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Category: Business

  • MIL-OSI: Deep Origin Launches First and Only Drug Discovery Assistant with Conversational AI Interface and Top Docking Technology

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Deep Origin, the company helping scientists solve diseases and extend healthspan by building tools that simplify R&D, today announced the launch of Balto, the first drug discovery assistant of its kind using proprietary, state-of-the-art molecular modeling tools. Developed by top AI engineers and computational chemists, its AI and physics-based docking and chemical property prediction models outperforms open source and other commercial tools by up to a 10x greater enrichment factor. Balto democratizes access to these models with a simple, conversational interface where users can load a protein structure, dock small molecules to it, analyze pose and docking score, and predict chemical properties. Unlike other chat solutions, Balto is aware of scientific context and concepts. Balto offers users a convenient way to gather information from multiple databases, and synthesize academic literature, simplifying the research process and increasing efficiency.

    Today, developing a single new drug is a complex process that can take 12–15 years and cost in excess of $1 billion, without the guarantee of commercial success. This is due in part to the cost of lab and clinical validations, and the challenge of integrating a wide breadth of scientific knowledge in different disciplines and skill sets, ranging from human physiology to chemical synthesis. While tools exist to help find and filter potential drugs, their use is primarily limited to computational chemists because of the steep learning curve. Balto makes these tools accessible to medicinal chemists, who outnumber computational chemists by 10 to 1. This reduces a key bottleneck in drug discovery, enabling far more researchers to simulate potential drugs before making and testing them.

    “Balto helps medicinal chemists and research teams expand their capabilities, spending less time searching for information and streamlining access to the state of the art simulation. The unique benefit of Balto is that it gathers data easily across the web databases and moves it into molecular simulations, producing results all within the same interface. We have already seen enthusiasm from research labs, biotech, and pharma teams around the world,” says Michael Antonov, CEO of Deep Origin. “We saw a great opportunity with Balto and our docking tools to make work easier for thousands of researchers. Balto is a significant step for the productivity of the drug discovery community and for us on our mission to model, organize, and accelerate biological R&D, enabling cures through deep understanding of science.”

    “The quality and accuracy of our molecular models sets us apart,” says Garyk Papoian, CSO. “Stories of failures from researchers using existing tools highlighted the need for something better. That’s why we built our own suite of molecular modeling tools, from pocket-finding to docking and chemical property predictions. I’m incredibly proud of our team, because we haven’t just produced one top-performing model for one problem in molecular modeling – we’ve produced top models for each step.”

    Balto is now accessible here. With Balto, users unlock:

    • The ability to explore world-best molecular modeling without any prior training – Balto allows scientists to dive into complex protein-small molecule simulations without needing extensive training or expertise in computational chemistry
    • The time-saving potential to load and interrogate molecular information from wide-ranging sources, including PDFs, in a simple conversational interface. Once the data is loaded, it can be fed directly to the simulation tools. Users can learn about molecular simulations as they interact with Balto – the user experience is seamless and requires no learning curve, similar to talking to a colleague
    • Greater enrichment factor compared to several other open-source and commercial tools, giving researchers better results in real-world use
    • Affordable pricing to democratize access for individual use – Balto Basic will be priced at $32/month

    About Deep Origin
    Deep Origin is the only biotech company that combines physics, AI, and computational infrastructure to enable faster and better drug discovery. Its mission is to help scientists solve diseases and extend healthspan by building tools that simplify R&D, simulate biology, and untangle the complexity of life. Its tools enable scientists to generate compounds quickly, predict their efficacy reliably, and manufacture them inexpensively. We foster collaboration by bringing together scientists, engineers, and entrepreneurs to explore the unknown and decipher the mechanisms of life. Discover more at www.deeporigin.com.

    Media Contact
    Leisha Douglass
    deeporigin@karbocom.com

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Closes Full Over-Allotment Option Raising Total Funds of Over $40 Million From Recent Underwritten Follow-On Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear technology company developing proprietary, portable, and clean energy solutions, today announced the October 29, 2024 closing of the sale of an additional 317,646 shares of its common stock at $17.00 per share pursuant to the full exercise of underwriter’s over-allotment option granted in connection with NANO Nuclear’s recent underwritten follow-on public offering which closed on October 25, 2024.

    The gross proceeds from this public offering, inclusive of the full over-allotment exercise, before deducting underwriting discounts and other offering expenses, were approximately $41.4 million, and net proceeds were approximately $37.7 million.

    “The investor demand for this follow-on offering was significant, and we are grateful for the full exercise of the underwriter’s over-allotment option,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With the support of our investors, we are building a dynamic, commercially focused nuclear energy company led by world-class nuclear engineers and scientists as well as esteemed national leaders in military and civilian energy policy, former nuclear regulatory licensing and government energy professionals, all with the goal of developing the best in class, smaller, cheaper and safer advanced portable nuclear microreactors and other nuclear energy technologies and services. We look forward to using these offering proceeds to innovate, grow and drive value for our shareholders and the nuclear energy sector.”

    The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

    Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About NANO Nuclear Energy Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206
    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy TWITTER

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    The MIL Network –

  • MIL-OSI: Renault and Cerence Partner to Bring Generative AI to Reno, the Renault Connected Avatar

    Source: GlobeNewswire (MIL-OSI)

    BURLINGTON, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced its expanded partnership with Renault to bring generative AI-powered capabilities and human-like interaction to the automaker’s next-generation, multi-modal in-car companion, Reno.

    Reno, the official Renault avatar, is an intelligent, helpful, and endearing in-car companion that brings customers a more intuitive and fun driving experience. Expanding on Renault and Cerence’s multi-year partnership to bring Reno to life with humanized, voice-powered interaction, Renault will now leverage generative AI-powered Cerence Chat Pro to advance Reno’s capabilities and bring Reno’s intelligence to an entirely new level. Cerence Chat Pro, a uniquely intelligent, automotive-grade large language model integration, will enable Renault customers to engage Reno in fun and conversational chit-chat, leveraging a multitude of sources, including ChatGPT, to provide accurate and relevant responses to nearly every query imaginable. The interaction with Reno will be even more enhanced by Cerence’s neural text-to-speech, which enables Reno to convey different emotions in its responses to drivers, including apprehensive, cheerful, empathetic, sad, and serious.  

    “Reno marks the next generation of the Renault in-car experience, offering intuitive and natural interaction that brings added value and enjoyment to our customers,” said Luc Julia, Chief Scientific Officer, Renault Group. “With Cerence Chat Pro, we’re leveraging the latest in generative AI but making it applicable to the driving experience, bringing a new level of intelligence and capability to Reno that will enhance learning to use an electric vehicle, as well as safety and comfort for the drivers and the passengers.”

    At the foundation of Reno’s new, generative AI-powered capabilities is a deeply integrated, voice-enabled experience based on Cerence Assistant. In addition to voice-powered control of key vehicle features and functions, Reno leverages car data and sensors to proactively suggest ways to enhance driving performance, like changing the driving mode to maximize range or turning on the windshield defroster in certain weather. Reno can also answer the most commonly asked questions about the car, delivering credible and accurate information direct from Renault sources, powered by Cerence Car Knowledge.

    “We’re proud to continue our long-term partnership with Renault to bring advanced capabilities to Reno as it transforms the in-car interaction experience for Renault customers,” said Christian Mentz, Chief Revenue Officer, Cerence. “As we look to the future of the in-car experience, Reno marks an important milestone in bringing more human-like interaction to the car – a fun, knowledgeable companion that delivers a host of expanded capabilities to support drivers’ every need.”

    Reno made its debut in Renault 5 E-Tech electric in September 2024 and will also be available in Renault 4 E-Tech electric in 2025 .

    To learn more about Cerence, visit www.cerence.com, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world’s leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, AI-powered interaction between humans and their vehicles, connecting consumers’ digital lives to their daily journeys no matter where they are. Cerence’s track record is built on more than 20 years of knowledge and 500 million cars shipped with Cerence technology. Whether it’s connected cars, autonomous driving, e-vehicles, or two-wheelers, Cerence is mapping the road ahead. For more information, visit www.cerence.com.  

    About Renault
    Renault, a historic mobility brand and pioneer of electric vehicles in Europe, has always developed innovative vehicles. With the ‘Renaulution’ strategic plan, Renault has embarked on an ambitious, value-generating transformation, moving towards a more competitive, balanced and electrified range. Its ambition is to embody modernity and innovation in technology, energy and mobility services in the automotive industry and beyond.

    Contact Information

    Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

    The MIL Network –

  • MIL-OSI: IQST – iQSTEL to Present at the AI & Technology Virtual Investor Conference October 31st

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — iQSTEL Inc (OTCQX: IQST), based in Miami, Florida, focused on Telecommunications, Fintech, Cybersecurity and AI Services, today announced that Jose E. Puente, CEO of Reality Border (iQSTEL´s Subsidiary) and Leandro Jose Iglesias, CEO & President of iQSTEL, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.

    DATE: October 31st
    TIME: 11:00 – 11:30 am ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings: November 4th and 5th

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent iQSTEL Highlights

    1. Launch of High-Margin AIRWEB AI Solutions
      iQSTEL’s strategic focus on high-margin products, as shown by the launch of AIRWEB, is central to its growth plan. AIRWEB leverages the latest AI technology, positioning iQSTEL as a competitive player in the $741 billion global contact center market expected by 2030.
    2. Partnership Expansion with Cycurion
      iQSTEL has partnered with Cycurion to provide cybersecurity solutions, extending its high-tech, high-margin product offerings. This aligns with iQSTEL’s strategic growth in diversified technology sectors, including Fintech, AI, and cybersecurity.
    3. Engagement with ONAR for Branding Development
      iQSTEL has partnered with ONAR, a marketing agency, to enhance its branding and marketing presence. This collaboration strengthens iQSTEL’s positioning and brand awareness in high-tech and emerging markets, supporting the launch and visibility of innovations like AIRWEB.
    4. Global Presence and Market Reach
      iQSTEL continues to expand internationally, now operating in 20 countries. This global reach allows the company to deploy solutions like Cybersecurity and AIRWEB across diverse markets, leveraging its established customer base for broader engagement.
    5. $1 Billion Revenue Goal by 2027
      iQSTEL has set a goal to achieve $1 billion in revenue by 2027, and the launch of AIRWEB contributes to this vision by providing a scalable, AI-driven solution that enhances customer service while reducing costs, increasing profit potential in high-growth sectors.

    These highlights reflect iQSTEL’s dedication to innovation, international growth, financial stability, and strategic partnerships, reinforcing its mission to become a leader in telecommunications, AI, and high-margin technology products

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    About Reality Border:

    Reality Border (www.realityborder.com), the AI-Services subsidiary of iQSTEL, Inc. (OTCQX: IQST), specializes in providing AI-driven customer engagement solutions that help businesses scale and personalize their customer interactions. With a focus on simplicity and powerful AI technology, Reality Border enables businesses to achieve growth and operational efficiency with minimal complexity.

    Company Website:

    www.realityborder.com

    Airweb Service Website:

    www.airweb.ai

    About iQSTEL (Updated Oct. 2024):

    iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based multinational publicly listed company in the final stages of the path to becoming listed on NASDAQ. With FY2023 revenues of $144 million and a forecasted $290 million in revenue, alongside positive operating income of seven digits for FY-2024, iQSTEL is positioning itself for explosive growth. iQSTEL’s mission is to serve basic human needs in today’s modern world by making essential tools accessible, regardless of race, ethnicity, religion, socioeconomic status, or identity. The company recognizes that modern human needs such as physiological, safety, relationship, esteem, and self-actualization are marginalized without access to ubiquitous communications, financial freedom, clean, affordable mobility, and information.

    iQSTEL has been building a strong business platform with its customers, and by leveraging this trust, the company is now beginning to sell high-tech, high-margin products across its divisions. iQSTEL is strategically positioned to achieve $1 billion in revenue by 2027 through organic growth, acquisitions, and high-margin product expansion.

    • Telecommunications Services Division (Communications):
      Includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
    • Fintech Division (Financial Freedom):
      Provides remittance services, top-up services, a MasterCard Debit Card, US bank accounts (no SSN required), and a Mobile App.
    • Electric Vehicles (EV) Division (Mobility):
      Offers Electric Motorcycles and plans to launch a Mid-Speed Car.
    • Artificial Intelligence (AI) Services Division (Information and Content):
      Provides AI solutions for unified customer engagement across web and phone channels, along with a white-label platform offering seamless access to services, entertainment, and support in a virtual 3D interface.
    • Cybersecurity Services:
      Through a new partnership with Cycurion, iQSTEL will offer advanced cybersecurity solutions, including 24/7 monitoring, threat detection, incident response, vulnerability assessments, and compliance management, providing essential protection to telecommunications clients and beyond.

    iQSTEL has completed 11 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions, further expanding its suite of products and services both organically and through mergers and acquisitions.

    iQSTEL Inc.
    IR US Phone: 646-740-0907
    IR Email: investors@iqstel.com

    Contact Details
    iQSTEL Inc.
    +1 646-740-0907
    investors@iqstel.com

    Company Website
    www.iqstel.com

    Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

    The MIL Network –

  • MIL-OSI: Two Six Technologies Captures Strategic Win with Award on $4 Billion DTRA Contract

    Source: GlobeNewswire (MIL-OSI)

    ARLINGTON, Va., Oct. 30, 2024 (GLOBE NEWSWIRE) — Two Six Technologies (“Two Six”), a high-growth, technology-focused provider of products and expertise to U.S. national security customers, has established its next level of growth and success through its award on a 10-year, indefinite-delivery/indefinite-quantity (IDIQ) contract from the Defense Threat Reduction Agency’s (DTRA) Research and Development Directorate with a maximum cumulative ceiling of $4 billion.

    “I could not be more proud of the Two Six team who won this next-tier contract award,” said Joe Logue, CEO of Two Six Technologies. “We went up against the large, legacy companies – all experts in their specific fields – and were selected for an award, which highlights our unique capabilities as a mission-driven company focused on rapid innovations, cutting-edge technologies, and solving complex national security challenges.”

    The contract was designed for performing research, development, test and evaluation, maintenance, support, systems engineering and/or sustainment to provide scientific and technological solutions to meet the Department of Defense’s priority Combating Weapons of Mass Destruction objectives. Work within the program is divided into three pools: (1) artificial intelligence, machine learning, data science, and software development; (2) operations and countermeasures in a chemical, biological, radiological, and nuclear environment; and (3) targeting, information operations, and irregular warfare.

    Two Six, among the youngest and smallest of the nine companies awarded slots on the contract, was selected based on the unique strategy it presented to DTRA, including its ability to adapt to client needs with proprietary products and expertise. The company expects to bid on specific task orders that fit within Two Six’s core expertise of innovative technology development, deep research and development capabilities, and agile project execution.

    “Being named to this contract is meaningful and important on so many levels,” said Greg Bitel, Vice President of Business Development. “First, it demonstrates that Two Six has created a new and disruptive approach to winning competitive awards against much larger and longer-established firms. Second, it’s a massive growth opportunity for our company – and one we intend to seize upon. And third, it’s a recognition of the very intentional and strategic ways in which Two Six has grown and matured our capabilities to be a leader in the industry.”

    Two Six Technologies was formed in February 2021, with the backing of global investment firm The Carlyle Group, as a new generation of technology company focused on U.S. Government customers. Over the past three years Two Six has accelerated its growth and strengthened its focus on five technical areas essential to national security missions: cyber, information operations, resilient communications, electronic systems, and zero trust solutions. The company’s driving force continues to be its two-part mission to deliver technological superiority for the nation and empower passionate people to succeed as a team.

    About Two Six Technologies
    Two Six Technologies is a high-growth technology company dedicated to providing innovative products and expertise for defense, intelligence, public safety, and national security customers. The company solves complex technical challenges in five focus areas that are key to missions on the modern battlefield: cyber, information operations, resilient communications, electronic systems, and zero trust solutions.

