Source: African Development Bank Group
At the launch of Burundi’s National Energy Compact during the Mission 300 (M300) Private Sector Consultation in London, Anzana Electric Group and the African Development Bank announced a $600,000 project development grant from the Sustainable Energy Fund for Africa (SEFA).
Category: Business
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MIL-OSI Banking: Anzana Electric and African Development Bank Power Up Burundi’s Energy Future with $600,000 Grant to Weza Power
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MIL-OSI United Nations: 5 June 2025 News release WHO calls for urgent protection of Nasser Medical Complex and Al-Amal Hospital in the Gaza Strip
Source: World Health Organisation
WHO warns that the Gaza Strip’s health system is collapsing, with Nasser Medical Complex, the most important referral hospital left in Gaza, and Al-Amal Hospital at risk of becoming non-functional. There are already no hospitals functioning in the north of Gaza.
Nasser and Amal are the last two functioning public hospitals in Khan Younis, where currently most of the population is living. Without them, people will lose access to critical health services.
While these hospitals have not received orders to evacuate patients or staff, they lie within or just outside the evacuation zone announced on 2 June. Israeli authorities have informed the Ministry of Health that access routes leading to both hospitals will be obstructed. As a result, safe access for new patients and staff will be difficult, if not impossible. If the situation further deteriorates, both hospitals are at high risk of becoming non-functional, due to movement restrictions, insecurity, and the inability of WHO and partners to resupply or transfer patients.
Nasser and Al Amal hospitals are operating above their capacity, while people with life-threatening injuries continue to arrive to seek urgent care amid a dire shortage of essential medicines and medical supplies. The hospitals going out of service would have dire consequences for patients in need of surgical care, intensive care, blood bank and transfusion services, cancer care, and dialysis.
Losing the two hospitals would cut 490 beds, reducing the Gaza Strip’s overall hospital bed availability to less than 1400 hospital beds (40% less hospital beds available in the Gaza Strip than before the start of the conflict), for the entire population of 2 million people.
The relentless and systematic decimation of hospitals in Gaza has been going on for too long. It must end immediately. For over 20 months, health workers, WHO, and partners have managed to keep health services partly running despite extreme conditions. But repeated attacks, escalating hostilities, denial of aid, and restricted access have systematically dismantled the health system.
WHO calls for urgent protection of Nasser Medical Complex and Al-Amal Hospital to ensure they remain accessible, functional and safe from attacks and hostilities. Patients seeking refuge and care to save their lives must not risk losing them trying to reach hospitals. Hospitals must never be militarized or targeted.
WHO calls for the delivery of essential medicines and medical supplies into Gaza to be immediately expedited safely and facilitated through all possible routes.
WHO calls for an immediate and lasting ceasefire.
Notes to editors
- Only 17 of Gaza’s 36 hospitals are currently partially functional. Of these, just five, including Nasser Medical Complex and Al-Amal Hospital, are major referral facilities, accounting for 75% of all the Gaza Strip’s hospital beds.
- Nasser Medical Complex is operating at 180% over bed capacity and Al Amal Hospital is at 100%.
- Currently, one national and four international Emergency Medical Teams are deployed at Al-Amal and Nasser hospitals as part of efforts to provide specialized care and strengthen hospital capacity.
- Acute shortages of essential medicines and medical supplies are severely disrupting health services in all hospitals, while about 50 WHO trucks of supplies await at Al-Arish and in the West Bank.
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MIL-OSI USA: Huffman, Padilla, Schiff, Heinrich Call on Trump Admin to Reverse Unlawful Approval of Mining in Mojave National Preserve
Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California
June 05, 2025
Washington, D.C. – Rep. Jared Huffman (D-Calif.-02), Ranking Member of the House Natural Resources Committee, U.S. Senators Alex Padilla (D-Calif.), a member of the Senate Energy and Natural Resources (ENR) Committee, Adam Schiff (D-Calif.), and Martin Heinrich (D-N.M.), Ranking Member of the Senate ENR Committee expressed serious concern over the Bureau of Land Management’s (BLM) unlawful approval of mining activities by Dateline Resources inside the Mojave National Preserve and demanded they rescind their approval. In their letter to Secretary of the Interior Doug Burgum, the lawmakers also called on Interior to comply with federal mining law, conduct a full mineral validity exam, reaffirm the National Park Service’s (NPS) authority over mining operations in the Preserve, and explain their legal rationale for permitting Dateline Resources mining activity.
“We write with serious concern regarding the Bureau of Land Management’s (BLM) recent press release announcing BLM’s ‘approval’ of mining activity by Dateline Resources within Mojave National Preserve,” wrote the lawmakers. “This action appears to violate federal law, disregards National Park Service (NPS) authority, and sets a dangerous precedent for industrial development in lands that Congress has designated as worthy of inclusion in the National Park System.”
Congress created the Mojave National Preserve in 1994 through the late Senator Dianne Feinstein’s California Desert Protection Act (CDPA), which transferred the land from BLM to NPS, helping support rare plant species and vital wildlife corridors. The law clearly states that any mining within the Preserve must comply with the Mining in the Parks Act, meaning companies with preexisting claims must conduct a mineral validity exam and obtain an NPS-approved plan of operations before any surface-disturbing activity can occur.
Despite these requirements, BLM recently approved rare earth mineral exploration by Dateline Resources, an Australian company, based on a 1985 BLM plan of operations that predates the Preserve’s creation and only covers the extraction of gold. Dateline recently announced plans to begin exploratory drilling, despite lacking a valid NPS-approved plan or proof of the existence of a valuable mineral deposit, as the Mining in the Parks Act requires.
“Congress set aside these lands and entrusted them to the NPS for permanent protection, not as a zone for future industrial exploitation,” continued the lawmakers.
The lawmakers also criticized Secretary Burgum for backtracking on his commitments to safeguard America’s national parks.
“This is not only illegal, but it directly contradicts a commitment you made during your confirmation hearing to ‘protect every inch of our national parks.’ Approving a foreign-owned company’s speculative mining project inside a national park in this way is clearly inconsistent with that promise and threatens future speculative actions across other national parks,” added the lawmakers.
Local leaders expressed their strong support for Padilla, Schiff, Heinrich, and Huffman’s effort to protect the Mojave National Preserve from this unlawful mining activity.
“We applaud Senator Padilla and congressional leaders for defending our beloved Mojave National Preserve from unchecked destruction by the Trump administration,” said Chance Wilcox, California Desert Program Manager for the National Parks Conservation Association. “In promoting speculative, damaging mining in our National Park System, the administration is pushing aside not only the legal protections afforded to this biodiverse landscape, but also the American people who love their parks. The administration’s misguided effort gives an Australian company a free pass to mining in one of America’s largest national park sites while saddling taxpayers with the clean-up costs.”
“I spent my entire career in the National Park Service and was Superintendent of Mojave National Preserve for over a decade,” said Mary Martin, Retired National Park Service Official. “Speculative mining should have no place in our country’s most spectacular places – our national parks. It is infuriating that the Trump administration is urging an Australian mining company to drill and bulldoze this national park. This is nothing short of illegal and a betrayal of all Americans who own these national parks.”
“The Clark mountain range is one of California’s most botanically important areas, estimated to harbor the second-highest density of rare plants of any of the state’s mountain ranges,” said Jim Andre, Director of UC Riverside’s Granite Mountains Desert Research Center. “The eastern Mojave Desert is also a global hotspot for new species discovery, where 15% of the vascular plant species have yet to be discovered. Will we know what we’ve lost if we bulldoze this area? They’re not just prized luxury items, they’re actually a functional part of the ecosystem that are supposed to be protected for the benefit of all Americans.”
Full text of the letter is available here.
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Previous Article
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MIL-OSI New Zealand: More snow coming, watch out on the roads!
Source: New Zealand Transport Agency
New Zealand Transport Agency Waka Kotahi (NZTA) is urging motorists not to get caught out as more snow is forecast across the South Island leading into the weekend.
Heavy snow warnings or watches have been issued by the MetService from tomorrow, with heavy snow down to 300m potentially causing travel disruption, damage to trees and powerlines in Central Otago and Canterbury, from the Rangitata River southwards.
Queenstown Lakes is also facing potentially heavy snow to 400m, and snow is expected to fall about the Dunedin-Waitati Highway (SH1) from about 10am tomorrow
North of the Rangitata River, Canterbury and southern Marlborough may also be affected, with heavy snow possible down to 400m. Mountain passes across the island may be impacted as snow accumulates.
“We got off relatively lightly with the snow so far this week,” says NZTA system manager Mark Pinner.
“The highway closures we had in the MacKenzie Country were only short-lived and the impact was not widespread. If you are heading away for the weekend, and especially if you are travelling on highways at higher elevations, make sure you are prepared and plan ahead using our Journey Planner.”
Journey Planner(external link)
In addition to accumulating snow, the accompanying cold temperatures create risks of frost and ice on the roads.
“Make sure that if you are driving in these conditions, that you adjust your speeds and following distances accordingly.”
“If you can avoid or delay travel on roads while there is elevated risk, that’s sensible.”
NZTA will be working with its partners to keep a close eye on the State Highway network around the south and responding with its crews as required.
In the Westland District, motorists are encouraged to be prepared for potentially severe gale force southeast winds from tomorrow afternoon.
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MIL-OSI: Xtract One Announces Third Quarter Fiscal 2025 Results
Source: GlobeNewswire (MIL-OSI)
TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced fiscal third quarter results for the three months ended April 30, 2025. All information is in Canadian dollars unless otherwise indicated.
Third Quarter Highlights
- Quarterly revenue of $3.5 million for the three months ended April 30, 2025 versus $4.7 million in the prior-year period.
- Gross margin of 57% for the third quarter of fiscal 2025 versus 58% in the prior-year period.
- Total contract value of new bookings1 was $4.6 million for the three months ending April 30, 2025 as compared to $9.5 million for the same period last year.
- Contractual backlog was $15.4 million at the end of the third quarter as compared to $13.8 million in the prior-year period, excluding an additional $21.1 million of agreements pending installation1 versus approximately $12.8 million at the end of the third quarter of fiscal 2024.
- Subsequent to the quarter, the Company announced that its new innovative security platform, Xtract One Gateway, has been certified in Canada and the U.S and is on track to start shipping in July, with a current aggregate order value of approximately $6.7 million across five different customers. The Company has completed numerous demonstrations and trials across the education, healthcare and manufacturing and distribution markets.
“While revenue was lower than anticipated for the quarter due to some delayed deployments, we remain on track for a solid year of performance and continue to have a growing backlog that strengthens our outlook for the future,” stated Peter Evans, Chief Executive Officer of Xtract One. “As recently announced, our Xtract One Gateway will start shipping this July, and we already have $6.7 million of orders in hand. While increasing our expectations for the quarters to come, recent investments in inventory and product rollout reduced our cash level during the period, which was expected. At the same time, we’ve announced several exciting developments including new wins with the Colorado Rockies and an international entertainment giant which, along with other awards, position us well for the year ahead. We remain upbeat about the fourth quarter and look to end fiscal 2025 on a high note.”
Financial Results for the Three Month Period Ended April 30, 2025
Consolidated revenue was $3.5 million for the three months ended April 30, 2025 as compared to $4.7 million for the same period last year, reflecting timing of order deployments. Gross profit was $2.0 million, or a gross profit margin of 57%, in the fiscal 2025 third quarter versus $2.7 million, or a gross profit margin of 58%, in the prior-year period.
Comprehensive loss was $3.3 million for the three month period ended April 30, 2025 as compared to $2.7 million for the same period in fiscal 2024, reflecting a reduced gross profit offset by lower overall operating costs.
This press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2025 and 2024, which can be found on the Company’s website and under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Conference Call Details
Xtract One will host a conference call to discuss its results tomorrow, June 6, 2025 at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.
The webcast and presentation will be accessible on the company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).
About Xtract One Technologies
Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.
About Threat Detection and Security Solutions
Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.
For further information, please contact:
Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com1Supplementary Financial Measures:
The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.
