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Category: Business

  • MIL-OSI: Jayud Global Logistics Expands U.S. Operations with Strategic Acquisitions in California and Georgia

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Jayud Global Logistics Limited (NASDAQ: JYD) (“Jayud” or the “Company”), a leading end-to-end supply chain solution provider based in Shenzhen specializing in cross-border logistics, today announced the acquisition of significant stakes in two key logistics facilities in California and a licensed customs brokerage firm in Georgia. These strategic investments are part of Jayud’s ongoing efforts to expand its operational footprint in the United States and enhance its comprehensive suite of logistics services.

    Jayud has acquired a 20% stake in a 70,000 sq.ft. warehouse located in Rialto, California, and a 49% stake in a 50,000 sq.ft. warehouse located in Chino, California. These facilities are located in major logistics hubs in California, enhancing Jayud’s capacity to manage and streamline supply chains in one of the U.S.’s busiest trade corridors.

    In addition to the warehouse investments, Jayud has secured a 10% stake in LD Global Logistics Inc., a licensed customs broker established in 2016 and certified by U.S. Customs and Border Protection. Based in Georgia, LD Global Logistics Inc. provides critical brokerage services and  operates a fleet of trucks, further supporting Jayud’s logistics operations across the southeastern United States. The inclusion of LD Global Logistics Inc. into Jayud’s portfolio expands its service capabilities and deepens its compliance and customs expertise in a key U.S. region, ensuring smoother and more efficient import and export processes for clients.

    The Company issued a total of 3,365,588 Class A ordinary shares as consideration for the three acquisitions.

    “These acquisitions are a testament to our commitment to strengthen our global logistics network and enhance service offerings to our clients, particularly in the U.S. market,” said Xiaogang Geng, Chairman of the Board and CEO of Jayud. “By integrating these assets into our portfolio, we are better positioned to offer end-to-end logistics solutions and meet the growing demand for efficient, reliable supply chain management in North America.”

    About Jayud Global Logistics Limited

    Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, focusing on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company’s website: https://ir.jayud.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For more information, please contact:

    Jayud Global Logistics Limited
    Investor Relations Department
    Email: ir@jayud.com 

    Investor Relations Contact:
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI: red violet to Announce Third Quarter 2024 Financial Results on November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, announced today that it will report its financial results for the third quarter ended September 30, 2024 after the close of the U.S. financial markets on Wednesday, November 6, 2024.

    The Company will host its earnings call on Wednesday, November 6, 2024 at 4:30pm ET to discuss its quarterly results and provide a business update.

    The participant registration and webcast information are listed below. The earnings call will be simultaneously webcast on the Investors section of the red violet website at http://www.redviolet.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required.

    Please note participants must register to receive their unique dial-in number credentials. A general dial-in number will not be provided.

    PARTICIPANT REGISTRATION & WEBCAST INFORMATION
    WHEN: WEDNESDAY, November 6, 2024 at 4:30pm ET
    Participant Registration: Click Here
    Webcast URL: Click Here

    Following the completion of the conference call, an archived webcast of the earnings call will be available on the Investors section of the red violet website at http://www.redviolet.com.

    About red violet®

    At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit http://www.redviolet.com.

    Company Contact:
    Camilo Ramirez
    Red Violet, Inc.
    561-757-4500
    ir@redviolet.com

    Investor Relations Contact:
    Steven Hooser
    Three Part Advisors
    214-872-2710
    ir@redviolet.com

    The MIL Network –

  • MIL-OSI: Nano Labs Announces Results of Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, today announced the results of the Company’s Annual General Meeting (“AGM”) held at 10 A.M. on October 23, 2024, Beijing time (10 P.M., October 22, 2024, U.S. Eastern time). The proposals submitted for shareholder approval at the AGM have been approved. Specifically, the shareholders have passed the following resolutions:

    (1) to effect a share consolidation of every ten shares with a par value of US$0.0002 each in the Company’s issued and unissued share capital into one share with a par value of US$0.002 (the “Share Consolidation”), so that immediately following the Share Consolidation and the share re-designation, the authorized share capital of the Company shall be US$50,000 divided into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 12,141,093 Class A ordinary shares of par value of US$0.002 each, (ii) 2,858,908 Class B ordinary shares of par value of US$0.002 each, and (iii) 9,999,999 shares of a par value of US$0.002 each of such class or classes (however designated) as the board of directors of the Company may determine in accordance with the Company’s New M&A (as defined below).

    (2) to amend the Company’s memorandum and articles of association currently in effect by the adoption of a new memorandum and articles of association to reflect the Share Consolidation (after the amendment, the “New M&A”); and

    (3) to approve the appointment of MaloneBailey, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

    The Share Consolidation will be effective from 5 P.M. on October 29, 2024, Eastern time.

    About Nano Labs Ltd

    Nano Labs Ltd is a leading fabless integrated circuit (“IC”) design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips, high performance computing (“HPC”) chips, distributed computing and storage solutions, smart network interface cards (“NICs”) vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn.

    * According to an industry report prepared by Frost & Sullivan.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

    For investor inquiries, please contact:

    Nano Labs Ltd
    ir@nano.cn

    Ascent Investor Relations LLC
    Tina Xiao
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –

  • MIL-OSI: The Pet Hazard Decking Your Halls: truInsights into Foreign Body Ingestion & Holiday Decor

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 23, 2024 (GLOBE NEWSWIRE) — Tis the season for holiday decor. But all those haunted Halloween decorations, Thanksgiving centerpieces and Christmas ornaments present a hidden danger pet parents need to watch out for.

    In 2023 alone, pet medical insurance company Trupanion (Nasdaq: TRUP) received more than 24,000 foreign body ingestion claims. Foreign body ingestion (FBI) is a painful, sometimes deadly, and costly condition that happens when a pet eats something they can’t pass through their gastrointestinal system without veterinary help.

    “Keep a close eye on your pets during the holiday season,” says veterinarian and Trupanion General Manager, Dr. Stephen Rose, BVSc (Hons1) M Infotech CVA ACVCHM. “And if you suspect your pet ate something they shouldn’t have, don’t risk it—reach out to your veterinarian to have them examined to be sure. It’s better to be safe than sorry in these instances.”

    Foreign Body Ingestion: By the Numbers

    In 2023, Trupanion paid 24,305 foreign body ingestion claims. The average claim was $878, while the highest claim was $27,403.

    Amongst Trupanion’s current population of insured pets, 7% of dogs and 3% of cats have had an FBI claim. Puppies and kittens have the most FBI claims of any age group by far. Pets under 1 year of age claim 322% more than adults and senior pets. Adult pets claim 34% more than senior pets.

    Top 5 Dog Breeds Claiming

    • Doberman Pinscher
    • Maltese
    • Boston Terrier
    • Shih Tzu
    • German Pointer

    Top 5 Cat Breeds Claiming

    • Persian
    • Bengal
    • Russian Blue
    • Sphynx
    • Siberian

    The Science & Medicine of Foreign Body Ingestion

    When a pet eats a foreign object that they can’t pass through their gastrointestinal system, it can become lodged anywhere along the GI Tract and cause a variety of symptoms from vomiting and diarrhea to obstruction, organ damage, and even death.

    Early signs and symptoms of foreign body ingestion are vomiting, diarrhea, lethargy, refusal of food or loss of appetite, whining, restlessness, pain in the belly, straining to defecate or being unable to fully vacate the bowels.

    If these symptoms are observed, it’s recommended that the pet is seen by a veterinarian as quickly as possible so that they can be evaluated for foreign body ingestion.

    During the examination, the vet may perform diagnostic imaging such as x-rays to see if a foreign object can be seen, or use a substance called Barium which when swallowed, illuminates on the radiographs to show if there is a blockage somewhere along the GI tract, and can help track the foreign material.

    Surgery is often needed to safely remove foreign objects from the GI tract to prevent further damage. The vet may also support with IV fluids, prescribing pain and/or nausea medications, inducing vomiting, performing bloodwork to check organ function, as well as observation while the pet passes the object.

    Prognosis is based on many factors such as what the pet ingested, how long the object has been stuck in the GI tract, where in the tract the object is stuck, and how healthy the pet is otherwise.

    Early intervention is always better. If too much time passes before treatment, the pet’s health may continue to decline, and if the blockage is an intestinal or stomach obstruction, the blood flow to organs can be affected, which can result in permanent damage or necrosis of those tissues. In these cases, just a few hours can mean the difference between life or death.

    Keeping Your Pets Safe During the Holidays

    Common items that pets ingest that result in foreign body ingestion include clothing (often socks and underwear), sticks, bones, corn cobs, champagne corks, food packaging and wrappers, dental floss, hair elastics, and toy stuffing or squeakers.

    During the holidays, the big ones to watch out for are decorations like tinsel, garlands, ribbons, and string. In fact, there is a specific type of very dangerous foreign body ingestion called a Linear Foreign Body, where things like strings or ribbons get lodged anywhere from the tongue down the esophagus and into the stomach and intestines. These linear foreign objects can cause the intestines to bunch and slice through the tissues as the body tries to expel them.

    “Keep a close eye on your pets during the holiday season,” says veterinarian and Trupanion General Manager, Dr. Stephen Rose, BVSc (Hons1) M Infotech CVA ACVCHM. “There’s a lot going on—a lot of distractions for pet parents, and a lot of objects around the house this time of year that look like toys to our pets, so it’s vital to remain vigilant. On special occasions, ensure you’re cleaning up wrapping paper, bows, and ribbons after opening gifts, and when entertaining, keep pets contained and out of the kitchen so they don’t have access to food and bones, and to prevent guests from feeding them things they shouldn’t eat. And if you suspect your pet ate something they shouldn’t have, don’t risk it—reach out to your veterinarian to have them examined to be sure. It’s better to be safe than sorry in these instances.”

    More Foreign Body Ingestion Safety Tips

    • Provide gates and pens to control what areas pet have access to
    • Check toys regularly to ensure they’re still intact
    • Dispose of toys that are coming apart to prevent ingestion of stuffing, strings and squeakers
    • Keep laundry room doors closed to prevent access to laundry baskets and detergent pods
    • Keep bathroom and bedroom doors closed to prevent access to garbage cans and other debris

    About truInsights

    truInsights is a data focused initiative introduced by Trupanion and designed to deliver valuable health-related data and insights to pet parents, veterinarians and pet lovers alike. With over 20 years of pet health data, Trupanion has explored its veterinary invoice data from nearly two million pets and provides details on data trends, as well as prevention tips for keeping our pets safe.

    About Trupanion

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). For more information, please visit trupanion.com.

    Contacts:

    Media: Trupanion Corporate Communications

    Corporate.communications@trupanion.com

    The MIL Network –

  • MIL-OSI: authID Announces Launch of its Biometric Identity Services with Imperial Technologies

    Source: GlobeNewswire (MIL-OSI)

    Expands market presence into telecommunications vertical

    DENVER, Oct. 23, 2024 (GLOBE NEWSWIRE) —  authID® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced Imperial Technologies Inc., a broadband and wireless high-speed internet provider across all 50 states, has signed a multi-year agreement and launched authID’s biometric identity and document verification services to streamline and secure new customer onboarding.

    With the high frequency of identity fraud, deepfakes, and social engineering account takeover attacks, Imperial wanted to streamline its customer onboarding and reduce the resources required to perform manual and often error-prone identity checks. The company selected authID because of its ability to deliver a fully orchestrated identity verification solution that is fast, accurate, user-friendly, and helped accelerate good customer conversion, while stopping fraud quickly.

    “authID stood out among the various identity providers because of its biometric platform’s ability to securely onboard and seamlessly authenticate our customer base with the highest levels of identity assurance,” said Faiz Chaudhry, CEO of Imperial Technologies. “Together authID and Imperial Technologies are re-shaping the landscape of digital customer acquisition with highly secure identity trust that does not compromise on speed or convenience.”

    Imperial Technologies is now leveraging authID’s document-based biometric identity verification to streamline onboarding with an easy, intuitive user experience delivered in any browser to any device. authID stops identity fraud with PAD Level 2 liveness confirmation, ID anti-spoofing checks, and facial biometric matching of a selfie to the credential photo, all in a market-leading 700 milliseconds. To help users seamlessly authenticate their identities at any time, authID extends the value of that root of trust with biometric authentication that replaces friction-filled one-time passwords and easily compromised knowledge-based answers (KBA).

    “This customer win and our expansion into the telecommunications vertical demonstrates our broad product fit and our strong ability to ensure enterprises ‘Know Who’s Behind the Device’ during onboarding and throughout the user journey to prevent cybercriminals using malicious AI from impersonating users, deploying deepfakes, or performing account takeovers,” said Rhon Daguro, CEO of authID. “authID is committed to helping Imperial Technologies enjoy the highest levels of identity trust delivered with market-leading speed, accuracy, and frictionless identity experiences that deepen customer loyalty.”

    About authID
    authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

    About Imperial Technologies Inc.
    Imperial Technologies Inc., headquartered in Atlanta, Georgia, offers wireless & wireline connectivity across North America. Imperial Wireless, Imperial Internet, Imperial Smart Security, Imperial Mobile, Imperial Voice, and Imperial GPS are all part of the same family belonging to Imperial Technologies Inc. Our goal is to simplify your Connectivity experience. Smart Innovation & customer satisfaction are the driving force behind our products. We are committed to ensure that our solutions meet the needs of both households and businesses nationwide. Learn more at http://www.imperialinternet.com

    Media Contacts
     Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Investor Relations Contacts
    Investor-Relations@authid.ai

    Gateway Group, Inc.
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Morris State Bancshares Announces Quarterly Earnings and Declares Fourth Quarter Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ga., Oct. 23, 2024 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $5.4 million for the quarter ending September 30, 2024, representing an increase of $124 thousand, or 2.34%, compared to net income of $5.3 million for the quarter ended June 30, 2024. Year over year the Company’s net income increased $954 thousand, or 21.23%, compared to net income of $4.5 million for the quarter ended September 30, 2023. The Company’s quarterly net earnings rose due to sustained loan growth, higher loan yields, an increase in noninterest-bearing deposit accounts, and some stabilization in the cost of funds. These factors combined to strengthen the bank’s net interest margin, bringing it to 4.10%.