    The company offers a robust suite of sole source contract vehicles with more than $1.5 billion of combined contract ceiling; a family of operationally deployed products including IKE™, Pulse, TrustedKeep™, SIGMA™, and TrustMobile; and a global operational footprint that includes technical access in more than 100 countries coupled with native proficiency in more than 20 languages.

    Two Six supports national security customers across the Department of Defense, including U.S. Special Operations Command, U.S. Cyber Command and DARPA; Department of State; the Intelligence Community; and Civilian agencies.

    Two Six is headquartered in Arlington, Virginia and employs more than 870 professionals working in 37 states across the country.

    For more information, visit twosixtech.com and Two Six Technologies on LinkedIn.

    Media Contact
    David Leach
    Vice President of Corporate Development
    david.leach@twosixtech.com
    703-782-9473

    The MIL Network –

  • MIL-OSI: LaunchDarkly Launches Dedicated EU Region to Support EU Data Residency and Compliance Needs

    Source: GlobeNewswire (MIL-OSI)

    OAKLAND, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — LaunchDarkly, the platform for high-velocity engineering teams to release, monitor, and optimize great software, today announced the launch of its dedicated EU region. This strategic expansion of the LaunchDarkly platform addresses the critical data residency needs of European organizations by securely storing critical data within the European Union.

    The launch of the EU region follows LaunchDarkly’s recent participation in the EU-US Data Privacy Framework, reinforcing the company’s commitment to upholding the highest standards of data privacy and security. As organizations across Europe grapple with increasing regulatory pressures, the dedicated EU region provides a vital solution, allowing businesses to focus on innovation while managing residency and compliance needs.

    “Europe is home to some of the most exciting software innovation, so it’s no surprise that we are seeing a surge in demand for feature management, AI application oversight, and experimentation,” said Dan Rogers, CEO of LaunchDarkly. “Our new EU region responds directly to these needs, addressing crucial data residency concerns while empowering engineering teams to push boundaries with confidence.”

    Key Features of the LaunchDarkly EU Region:

    • EU Data Residency: All end-user data will be stored within the EU, giving organizations greater control and security over their sensitive information.
    • Regulatory Compliance: Keeping data in the EU can address specific regulatory challenges that certain EU industries face.
    • Security and Privacy Assurance: The LaunchDarkly EU region is backed by rigorous security protocols, including certifications like SOC 2 Type II and ISO 27001, ensuring the highest levels of data protection.

    The LaunchDarkly EU region, based in Frankfurt, Germany, is designed for optimal performance, reducing latency for EU-based traffic while ensuring robust disaster recovery processes, and will include a secondary AWS EU region in Paris for backups. This infrastructure not only supports compliance but also empowers organizations to innovate, without some of the burdens of regulatory or compliance uncertainty. This is particularly important for highly-regulated industries like financial services, energy, and healthcare.

    “Data residency has long been a significant hurdle for us when it comes to scaling beyond our homegrown solutions,” said Julien Femia, Director of Engineering at Alan. “We’re excited to partner with LaunchDarkly, as their new EU region allows us to confidently embrace feature management while adhering to our data compliance needs. This marks a key step forward in accelerating our product development and delivering even more innovative healthcare solutions to our users.”

    As data residency becomes an increasingly pressing concern for European organizations, the LaunchDarkly EU region represents a pivotal step in simplifying compliance and fostering trust in cloud operations. LaunchDarkly encourages EMEA sales representatives to proactively engage with prospects and existing clients to share this crucial development and its implications for their data residency and compliance strategies.

    For more information about the LaunchDarkly EU region, visit here.

    About LaunchDarkly

    LaunchDarkly is the leading release management platform that empowers engineering teams to deliver better software, faster and with less risk. With a comprehensive suite of capabilities, the LaunchDarkly platform facilitates real-time experimentation, AI-driven solutions, and progressive delivery, ensuring new features are rolled out smoothly and efficiently. Serving over 5,500 of the world’s most innovative enterprises, including a quarter of the Fortune 500, LaunchDarkly is trusted around the globe to deliver software with speed and safety, enhancing customer experiences across industry verticals. For more information, visit www.launchdarkly.com.

    The MIL Network –

  • MIL-OSI: Four in Five Recent Home Buyers May Look to Refinance in the Next 12 Months to Help Alleviate Strain on Personal Finances

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — A new TransUnion (NYSE: TRU) survey found that many consumers feel their existing auto and new mortgage payments are putting a strain on their household finances, and the prospect of falling interest rates has them ready to consider refinancing those loans.

    The surveys of current auto loan customers and those consumers who have taken out a mortgage in the last 24 months were conducted between September 18 and September 27, 2024. They resulted in responses from 1,002 and 1,025 auto and mortgage loan customers, respectively.

    “We surveyed this specific group of recent borrowers to better understand the drivers of refinance for both mortgages and auto loans,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Millions of people financed homes and autos during this period of high interest rates, and many will look to refinance as interest rates decline.”

    TransUnion’s survey found four in five recent home buyers say their mortgage payments are straining their finances and are looking to refinance their mortgage payments in the next 12 months.

    Many Recent Home Buyers Say Their Current Mortgage Payment is a Strain on Their Personal Finances

    Opinions/Generation All Consumers Gen Z Millennials Gen X Baby Boomers
    Strongly Agree or Agree 80.1% 79.7% 88.7% 75.3% 54.9%
    Neither Agree nor Disagree 8.0% 10.6% 4.6% 9.8% 12.1%
    Disagree or Strongly Disagree 11.9% 9.7% 6.7% 14.9% 33.0%


    Percent of Recent Home Buyers Who Anticipate Refinancing Their Mortgage     in the Next Twelve Months if Rates Fall

    Opinions/Generation All Consumers Gen Z Millennials Gen X Baby Boomers
    Very Likely or
    Likely    		 80.0% 77.0% 89.6% 78.5% 46.2%
    Neither Likely nor Unlikely 7.1% 10.2% 4.2% 7.3% 13.2%
    Unlikely or Very Unlikely 12.9% 12.8% 6.2% 14.2% 40.6%

    Source: TransUnion U.S. consumer survey

    When asked the biggest factor that would ultimately drive them to pull the trigger on a refinancing decision, 70% of these recent home buyers said that a more favorable loan term would be a key driver for them. However, a nearly identical percentage said that better interest rates (67%) and a cash-out refinance (61%) would also be significant drivers, reflecting broad economic interest.

    “For many of these recent home buyers, their mortgage payment is their largest single payment each month,” said Satyan Merchant, senior vice president and mortgage and auto business leader for TransUnion. “The upside is that it is a payment that can be refinanced if the economic climate allows for it, and as interest rates begin to fall, this group of consumers should begin exploring this option. Conversely, lenders should be actively marketing to these refinance candidates, regardless of what their primary motivation to refinance may be.”

    Similar Consumer Sentiments Found When Asked About Auto Loans

    The survey also examined consumer sentiment towards their existing auto loans, payments and interest rates along with future plans regarding refinancing. Results indicated that there was a similar eagerness to refinance when interest rates eventually fall, and a similar response among consumers when asked if they feel that their current auto loan payments represent a strain on their household finances.

    When asked the extent to which they agree that their current auto loan payment represented a strain on their personal finances, 65% of respondents indicated that they agree or strongly agree with this statement as opposed to 20% who disagree or strongly disagree. Nearly the same percentage of respondents, 63%, indicated that they were likely or very likely to refinance their existing auto loans if it could save them money on their monthly payments. 52% of respondents indicated they would consider refinancing if it would save them between $50 and $149 monthly.

    The research also explored the sentiment of consumers who have already refinanced despite the relatively high interest rates. Many of these borrowers derived lower payments through longer terms.

    From this standpoint, TransUnion data shows that credit unions continue to lead the way with 67% of the refinance share in 2023. Banks had the second largest share, at 20%. These figures have remained relatively stable in recent years and underscore consumers’ favorable perception of credit unions when they begin exploring refinancing opportunities.

    “Credit unions may be able to offer their members rates and service that larger more traditional banks cannot,” said Sean Flynn, senior director of community financial institutions at TransUnion. “Credit unions should lean into this fact and leverage available tools such as trended data and advanced analytics to seek out those consumers who may be able to refinance.”

    To learn more about how TruIQ™ by TransUnion helps lenders make better, data-driven decisions faster with advanced analytics consulting services and enabling technologies, click here. To learn how TruVision™ allows lenders to use trended data to more precisely balance risk and opportunity with risk management products that identify and manage best-fit customers across the account lifecycle, click here.

    To learn more about the analysis above, click here.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
    http://www.transunion.com/business

    Contact Dave Blumberg
      TransUnion
       
    E-mail david.blumberg@transunion.com
       
    Telephone 312-972-6646

    The MIL Network –

  • MIL-OSI: Boba Mint Holdings Announces Major Milestones for Blockchain Game Tanjea Amidst Surging User Growth

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 30, 2024 (GLOBE NEWSWIRE) — Boba Mint Holdings Ltd. (CSE: TNJ) (“Boba Mint” or the “Company”) is excited to celebrate remarkable growth milestones for its flagship blockchain mobile game, Tanjea. Since the last user download update in May, game downloads have doubled, now surpassing 409,670 total downloads, with over 24,000 monthly active users on the Android platform alone.

    “I am impressed with the increase in game downloads—it’s a testament to the two engaging game modes we now have in the Tanjea ecosystem,” said CEO Rody Lazar. This impressive surge in user engagement underscores Boba Mint’s impact in the blockchain gaming industry and its commitment to redefining the mobile gaming experience.

    TNJ Token Update

    We anticipate that full withdrawal capabilities for our TNJ token will be available by the end of calendar year 2024, with plans for the token to trade on Uniswap in the future.

    About Boba Mint Holdings Ltd.

    Boba Mint Holdings Ltd. is focused on the development of blockchain mobile games that integrate ERC20 tokens and ERC721 NFTs. Its primary product is a mobile blockchain gaming ecosystem called Tanjea, where gamers collect NFT characters (primarily birds and wolves) in multiple mobile games and use them to earn $TNJ tokens.

    Boba Mint is a pioneering blockchain gaming company dedicated to creating immersive, decentralized gaming experiences. Boba Mint has become synonymous with innovation and excellence in the blockchain gaming industry.

    On Behalf of the Board of Directors,

    Boba Mint Holdings Ltd.

    “Rody Lazar” CEO

    For further information, please contact:

    Rody Lazar – CEO

    Phone: 1-800-556-1015

    Email: info@bobamint.com

    Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for this release’s adequacy or accuracy.

    Forward-Looking Statements

    This news release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Boba’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Such statements include those relating to game development and the Company’s expectations and plans. Although Boba believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

    Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the blockchain sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mobile video game industry and markets in Canada and generally; the ability of Boba to implement its business strategies; competition; and other assumptions, risks and uncertainties. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. The foregoing statements expressly qualify any forward- looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Boba’ Form 2A Listing Statement dated April 19, 2024 which is available on Boba’s profile at http://www.sedarplus.ca and on the CSE website at https://thecse.com/listings/boba-mint-holdings- ltd/.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
    We seek Safe Harbor.

    The MIL Network –

  • MIL-OSI China: Int’l skydiving festival kicks off in Egypt

    Source: China State Council Information Office 3

    The seventh edition of Egypt’s “Jump Like a Pharaoh” air sports festival kicked off on Tuesday, with about 200 skydivers from different countries participating in the three-day event.

    The festival began as 100 skydivers jumped from C-130 aircraft provided by the Egyptian Armed Forces. They fashionably landed at the foot of the Pyramid of Khafre in Giza, near the capital Cairo.

    “This edition witnessed the participation of many professional skydivers from around the world to enjoy the experience of flying over the pyramids,” said Youssef Medhat, a media officer with the organizer Skydive Egypt company.

    He added that one of the event’s main objectives is to boost Egyptian tourism, in addition to promoting the sport of skydiving.

    “The festival has already succeeded in promoting skydiving in Egypt, and we see this through the increasing number of Egyptians who wish to either participate in the festival or learn this wonderful sport,” Medhat said.

    Chris Whitley, a professional skydiver from the United States, flew all the way from Virginia to Cairo to participate in the festival.

    “This is my fifth time to jump over the pyramids … the experience is amazing,” Whitley said. 

    MIL OSI China News –

  • MIL-OSI: ES Bancshares, Inc. Announces Third Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Revenue Growth

    Source: GlobeNewswire (MIL-OSI)

    STATEN ISLAND, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $582 thousand, or $0.08 per diluted common share, for the quarter ended September 30, 2024, compared to a net income of $158 thousand or $0.02 per diluted common share for the quarter ended June 30, 2024.

    Key Quarterly Financial Data 2024 Highlights
    Performance Metrics 3Q24 2Q24 3Q23   • The Cost of Funds for the three months ended September 30, 2024, improved to 3.02% from 3.17% in the prior linked quarter.

    • For 3 months ended September 30, 2024, the Company’s net interest margin increased to 2.30% compared to 2.21% for the 3 months ended June 30, 2024.

    • The Company repurchased $2million of its sub-debt during the quarter, resulting in a gain on extinguishment.

    • The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-months in 2024.

    • Total Revenues for the quarter ended September 30, 2024, totaled $8.6 million increasing for an eighth consecutive quarter.
    Return on average assets (%) 0.36 0.10 0.09  
    Return on average equity (%) 4.98 1.37 1.17  
    Return on average tangible equity (%) 5.04 1.38 1.18  
    Net interest margin (%) 2.30 2.21 2.67  
             
    Income Statement (a) 3Q24 2Q24 3Q23  
    Net interest income $       3,567 $       3,447 $        3,977  
    Non-interest income $          609 $          329 $           256  
    Net income $          582 $          158 $           133  
    Earnings per diluted common share $         0.08 $         0.02 $          0.02  
             
    Balance Sheet (a) 3Q24 2Q24 3Q23  
    Average total loans  $   566,031  $   565,363 $     555,919  
    Average total deposits  $   512,119  $   510,050 $     487,816  
    Book value per share  $         6.85  $         6.74 $           6.79  
    Tangible book value per share  $         6.77  $         6.65 $           6.71  
     
    (a) In thousands except for per share amounts
     

    Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares, said, “We are pleased to report solid progress this quarter, reflecting our commitment to enhancing the earnings profile of the organization and maintaining disciplined expense management. Despite a challenging and competitive landscape, the Company’s net interest margin increased by nine basis points for the second straight quarter. The Company’s balance sheet and capital position remain robust, and through the open market, we’ve partially paid down our subordinated debt, which will positively impact the margin going forward.”

    Selected Balance Sheet Information:

    September 30, 2024 vs. December 31, 2023

    As of September 30, 2024, total assets were $633.2 million, a decrease of $5.5 million, or 0.9%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to a slightly smaller loan portfolio.

    Loans receivable, net of Allowance for Credit Losses on Loans totaled $560.0 million, a decrease of 0.7% from December 31, 2023. As of September 30, 2024, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.90%.

    Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.1 million or 0.81% of total assets, as of September 30, 2024, increasing from $1.4 million or 0.22% of total assets at December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.91%, as of September 30, 2024, and 0.22% for December 31, 2023. The increase from December 31, 2023, was primarily due to one Commercial Real Estate loan and one 1-4 family investor loan being placed on non-accrual status. Both loans are deemed to be well collateralized and in total amount to $4.0 million.

    Total liabilities decreased $6.8 million to $586.1 at September 30, 2024 from $592.9 million at December 31, 2023. The decrease can be attributed to repayments of brokered deposits and Federal Home Loan (FHLB) borrowings partially offset by growth in core deposits. The growth in deposits was driven by an increase in interest-bearing, non-maturity deposit accounts.

    As of September 30, 2024, the Bank’s Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.18%, 13.67%, 13.67% and 14.92%, respectively, all in excess of the ratios required to be deemed “well-capitalized.” During the third quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.85 at September 30, 2024 compared to $6.83 at December 31, 2023. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.77 at September 30, 2024 compared to $6.74 at December 31, 2023.

    Financial Performance Overview:

    Three Months Ended September 30, 2024, vs. June 30, 2024

    For the three months ended September 30, 2024, the Company net income totaled $582 thousand compared to a net income of $158 thousand for the three months ended June 30, 2024. The improvement can be attributed to an expanded margin and increased non-interest income quarter over quarter.