CAUTIONARY DISCLAIMER STATEMENT:
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Unaudited Interim Statements of Loss and Comprehensive Loss for the Three and Nine Months Ended April 30, 2025 and 2024
The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the three and nine months ended April 30, 2025 and 2024:
Three months ended April 30, Nine months ended April 30, 2025 2024 2025 2024 Revenue $ 3,466,433 $ 4,683,639 $ 10,506,459 $ 10,720,050 Cost of revenue 1,489,181 1,977,223 3,811,031 4,145,551 Gross profit $ 1,977,252 $ 2,706,416 $ 6,695,428 $ 6,574,499 Operating expenses Selling and marketing $ 1,563,446 $ 1,259,445 $ 4,451,180 $ 4,066,829 General and administration 1,854,764 1,936,552 5,367,644 5,277,387 Research and development 1,638,988 2,182,756 5,078,617 5,967,553 Loss on inventory write-down 26,868 4,167 308,297 111,180 Loss on retirement of assets 2,029 40,538 23,704 40,538 Total operating expenses $ 5,086,095 $ 5,423,458 $ 15,229,442 $ 15,463,487 Loss before the undernoted (3,108,843 ) (2,717,042 ) (8,534,014 ) (8,888,988 ) Other income Interest and other income 28,606 44,704 170,196 197,287 Net loss for the period $ (3,080,237 ) $ (2,672,338 ) $ (8,363,818 ) $ (8,691,701 ) Other comprehensive income (loss) for the period Currency translation differences for foreign operations (197,348 ) – 348,771 – Comprehensive loss for the period $ (3,277,585 ) $ (2,672,338 ) $ (8,015,047 ) $ (8,691,701 ) Weighted average number of shares 218,426,987 200,110,734 218,415,199 198,924,490 Basic and diluted loss per share $ (0.02 ) $ (0.01 ) $ (0.04 ) $ (0.04 ) Unaudited Interim Statements of Financial Position as of April 30, 2025 and July 31, 2024
The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as of April 30, 2025 and July 31, 2024:
April 30, 2025 July 31, 2024 Assets Current assets Cash and cash equivalents (Note 15) $ 1,921,103 $ 8,628,521 Receivables (Note 4) 1,301,903 3,862,199 Prepaid expenses and deposits 2,423,043 949,012 Current portion of deferred cost of revenue (Note 6) 397,649 371,309 Inventory (Note 5) 3,463,467 3,688,246 9,507,165 17,499,287 Property and equipment (Note 7) 2,326,031 2,135,956 Intangible assets (Note 8) 4,730,705 4,465,755 Non-current portion of deferred cost of revenue (Note 6) 280,467 496,868 Right of use assets (Note 9) 928,941 344,304 Total assets $ 17,773,309 $ 24,942,170 Liabilities Current liabilities Accounts payable and accrued liabilities $ 1,771,976 $ 3,991,292 Current portion of deferred revenue (Note 10) 5,247,967 3,443,524 Current portion of lease liability (Note 9) 156,797 190,400 7,176,740 7,625,216 Non-Current liabilities Non-current portion of deferred revenue (Note 10) 2,841,068 3,155,579 Non-current portion of lease liability (Note 9) 923,972 190,526 $ 10,941,780 $ 10,971,321 Shareholders’ equity Share capital (Note 13) $ 144,398,090 $ 144,372,452 Contributed surplus 17,014,039 16,163,950 Accumulated deficit (154,929,371 ) (146,565,553 ) Accumulated other comprehensive income 348,771 – $ 6,831,529 $ 13,970,849 Total liabilities and shareholders’ equity $ 17,773,309 $ 24,942,170 Unaudited Interim Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024
The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the nine month periods ended April 30, 2025 and 2024:
Nine months ended April 30, 2025 2024 Cash flow used in operating activities Loss for the period $ (8,363,818 ) $ (8,691,701 ) Adjustment for: Share-based compensation (Notes 13, 14) 858,758 668,555 Depreciation (Notes 7, 9, 12) 1,084,022 938,567 Amortization (Notes 8, 12) 637,279 604,425 Finance cost (Notes 9) 34,020 17,839 Loss on retirement of assets 23,704 40,538 Loss on inventory (Note 5) 308,297 111,180 (5,417,738 ) (6,310,597 ) Changes in non-cash working capital Receivables 2,610,436 (3,266,008 ) Prepaid expenses and deposits (1,469,555 ) 334,746 Inventory (793,081 ) (3,664,444 ) Deferred cost of revenue (Note 6) 190,061 172,754 Accounts payable and accrued liabilities (2,232,051 ) 942,696 Deferred revenue 1,540,851 5,357,879 Cash used in operating activities (5,571,077 ) (6,432,974 ) Cash flow used in investing activities Purchase of property, plant and equipment (Note 7) (185,045 ) – Internally developed intangible assets (Note 8) (729,730 ) – Proceeds from disposal of property, plant and equipment 1,000 – Acquisition of right of use asset (Note 9) (5,028 ) – Cash used in investing activities (918,803 ) – Cash flow used in financing activities Proceeds on issue of share capital 16,970 8,131,985 Lease payments (Note 9) (214,358 ) (286,066 ) Cash (used) received in financing activities (197,388 ) 7,845,919 Effect of exchange rate changes on cash and cash equivalents (20,150 ) – Net (decrease) increase in cash and cash equivalents for the period $ (6,707,418 ) $ 1,412,945 Cash and cash equivalents beginning of the period 8,628,521 8,327,449 Cash and cash equivalents end of the period $ 1,921,103 $ 9,740,394 -
MIL-OSI: Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process
Source: GlobeNewswire (MIL-OSI)
- Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms
- Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3%
- Adjusted EBITDA1 reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin1 of 54.9%
- Completes acquisition of Uklon, Ukraine’s leading ride-hailing business, and increases stake in Ukraine’s leading digital health platform Helsi, subsequent to quarter-end
KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group, Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025.
1Q25 1Q24 YoY 1Q25 1Q24 YoY USD mln or % UAH bln or % Total operating revenue 255 186 37.1 % 10.6 7.1 49.6 % Profit for the period 44 36 22.2 % 1.8 1.4 33.7 % Adj. EBITDA1 140 93 50.5 % 5.8 3.6 64.6 % Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USD
End-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD
1For more information, see section titled “Presentation of Non-IFRS Financial Measures” at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures.“Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth,” said Oleksandr Komarov, CEO of Kyivstar Group. “Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine’s digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.”
First Quarter 2025 Financial and Operational Highlights
- Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25.
- Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25.
- Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customersi reflecting increased adoption of digital products.
- Digital Services Users: Total digital monthly active users across Kyivstar Group’s digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier.
Strategic Milestones:
- Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets.
- Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan.
- Increased ownership stake in Helsi, Ukraine’s largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients’ access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024.
The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.’s filing of a registration statement on Form F-4 (File No. 333-287802) in conjunction with Kyivstar’s anticipated listing on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025.
With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at www.sec.gov.
Additional Information and Where to Find It
Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.
About Kyivstar Group
Kyivstar Group operates Ukraine’s leading digital operator, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.
About Cohen Circle
Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.
Financial Information Presented
Kyivstar Group’s results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (“IFRS”) and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period.
Forward-Looking Statements
This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.
Presentation of Non-IFRS Financial Measures and Performance Metrics
In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the “Non-IFRS Financial Measures”), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU.
Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies.
The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively:
Three months ended
March 31,
2025Three months ended
March 31,
2024(USD in millions) Profit for the period 44 36 Income taxes 14 9 Profit before tax 58 45 Depreciation 31 31 Amortization 13 12 Impairment, net 2 1 Finance costs 21 21 Finance income (7) (8) Other non-operating gain/(loss), net 1 (1) Net foreign exchange (loss)/gain 21 (8) Adjusted EBITDA 140 93 Profit margin 17% 19% Adjusted EBITDA Margin 55% 50% Key Performance Indicators
Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group’s customers but are proceeds received by other operators for the services received by its subscribers.
Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group’s digital products at any time during the one month prior to such measurement date.
Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once.
Contact Information
Kyivstar Group
Media and Investor Contact:
Kyivstar@icrinc.comVEON Media Contact
Email: pr@veon.comi Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period)
-
MIL-OSI: Kyivstar Group Reaches Nasdaq Listing Milestone with Public Filing of Registration Statement on Form F-4
Source: GlobeNewswire (MIL-OSI)
KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group Ltd., Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced the public filing of its Registration Statement on Form F-4 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”).
This filing represents a milestone in Kyivstar Group’s plans to be listed on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”) that was announced on March 18, 2025.
Today, as we announce the public filing of our Registration Statement, we are excited to complement our operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market,” said Oleksandr Komarov, CEO of Kyivstar Group. “We are excited to be a company that not only delivers exceptional value to our customers, but also represents a compelling investment opportunity for U.S. and global investors interested in Ukraine’s growth and resilience.”
The closing of the business combination is expected to occur during the third quarter of 2025 and is subject to the approval of Cohen Circle’s shareholders and other customary closing conditions.
Additional Information and Where to Find It
Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement”) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.
About Kyivstar Group
Kyivstar Group operates Ukraine’s leading provider of mobile communication, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine by 2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.
About Cohen Circle
Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.
Forward-Looking Statements
This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.
Contact Information
Kyivstar Group
Media and Investor Contact:
Kyivstar@icrinc.comVEON
Media Contact:
Email: pr@veon.com -
MIL-OSI Canada: Pipeline project determined to be substantially started
Source: Government of Canada regional news
The chief executive assessment officer of the Environmental Assessment Office (EAO) has determined that the Prince Rupert Gas Transmission (PRGT) natural gas pipeline project has been substantially started.
With this decision, the certificate remains in effect for the life of the project, unless it is cancelled or suspended pursuant to the Environmental Assessment Act. The environmental assessment certificate approving the PRGT project was issued in 2014, following the EAO’s environmental assessment. The certificate required the project to have been substantially started by Nov. 25, 2024, for it to remain valid.
The EAO undertook a detailed assessment process that started at the end of November 2024, examining all evidence relevant to the matter of whether or not the project is substantially started. First Nations potentially impacted by the project had an opportunity to provide their views.
The EAO developed a report on its findings from a field assessment of the project site, documentation from Prince Rupert Gas Transmission Ltd. and information from First Nations, Gitanyow Hereditary Chiefs, Gitxsan Wilps and members of the public for the decision-maker’s consideration. Only construction and other project-related activities by the proponent up to Nov. 25, 2024, were considered.
As outlined in his reasons for decision, the chief executive assessment officer determined that the physical work completed is consistent with standard pipeline development, and together with other activities and investments undertaken, the company demonstrated a strong intention to advance the project in the near term.
Substantial start determinations are made on a case-by-case basis, considering all relevant facts. Substantial start determinations are commonly delegated by the minister of environment and parks to the EAO’s chief executive assessment officer.
EAO compliance and enforcement officers will continue to monitor the PRGT project throughout construction and operation to ensure the project meets all requirements in the project’s environmental assessment certificate.
Quick Facts:
- The PRGT project was approved in 2014 to run about 900 kilometres between Hudson’s Hope in northeastern B.C. and Lelu Island near Prince Rupert (the site of a previously proposed, but since cancelled, LNG processing facility). The project as approved includes both land and marine sections of pipeline, along with compressor and metering stations.
- The PRGT project was acquired from TC Energy Corporation by Nisga’a Nation and Western LNG in March 2024, to supply natural gas to the proposed Ksi Lisims LNG facility, a project the EAO is currently assessing.
- Prince Rupert Gas Transmission Ltd. applied to the EAO in 2024 to change the pipeline route to end on Pearse Island at the proposed Ksi Lisims LNG site. This amendment request is currently being assessed by the EAO.
- The EAO is also assessing a separate amendment request received in 2024 to reroute the eastern portion of the pipeline between Chetwynd and Mackenzie, which includes moving the route south to follow part of an existing cleared right of way and shortening it by about 50 kilometres.
- The PRGT pipeline project would transport approximately 2 billion cubic feet of natural gas per day, with capacity to expand to about 3.6 billion cubic feet per day.
Learn More:
Reasons for Determination: Prince Rupert Gas Transmission substantial start determination:
https://www.projects.eao.gov.bc.ca/api/public/document/6841bac274cf8a00219ff411/dowload/PRGT_Reasons_for_Decisions.pdfEAO’s Analysis of a Substantially Started Determination Request: PRGT Project:
https://www.projects.eao.gov.bc.ca/api/public/document/6841bb3b74cf8a00219ff42c/download/PRGT_EAO_Substantial_Start_Determination_Report.pdf
EAO Substantial Start Determination Policy:
https://www2.gov.bc.ca/assets/gov/environment/natural-resource-stewardship/environmental-assessments/guidance-documents/2018-act/substantially_started_determination_policy_final.pdfEAO’s Prince Rupert Gas Transmission project information webpage:
https://projects.eao.gov.bc.ca/p/588511d9aaecd9001b826b33/project-details -
MIL-OSI: BULGOLD Announces Non-Brokered Private Placement for Gross Proceeds of Up to $1 Million
Source: GlobeNewswire (MIL-OSI)
Not for distribution to United States newswire services or for dissemination in the United States
TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to $1,000,000 from the sale of common shares of the Company (each, a “Share”) at a price of $0.05 per Share (the “Issue Price”).
The Company has agreed to pay a finder’s fee to arm’s length parties for services rendered in respect of the Offering. The finder’s fee will consist of a cash fee equal to 7.0% of the gross proceeds from the sale of Shares sold to third parties sourced by the finders, and finder’s warrants equal in number to 7.0% of the Shares sold to third parties sourced by the finders (the “Finder’s Warrant”). Each Finder’s Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.07 until the date which is 18 months from the closing date of the Offering.
The Company intends to use the proceeds raised from the Offering for exploration as well as for general corporate purposes. The Offering is scheduled to close on or about June 30, 2025 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Shares will have a hold period ending on the day that is four months and one day following the closing date.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About BULGOLD Inc.
BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of three quality quartz-adularia epithermal gold projects located in the Bulgarian and Slovak portions of the Western Tethyan Belt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.
On March 31, 2025, BULGOLD’s issued and outstanding shares were 27,597,928 of which approximately 40.3% were held by Founders, Directors and Management. Additional information about the Company is available on BULGOLD’s website (www.BULGOLD.com) and on SEDAR+ (www.sedarplus.ca).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include statements relating to the use of proceeds of the Offering and the timing for closing of the Offering. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the inherent uncertainty of mineral exploration; risks related to title to mineral properties; and credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally, including changes in economic conditions, interest rates or tax rates and general market and economic conditions. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this press release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement.
For further information, please contact:
BULGOLD Inc.
Sean Hasson, President and Chief Executive Officer
Telephone: +359 887 560 545
Email: sean.hasson@BULGOLD.com
Website: www.BULGOLD.com -
MIL-OSI: Navient holds 2025 annual shareholder meeting, appoints Edward Bramson as board chair
Source: GlobeNewswire (MIL-OSI)
HERNDON, Va., June 05, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today held its 2025 Annual Meeting of Shareholders. Shareholders voted in accordance with the recommendations of the company’s board of directors to approve three proposals, including the election of seven nominees to the board.
Linda Mills did not stand for reelection at the 2025 annual meeting. Ms. Mills joined the Navient board of directors in 2014 and served as chair since 2019.
“Linda’s leadership and service on the board since Navient’s inception are greatly appreciated,” said Dave Yowan, president and CEO of Navient. “Her valuable perspectives have been integral to Navient’s continued success.”
Also today, Edward Bramson was elected chair of the board of directors. The current directors are Edward Bramson, Frederick Arnold, Anna Escobedo Cabral, Larry Klane, Michael Lawson, Jane Thompson, and David Yowan.
Mr. Bramson is a partner in Sherborne Investors, a turnaround investment firm. He joined Navient’s board in 2022 and became vice chair in 2024. Mr. Bramson has also served as chairman or chief executive officer of several other publicly traded companies in a range of commercial and financial sectors.
Final voting results are available on a Form 8-K filed with the SEC at SEC.gov and on Navient.com/investors.
About Navient
Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.Contact:
Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com -
MIL-OSI: IDT Corporation Reports Third Quarter 2025 Results
Source: GlobeNewswire (MIL-OSI)
Gross Profit +15% Year-over-Year to $112 MM; Record Gross Profit Margin of 37.1%
Income from Operations +133% to $27 MM; Adjusted EBITDA +57% to $32 MM
GAAP EPS Increased to $0.86 from $0.22; Non-GAAP EPS Increased to $0.90 from $0.38NEWARK, NJ, June 05, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its third quarter fiscal year 2025, the three months ended April 30, 2025.