    “We had a solid third quarter. Our core earnings engine remains strong as reflected by the growth in our net interest income. In the third quarter, we generated net interest income of $14.0 million, which was $428 thousand above the June 30, 2024, level of $13.6 million and $1.1 million above the September 30, 2023 level of $12.9 million,” said Spence Mullis, Chairman and CEO. “The Federal Reserve’s reduction in the Fed funds rate, combined with robust growth in noninterest-bearing balances, has contributed to stabilizing our cost of funds. Despite continued payoffs of larger loans, we continue to fund a good volume of new loans and previously unfunded commitments driving our loan balances slightly higher.”

    The net interest margin was 4.10% for the third quarter of 2024 compared to 4.02% for the second quarter of 2024 and 3.94% for the third quarter of 2023. The average yield on earning assets grew nine basis points from 5.96%, as of June 30, 2024, to 6.05%, while the Company’s cost of funds increased two basis points from 2.16% to 2.18% during the same period.

    Total deposits declined during the quarter by $16.6 million, or 1.37%, which included a $24 million reduction in brokered money market deposits. However, non-interest-bearing deposits increased $21.5 million, or 7.19% during the quarter, helping to bolster the net interest margin. The bank took down $15.0 million in borrowings from the Federal Home Loan Bank during the third quarter of 2024 to help fund new loan demand and offset the reduction in brokered deposits. Loans increased $6.3 million, or an annualized 2.36% during the third quarter, slowing from the second quarter’s annualized growth of 7.24%. Management anticipates steady loan demand in the fourth quarter as political uncertainty eases in November, providing customers with greater clarity to advance their growth strategies.

    The bank’s reserve as a percentage of total loans was 1.30% for September 30, 2024, as compared to 1.30% for June 30, 2024, and 1.32% as of September 30, 2023. The Company’s adversely classified index increased slightly from 6.04% as of June 30, 2024, to 6.15% as of September 30, 2024. The bank’s efficiency ratio increased slightly from 58.36% as of June 30, 2024, to 58.90% as of September 30, 2024.

    The Company’s total shareholders’ equity increased 2.35% to $190.6 million as of September 30, 2024, as compared to $186.2 million as of June 30, 2024. Tangible book value per share increased to $16.97 as of September 30, 2024, a 2.66% increase from $16.53 per share on June 30, 2024.  On October 16, 2024, the board of directors approved its fourth quarter dividend of $0.092 per share payable on or about December 15th to all shareholders of record as of November 15th. 

    Forward-looking Statements

    Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. 

                 
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                     
    Consolidating Balance Sheet
                                     
            September 30,   June 30,           September 30,      
              2024       2024     Change   % Change     2023     Change   % Change
            (Unaudited)   (Unaudited)           (Unaudited)        
    ASSETS                                
                                     
    Cash and due from banks       $ 48,180,615     $ 43,688,884     $ 4,491,731     10.28 %   $ 36,373,555     $ 11,807,060     32.46 %
    Federal funds sold         11,932,122       14,624,710       (2,692,588 )   -18.41 %     8,695,149       3,236,973     37.23 %
    Total cash and cash equivalents         60,112,737       58,313,594       1,799,143     3.09 %     45,068,704       15,044,033     33.38 %
                                     
    Interest-bearing time deposits in other banks         100,000       100,000       —     0.00 %     100,000       —     0.00 %
    Securities available for sale, at fair value         6,299,609       7,669,642       (1,370,033 )   -17.86 %     3,879,531       2,420,078     0.00 %
    Securities held to maturity, at cost (net of CECL Reserve)         224,532,603       227,532,821       (3,000,218 )   -1.32 %     244,837,916       (20,305,313 )   -8.29 %
    Federal Home Loan Bank stock, restricted, at cost         1,740,300       1,027,800       712,500     69.32 %     1,727,100       13,200     0.76 %
    Loans, net of unearned income         1,088,132,851       1,081,790,223       6,342,628     0.59 %     1,049,730,890       38,401,961     3.66 %
    Less-allowance for credit losses         (14,179,392 )     (14,109,191 )     (70,201 )   0.50 %     (13,860,420 )     (318,972 )   2.30 %
    Loans, net         1,073,953,459       1,067,681,032       6,272,427     0.59 %     1,035,870,470       38,082,989     3.68 %
                                  –      
    Bank premises and equipment, net         12,912,111       13,051,972       (139,861 )   -1.07 %     13,325,846       (413,735 )   -3.10 %
    ROU assets for operating lease, net         854,808       945,268       (90,460 )   -9.57 %     1,216,601       (361,793 )   -29.74 %
    Goodwill         9,361,704       9,361,704       —     0.00 %     9,361,704       —     0.00 %
    Intangible assets, net         1,422,326       1,508,214       (85,888 )   -5.69 %     1,765,877       (343,551 )   -19.45 %
    Other real estate and foreclosed assets         39,755       43,408       (3,653 )   -8.42 %     3,567,309       (3,527,554 )   -98.89 %
    Accrued interest receivable         6,640,617       6,421,999       218,618     3.40 %     5,585,081       1,055,536     18.90 %
    Cash surrender value of life insurance         15,022,374       14,915,967       106,407     0.71 %     14,613,337       409,037     2.80 %
    Other assets         22,311,520       21,721,225       590,295     2.72 %     25,711,989       (3,400,469 )   -13.23 %
    Total Assets       $ 1,435,303,923     $ 1,430,294,646     $ 5,009,277     0.35 %   $ 1,406,631,465       28,672,458     2.04 %
                                     
                                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                
                                     
    Deposits:                                
    Non-interest bearing       $ 320,503,732     $ 298,997,994     $ 21,505,738     7.19 %   $ 316,825,603       3,678,129     1.16 %
    Interest bearing         876,274,737       914,360,430       (38,085,693 )   -4.17 %     862,167,812       14,106,925     1.64 %
              1,196,778,469       1,213,358,424       (16,579,955 )   -1.37 %     1,178,993,415       17,785,054     1.51 %
                                  –      
    Other borrowed funds         34,009,138       18,998,904       15,010,234     79.01 %     42,132,633       (8,123,495 )   -19.28 %
    Lease liability for operating lease         854,808       945,268       (90,460 )   -9.57 %     1,216,601       (361,793 )   -29.74 %
    Accrued interest payable         2,114,956       1,730,280       384,676     22.23 %     979,913       1,135,043     115.83 %
    Accrued expenses and other liabilities         10,938,057       9,038,821       1,899,236     21.01 %     10,056,934       881,123     8.76 %
                                  –      
    Total liabilities         1,244,695,428       1,244,071,697       623,731     0.05 %     1,233,379,496       11,315,932     0.92 %
                                     
    Shareholders’ Equity:                                
    Common stock         10,688,223       10,688,223       —     0.00 %     2,179,210       8,509,013     390.46 %
    Paid in capital surplus         34,867,691       34,729,351       138,340     0.40 %     41,548,417       (6,680,726 )   -16.08 %
    Retained earnings         131,085,914       132,061,494       (975,580 )   -0.74 %     116,705,941       14,379,973     12.32 %
    Current year earnings         15,660,043       10,213,197       5,446,846     53.33 %     13,404,804       2,255,239     16.82 %
    Accumulated other comprehensive income (loss)         1,582,952       1,648,392       (65,440 )   -3.97 %     2,148,509       (565,557 )   -26.32 %
    Treasury Stock, at cost 91,878         (3,276,328 )     (3,117,708 )     (158,620 )   5.09 %     (2,734,912 )     (541,416 )   19.80 %
    Total shareholders’ equity         190,608,495       186,222,949       4,385,546     2.35 %     173,251,969       17,356,526     10.02 %
                                     
    Total Liabilities and Shareholders’ Equity       $ 1,435,303,923     $ 1,430,294,646       5,009,277     0.35 %   $ 1,406,631,465       28,672,458     2.04 %
                                     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                         
    Consolidating Statement of Income
    for the Three Months Ended
                                         
                September 30,   June 30,           September 30,
    		              
                  2024     2024   Change   % Change     2023     Change   % Change
                (Unaudited)   (Unaudited)           (Unaudited)        
    Interest and Dividend Income:                                    
    Interest and fees on loans           $ 18,630,690   $ 17,879,134   $ 751,556     4.20 %   $ 15,803,711     $ 2,826,979     17.89 %
    Interest income on securities             1,825,236     1,837,396     (12,160 )   -0.66 %     2,051,695       (226,459 )   -11.04 %
    Income on federal funds sold             163,624     156,184     7,440     4.76 %     216,377       (52,753 )   -24.38 %
    Income on time deposits held in other banks             338,433     590,205     (251,772 )   -42.66 %     302,545       35,888     11.86 %
    Other interest and dividend income             21,031     64,639     (43,608 )   -67.46 %     43,630       (22,599 )   -51.80 %
    Total interest and dividend income             20,979,014     20,527,558     451,456     2.20 %     18,417,958       2,561,056     13.91 %
                                         
    Interest Expense:                                    
    Deposits             6,671,982     6,568,679     103,303     1.57 %     5,109,712       1,562,270     30.57 %
    Interest on other borrowed funds             309,265     389,629     (80,364 )   -20.63 %     455,105       (145,840 )   -32.05 %
    Interest on federal funds purchased             —     —     —     —       —       —     0.00 %
    Total interest expense             6,981,247     6,958,308     22,939     0.33 %     5,564,817       1,416,430     25.45 %
                                         
    Net interest income before provision for loan losses             13,997,767     13,569,250     428,517     3.16 %     12,853,141       1,144,626     8.91 %
    Less-provision for credit losses             252,021     272,419     (20,398 )   -7.49 %     (33,351 )     285,372     -855.66 %
    Net interest income after provision for credit losses             13,745,746     13,296,831     448,915     3.38 %     12,886,492       859,254     6.67 %
                                         
    Noninterest Income:                                    
    Service charges on deposit accounts             576,751     535,847     40,904     7.63 %     532,598       44,153     8.29 %
    Other service charges, commissions and fees             399,839     397,787     2,052     0.52 %     399,587       252     0.06 %
    Gain on sales of foreclosed assets             —     —     —     0.00 %     —       —     0.00 %
    Gain on sales of premises and equipment             —     141     (141 )   -100.00 %     —       —     0.00 %
    Increase in CSV of life insurance             106,407     102,828     3,579     3.48 %     97,005       9,402     9.69 %
    Other income             23,002     355,155     (332,153 )   -93.52 %     7,681       15,321     199.47 %
    Total noninterest income             1,105,999     1,391,758     (285,759 )   -20.53 %     1,036,871       69,128     6.67 %
                                         
    Noninterest Expense:                                    
    Salaries and employee benefits             4,794,940     4,650,704     144,236     3.10 %     4,374,087       420,853     9.62 %
    Occupancy and equipment expenses, net             592,165     536,330     55,835     10.41 %     599,714       (7,549 )   -1.26 %
    Loss on sales and calls of securities             —     265     (265 )   0.00 %     —       —     0.00 %
    Loss on Sales of premises and equipment             —     —     —     0.00 %     54,269       (54,269.0 )   0.00 %
    Loss on sales of foreclosed assets             2,065     —     2,065     0.00 %     320,110       (318,045 )   0.00 %
    Other expenses             3,752,517     3,860,188     (107,671 )   -2.79 %     3,837,844       (85,327 )   -2.22 %
    Total noninterest expense             9,141,687     9,047,487     94,200     1.04 %     9,186,024       (44,337 )   -0.48 %
                                         
    Income Before Income Taxes             5,710,058     5,641,102     68,956     1.22 %     4,737,339       972,719     20.53 %
    Provision for income taxes             263,212     318,723     (55,511 )   17.42 %     244,258       18,954     7.76 %
                                      –      
    Net Income           $ 5,446,846   $ 5,322,379     124,467     2.34 %   $ 4,493,081       953,765     21.23 %
                                         
                                         
    Earnings per common share:                                    
    Basic           $ 0.51   $ 0.50     0.01     2.43 %   $ 0.42       0.09     21.00 %
    Diluted           $ 0.51   $ 0.50     0.01     2.00 %   $ 0.42       0.09     21.43 %
                                         
    Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend.
                                         
                 Quarter Ending
                     
                September 30, June 30, September 30,
                  2024       2024       2023  
    Dollars in thousand       (Unaudited) (Unaudited) (Unaudited)
                     
    Per Share Data        
    Basic Earnings per Common Share     $ 0.51     $ 0.50     $ 0.42  
    Diluted Earnings per Common Share       0.51       0.50       0.42  
    Dividends per Common Share       0.092       0.092       0.088  
    Book Value per Common Share       17.99       17.56       16.37  
    Tangible Book Value per Common Share     16.97       16.53       15.32  
                     
    Average Diluted Shared Outstanding       10,602,348       10,611,811       10,582,485  
    End of Period Common Shares Outstanding     10,596,345       10,605,080       10,582,494  
                     
                     
    Annualized Performance Ratios (Bank Only)      
    Return on Average Assets         1.65%       1.73%       1.45%  
    Return on Average Equity         12.37%       13.12%       11.37%  
    Equity/Assets           13.23%       13.18%       12.79%  
    Yield on Earning Assets         6.05%       5.96%       5.48%  
    Cost of Funds           2.18%       2.16%       1.69%  
    Net Interest Margin         4.10%       4.02%       3.94%  
    Efficiency Ratio           58.90%       58.36%       62.24%  
                     
    Credit Metrics              
    Allowance for Loan Losses to Total Loans     1.30%       1.30%       1.32%  
    Adversely Classified Assets to Tier 1 Capital        
    plus Allowance for Loan Losses       6.15%       6.04%       7.00%  
                     
    Per share amounts for September 30, 2023 and previous quarters have been adjusted to reflect the April 22, 2024 5-for-1 stock dividend.