    Net interest income for the three months ended September 30, 2024, increased $120 thousand, to $3.6 million from $3.4 million at three months ended June 30, 2024. The Company’s net interest margin widened by nine basis points to 2.30% for the three months ended September 30, 2024, as compared to 2.21% for the three months ended June 30, 2024. The increase in margin can be attributed to a reduction in the Company’s average cost for its Interest-bearing liabilities.

    There was a reversal for credit losses of $38 thousand for the three months ended September 30, 2024, compared to a $9 thousand provision for credit losses taken for the three months ended June 30, 2024.

    Non-interest income increased $280 thousand, to $609 thousand for the three months ended September 30, 2024, compared with non-interest income of $329 thousand for the three months ended June 30, 2024. The majority of the increase can be attributed to a $245 thousand gain on extinguishment of the Company’s subordinated debt.

    Non-interest expenses totaled $3.4 million for the three months ended September 30, 2024, compared to $3.5 million for the three months ended June 30, 2024. The largest fluctuations quarter over quarter pertain to a 31% reduction in Professional fees, which decreased $70 thousand to a more normalized level during the quarter ended September 30, 2024.

    Nine months ended September 30, 2024 vs. September 30, 2023

    For the nine months ended September 30, 2024, net income totaled $637 thousand in comparison to $1.4 million for the nine months ended September 30, 2023. The decrease can mainly be attributed to higher costs paid on deposits which increased $5.0 million.

    Net interest income for the nine months ended September 30, 2024, decreased 18% or $2.2 million, to $10.2 million from $12.4 million at September 30, 2023. The decrease can be attributed to increased interest expense for deposits, partially offset by increased interest income earned on the loan portfolio.

    Provision for credit losses totaled $10 thousand for the nine months ended September 30, 2024, compared to a $103 thousand provision for the nine months ended September 30, 2023.

    Non-interest income totaled $1.2 million for the nine months ended September 30, 2024, compared with noninterest income of $758 thousand for the nine months ended September 30, 2023. The increase can be attributed to the gain recorded on extinguishment of sub-debt which is partially offset by a decrease in gains recorded from loan sales period over period.

    Operating expenses totaled $10.4 million for the nine months ended September 30, 2024, compared to $11.3 million for the nine months ended September 30, 2023, or a decrease of 8.1%. The decrease in non-interest expense can be attributed to initiatives taking effect from the cost-cutting program launched in 2024.

    About ES Bancshares Inc.
    ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

    The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

    We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

    Forward-Looking Statements

    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

    Investor Contact:
    Peggy Edwards, Corporate Secretary
    (845) 451-7825

    ES Bancshares, Inc.  
    Consolidated Statements of Financial Condition  
    (in thousands)  
        September 30, December 31,   September 30,  
    2024  2023  2023   
          |—-(unaudited)—-|     |—-(unaudited)—-|  
    Assets            
    Cash and cash equivalents $ 25,436   32,728     29,439    
    Securities, net   22,595   15,220     15,143    
    Loans receivable, net:            
         Real estate mortgage loans   545,445   551,250     543,870    
         Commercial and Lines of Credit   14,729   12,823     13,950    
         Home Equity and Consumer Loans 709   700     704    
         Deferred costs   4,210   4,233     4,362    
         Allowance for Loan Credit Losses (5,100 ) (5,086 )   (5,028 )  
              Total loans receivable, net   559,993   563,920     557,858    
    Accrued interest receivable   2,670   2,625     2,533    
    Investment in restricted stock, at cost   4,342   5,191     5,782    
    Goodwill   581   581     581    
    Bank premises and equipment, net   5,050   5,600     5,608    
    Repossessed assets   –   –     164    
    Right of use lease assets   6,109   6,415     6,625    
    Bank Owned Life Insurance   5,450   5,341     5,305    
    Other Assets   1,014   1,129     1,278    
         Total Assets $ 633,240   638,750     630,316    
                 
    Liabilities & Stockholders’ Equity            
    Non-Interest-Bearing Deposits   97,867   107,849     125,562    
    Interest-Bearing Deposits   389,340   329,695     302,509    
    Brokered Deposits   20,773   56,581     42,873    
         Total Deposits   507,980   494,125     470,944    
    Bond Issue, net of costs   11,780   13,708     13,701    
    Borrowed Money   50,267   70,805     83,980    
    Lease Liability   6,382   6,672     6,877    
    Other Liabilities   9,710   7,578     9,208    
         Total Liabilities   586,119   592,888     584,710    
    Stockholders’ equity   47,121   45,862     45,606    
         Total liabilities and stockholders’ equity $ 633,240   638,750     630,316    
        
      ES Bancshares, Inc.
      Consolidated Statements of Income
      (in thousands)
                   
      Three Months Ended   Nine Months Ended
      September 30,
    2024    		 June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		 September 30,
    2023
      |————–(unaudited)————–|   |—-(unaudited)—-|
    Interest income              
    Loans $ 7,315   $ 7,345   $ 6,716   $ 21,868 $ 19,284
    Securities   218     121     111     454   336
    Other interest-earning assets   428     561     319     1,252   1,140
         Total Interest Income   7,961     8,027     7,146     23,574   20,760
    Interest expense              
    Deposits   3,674     3,837     2,459     11,096   6,107
    Borrowings   720     743     710     2,261   2,220
         Total Interest Expense   4,394     4,580     3,169     13,357   8,327
              Net Interest Income   3,567     3,447     3,977     10,217   12,433
    (Rev)Prov for Credit Losses   (38 )   9     86     10   103
         Net Interest Income after (Rev)Prov for Credit Losses   3,605     3,438     3,891     10,207   12,330
    Non-interest income              
    Service charges and fees   264     200     205     636   508
    Gain on loan sales   –     –     12     1   138
    Gain on extinguishment of Sub-debt   245     –     –     245   –
    Other   100     129     39     271   112
         Total non-interest income   609     329     256     1,153   758
    Non-interest expenses              
    Compensation and benefits   1,719     1,728     1,856     5,168   5,664
    Occupancy and equipment   618     605     729     1,891   2,010
    Data processing service fees   315     317     397     958   1,039
    Professional fees   155     225     315     561   747
    FDIC & NYS Banking Assessments   100     99     71     296   183
    Advertising   84     85     107     244   305
    Insurance   55     46     54     151   140
    Other   365     401     446     1,103   1,198
         Total non-interest expense   3,411     3,506     3,975     10,372   11,286
              Income prior to tax expense   803     261     172     988   1,802
    Income taxes   221     103     39     351   414
              Net Income $ 582   $ 158   $ 133   $ 637 $ 1,388
                   
                       
      ES Bancshares, Inc.
      Average Balance Sheet Data
      For the Three Months Ended (dollars in thousands)
      September 30, 2024 June 30, 2024 September 30, 2023
      Avg Bal Interest Average Avg Bal Interest Average Avg Bal Interest Average
      Rolling Rolling Rolling Rolling Rolling Rolling
    Assets  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost  3 Mos.  3 Mos. Yield/Cost
    Interest-earning assets:                  
        Loans receivable $ 566,031 $ 7,315 5.17 % $ 565,363 $ 7,345 5.20 % $ 555,919 $ 6,716 4.83 %
        Investment securities   22,480   218 3.87 %   15,513   121 3.13 %   16,151   111 2.75 %
        Other interest-earning assets   31,656   428 5.29 %   41,652   561 5.33 %   24,532   319 5.12 %
           Total interest-earning assets   620,167   7,961 5.13 %   622,528   8,027 5.16 %   596,602   7,146 4.79 %
    Non-interest earning assets   17,919       16,398       17,371    
           Total assets $ 638,086     $ 638,926     $ 613,973    
    Liabilities and Stockholders’ Equity                  
    Interest-bearing liabilities:                  
        Interest-bearing checking $ 33,512 $ 55 0.65 % $ 36,692 $ 71 0.77 % $ 29,162 $ 28 0.38 %
        Savings accounts   200,248   1,728 3.42 %   175,686   1,629 3.72 %   121,849   536 1.75 %
        Certificates of deposit   173,577   1,891 4.32 %   194,806   2,137 4.40 %   212,094   1,895 3.54 %
           Total interest-bearing deposits   407,337   3,674 3.58 %   407,184   3,837 3.78 %   363,105   2,459 2.69 %
        Borrowings   52,984   519 3.89 %   55,510   522 3.77 %   51,557   488 3.76 %
        Subordinated debenture   12,388   201 6.44 %   13,726   221 6.46 %   13,695   222 6.41 %
           Total interest-bearing liabilities   472,709   4,394 3.69 %   476,420   4,580 3.86 %   428,357   3,169 2.93 %
    Non-interest-bearing demand deposits   104,782       102,866       124,711    
    Other liabilities   13,842       13,429       15,348    
           Total non-interest-bearing liabilities   118,624       116,295       140,059    
    Stockholders’ equity   46,753       46,211       45,557    
           Total liabilities and stockholders’ equity $ 638,086     $ 638,926     $ 613,973    
    Net interest income   $ 3,567     $ 3,447     $ 3,977  
    Average interest rate spread     1.45 %     1.30 %     1.86 %
    Net interest margin     2.30 %     2.21 %     2.67 %
                       
                       
                   
    Five Quarter
    Performance Ratio Highlights    		 Three Months Ended
    September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 September 30,
    2023    		  
    Performance Ratios (%) – annualized            
      Return(loss) on Average Assets   0.36   0.10    (0.07 )   0.05   0.09  
      Return(loss) on Average Equity   4.98   1.37    (0.90 )   0.73   1.17  
      Return(loss) on Average Tangible Equity   5.04   1.38    (0.91 )   0.74   1.18  
      Efficiency Ratio   81.70   92.86   101.08     99.31   93.89  
    Yields / Costs (%)            
      Average Yield – Interest Earning Assets   5.13   5.16   5.03     4.92   4.79  
      Average Cost – Interest-bearing Liabilities   3.69   3.86   3.82     3.55   2.93  
      Net Interest Margin   2.30   2.21   2.12     2.28   2.67  
    Capital Ratios (%)            
      Equity / Assets   7.44   7.12   7.34     7.18   7.24  
      Tangible Equity / Assets   7.36   7.03   7.26     7.09   7.15  
      Tier I leverage ratio (a)   9.18   9.30   9.52     9.45   9.54  
      Common equity Tier I capital ratio (a)   13.67   13.81   13.63     13.60   13.47  
      Tier 1 Risk-based capital ratio (a)   13.67   13.81   13.63     13.60   13.47  
      Total Risk-based capital ratio (a)   14.92   15.06   14.88     14.85   14.63  
    Stock Valuation            
      Book Value $ 6.85 $ 6.74 $ 6.75   $ 6.83 $ 6.79  
      Tangible Book Value $ 6.77 $ 6.65 $ 6.67   $ 6.74 $ 6.71  
      Shares Outstanding (b)   6,878   6,884   6,834     6,714   6,714  
    Asset Quality (%)            
      ACL / Total Loans   0.90   0.90   0.89     0.89   0.89  
      Non Performing Loans / Total Loans   0.91   0.22   0.24     0.22   0.25  
      Non Performing Assets / Total Assets   0.81   0.19   0.21     0.22   0.25  
                   
      (a) Ratios at Bank level             (b) Shares information presented in thousands        
                   

    The MIL Network –

  • MIL-OSI Global: How does REACH, the EU regulation governing chemical substances, work?

    Source: The Conversation – France – By Johanna Berneron, Toxicologue reglementaire, Agence nationale de sécurité sanitaire de l’alimentation, de l’environnement et du travail (Anses)

    Adopted by the European Union in 2006, the REACH regulation (Registration, Evaluation, Authorisation and Restriction of Chemicals) governs the manufacture and use of chemical substances in Europe. Despite its importance, REACH has often been criticised for being slow and complex. These concerns prompted calls for reform as part of the European Green Deal, though the European Commission ultimately postponed the revision. Various NGOs have called for this reform, and in early 2024, the French National Assembly’s European Affairs Committee reignited the conversation, with a resolution currently under review.

    Nevertheless, REACH remains an ambitious and indispensable regulation that protects human health and the environment from the hazards posed by chemical substances. While it’s not perfect, it represents progress in comparison with previous regulatory frameworks. One notable success is the ban on bisphenol A (BPA), a controversial chemical previously used in baby bottles.

    Understanding the REACH process

    REACH is straightforward if you break down its steps:

    • Substance registration: Manufacturers must submit detailed information on the chemical, toxicological and environmental properties of substances they produce or import. If no data exists, they are required to generate it. Unlike previous regulations and directives, REACH places the burden of proof on companies. To comply with the regulation, companies must identify and adequately manage the risks associated with the substances they manufacture and market in the EU. In particular, they must demonstrate how the substances can be used safely and communicate risk management measures to users.

    • Compliance checks: The European Chemicals Agency (ECHA) ensures that the registration dossiers are complete and meet regulatory requirements. This is known as compliance analysis.

    • Substance evaluation: If concerns arise, a substance undergoes further evaluation to assess risks to human health and the environment. This procedure is conducted by the member states (with ANSES representing France) and enables the authorities to request additional information from industries.

    Member states, including ANSES, carry out these evaluations, focusing on national health priorities. Substances flagged for further assessment are added to the Community Rolling Action Plan (CoRAP), a three-year plan outlining substances to be evaluated by member states.

    If additional safety measures are needed, several outcomes are possible:

    • SVHC identification: Substances of Very High Concern (SVHC) may require authorisation for continued use.

    • Restrictions: Can limit or ban certain uses of a substance.

    • Classification: Hazardous substances may be classified as carcinogenic, toxic to reproduction or in other such categories and must be labelled for these hazardous properties.

    Bisphenol A: a case study

    Bisphenol A (BPA) exemplifies REACH’s impact. In 2017, Germany initiated an evaluation of BPA, resulting in its classification as a reprotoxic substance under the EU’s Classification, Labelling and Packaging (CLP) regulation. BPA was also identified as an SVHC due to its endocrine-disrupting properties, which pose risks to human health and the environment.

    Although these various management measures have faced legal challenges from industry, including through appeals, all have been upheld. They have proven effective, as highlighted by a European Environment Agency (EEA) report showing that BPA concentrations in Europeans’ urine are decreasing, in contrast to other bisphenols.

    The role of ANSES

    ANSES plays a key role in implementing the EU’s REACH regulation, supporting French authorities in managing chemical risks. Among its responsibilities, ANSES can identify a substance as an SVHC, preparing dossiers that can lead to these substances being added to Annex XIV of REACH. Once listed, the substances are restricted, and their use is only allowed if the European Commission specifically authorises it. Such authorisations are granted when it’s proven that the risks are controlled or the socioeconomic benefits outweigh them.

    Before a substance is included in Annex XIV, it must first be identified as an SVHC. This step is aimed at encouraging the gradual replacement of these hazardous chemicals with safer alternatives, protecting both human health and the environment.

    ANSES also prepares restriction dossiers, evaluating the socioeconomic impact of limiting or banning substances that pose unacceptable risks. These restrictions can apply to chemicals in their pure form, in mixtures, or within products.

    Additionally, ANSES produces harmonised classification dossiers for chemicals like carcinogens, mutagens, and reproductive and respiratory sensitizers, for instance. Once included in Annex VI of the CLP regulation, industries must label their products accordingly, alerting users – especially workers – about potential hazards and ensuring proper precautions are taken.

    Room for improvement

    Despite improvements, the REACH regulation still faces significant challenges. Many industries, and particularly smaller companies, struggle to comply due to the high cost of registration. In 2018, the German Federal Institute for Risk Assessment (BfR) reported that 31% of chemical substances produced in or imported into the EU in quantities over 1,000 tonnes per year failed to meet REACH requirements.

    In response, ECHA has enhanced its chemical data management, but industries remain unsatisfied, accusing ECHA of pushing for classifications or requesting new tests without robust toxicological justifications. These requests often aim to address data gaps in industry-provided dossiers while minimising animal testing.