THIRD QUARTER HIGHLIGHTS
(Throughout this release, unless otherwise noted, results for the third quarter of fiscal year 2025 (3Q25) are compared to the third quarter of fiscal year 2024 (3Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)
● Key Businesses / Segments ○ NRS ■ Recurring revenue: +23% to $29.4 million; ■ Income from operations: +29% to $6.2 million; ■ Adjusted EBITDA: +29% to $7.2 million; ■ ‘Rule of 40’ score: 49; ○ BOSS Money / Fintech segment ■ BOSS Money transactions: +27% to 6.0 million; ■ BOSS Money revenue: +25% to $34.4 million; ■ Fintech segment gross profit: +31% to $22.6 million; ■ Fintech segment income from operations: +$4.9 million, to $4.3 million; ■ Fintech segment Adjusted EBITDA: +$4.8 million, to $5.0 million; ○ net2phone ■ Subscription revenue: +7% to $21.5 million (+11% on a constant currency basis); ■ Income from operations: +188% to $1.4 million; ■ Adjusted EBITDA: +50% to $3.2 million; ○ Traditional Communications ■ Gross profit: +5% to $43.4 million; ■ Income from operations: +39% to $17.3 million; ■ Adjusted EBITDA: +30% to $19.3 million; ● IDT Consolidated ○ Revenue: +1% to $302.0 million; ○ Gross profit (GP) / margin: GP +15% to $112.0 million; GP margin +470 bps to 37.1%; ○ Income from operations: +133% to $26.6 million; ○ GAAP EPS: Increased to $0.86 from $0.22; ○ Non-GAAP EPS: Increased to $0.90 from $0.38; ○ Adjusted EBITDA: +57% to $32.2 million; ○ CapEx: +14% to $5.4 million. REMARKS BY SHMUEL JONAS, CEO
IDT’s third quarter was solid, with strong year-over-year gains, while slightly softer than our second quarter in part because of expected seasonal factors. Year-over-year revenue growth, and continued expansion of each of our business segments’ bottom-line results, drove a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated Adjusted EBITDA, and a 290% increase in EPS.
At NRS, recurring revenue increased 23% year-over-year, powered by a 37% revenue increase from NRS’ largest vertical, Merchant Services, and a 33% increase in SaaS Fees, which more than offset a 12% decrease in Advertising & Data revenue. Income from operations and Adjusted EBITDA were both up by 29% year-over-year, and the business has generated a record $32 million in Adjusted EBITDA over the past twelve months.
Looking ahead, we continue to focus on developing new offerings that leverage the NRS platform to enable retailers to compete more effectively with large retail chains. For instance, independent neighborhood retailers have not yet meaningfully benefitted from the consumer shift to online ordering and delivery. We are working to change that by integrating our network with online ordering and delivery platforms, enabling retailers on the NRS network to provide hyper-fast local delivery of sundries and prepared foods. The 100 or so retailers we have signed up so far are already receiving, in aggregate, over 2000 delivery orders a week.
BOSS Money, our remittance platform, increased transactions by 27% and revenue by 25%. The growth rates have been impacted by the deliberate shift we made last summer to prioritize gross profit per transaction in our retail channel rather than market share, and by a recent shift in customer preferences toward larger send amounts per remittance through fewer transactions. The Fintech segment, which includes BOSS Money and early stage fintech initiatives, generated over $5 million in Adjusted EBITDA – compared to $244 thousand in the year ago quarter. Looking ahead, Boss Money is working on initiatives to drive sustained long-term growth and innovations that reduce cross border friction and increase profitability.
net2phone continued its steady progress with balanced growth in the U.S., Brazil, and Mexico. The team has done a great job growing its business while holding the line on overhead. net2phone’s Adjusted EBITDA margin reached 15% in 3Q25. net2phone began to offer its AI Agents this quarter and customers are already seeing the benefits, including enhanced efficiency. Even as we deploy AI Agents refined for specific market verticals, we are preparing to launch another AI-powered service which internally we refer to as ‘Coach.’ We think that it will be very successful.
In our Traditional Communications segment, income from operations and Adjusted EBITDA both jumped by over 30% year-over-year to $17.3 million and $19.3 million, respectively, underscoring that this segment continues to be a long-term cash generator.
I want to wrap up by thanking the millions of customers who put some of their hard-earned wages to work through our BOSS offerings, and the business customers around the world who rely on us to enhance their businesses and communications. Our ability to provide these services depends on the dedication of our employees who have been executing and innovating on so many fronts, and on our stockholders who entrust us with their capital. I am grateful for your continued patronage and support.
(This release discloses certain Non-GAAP financial measures (Adjusted EBITDA, Non-GAAP EPS and NRS ‘Rule of 40’) as well as certain Key Performance Metrics (net2phone subscription revenue, netphone constant currency subscription revenue growth rate, net2phone operating margin, net2phone Adjusted EBITDA margin, NRS Monthly Average Recurring Revenue, and BOSS Money transactions and digital send volume). Please see the explanations of those measures and metrics, the reasons for their inclusion and reconciliations at the end of this release.)
3Q25 RESULTS BY SEGMENT
National Retail Solutions (NRS)
National Retail Solutions (NRS)
(Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)3Q25 2Q25 3Q24 3Q25-3Q24
(% Δ)Terminals and payment processing accounts Active POS terminals 35,600 34,800 30,300 +17.6 % Payment processing accounts 25,500 23,900 19,500 +31.1 % Recurring revenue Merchant Services & Other $ 19.7 $ 18.1 $ 14.4 +37.3 % Advertising & Data $ 5.9 $ 10.0 $ 6.7 (12.3 )% SaaS Fees $ 3.9 $ 3.5 $ 2.9 +32.8 % Total recurring revenue $ 29.4 $ 31.6 $ 24.0 +22.9 % POS terminal sales $ 1.7 $ 1.3 $ 1.8 (2.9 )% Total revenue $ 31.1 $ 33.0 $ 25.7 +21.1 % Monthly average recurring revenue per terminal $ 279 $ 310 $ 271 +3.0 % Gross profit $ 28.4 $ 30.3 $ 22.1 +28.4 % Gross profit margin 91.3 % 91.8 % 86.1 % +520 bps Technology & development $ 2.3 $ 2.2 $ 1.7 +32.5 % SG&A $ 20.0 $ 19.0 $ 15.7 +27.8 % Income from operations $ 6.2 $ 9.1 $ 4.8 +29.3 % Adjusted EBITDA $ 7.2 $ 10.1 $ 5.6 +28.6 % CapEx $ 1.9 $ 0.9 $ 0.9 +115.2 %
NRS Take-Aways / Updates:● NRS added approximately 900 net active terminals and approximately 1,600 net payment processing accounts during 3Q25. As mentioned in the prior quarter’s earnings release, net active terminal additions for 3Q25 included churn of approximately 300 terminals operating in seasonal stores. ● The 37% year-over-year increase in Merchant Services & Other revenue was driven by the increase in payment processing accounts, and by higher merchant services revenue per account, reflecting in part the ongoing, gradual migration of customer payment preference from cash to credit and debit cards. ● NRS Advertising & Data revenue declined 12.3% year-over-year due to NRS’ decision to slow sales to one large programmatic partner in order to limit potential bad debt risk exposure. NRS’ direct channel advertising sales, as well as sales to other programmatic partners, remained robust. ● NRS has begun rolling out the first of several planned integrations of its POS platform with leading online ordering and delivery services. The first integration, with DoorDash, went live this quarter.
FintechFintech
(Transactions and $s in millions, except for average revenue per transaction)3Q25 2Q25 3Q24 3Q25-3Q24
(% Δ, $)BOSS Money transactions 6.0 5.7 4.7 +27.0 % Fintech Revenue BOSS Money $ 34.4 $ 33.5 $ 27.6 +24.7 % Other $ 4.2 $ 3.3 $ 3.9 +7.0 % Total Revenue $ 38.6 $ 36.8 $ 31.5 +22.5 % Gross profit $ 22.6 $ 21.7 $ 17.3 +30.6 % Gross profit margin 58.5 % 58.9 % 54.9 % +360 bps Technology & development $ 2.2 $ 2.3 $ 2.5 (11.9 )% SG&A $ 16.0 $ 16.3 $ 15.3 +5.2 % Income (loss) from operations $ 4.3 $ 3.1 $ (0.6 ) +$ 4.9 Adjusted EBITDA $ 5.0 $ 3.9 $ 0.2 +$ 4.8 CapEx $ 0.8 $ 0.8 $ 1.0 (19.8 )%
Fintech Take-Aways:● The 27% increase in BOSS Money transactions comprised a 32% year-over-year increase in digital channel transactions and an 8% increase in retail channel transactions. ● BOSS Money revenue increased 25% year-over-year driven by a 31% increase in digital channel revenue. ● Digital channel send volume, or the amount of principal transferred by BOSS Money customers using the BOSS Money and BOSS Revolution apps, grew 40% year-over-year as customers increased their amount sent per transaction while reducing the frequency of transactions. BOSS Money is testing strategies to optimize pricing given this recent dynamic. ● The robust increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven primarily by BOSS Money revenue and gross margin growth, coupled with improved operating leverage as BOSS Money continues to scale.
net2phonenet2phone
(Seats in thousands at end of period. $ in millions)3Q25 2Q25 3Q24 3Q25-3Q24 (% Δ)
Seats 415 410 384 +7.9 % Revenue Subscription revenue $ 21.5 $ 21.0 $ 20.0 +7.4 % Other revenue $ 0.5 $ 0.5 $ 0.6 (25.9 )% Total Revenue $ 22.0 $ 21.5 $ 20.7 +6.4 % Gross profit $ 17.5 $ 17.0 $ 16.4 +6.9 % Gross profit margin 79.6 % 79.2 % 79.2 % +40 bps Technology & development $ 2.9 $ 2.8 $ 2.8 +4.8 % SG&A $ 13.0 $ 13.0 $ 13.0 (0.3 )% Income from operations $ 1.4 $ 1.1 $ 0.5 +188 % Adjusted EBITDA $ 3.2 $ 2.9 $ 2.1 +50.2 % CapEx $ 1.4 $ 1.8 $ 1.6 (12.5 )%
net2phone Take-Aways:● The 8% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served, which generate significantly higher revenue and margin per seat, increased by 9% year-over year. ● Subscription revenue increased by 7% year-over-year. The increase was tempered by the FX impact of a strengthened U.S. dollar versus local currencies in Latin America. On a constant currency basis, subscription revenue increased by 11% year over year, significantly higher than its rate of seat growth, as net2phone focuses on increasing ARPU. ● Income from operations increased 188% and Adjusted EBITDA increased 50% year-over-year, as operating margin increased to 6% from 2%, and Adjusted EBITDA margin increased to 15% from 10% in 3Q24. ● In 3Q25, net2phone began to deploy AI Agents, scalable virtual assistants providing exceptional customer experiences across sales, support, and administrative tasks. AI Agents have the potential to become significant revenue growth drivers in the coming quarters. ● net2phone is also preparing to launch an AI-powered offering that analyzes interactions to deliver real-time insights and personalized coaching for optimized performance.
Traditional CommunicationsTraditional Communications
($ in millions)3Q25 2Q25 3Q24 3Q25-3Q24
(% Δ)Revenue IDT Digital Payments $ 102.6 $ 101.6 $ 101.6 +1.0 % BOSS Revolution $ 51.7 $ 53.3 $ 63.2 (18.1 )% IDT Global $ 50.0 $ 51.3 $ 50.1 (0.0 )% Other $ 5.9 $ 5.8 $ 6.9 (14.9 )% Total Revenue $ 210.2 $ 212.0 $ 221.7 (5.2 )% Gross profit $ 43.4 $ 43.1 $ 41.2 +5.3 % Gross profit margin 20.7 % 20.3 % 18.6 % +210 bps Technology & development $ 5.4 $ 5.4 $ 5.6 (4.3 )% SG&A $ 20.5 $ 19.4 $ 22.7 (9.5 )% Income from operations $ 17.3 $ 18.1 $ 12.5 39.2 % Adjusted EBITDA $ 19.3 $ 20.2 $ 14.9 30.1 % CapEx $ 1.3 $ 1.2 $ 1.2 +5.6 %
Traditional Communications Take-Aways:● Even as revenue decreased continuing an expected trend, gross profit increased year over year and sequentially. ● Income from operations and Adjusted EBITDA benefitted from the growth in gross profit and the reduction in SG&A expense.
OTHER FINANCIAL RESULTSConsolidated results for all periods presented include corporate overhead. In 3Q25, Corporate G&A expense increased to $2.7 million from $2.3 million in 3Q24.
As of April 30, 2025, IDT held $223.8 million in cash, cash equivalents, debt securities, and current equity investments. Also at April 30, 2025, current assets totaled $498.3 million and current liabilities totaled $287.2 million. The Company had no outstanding debt at the quarter end.
Net cash provided by operating activities was $75.7 million in 3Q25 compared to $9.5 million in 3Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities was $66.1 million in 3Q25 compared to $8.2 million in 3Q24. The large, year-over-year increase in cash reflects, for the most part, the timing of disbursement prefunding payments made by IDT to cover anticipated BOSS Money weekly remittance activity.
Capital expenditures increased to $5.4 million in 3Q25 from $4.7 million in 3Q24.
DIVIDEND
The Board of Directors of IDT Corporation has approved payment of a quarterly dividend of $0.06 on IDT’s Class A and Class B Common stock. Payment will be made on June 18, 2025 to stockholders of record at the close of business on June 9th.
IDT EARNINGS ANNOUNCEMENT INFORMATION
This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.
IDT will host an earnings conference call beginning at 5:00 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the U.S.) or 1-973-528-0011 (international) and provide the following access code: 491722.