    The MIL Network –

  • MIL-OSI: Envoy Medical to Present at the LD Micro Main Event XVII

    Source: GlobeNewswire (MIL-OSI)

    WHITE BEAR LAKE, Minnesota, Oct. 23, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, today announced that David R. Wells, Chief Financial Officer, will present a corporate overview at the LD Micro Main Event XVII. The conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.

    Event:                                                  LD Micro Main Event XVII

    Presentation Date:                            Tuesday, October 29, 2024

    Time:                                                   12:00 PM Pacific Time

    Register to watch presentation:       https://me24.sequireevents.com/

    Mr. Wells will be available for one-on-one meetings with registered investors of the conference.

    About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

    The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

    *Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

    Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

    About the Fully Implanted Acclaim® Cochlear Implant

    We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

    The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

    The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused device to receive Breakthrough Device Designation.

    CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

    Additional Information and Where to Find It

    Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at http://www.sec.gov.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the future market trading performance of our Class A Common Stock; the future size of the market for our products; the performance and benefits of our products in comparison to competitor products; the benefits of intellectual property developed by Envoy; the potential for passage of legislation related to reimbursement for active middle ear hearing devices; the impact that such proposed legislation might have on the hearing health market, reimbursement for the Esteem FI-AMEI device, and the Envoy Medical business; and future market conditions or economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

    ###

    Investor Contact:

    CORE IR
    516-222-2560
    investorrelations@envoymedical.com

    The MIL Network –

  • MIL-OSI: Music Licensing, Inc. (OTC: SONG) Corrects ROI to 110.43% on 30-Year Royalty Stream Deal Involving Works by Miley Cyrus, Elton John, Lil Nas X, and XXXTENTACION, While Retaining Lifetime Ownership Rights

    Source: GlobeNewswire (MIL-OSI)

    Naples, FL, Oct. 23, 2024 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leader in the acquisition and management of music royalties, is issuing a correction regarding the financial performance of its recent sale of a 30-year royalty stream, which includes works by major artists such as Miley Cyrus, Elton John, Lil Nas X, and XXXTENTACION. The company initially reported a return on investment (ROI) of 106.04%. Upon recalculation, the correct ROI is 110.43%, following the receipt of additional royalty payments.

    Music Licensing, Inc. has received royalty payments totaling $36,489 USD since acquiring the rights to these works on November 23, 2023, alongside $140,200 USD generated from the sale of the 30-year royalty stream. With an initial acquisition cost of $160,000 USD, the company’s recalculated ROI demonstrates even stronger financial performance from this strategic investment.

    Works Included in the Transaction:

    • Miley Cyrus: “Unholy”
    • Elton John & Lil Nas X: “ONE OF ME”
    • Halsey: “clementine”
    • Halsey: “Honey”
    • Halsey: “Honey (John Cunningham Demo)”
    • Lauv: “I (Don’t) Have A Problem”
    • XXXTENTACION: “Kill My Vibe”
    • Lil Nas X: “LIFE AFTER SALEM”
    • Lil Wayne & XXXTENTACION: “School Shooters”
    • XXXTENTACION: “THE ONLY TIME I FEEL ALIVE”
    • 347aidan: “what i think about”
    • Halsey: “wipe your tears”
    • Halsey: “Lilith”

    Transaction Highlights:

    • Total Revenue from Sale: $140,200 USD from the sale of the 30-year royalty stream.
    • Royalties Already Received: $36,489 USD in royalty payments since acquisition.
    • Initial Investment: The company acquired the rights to these works for $160,000 USD on November 23, 2023.
    • Total ROI: Including both the royalty stream sale and royalties received, Music Licensing, Inc. has achieved a 110.43% ROI.

    Benefits to Shareholders:

    This transaction continues to demonstrate Music Licensing, Inc.’s ability to generate immediate returns while preserving future revenue potential. By monetizing a portion of future royalties, the company has not only realized significant returns but also retains ownership of these valuable assets for future revenue beyond the 30-year royalty stream. This strategic approach ensures that shareholders benefit from both short-term gains and long-term value creation.

    About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as artificial intelligence (A.I.) created music.

    Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine “Mouthwash” Antiseptic and musical works by artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and numerous others.

    Forward-Looking Statements:

    This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

    Contact: investors@ProMusicRights.com / ssmith@smallcapvoice.com

    SOURCE: Music Licensing, Inc.

    The MIL Network –

  • MIL-OSI: Clinical ink Announces the Promotion of John Pappadakis to Chief Commercial Officer and Megan Petrylak to Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    Winston Salem, NC, Oct. 23, 2024 (GLOBE NEWSWIRE) — Clinical ink, a global life science technology company, announces the promotion of John Pappadakis from EVP, Global Business Development to Chief Commercial Officer and Megan Petrylak from EVP, Clinical Operations to Chief Operating Officer. Jonathan Goldman MD, CEO of Clinical ink commented: “I am delighted to announce the promotion of two of our most seasoned and experienced executives.  With John Pappadakis as CCO, and Megan Petrylak as COO, Clinical ink has the ideal leadership team to drive us to the next phase of growth.  Our unwavering focus on quality and innovation make us the partner of choice for our biopharmaceutical partners and the patients they serve.”

    John Pappadakis, Chief Commercial Officer

    John Pappadakis has 34 years of experience in sales and marketing leadership roles within the pharma industry. His career includes commercial and R&D positions at Oracle and IMS Health, following positions of increasing seniority at Pfizer and Parke-Davis where he launched over 30 new molecular entities.

    As Clinical ink’s EVP, Global Business Development, John devised an innovative go-to-market strategy centered around the addition of scientific and medical expertise, and the incorporation of new FDA requirements into the Clinical ink technology platform.  His vision inspired the creation of the company’s newest integrated cardiometabolic product, GlucoseReady™.  Under his leadership, the company recruited a world-class commercial team and demonstrated record levels of key BD metrics.

    As Chief Commercial Officer, John will further diversify Clinical ink’s customer base with the addition of new large, medium and small biopharmaceutical companies, whilst solidifying the company’s CRO relationships and other industry alliances.  His plans include the deepening of the therapeutic area focus on cardiometabolic, CNS, immunology and oncology, the introduction of an end-to-end decentralized/digital health platform centered around eCOA and EDCXtra™, as well as new licensing-based business models.  Moving forward, John will be announcing novel and transformative AI-driven clinical trial innovations.

    Megan Petrylak, Chief Operating Officer

    Megan Petrylak has over 14 years of clinical trial experience in senior operational leadership roles. She has particularly focused on driving successful outcomes in phase 1-3 clinical trials for a wide range of global biopharmaceutical and CRO customers. Prior to her 6 year tenure at Clinical ink, Megan served as Director of Project Delivery at Worldwide Clinical Trials. Prior to that role, she headed Bioclinica’s centers for imaging and eClinical project management.

    As EVP, Clinical Operations, Megan oversaw Clinical ink’s entire customer, site, and patient-facing operations function.  She augmented the team with deep expertise in data management and data quality, mandating a quality-first culture. This resulted in impressive increases in customer satisfaction, complemented by significant reductions in all study build and execution metrics and excellent quality outcomes.  In addition, Megan’s team successfully launched new products including GlucoseReady™ and EDCXtra™ and has developed a range of industry partnerships including TransPerfect for translations and eClinical Solutions for complex data solutions.  Her deep subject matter expertise in eCOA and data management has been recognized at numerous industry consortia and she has served as an expert speaker at meetings such as the Society of Clinical Data Management.

    In her new role as Chief Operating Officer, Megan will oversee significant growth in Clinical ink’s revenue, broadening the customer base and expanding the range of integrated solutions. Her plans include upscaling the team to support the planned growth in revenue and margin profile, aided by automation of key operational and data processes. Megan will continue to prioritize quality to drive operational excellence and ensure exceptional delivery to clients.  

    About Clinical ink

    Clinical ink is the global life science company bringing data, technology, and patient-centric research together. Our deep therapeutic-area expertise, coupled with behavioral science, eDC/Direct Data Capture, eCOA, eConsent, telehealth, and digital biomarkers advancement (including the use of Continuous Glucose Monitoring for detection of hypoglycemia), support the next generation of clinical trials and ultimately, the clinical management of patients.

    The MIL Network –

  • MIL-OSI: Voters Express Growing Concerns About Deepfake Technology Ahead of 2024 Elections: Global Survey Reveals Rising Fears

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Oct. 23, 2024 (GLOBE NEWSWIRE) — As the 2024 U.S. elections approach, a new survey by Regula, a global leader in identity verification solutions, reveals growing voter concerns about hyper-realistic fake content. Many respondents worry that deepfakes could manipulate public opinion, undermine trust in the media, and jeopardize the integrity of election results.

    Given the evolution of AI-generated content into highly sophisticated tools of deception, voters and institutions feel uncertain about the upcoming wave of fake news.

    Image: Regula’s Deepfake Trends study reveals growing fears as deepfakes threaten to distort our perception of reality

    Key highlights from the new “Deepfake Trends 2024” survey include:

    • 33% of U.S. respondents say the media is most at risk from deepfakes, fearing fake news reports and interviews that could mislead the public.
    • 28% of Americans and 34% of Germans worry that deepfakes could directly manipulate political elections, spreading fabricated content designed to influence voter behavior.
    • In Mexico, a stunning 48% of people believe their media is vulnerable to deepfake corruption, the highest among surveyed nations.
    • The threat isn’t limited to elections—35% of U.S. respondents fear that AI-generated content could disrupt courtrooms with fake evidence, a concern shared by 27% of Germans.
    • Interestingly, for Singapore, which recently passed a law banning digitally manipulated content of candidates during elections, the largest concern about deepfakes lies in Healthcare. 35% of respondents worry that deepfakes could impersonate medical professionals or spread false medical advice, potentially leading to harmful health outcomes.
    • In the United Arab Emirates, the biggest concern (34% of respondents) is the use of deepfakes to create fake social media posts, messages, or videos, which could damage personal reputations and relationships.

    “We’ve reached a tipping point where voters and institutions alike can no longer trust what they see or hear. Deepfakes are becoming so sophisticated that we must equip ourselves with the tools and skills needed to detect and combat this new wave of disinformation. It’s crucial to remember that when overwhelmed by information, we often switch to autopilot, making us more vulnerable to manipulation. That’s why building digital literacy is essential—always question what you see, double-check before sharing, and protect your personal data. Strengthen your online security and stay informed on the latest AI developments—this is how we safeguard ourselves,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

    Find more insights on deepfake fraud and businesses in the survey report. Read the full version on our website.

    *The research was initiated by Regula and conducted by Sapio Research in August 2024 using an online survey of 575 business decision-makers across the Financial Services (including Traditional Banking and FinTech), Crypto, Technology, Telecommunications, Aviation, Healthcare, and Law Enforcement sectors. The respondent geography included Germany, Mexico, the UAE, the US, and Singapore.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the largest library of document templates in the world, we create breakthrough technologies in document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security or speed. Regula was repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at http://www.regulaforensics.com.

    Contact:

    Kristina – ks@regulaforensics.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf6b3b-4ff4-404b-b2be-b36d7925a403

    The MIL Network –

  • MIL-OSI: FTC Solar to Supply Approximately 1GW of Projects for Sandhills Energy

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, and Sandhills Energy (“Sandhills”) announced today that FTC will be supplying its innovative 1P Pioneer trackers for 1 gigawatt of projects over three sites.

    The projects include a 448-megawatt project in Burt County, Nebraska, a 320-megawatt project in Cass County, Nebraska, both about 50 miles outside of Omaha, and the previously announced 225-megawatt project in Butler County, Nebraska.

    “We’re pleased to have selected FTC Solar for these key projects, based on their innovative and differentiated 1P tracker technology and strong support of our objectives,” said Eric Johnson, President of Sandhills Energy. “The high-density design is a major benefit for our projects. These three projects are expected to be among the largest to be built in Nebraska, supporting the growth of renewables in our home state. FTC has proven to be a very strong partner for us.”

    Yann Brandt, FTC Solar’s President and CEO, commented, “We’re looking forward to supporting these projects with our Pioneer 1P tracker and continuing to grow our relationship with Sandhills Energy. Market interest in Pioneer continues to grow, driven by key features such as its fast assembly time, high energy density, reduced pile count, and shorter embedment depth.”

    Tracker delivery in support of these projects is expected to begin in the third quarter of 2025 and continue into the fourth quarter of 2026.

    The aggregate value of these projects was included in the contracted portion of the backlog disclosed on August 8, 2024.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    Sandhills Energy, LLC
    Sandhills Energy is a renewable energy development company based in Nebraska and Iowa. Founded in 2012, the company has extensive commercial, municipal and utility generation experience from project identification through development, engineering, construction, and operations. Sandhills Energy is rapidly expanding its presence across the Midwest and beyond to support its multi-gigawatt renewables development pipeline.