    REACH’s main limitation is its dependence on industry-submitted data to evaluate chemical risks. These data can be incomplete, outdated or missing, forcing regulators to request additional information, which delays risk assessments and decision-making.

    Consequently, the evaluation of substances and review of authorisation requests are often slow, delaying the entry of safer, innovative chemicals. Many potentially hazardous substances remain on the market without adequate regulation, a persistent concern from a public health standpoint.

    A revision of REACH is expected to streamline processes, improve efficiency and impose stricter penalties on non-compliant industries, potentially revoking their REACH registration numbers. This would prevent the sale of substances without the necessary data.

    These changes align with the European Commission’s strategy for a toxic-free environment under the European Green Deal. However, there is concern that lobbying could undermine this vital regulation, a global standard in chemical safety.

    Despite its complexities, REACH remains a critical safeguard for European public health and environmental protection.

    Johanna Berneron ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. How does REACH, the EU regulation governing chemical substances, work? – https://theconversation.com/how-does-reach-the-eu-regulation-governing-chemical-substances-work-241931

    MIL OSI – Global Reports –

  • MIL-OSI Global: Abortion and marijuana ballot measures may bring out Florida Democrats, but the GOP has 1M more active voters in the Sunshine State

    Source: The Conversation – USA – By Daniel A. Smith, Professor of Political Science, University of Florida

    Could ballot initiatives bring more Democrats to the polls in Florida? Jeffrey Greenberg/Universal Images Group via Getty Images

    The number of voters registered as Democrats has tumbled in recent years in Florida, effectively removing the Sunshine State as a battleground and placing it firmly in the red column.

    At least that’s the dominant narrative found in many media outlets. And it is true that Republican Donald Trump won the state in both 2016 and 2020.

    Still, Nikki Fried, the Florida Democratic party chair, thinks Florida Democrats are making a “clear resurgence.”

    Buoyed by broad support for two statewide initiatives on the ballot – the legalization of recreational marijuana and the establishment of a constitutional right to abortion up to viability – Fried is predicting robust turnout of Democratic voters this November despite concerns hurricanes Helene and Milton may suppress turnout.

    Fried suggests that Democratic presidential nominee Vice President Kamala Harris and Democratic U.S. Senate nominee Debbie Mucarsel-Powell will benefit from the two hot issues on the ballot. A ban on most abortions after six weeks went into effect in Florida on May 1, 2024, with the state Supreme Court at the same time deciding to put the issue to voters.

    The marijuana ballot measure looks likely to pass, while support for the abortion access measure is more uncertain. But the point is that these are the types of issues that bring Democrats – and unaffiliated voters – out to the polls.

    I’ve written extensively on direct democracy and Florida politics. My research shows how ballot measures can have what I call “educative effects,” not only bolstering turnout but also priming voters to choose candidates who support the same initiatives they do.

    This goes a long way to explain Republican Gov. Ron DeSantis’ efforts to thwart both measures, going so far as to use taxpayers’ dollars to oppose the abortion amendment.

    Florida’s abortion amendment needs to pass with 60% of the vote, so turnout is key.
    Rebecca Blackwell/AP Photo

    Active voters

    But Fried and the Democrats face a major hurdle – a widening voter registration gap – as Florida Republicans are quick to point out. Over the past several years, the GOP steadily narrowed the Democratic Party’s lead in voter registrations in the Sunshine State, finally surpassing Democrats’ plurality of active registered voters in 2021.

    Fried thinks the widening gap between registered Republicans and Democrats is a mirage. She claims that the Republican advantage is an artifact of a shift in state law that more aggressively reclassifies voters as being “inactive” if they don’t vote in two general election cycles or keep their information on file with local supervisors of elections.

    There is no question that the law, which went into effect in 2022, has deflated Democratic registration numbers. Here are the stats.

    According to the Florida secretary of state’s website, updated on Oct. 7, 2024, there are more than 1 million more registered Republicans (5,455,480) than Democrats (4,400,561) in Florida, followed by no party affiliation (3,584,982) and those registered with minor parties (404,890). That is, Republicans appear to account for more than 39% of registered voters in the Sunshine State, while Democrats make up less than 32%.

    However, the numbers posted on Florida’s official website, which amount to nearly 13.7 million registered voters, are misleading: They tally only active voters in the state.

    There are more than 2.5 million inactive voters on the rolls as of Aug. 1, 2024, according to my calculation of publicly available raw voter files. This brings the total number of registered voters in Florida to more than 16 million people.

    Inactive and unaffiliated voters

    Inactive registered voters have every right to cast ballots just like active voters. The main difference between the two groups is that inactive voters didn’t vote in 2020 or 2022.

    There are hundreds of thousands more inactive Democrats and unaffiliated voters than Republicans on the rolls. This is likely the result of lackluster campaigns in the state for Democratic presidential candidate Joe Biden in 2020 and for Democratic gubernatorial candidate Charlie Crist in 2022. Uninspired Democrats and unaffiliated voters didn’t show up to the polls, particularly in 2022.

    Currently, according to the publicly available Florida voter rolls, there are over 900,000 inactive Democrats and over 921,000 inactive unaffiliated voters, compared with fewer than 643,000 inactive Republicans. So, while Republicans account for 39% of active voters, they account for only 25% of inactive voters.

    To sharpen the point: 1 in 10 Republicans are currently inactive, whereas nearly 2 in 5 of all registered Democrats and more than 1 in 5 unaffiliated voters in Florida are inactive. These inactive voters tend not to receive the same attention from parties and groups trying to mobilize registered voters to the polls.

    There’s no question that the fortunes of the Florida Democratic Party have tumbled over the past decade. Twelve years ago, just prior to the 2012 general election, Democrats accounted for 40% of all active registered voters. It’s been a sharp decline down to 32%.

    But the difference has not been made up by Republicans. From 2012 to 2024, the share of active voters registered as Republicans increased by only 3 percentage points, from 36% to 39%.

    The biggest increase in the share of active voters over the same period is with unaffiliated voters, whose share jumped 5 percentage points, from less than 21% in 2012 to 26% in 2024. These unaffiliated voters in Florida tend to be younger and Hispanic, many of whom likely have been turned off by the toxic political landscape in the state.

    But back to the November election and Fried’s prognostications.

    Will the two statewide ballot measures – Amendment 3 on recreational marijuana and Amendment 4 on reproductive rights – offset the rise in Republican voter registration in Florida? Is the sizable lead of Republican active voters a mirage, only to disappear as Election Day nears?

    It will come down to turnout and whether inactive Democratic and unaffiliated voters’ support for Amendment 3 and Amendment 4 primes them to back the Democratic ticket.

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

    – ref. Abortion and marijuana ballot measures may bring out Florida Democrats, but the GOP has 1M more active voters in the Sunshine State – https://theconversation.com/abortion-and-marijuana-ballot-measures-may-bring-out-florida-democrats-but-the-gop-has-1m-more-active-voters-in-the-sunshine-state-239538

    MIL OSI – Global Reports –

  • MIL-OSI Video: Secret Training! U.S. Army

    Source: US Army (video statements)

    About the U.S. Army:

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

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

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

    https://www.youtube.com/watch?v=z6tNID8xUbQ

    MIL OSI Video –

  • MIL-OSI Economics: grmcapitalspro.com: BaFin investigates the company GRMcapitalsPRO

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company GRMcapitalsPRO and the services it is offering. BaFin has information that the company is offering banking business and/or financial services in Germany on its website grmcapitalspro.com without the required authorisation. The company is not supervised by BaFin.

    Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Global: Simple science summaries written by AI help people understand research and trust scientists

    Source: The Conversation – USA – By David Markowitz, Associate Professor of Communication, Michigan State University

    Smoothing out the complexity can help with comprehension. kislev/iStock via Getty Images Plus

    Artificial intelligence-generated summaries of scientific papers make complex information more understandable for the public compared with human-written summaries, according to my recent paper published in PNAS Nexus. AI-generated summaries not only improved public comprehension of science but also enhanced how people perceived scientists.

    I used a popular large language model, GPT-4 by OpenAI, to create simple summaries of scientific papers; this kind of text is often called a significance statement. The AI-generated summaries used simpler language – they were easier to read according to a readability index and used more common words, like “job” instead of “occupation” – than summaries written by the researchers who had done the work.

    In one experiment, I found that readers of the AI-generated statements had a better understanding of the science, and they provided more detailed, accurate summaries of the content than readers of the human-written statements.

    I also investigated what effects the simpler summaries might have on people’s perceptions of the scientists who performed the research. In this experiment, participants rated the scientists whose work was described in the simpler texts as more credible and trustworthy than the scientists whose work was described in the more complex texts.

    In both experiments, participants did not know who wrote each summary. The simpler texts were always AI-generated, and the complex texts were always human-generated. When I asked participants who they believed wrote each summary, they ironically thought the more complex ones were written by AI and simpler ones were written by humans.

    It can feel like you need a Ph.D. to understand science research published in a journal.
    R.Tsubin/Moment via Getty Images

    Why it matters

    Have you ever read about a scientific discovery and felt like it was written in a foreign language? If you’re like most Americans, new scientific information is probably hard to understand – especially if you try to tackle a science article in a research journal.

    In an era where scientific literacy is crucial for informed decision-making, the abilities to communicate and grasp complex ideas are more important than ever. Trust in science has been declining for years, and one contributing factor may be the challenge of understanding scientific jargon.

    This research points to a potential solution: using AI to simplify science communication. By making scientific content more approachable, this work demonstrates that AI-generated summaries may help to restore trust in scientists and, in turn, encourage greater public engagement with scientific issues. The question of trust is particularly important, as people often rely on science in their daily lives, from eating habits to medical choices.

    What still isn’t known

    As AI continues to evolve, its role in science communication may expand, especially if using generative AI becomes more commonplace or sanctioned by journals. Indeed, the academic publishing field is still establishing norms regarding the use of AI. By simplifying scientific writing, AI could contribute to more engagement with complex issues.

    While the benefits of AI-generated science communication are perhaps clear, ethical considerations must also be considered. There is some risk that relying on AI to simplify scientific content may remove nuance, potentially leading to misunderstandings or oversimplifications. There’s always the chance of errors, too, if no one pays close attention.

    Additionally, transparency is critical. Readers should be informed when AI is used to generate summaries to avoid potential biases.

    Simple science descriptions are preferable to and more beneficial than complex ones, and AI tools can help. But scientists could also achieve the same goals by working harder to minimize jargon and communicate clearly – no AI necessary.

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

    – ref. Simple science summaries written by AI help people understand research and trust scientists – https://theconversation.com/simple-science-summaries-written-by-ai-help-people-understand-research-and-trust-scientists-241105

    MIL OSI – Global Reports –

  • MIL-OSI China: Chinese organization expresses ‘great regret’ after EU’s Chinese EVs tariff ruling

    Source: China State Council Information Office

    The China Chamber of Commerce for Import and Export of Machinery and Electronic Products on Wednesday expressed “great regret” on behalf of the Chinese automotive industry at the European Commission’s decision to impose anti-subsidy tariffs on electric vehicles originating in China. 

    MIL OSI China News –

  • MIL-OSI China: ADB approves $500M loan for Pakistan to support climate resilience

    Source: China State Council Information Office 3

    The Asian Development Bank (ADB) said Tuesday it has approved 500 million U.S. dollars in policy-based loan to support climate and disaster resilience efforts in Pakistan, said a statement.

    The bank’s Pakistan office said that the Climate and Disaster Resilience Enhancement Program will strengthen Pakistan’s institutional capacity for planning, preparedness, and response.

    According to the bank, the program will increase inclusive investment in disaster risk reduction and climate resilience and support the scale-up of disaster risk financing using a risk-layered approach.

    The ADB added that Pakistan ranks among the most vulnerable countries to climate change and disasters, with average losses from disaster events exceeding 2 billion U.S. dollars annually.

    “This program builds on the ADB’s long-standing work in Pakistan to understand and reduce climate and disaster risks and support effective disaster response,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.

    The bank added that the program aims to strengthen disaster resilience in Pakistan by advancing disaster risk mapping and modeling to guide development and investment decisions.

    The program would further support a solidarity fund to promote risk transfer solutions, including agricultural insurance, and will implement shock-responsive social protections to provide cash assistance to those affected by future disasters, added the bank.

    MIL OSI China News –

  • MIL-OSI: AI Company Brand Engagement Network Announces Agreement to Acquire German Media Technology Leader Cataneo Gmbh

    Source: GlobeNewswire (MIL-OSI)

    JACKSON, Wyo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Brand Engagement Network, Inc.(BEN) (NASDAQ: BNAI), a global leader in secure and reliable conversational AI solutions for businesses and consumers, today announced it has agreed to acquire 100% of Cataneo Gmbh (Cataneo), a privately-owned media technology company based in Munich, Germany, in a cash and stock transaction.

    Cataneo, a leader in media technology, offers an all-in-one solution for ad sales, inventory management, and campaign optimization. The company has been profitable throughout the years, with its platform helping broadcast and entertainment companies streamline operations, increase revenue, and enhance audience engagement. By integrating BEN’s advanced Generative AI, Cataneo is poised to strengthen its offerings and deliver even greater value to its brands and customers.

    Cataneo’s Mydas platform is a rapidly growing, highly sophisticated air-time sales management and ad traffic system managing over 5 billion euros in annual media spending. Supporting over 5,000 users and more than 1,000 media brands across four continents, the Mydas platform operates on a robust recurring revenue model. It offers a fully integrated, 100% SaaS cloud solution consolidating all advertising inventories into a common currency on a single platform.

    Combined Synergies Enhance Conversational Gen-AI for Global Media Brands

    “We believe the combination of BEN’s safe, intelligent, and scalable Generative AI platform, with Cataneo’s Mydas tools, can transformhow brands engage with their customers,” said Paul Chang, Chief Executive Officer of BEN. “This acquisition marks a significant step towards the future of interactive advertising, where consumers are not just marketed to, but actively engaged with, leading to more meaningful and enhanced online experiences.”

    Cataneo’s Chief Executive Officer, Renato Rocha Pinto, expressed his excitement about the partnership. He stated, “We believe combining our technologies will significantly enhance consumer engagement and substantially benefit our global clients. BEN’s AI has the capability to generate deep insights and explore innovative consumer engagement opportunities across various media outlets, extending beyond traditional platforms.”

    The acquisition underscores BEN’s commitment to strategic growth through mergers and acquisitions, enabling BEN to expand the reach of its core AI platform to over 1,000 media brands. This positions BEN to lead the next generation of conversational Gen-AI engagement, providing consumers with real-time, accurate, and helpful information across various channels, including while on the move and driving.

    While Cataneo will continue to serve its existing clients independently, the company plans to collaborate closely with BEN to integrate AI into its internal processes and provide enhanced customer tools. The combined strength of BEN’s Generative AI and Cataneo’s platform is expected to expand Cataneo’s global presence significantly.

    Transaction Details
    The total purchase price for the acquisition is $19.5 million, comprised of $9.0 million in cash and 4.2 million shares of BEN common stock at an agreed-upon value of $2.50 per share. Depending on certain conditions before closing, a portion of the shares may be converted into the right to receive up to $3.0 million in cash.   Upon closing, Cataneo will become a wholly owned subsidiary of BEN, with plans to expand operations in the U.S. and Latin America. This acquisition positions both companies for significant growth in the broadcast and agency premium advertising workflow management solutions market, a $2.0 billion segment within the broader $45 billion global media technology market. Renato Rocha Pinto will continue as Cataneo’s Chief Executive Officer after the acquisition.

    The transaction is subject to securing financing on mutually agreeable terms and obtaining customary regulatory approvals and guarantees by certain BEN shareholders. It is expected to close in the fourth quarter of 2024.

    For more information about BEN’s safe, intelligent, scalable AI, please visit  www.beninc.ai. For details about Cataneo, please visit www.cataneo.tv.