A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the U.S.) or 1-919-882-2331 (international) and provide this replay passcode: 52353. The replay will also be accessible via streaming audio at the IDT investor relations website.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
CONTACT
IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838IDT CORPORATION
CONSOLIDATED BALANCE SHEETS
April 30,
2025July 31,
2024(Unaudited) (in thousands, except per share data) Assets Current assets: Cash and cash equivalents $ 199,948 $ 164,557 Restricted cash and cash equivalents 123,129 90,899 Debt securities 18,683 23,438 Equity investments 5,187 5,009 Trade accounts receivable, net of allowance for credit losses of $8,416 at April 30, 2025 and $6,352 at July 31, 2024 43,084 42,215 Settlement assets, net of reserve of $1,869 at April 30, 2025 and $1,866 at July 31, 2024 25,160 22,186 Disbursement prefunding 43,381 30,736 Prepaid expenses 13,837 17,558 Other current assets 25,865 25,927 Total current assets 498,274 422,525 Property, plant, and equipment, net 38,980 38,652 Goodwill 26,454 26,288 Other intangibles, net 5,372 6,285 Equity investments 6,904 6,518 Operating lease right-of-use assets 2,013 3,273 Deferred income tax assets, net 16,106 35,008 Other assets 6,805 11,546 Total assets $ 600,908 $ 550,095 Liabilities, redeemable noncontrolling interest, and equity Current liabilities: Trade accounts payable $ 17,250 $ 24,773 Accrued expenses 91,408 103,176 Deferred revenue 27,513 30,364 Customer funds deposits 121,765 91,893 Settlement liabilities 14,105 12,764 Other current liabilities 15,121 16,374 Total current liabilities 287,162 279,344 Operating lease liabilities 1,213 1,533 Other liabilities 1,682 2,662 Total liabilities 290,057 283,539 Commitments and contingencies Redeemable noncontrolling interest 11,357 10,901 Equity: IDT Corporation stockholders’ equity: Preferred stock, $.01 par value; authorized shares—10,000; no shares issued — — Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2025 and July 31, 2024 33 33 Class B common stock, $.01 par value; authorized shares—200,000; 28,528 and 28,177 shares issued and 23,656 and 23,684 shares outstanding at April 30, 2025 and July 31, 2024, respectively 285 282 Additional paid-in capital 307,757 303,510 Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,872 and 4,493 shares of Class B common stock at April 30, 2025 and July 31, 2024, respectively (143,853 ) (126,080 ) Accumulated other comprehensive loss (19,812 ) (18,142 ) Retained earnings 141,753 86,580 Total IDT Corporation stockholders’ equity 286,163 246,183 Noncontrolling interests 13,331 9,472 Total equity 299,494 255,655 Total liabilities, redeemable noncontrolling interest, and equity $ 600,908 $ 550,095
IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)Three Months Ended
April 30,Nine Months Ended
April 30,2025 2024 2025 2024 (in thousands, except per share data) Revenues $ 301,985 $ 299,643 $ 914,901 $ 896,946 Direct cost of revenues 190,023 202,599 583,201 608,982 Gross profit 111,962 97,044 331,700 287,964 Operating expenses: Selling, general and administrative (i) 72,267 68,962 214,039 200,685 Technology and development (i) 12,744 12,640 38,115 37,975 Severance 190 779 600 1,648 Other operating expense, net 175 3,231 403 3,041 Total operating expenses 85,376 85,612 253,157 243,349 Income from operations 26,586 11,432 78,543 44,615 Interest income, net 1,566 1,162 4,347 3,201 Other income (expense), net 2,608 (3,273 ) 2,533 (6,326 ) Income before income taxes 30,760 9,321 85,423 41,490 Provision for income taxes (7,798 ) (2,979 ) (21,766 ) (10,918 ) Net income 22,962 6,342 63,657 30,572 Net income attributable to noncontrolling interests (1,270 ) (791 ) (4,448 ) (2,937 ) Net income attributable to IDT Corporation $ 21,692 $ 5,551 $ 59,209 $ 27,635 Earnings per share attributable to IDT Corporation common stockholders: Basic $ 0.86 $ 0.22 $ 2.35 $ 1.10 Diluted $ 0.86 $ 0.22 $ 2.34 $ 1.09 Weighted-average number of shares used in calculation of earnings per share: Basic 25,165 25,345 25,177 25,233 Diluted 25,249 25,516 25,312 25,380 (i) Stock-based compensation included in total operating expenses $ 946 $ 2,118 $ 2,720 $ 5,375
IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)Nine Months Ended
April 30,2025 2024 (in thousands) Operating activities Net income $ 63,657 $ 30,572 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,702 15,256 Deferred income taxes 18,902 8,830 Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets 4,465 3,010 Stock-based compensation 2,720 5,375 Other 1,735 4,065 Change in assets and liabilities: Trade accounts receivable (4,649 ) (9,000 ) Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets (8,932 ) 6,797 Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities (19,486 ) (10,467 ) Customer funds deposits 25,327 1,243 Deferred revenue (3,382 ) (2,903 ) Net cash provided by operating activities 96,059 52,778 Investing activities Capital expenditures (15,507 ) (13,621 ) Purchase of convertible preferred stock in equity method investment (926 ) (1,513 ) Purchases of debt securities and equity investments (29,083 ) (27,593 ) Proceeds from maturities and sales of debt securities and redemptions of equity investments 35,005 41,527 Net cash used in investing activities (10,511 ) (1,200 ) Financing activities Dividends paid (4,036 ) (1,269 ) Distributions to noncontrolling interests (100 ) (62 ) Proceeds from borrowings under revolving credit facility 24,551 32,864 Repayment of borrowings under revolving credit facility. (24,551 ) (32,864 ) Purchase of restricted shares of net2phone common stock — (3,558 ) Proceeds from exercise of stock options — 172 Repurchases of Class B common stock (17,773 ) (7,207 ) Net cash used in financing activities (21,909 ) (11,924 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents 3,982 (5,632 ) Net increase in cash, cash equivalents, and restricted cash and cash equivalents 67,621 34,022 Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period 255,456 198,823 Cash, cash equivalents, and restricted cash and cash equivalents at end of period $ 323,077 $ 232,845 Supplemental schedule of non-cash financing activities Shares of the Company’s Class B common stock issued to executive officers for bonus payments $ 1,824 $ 1,495 Value of the Company’s Class B common stock exchanged for National Retail Solutions shares $ 442 $ 6,254 Shares of the Company’s Class B common stock issued for business acquisition $ — $ 100
Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2025 and 2024In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed (a) Adjusted EBITDA for 3Q25, 2Q25, and 3Q24, (b) non-GAAP earnings per diluted share (Non-GAAP EPS) for 3Q25 and 3Q24, and (c) NRS’ and Fintech segment’s ‘Rule of 40’ score for 3Q25. These are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures.
Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.
IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.
Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allow for greater transparency of the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.
Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.
While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.
Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.
Other operating expense, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating expense, net in 3Q25, 2Q25, and 3Q24 primarily includes legal fees related to Straight Path Communications Inc.’s stockholders’ class action and equipment write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.
Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.
Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.
The ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS provider’s revenue growth rate plus its EBITDA margin should equal or exceed 40 percent. The ‘Rule of 40’ is typically used to assess a company’s balance between growth and profitability. A total of over 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for management and investors to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.
NRS’ ‘Rule of 40’ score is computed by adding (a) the growth rate of NRS’ recurring revenue for the relevant period compared to the corresponding year ago period to (b) NRS’ Adjusted EBITDA margin for the twelve month period through the end of the current period. NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its total GAAP revenue. Adjusted EBITDA is a non-GAAP measure as discussed above. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by GAAP revenue for the relevant period.
Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, (i) income (loss) from operations for IDT’s reportable segments and (ii) net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. Also following is NRS’ ‘Rule of 40’ score computation including the reconciliation of NRS’ Adjusted EBITDA to the most directly comparable GAAP measure, NRS’ income from operations.
IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millionsTotal IDT Corporation Traditional Communica-tions net2phone NRS Fintech Corporate Three Months Ended April 30, 2025
(3Q25)Net income attributable to IDT Corporation $ 21.7 Adjustments: Net income attributable to noncontrolling interests 1.3 Net income 23.0 Provision for income taxes 7.8 Income before income taxes 30.8 Interest income, net (1.6 ) Other income, net (2.6 ) Income (loss) from operations 26.6 $ 17.3 $ 1.4 $ 6.2 $ 4.3 $ (2.6 ) Depreciation and amortization 5.2 1.9 1.6 1.0 0.7 – Other operating expense, net 0.2 – 0.2 – – – Severance expense 0.2 0.2 – – – – Adjusted EBITDA $ 32.2 $ 19.3 $ 3.2 $ 7.2 $ 5.0 $ (2.6 ) Total IDT Corporation Traditional Communica-tions net2phone NRS Fintech Corporate Three Months Ended January 31, 2025
(2Q25)Net income attributable to IDT Corporation $ 20.3 Adjustments: Net income attributable to noncontrolling interests 1.9 Net income 22.2 Provision for income taxes 7.7 Income before income taxes 29.9 Interest income, net (1.4 ) Other income, net (0.2 ) Income (loss) from operations 28.3 $ 18.1 $ 1.1 $ 9.1 $ 3.1 $ (3.1 ) Depreciation and amortization 5.2 1.9 1.6 1.0 0.8 – Other operating expense, net 0.2 – 0.2 – – – Severance expense 0.2 0.2 – – – – Adjusted EBITDA $ 34.0 $ 20.2 $ 2.9 $ 10.1 $ 3.9 $ (3.1 )
IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millionsTotal IDT Corporation Traditional Communica-tions net2phone NRS Fintech Corporate Three Months Ended April 30, 2024
(3Q24)Net income attributable to IDT Corporation $ 5.6 Adjustments: Net income attributable to noncontrolling interests 0.8 Net income 6.3 Provision for income taxes 3.0 Income before income taxes 9.3 Interest income, net (1.2 ) Other expense, net 3.3 Income (loss) from operations 11.4 $ 12.5 $ 0.5 $ 4.8 $ (0.6 ) $ (5.7 ) Depreciation and amortization 5.1 2.0 1.6 0.8 0.7 – Severance expense 0.8 0.4 0.1 – – 0.3 Other operating expense, net 3.2 – – – 0.1 3.2 Adjusted EBITDA $ 20.6 $ 14.9 $ 2.1 $ 5.6 $ 0.2 $ (2.3 )
IDT Corporation
Reconciliation of Earnings per share to Non-GAAP EPS
(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.3Q25 3Q24 Net income attributable to IDT Corporation $ 21.7 $ 5.6 Adjustments (add) subtract: Stock-based compensation (0.9 ) (2.1 ) Severance expense (0.2 ) (0.8 ) Other operating expense, net (0.2 ) (3.2 ) Total adjustments (1.3 ) (6.1 ) Income tax effect of total adjustments (0.3 ) (2.0 ) 1.0 4.1 Non-GAAP net income $ 22.7 $ 9.7 Earnings per share: Basic $ 0.86 $ 0.22 Total adjustments 0.04 0.16 Non-GAAP – basic $ 0.90 $ 0.38 Weighted-average number of shares used in calculation of basic earnings per share 25.2 25.3 Diluted $ 0.86 $ 0.22 Total adjustments 0.04 0.16 Non-GAAP – diluted $ 0.90 $ 0.38 Weighted-average number of shares used in calculation of diluted earnings per share 25.2 25.5
IDT Corporation
NRS’ ‘Rule of 40’ Score
For 3Q25
(unaudited) in millions. Figures may not foot due to rounding to millions.4Q24 1Q25 2Q25 3Q25 Trailing Twelve Months (TTM)
3Q25Reconciliation of NRS’ Income from Operations to Adjusted EBITDA Income from operations $ 6.0 $ 6.6 $ 9.1 $ 6.2 $ 28.0 Depreciation and amortization 0.9 1.0 1.0 1.0 3.9 Other operating expense, net 0.2 – – – 0.2 Adjusted EBITDA $ 7.1 $ 7.6 $ 10.1 $ 7.2 $ 32.0 3Q25 3Q24 NRS’ ‘Rule of 40’ Score NRS recurring revenue $ 29.4 $ 24.0 NRS other revenue 1.7 1.8 NRS total revenue $ 31.1 $ 25.7 NRS recurring revenue growth rate 23 % NRS TTM Adjusted EBITDA from above $ 32.0 NRS TTM total revenue 122.7 NRS TTM Adjusted EBITDA margin 26 % Rule of 40 49 %
Explanation of Key Performance Metricsnet2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.
Constant currency as it relates to revenue provides a framework for assessing net2phone’s performance that excludes the effect of foreign currency rate fluctuations. To determine net2phone’s subscription revenue growth on a constant currency basis, current period revenues from entities reporting in currencies other than U.S. Dollars (USD) were converted to USD at the average monthly exchange rates in effect during the prior fiscal year’s comparative period instead of the average monthly exchange rates in effect during the current period.
net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.
net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.
NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue as defined above by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.
BOSS Money transactions are a nonfinancial metric that measures customer usage during a reporting period. BOSS Money’s digital send volume is the aggregate amount of principal remitted by BOSS Money’s digital customers – those using the BOSS Money and BOSS Revolutions apps to originate remittances. Digital send volume is a key metric for evaluating the operational performance of the digital channel of the remittance business, and for comparing the performance of BOSS Money’s digital channel to competitors in the remittance business as well as to performance to other temporal periods.
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MIL-OSI: Insurtech Insights USA 2025: Event Round-Up from Day Two
Source: GlobeNewswire (MIL-OSI)
NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Insurtech Insights USA 2025, concluded today at the Javits Center, wrapping up two impactful days of insightful conversations, cross-sector collaboration, and high-level dealmaking. With over 6,000 delegates and more than 400 industry leaders in attendance, this year’s edition firmly cemented the event’s position as the foremost gathering for insurance innovation in North America and the largest ever Insurtech Insights USA conference.
A Media Snippet accompanying this announcement is available in this link.
Reflecting on the success of the event, Kristoffer Lundberg, Founder & CEO of Insurtech Insights, said, “As we close out two powerful days of dialogue, dealmaking, and discovery, one message echoes throughout the Javits Center: insurance is no longer just about risk, it’s about being resilient. From agentic AI to behavioral underwriting, from redefining customer trust to unlocking global M&A potential, this year’s event captured a sector rewriting its operating system. Thank you to our partners, speakers, and 6,000+ attendees for reaffirming that innovation in insurance isn’t a buzzword, it’s our collective mission.”