    FTC Solar Investor Contact:
    Bill Michalek 
    Vice President, Investor Relations 
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

    Sandhills Energy Contact:
    Raphael Martinez
    Director, Business Relations
    Sandhills Energy
    T: (219) 895-1028
    E: rmartinez@sandhillsenergy.com

    Forward-Looking Statements
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  In addition, this press release contains statements about third parties and their commercial activity.  We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements.  You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    The MIL Network –

  • MIL-OSI: 4BIO Capital leads oversubscribed $28.4 million Series A financing of March Biosciences

    Source: GlobeNewswire (MIL-OSI)

    March Bio is rapidly advancing its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma.

    Series A was led by 4BIO Capital and Mission BioCapital with participation from KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures, and Mansueto Investments.

    London, United Kingdom, 23 October 2024 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies and other emerging technologies, today announces that it has led a $28.4 million (£21.9 million) Series A Financing round of March Biosciences (“March Bio” or the “Company”).

    4BIO led the oversubscribed round alongside Mission BioCapital with participation from new investors KdT Ventures, Alexandria Venture Investments, Volnay Therapeutics, Modi Ventures and Mansueto Investments and existing investors TMC Venture Fund, Cancer Focus Fund and Small Ventures.

    Since its inception as a spinout of the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), March Bio has rapidly advanced its innovative autologous chimeric antigen receptor T-cell (CAR-T) therapy, MB-105, in development for the treatment of relapsed and refractory CD5 positive T-cell lymphoma. MB-105 is specifically engineered to overcome major hurdles related to T-cell targeting by overcoming T-cell fratricide while maintaining high potency against CD5 positive tumor cells. MB-105 has demonstrated a favorable safety profile and durable remissions in relapsed T-cell lymphoma patients in a Phase 1 clinical trial at Baylor College of Medicine, with plans to begin a Phase 2 clinical trial in early 2025. Proceeds from the financing will support the Phase 2 clinical development of MB-105 to expand on this data with optimized manufacturing processes.

    Owen Smith, Partner of 4BIO Capital, said, “For far too long, T-cell cancers have been an innovation desert with patients facing a dismal prognosis. March Bio’s innovative autologous CAR-T approach brings patients new hope. MB-105 is specifically engineered for relapsed and refractory CD5 positive T-cell lymphomas and I am delighted that this targeted approach combined with the incredible team led by Sarah is moving rapidly into Phase 2 to bring this exciting new treatment to patients. We are honored to be a co-lead investor in March Bio and to help support the company as it continues in its mission to bring transformative therapies to those in urgent need.”

    Sarah Hein, Co-Founder and Chief Executive Officer of March Biosciences, added, “This oversubscribed financing enables us to advance our first-in-class CAR-T therapy, MB-105, into a Phase 2 trial for T-cell lymphoma – an indication with an exceptionally poor prognosis and few treatment options. With the support and confidence of 4BIO and all of our investors, we are not only advancing our lead program but also expanding our pipeline, underscoring our commitment to delivering best-in-class therapies to patients that can change the treatment paradigm for these challenging cancers.”

    Owen Smith of 4BIO Capital and Cassidy Blundell of Mission BioCapital will be joining March Bio’s Board of Directors. The financing will also provide resources for the ongoing development of undisclosed pipeline products, as well as for general corporate proceeds.

    – End –

    Contacts

    4BIO Capital +44 (0) 203 427 5500
    info@4biocapital.com
       
    ICR Consilium
    Amber Fennell, Kris Lam, Jonathan Edwards    		 +44 (0)20 3709 5700
    4biocapital@consilium-comms.com

    About 4BIO Capital

    4BIO Capital (“4BIO”) is an international venture capital firm focused on investing in advanced therapies, including genomic medicines and other emerging technologies, to unlock the treatments of the future. 4BIO’s objective is to invest in, support, and grow early-stage companies developing treatments in areas of high unmet medical need, with the ultimate goal of ensuring access to these potentially curative therapies for all patients. Specifically, it looks for viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome. The 4BIO team comprises leading advanced therapy scientists and experienced life science investors who have collectively published over 250 scientific articles in prestigious academic journals including Nature, The Lancet, Cell, and the New England Journal of Medicine. 4BIO has both an unrivalled network within the advanced therapy sector and a unique understanding of the criteria that define a successful investment opportunity in this space. For more information, connect with us on LinkedIn and X @4biocapital and visit http://www.4biocapital.com.

    About March Biosciences

    Houston-based March Biosciences, launched from the Center for Cell and Gene Therapy (Baylor College of Medicine, Houston Methodist Hospital, Texas Children’s Hospital), is dedicated to addressing challenging cancers unresponsive to current immunotherapies. Its lead asset, MB-105, is a CD5-targeted CAR-T cell therapy currently in Phase 1 trials in patients with refractory T-cell lymphoma and leukemia, with promising signals of efficacy and safety to date. A Phase 2 trial is expected to begin next early year. The company has raised over $50M to date, inclusive of this current financing and support from the Cancer Prevention & Research Institute of Texas (CPRIT) and the NIH SBIR program. Learn more at http://www.march.bio.

    The MIL Network –

  • MIL-OSI China: Chinese high-tech zones collaborate to boost AI industry innovation

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 23 — Eleven major high-tech zones in China have jointly established a collaborative network to promote innovation in the country’s AI industry, China Science Daily has reported.

    A conference on the establishment of this network held early this week in Beijing revealed that the newly-founded network features 11 major high-tech zones nationwide, including Beijing’s Zhongguancun, also dubbed China’s “Silicon Valley,” and those in the cities of Shanghai, Nanjing, Suzhou, Hangzhou, Hefei, Qingdao, Wuhan, Shenzhen, Chengdu and Xi’an, according to the report published on Tuesday.

    Wu Jiaxi, deputy director of the planning department of the Ministry of Industry and Information Technology, expressed hope that the collaborative innovation network would cultivate fertile ground for AI innovation in China — via an open and inclusive approach.

    High-tech zones are the core carriers and major hubs for AI development in China, and they have become a significant force in AI innovation, said Wu.

    He also emphasized the importance of building a community for AI innovation and development through shared benefits, as well as deepening the domestic AI industry layout through an innovation-driven model.

    During the conference, network participants announced the Zhongguancun Initiative, which aims to accelerate the development of AI technologies in areas such as chips, algorithms and models.

    The Zhongguancun Initiative also seeks to establish a comprehensive innovation and entrepreneurship service system for the entire AI industry chain and to build mechanisms for the exchange of technology, industry, capital and talent.

    The initiative encourages the establishment of open AI platforms to maximize the sharing of AI development achievements and seeks the active participation of high-tech zones in the formulation of international and national standards.

    Furthermore, it emphasizes the importance of strengthening data security and privacy protection, as well as providing regular supervision and regulatory services for AI platform companies, to ensure the traceability and reliability of AI technologies.

    MIL OSI China News –

  • MIL-OSI China: Xi advocates high quality development of greater BRICS cooperation

    Source: People’s Republic of China – State Council News

    KAZAN, Russia, Oct. 23 — Chinese President Xi Jinping on Wednesday called on BRICS countries to work for high quality development of greater BRICS cooperation.

    In a speech addressing the 16th BRICS Summit, Xi said the ongoing BRICS summit has decided to invite a number of nations to become partner countries. He hailed the decision as another important development in the course of BRICS development.

    Xi called on BRICS members to build the multilateral mechanism into a major venue of solidarity and cooperation for the Global South and a vanguard force for global governance reform.

    He called on the BRICS members to build BRICS for peace and act as guardians of common security, urging the BRICS countries to uphold the three principles of no expansion of the battlefield, no escalation of fighting and no provocation by any party, to work for de-escalation of the Ukraine crisis as soon as possible.

    Xi called on the BRICS members to build BRICS for innovation and act as pioneers for high-quality development.

    He called on BRICS members to build green BRICS and be practitioners of sustainable development, noting that China is willing to leverage its own advantages to expand cooperation with BRICS countries in green industries, clean energy and green minerals.

    Xi also called for building a BRICS for justice and leading the reform of the global governance system, calling on BRICS members to conform to the general trend of the rise of the Global South, and actively respond to the call of countries to join the BRICS cooperation mechanism.

    The group should advance the process of expanding membership and establishing partner countries, and enhance the representation and voice of developing countries in global governance, said Xi.

    Xi said the urgency of reforming the international financial architecture is becoming increasingly prominent in the current situation.

    He also called for strengthening the New Development Bank and urged BRICS countries to take the lead in promoting a better alignment of the international financial system with the changing dynamics of the global economy.

    Xi urged BRICS countries to advocate peaceful coexistence and harmony between civilizations.

    China will establish 10 overseas learning centers in BRICS countries in the next five years to provide training opportunities for 1,000 education administrators, teachers and students, he said.

    MIL OSI China News –

  • MIL-OSI Global: Liam Payne: the death of a favourite celebrity can be painful – but collective grief can help

    Source: The Conversation – UK – By Sam Carr, Reader in Education with Psychology and Centre for Death and Society, University of Bath

    One of my (Sam’s) earliest memories is from 1980, when John Lennon was tragically assassinated. I vividly recall my mother’s reaction upon hearing the news – she put down the phone, overwhelmed with grief.

    Her connection to Lennon, someone she’d never met, was deeply personal. This moment, even though I was only three years old, left a lasting impression and showed me how profound these attachments can be. For my mother, Lennon wasn’t just a famous figure. He represented a significant part of her life and emotions.

    If you’re a One Direction fan, you may be feeling a similar kind of grief over the tragic death of band member Liam Payne. Some fans have described Payne’s loss as akin to “losing a family member” or feeling like they’ve “lost a big part of their childhood”.

    This collective mourning illustrates how deeply ingrained celebrities can become in our lives, not just as entertainers, but as symbols of our personal experiences and memories.

    Olivia, 23, tried to describe her sense of loss to a BBC reporter:

    It was my first feeling of being in love, my first feeling of crushing on a boy, of being excited about boys. I kissed the posters every night. We all did. It felt like you were part of the best club in the world and it’s a huge part of why we bonded together.

    This form of attachment is known as a parasocial relationship, an emotional connection formed with someone who is unaware of the bond. Unlike personal relationships, where both parties contribute to the connection, parasocial relationships allow fans to project idealised traits onto celebrities, unchallenged by reality.

    In this way, celebrities often represent aspirational versions of ourselves or embody significant aspects of our identity. When they die, the emotional experience of grief is not just about the person, but about losing part of that imagined connection.

    No one’s 20s and 30s look the same. You might be saving for a mortgage or just struggling to pay rent. You could be swiping dating apps, or trying to understand childcare. No matter your current challenges, our Quarter Life series has articles to share in the group chat, or just to remind you that you’re not alone.

    Read more from Quarter Life:

    The death of a beloved celebrity shatters something that feels deeply meaningful, and can leave you grappling with an emotional void. The loss is not just of a public figure, but of a personal connection that may have shaped your identity and sense of belonging.

    This profound sense of grief is often also shared. Following Payne’s sudden death, fans have gathered worldwide, from the UK to the Philippines and Argentina, to sing and mourn at vigils for the star. A similar phenomenon was also observed in September, when Harry Potter fans raised wands at the Wizarding World of Harry Potter theme park in Orlando. They were paying tribute to Maggie Smith, who played the popular character Professor McGonagall in the Harry Potter films, following her death aged 89.

    Collective grief is a common reaction when an influential figure dies. These shared acts of mourning are not only socially significant but also have the power to foster empathy, transforming collective pain and public emotion into meaningful memories of social solidarity and communal strength.

    While fans will mourn their star regardless of age, there’s a stark contrast between the deaths of Smith and Payne. Smith’s passing is generally viewed as a “good” death, marking the end of “a true legend”, while Payne’s death at 31 is seen as “a bad, sad ending”. The way that we grieve celebrities is often connected to their age. When Black Panther star Chadwick Boseman died in 2020 aged 43, it shattered many fans’ sense of hope for the future.

    For many Payne fans, the singer was their “first love”. Falling in love with celebrities, as psychoanalysts like Aldo Carotenuto have argued, elicits a projection of idealised fantasy that becomes interwoven with our vision of the future. This temporal aspect of fandom is rooted in our sense of narrative identity, through which we view life as a continuing book. The death of a young star can powerfully disrupt this plot and leave you grappling with an unresolved chapter in your own story.

    One Direction fans often call themselves “directioners”. Losing a core member of the group has led some directioners to feel this identity is now threatened or altered. The disruption to your sense of identity following the death of a young celebrity that you grew up alongside can be profound. It signifies not only the loss of a cherished part of your past but also serves as a painful reminder of the passage of time and the fragility of life.

    This reality can force you to confront your own mortality, highlighting the finite nature of existence. In times of collective mourning, people reflect on their own lives and aspirations while cherishing the memories and legacies of those they admired.

    Moving forward without them

    Despite the deep pain of grieving, fans often engage in what grief experts call “continuing bonds” – an effort to maintain a connection with the celebrity through memories, tributes or ongoing engagement with their work.

    This bond helps to reestablish a sense of order, providing emotional continuity even in the face of loss. The bonds we form with celebrities are often more meaningful than they first appear. Sociologist Jackie Stacey has examined how memories tied to celebrities can profoundly shape and sustain a sense of meaning throughout our lives.

    From a life course perspective, early experiences with a favourite star can become deeply embedded in your identity, acting as enduring sources of comfort, inspiration and self-expression.