    About BEN
    Brand Engagement Network is a global leader providing secure and reliable conversational AI solutions for businesses and consumers. With offices in Jackson, Wyoming, and Seoul, South Korea, BEN offers a powerful and flexible platform that enhances customer experiences, boosts productivity, and delivers business value. At the heart of BEN’s offerings are AI-powered digital assistants and lifelike avatars, providing more personal and engaging experiences through browsers, mobile applications, and even life-size kiosks. These safe, intelligent, and inherently scalable AI solutions empower businesses to efficiently serve customers using validated data delivered through SaaS, Private Cloud, and On-Premises technology. BEN’s commitment to data sovereignty ensures that consumer and business data remain private, protected, and wholly owned by the respective parties. BEN’s mission is to make AI friendly and helpful for all, ensuring more people benefit from the AI-enhanced world.

    About Cataneo
    Cataneo is a global provider of comprehensive media management solutions for linear, non-linear, and digital media, headquartered in Munich, Germany. Cataneo’s platform is highly customizable and scalable and offers end-to-end solutions for advertising sales, traffic management, and campaign optimization across multiple media channels. With over two decades of experience, Cataneo supports over 1,000 media brands across 200+ channels in 4 continents, providing cutting-edge tools for inventory management, yield optimization, and programmatic ad sales. The company’s flagship platform, MYDAS, empowers media businesses to optimize revenues and streamline operations with advanced data analytics, CRM integration, and real-time reporting. Cataneo’s mission is to bridge the gap between media buyers, sellers, and platforms, offering a unified ecosystem for seamless media transactions and enhanced audience engagement.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results, including the closing and anticipated benefits of the acquisition of Cataneo (the “Cataneo Acquisition”). Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to: (i) uncertainties as to the timing of the Cataneo Acquisition; (ii) the risk that the Cataneo Acquisition may not be completed on the anticipated terms in a timely manner or at all; (iii) the failure to satisfy any of the conditions to the consummation of the Cataneo Acquisition, including the ability to obtain financing to fund the Cataneo Acquisition on terms that are agreeable to the parties or at all; (iv) the possibility that any or all of the various conditions to the consummation of the Cataneo Acquisition may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals) or required major shareholder guarantees; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; (vi) the effect of the announcement or pendency of the transactions contemplated by the purchase agreement on BEN’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (vii) risks related to diverting management’s attention from BEN’s ongoing business operations; (viii) uncertainty as to the timing of completion of the Cataneo Acquisition; (ix) risks that the benefits of the Cataneo Acquisition are not realized when and as expected; and (x) (A) the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and (B) the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    BEN – Safe, Intelligent, Scalable AI
    E: amy@beninc.ai
    P: 503-367-7596

    Investor Relations
    Christine Marchuska
    E: ir@beninc.ai
    P: 917-232-0852

    Source: Brand Engagement Network, Inc. (BEN)

    The MIL Network –

  • MIL-OSI: Red River Bancshares, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, La., Oct. 30, 2024 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the third quarter of 2024.

    Net income for the third quarter of 2024 was $8.8 million, or $1.27 per diluted common share (“EPS”), an increase of $767,000, or 9.6%, compared to $8.0 million, or $1.16 EPS, for the second quarter of 2024, and an increase of $733,000, or 9.1%, compared to $8.0 million, or $1.12 EPS, for the third quarter of 2023. For the third quarter of 2024, the quarterly return on assets was 1.13%, and the quarterly return on equity was 11.11%.

    Net income for the nine months ended September 30, 2024, was $24.9 million, or $3.59 EPS, a decrease of $1.7 million, or 6.2%, compared to $26.6 million, or $3.70 EPS, for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the return on assets was 1.08%, and the return on equity was 10.86%.

    Third Quarter 2024 Performance and Operational Highlights

    In the third quarter of 2024, the Company reported higher earnings, an improved net interest margin, and fairly consistent loans and deposits. We deployed excess funds into the securities portfolio and completed a significant stock repurchase. In mid-September, the target range of the federal funds rate was reduced by 50 basis points (“bps”).

    • Net income for the third quarter of 2024 was $8.8 million compared to $8.0 million for the prior quarter. Net income for the third quarter benefited from higher net interest income and an improved net interest margin fully tax equivalent (“FTE”), along with higher noninterest income.
    • Net interest income and net interest margin FTE increased for the third quarter of 2024 compared to the prior quarter. Net interest income for the third quarter of 2024 was $22.5 million compared to $21.8 million for the prior quarter. Net interest margin FTE for the third quarter of 2024 was 2.98% compared to 2.92% for the prior quarter. These increases were due to improved yields on securities and loans outpacing higher deposit rates.
    • Noninterest income totaled $5.4 million for the third quarter of 2024, an increase of $321,000, or 6.3%, compared to $5.1 million for the previous quarter. Noninterest income benefited from the receipt of a $151,000 nonrecurring loan fee.
    • As of September 30, 2024, assets were $3.10 billion, which was $53.2 million, or 1.7%, higher than June 30, 2024. The increase was mainly due to a $30.5 million increase in deposits.
    • Deposits totaled $2.75 billion as of September 30, 2024, an increase of $30.5 million, or 1.1%, compared to $2.72 billion as of June 30, 2024. In the third quarter of 2024, customer deposit balances remained consistent, with normal activity.
    • As of September 30, 2024, loans held for investment (“HFI”) were $2.06 billion, slightly higher than $2.05 billion as of June 30, 2024. In the third quarter of 2024, we closed on a high level of loan commitments, which should fund over time.
    • As of September 30, 2024, total securities were $697.7 million, which was $31.1 million, or 4.7%, higher than June 30, 2024. In the third quarter of 2024, we redeployed cash flows from lower yielding securities into higher yielding securities, as well as deployed other liquid assets into the securities portfolio.
    • As of September 30, 2024, liquid assets, which are cash and cash equivalents, were $232.6 million, and the liquid assets to assets ratio was 7.50%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
    • In the third quarter of 2024, the provision for credit losses totaled $300,000. This included $200,000 for loans and $100,000 for unfunded loan commitments.
    • As of September 30, 2024, nonperforming assets (“NPA(s)”) were $3.1 million, or 0.10% of assets, and the allowance for credit losses (“ACL”) was $21.8 million, or 1.06% of loans HFI.
    • We paid a quarterly cash dividend of $0.09 per common share in the third quarter of 2024.
    • The 2024 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. In the third quarter of 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 60,000 shares at an aggregate cost of $3.0 million. In connection with this repurchase, we reduced the availability under the 2024 repurchase program by $3.0 million. We also repurchased 233 shares at an aggregate cost of $11,000 from the open market. As of September 30, 2024, the 2024 stock repurchase program had $1.2 million remaining.
    • As of September 30, 2024, capital levels were strong with a stockholders’ equity to assets ratio of 10.46%, a leverage ratio of 11.90%, and a total risk-based capital ratio of 18.07%.
    • The book value per share of common stock was $47.51 as of September 30, 2024, compared to $44.58 as of June 30, 2024. This improvement was primarily due to the decrease in the accumulated other comprehensive loss related to securities and net income added to stockholders’ equity, partially offset by stock repurchases.

    Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased with the financial results for the third quarter of 2024. We managed continued improvement to the net interest margin FTE, higher earnings, solid asset quality, steady loan activity, and continued strong liquidity and capital.

    “Throughout the majority of the third quarter, until the Federal Reserve reduced the federal funds rate, we continued to reprice assets at a quicker pace than liabilities, which benefited net interest margin FTE and net interest income. Loan demand continued to be steady in the third quarter, despite some companies possibly placing investment decisions on hold due to the pending presidential election. We did, however, close on a significant amount of construction loan commitments, which should fund over the next year.

    “On September 18, 2024, the Federal Reserve reduced the federal funds rate by 50 bps. This marks the conclusion of one of the most aggressive interest rate tightening cycles in many years. The rapid increase in interest rates has been challenging for banks and their customers. A lower interest rate environment should spur loan demand and mortgage loan activity, as well as help moderate accumulated other comprehensive loss in stockholders’ equity related to securities. Overall, the Louisiana economy seems to be faring well, and our customers’ balance sheets and earnings appear solid.

    “Our company is well-positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. As we gain more clarity regarding future interest rates and the presidential election concludes, we remain committed to providing steady financial results for the company.”

    Net Interest Income and Net Interest Margin FTE

    Net interest income and net interest margin FTE increased in the third quarter of 2024 compared to the prior quarter. These increases were due to improved yields on securities and loans outpacing higher deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024.

    Net interest income for the third quarter of 2024 was $22.5 million, which was $670,000, or 3.1%, higher than the second quarter of 2024, due to a $1.2 million increase in interest and dividend income, partially offset by a $550,000 increase in interest expense. The increase in interest and dividend income was due to higher interest income on loans and securities. Loan income increased $1.0 million primarily due to higher rates on new and renewed loans compared to the existing portfolio. The average rate on new and renewed loans was 7.89% for the third quarter of 2024 and 7.98% for the prior quarter. Securities income increased $266,000 due to reinvesting lower yielding securities cash flows into higher yielding securities. The increase in interest expense was primarily due to higher rates on interest-bearing transaction deposits and time deposits.

    The net interest margin FTE increased six bps to 2.98% for the third quarter of 2024, compared to 2.92% for the prior quarter. This increase was due to improved yields on securities and loans, partially offset by higher deposit costs. The yield on securities increased 15 bps due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 11 bps due to higher rates on new and renewed loans compared to the existing portfolio. The cost of deposits increased six bps to 1.81% for the third quarter of 2024, compared to 1.75% for the previous quarter, primarily due to a nine bp increase in the rate on interest-bearing deposits during the third quarter, partially offset by our adjustment to certain transaction deposit rates late in the third quarter.

    Late in the third quarter of 2024, the target range of the federal funds rate was reduced 50 bps to 4.75%-5.00%. At that time, we adjusted rates on transaction and time deposits, and we expect to continue lowering these rates in conjunction with future federal funds rate decreases. The market’s expectation is that the FOMC will continue lowering the target federal funds rate in the fourth quarter of 2024. During the twelve months ending September 30, 2025, we anticipate receiving approximately $134.0 million in securities cash flows with an average yield of 2.86%, and we project approximately $194.2 million of fixed rate loans will mature with an average yield of 5.95%. We expect to redeploy these balances into higher yielding assets. Additionally, during the twelve months ending September 30, 2025, we expect $558.5 million of time deposits to mature with an average rate of 4.47%, which we anticipate repricing into lower cost deposits. As of September 30, 2024, floating rate loans were 14.9% of loans HFI, and floating rate transaction deposits were 7.2% of interest-bearing transaction deposits. Depending on balance sheet activity and the movement in interest rates, we expect the net interest income and net interest margin FTE to improve slightly in the fourth quarter of 2024.

    Provision for Credit Losses

    The provision for credit losses for the third quarter of 2024 totaled $300,000, which included $200,000 for loans and $100,000 for unfunded loan commitments. The provision for credit losses in the second quarter was $300,000 for loans. The provision in the second and third quarters was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. In the third quarter of 2024, we had an increase in unfunded loan commitments. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

    Noninterest Income

    Noninterest income totaled $5.4 million for the third quarter of 2024, an increase of $321,000, or 6.3%, compared to $5.1 million for the previous quarter. The increase was mainly due to a gain on equity securities and increases in service charges on deposit accounts, loan and deposit income, and brokerage income, partially offset by a decrease in Small Business Investment Company (“SBIC”) income.

    Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a gain of $107,000 in the third quarter of 2024, compared to a loss of $13,000 for the previous quarter.

    Service charges on deposit accounts totaled $1.5 million for the third quarter of 2024, an increase of $119,000, or 8.7%, compared to $1.4 million for the previous quarter. This increase was mainly due to a larger number of non-sufficient fund transactions and related fee income in the third quarter of 2024.

    Loan and deposit income totaled $588,000 for the third quarter of 2024, an increase of $96,000, or 19.5%, compared to $492,000 for the previous quarter. The third quarter of 2024 benefited from the receipt of a $151,000 nonrecurring loan fee.

    Brokerage income was $987,000 for the third quarter of 2024, an increase of $94,000, or 10.5%, compared to $893,000 for the previous quarter. The higher income in the third quarter of 2024 was mainly due to increased investing activity by clients. Assets under management were $1.13 billion as of September 30, 2024.

    SBIC income for the third quarter of 2024 was $301,000, a decrease of $153,000, or 33.7%, compared to $454,000 for the previous quarter. This decrease was primarily due to lower normal income received from these partnerships in the third quarter. We expect SBIC income to be slightly higher in the fourth quarter of 2024 when compared to the third quarter.

    Operating Expenses

    Operating expenses totaled $16.8 million for the third quarter of 2024, an increase of $63,000, or 0.4%, compared to $16.7 million for the previous quarter. This increase was mainly due to higher technology expenses and other tax expenses.

    Technology expenses totaled $865,000 for the third quarter of 2024, an increase of $141,000, or 19.5%, compared to $724,000 for the previous quarter. This increase was primarily due to continued upgrades to our core banking systems and other software technology enhancements.

    Other taxes totaled $622,000 for the third quarter of 2024, an increase of $122,000, or 24.4%, compared to $500,000 for the previous quarter. The second quarter benefited from the reversal of $145,000 of stock repurchase tax expense due to finalized guidelines.

    Asset Overview

    As of September 30, 2024, assets were $3.10 billion, compared to assets of $3.05 billion as of June 30, 2024, an increase of $53.2 million, or 1.7%. In the third quarter, assets were mainly impacted by a $30.5 million, or 1.1%, increase in deposits. In the third quarter of 2024, liquid assets increased $19.6 million, or 9.2%, to $232.6 million and averaged $224.0 million for the third quarter. As of September 30, 2024, we had sufficient liquid assets available and $1.69 billion accessible from other liquidity sources. The liquid assets to assets ratio was 7.50% as of September 30, 2024. Total securities increased $31.1 million, or 4.7%, to $697.7 million in the third quarter and were 22.5% of assets as of September 30, 2024. During the third quarter, loans HFI increased $8.2 million, or 0.4%, to $2.06 billion. The loans HFI to deposits ratio was 74.84% as of September 30, 2024, compared to 75.38% as of June 30, 2024.

    Securities

    Total securities as of September 30, 2024, were $697.7 million, an increase of $31.1 million, or 4.7%, from June 30, 2024. Securities increased primarily due to $52.9 million in purchases combined with a $14.9 million reduction in net unrealized loss on securities AFS. This was partially offset by maturities and principal repayments.

    The estimated fair value of securities available for sale (“AFS”) totaled $560.6 million, net of $49.5 million of unrealized loss, as of September 30, 2024, compared to $526.9 million, net of $64.4 million of unrealized loss, as of June 30, 2024. As of September 30, 2024, the amortized cost of securities held-to-maturity (“HTM”) totaled $134.1 million compared to $136.8 million as of June 30, 2024. As of September 30, 2024, securities HTM had an unrealized loss of $17.3 million compared to $22.8 million as of June 30, 2024.

    As of September 30, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $3.0 million compared to $2.9 million as of June 30, 2024.

    Loans

    Loans HFI as of September 30, 2024, were $2.06 billion, slightly higher than $2.05 billion as of June 30, 2024. In the third quarter of 2024, we closed on a high level of loan commitments, which, depending on customer activity, should fund over time. Unfunded loan commitments that originated in the third quarter of 2024 totaled $76.4 million.

    Loans HFI by Category
      September 30, 2024   June 30, 2024   Change from
    June 30, 2024 to
    September 30, 2024
    (dollars in thousands) Amount   Percent   Amount   Percent   $ Change   % Change
    Real estate:                      
    Commercial real estate $ 875,590   42.6%     $ 865,645   42.3%     $ 9,945     1.1%  
    One-to-four family residential   616,467   30.0%       611,904   29.9%       4,563     0.7%  
    Construction and development   141,525   6.9%       129,197   6.3%       12,328     9.5%  
    Commercial and industrial   327,069   15.9%       344,071   16.8%       (17,002)     (4.9%)  
    Tax-exempt   66,436   3.2%       67,941   3.3%       (1,505)     (2.2%)  
    Consumer   28,961   1.4%       29,132   1.4%       (171)     (0.6%)  
    Total loans HFI $ 2,056,048   100.0%     $ 2,047,890   100.0%     $ 8,158     0.4%  

    Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $57.2 million, or 2.8% of loans HFI, as of September 30, 2024, and are primarily centered in low-rise suburban areas. The average CRE loan size was $947,000 as of September 30, 2024.

    Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of September 30, 2024, total health care loans were 8.0% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $399,000 as of September 30, 2024.

    Asset Quality and Allowance for Credit Losses

    NPAs totaled $3.1 million as of September 30, 2024, a decrease of $103,000, or 3.2%, from June 30, 2024, primarily due to changes to nonaccrual loans. The ratio of NPAs to assets was 0.10% as of September 30, 2024, and 0.11% as of June 30, 2024.

    As of September 30, 2024, the ACL was $21.8 million. The ratio of ACL to loans HFI was 1.06% as of September 30, 2024 and June 30, 2024. The net charge-offs to average loans ratio was 0.00% for the third quarter of 2024 and 0.01% for the second quarter of 2024.

    Deposits

    As of September 30, 2024, deposits were $2.75 billion, an increase of $30.5 million, or 1.1%, compared to June 30, 2024. Average deposits for the third quarter of 2024 were $2.73 billion, a decrease of $5.6 million, or 0.2%, from the prior quarter. The following tables provide details on our deposit portfolio:

    Deposits by Account Type
      September 30, 2024   June 30, 2024   Change from
    June 30, 2024 to
    September 30, 2024
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Noninterest-bearing demand deposits $ 882,394   32.1%     $ 892,942   32.9%     $ (10,548)     (1.2%)  
    Interest-bearing deposits:                      
    Interest-bearing demand deposits   163,787   6.0%       135,543   5.0%       28,244     20.8%  
    NOW accounts   379,566   13.8%       377,385   13.9%       2,181     0.6%  
    Money market accounts   551,229   20.0%       547,715   20.1%       3,514     0.6%  
    Savings accounts   166,723   6.1%       170,050   6.3%       (3,327)     (2.0%)  
    Time deposits less than or equal to $250,000   411,361   15.0%       399,981   14.7%       11,380     2.8%  
    Time deposits greater than $250,000   192,065   7.0%       193,030   7.1%       (965)     (0.5%)  
    Total interest-bearing deposits   1,864,731   67.9%       1,823,704   67.1%       41,027     2.2%  
    Total deposits $ 2,747,125   100.0%     $ 2,716,646   100.0%     $ 30,479     1.1%  
    Deposits by Customer Type
      September 30, 2024   June 30, 2024   Change from
    June 30, 2024 to
    September 30, 2024
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Consumer $ 1,348,281   49.1%     $ 1,351,709   49.8%     $ (3,428)     (0.3%)  
    Commercial   1,191,625   43.4%       1,149,023   42.3%       42,602     3.7%  
    Public   207,219   7.5%       215,914   7.9%       (8,695)     (4.0%)  
    Total deposits $ 2,747,125   100.0%     $ 2,716,646   100.0%     $ 30,479     1.1%  
     

    In the third quarter of 2024, customer deposit balances remained consistent, with normal activity.

    The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of September 30, 2024, the average deposit account size was approximately $27,000.

    As of September 30, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $832.2 million, or 30.3% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of September 30, 2024, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $674.8 million, or 24.6% of total deposits. Our cash and cash equivalents of $232.6 million, combined with our available borrowing capacity of $1.69 billion, equaled 231.3% of our estimated uninsured deposits and 285.2% of our estimated uninsured deposits, excluding collateralized public entity deposits.

    Stockholders’ Equity

    Total stockholders’ equity as of September 30, 2024, was $324.3 million compared to $307.0 million as of June 30, 2024. The $17.3 million, or 5.6%, increase in stockholders’ equity during the third quarter of 2024 was attributable to a $12.1 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, $8.8 million of net income, and $92,000 of stock compensation, partially offset by the repurchase of 60,233 shares of common stock for $3.0 million and $615,000 in cash dividends. We paid a quarterly cash dividend of $0.09 per share on September 19, 2024.

    Non-GAAP Disclosure

    Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

    Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

    A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

    About Red River Bancshares, Inc.

    Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, are “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. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

    Contact:
    Isabel V. Carriere, CPA, CGMA
    Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
    318-561-4023
    icarriere@redriverbank.net

    FINANCIAL HIGHLIGHTS (UNAUDITED)
     
        As of and for the
    Three Months Ended    		   As of and for the
    Nine Months Ended
    (dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Net Income   $ 8,754     $ 7,987     $ 8,021     $ 24,929     $ 26,587  
                         
    Per Common Share Data:                    
    Earnings per share, basic   $ 1.28     $ 1.16     $ 1.12     $ 3.60     $ 3.70  
    Earnings per share, diluted   $ 1.27     $ 1.16     $ 1.12     $ 3.59     $ 3.70  
    Book value per share   $ 47.51     $ 44.58     $ 39.43     $ 47.51     $ 39.43  
    Tangible book value per share (1)   $ 47.28     $ 44.35     $ 39.21     $ 47.28     $ 39.21  
    Realized book value per share (1)   $ 54.78     $ 53.54     $ 50.27     $ 54.78     $ 50.27  
    Cash dividends per share   $ 0.09     $ 0.09     $ 0.08     $ 0.27     $ 0.24  
    Shares outstanding     6,826,120       6,886,928       7,150,685       6,826,120       7,150,685  
    Weighted average shares outstanding, basic     6,851,223       6,896,030       7,168,413       6,932,137       7,176,219  
    Weighted average shares outstanding, diluted     6,867,474       6,914,140       7,180,084       6,949,196       7,188,371  
                         
    Summary Performance Ratios:                    
    Return on average assets     1.13%       1.05%       1.05%       1.08%       1.18%  
    Return on average equity     11.11%       10.69%       11.15%       10.86%       12.71%  
    Net interest margin     2.93%       2.87%       2.74%       2.87%       2.91%  
    Net interest margin FTE     2.98%       2.92%       2.78%       2.92%       2.94%  
    Efficiency ratio     60.09%       62.07%       61.70%       60.84%       59.02%  
    Loans HFI to deposits ratio     74.84%       75.38%       70.60%       74.84%       70.60%  
    Noninterest-bearing deposits to deposits ratio     32.12%       32.87%       35.22%       32.12%       35.22%  
    Noninterest income to average assets     0.70%       0.67%       0.73%       0.67%       0.71%  
    Operating expense to average assets     2.17%       2.19%       2.13%       2.14%       2.12%  
                         
    Summary Credit Quality Ratios:                    
    NPAs to assets     0.10%       0.11%       0.07%       0.10%       0.07%  
    Nonperforming loans to loans HFI     0.15%       0.16%       0.10%       0.15%       0.10%  
    ACL to loans HFI     1.06%       1.06%       1.09%       1.06%       1.09%  
    Net charge-offs to average loans     0.00%       0.01%       0.00%       0.02%       0.01%  
                         
    Capital Ratios:                    
    Stockholders’ equity to assets     10.46%       10.07%       9.20%       10.46%       9.20%  
    Tangible common equity to tangible assets(1)     10.41%       10.02%       9.15%       10.41%       9.15%  
    Total risk-based capital to risk-weighted assets     18.07%       18.01%       18.35%       18.07%       18.35%  
    Tier 1 risk-based capital to risk-weighted assets     17.05%       16.99%       17.31%       17.05%       17.31%  
    Common equity Tier 1 capital to risk-weighted assets     17.05%       16.99%       17.31%       17.05%       17.31%  
    Tier 1 risk-based capital to average assets     11.90%       11.74%       11.56%       11.90%       11.56%  

    (1)  Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.

    RED RIVER BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
    (in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    ASSETS                  
    Cash and due from banks $ 39,664     $ 35,035     $ 19,401     $ 53,062     $ 42,413  
    Interest-bearing deposits in other banks   192,983       178,038       210,404       252,364       279,786  
    Securities available-for-sale, at fair value   560,555       526,890       545,967       570,092       529,046  
    Securities held-to-maturity, at amortized cost   134,145       136,824       139,328       141,236       143,420  
    Equity securities, at fair value   3,028       2,921       2,934       2,965       2,833  
    Nonmarketable equity securities   2,305       2,283       2,261       2,239       2,190  
    Loans held for sale   1,805       3,878       1,653       1,306       2,348  
    Loans held for investment   2,056,048       2,047,890       2,038,072       1,992,858       1,948,606  
    Allowance for credit losses   (21,757)       (21,627)       (21,564)       (21,336)       (21,183)  
    Premises and equipment, net   57,661       57,910       57,539       57,088       56,466  
    Accrued interest receivable   9,465       9,570       9,995       9,945       8,778  
    Bank-owned life insurance   30,164       29,947       29,731       29,529       29,332  
    Intangible assets   1,546       1,546       1,546       1,546       1,546  
    Right-of-use assets   2,853       2,973       3,091       3,629       3,757  
    Other assets   31,285       34,450       32,940       32,287       36,815  
    Total Assets $ 3,101,750     $ 3,048,528     $ 3,073,298     $ 3,128,810     $ 3,066,153  
                       
    LIABILITIES                  
    Noninterest-bearing deposits $ 882,394     $ 892,942     $ 895,439     $ 916,456     $ 972,155  
    Interest-bearing deposits   1,864,731       1,823,704       1,850,452       1,885,432       1,787,738  
    Total Deposits   2,747,125       2,716,646       2,745,891       2,801,888       2,759,893  
    Accrued interest payable   11,751       8,747       8,959       8,000       6,800  
    Lease liabilities   2,982       3,100       3,215       3,767       3,892  
    Accrued expenses and other liabilities   15,574       13,045       15,919       11,304       13,617  
    Total Liabilities   2,777,432       2,741,538       2,773,984       2,824,959       2,784,202  
    COMMITMENTS AND CONTINGENCIES   —       —       —       —       —  
    STOCKHOLDERS’ EQUITY                  
    Preferred stock, no par value   —       —       —       —       —  
    Common stock, no par value   41,402       44,413       45,177       55,136       58,031  
    Additional paid-in capital   2,682       2,590       2,485       2,407       2,327  
    Retained earnings   329,858       321,719       314,352       306,802       299,079  
    Accumulated other comprehensive income (loss)   (49,624)       (61,732)       (62,700)       (60,494)       (77,486)  
    Total Stockholders’ Equity   324,318       306,990       299,314       303,851       281,951  
    Total Liabilities and Stockholders’ Equity $ 3,101,750     $ 3,048,528     $ 3,073,298     $ 3,128,810     $ 3,066,153  
    RED RIVER BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                         
        For the Three Months Ended   For the Nine
    Months Ended
    (in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    INTEREST AND DIVIDEND INCOME                                    
    Interest and fees on loans   $ 27,909   $ 26,882     $ 23,925     $ 80,684   $ 68,541  
    Interest on securities     4,334     4,068       3,404       12,465     10,635  
    Interest on federal funds sold     —     —       —       —     886  
    Interest on deposits in other banks     2,630     2,709       2,950       8,378     6,359  
    Dividends on stock     28     22       45       73     106  
    Total Interest and Dividend Income     34,901     33,681       30,324       101,600     86,527  
    INTEREST EXPENSE                    
    Interest on deposits     12,444     11,894       9,562       35,993     21,319  
    Interest on other borrowed funds     —     —       37       —     64  
    Total Interest Expense     12,444     11,894       9,599       35,993     21,383  
    Net Interest Income     22,457     21,787       20,725       65,607     65,144  
    Provision for credit losses     300     300       185       900     485  
    Net Interest Income After Provision for Credit Losses     22,157     21,487       20,540       64,707     64,659  
    NONINTEREST INCOME                    
    Service charges on deposit accounts     1,486     1,367       1,489       4,223     4,317  
    Debit card income, net     905     949       830       2,875     2,687  
    Mortgage loan income     732     650       604       1,838     1,524  
    Brokerage income     987     893       1,029       2,867     2,759  
    Loan and deposit income     588     492       571       1,572     1,566  
    Bank-owned life insurance income     217     216       191       635     557  
    Gain (Loss) on equity securities     107     (13)       (113)       63     (145)  
    SBIC income     301     454       920       1,107     2,479  
    Other income (loss)     96     90       60       266     184  
    Total Noninterest Income     5,419     5,098       5,581       15,446     15,928  
    OPERATING EXPENSES                    
    Personnel expenses     9,700     9,603       9,461       28,854     28,008  
    Occupancy and equipment expenses     1,661     1,698       1,663       4,975     4,933  
    Technology expenses     865     724       675       2,298     2,066  
    Advertising     317     408       331       1,061     955  
    Other business development expenses     521     593       522       1,589     1,451  
    Data processing expense     652     651       651       1,650     1,689  
    Other taxes     622     500       664       1,859     2,042  
    Loan and deposit expenses     294     309       238       561     728  
    Legal and professional expenses     653     729       616       2,000     1,714  
    Regulatory assessment expenses     421     401       419       1,226     1,223  
    Other operating expenses     1,046     1,073       990       3,241     3,041  
    Total Operating Expenses     16,752     16,689       16,230       49,314     47,850  
    Income Before Income Tax Expense     10,824     9,896       9,891       30,839     32,737  
    Income tax expense     2,070     1,909       1,870       5,910     6,150  
    Net Income   $ 8,754   $ 7,987     $ 8,021     $ 24,929   $ 26,587  
    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Three Months Ended
      September 30, 2024   June 30, 2024
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,054,451     $ 27,909   5.32%     $ 2,042,602     $ 26,882   5.21%  
    Securities – taxable   545,171       3,344   2.45%       546,466       3,069   2.25%  
    Securities – tax-exempt   191,285       990   2.07%       193,954       999   2.06%  
    Interest-bearing deposits in other banks   194,229       2,630   5.36%       199,668       2,709   5.43%  
    Nonmarketable equity securities   2,284       28   4.85%       2,262       22   3.96%  
    Total interest-earning assets   2,987,420     $ 34,901   4.59%       2,984,952     $ 33,681   4.48%  
    Allowance for credit losses   (21,702)               (21,653)          
    Noninterest-earning assets   104,599               96,631          
    Total assets $ 3,070,317             $ 3,059,930          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,230,487     $ 6,042   1.95%     $ 1,230,474     $ 5,701   1.86%  
    Time deposits   597,286       6,402   4.26%       595,120       6,193   4.19%  
    Total interest-bearing deposits   1,827,773       12,444   2.71%       1,825,594       11,894   2.62%  
    Other borrowings   —       —   —%       1       —   5.78%  
    Total interest-bearing liabilities   1,827,773     $ 12,444   2.71%       1,825,595     $ 11,894   2.62%  
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   901,192               908,930          
    Accrued interest and other liabilities   28,006               24,868          
    Total noninterest-bearing liabilities   929,198               933,798          
    Stockholders’ equity   313,346               300,537          
    Total liabilities and stockholders’ equity $ 3,070,317             $ 3,059,930          
    Net interest income     $ 22,457           $ 21,787    
    Net interest spread         1.88%             1.86%  
    Net interest margin         2.93%             2.87%  
    Net interest margin FTE(3)         2.98%             2.92%  
    Cost of deposits         1.81%             1.75%  
    Cost of funds         1.66%             1.60%  