Day Two Highlights: AI at the Forefront of Transformation
The day was packed with several thought-provoking panels, keynotes, and moderated discussion sessions across the six stages. Some of the highlights on the main stage were sessions like “Facing into AI: The Potential and Uncertainty,” a compelling conversation between Lucy Pilko, CEO of AXA XL Americas, and Naveen Agarwal, Senior Advisor at BCG and CEO of NavDots. Together, they unpacked the double-edged nature of AI in insurance, stressing the need for thoughtful implementation as insurers and clients alike navigate the transformative and sometimes uncertain possibilities of AI.
Later on the main stage, the session “A Year Later for AI and GenAI in Insurance: The Reality and Growing Real Business Value” showcased how far the industry has come in just 12 months. Moderated by Denise Garth, Chief Strategy Officer at Majesco, the panel included Robert Pick, EVP and Chief Information Officer, Tokio Marine North America Services, Manish Sha, President Chief Product Officer at Majesco, and Jim DeMarco, Insurance Advisor Lead, Microsoft. The speakers shared real-world results of AI implementation, with early benchmarking showing up to 10–20x productivity improvements in underwriting and customer service. They also addressed how GenAI is simplifying complex workflows, accelerating onboarding, and helping insurers meet rising customer expectations, especially as nearly 50% of the workforce approaches retirement by 2030.
In the afternoon, the session “Operationalizing AI in Insurance: Key Considerations for Full-Scale Implementation” drew a packed audience. Moderated by Karlyn Carnahan, Head of P&C Insurance, Celent, the panel featured Dan Moore, Senior Vice President of Claims Shared Services, CNA Insurance, Anurag Bairathi, Chief Claims Officer, Mapfre, and Yuval Man, CEO and Co-Founder, DigitalOwl. Speakers offered practical insights into scaling AI responsibly, underscoring the need for human-in-the-loop processes, AI governance, bias testing, and strong organizational guardrails to ensure safe and effective deployment across underwriting and claims operations.
The final main stage session, “Regulators & Risk Takers: Aligning Vision for the Future of Insurance,” brought together Commissioners Jon Godfread, Glen Mulready, and Andrew Mais from North Dakota, Oklahoma, and Connecticut, respectively. Moderated by Susan Winkler, VP and Executive Director, Connecticut Insurance and Financial Services, the conversation centered on finding common ground between regulatory oversight and industry innovation. The panelists agreed that open dialogue and coordinated action between regulators and carriers are essential to shaping a future-ready insurance ecosystem in an era marked by climate volatility, AI disruption, and rapid digital transformation.
The closing of Insurtech Insights USA 2025 marks a pivotal moment in the industry’s journey from legacy operations toward data-powered, customer-centric, and resilient growth models. With AI no longer a concept on the horizon but a force embedded in today’s operations, this year’s conference showcased not just where the industry is going but also the leaders who are already taking it there.
Registrations for Insurtech Insights 2026 early bird are now open, and you can buy with ease: a 30-day full money-back guarantee.
About Insurtech Insights USA
Insurtech Insights USA is the leading global conference for the insurtech industry, bringing together experts, innovators, and thought leaders to discuss the latest trends, challenges, and opportunities shaping the future of insurance. With a focus on innovation, collaboration, and disruption, Insurtech Insights USA provides a platform for networking, learning, and driving meaningful change in the insurance sector.
For media queries and other information, please contact:
Girish Jaggi
Senior Account Manager
The MicDrop Agency
girish@themicdropagency.com
+1 (289) 623 3627 -
MIL-OSI USA: Rep. Gabe Vasquez Demands Restoration of Mail Service to Mule Creek
Source: US Representative Gabe Vasquez’s (NM-02)
WASHINGTON, D.C. – U.S. Representative Gabe Vasquez (NM-02) called on Acting Postmaster Doug Tulino for the restoration of timely and reliable mail services to Mule Creek, New Mexico where residents have been without consistent postal service for nearly a year.
“For far too long, Mule Creek residents have been forced to live without basic, reliable mail service,” said Vasquez. “Rural communities in my district rely on the USPS to deliver life saving medications, Social Security checks, and a way to pay bills in places where internet access may be limited. The total neglect of rural areas and the communities that inhabit them is unacceptable.”
Since the Mule Creek post office was damaged in 2024, USPS has failed to complete necessary repairs and fully restore service. A temporary mobile unit operates for only four hours each weekday, from 8:30 a.m. to 12:30 p.m., offering limited services. Residents cannot send outgoing packages, purchase stamps, or access the full range of postal operations most Americans rely on without driving over an hour round-trip to the nearest operational post office.
In his letter, Vasquez called on Acting Postmaster Tulino to provide information on the following:
- The current status of repairs to the permanent USPS building in Mule Creek, New Mexico
- Whether and when full mail services will be restored to the community
- Why USPS has failed to respond to residents’ concerns and what steps will be taken to improve communication moving forward
“We, Mule Creek residents, are very frustrated with the postal service,” said Jonathan Diener, President of the Mule Creek Community Association. “For almost a year, USPS has not responded to the community’s requests to fix the ongoing issues at Mule Creek Post Office or even been willing to communicate with the community. No response has been made to several letters. Residents have been forced to travel long distances just to access basic mail service. We are grateful to Rep. Vasquez for fighting to fix this issue.”
Rep. Vasquez continues to press for fairness, accessibility, and investment in postal services to ensure rural New Mexicans are not left behind.
Full text of the letter can be found below:
Dear Acting Postmaster Tulino,
I am writing to express my deep concern about the current state of the Mule Creek, New Mexico Post Office. This post office, which serves a rural community, was damaged almost a year ago and is unable to provide usual services or hours. Rural communities like Mule Creek depend on the U.S. Postal Service (USPS) to provide timely and reliable mail services, and I urge you to respond to the communities’ requests and prioritize restoring full service to the Mule Creek Post Office.
The USPS is vital to rural communities across New Mexico. Rural residents, especially seniors and veterans, depend on USPS to receive medications and Social Security checks, pay bills, and receive medications. Businesses in rural areas are also dependent upon postal services to receive supplies and send items to customers, especially when private shipping companies simply refuse to provide service due to the distance and cost.
I was extremely alarmed by former Postmaster DeJoy’s letter to Congress earlier this year, in which he repeatedly described serving rural areas as “burdensome.” I hope under your leadership USPS will recommit to serving rural Americans. This is not an option, I will not let USPS leave rural communities like Mule Creek behind.
I am extremely concerned that USPS has failed to restore full service to Mule Creek residents for almost a year. Currently, only a mobile unit operates in Mule Creek. Where residents were previously able to pick up mail 24 hours per day, they can now only pick up from 8:30 AM to 12:30 PM – a mere four hour pick up window each week day. Additionally this mobile unit does not provide full services–such as selling stamps or allowing people to send packages–forcing residents to drive over an hour round-trip for these essential services. This is a significant burden for those who rely on these services, especially elderly and disabled members of the community and working families.
In addition to failing to fully repair the damaged building, USPS has also failed to adequately communicate with local residents. Local residents report that USPS has repeatedly failed to respond to the building owner, even when they secured a contractor to make repairs. The community has also reached out to USPS supervisors about the timeline of the project and have not received a response. This is unacceptable.
Please respond by July 3, 2025 with the following information:
What is the current status of repairs on the permanent USPS building in Mule Creek, NM?
- Will USPS restore full services to Mule Creek? If so, please provide additional information about when residents can expect service to be restored.
- Why has USPS failed to respond to residents’ concerns about the Mule Creek Post Office and how does USPS plan to improve communication with the community moving forward?
- Restoring full mail service to Mule Creek is vital to ensuring that USPS is fulfilling its mandate to serve our rural communities. I look forward to your timely response to this issue.
Sincerely,
Gabe Vasquez
Member of Congress
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MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Executive Business Meeting
US Senate News:
Source: United States Senator for Illinois Dick Durbin
June 05, 2025During his remarks, Durbin condemned the systematic gutting of the Department of Justice under AG Bondi
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, delivered an opening statement during today’s Senate Judiciary Committee executive business meeting. Durbin’s opening statement outlined the Trump Administration’s systematic gutting of Department of Justice (DOJ) and FBI anti-corruption efforts, gutting of independent ethics review at DOJ, Attorney General Bondi’s conflicts of interest, and more.
Key Quotes:
“Under the Trump Administration, the Department of Justice is systematically removing the structure charged with fighting corruption in our government… In one of her first official acts, Attorney General Bondi disbanded the FBI’s Foreign Influence Task Force and restricted enforcement of the Foreign Agents Registration Act, despite the growing threat of foreign influence campaigns by hostile nations. Unfortunately, this was no surprise since the Attorney General herself was formerly a paid foreign agent of the government of Qatar. As a former head of FBI counterintelligence put it, this has created a ‘free for all for foreign intelligence services seeking influence on our government.’”
“In another shocking move, President Trump ordered a halt to the enforcement of the Foreign Corrupt Practices Act. This landmark law prohibits companies from bribing foreign officials… After endless, baseless accusations that the Biden Administration weaponized DOJ, it is the Trump Administration that is making it easier to target its enemies, stifle dissent, and seek retribution.”
“The Trump Administration also removed the senior career ethics official at DOJ who advised on conflicts of interest and other ethical issues—and put these duties in the hands of two inexperienced political appointees who are personally beholden to the Attorney General.”
“In the absence of these internal guardrails, it’s not surprising that we’re witnessing outrageous misconduct. Attorney General Bondi did not recuse herself from President Trump’s solicitation of a free jet from the royal family of Qatar, despite the fact that AG Bondi was a registered foreign agent for [Qatar].”
“Attorney General Bondi also appears to be reaping the financial rewards of her loyalty to the President. She has been deeply financially entangled with President Trump for years. Most notably, she earned at least $3 million on the merger that formed Trump Media and has held millions of dollars in Trump Media stock. She sold that stock under suspicious circumstances on a historic day—April 2, 2025. This was the same day President Trump announced his hairbrained tariff scheme that crashed the stock market and destroyed $10 trillion in wealth in three days… The share price of Trump Media plummeted 15 percent, yet Bondi appears to have avoided substantial financial loss.”
“The Justice Department is involved in other activities that bear notice today. During his controversial and disgraceful tenure as Interim U.S. Attorney for the District of Columbia, Ed Martin fired numerous career prosecutors simply because they were assigned to work on January 6 cases. Mr. Martin was rewarded with a plum position at the Justice Department as the very first political appointee to serve as pardon attorney. During his short time in this role, Martin has overseen pardons of numerous Trump donors and supporters.”
“In light of these concerns, we have a responsibility to call Attorney General Bondi under oath soon. So, I ask again, I hope we have that oversight hearing in the soon in the future.”
Durbin also spoke in support of David Waterman, nominated to be the U.S. Attorney for the Southern District of Iowa. President Biden nominated Mr. Waterman last February and the Senate Judiciary Committee reported his nomination last April. Mr. Waterman became a victim of then-Senator Vance’s effort to block all U.S. Attorney nominees during under the Biden Administration.
Video of Durbin’s opening statement is available here.
Audio of Durbin’s opening statement is available here.
Footage of Durbin’s opening statement is available here for TV Stations.
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MIL-OSI USA: McClellan, Golden, Kim, Valadao Introduce Bipartisan Bill to Make Childbirth Free for Parents
Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)
Washington, D.C. – Today, Congresswoman Jennifer McClellan (VA-04) joined Representatives Jared Golden (ME-02), Young Kim (CA-40), and David Valadao (CA-22) to introduce the Supporting Healthy Moms and Babies Act, which would require private health insurance companies to fully cover the costs of childbirth and related maternity care. Companion legislation was introduced in the Senate by Senators Tim Kaine (D-VA), Cindy Hyde-Smith (R-MS), Kirsten Gillibrand (D-NY), and Josh Hawley (R-MO).
The Supporting Healthy Moms and Babies Act would amend the list of Essential Health Benefits under the Affordable Care Act to include detailed minimum services for prenatal, labor and delivery, perinatal, and postpartum care for up to one year after a child’s birth and would require private insurers to cover those services without cost-sharing.
“When my daughter was born by emergency C-section nine weeks early, I wanted to focus all my attention on my recovery and her well-being for the six weeks she was in the NICU, not our medical bills,” Congresswoman McClellan said. “The Supporting Healthy Moms and Babies Act will provide more pregnant and postpartum patients the peace of mind that they can access care without worrying about how to pay for it.”
“Pregnancy and childbirth are a normal part of family life, so insurance companies should treat it like the routine care it is and cover the cost,” Congressman Golden said. “It shouldn’t cost thousands of dollars to give birth at the hospital, and other necessary maternity services shouldn’t be a luxury. This is simple, commonsense reform and will make it easier for Mainers to start and grow families on their own terms without a huge hospital bill.”
“Americans shouldn’t have to choose between starting a family and being strapped in debt. Unfortunately, rising living costs on top of excessive hospital and health care fees after giving birth deter individuals from becoming parents,” Congresswoman Kim said. “We should do what we can to make life more affordable, which is why I’m proud to help lead the charge to cut childbirth cost-sharing fees and ensure women, babies and families receive the care they deserve without astronomical costs.”
“The cost of maternal care is already expensive, and too often, families with private insurance are hit with surprise medical bills they didn’t see coming,” Congressman Valadao said. “Building a family already comes with so much uncertainty, but designating maternal care as an Essential Health Benefit and eliminating cost-sharing will give parents some peace of mind during one of life’s most important moments. I’m proud to join my colleagues in supporting this practical, bipartisan solution that puts families first.”
The bill has been endorsed by the American College of Obstetricians and Gynecologists; the American Medical Association; the American Hospital Association; the American Society for Reproductive Medicine; the Association of Women’s Health, Obstetric and Neonatal Nurses; the Association of Maternal & Child Health Programs; March of Dimes; and the National Partnership for Women & Families.
Full text of the Supporting Healthy Moms and Babies Act can be found here, and a one-pager can be found here.