    Though his life has been cut short, the memories and inspiration Payne provided will continue to live on among his fans. As directioners gathered outside the Buenos Aires hotel where he passed away, they sang One Direction songs, including the poignant line: “This is not the end.”

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

    – ref. Liam Payne: the death of a favourite celebrity can be painful – but collective grief can help – https://theconversation.com/liam-payne-the-death-of-a-favourite-celebrity-can-be-painful-but-collective-grief-can-help-242039

    MIL OSI – Global Reports –

  • MIL-OSI Global: How different people around the world understand democracy – and why it matters

    Source: The Conversation – UK – By Scott Williamson, Associate Professor, Department of Politics and International Relations, University of Oxford

    Most people in most countries say they want to be governed democratically. Because democracy’s appeal is so powerful, governments and political leaders everywhere claim to be supporters of democracy.

    Take China, for instance. The Chinese Communist Party (CCP) has ruled for decades under a single-party system, a system that contrasts sharply with traditional definitions of democracy. Democratic systems emphasise competitive elections for key leaders, strong protections for political rights and constraints on executive power.

    Yet, ask members of the CCP and they will probably tell you that their governance is democratic because it responds to the preferences of the Chinese public. In their view, what makes a democracy is not elections, liberties and constraints. Rather, strong and unencumbered political leaders can govern well and give the people what they want.

    How do people understand democracy? If people around the world hold dramatically different views of what democracy means – or even adhere to understandings of democracy that reflect a more authoritarian style of government – then democracy’s apparent global appeal may not mean very much in practice.

    Researchers have long been interested in how people from different countries and backgrounds understand democracy. But it’s a complex issue and previous studies have found it difficult to determine what people really mean when they say they want to be governed democratically. In a new article published in Science, we use an experiment administered via surveys in Egypt, India, Italy, Japan, Thailand and the US to bring fresh evidence to this debate.

    We presented survey respondents with paired profiles of hypothetical countries. These profiles randomised nine factors reflecting different theories of how people understand democracy. For instance, we presented respondents with information about the countries’ elections, varying whether they were free and fair, biased, or not held at all.

    We also randomised whether political rights were protected or repressed, and whether the executive respected the powers of the legislature and courts or not. These three attributes reflect traditional concepts of democracy.

    We also included attributes of the hypothetical countries that reflect alternative understandings of democracy. Some claim that democracy means a political system capable of producing substantial changes that benefit citizens broadly. So we varied whether economic equality in the country is higher or lower. We also adjusted whether social equality between genders is better or worse. And we randomised how much influence technocratic experts wield over policy decisions.

    Others argue for a more authoritarian model of democracy in which unconstrained leaders give the people what they want in exchange for their obedience. To reflect this view, we gave information about how often the countries’ political leaders follow the majority’s preferences. We also varied whether people obey the government or not.

    After reviewing the country profiles, respondents were asked to determine which hypothetical country was more democratic. Analysing which attributes influenced respondents’ choices more strongly gives us insights into how they understand what democracy means.

    Reasons to be cheerful

    Our results indicate that the traditional definition of democracy is widely accepted. Across the six diverse countries in our sample, respondents were much more likely to perceive countries as democratic when elections were free and fair and political rights were strongly protected.

    This prioritisation of elections held across the board. People felt that way regardless of their individual characteristics such as gender, educational attainment, political ideology, age, minority status and attitudes toward geopolitics.

    This finding implies some reasons to be optimistic about support for democracy. It suggests that when people say they want democratic governance, many mean competitive elections and protected liberties. This agreement is important. It makes it more likely that enough people will recognise – and potentially push back – against attempts by anti-democratic political leaders to subvert democratic governance.

    Reasons for caution

    But our findings also highlight points of caution. First, institutional checks and balances were less central to how our respondents understood democracy. This suggests that political leaders may be able to increase their grip on power more easily by undermining the influence of the legislature and courts.

    And anti-democratic politicians can still claim to be democratic by deceptively arguing that they prioritise these elements of the political system, while actually undermining them. A prominent example is former US president Donald Trump. In 2020, Trump tried to overturn his election loss by falsely asserting it had been rigged against him.

    Even in outright authoritarian countries, rulers often use controlled elections as “evidence” of their democratic character. In Egypt, for instance, the autocratic president Abdel Fatah al-Sisi declared after winning his rigged 2023 election that he would continue to build “a democratic state that protects its citizens”.

    Many people may see through such claims, but autocrats can sometimes build support by using elections to present themselves as democrats – even when they are not free and fair.

    While many people reject outright authoritarian notions of what democracy means, factors other than elections and liberties also influence their understanding of democratic governance. In our study, countries were often believed to be more democratic when they delivered good outcomes – for example, by providing higher gender or economic equality.

    Gender equality was the only attribute in the experiment which came close to elections and liberties in its ability to shape perceptions of which countries were more democratic. Because gender equality is inherently desirable and is associated with democracy, some autocrats have successfully engaged in “genderwashing”. They’ve done this by (often nominally) reforming women’s rights to reduce pressure for more competitive elections and protected political rights.

    Finally, just because people generally agree on what democracy means does not necessarily mean they will continue to support it. If democracies fail to perform effectively or represent their citizens well, people may be persuaded to accept more authoritarian models of governance.

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

    – ref. How different people around the world understand democracy – and why it matters – https://theconversation.com/how-different-people-around-the-world-understand-democracy-and-why-it-matters-241617

    MIL OSI – Global Reports –

  • MIL-OSI Video: AIRBORNE CADENCE! | U.S. Army

    Source: US Army (video statements)

    : DMD

    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 #Cadence

    https://www.youtube.com/watch?v=Y3uc7jRpZcs

    MIL OSI Video –

  • MIL-OSI USA: Mitigation: Build Back Safer, Stronger

    Source: US Federal Emergency Management Agency

    Headline: Mitigation: Build Back Safer, Stronger

    Mitigation: Build Back Safer, Stronger

    HARRISBURG, Pa. – If you are eligible for disaster assistance under the Individuals and Households Program (IHP) you may receive additional FEMA funds within the grant to help you take specific mitigation measures to make your home stronger and more durable. Why the additional funds? Because mitigation works! Mitigation is an action taken to reduce or eliminate long-term risk to hazards. It is part of FEMA’s commitment to make communities more resilient to disaster.In addition, the U.S. Small Business Administration may increase an approved disaster loan by twenty percent of the verified loss for mitigation improvements.Homeowners who suffer losses from a presidentially-declared disaster and apply for FEMA assistance will be informed if they qualify for Home Repair Assistance that provides for: Elevating a water heater or furnace to avoid future flood damage. Elevating or moving an electrical panel to avoid flood damage. FEMA believes that incorporating proven techniques which make buildings more resistant to disaster can lessen the cost of restoring the property and shorten the time survivors are out of their homes.  If you are interested in learning more about mitigation techniques, you can refer to a FEMA brochure, “Mitigation Ideas: A Resource for Reducing Risk to Natural Hazards, Jan. 2013.” (https://www.fema.gov/sites/default/files/2020-06/fema-mitigation-ideas_02-13-2013.pdf ) The brochure covers hazards from drought and earthquake to flood and wildfire.Whatever technique you choose, remember to get the proper permits required in your locality, and to build back safely, up to local codes and professional standards.                                                                                          ###                                                                                             FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).
    erika.osullivan
    Wed, 10/23/2024 – 12:02

    MIL OSI USA News –

  • MIL-OSI: Blue Foundry Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    RUTHERFORD, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $4.0 million, or $0.19 per diluted common share, for the three months ended September 30, 2024, compared to net loss of $2.3 million, or $0.11 per diluted common share, for the three months ended June 30, 2024, and a net loss of $1.4 million, or $0.06 per diluted common share, for the three months ended September 30, 2023.

    James D. Nesci, President and Chief Executive Officer, commented, “The Company continues to maintain its strong capital position and access to liquidity. We executed on our share repurchase program and increased our tangible book value to $14.74 per share.”

    Mr. Nesci also noted, “Deposit growth continued in the third quarter. Increases in our construction and commercial and industrial portfolios drove loan growth during the third quarter as we remain focused on growing our commercial portfolio. Credit quality remained strong highlighted by a 17% improvement in non-performing loans. Our 84 basis point allowance for credit losses now covers non-performing loans by over 2.5 times.”

    Highlights for the third quarter of 2024:

    • Deposits increased $7.5 million to $1.32 billion compared to the prior quarter.
    • Uninsured deposits to third-party customers totaled approximately 12% of total deposits as of September 30, 2024.
    • Interest income for the quarter was $21.5 million, an increase of $240 thousand, or 1.1%, compared to the prior quarter.
    • Interest expense for the quarter was $12.4 million, an increase of $726 thousand, or 6.2%, compared to the prior quarter.
    • Net interest margin decreased 14 basis points from the prior quarter to 1.82%.
    • Provision for credit losses of $248 thousand was primarily due to the increase in unused lines of credit partially offset by releases of provision for loans of $5 thousand and for securities of $11 thousand.
    • Book value per share was $14.76 and tangible book value per share was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • 521,685 shares were repurchased under our share repurchase plans at a weighted average share price of $10.52 per share.

    Loans

    The Company continues to focus on diversifying its lending portfolio by growing its commercial portfolios. While total loans decreased by $9.7 million during the first nine months of 2024, our construction portfolio increased by $19.7 million and our commercial real estate portfolio increased by $9.2 million, of which $7.1 million was on owner-occupied properties. In addition, our consumer and other loans increased by $7.7 million as we took advantage of an opportunity to participate in a consumer loan participation at an attractive rate with credit enhancements. The residential and multifamily portfolios decreased by $34.2 million and $16.3 million, respectively.

    The details of the loan portfolio are below:

        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (In thousands)
    Residential   $ 516,754   $ 526,453   $ 540,427   $ 550,929   $ 567,384
    Multifamily     666,304     671,185     671,011     682,564     689,966
    Commercial real estate     241,711     241,867     244,207     232,505     236,325
    Construction     80,081     71,882     63,052     60,414     45,064
    Junior liens     24,174     23,653     22,052     22,503     22,297
    Commercial and industrial     14,228     12,261     13,372     11,768     9,904
    Consumer and other     7,731     83     56     47     50
    Total loans     1,550,983     1,547,384     1,554,177     1,560,730     1,570,990
    Less: Allowance for credit losses     13,012     13,027     13,749     14,154     13,872
    Loans receivable, net   $ 1,537,971   $ 1,534,357   $ 1,540,428   $ 1,546,576   $ 1,557,118
                                   

    Deposits

    As of September 30, 2024, deposits totaled $1.32 billion, an increase of $73.8 million, or 5.93%, from December 31, 2023, mostly due to the increases of $104.6 million in time deposits partially offset by decreases in savings, non-interest bearing deposits and NOW and demand accounts of $21.8 million, $5.5 million and $3.6 million, respectively. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products. While there is strong competition for deposits in the northern New Jersey market, we were able to increase customer deposits during the quarter. Brokered deposits remain unchanged since year end 2023.

    The details of deposits are below:

        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (In thousands)
    Non-interest bearing deposits   $ 22,254   $ 24,733   $ 25,342   $ 27,739   $ 23,787
    NOW and demand accounts     357,503     368,386     373,172     361,139     378,268
    Savings     237,651     246,559     250,298     259,402     278,665
    Core deposits     617,408     639,678     648,812     648,280     680,720
    Time deposits     701,262     671,478     642,372     596,624     572,384
    Total deposits   $ 1,318,670   $ 1,311,156   $ 1,291,184   $ 1,244,904   $ 1,253,104
                                   

    Financial Performance Overview:

    Third quarter of 2024 compared to the second quarter of 2024

    Net interest income compared to the second quarter of 2024:

    • Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.6 million for the second quarter of 2024 as the increase in interest paid on interest-bearing liabilities outpaced the increase in interest received on interest-earning assets.
    • Net interest margin decreased by 14 basis points to 1.82%.
    • The yield on average interest-earning assets decreased five basis points to 4.32%, while the cost of average interest-bearing liabilities increased nine basis points to 3.03%.
    • Average interest-earning assets increased by $20.9 million and average interest-bearing liabilities increased by $29.3 million.

    Non-interest income compared to the second quarter of 2024:

    • Non-interest income decreased $149 thousand primarily due the absence of the gain of $123 thousand on the sale of REO property, which was recorded in the second quarter.

    Non-interest expense compared to the second quarter of 2024:

    • Non-interest expense increased $52 thousand primarily driven by increases in professional fees, data processing expense and FDIC insurance premiums of $190 thousand, $77 thousand and $42 thousand, respectively, partially offset by decreases of $329 thousand in compensation and benefits expenses and $32 thousand in occupancy and equipment.

    Income tax expense compared to the second quarter of 2024:

    • The Company did not record a tax benefit for the losses incurred during the third quarter of 2024 and the second quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Third quarter of 2024 compared to the third quarter of 2023

    Net interest income compared to the third quarter of 2023:

    • Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.9 million for the same period in 2023. The decrease was largely due to increases in rates paid on interest-bearing liabilities, which outpaced rates received on interest-earning assets.
    • Net interest margin decreased by 12 basis points to 1.82%.
    • The yield on average interest-earning assets increased 35 basis points to 4.32%, while the cost of average interest-bearing liabilities increased 54 basis points to 3.03%.
    • Average interest-earning assets decreased by $32.6 million and average interest-bearing liabilities decreased by $4.1 million. Average FHLB advances decreased by $48.3 million, while average interest-bearing deposits increased by $44.1 million.