    (1)  Includes average outstanding balances of loans held for sale of $3.0 million and $3.2 million for the three months ended September 30, 2024 and June 30, 2024, respectively.
    (2)  Nonaccrual loans are included as loans carrying a zero yield.
    (3)  Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,037,435     $ 80,684   5.21%     $ 1,933,226     $ 68,541   4.68%  
    Securities – taxable   553,714       9,461   2.28%       618,345       7,535   1.63%  
    Securities – tax-exempt   194,341       3,004   2.06%       203,748       3,100   2.03%  
    Federal funds sold   —       —   —%       24,861       886   4.70%  
    Interest-bearing deposits in other banks   206,023       8,378   5.40%       167,210       6,359   5.05%  
    Nonmarketable equity securities   2,262       73   4.27%       3,744       106   3.76%  
    Total interest-earning assets   2,993,775     $ 101,600   4.47%       2,951,134     $ 86,527   3.88%  
    Allowance for credit losses   (21,586)               (20,920)          
    Noninterest-earning assets   100,586               88,527          
    Total assets $ 3,072,775             $ 3,018,741          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,240,737     $ 17,424   1.88%     $ 1,259,198     $ 12,126   1.29%  
    Time deposits   591,771       18,569   4.19%       441,442       9,193   2.78%  
    Total interest-bearing deposits   1,832,508       35,993   2.62%       1,700,640       21,319   1.68%  
    Other borrowings   —       —   —%       1,539       64   5.49%  
    Total interest-bearing liabilities   1,832,508     $ 35,993   2.62%       1,702,179     $ 21,383   1.68%  
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   907,722               1,016,034          
    Accrued interest and other liabilities   25,983               20,951          
    Total noninterest-bearing liabilities   933,705               1,036,985          
    Stockholders’ equity   306,562               279,577          
    Total liabilities and stockholders’ equity $ 3,072,775             $ 3,018,741          
    Net interest income     $ 65,607           $ 65,144    
    Net interest spread         1.85%             2.20%  
    Net interest margin         2.87%             2.91%  
    Net interest margin FTE(3)         2.92%             2.94%  
    Cost of deposits         1.75%             1.05%  
    Cost of funds         1.61%             0.97%  

    (1)  Includes average outstanding balances of loans held for sale of $2.7 million and $2.5 million for the nine months ended September 30, 2024 and 2023, respectively.
    (2)  Nonaccrual loans are included as loans carrying a zero yield.
    (3)  Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
     
    (dollars in thousands, except per share data) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Tangible common equity          
    Total stockholders’ equity $ 324,318     $ 306,990     $ 281,951  
    Adjustments:          
    Intangible assets   (1,546)       (1,546)       (1,546)  
    Total tangible common equity (non-GAAP) $ 322,772     $ 305,444     $ 280,405  
    Realized common equity          
    Total stockholders’ equity $ 324,318     $ 306,990     $ 281,951  
    Adjustments:          
    Accumulated other comprehensive (income) loss   49,624       61,732       77,486  
    Total realized common equity (non-GAAP) $ 373,942     $ 368,722     $ 359,437  
    Common shares outstanding   6,826,120       6,886,928       7,150,685  
    Book value per share $ 47.51     $ 44.58     $ 39.43  
    Tangible book value per share (non-GAAP) $ 47.28     $ 44.35     $ 39.21  
    Realized book value per share (non-GAAP) $ 54.78     $ 53.54     $ 50.27  
               
    Tangible assets          
    Total assets $ 3,101,750     $ 3,048,528     $ 3,066,153  
    Adjustments:          
    Intangible assets   (1,546)       (1,546)       (1,546)  
    Total tangible assets (non-GAAP) $ 3,100,204     $ 3,046,982     $ 3,064,607  
    Total stockholders’ equity to assets   10.46%       10.07%       9.20%  
    Tangible common equity to tangible assets (non-GAAP)   10.41%       10.02%       9.15%  

    The MIL Network –

  • MIL-OSI: Banzai to Host Third Quarter 2024 Results Conference Call on Thursday, November 14, 2024 at 5:30 p.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, will hold a conference call on Thursday, November 14, 2024 at 5:30 p.m. Eastern time to discuss its results for the third quarter ended September 30, 2024, and will be reviewing expanding partnerships, and recent debt payoff and restructuring agreements. A press release detailing these results will be issued prior to the call.

    Banzai Founder & CEO Joe Davy and Interim CFO Alvin Yip will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    Date: Thursday, November 14, 2024
    Time: 5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time
    Toll-free dial-in number: 1-877-425-9470
    International dial-in number: 1-201-389-0878
    Conference ID: 13749747
       

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

    The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1694251&tp_key=65eec38e9b and via the investor relations section of the Company’s website here.

    A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 14, 2025.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 13749747
       

    About Banzai

    Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    The MIL Network –

  • MIL-OSI: Bitget Announces the Listing of Act I: The AI Prophecy (ACT) in AI & Meme Zone with Airdrops in Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bitget, the world’s leading crypto exchange and Web3 company, has listed Act I: The AI Prophecy (ACT) in its Innovation, AI, and Meme Zone, enhancing access to this cutting-edge AI-driven project. The listing is now live with trading available under the ACT/USDT pair, allowing users to engage with ACT through various market activities, including deposits, trading, and a unique airdrop promotion.

    The promotional event, CandyBomb, offers Bitget users the chance to earn ACT through deposits and trading activity. A total of 1,388,888 ACT tokens have been allocated for this campaign, which runs from 29 October to 5 November 2024. Participants can join the CandyBomb page, where valid deposit and trading activity will automatically count toward the ACT airdrop, divided into net deposits and spot trading pools. The first 833,333 ACT will be distributed based on net deposits, while new spot traders will have exclusive access to the remaining 555,555 ACT, providing a significant incentive for both experienced and new traders alike.

    As an innovative project, Act I: The AI Prophecy is reshaping the interaction paradigm within artificial intelligence, aiming to break away from traditional user-assistant interactions. Instead, ACT envisions an egalitarian digital space where both users and bots interact as equals, exploring more collaborative and integrated AI interactions. Built on the Solana blockchain, ACT provides a streamlined user experience with scalable infrastructure, inviting more extensive engagement in the rapidly expanding AI MEME ecosystem.

    This listing positions ACT within Bitget’s expanding portfolio of AI and meme-focused projects, underlining the platform’s commitment to offering users access to the most forward-looking digital assets. As ACT gains traction in both centralized and decentralized trading venues, this listing on Bitget will allow a broader audience to participate in its ecosystem, aligned with the rising interest in AI-powered crypto assets. With a vibrant community and strong online engagement, ACT presents an opportunity for users interested in emerging AI trends in the blockchain space.

    Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With a focus on providing users with opportunities to invest in popular and valuable projects, the platform is now one of the top 10 crypto spot trading platforms with over 800 coins and over 900 pairs, including tokens from ecosystems such as Ethereum, Solana, Base, and more recently TON.

    For more information on ACT on Bitget Spot, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bb88e9e-8f39-426a-bc37-f14cba8c75bb

    The MIL Network –

  • MIL-OSI: Wearable Devices and TCL’s RayNeo Join Forces to Bring the Future of Neural Controller Wristband to AR Glasses Market Significantly Ahead of Meta

    Source: GlobeNewswire (MIL-OSI)

    YOKNEAM ILLIT, ISRAEL, Oct. 30, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, announces an innovative collaboration with TCL-RayNeo™ (“RayNeo”), a leader in augmented reality (“AR”) technology, aiming at bringing mass-market neural interface wristband for AR glasses to life now.

    Both parties will be showcasing how neural interface wristband can be seamlessly integrated into AR devices, enhancing user experience by enabling hands-free, gesture-based interactions in augmented and mixed reality environments. This collaboration, previously announced earlier this month, highlights a groundbreaking leap towards more immersive, intuitive user experiences with the objective of being available as soon as next year. For comparison, Meta announced last month its entrance into the gesture control space and presented its neural wristband as a ‘Purposeful Product Prototype’ for smart glasses. RayNeo is known for its innovations in AR, developing cutting-edge AR glasses that enhance immersive experiences by overlaying digital content in the real world. By integrating RayNeo’s AR glasses with Wearable Devices’ neural gesture control technology, users can experience a truly hands-free interaction, elevating the immersive experience to new heights.

    “Our collaboration with RayNeo signals a thrilling new chapter in neural gesture technology,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “Our breakthrough Mudra Band and Mudra Link technology is redefining how users interact in mixed reality, offering more natural and instinctive control. Together with RayNeo, we’re creating immersive experiences that feel almost magical, as if technology has become an extension of oneself.”

    “Collaborating with Wearable Devices represents a significant leap forward in the future of AR technology,” said Howie Li, Chief Executive Officer of RayNeo. “By combining RayNeo’s advanced AR glasses with the cutting-edge neural interface technology from Wearable Devices, we are committed to providing innovative solutions that empower users and transform everyday experiences. We believe this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences.”

    This collaboration highlights the potential for future innovations in the extended reality (“XR”) market. The combination of RayNeo’s advanced AR hardware and Wearable Devices’ neural input technology creates exciting possibilities for the next generation of smart wearables, offering seamless and touchless control across various applications. The details of the full terms of this collaboration are subject to negotiation and execution of definitive agreements.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    About RayNeo™

    RayNeo™, incubated by TCL Electronics (1070.HK), is an industry leader in consumer-grade AR innovation, developing some of the world’s most revolutionary AR consumer hardware, software and applications. RayNeo specializes in the research and development of AR technologies with industry-leading optics, display, algorithm and device manufacturing.

    Established in 2021, RayNeo has launched the world’s first full-color Micro-LED optical waveguide AR glasses, achieving several technology breakthroughs in the industry. Alongside winning the “Best Connected Consumer Device” at MWC’s Global Mobile Awards (GLOMO) 2023 with NXTWEAR S, RayNeo also developed the innovation consumer XR wearable glasses, RayNeo Air 2, featuring top-tier, cinematic audiovisual experiences with ultimate comfort. For more information, please visit: https://www.rayneo.com/

    Forward-Looking Statement Disclaimer

    This press release contains “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, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss benefits and advantages of our technology and solutions and those of RayNeo, our expectation that this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences and the availability of the technology to users. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The Company may not enter into or complete any definitive agreement for the proposed collaboration or, even if it does, such collaboration may not achieve the intended benefits. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the full terms of the contemplated collaboration which are subject to negotiation and execution of definitive agreements; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    The MIL Network –

  • MIL-OSI Russia: Denis Manturov held a meeting with the Governor of Omsk Region Vitaly Khotsenko

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Denis Manturov held a meeting with the Governor of Omsk Region Vitaly Khotsenko

    First Deputy Prime Minister Denis Manturov met with the Governor of Omsk Region Vitaly Khotsenko, with whom he discussed issues of industrial development in the region.

    In particular, the head of the region told Denis Manturov about the progress of the project to build a branch of the CITO high-tech prosthetics center in Omsk. Assistance here will be provided, in particular, to wounded SVO participants.

    In addition, the meeting discussed an important project of the Titan Group of Companies for the region. Last year, the company began implementing a large-scale investment project to create a new EP-600 olefin complex in Omsk, which will create up to a thousand additional jobs in the region, as well as increase tax revenues to the budget and create a raw material base for industrialists and consumer goods manufacturers. The total volume of expected investments in the project is over 500 billion rubles.

    The meeting also discussed a project to organize serial production of promising small-sized turbojet engines based on the branch of JSC UEC – the Omsk Engine-Building Association named after P.I. Baranov.

    Vitaly Khotsenko thanked the First Deputy Prime Minister for assistance in regularly updating the vehicle fleets of schools and hospitals in the region as per the instructions of Russian President Vladimir Putin. In recent years, 342 school buses and 176 ambulances have arrived in Omsk Oblast. Denis Manturov expressed his readiness to continue to provide support to the region in this matter.

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

    MIL OSI Russia News –

  • MIL-OSI Global: Time to freak out? How the existential terror of hurricanes can fuel climate change denial

    Source: The Conversation – USA – By Jamie Goldenberg, Professor of Psychology and Area Director, Cognitive, Neuroscience and Social Psychology, University of South Florida

    Hurricane Milton flooded parts of the Tampa Bay region just days after Hurricane Helene made landfall nearby. Bryan R. Smithy/AFP via Getty Images

    As TVs across Florida broadcast the all-too-familiar images of a powerful hurricane headed for the coast in early October 2024, people whose homes had been damaged less than two weeks earlier by Hurricane Helene watched anxiously. Hurricane Milton was rapidly intensifying into a dangerous storm, fueled by the Gulf of Mexico’s record-breaking temperatures.

    Many residents scrambled to evacuate, clogging roads away from the region. Officials urged those near the coast who ignored evacuation warnings to scrawl their names on their arms with indelible ink so their corpses could be identified.

    The two hurricanes were among the most destructive in recent memory. They are also stark reminders of the increasingly extreme weather events that scientists have long warned would be the consequence of human-driven climate change.

    Still, many people deny that climate change is a worsening threat, or that it exists at all. As its impacts grow more visible and destructive, how is this possible?

    Views of Hurricane Milton’s damage across Florida.

    One answer lies in a unique facet of human psychology – specifically, in how people manage the fear aroused by existential threats. For many people, denying the existence of a climate crisis is not only convenient, but may feel psychologically necessary.

    Terror management theory

    The Pulitzer Prize-winning anthropologist Ernest Becker put it this way: “The idea of death, the fear of it, haunts the human animal like nothing else … to overcome it by denying it in some way is the final destiny for man.”

    In plain terms, he was saying that most people struggle to accept their mortality and take pains to distort their perception of reality to avoid confronting it.

    In the 1980s, social psychologists developed “terror management theory,” showing the lengths people go to deny death. Hundreds of experiments have tested its implications. In a common method, participants reflect on their own death, while control groups consider less threatening topics, like dental pain. The key question: What does death awareness do to people?

    After writing about death, people tend to quickly move on, pushing thoughts of it from consciousness with distractions, rationalizations and other tactics. Health care professionals see this every day. For example, people often dodge screenings and diagnostic tests to avoid the frightening possibility of discovering cancer.

    Skidmore College psychologist Sheldon Solomon discusses Ernest Becker’s ‘The Denial of Death’ and terror management theory in the context of humanity’s history of brutal behavior.

    But here’s the rub: Terror management theory suggests that when people are not thinking about death, it nevertheless holds influence. The unconscious mind lingers on the problem even after people have used strategies to quiet the fear by pushing it from awareness.

    Social psychology experiments show that people often cope with the specter of death by attaching themselves to cultural ideologies, such as religious, political or even sports fandom. These worldviews imbue life with meaning, values and purpose. And that can ease the terror of mortality by connecting people to an enduring and comforting web of ideas and beliefs that transcend one’s own existence.

    When people are made aware of death, those systems of meaning become even more critical to their psychological functioning. Existential threats make us cling even tighter to the meaning systems that sustain us.

    Climate denial as a defense mechanism

    Much like a terror management lab experiment – or the onset of the COVID-19 pandemic – natural disasters like hurricanes Helene and Milton trigger death anxiety.

    Rising sea levels, warming oceans and intensifying storms – all tied to global warming fueled by human actions – represent an existential threat.

    From our perspective, it is not surprising that climate-related disasters disappear from the public consciousness almost as soon as they have passed. Google Trends data exemplifies this: Incoming storms instigated an uptick in searches for “climate change” and “global warming” in the days before Hurricane Helene made landfall on Sept. 25, 2024, and Hurricane Milton on Oct. 9, 2024. Then those searches quickly declined as people shifted their focus away from the threat.

    Unfortunately, climate change isn’t going away, no matter how hard anyone tries to deny it.

    While climate denial allows people to protect themselves from feelings of distress, terror management theory suggests that denying death is just the tip of the iceberg. For some people, accepting the reality of climate change would necessitate reevaluating their ideologies.

    Terror management theory predicts that individuals whose ideologies conflict with environmental concerns may ironically double down on those beliefs to psychologically manage the existential threat posed by climate-related disasters. It’s similar to how mortality reminders can lead people to engage in risky behavior, such as smoking or tanning. Hurricanes may reinforce denial and commitment to a worldview that rejects climate change.

    A path forward: Building new worldviews

    Although denial may be a natural psychological response to existential threats, the U.S. may be getting to a point where even deniers can’t ignore the existential threat associated with climate change.

    Again and again, Americans are gobsmacked by the devastation – from hurricanes to severe flooding, wildfires and more.

    A terror management analysis suggests that overcoming this crisis requires weaving a solutions-focused narrative into the ideologies that people rely on for comfort. As psychologists who work on terror management, we believe the fight against climate change should be framed not as an apocalyptic battle that humanity is destined to lose, but as a moral and practical challenge that humanity can collectively overcome.