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MIL-OSI USA: Latta’s Bills to Unleash American Energy & Power AI Advanced By House Energy Subcommittee
Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)
Latta’s Bills to Unleash American Energy & Power AI Advanced By House Energy Subcommittee
Washington, June 5, 2025
Today, the Energy Subcommittee of the House Energy and Commerce Committee advanced two bills introduced by Congressman Bob Latta (R-OH-5) to unleash American energy as artificial intelligence technology continues to evolve and require increased energy generation: the Electric Supply Chain Act and the Researching Efficient Federal Improvements for Necessary Energy Refining (REFINER) Act.
The Electric Supply Chain Act directs the Secretary of Energy to conduct regular assessments and submit reports on the supply chain for electricity generation and transmission. The REFINER Act requires the National Petroleum Council to produce a report on the state of petrochemical refineries in the United States.
These bills aim to strengthen domestic energy production and infrastructure, an effort Congressman Latta underscored yesterday during a House Energy and Commerce Committee Communications and Technology Subcommittee hearing. In his remarks, he highlighted the importance of AI permitting reform and reaffirmed the need to ensure U.S. based energy development to support AI’s energy needs. Watch Congressman Latta’s remarks HERE.
“Generative artificial intelligence isn’t a trend; it’s the backbone of the next industrial era. Countries around the globe are racing to build the full AI stack: data centers, chips, power, and platforms. Here in the United States, we must ensure that we have the right policies in place to have enough energy to power AI and make America an attractive place to build the entire AI supply chain. I’m grateful to my colleagues on the Energy Subcommittee of the House Energy and Commerce Committee for advancing my two bills to not only support progress in the AI space but also strengthen American-led energy production across the board,” Latta said.
Read more about the Electric Supply Chain Act HERE.
Read more about the REFINER Act HERE.
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MIL-OSI USA: Congressman Valadao Joins Bipartisan Coalition to Introduce Legislation Supporting Central Valley Families
Source: United States House of Representatives – Congressman David G Valadao (CA-21)
WASHINGTON – Today, Congressman David Valadao (CA-22) joined Reps. Jared Golden (ME-02), Young Kim (CA-40), and Jennifer McClellan (VA-04) to introduce the Supporting Healthy Moms and Babies Act. This bipartisan bill would help mitigate the cost burden on families with private insurance plans throughout pregnancy by designating prenatal, birth, and postpartum care as essential health benefits (EHBs) and eliminating cost-sharing from these services. The Senate companion bill was introduced by Sens. Cindy Hyde-Smith (R-MS), Tim Kaine (D-VA), Josh Hawley (R-AR), and Kirsten Gillibrand (D-NY).
“The cost of maternal care is already expensive, and too often, families with private insurance are hit with surprise medical bills they didn’t see coming,” said Congressman Valadao. “Building a family already comes with so much uncertainty, but designating maternal care as an essential health benefit and eliminating cost-sharing will give parents some peace of mind during one of life’s most important moments. I’m proud to join my colleagues in supporting this practical, bipartisan solution that puts families first.”
“Pregnancy and childbirth are a normal part of family life, so insurance companies should treat it like the routine care it is and cover the cost,” said Rep. Golden. “It shouldn’t cost thousands of dollars to give birth at the hospital, and other necessary maternity services shouldn’t be a luxury. This is simple, commonsense reform and will make it easier for Mainers to start and grow families on their own terms without a huge hospital bill.”
“Americans shouldn’t have to choose between starting a family and being strapped in debt. Unfortunately, rising living costs on top of excessive hospital and health care fees after giving birth deter individuals from becoming parents,” said Rep. Kim. “We should do what we can to make life more affordable, which is why I’m proud to help lead the charge to cut childbirth cost-sharing fees and ensure women, babies and families receive the care they deserve without astronomical costs.”
“When my daughter was born by emergency C-section nine weeks early, I wanted to focus all my attention on my recovery and her well-being for the six weeks she was in the NICU, not our medical bills,” said Rep. McClellan. “The Supporting Healthy Moms and Babies Act will provide more pregnant and postpartum patients the peace of mind that they can access care without worrying about how to pay for it.”
Supporting organizations include: American Principles Project, Concerned Women for America, Jesuit Conference Office of Justice and Ecology, Americans United for Life, Susan B. Anthony Pro-Life America, Students for Life, LiveAction, Life Defenders, March for Life, the Catholic Health Association of the United States, American College of Obstetrics and Gynecologists, American Medical Association, American Hospital Association, American Society for Reproductive Medicine, Association of Women’s Health, Obstetric and Neonatal Nurses, Association of Maternal & Child Health Programs, March of Dimes, and National Partnership for Women & Families.
The Supporting Healthy Moms and Babies Act would:
- Designate prenatal, birth, and postpartum care as essential health benefits (EHBs) under private insurance plans.
- Eliminate cost-sharing for all in-network childcare services, and out-of-network care when no in-network provider is available.
- Mandate full coverage for ultrasounds, miscarriage care, delivery services, and postpartum care for up to a year after birth.
- Provide mental health coverage for spouses and adoptive parents.
Background:
While Medicaid covers the full cost of childbirth for those enrolled, families with private insurance plans routinely face thousands in unexpected expenses—often as much as $3,000 to $10,000—due to high deductibles, coverage gaps, and confusing hospital pricing. By designating prenatal, delivery, and postpartum care as essential health benefits and eliminating cost-sharing for in-network services, this bill offers families greater financial predictability and reduces the medical debt that disproportionately impacts new parents.
Read the full resolution here.
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MIL-OSI USA: SCANDAL: Rep. Lori Trahan & Scandal Star Bellamy Young Take on Migraine Disorders Affecting 40+ Million Americans
Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)
WASHINGTON, DC – Yesterday, Congresswoman Lori Trahan (MA-03), a member of the House Energy and Commerce Committee’s Health Subcommittee, partnered with Bellamy Young, actress in ABC’s hit show “Scandal,” The Headache Alliance, and the Alliance for Headache Disorders Advocacy to announce their coordinated work to introduce the HEADACHE Act, the first standalone federal legislation addressing the epidemic of migraine and headache disorders. The legislation will expand research, improve access to care, and address systemic inequities affecting people living with headache disorders.
“Headache disorders affect nearly 45 million people in the U.S., including more than 117,000 people in the district I represent,” said Congresswoman Trahan. “Behind each of those numbers is a student falling behind in school, a parent fighting to stay employed, or a veteran enduring chronic, debilitating pain. I’m proud to lead the introduction of the HEADACHE Act, a much-needed step toward expanding care, advancing research, and raising awareness for this often-overlooked condition. Together, we can ensure that no one is left behind simply because their pain is invisible.”
“Migraine has shaped not only how I work, but how I move through this world, and I know I’m not alone. For too many, living with a headache disorder means being doubted, dismissed, and left out of the conversation. But those who suffer deserve better. The HEADACHE Act is about building the future we should’ve had all along: one with research, access to care, and understanding. I’m proud to raise my voice for a cause that touches so many millions of Americans,” said Bellamy Young, actress and migraine advocate.
More than 40 million Americans are living with migraine and headache disorders, which are the leading cause of disability in the world and for women under 50 years old in the United States. Cluster headache, new daily persistent headache, post-traumatic headache, and other migraine disorders are disabling, stigmatized, and routinely overlooked in public health priorities and research funding.
To raise awareness, The Headache Alliance and the Alliance for Headache Disorders Advocacy transformed the National Mall into a sea of purple, with a visual display representing the need for greater federal attention and public awareness for the tens of millions of Americans living with migraine and headache disorders. The installation will remain on the Mall for two weeks.
“We are so thrilled and honored to bring our message to the National Mall,” said Annika Ehrlich, President of the Board of The Headache Alliance and Alliance for Headache Disorders Advocacy. “This represents two decades of planning and hard work to advance headache policy and advocacy.”
“We are putting a face, name, and voice to the lived experience of migraine and headache disorders,” said Julienne Verdi, Executive Director of The Headache Alliance and Alliance for Headache Disorders Advocacy. “With the anticipated introduction of the HEADACHE Act and this historic Installation project, we are demanding to be seen, heard, and taken seriously.”
The HEADACHE Act will be introduced in the coming weeks.
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MIL-OSI: Alma íbúðafélag hf.: Útgáfa á víxlum
Source: GlobeNewswire (MIL-OSI)
Alma íbúðafélag hf. hefur lokið sölu á víxlum í tveimur flokkum til 3ja og 6 mánaða. Samtals bárust tilboð að fjárhæð 1.380 m.kr.
Alma hefur ákveðið að taka tilboðum að fjárhæð 700 m.kr. í 3ja mánaða víxilinn á 8,80% vöxtum og 560 m.kr. í 6 mánaða víxilinn á 8,70% vöxtum eða samtals 1.260 m.kr. Áður hafði félagið selt 380 m.kr. í víxlinum AL 25 0915 og nemur heildarstærð útgáfunnar því 1.080 m.kr.
Arctica Finance hf. hafði umsjón með sölu víxlanna.
Greiðslu- og uppgjörsdagur er mánudagurinn 16. júní 2025.
Nánari upplýsingar veitir:
Ingólfur Árni Gunnarsson, framkvæmdastjóri, ingolfur@al.is.
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MIL-Evening Report: Resident-to-resident aggression is common in nursing homes. Here’s how we can improve residents’ safety
Source: The Conversation (Au and NZ) – By Joseph Ibrahim, Professor, Aged Care Medical Research Australian Centre for Evidence Based Aged Care, La Trobe University
The Coroners Court of Victoria is undertaking an inquest into the deaths of eight aged care residents across six facilities, over a nine-month period in 2021.
Each death occurred after an interaction between residents, known as resident-to-resident aggression.
If your loved one is living in aged care, it’s natural to be distressed and concerned for their safety after hearing about these deaths.
Here’s what we know about when and where it’s more likely to happen, how relatives can safeguard their loved ones, and what’s happening across the system to reduce the risk of it occurring.
What does it look like?
Resident-to-resident aggression refers to aggressive and intrusive interactions between long-term care residents that would likely be unwelcome and potentially cause the recipient physical or psychological distress or harm. It includes physical, sexual and verbal aggression.
However, the term “aggression” is potentially misleading. In most cases, the residents involved are not consciously intending to cause harm.
The prevalence of resident-to-resident aggression in aged care has been estimated at 20%, but is likely under-reported. This means that over a month, 20% of aged care residents are likely to experience an incident of resident-to-resident aggression. This is usually verbal abuse or an invasion of privacy.
The variation in reported prevalence rates makes it hard to know if the rate is increasing.
The consequences of resident-to-resident aggression range in seriousness from functional decline, to psychological or physical injury, to death.
In 2017, we published a national study of deaths from resident-to-resident aggression in nursing home residents in Australia. Over 14 years, we identified 28 deaths.
Almost 90% of residents involved – either as an “exhibitor” (often referred to as the aggressor) or a target – had dementia. Three-quarters of those diagnosed with dementia had a history of behavioural and psychological symptoms of dementia, including wandering and physical aggression.
Exhibitors of aggressive behaviour were mostly male (85.7%), often younger, and more recently admitted to the aged care facility than the target.
Resident-to-resident aggression leading to death was most likely to occur between two male residents.
Half of all incidents leading to death involved a resident pushing and the target falling, leading to injuries such as hip fracture and head injury. This underscores the vulnerabilities posed by physical frailty among aged care residents.
Incidents resulting in death occurred mostly in communal areas, reflecting the ongoing challenges of an aged care system that relies on residents living together.
Learning from past incidents
Resident-to-resident aggression was previously brought to national attention by the death of a resident at the Oakden facility in South Australia. This led to a coronial inquest and the facility closed in 2017.
The case raised issues including the need for residents exhibiting potentially aggressive behaviour to have regular clinical reviews, accurate and detailed documentation, and adequate escalation and reporting of any incidents of aggression.
Since 2021, facilities have been required to report incidents of “unreasonable use of force”. The Australian Aged Care Quality and Safety Commission monitors these events through the Serious Incident Response Scheme.
The last report, from March 2023, provides a series of case studies and highlights the need for better approaches to behaviour support and risk assessment.
However, prevention requires a broader systems-based approach to better understand the problem, and generate and evaluate interventions. This should include reviewing trends at the facility, provider and national level.
Approaching individual situations
Resident-to-resident aggression is expected to become more common as more people are diagnosed with dementia.
Cognitive impairment in both the exhibitor of aggressive behaviour and targets makes this more complex, as a resident could become either one, depending on the precipitating circumstances.
In one-third of the cases we analysed, the exhibitor of aggressive behaviour and the target had been involved in an earlier incident together in the past 12 months. This suggests there are opportunities for intervention.
Are police involved?
When serious injury or death occurs, it is the role of police to investigate the incident and refer to the Office of Public Prosecutions, if appropriate.
Attributing legal responsibility is problematic and criminal charges are rarely filed. This may be because the residents involved are unfit for police interview or unfit to stand trial.
Alternatively, prosecution may not be deemed in the public interest.
Managing symptoms of dementia
Dementia may impair a person’s ability to reason, express their needs and manage their emotions. It can also impair their ability to respond, in a socially acceptable way, to interpersonal conflict.
Behaviour-management strategies to support the person with dementia include having a calm environment with a familiar routine and clear communication.
Over the past decade, more formal services have become available to help manage behavioural and psychological symptoms of dementia.
Dementia Support Australia operates a Severe Behaviour Response Team which is available 24/7, responding to referrals from health professionals within 48 hours.
Specialist dementia care units also operate across Australia, as recommended by the Royal Commission into Aged Care Quality and Safety final report.
Managing dementia symptoms requires multidisciplinary expertise spanning the aged care, disability and mental health sectors. Yet integrating these services remains a challenge.
The federal government has committed to addressing the sub-optimal management of residents living with dementia.
Supporting your loved one
If you’re worried about your loved one, the first step is to express these concerns directly to the facility staff, as you would with any other matter. Open communication helps the facility staff to get to know your loved one and provide more tailored support.
Being better informed about the subject can help you to advocate for your loved one.
The Older Persons Advocacy Network is available to residents for free, independent and confidential support. They can advocate for you if you feel your concerns aren’t being heard or your loved one’s care is compromised.
What happens next with the inquest?
The Coroners Court will investigate this important and distressing issue and aims to reduce the number of preventable deaths.
The coroner will hear the evidence, and may make formal recommendations about how to improve resident safety. Government agencies are required to consider and respond to these recommendations.