    Non-interest expense compared to the third quarter of 2023:

    • Non-interest expense was $13.3 million, an increase of $873 thousand driven by increases of $666 thousand, $167 thousand and $126 thousand in compensation and benefits expenses, professional services and occupancy and equipment expenses, respectively, partially offset by decreases of $61 thousand in data processing and $27 thousand in FDIC insurance premiums.

    Income tax expense compared to the third quarter of 2023:

    • The Company did not record a tax benefit for the losses incurred during the third quarters of 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Nine Months Ended September 30, 2024 compared to the nine months ended September 30, 2023

    Net interest income compared to the nine months ended September 30, 2023:

    • Net interest income was $28.1 million, a decrease of $4.6 million.
    • Net interest margin decreased 28 basis points to 1.90%.
    • The yield on average interest-earning assets increased 39 basis points to 4.30% while the cost of average interest-bearing liabilities increased 78 basis points to 2.93%.
    • Average interest-earning assets decreased by $39.1 million and average interest-bearing deposits increased by $37.0 million.
    • Average borrowings decreased by $43.3 million.

    Non-interest income compared to the nine months ended September 30, 2023:

    • Non-interest income increased $141 thousand primarily due to the gain on the sale of REO property during the second quarter of 2024.

    Non-interest expense compared to the nine months ended September 30, 2023:

    • Non-interest expense was $39.7 million, an increase of $705 thousand.
    • Compensation and benefits expense increased by $938 thousand and occupancy and equipment costs increased by $474 thousand. These increases were partially offset by decreases of $475 thousand and $224 thousand for data processing expense and fees for professional services, respectively.

    Income tax expense compared to the nine months ended September 30, 2023:

    • The Company did not record a tax benefit for the losses incurred during the nine months ended September 30, 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Balance Sheet Summary:

    September 30, 2024 compared to December 31, 2023

    Cash and cash equivalents:

    • Cash and cash equivalents increased $30.1 million to $76.1 million.

    Securities available-for-sale:

    • Securities available-for-sale increased $7.0 million to $290.8 million due to the decrease in unrealized losses of $7.8 million. The favorable impact of the change in the unrealized loss position was partially offset as maturities, calls and paydowns outpaced purchases during the period.

    Other investments:

    • Other investments decreased $2.1 million due to a decrease in FHLB stock as a result of a reduction in FHLB borrowings.

    Total loans:

    • Total loans held for investment decreased $9.7 million to $1.55 billion.
    • Residential loans and multifamily loans decreased $34.2 million and $16.3 million, respectively, partially offset by increases in construction loans of $19.7 million, commercial real estate loans of $9.2 million and consumer loans of $7.7 million to further diversify our loan portfolio.
    • The Company purchased a consumer loan participation of $8.0 million and residential loans totaling $7.8 million during the third quarter.

    Deposits:

    • Deposits totaled $1.32 billion, an increase of $73.8 million from December 31, 2023. This was largely the result of a $104.6 million increase in certificate of deposits.
    • Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented 46.8% of total deposits, compared to 52.1% at December 31, 2023.
    • Brokered deposits totaled $125.0 million at both September 30, 2024 and December 31, 2023.
    • Uninsured and uncollateralized deposits to third-party customers were $159.6 million, or 12% of total deposits, at the end of the third quarter.

    Borrowings:

    • FHLB borrowings decreased $49.0 million to $348.5 million as deposit growth outpaced asset growth.
    • As of September 30, 2024, the Company had $255.7 million of additional borrowing capacity at the FHLB and $78.2 million of other unsecured lines of credit.

    Capital:

    • Shareholders’ equity decreased $16.3 million to $339.3 million. The decrease was primarily driven by the repurchase of shares, including net shares, at a cost of $14.4 million. Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, also contributed to the decrease.
    • Tangible equity to tangible assets was 16.50% and tangible common equity per share outstanding was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.

    Asset quality:

    • As of September 30, 2024, the allowance for credit losses (“ACL”) on loans as a percentage of gross loans was 0.84%.
    • The Company recorded a provision for credit losses of $248 thousand for the third quarter of 2024 and a net release of provision for credit losses of $1.0 million for the nine months ended September 30, 2024. For the third quarter of 2024, there was a provision of $264 thousand in the ACL for off-balance-sheet commitments, offset by a release of $5 thousand in the ACL for loans and $11 thousand in the ACL for held-to-maturity securities. For the nine months ended September 30, 2024, there was a release of $1.1 million in the ACL for loans and $36 thousand in the ACL for held-to-maturity securities, offset by a provision of $94 thousand in the ACL for off-balance-sheet commitments. The release was driven by the impact of the economic forecasts for the key drivers of our loan segments partially offset by an increase in off-balance-sheet commitments.
    • Non-performing loans totaled $5.1 million, or 0.33% of total loans compared to $5.9 million, or 0.38% of total loans at December 31, 2023.
    • Net charge-offs were $11 thousand and $36 thousand for the three and nine months ended September 30, 2024, respectively.
    • Ratio of allowance for credit losses on loans to non-performing loans was 252.86% at September 30, 2024 compared to 239.98% at December 31, 2023.

    About Blue Foundry

    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

    Conference Call Information

    A conference call covering Blue Foundry’s third quarter 2024 earnings announcement will be held today, Wednesday, October 23, 2024 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 725750. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

    Contact:
    James D. Nesci
    President and Chief Executive Officer
    BlueFoundryBank.com
    jnesci@bluefoundrybank.com
    201-972-8900

    Forward Looking Statements

    Certain statements contained herein 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 (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

    Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Financial Condition
                     
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
        (unaudited)   (unaudited)   (unaudited)   (audited)
        (Dollars in Thousands)
    ASSETS                
    Cash and cash equivalents   $ 76,109   $ 60,262   $ 53,753   $ 46,025
    Securities available-for-sale, at fair value     290,806     297,790     265,191     283,766
    Securities held to maturity     33,119     33,169     33,217     33,254
    Other investments     18,203     17,942     17,908     20,346
    Loans, net     1,537,971     1,534,357     1,540,428     1,546,576
    Real estate owned, net     —     —     593     593
    Interest and dividends receivable     8,386     7,882     8,001     7,595
    Premises and equipment, net     30,161     30,858     31,696     32,475
    Right-of-use assets     24,190     24,596     24,454     25,172
    Bank owned life insurance     22,399     22,274     22,153     22,034
    Other assets     13,749     16,322     30,393     27,127
    Total assets   $ 2,055,093   $ 2,045,452   $ 2,027,787   $ 2,044,963
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Liabilities                
    Deposits   $ 1,318,670   $ 1,311,156   $ 1,291,184   $ 1,244,904
    Advances from the Federal Home Loan Bank     348,500     342,500     342,500     397,500
    Advances by borrowers for taxes and insurance     9,909     9,875     9,368     8,929
    Lease liabilities     25,870     26,243     26,081     26,777
    Other liabilities     12,845     10,081     8,498     11,213
    Total liabilities     1,715,794     1,699,855     1,677,631     1,689,323
    Shareholders’ equity     339,299     345,597     350,156     355,640
    Total liabilities and shareholders’ equity   $ 2,055,093   $ 2,045,452   $ 2,027,787   $ 2,044,963
                             
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Operations
    (Dollars in Thousands Except Per Share Data) (Unaudited)
             
        Three months ended   Nine months ended
        September 30,
    2024    		   June 30, 2024   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
        (Dollars in thousands)
    Interest income:                    
    Loans   $ 17,646     $ 17,570     $ 16,728     $ 52,408     $ 48,778  
    Taxable investment income     3,850       3,686       3,339       11,150       9,663  
    Non-taxable investment income     36       36       106       108       329  
    Total interest income     21,532       21,292       20,173       63,666       58,770  
    Interest expense:                    
    Deposits     9,712       9,132       7,034       27,257       16,361  
    Borrowed funds     2,733       2,587       3,263       8,332       9,686  
    Total interest expense     12,445       11,719       10,297       35,589       26,047  
    Net interest income     9,087       9,573       9,876       28,077       32,723  
    Provision for (release of) credit losses     248       (762 )     (717 )     (1,049 )     (597 )
    Net interest income after provision for (release of) credit losses     8,839       10,335       10,593       29,126       33,320  
    Non-interest income:                    
    Fees and service charges     272       296       291       897       833  
    Gain on sale of loans     —       —       —       36       159  
    Other income     115       240       78       441       241  
    Total non-interest income     387       536       369       1,374       1,233  
    Non-interest expense:                    
    Compensation and employee benefits     7,306       7,635       6,640       22,490       21,552  
    Occupancy and equipment     2,230       2,262       2,104       6,684       6,210  
    Data processing     1,412       1,335       1,473       4,134       4,609  
    Advertising     87       52       85       211       234  
    Professional services     813       623       646       2,166       2,390  
    Federal deposit insurance     236       194       263       629       599  
    Other     1,183       1,114       1,183       3,410       3,425  
    Total non-interest expense     13,267       13,215       12,394       39,724       39,019  
    Loss before income tax expense     (4,041 )     (2,344 )     (1,432 )     (9,224 )     (4,466 )
    Income tax expense     —       —       —       —       —  
    Net loss   $ (4,041 )   $ (2,344 )   $ (1,432 )   $ (9,224 )   $ (4,466 )
    Basic loss per share   $ (0.19 )   $ (0.11 )   $ (0.06 )   $ (0.43 )   $ (0.18 )
    Diluted loss per share   $ (0.19 )   $ (0.11 )   $ (0.06 )   $ (0.43 )   $ (0.18 )
    Weighted average shares outstanding                    
    Basic     21,263,482       21,735,002       23,278,490       21,695,895       24,289,599  
    Diluted (1)     21,263,482       21,735,002       23,278,490       21,695,895       24,289,599  

    (1) The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2024 and 2023 periods.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands Except Per Share Data) (Unaudited)
         
        Three months ended
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (Dollars in thousands)
    Performance Ratios (%):                    
    Return on average assets     (0.79 )     (0.47 )     (0.56 )     (0.57 )     (0.27 )
    Return on average equity     (4.68 )     (2.71 )     (3.23 )     (3.25 )     (1.55 )
    Interest rate spread (1)     1.29       1.43       1.40       1.33       1.48  
    Net interest margin (2)     1.82       1.96       1.92       1.84       1.94  
    Efficiency ratio (3) (4)     140.04       130.73       134.19       128.41       120.98  
    Average interest-earning assets to average interest-bearing liabilities     121.37       122.28       122.50       122.93       123.05  
    Tangible equity to tangible assets (4)     16.50       16.88       17.25       17.37       17.07  
    Book value per share (5)   $ 14.76     $ 14.70     $ 14.61     $ 14.51     $ 14.27  
    Tangible book value per share (4)(5)   $ 14.74     $ 14.69     $ 14.60     $ 14.49     $ 14.24  
                         
    Asset Quality:                    
    Non-performing loans   $ 5,146     $ 6,208     $ 6,691     $ 5,898     $ 6,139  
    Real estate owned, net     —       —       593       593       593  
    Non-performing assets   $ 5,146     $ 6,208     $ 7,284     $ 6,491     $ 6,732  
    Allowance for credit losses to total loans (%)     0.84       0.84       0.88       0.91       0.88  
    Allowance for credit losses to non-performing loans (%)     252.86       209.84       205.48       239.98       225.97  
    Non-performing loans to total loans (%)     0.33       0.40       0.43       0.38       0.39  
    Non-performing assets to total assets (%)     0.25       0.30       0.36       0.32       0.33  
    Net charge-offs to average outstanding loans during the period (%)     —       —       —       —       0.01  

    (1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average interest-earning assets.
    (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
    (4) See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    (5) September 30, 2024 per share metrics computed using 22,990,908 total shares outstanding.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
         
        Three Months Ended,
        September 30, 2024   June 30, 2024   September 30, 2023
        Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost
        (Dollars in thousands)
    Assets:                                    
    Loans (1)   $ 1,548,962   $ 17,646   4.53 %   $ 1,550,736   $ 17,570   4.56 %   $ 1,577,173   $ 16,728   4.21 %
    Mortgage-backed securities     181,596     1,186   2.60 %     167,219     960   2.31 %     170,326     840   1.96 %
    Other investment securities     173,008     1,527   3.51 %     175,394     1,688   3.87 %     194,953     1,507   3.07 %
    FHLB stock     17,666     406   9.15 %     17,223     447   10.44 %     21,047     456   8.60 %
    Cash and cash equivalents     61,507     767   4.96 %     51,290     627   4.92 %     51,884     642   4.91 %
    Total interest-earning assets     1,982,739     21,532   4.32 %     1,961,862     21,292   4.37 %     2,015,383     20,173   3.97 %
    Non-interest earning assets     61,787             56,826             58,042        
    Total assets   $ 2,044,526           $ 2,018,688           $ 2,073,425        
    Liabilities and shareholders’ equity:                                    
    NOW, savings, and money market deposits   $ 598,048     1,925   1.28 %   $ 611,931     1,955   1.28 %   $ 684,228     2,123   1.23 %
    Time deposits     688,570     7,787   4.50 %     655,755     7,177   4.40 %     558,252     4,911   3.49 %
    Interest-bearing deposits     1,286,618     9,712   3.00 %     1,267,686     9,132   2.90 %     1,242,480     7,034   2.25 %
    FHLB advances     347,076     2,733   3.13 %     336,742     2,587   3.09 %     395,359     3,263   3.27 %
    Total interest-bearing liabilities     1,633,694     12,445   3.03 %     1,604,428     11,719   2.94 %     1,637,839     10,297   2.49 %
    Non-interest bearing deposits     23,421             25,076             25,540        
    Non-interest bearing other     43,713             41,061             44,628        
    Total liabilities     1,700,828             1,670,565             1,708,007        
    Total shareholders’ equity     343,698             348,123             365,418        
    Total liabilities and shareholders’ equity   $ 2,044,526           $ 2,018,688           $ 2,073,425        
    Net interest income       $ 9,087           $ 9,573           $ 9,876    
    Net interest rate spread (2)           1.29 %           1.43 %           1.48 %
    Net interest margin (3)           1.82 %           1.96 %           1.94 %