    Tampa, Florida, meteorologist Denis Phillips had the right idea as the two hurricanes headed for his community: His fact-based social media updates eschew partisan critique, encourage neighbors to support one another and emphasize preparedness and resilience in the face of incoming storms.

    As Milton approached, Phillips told residents to remember his Rule #7: Don’t freak out. That doesn’t mean do nothing – it means evaluate risks without letting emotion interfere, and take action.

    Shifting the narrative from helplessness to collective empowerment and action can help people confront climate change without triggering the existential anxieties that lead to denial – offering a vision for a future that is both secure and personally meaningful.

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

    – ref. Time to freak out? How the existential terror of hurricanes can fuel climate change denial – https://theconversation.com/time-to-freak-out-how-the-existential-terror-of-hurricanes-can-fuel-climate-change-denial-242390

    MIL OSI – Global Reports –

  • MIL-OSI Video: US-ROK Security Consultative Meeting Preview

    Source: United States Department of Defense (video statements)

    This week, Secretary of Defense Lloyd J. Austin III will host South Korean Defense Minister Kim Yong-hyun for the Security Consultative Meeting to deepen and modernize our ironclad alliance with the ROK. Later, they will join Secretary of State Blinken and ROK Foreign Minister Cho for a 2+2 Ministerial at the State Department. Watch as Dr. Jay Finch, Director of the Korea Office at the Pentagon, discusses this important meeting.
    —————
    Your military is an all-volunteer force that serves to protect our security and way of life, but Service members are more than a fighting force. They are leaders, humanitarians and your fellow Americans. Get to know more about the men and women who serve, who they are, what they do, and why they do it.

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

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

    https://www.youtube.com/watch?v=ybjWZ44kLNM

    MIL OSI Video –

  • MIL-OSI Video: Banks Lose – someone gains: Households’ unequal exposure to financial distress

    Source: European Central Bank (video statements)

    ECB Research Bulletin by Caterina Mendicino, Lukas Nord and Marcel Peruffo

    Read more: https://www.ecb.europa.eu/press/research-publications/resbull/2024/html/ecb.rb241030~0d7d61fdc8.en.html

    The Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience.

    The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.

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

    MIL OSI Video –

  • MIL-OSI USA: Governor, First Lady to welcome Halloween trick-or-treaters at Governor’s Residence with tourism theme

    Source: US State of North Dakota

    Gov. Doug Burgum and First Lady Kathryn Burgum will welcome Halloween trick-or-treaters on Thursday, Oct. 31, at the Governor’s Residence, continuing a long-standing tradition. 

     

    Children and accompanying adults are invited to come to the east entrance of the residence between 4:30 and 6:30 p.m. Thursday. Parking is available in the Capitol mall loop. The residence is in the southwest corner of the Capitol grounds, 600 E. Boulevard Ave., Bismarck.

     

    This year’s theme for Halloween at the Governor’s Residence is tourism. Displays featuring North Dakota destinations will provide an interactive experience for children.

    MIL OSI USA News –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Protection of indigenous peoples: the work of the Catholic Church in the face of exploitation and expropriation

    Source: Agenzia Fides – MIL OSI

    Manila (Agenzia Fides) – In October, the month dedicated to the protection of indigenous peoples in the Philippines, the Catholic Church organized various events, meetings and local celebrations aimed at calling institutions to address the problems faced by these peoples in continuing their lives on their ancestral lands, a life threatened above all by mining exploitation.The Philippines has emerged on the international scene as a major supplier of raw materials for the global energy transition, with reserves of minerals such as nickel, a key material for electric car batteries. However, this boom and the mining concessions granted by the government in Manila to multinational companies are leading to displacement and habitat destruction among indigenous peoples, who are being deprived of their ancestral lands and their livelihoods. According to the 2023 State of Indigenous Peoples Address report published by the Legal Rights and Natural Resources Centre (LRC), land and environmental conflicts have increased by 6% in one year, with more than 70,000 additional hectares of land affected. Resource conflicts, especially those related to mining, “have a direct impact on the lives of indigenous peoples themselves. Their lives are truly at stake,” the LRC notes, explaining that between 2022 and 2023, over 45,000 indigenous people were victims of land theft in areas such as the islands of Palawan or Mindoro. Another example concerns the mountainous Cordillera region (north of Luzon island), where the Philippine government has approved 99 hydroelectric projects that are part of a broader plan to develop renewable energy sources. The projects have divided rural communities into those who believe that the dams will bring jobs and money and those who fear damage to water sources and cultural sites.The Philippines is estimated to be home to between 14 and 17 million indigenous people belonging to 110 ethnic-linguistic groups. In the various regions where they are located – such as the Cordillera (in Luzon, in the North), the Visayas (in the center of the archipelago), the Bagsamoro region (in Mindanao, in the South) – these peoples are subject to social discrimination, economic marginalization and political deprivation, phenomena that are exacerbated by mining, which deprives them of their land rights. Over the last hundred years, the Philippine government has increasingly taken away land from indigenous peoples precisely because it is rich in natural resources. The country has begun to promote the dignity and rights of these peoples, thanks in part to the educational work carried out by the Catholic Church and missionaries. Under the Indigenous Peoples’ Rights Act (IPRA), passed in 1997, indigenous peoples have ownership rights to their ancestral lands if they receive a Certificate of Ancestral Domain Title. The holder of this certificate has the power to approve or reject projects that affect the land, such as in the mining sector. However, obtaining the certificate involves a lengthy bureaucratic process that requires legal representation, and is a process that many indigenous groups have not even begun. In 2003, the government declared October as “Indigenous Peoples’ Month,” establishing a Day of Recognition for Indigenous Peoples, set for October 29, to renew the commitment to ensure fair treatment of these peoples. The Catholic Church in the Philippines, through the Episcopal Commission for Indigenous Peoples, Diocesan Groups and Religious Institutes, has undertaken to “listen to our indigenous brothers and sisters who are members of the family of God, to respond to their aspirations as members of our society” and to protect their lives. An example of this commitment is the award of the National Prize named after Saint Theresa of Calcutta to Sister Minerva Caampued for her work in favor of the indigenous peoples in the province of Cagayan, after thirty years of tireless work for the indigenous Agta community in the areas of environmental protection, health care, nutrition and educational programs. (PA) (Agenzia Fides, 30/10/2024)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Global: Nationalism is not patriotism: 3 insights from Orwell about Trump and the 2024 election

    Source: The Conversation – USA – By Mark Satta, Associate Professor of Philosophy and Law, Wayne State University

    Donald Trump hugs an American flag as he arrives at the Conservative Political Action Conference on Feb. 24, 2024, in Baltimore. Anna Moneymaker/Getty Images

    Shortly after Donald Trump was inaugurated as president of the United States in January 2017, George Orwell’s 1949 novel “Nineteen Eighty-Four” shot to the top of Amazon’s bestseller list. Apparently, lots of people thought Orwell had something relevant to say in that political moment.

    Nearly eight years later, the United States once again faces the prospect of a Trump presidency.

    In 2016, many Americans were caught off guard by Trump’s win, leading them to grapple with the potential consequences of a Trump presidency only after he was elected. But this time, more people seem to be thinking about the ramifications of such an outcome in advance.

    In my work as a professor of philosophy and law, I’ve spent a lot of time studying Orwell’s writing. I think people were correct eight years ago to conclude that Orwell could provide insight into a Trump presidency.

    Here are three such insights that I think are useful for Americans to keep in mind as they prepare to vote for their next president.

    Trump supporters clash with police and security forces as they try to storm the U.S. Capitol on Jan. 6, 2021, in Washington, D.C.
    Brent Stirton/Getty Images

    Nationalism is not patriotism

    In his 1945 essay “Notes on Nationalism,” Orwell distinguishes between the terms nationalism and patriotism.

    For Orwell, nationalism was “the habit of identifying oneself with a single nation or other unit, placing it beyond good and evil and recognizing no other duty than that of advancing its interests.”

    He was quick to point out that this was distinct from the concept of patriotism, which he defined as “devotion to a particular place and a particular way of life, which one believes to be the best in the world but has no wish to force on other people.”

    To understand Orwell’s conception of patriotism, I find it useful to consider an analogy. Many parents think that their kids are the best kids in the world. This doesn’t mean that they think there are objective metrics that could be used to rank children. Most parents recognize that there is no such thing, and they don’t go around saying other children aren’t as good as theirs. Yet there is still a real sense in which they see their own kids as the very best.

    There is something similar in the attitude of Orwell’s patriot. They may think that their country or their way of life is the best, but – and this may be the most important part – they have no wish to force their views or way of life on others.

    Not so with the nationalist. Orwell claims, “Patriotism is of its nature defensive, both militarily and culturally. Nationalism, on the other hand, is inseparable from the desire for power.” The nationalist is like a parent who goes around tearing other people’s kids down in order to lift theirs up.

    Mere love of country is not inherently dangerous. Making advancement of one’s nation or culture one’s top priority is extremely dangerous. Patriotism sticks to the former. Nationalism goes in for the latter.

    Orwell insightfully recognizes that when the nationalist makes advancement of their way of life their top priority, they inevitably end up placing that goal “beyond good and evil.” This makes the nationalist susceptible to endorsing unethical means for advancing their own way of life.

    A prime example of such a nationalist mentality was Trump’s response to losing the 2020 presidential election. He sought to subvert the election results by lying and by encouraging insurrection.

    Similarly, Trump’s supporters who stormed the Capitol on Jan. 6 were embracing a nationalist mentality. They engaged in an unethical means of trying to advance their own political agenda.

    Donald Trump does exactly what Orwell predicts the nationalist will do. He conceptualizes everything, as Orwell put it, “in terms of competitive prestige” and “his thoughts always turn on victories, defeats, triumphs and humiliations.”

    Fixation on competitive prestige is not patriotic. It’s unadulterated nationalism.

    An autocrat is easy to underestimate

    In a 1942 essay written during the middle of World War II and reflecting on his experiences as a volunteer soldier in the Spanish Civil War, Orwell wrote that “our traditions and our past security have given us a sentimental belief that it all comes right in the end and the thing you most fear never really happens,” and that “we believe half-instinctively that evil always defeats itself in the long run.”

    Orwell was worried by these optimistic instincts because he thought they ran counter to the evidence. The evidence, on the contrary, suggested that things typically don’t turn out right on their own. Rather, social improvements normally require concerted effort and vigilance against backsliding.

    In another essay from the same year, Orwell criticized various intellectuals who treated Hitler as “a figure out of comic opera, not worth taking seriously.” And he criticized many English-speaking countries for being places where it was “fashionable to believe, right up to the outbreak of war, that Hitler was an unimportant lunatic and the German tanks made of cardboard.”

    As numerous commentators and news outlets have noted, Trump routinely speaks like an autocrat.

    Yet many Americans excuse such talk, failing to treat it as the evidence of a threat to democracy that it is. This seems to me to be driven in part by the tendency Orwell identified to think that truly bad things won’t happen – at least not in one’s own country.

    Orwell thought it was worth taking the possibility of bad outcomes seriously. This is one way to understand what he was up to in his most famous books, “Animal Farm” and “Nineteen Eighty-Four.” Americans would benefit from taking potential threats to U.S. democracy seriously, too.

    George Orwell, whose writings from the middle of the 20th century have relevance in 2024.
    Ullstein Bild/Getty Images

    Nationalism can attack within

    You can read “Nineteen Eighty-Four” as Orwell’s attempt to think about what a ruling political party completely captured by nationalism might look like.

    In “Nineteen Eighty-Four,” orthodox party members in the fictional nation of Oceania are obsessed with “competitive prestige” and “the desire for power.” Activities such as the Two Minutes Hate, where party members were encouraged to scream and jeer at a video of a political opponent, prompt party members to focus their thoughts on “victories, defeats, triumphs and humiliations.”

    A notable feature of the party is how often it turns on its own members through kidnapping, torture and murder. The occurrence was so frequent in Oceania that it had a name: being “vaporized.” Nationalists are a threat not only to those outside the nation but also to those inside the nation who don’t fully support the nationalist’s pursuit of power at any cost.

    From this perspective, Trump’s threats against those whom he views as “the enemy from within” reveal his own nationalistic desire to turn on Americans who threaten his pursuit of power.

    Orwell’s writing suggests that voters should take such threats seriously.

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

    – ref. Nationalism is not patriotism: 3 insights from Orwell about Trump and the 2024 election – https://theconversation.com/nationalism-is-not-patriotism-3-insights-from-orwell-about-trump-and-the-2024-election-241883

    MIL OSI – Global Reports –

  • MIL-OSI Global: People with blindness and low vision are squeezed by high costs of living − new research

    Source: The Conversation – USA – By Zachary Morris, Associate Professor of Social Welfare, Stony Brook University (The State University of New York)

    A young blind man prepares to board a Denver RTD light rail train in 2019. Robert Alexander/GettyImages

    Colin Wong, a blind Ph.D. student, can’t forget having to pay US$100 for an Uber when he needed to take a standardized test. There was no testing center in San Francisco, where he lived, that could accommodate his disability.

    That kind of expensive hassle isn’t unusual. It costs nearly $7,000 more per year to live in the U.S. with his disability, according to research I, a social work scholar, conducted with four experts at the American Foundation for the Blind – a nonprofit dedicated to promoting equality and inclusion for people with blindness or low vision.

    For our research, we looked at survey data from a representative sample of Americans, focusing on how people with visual impairments answered. We considered anyone who said they live with a vision disability – or said that they have a lot of trouble seeing or can’t see at all, even with glasses – as a person with low vision or blindness.

    We calculated that people with blindness or low vision spend, on average, 27% of their household income on expenses related to their disability – about $7,000 per year.

    Low-income Americans with disabilities are shouldering an even bigger burden. The people who took this survey and were earning less than $25,000 per year said they spent about 40% of their income on costs related to their disability, on average, compared with 16% for those with higher incomes.

    That leaves them with less money for other essentials such as food and housing. About 1 in 4 of the people we surveyed said they spent less on food to cover their expenses associated with their disability.

    And about 2 in 3 of the people we surveyed said they frequently go without goods and services they need, including medical care, assistive technologies and transportation to get to school or go to work.

    Why it matters

    Cost-of-living issues rank at the top of all Americans’ concerns, according to a recent Gallup survey. And people with disabilities, including those with physical or mental health conditions, tend to have more trouble making ends meet than the average person.

    That includes the roughly 7 million Americans with blindness or vision loss who are among the more than 1 in 4 people in this country with a disability.

    One reason for the higher costs of living is that people with disabilities tend to incur many other extra expenses, such as spending more on transportation, prepared foods and grocery delivery services. Others struggle to afford the prescription and over-the-counter drugs and supplements they need.

    Politicians and policymakers appear to be paying more attention to this problem, which my research team calls the “disability squeeze.” Vice President Kamala Harris, for example, announced in October 2024 a proposal to expand Medicare to cover the long-term care needs for older adults and people with disabilities.

    Denise Chamberlin and her guide dog, Ridley, emerge from a Toronto subway station.
    AP Photo/Business Wire

    What still isn’t known

    Our survey included 288 people with blindness or low vision. Studies with larger numbers of participants could greatly expand upon what’s known about this problem and what can be done about it.

    Expanding accessible public transit, making assistive technologies more affordable and increasing disability benefits might be enough for some people with disabilities to have an opportunity to thrive, but not for others.

    Future research could shed a brighter light on the cracks in the U.S. health and social welfare systems. For example, researchers could look into why people with health insurance from Medicaid or Medicare told us they had more unmet needs rather than fewer than those with coverage through private insurers. Other studies could examine how the disability squeeze affects the health and employment of people with disabilities over the long term.

    The Research Brief is a short take about interesting academic work.

    Zachary Morris’ research presented here is funded from the National Institute on Disability, Independent Living, and Rehabilitation Research, part of the U.S. Department of Health and Human Services. The contents of this survey do not necessarily represent the policy of the federal government or any government agency.

    – ref. People with blindness and low vision are squeezed by high costs of living − new research – https://theconversation.com/people-with-blindness-and-low-vision-are-squeezed-by-high-costs-of-living-new-research-241752

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