications Commission Against Broadcasters and Public Media 

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Attacks Against Public Media Could Threaten New Mexicans’ Access to Vital Local News, Television, and Radio
    Washington, D.C – Today, U.S. Senators Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), and Gary Peters (D-Mich.), members of the Senate Commerce, Science, and Transportation Committee, wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington regarding recent actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes. 
    Across New Mexico, 15 public media organizations rely on over $5.8 million in grants through the Corporation for Public Broadcasting (CPB) to deliver news, entertainment, and much more to the state’s metropolitan, rural, and Tribal communities. Dismantling the CPB could cut off public media to New Mexico’s most rural areas—including during disasters and emergencies when rural communities rely on public media coverage the most. 
    In the letter the lawmakers wrote, “We write to express our serious concern about the recent actions taken by the Federal Communications Commission (FCC) under Chairman Carr to open or reopen investigations into broadcasting companies without any evidence of wrongdoing in what appears to be an attempt to intimidate broadcasters for political purposes. Specifically, we are concerned by both of your recent assertions that broadcast stations could be investigated over their editorial decision-making, which raises concerns under the First Amendment. Additionally, we are deeply concerned that in just the first two weeks under Chairman Carr, the Commission has reinstated three previously closed complaints against ABC, CBS, and NBC — absent any new evidence — without also reinstating a similar complaint against a Fox broadcasting station. Finally, we are troubled by your announced investigation into PBS and National Public Radio (NPR) member stations without any evidence that these news sources have departed from decades-long practices for sponsorship disclosures. Taken together, these efforts appear politically motivated and designed to punish, censor or intimidate members of the free press based on political disagreement with editorial choices. This weaponization of the FCC is unacceptable. We urge you to immediately cease such conduct and respect the First Amendment. 
    The lawmakers continue, “We urge you both to follow the Constitution, immediately cease abusing the FCC’s legal authority, and return to the evidence-based decision-making that has been a staple of the Commission’s long and storied history.” 
    The full text of the letter is available here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Transport Sector – Road freight survey to fill key knowledge gaps

    Source: Ia Ara Aotearoa Transporting New Zealand

    Registrations for the National Road Freight Survey have opened today (February 14) with company owners, managers, drivers and other essential staff encouraged to have their say in the largest sector snap-shot in more than a decade.
    The survey is being run by independent research firm Research NZ on behalf of Transporting New Zealand, and is available to all road freight industry participants.
    Transporting New Zealand Chief Executive Dom Kalasih says the survey is a fantastic opportunity to better understand industry attitudes on key issues including workforce shortages, operating conditions, revenue issues such as tolling and congestion charging, the Cook Strait ferries and road policing.
    “There are over 30,000 people working in the road freight sector across more than 4,000 business entities, carrying 93 percent of the national freight task,” Kalasih says.
    “We want to get a clearer picture of what their leading concerns are, what opportunities they see for improvement, and what might be lesser priorities.”
    He says he is particularly interested in sharing the results with policy makers and industry partners about the retirement intentions of drivers and the employment of migrant workers.
    “We know the average age of truck drivers is rapidly approaching 60, and that migrant truck drivers have played an important supplementary role in filling shortages. However, the survey will give us a clearer picture of what proportion of the workforce intends to retire within five years, what the main barriers are to employing new drivers, and what policy changes we need to prioritise to improve the situation.”
    Kalasih says that Research NZ has kept the survey short, multi-choice and accessible, with the option to provide more in-depth answers.
    “The survey will ask operators to rank leading industry issues in order of importance, and then get more detailed responses on topical issues relating to each of those. This will be followed by some key questions on workforce challenges, the public perception of truck drivers, and what (if any) skill gaps people are noticing with new drivers.”
    “Because of the importance of the road freight industry, and its fragmented nature, people get a lot of survey requests from government, suppliers and supply chain partners. That’s why we’ve ensured this survey is concise, while still being comprehensive. We got feedback from our members on the content and it’s been designed to ensure we’ve got it right.”
    “People who register for the survey before 3 March (the survey launch date) will also enter the draw for an iPad, and there will be more prizes to follow. So get registered and share it with your team today. It’s open to all industry participants.”
    Road freight business owners, managers, drivers and staff can pre-register for the survey at:

    MIL OSI New Zealand News –