It’s clear we have a long way to go to safeguard the rights of older people living in residential care.
Joseph Ibrahim is a medical specialist in geriatrics and an academic with over 30 years of clinical experience. He is a Professor with the Australian Centre for Evidence Based Aged Care, La Trobe University and an Adjunct Professor, Faculty of Medicine, Nursing and Health Sciences, Monash University. He previously received funding from state and national government for research into the safety and quality of aged care homes and resident-on-resident aggression. He has also been an expert witness for criminal and coroners court cases as well as the Royal Commission into Aged Care Quality and Safety.
Amelia Grossi does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Resident-to-resident aggression is common in nursing homes. Here’s how we can improve residents’ safety – https://theconversation.com/resident-to-resident-aggression-is-common-in-nursing-homes-heres-how-we-can-improve-residents-safety-257818
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MIL-Evening Report: Making it easier to build a granny flat makes sense – but it’s no solution to a housing crisis
Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau
As part of its resource management reforms, the government will soon allow “super-sized granny flats” to be built without consent – potentially adding 13,000 dwellings over the next decade to provide “families with more housing options”.
This represents genuine progress in reducing regulatory barriers. But the scale of the housing crisis means we have to ask whether incremental reforms can deliver meaningful change.
The numbers provide important context. Against current consenting rates of 40,000 to 50,000 new dwellings per year, those projected 70-square-metre granny flats represent a 2.6% increase in housing supply.
In Auckland, where housing pressure is most acute, 300 additional units might be built annually. For some, that’s likely to be useful. But for a country already facing a housing crunch, it’s insignificant.
The costs of a granny flat
The numbers also reveal who can participate in this proposed solution. Building a basic 70-square-metre granny flat will cost between NZ$200,000 and $300,000. Add site works, utility connections and mandatory licensed building practitioner supervision, and total project costs will be closer to the upper end of that range.
At current interest rates, financing $250,000 requires approximately $480 weekly in loan payments. While rents of $500-$600 per week are achievable in urban markets, these thin margins assume optimal conditions.
For property owners with existing equity, this presents a viable investment. For those seeking affordable housing – young families, essential workers, recent immigrants – the benefits remain largely theoretical.
This dynamic illustrates a persistent challenge in market-based housing solutions: policies intended to improve affordability often primarily benefit those with capital to deploy.
Pressure on the pipes
Each granny flat requires full residential infrastructure – water, wastewater and stormwater connections. The development contributions – fees councils charge on new builds to fund infrastructure – will help fund network upgrades. But New Zealand already faces a $120-185 billion water infrastructure deficit over the next 30 years, just to fix existing systems.
The challenge is particularly acute in established suburbs where these units are most likely to appear. Parts of Christchurch serviced by vacuum sewers already operate at capacity. Auckland’s combined sewer areas face overflow risks during heavy rainfall. Wellington’s ageing pipes struggle with current demand.
Adding thousands of dispersed infill units to stressed networks poses genuine engineering challenges that funding alone cannot solve.
Transport infrastructure faces similar pressures. With minimum parking requirements axed across the nation, these new granny flats will likely increase on-street parking demand and local traffic.
While some granny flat residents may rely on public transport or active modes, New Zealand’s car ownership rates – 837 vehicles per 1,000 people – suggest most will own vehicles.
Auckland’s sewer systems are already under pressure. New granny flats will add strain on the infrastructure.
Janice Chen/Getty ImagesApproved but not always built
International experience offers instructive parallels. California’s 2017 Accessory Dwelling Unit legislation provides the closest comparison. After removing similar regulatory barriers, California saw permits increase from 1,000 in 2016 to 13,000 in 2019.
However, construction costs and infrastructure constraints limited actual completions to roughly 60% of approved units.
Australian cities report similar patterns. Despite permissive regulations in many areas, only 13-23% of suitable properties actually added secondary dwellings. High construction costs and infrastructure limitations proved more binding than regulatory constraints.
Closer to home, Auckland’s experience with minor dwellings under the Unitary Plan suggests cautious optimism. Since 2016, the city has averaged 300-400 secondary dwelling consents annually where permitted. The number of units actually constructed is unknown.
Allowing one-storey detached 70-square-metre units without building consent may increase this modestly. But they are unlikely to dramatically accelerate production given persistent cost and capacity constraints.
Another form of wealth transfer
The policy’s benefits flow primarily to existing property owners. They will gain new development rights without competitive tender or public process. While perhaps justified by broader housing benefits, it’s worth acknowledging this is a form of wealth transfer.
Granny flats typically add roughly their construction cost to property values, providing capital gains alongside rental income potential.
For renters, benefits depend on how many units actually materialise and at what price point. Secondary units often rent at 20-30% below comparable standalone houses due to their size and backyard location.
This could meaningfully expand options for singles and couples. But families requiring larger accommodation will see limited benefits.
The policy’s design constraints also tell us what kind of urban density is acceptable. Single-storey height limits, two-metre boundary setbacks and standalone requirements essentially mandate the least efficient form of intensification.
Units could share walls and services, and two-storey designs that use less land could be permitted. Instead, the granny flat exemption favours the one configuration that maintains suburban aesthetics while delivering minimal extra housing.
A modest response to the housing crisis
The granny flat exemption exemplifies New Zealand’s approach to housing challenges: acknowledging a crisis while implementing modest responses.
Despite severe shortfalls in housing supply, the medium-density development common in comparable countries remains largely unrealised. An estimated 180,000 households could be accommodated through comprehensive densification.
There are genuine benefits worth acknowledging, of course. The exemption reduces bureaucratic barriers, enables some additional housing and gives property owners new options.
The question isn’t so much whether the new policy should be embraced. But rather whether the government is willing to complement it with larger changes the housing crisis demands.
Timothy Welch does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Making it easier to build a granny flat makes sense – but it’s no solution to a housing crisis – https://theconversation.com/making-it-easier-to-build-a-granny-flat-makes-sense-but-its-no-solution-to-a-housing-crisis-258185
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MIL-Evening Report: ‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy
Source: The Conversation (Au and NZ) – By Stuart Murray, Associate Professor, International Relations and Diplomacy, Bond University
Since coming to power in 2022, the Albanese government has focused strongly on the Indo-Pacific.
The prime minister’s recent trip to Indonesia was the latest high-level bilateral summit as Australia seeks to recalibrate relationships, enhance security and, where possible, win the battle for hearts and minds in the region.
Read more:
There’s no country more important to Australia than Indonesia. Trouble is, the feeling isn’t mutual
In a world slipping further into “strategic atrophy,” art, music, food, culture, sport and other forms of soft power are no longer peripheral.
In the foreword to the recently launched Australian Sports Diplomacy 2032+ strategy, for example, Labor MP Tim Watts stated:
Sport is an important tool for Australia’s diplomatic engagement at a time when Australia needs to use every dimension of our national power to advance our interests.
The First Nations of Australia are mentioned in this strategy but it fails to reflect the depth, power and influence Indigenous sports diplomats could bring.
Arguably, our sports diplomacy would be more authentic, unique and effective (especially in the Pacific) if First Nations people, perspectives and programs were genuinely integrated from the outset – baked in, not bolted on.
The epic history of First Nations sport
Indigenous Australians were the first people to play sport on this land.
Before colonisation, Australia’s population was around 750,000, divided into about 500 nations.
Though sometimes hostile, these communities shared a common language: sport.
Physical pursuits served, and still serve, many purposes for Aboriginal and Torres Strait Islander people: fostering communication, preserving lore, teaching youth to be effective providers and most importantly, practising survival skills.
Sport was also a civilising force used for social, cultural and diplomatic ends. Games and carnivals increased contact between clans, easing tension, division, xenophobia and misunderstandings that could spark violence.
Battendi (spear-throwing), Marngrook (football), Koolchee (ball games), and Prun (mock war) are examples of diplomatic games that predate the ancient Greek Olympics by tens of thousands of years.
Sport became central to Aboriginal and Torres Strait Islander history, culture, identity and diplomacy.
“Deadly” – a term meaning excellent – sports diplomacy is a more fitting way to describe this unique form of diplomacy. Done well, it offers a more accurate, authentic brand of Australia to the region and beyond.
The battle for the Blue Pacific
The “Blue Pacific” – a term describing a shared Pacific culture, identity and collective diplomatic strategy – offers an opportunity to harness the power of deadly sports diplomacy.
If Australia hopes to win Pacific hearts and minds, it should send more Aboriginal and Torres Strait Islander sports diplomats and teams to countries such as Fiji, Papua New Guinea (PNG) and New Zealand, because the nations of the Blue Pacific deeply respect the old, wise First Peoples of Australia.
These relationships are built on shared values: culture, family, spirituality and sport.
The Black Swans – Australia’s First Nations netball team, which debuted at the PacificAus Sports netball series in 2024 – are included as a case study in Sports Diplomacy 2032+. However, it’s the government’s A$600 million NRL project in PNG that has dominated headlines.
Read more:
Sports diplomacy: why the Australian government is spending $600 million on a new NRL team in PNG
The Albanese government’s backing of this initiative has sparked criticism among supporters of other codes in Australia with strong ties to Pacific nations – especially rugby union, which until recently was the code of choice in Fiji and throughout Polynesia.
A rise in Pacific Island interest in rugby league may impact rugby union, some argue. However, rugby league may be a more effective sports diplomacy tool. It enjoys growing popularity in those locations and has undisputed national sport status in PNG, the most populous Pacific nation by far.
It’s also arguably more “deadly,” with its Indigenous All Stars team and an Indigenous Round.
In the NRL, 48% of players have Pasifika heritage, and 12% identify as Aboriginal or Torres Strait Islander, compared to 3% across the Australian population.
Should rugby union receive similar support? Perhaps, but first, it must address the absence of Indigenous players.
Since Rugby Australia’s founding in 1949, only 15 Aboriginal men have played Test rugby for Australia.
What about similar funding for soccer, the national obsession of strategically important near neighbours Solomon Islands and Vanuatu?
It too has had a relative absence of Indigenous players at Australia’s highest levels, notwithstanding the pioneering careers of Charlie Perkins, John Moriarty, Archie Thompson and recent Matildas Lydia Williams and Mackenzie Arnold.
Extra time
Integrating the world’s oldest living culture in Australia’s sports diplomacy program can only enhance our relationships, diplomacy and national brand.
The Australian Institute of Sport (AIS)’s Share a Yarn initiative is helping lead the way.
Established in 2020, it connects elite First Nations athletes with respected Aboriginal and Torres Strait Islander mentors.
Throughout the year, athletes and mentors meet online, attend monthly storytelling sessions and attend an annual cultural connection camp at the AIS campus.
As Marissa Williamson Pohlman, the first Aboriginal woman to compete in boxing at the Olympics in 2024, noted:
Mainstream sport can be challenging but having the unwavering support of mob keeps me grounded and focused on my goals.
The fact Aboriginal and Torres Strait Islanders have practised sports diplomacy for more than 60,000 years is a powerful story. It is one that should be celebrated at every international sporting event we attend, bid for, or host.
Including Aboriginal and Torres Strait Islander people, programs and perspectives would strengthen and innovate our strategies, add vital cultural iconography, inspire like-minded nations and help win hearts and minds from Honiara to Hawaii.
The authors would like to thank Kombumerri woman Emily Pugin (DFAT) and Butchulla/Goreng Goreng Paul Martin for their contribution, teaching and help in commissioning and drafting the report that informs this article.
Stuart Murray receives funding from The Department of Foreign Affairs and Trade
Narelle Bedford does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. ‘Deadly’ sports diplomacy: why Australia’s Indigenous people must be a part of our sports strategy – https://theconversation.com/deadly-sports-diplomacy-why-australias-indigenous-people-must-be-a-part-of-our-sports-strategy-257542
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MIL-OSI USA: Congressman Sorensen Calls on Congress to Fund His Bipartisan Law to Create Jobs, Boost Local Economies
Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)
Congressman Sorensen is Calling on Congress to Provide $50 Million to the Critical Supply Chain Site Development Grant Program Established by His Bipartisan ONSHORE Law
Congressman Eric Sorensen (IL-17) sent a letter to the House Appropriations Committee urging them to fund the Critical Supply Chain Site Development Grant Program at the Department of Commerce in the Fiscal Year 2026 Appropriations bills with $50 million. The Critical Supply Chain Site Development Program provides grants to local communities for site readiness improvements, such as connecting sites to utilities, completing environmental reviews, and investing in workforce training.
“Business in the Quad Cities and beyond are telling me they’re ready to break ground and hire new workers thanks to the passage of my bipartisan ONSHORE Act,” said Congressman Sorensen. “This law has the potential to unlock untapped economic development, but we need to make sure the resources are there to make these new projects a reality. I’m calling on Congress to ensure we fully fund the grant program under the law, so we can help uplift communities across Illinois’ 17th district.”
“The Quad Cities is primed for investment, but site readiness is impeding growth,” said Peter Tokar, President & CEO of the Quad Cities Chamber. “Like the rest of the country, we are in need of new tools in the toolbox to meet our region’s full economic potential.”
“We applaud Congressman Sorensen and the bipartisan coalition that helped pass the Critical Supply Chain Site Development Program into law and the current bipartisan effort to deliver funding for this necessary tool,” said Ryan Sempf, Executive Director Government Affairs for the Quad Cities Chamber of Commerce.
The program was established by Congressman Sorensen and Congresswoman Mariannette Miller-Meeks’ (IA-01) bipartisan Opportunities for Non-developed Sites to Have Opportunities to be Rehabilitated for Economic Development (ONSHORE) Act. The law focuses on attracting new manufacturing jobs and businesses to communities like the Quad Cities by addressing the issue of unused sites and making them shovel-ready for development. Local leaders and businesses have said that preparing sites for development is one of the biggest obstacles to attracting manufacturing businesses to the area.
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MIL-OSI USA: ICYMI: Hickenlooper Slams Trump Administration Policies Threatening Colorado Small Businesses, Public Lands, Rural Health Care
US Senate News:
Source: United States Senator for Colorado John Hickenlooper
WASHINGTON – In case you missed it, U.S. Senator John Hickenlooper made stops in Denver, Estes Park, and Evans last week to call out Trump administration attacks on Colorado’s public lands, small businesses, and rural health care.