    (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
         
        Nine Months Ended September 30,
        2024   2023
        Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost
        (Dollars in thousands)
    Assets:                        
    Loans (1)   $ 1,551,734   $ 52,408   4.50 %   $ 1,571,204   $ 48,778   4.15 %
    Mortgage-backed securities     169,765     3,022   2.37 %     174,742     2,789   2.13 %
    Other investment securities     177,455     4,867   3.65 %     197,522     4,523   3.06 %
    FHLB stock     18,335     1,345   9.77 %     21,343     1,106   6.93 %
    Cash and cash equivalents     54,810     2,024   4.92 %     46,363     1,574   4.54 %
    Total interest-earning assets     1,972,099     63,666   4.30 %     2,011,174     58,770   3.91 %
    Non-interest earning assets     59,245             56,762        
    Total assets   $ 2,031,344           $ 2,067,936        
    Liabilities and shareholders’ equity:                        
    NOW, savings, and money market deposits   $ 608,677   $ 5,816   1.27 %   $ 753,419   $ 6,350   1.13 %
    Time deposits     654,639     21,441   4.36 %     472,866     10,011   2.83 %
    Interest-bearing deposits     1,263,316     27,257   2.87 %     1,226,285     16,361   1.78 %
    FHLB advances     352,544     8,332   3.15 %     395,800     9,686   3.27 %
    Total interest-bearing liabilities     1,615,860     35,589   2.93 %     1,622,085     26,047   2.15 %
    Non-interest bearing deposits     24,992             23,092        
    Non-interest bearing other     42,120             44,572        
    Total liabilities     1,682,972             1,689,749        
    Total shareholders’ equity     348,372             378,187        
    Total liabilities and shareholders’ equity   $ 2,031,344           $ 2,067,936        
    Net interest income       $ 28,077           $ 32,723    
    Net interest rate spread (2)           1.37 %           1.76 %
    Net interest margin (3)           1.90 %           2.18 %

    (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Supplemental Information – Non-GAAP Financial Measures
    (Unaudited)

    This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Blue Foundry’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry’s financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Net income, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense, while pre-provision net revenue does not.

        Three months ended
        September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (Dollars in thousands, except per share data)
    Pre-provision net revenue and efficiency ratio:                
    Net interest income   $ 9,087     $ 9,573     $ 9,417     $ 9,196     $ 9,876  
    Other income     387       536       451       572       369  
    Total revenue     9,474       10,109       9,868       9,768       10,245  
    Operating expenses     13,267       13,215       13,242       12,543       12,394  
    Pre-provision net loss   $ (3,793 )   $ (3,106 )   $ (3,374 )   $ (2,775 )   $ (2,149 )
    Efficiency ratio     140.0 %     130.7 %     134.2 %     128.4 %     121.0 %
                         
    Core deposits:                    
    Total deposits   $ 1,318,670     $ 1,311,156     $ 1,291,184     $ 1,244,904     $ 1,253,104  
    Less: time deposits     701,262       671,478       642,372       596,624       572,384  
    Core deposits   $ 617,408     $ 639,678     $ 648,812     $ 648,280     $ 680,720  
    Core deposits to total deposits     46.8 %     48.8 %     50.2 %     52.1 %     54.3 %
                         
    Total assets   $ 2,055,093     $ 2,045,452     $ 2,027,787     $ 2,044,963     $ 2,101,055  
    Less: intangible assets     300       386       473       557       644  
    Tangible assets   $ 2,054,793     $ 2,045,066     $ 2,027,314     $ 2,044,406     $ 2,100,411  
                         
    Tangible equity:                    
    Shareholders’ equity   $ 339,299     $ 345,597     $ 350,156     $ 355,640     $ 359,149  
    Less: intangible assets     300       386       473       557       644  
    Tangible equity   $ 338,999     $ 345,211     $ 349,683     $ 355,083     $ 358,505  
                         
    Tangible equity to tangible assets     16.50 %     16.88 %     17.25 %     17.37 %     17.07 %
                         
    Tangible book value per share:                    
    Tangible equity   $ 338,999     $ 345,211     $ 349,683     $ 355,083     $ 358,505  
    Shares outstanding     22,990,908       23,505,357       23,958,888       24,509,950       25,174,412  
    Tangible book value per share   $ 14.74     $ 14.69     $ 14.60     $ 14.49       14.24  

    The MIL Network –

  • MIL-OSI Russia: Moscow Metro Celebrates 3 Years of Biometric Payment and Sets New Cashless Payment Record

    Source: Moscow Metro

    Moscow’s Metro system is celebrating a milestone: three years of successful biometric payment

    Maksim Liksutov, the Deputy Mayor of Moscow for Transport and Industry, highlighted the convenience of this payment method, now available at turnstiles across:

    • Metro and Moscow Central Circle (MCC)

    • Aeroexpress

    • Regular river transport

    • Several Moscow Central Diameter (MCD) stations

    Here are some impressive figures:

    • Over 1,100 turnstiles equipped with biometric payment

    • Over 160,000 daily passes made using biometrics

    • Around 375,000 users registered for the service

    In 2021, we launched biometric payment in the metro. Passengers no longer need cards, phones, or wallets to pass through turnstiles. They simply look into the camera, and the gate opens. Users have already made over 125 million passes. Nowhere else in the world is this service as convenient as in the Russian capital. In these 3 years, it has proven itself to be maximally secure and reliable, – said Liksutov.

    Moscow Metro also sets a new record:

    Moscow’s Metro system has reached a new milestone: a record-breaking 91.2% of passengers are now using cashless payment methods. This is the highest rate since the launch of these services and this is a clear sign of a shift towards a more convenient and efficient transportation experience for our citizens. By implementing digital solutions, we’ve made user-friendly, fast, and environmentally friendly payment tools readily available, – added Maksim Liksutov.

    The most popular cashless payment methods include:

    • Biometric payment

    • Virtual Troika card

    • Fast Payment System (FPS)

    • Bank cards and payment stickers

    Moscow is becoming a global leader in the number of payment methods available for public transportation. Following the directives of Moscow Mayor Sergey Sobyanin, we will continue to develop modern, domestic services within our city’s transportation system, – concluded Liksutov.

    This achievement highlights Moscow’s commitment to modernizing its infrastructure and embracing innovative technologies to improve the lives of its citizens.

    MIL OSI Russia News –

  • MIL-OSI: Trio Petroleum Corp. Announces Appointment of James Blake to its Board of Directors, Strengthening Financial and Strategic Expertise

    Source: GlobeNewswire (MIL-OSI)

    Bakersfield, CA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trio Petroleum Corp. (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, is pleased to announce the appointment of James Blake to its Board of Directors. James brings with him 30 years of experience in the financial industry and holds a Bachelor of Commerce degree from the University of Alberta. He is also a Chartered Financial Analyst (CFA), with a distinguished career, having recently retired from a major Canadian bank where he managed over $750 million in assets as a portfolio manager. His expertise in financial markets, investment strategies, and risk management will be an invaluable asset to Trio Petroleum.

    In addition to his extensive financial experience, James has been deeply involved in the startup ecosystem, both as an investor and in raising capital for early-stage companies across various sectors. His capacity to identify high-potential ventures, coupled with his financial acumen, equips him with a diverse perspective that will benefit Trio as the company looks to strengthen its position in the energy market.

    “James Blake’s wealth of knowledge in financial management and his entrepreneurial insights align perfectly with Trio’s strategic goals for growth and innovation,” said Robin Ross, Chairman of the Board and CEO of Trio Petroleum Corp. “His leadership and experience will be instrumental in supporting our drive for sustainable growth, operational efficiency, and long-term shareholder value. We are excited to welcome James to our board.”

    With his forward-thinking approach and a strong track record in both traditional finance and the startup space, James Blake’s appointment strengthens Trio Petroleum’s commitment to corporate governance, strategic direction, and the creation of sustainable value for its investors.

    About Trio Petroleum Corp.

    Trio Petroleum Corp. is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to a 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this press release of Trio Petroleum Corp. (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of Trio’s Annual Report on Form 10-K and Amendment No. 1 thereto, both filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, http://www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

    Investor Relations Contact:
    Redwood Empire Financial Communications
    Michael Bayes
    (404) 809 4172
    michael@redwoodefc.com

    The MIL Network –

  • MIL-OSI: Acquia Releases New AI Capabilities for Digital Asset Management

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Acquia, the leader in open digital experience software, today announced several AI-powered enhancements to the company’s digital asset management solution, Acquia DAM, that enable creatives and marketers to increase productivity and extract more value from their digital content.

    Acquia Video Creator, powered by Moovly, is now available as an add-on module to the Acquia DAM and PIM (product information management) solutions. An advanced AI-powered solution, Acquia Video Creator allows users to easily produce professional-quality, brand-compliant videos using a simple drag-and-drop interface, existing assets from their digital asset library, customizable templates, and a vast library of graphics, animations, and video clips. Start entirely new projects, edit existing videos, and use AI features to generate scripts, voiceover, subtitles, transcripts, and translations. Acquia Video Creator also offers collaboration tools for internal sharing and review, enabling organizations to quickly create videos that can be used across websites, e-commerce channels, social media, events, and more.

    In addition, Acquia has expanded the AI-driven features available directly within Acquia DAM that make it easier to manage, find, and share video and image assets. AI Video Transcription now enables users to add an AI-generated video transcript that is stored on the video’s asset digest page, eliminating the need to send videos to a separate transcription service. The transcripts are time-stamped and available via general and advanced searches within the DAM, and can also be downloaded. Also, Automated Color Filtering removes human error that can arise in manual tagging by using AI to analyze the color profile of an image and provide filtering and search of specific HEX values, without any administrator work required.

    “AI creates new opportunities for creatives, content authors, and marketers to drive efficiency and create immersive digital experiences that drive greater customer engagement,” said Jake Athey, Vice President of Go-To-Market and Sales for Acquia DAM & PIM. “Our latest innovations accelerate campaign delivery by empowering teams to create content more easily, organize assets more accurately, and find relevant assets more quickly. They are just the start of a steady stream of forthcoming innovations that distinguish Acquia DAM for its ability to consistently increase business value.”

    About Acquia
    Acquia empowers ambitious digital innovators to craft the most productive, frictionless digital experiences that make a difference to their customers, employees, and communities. We provide the world’s leading open digital experience platform (DXP), built on open source Drupal, as part of our commitment to shaping a digital future that is safe, accessible, and available to all. With Acquia Open DXP, you can unlock the potential of your customer data and content, accelerating time to market and increasing engagement, conversion, and revenue. Learn more at https://acquia.com.

    All logos, company, and product names are trademarks or registered trademarks of their respective owners.

    Contact:
    Matt Krebsbach
    SVP, Thought Leadership & Brand Awareness
    pr@acquia.com

    The MIL Network –

  • MIL-OSI: Trust Stamp Enhances Biometric Security with Palm-Enhanced Cryptographic Solution

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), a global provider of advanced identity solutions, is pleased to announce the launch of a pioneering research initiative aimed at expanding its biometric cryptosystem, Stable IT2, to include contactless palm authentication. The Biometric Secure Module (BSM) project will further enhance security by integrating face and palm biometrics, providing a more resilient and privacy-centric authentication system.

    Cyber-crime is on the rise, with global costs projected to reach $10.5 trillion by 2025. Trust Stamp’s BSM project aims to address this growing concern by developing a biometric cryptosystem that offers high-entropy, secure authentication without the need to store sensitive biometric data. This ensures users’ data remains protected even in the event of a device breach, as no cryptographic keys are stored directly on the device.

    Project Biometric Secure Module (BSM) financed by Xjenza Malta, through the FUSION: R&I Technology Development Programme Lite, will span 18 months, with a start date of November 1, 2024. The funding covers 75% of the project cost, with the company contributing 25% from its own resources. By leveraging Trust Stamp’s proprietary Stable IT2 algorithm, the BSM will generate cryptographic keys directly from facial and palm biometric features. This innovative approach maintains high security while minimizing the risks associated with device compromises.

    Prof. Norman Poh, Chief Science Officer of Trust Stamp, emphasized the privacy advantages of this approach, stating, “By utilizing palm biometrics, we can generate secure keys from a biometric modality that is less publicly exposed than facial features. This provides an added layer of protection against unauthorized access.”

    Prof. Reuben Farrugia, Research Director at Trust Stamp, outlined the significance of the research, noting that this project aims to deliver a software development kit (SDK) for Android devices. This SDK will allow integration of the Stable IT2 process into mobile applications, enabling secure on-device authentication. Additionally, the development of Trust Stamp’s Orchestration Layer will provide seamless access to helper data, facilitating user-friendly biometric authentication.

    Trust Stamp’s BSM project represents a significant advancement in the field of biometrics, offering a robust solution that aligns with industry standards such as the FIDO Alliance’s recommendations. With the combination of face and palm recognition, Trust Stamp is poised to redefine digital identity security, particularly for financial institutions, digital wallets, and identity access management providers.

    About Trust Stamp: Trust Stamp is a global provider of AI-powered identity verification and authentication solutions. With a focus on privacy-first security, Trust Stamp offers innovative biometric technology to enhance digital identity management. For more information, visit http://www.truststamp.net.

    About Xjenza Malta: Xjenza Malta is the government agency responsible for promoting and coordinating scientific research, technological innovation, and science communication in Malta.

    Inquiries                                                                                                     Email: dgrima@truststamp.net
    Trust Stamp

    David Grima      
    Director of Product Innovation, Trust Stamp

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Disney and Magnite Announce Two-Year Deal Renewal

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, and Disney have announced a two-year deal extension. As the relationship grows into its sixth year, Magnite continues to be Disney’s preferred supply-side technology partner. Disney leverages Magnite’s technology to monetize its ad-supported inventory across the company’s entire portfolio. Magnite facilitates transactions for all 30+ DSPs that Disney works with.

    “Disney is committed to driving automation and executional ease for our clients. With all our streaming inventory available programmatically, Magnite remains a key technology partner supporting Disney’s advertising business,” stated Jamie Power, SVP of Addressable Sales at Disney. “Magnite plays a critical role in allowing buyers to access Disney’s inventory by connecting to more than 30 demand-side platforms in the US and starting to expand globally. In this rapidly evolving marketplace, Magnite consistently scales its capabilities to meet client needs, helping us stay ahead of emerging market trends.”

    With the expanded relationship, Disney will also leverage Magnite to:

    • Execute one-to-one deals with key buyers through Magnite’s ClearLine offering
    • Monetize College Football games on live streams on ESPN
    • Support LATAM expansion in Brazil, Chile, Colombia, Mexico, Peru, and Argentina
    • Offer podcast inventory via PMPs, including ESPN and ABC News podcasts

    “We appreciate Disney’s confidence in our long-standing relationship and look forward to working with their team to deliver exceptional advertising experiences across every consumer touchpoint,” said Sean Buckley, Chief Revenue Officer at Magnite. “In addition to our role in enabling Disney’s programmatic transactions, we’re actively innovating in new areas like live streaming to bring added value to our partnership.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Media Contact:

    Charlstie Veith
    cveith@magnite.com
    516-300-3569

    Investor Relations
    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

  • MIL-OSI: Sunrun Builds and Operates New York’s Largest Residential Power Plant in Partnership with Orange and Rockland Utilities

    Source: GlobeNewswire (MIL-OSI)

    PEARL RIVER, N.Y. and SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, and Orange and Rockland Utilities, Inc. (O&R), a wholly owned subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation’s largest investor-owned energy companies, have successfully activated New York’s largest residential power plant using more than 300 solar-plus-storage systems. During dozens of peak electricity demand events this summer, the home batteries supplied stored solar energy to help stabilize the electric grid.

    The Sunrun-managed power plant was initiated by O&R and approved as a demonstration project by the New York State Public Service Commission. The year-round program supports New York’s transition to clean and reliable energy and helps the state reach its nation-leading storage and electrification goals. Under this program, Sunrun synchronizes the discharging of the participating batteries to deliver stored solar power to reduce stress on the electric grid during times of peak energy usage. The solar-plus-storage systems also provide a source of backup power to the homes of participating customers.

    “This is an important step toward the future of fortifying New York’s energy grid, utilizing innovation to build a more affordable and reliable way to deliver power. We are excited to see residents of New York benefit from the sharing of stored solar power and know this partnership with Orange and Rockland will show the path forward for the rest of the state,” said CEO of Sunrun, Mary Powell.

    “The creation of this virtual power plant unlocks incredible benefits to the electric grid that will provide our customers with the clean and reliable energy that they expect and deserve,” said Andre Wellington, O&R director of Distributed Resource Integration. “Home solar-plus-storage is an innovative, flexible resource that can be called upon during times of stress on our electric system and O&R is happy to be part of this opportunity to advance New York State’s clean energy goals.”

    Enrolled customers received a free or heavily discounted home battery in exchange for participating in the 10-year program to help the resiliency of the electric grid. Sunrun receives an upfront payment from O&R based on the battery capacity installed, which allows Sunrun to offer the battery for free or at a heavily discounted price to customers. Customers will also benefit from consuming their own stored solar power and from utility bill credits for the excess energy they supply to the electric grid. Even when O&R dispatches the batteries for load relief, customers’ batteries will still retain 20% or more of the stored solar power to provide their homes with backup power in the event of a local power outage.

    “We quickly signed up once we learned that a Sunrun solar and battery system could protect our home from outages while also bolstering the grid for our community,” said Joseph Ortiz, a Sunrun and O&R customer in Rockland County. “It’s gratifying to know that—without us even lifting a finger—our home is supplying clean solar energy back to the grid to benefit everyone.”

    With more than 1 million customers and 116,000 installed storage systems, Sunrun is the nation’s largest developer of residential clean energy systems. Sunrun is responsible for nearly half of all new home battery installations in the country. Sunrun operates more than a dozen power plants across the country, including the nation’s largest single-owner virtual power plant.

    About Sunrun
    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at http://www.sunrun.com

    About O&R
    Orange and Rockland Utilities, Inc. (O&R), a wholly owned subsidiary of Consolidated Edison, Inc., one of the nation’s largest investor-owned energy companies, is a regulated utility. O&R provides electric service to approximately 300,000 customers in southeastern New York State and northern New Jersey (through its subsidiary Rockland Electric Company) and natural gas service to approximately 140,000 customers in New York State. Visit http://www.oru.com for more.

    Sunrun Media Contact
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    Sunrun Investor & Analyst Contact
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    O&R Media Contact
    Vito Signorile
    Manager, Media Relations
    signorilev@oru.com

    The MIL Network –

  • MIL-OSI: Vimeo Delivers Spatial App Experience Built for Apple Vision Pro Enabling Users to View, Upload, and Share Spatial Videos

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Vimeo (NASDAQ: VMEO), the world’s most innovative video experience platform, today announced the launch of its groundbreaking app for Apple Vision Pro. This immersive app brings viewers into the content and empowers Vision Pro users to view, upload, and share their spatial videos with others to enjoy. The free app is now available to download on the visionOS App Store.

    With its ability to add remarkable depth and dimension to a scene, spatial video delivers an innovative way to tell powerful stories, as it offers a more engaging and immersive experience for both personal and professional use cases. Spatial videos can be recorded on Apple Vision Pro, the iPhone 16 line, iPhone 15 Pro and iPhone 15 Pro Max. Canon has also announced the development of a new stereoscopic lens, the RF-S7.8mm F4 STM DUAL Lens, compatible with the popular EOS R7 camera body that will capture gorgeous spatial video.

    With the Vimeo app for Vision Pro, users can relive previous moments and experiences in ways never before possible, or explore the growing library of content from the Vimeo community. After capturing spatial video, users can upload their content and share it privately or with the Vimeo community. Users can upload and catalog their spatial videos to their Vimeo library from the Vimeo app for iOS, visionOS, or vimeo.com. Professional content creators and video pros also gain an innovative new way to tell stories and engage with their audiences. Businesses can leverage spatial videos to bring their customers to new places, provide immersive training experiences for their employees, and even showcase new products in a truly unique way. Apple has announced an update to Final Cut Pro later this year that will enable creators to edit spatial videos on their Mac and add dynamic titles and effects to their projects.

    “Vimeo has always been known for supporting video creators with the highest quality formats and most innovative technologies to tell their stories,” said Philip Moyer, CEO at Vimeo. “The launch of our Apple Vision Pro app marks a significant milestone in our ongoing mission to push the boundaries of video experiences. This kind of spatial content is the future of storytelling, and we’re proud to be at the forefront of this revolution.”

    To celebrate the launch of its Vision Pro app, Vimeo has partnered with award-winning filmmaker and Staff Pick winner Jake Oleson to create exclusive content that demonstrates the experiences made possible by spatial video, and to inspire others to experiment with it themselves.  

    For more information and to download the Vimeo App on the visionOS App Store, please click here.

    About Vimeo
    Vimeo (NASDAQ: VMEO) is the world’s most innovative video experience platform. We enable anyone to create high-quality video experiences to better connect and bring ideas to life. We proudly serve our community of millions of users – from creative storytellers to globally distributed teams at the world’s largest companies – whose videos receive billions of views each month. Learn more at http://www.vimeo.com.

    Contact:
    Frank Filiatrault
    Director of Communications
    frank.filiatrault@vimeo.com

    The MIL Network –

  • MIL-OSI: Global Manufacturer and Distributor Chooses Bridgeline’s AI-Powered HawkSearch

    Source: GlobeNewswire (MIL-OSI)

    WOBURN, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of AI-driven marketing technology, announced a leading manufacturer and distributor of life safety gear, equipment, and training for first responders and law enforcement selected HawkSearch to improve their on-site search and merchandising powered by Salesforce Commerce Cloud.

    The distributor will use HawkSearch to enhance website performance by delivering a more tailored search experience. They were particularly drawn to features like advanced merchandising for promoting or boosting specific products, burying out-of-stock items, and adjusting ranking and sort order. The scope also includes incorporating Instant Engage for surfacing trending items, categories, and content as soon as the user clicks on the search box.

    HawkSearch will also power product category landing pages for consistency between browsing and searching, along with natural language search capabilities. These enhancements will help deliver a more engaging customer experience, aligning with marketing goals and improving traffic, conversion rates, and order values.

    Ari Kahn, CEO of Bridgeline, said, “We’re excited to support this global leader in optimizing their search experience. HawkSearch will enhance their digital performance and help achieve key business outcomes.”

    About Bridgeline Digital

    Bridgeline helps companies grow online revenue by increasing traffic, conversion rates, and average order value. To learn more, please visit http://www.bridgeline.com.

    Contact:
    Danielle Colvin
    SVP of Marketing
    Bridgeline Digital
    press@bridgeline.com

    The MIL Network –

  • MIL-OSI: LM Funding America, Inc. Announces Ryan Duran Expands Leadership Role to President of its Bitcoin Mining Subsidiary – USDM

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Oct. 23, 2024 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, is pleased to announce the promotion of Ryan Duran from Vice President of Operations to President of its digital mining subsidiary, US Digital Mining and Hosting Co LLC.

    Bruce Rodgers, Chairman and CEO of LM Funding, stated, “As we continue to focus and expand our Bitcoin mining operations, it is clear that strong, dedicated leadership is essential to drive our hosting and mining infrastructure. With his expertise and leadership skills, Ryan Duren is the perfect choice to accelerate our growth in the Bitcoin mining business.”

    With this promotion, Ryan Duran will play a pivotal role in shaping the strategic direction and enhancing the operational efficiency of the Company’s mining operations, ensuring that LM Funding remains at the forefront of the rapidly evolving cryptocurrency industry.

    Mr. Duran has worked with the Company since 2008 and has developed broad operational experience in the digital mining and hosting area and the specialty finance operations of the business. Mr. Duran has a Bachelor of Science in Real Estate and Finance from Florida State University.

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at http://www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: One Stop Systems to Report Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ESCONDIDO, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, announced today that the Company will release its third quarter 2024 financial results before the market opens on Wednesday, November 6, 2024. A webcast and conference call will be held that same day at 10:00 a.m. ET to review the Company’s results.

    Conference Call and Webcast

    Domestic: 1-800-717-1738
    International: 1-646-307-1865
    Conference ID: 13748 (required for entry)
    Webcast:  https://viavid.webcasts.com/starthere.jsp?ei=1692609&tp_key=bc360380ca

    Conference Call Replay

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 1113748

    A replay of the call will be available after 1:00 p.m. ET on November 6, 2024, through November 20, 2024.

    About One Stop Systems
    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require-and OSS delivers-the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to http://www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Forward-Looking Statements
    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    The MIL Network –

  • MIL-OSI: Publication of Prospectus

    Source: GlobeNewswire (MIL-OSI)

    Octopus Apollo VCT plc

    Publication of Prospectus

    Octopus Apollo VCT plc (the ‘Company’) has issued a prospectus, dated 23 October 2024, relating to a proposed offer for subscription for ordinary shares of 0.1p each in the Company (‘New Shares’) to raise up to £50 million with an over-allotment of up to a further £25 million (the ‘Offer’), following the approval of the prospectus from the Financial Conduct Authority.

    Pursuant to an agreement dated 23 October 2024 relating to the Offer between, inter alia, the Company and Octopus Investments Limited, the Company’s portfolio manager (the ‘Portfolio Manager’), which constitutes a related party transaction falling within UK Listing Rule 8.2.1R, the Portfolio Manager will receive:

    • an initial charge of 3 per cent. of the gross funds raised under the Offer by the Company; and
    • a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Company from investors who have not invested their money through a financial intermediary (‘Direct Investors’); and
    • an additional ongoing charge of 0.5% of the net asset value of the investment amount received by the Company under the Offer from Direct Investors, payable for up to nine years, provided the Direct Investors continue to hold the New Shares.

    The Board of the Company believes that the above arrangements are fair and reasonable as far as the shareholders of the Company are concerned and have been so advised by Howard Kennedy Corporate Services LLP, as sponsor to the Company.

    The Offer is now open and will close on or before 5 April 2025 for the 2024/2025 tax year and on 22 October 2025 for the 2025/2026 tax year, or earlier if the Offer is fully subscribed. The Board of the Company reserves the right to close the Offer earlier.

    The prospectus will shortly be available for inspection at the National Storage Mechanism, which is located at:

    https://data.fca.org.uk/#/nsm/nationalstoragemechanism

    and on the Company’s website

    https://octopusinvestments.com/apollo-vct/

    For further information please contact:
    Rachel Peat
    Octopus Company Secretarial Services Limited
    Tel: +44 (0)80 0316 2067

    LEI: 213800Y3XEIQ18DP3O53

    The MIL Network –