On Tuesday, Hickenlooper held a press conference with Colorado business owners at Four Noses Brewing Company to highlight how the Trump administration’s erratic tariff policies are harming local businesses.
“Tariffs cramp businesses and provide a level of uncertainty that is almost untenable and ends up meaning that people can’t make the investments in their business to grow,” said Hickenlooper. “…I think we are perilously close to sliding into a recession or maybe even worse, stagflation.”
Then on Wednesday, Hickenlooper joined Congressman Joe Neguse, public lands advocates, and local elected officials to call out the Trump administration’s threats to Colorado’s national parks and public lands – including Rocky Mountain National Park.
Watch the recap HickTok HERE
“Our lands are under siege… But we fight, we’re beaten, we rise and fight again,” Hickenlooper said at the press conference.
He highlighted the damage caused by the DOGE layoffs at the Department of the Interior and U.S. Forest Service, and warned that proposed budget cuts could hamstring wildland firefighting efforts. He also criticized the Trump administration proposals to sell our public lands and emphasized the importance of continued collective action to fight back.
Afterwards, Hickenlooper visited Sunrise Community Health at the Monfort Family Clinic in Evans to highlight the dangerous cuts to Medicaid proposed in the House-passed Republican budget. Cuts of more than $700 billion from Medicaid and Affordable Care Act coverage would strip health care from 16 million Americans.
Check out the event coverage below.
WATCH: CBS Denver: Hickenlooper Tours 4 Noses Brewing Company to Highlight Tariffs
WATCH: ABC Denver 7: Senator Hickenlooper Highlights Tariffs at 4 Noses Brewery
WATCH: Fox 31 Denver: Hickenlooper Talks About Tariffs with Area Business Owners
Colorado Public Radio: Hickenlooper Highlights Trump’s Erratic Trade War
Colorado Newsline: Colorado businesses struggle amid uncertainty of fluctuating Trump tariffs (Company leaders tell Sen. Hickenlooper they seek stability)
Colorado small businesses from various sectors have made changes to their operations and even lost customers as a result of uncertainty around Trump administration tariffs.
…Hickenlooper said people well versed in economics tell him that “tariffs have never worked” except in specific situations. He said all tariffs do is create “a level of uncertainty that is almost untenable” and prevents businesses from growing and maintaining supply chain relationships.
“All these tariffs, in one way or another, they’re not bringing manufacturing back to this country,” Hickenlooper said. “What they’re doing is putting an unbearable burden on small businesses like we see here.”
Colorado Times Recorder: Hickenlooper Meets With Small Business Owners Who Face Tariff Uncertainty
Sen. John Hickenlooper (D-CO) met with small business owners from across Colorado today, all of whom emphasized that the uncertainty of federal tariff policy has caused market chaos.
…“The fact that we have tariffs at a time when most of the people I know who really understand economics believe that tariffs have never worked except in very surgical situations in the past,” Hickenlooper said. “Tariffs [as they are being implemented] provide a level of uncertainty that is almost untenable and ends up with people being unable to make the investments they need to make for their business to grow. We’ve seen that over the past couple of months. We are perilously close to sliding into a recession or… even stagflation.”
Colorado Public Radio: Hickenlooper highlights the tariff pain inflicted on Colorado companies
President Donald Trump’s erratic tariff policy is whipsawing Colorado’s entrepreneurs.
“Predictability matters,” Sen. John Hickenlooper said Tuesday during a press conference with business owners at 4 Noses Brewing Company in Denver. “Being able to count on your relationships with your supply chain, your wholesalers, your retailers, to build a business. Those are the essential characteristics and we’re losing that literally in the blink of an eye.”
No corner of the state’s business ecosystem is untouched by President Trump’s on-again-off-again approach to levying tariffs. Hickenlooper was joined by representatives from a diverse set of Colorado companies, including a pet food manufacturer, a craft brewery, an environmental equipment manufacturer and a machine part manufacturer.
Axios Denver: Colorado breweries fret about tariffs amid trade war
…Driving the news: U.S. Sen. John Hickenlooper, a former Wynkoop Brewing owner, is raising awareness about the tariffs’ potential to hike the price of ingredients, equipment and packaging.
“Tariffs cramp businesses and provide a level of uncertainty that is almost untenable,” Hickenlooper said during a visit earlier this week to Denver’s 4 Noses Brewing, where he sipped a beer fresh from the canning line and listened to local business owners talk about how the tariffs are hurting their businesses.
WATCH: MSNBC: Long lines, dirty bathrooms, overflowing trash – Trump cuts leave national parks in crisis
WATCH: Denver 7: Hickenlooper hosts press conference in Estes Park
Estes Park Trail Gazette: Sen. John Hickenlooper from Lake Estes: ‘Our lands are under siege’
…With the Rocky Mountains serving as his backdrop, Hickenlooper encouraged backers to take to social media and create a groundswell of support for his bill aimed at establishing a deficit-neutral reserve fund relating to preventing the use of proceeds from public land sales, and to reduce the federal deficit, according to the bill.
“What we need to do is use social media like we’ve never used it before. We need to make sure our networks of people, tell their networks of people, what this really means, what this could do when you cripple an outdoor recreation economy that is actually paying for the maintenance, the preservation, and the access to these incredible public lands,” Hickenlooper said.
“Our lands are under siege, between what DOGE has done, the firings, if you add the people at the Forest Service, the National Parks, basically the Department of the Interior, all the different components that it takes to run our parks. That’s 6,000 people that have either been fired or pushed out of their jobs,” Hickenlooper said.
“We’re being attacked in every direction, especially in climate change. But we fight, we’re beaten, we rise and fight again.”
Colorado Newsline: Public lands advocates fear for Colorado’s national parks under Trump budget proposals
After the 2013 Colorado floods devastated communities surrounding Rocky Mountain National Park, locals worked tirelessly to get their businesses back up and running in time for the peak fall season.
The federal government shut down for about two weeks shortly after the flood, but U.S. Sen. John Hickenlooper, a Democrat who was governor at the time, said Colorado agreed to pay the salaries for every employee in Rocky Mountain National Park so the park could still be open to visitors.
“That’s the way the state government, the federal government used to work together around public lands, and I think it’s worth revisiting that it was a team effort, that everyone was on the same page,” Hickenlooper said. “The businesses desperately needed that retail period to be open to maximize the largest influx of visitors’ to Estes Park, and we got it.”
That spirit of cooperation is a far cry from the threatened cuts to National Park Service staff and funding under President Donald Trump’s administration, Hickenlooper and other public lands advocates said in Estes Park Wednesday. Hickenlooper and U.S. House Assistant Minority Leader Joe Neguse, a Lafayette Democrat, called on Congress and Trump to reverse the cuts and maintain protections for the country’s public lands.
…Hickenlooper said over 6,000 people who work to take care of national parks and national forests across different agencies have either been fired or left their jobs.
“We’re going to see more risk this summer and this spring from wildfires, from extreme weather,” Hickenlooper said. “We’re going to see more risks than we’ve seen before in all … aspects of the droughts we’ve had and the water we have to use, at a time when we’re dramatically diminishing the number of firefighters we’re going to have available to fight fires in the West.”
Outside Magazine: John Hickenlooper: The Fight Over America’s Public Lands Has Become “All Out War”
On Wednesday, May 28, Colorado Senator John Hickenlooper stood alongside state congressman John Neguse near the entrance to Rocky Mountain National Park. The two lawmakers spoke about the ongoing fight to protect public lands and the federal agencies that oversee them.
Greeley Tribune: Sen. Hickenlooper visits Sunrise Community Health to discuss Medicaid cuts
If lawmakers in the U.S. Senate vote to pass new Medicaid requirements recently approved by the House, Sunrise Community Health CEO Mitzi Moran estimates about a quarter of patients in the nonprofit health care system could lose coverage.
“Seven thousand to 14,000 of our patients could fall off Medicaid as a result of these changes,” Moran told U.S. Sen. John Hickenlooper on Wednesday. “That’s disastrous for them. While they could still come to us because we offer a sliding fee scale, what happens if they have a hospital visit or if they need to see a specialist?”
Hickenlooper visited the Monfort Family Clinic in Evans on Wednesday to discuss the potential cuts with staff and local members of the health care community.
…Though patients would still be able to utilize that sliding pay scale even without Medicaid, Hickenlooper and Moran expressed concerns about how these cuts would still jeopardize the clinic. If Sunrise receives less pay for the care it provides, Moran said it would need to become a very different organization to remain operational.
…Current estimates from the Congressional Budget Office indicate the changes to Medicaid would result in 8.6 million Americans losing coverage, including more than 1 million in Colorado.
“I can’t believe our House members pushed this budget,” Hickenlooper said.“There are four Republican House members from Colorado, and I know they’ve received calls about Medicaid. If all four of our guys voted together, they could’ve stopped it.”
Hickenlooper believes his tour of the Monfort clinic and discussions about the bill’s impacts will help in his fight to stop the bill from being passed in the Senate. However, he is unsure whether it will be sufficient to convince enough senators to push back.
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MIL-OSI USA: Murphy, Blumenthal, Colleagues Introduce Bicameral Bill to Repeal the Gun Industry’s Legal Liability
US Senate News:
Source: United States Senator for Connecticut – Chris Murphy
WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) were joined today, during the first week of Gun Violence Awareness Month, by U.S. Senator Adam Schiff (D-Calif.) and U.S. Representatives Eric Swalwell (D-Calif.), Jason Crow (D-Colo.), Dwight Evans (D-Pa.), and Mike Thompson (D-Calif.) in leading a group of 81 members of Congress in introducing the bicameral Equal Access to Justice for Victims of Gun Violence Act, legislation to ensure that victims of gun violence have their day in court and that negligent gun companies and gun sellers are not shielded from liability when they disregard public safety. The bill would repeal the Protection of Lawful Commerce in Arms Act (PLCAA), passed by Congress in 2005, which gives the gun industry a unique and unjustifiable legal liability shield that protects gun manufacturers from lawsuits.
Murphy, Blumenthal, Swalwell, Schiff, Evans, and Thompson announced the legislation today during a virtual press conference joined by leading gun violence prevention advocates: Kris Brown, president of Brady; Angela Ferrell-Zabala, executive director of Moms Demand Action; and Adam Skaggs, chief counsel and vice president of GIFFORDS Law Center. Video of the press conference is available here.
“There’s absolutely no reason why the gun industry should get special treatment when it comes to negligence. Their immunity from lawsuits effectively gives them a license to kill. It’s past time for Congress to repeal PLCAA and allow gun violence victims their day in court,” said Murphy.
“PLCAA is the ultimate sweetheart deal – legal immunity afforded to basically no other industry for a product that kills tens of thousands of Americans every year,” said Blumenthal. “Despite the strength and perseverance of the Sandy Hook, Uvalde, and Highland Park families – and the tenacity of their legal teams – this is a problem that cannot be solved only through the courts. PLCAA must be repealed by Congress.”
“No industry in American has a liability shield like gun manufacturers, distributors, dealers, and importers,” said Swalwell. “The NRA and their GOP stooges made sure that the gun industry has a unique immunity from accountability. This bill ends that ridiculous carve out. The Equal Access to Justice for Victims of Gun Violence Act will finally repeal the Protection of Lawful Commerce in Arms Act (PLCAA) once and for all, allowing victims of gun violence to bring civil suits against gun producers and sellers. The time has long since come for Congress to be clear – if you put the most dangerous weapons in the hands of the most dangerous people, you will be held accountable.”
“More than a 100 Americans are killed by a gun every single day in America. And yet, Congress does nothing to hold the gun industry accountable when the negligence of gun makers and dealers is responsible for the tragic consequences their products have on our kids, our families, and our communities. As long as gun violence continues to take the lives of so many in California and across the nation, I will fight to repeal the liability shield that wrongly protects negligent gun industry actors from liability,” said Schiff.
“Victims and survivors should be able to hold the gun industry accountable in court for negligent behavior. But right now, the gun industry is shielded from any liability when they disregard public safety. That’s wrong,” said Crow. “I’m introducing this bill so we can finally hold the gun industry responsible.”
“As someone who’s advocated for this concept in Pennsylvania’s legislature and now in Congress, I’m proud to be a co-lead on this bill to restore this basic right of victims and survivors – a right that a heavy-handed federal government took away 20 years ago. So many American gun deaths could be avoided if we held companies accountable for things like illegal sales, defective guns and irresponsible marketing. State attorneys general were able to hold Big Tobacco accountable in the 1990s, and they should be able to hold gun manufacturing companies accountable in the 21st century since thousands of lives depend on it. This legislation would be an important tool in the toolbox to protect our citizens from gun violence,” said Evans.
“In the 20 years since PLCAA was passed, it’s become clear that negligent gun manufacturers and dealers have taken advantage of the law. Responsible manufacturers and dealers don’t need this legal protection – and irresponsible ones are hiding behind it. As a hunter, combat veteran and responsible gun owner, I’m proud to work with Senator Blumenthal and Representative Swalwell to introduce this sensible legislation,” said Thompson, Chair of the Gun Violence Prevention Task Force.
When Congress passed PLCAA, its supporters argued that it was necessary to protect the gun industry from frivolous lawsuits, and that victims of gun violence would not be shut out of the courts. In reality, numerous cases around the nation have been dismissed on the basis of PLCAA, even when the gun dealers and manufacturers acted in a fashion that would qualify as negligent if it involved any other product. Victims in these cases were denied the right to even discover or introduce evidence. This legislation allows civil cases to go forward against irresponsible bad actors.
In 2005, the National Rifle Association (NRA) identified PLCAA as their “number one” legislative priority, and the NRA celebrated the passage calling it the “most significant piece of pro-gun legislation in twenty years.” Letting courts hear these cases would provide justice to victims and their families, while creating incentives for responsible business practices that would reduce injuries and deaths. Effectively, the gun industry would once again be subject to the same laws as every other industry, just as it was prior to 2005.
The legislation is endorsed by Brady, GIFFORDS Law Center, Everytown for Gun Safety, March for Our Lives, Guns Down America, Newtown Action Alliance, and Sandy Hook Promise Action Fund.
U.S. Senators Chuck Schumer (D-N.Y.), Tammy Baldwin (D-Wis.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie K. Hirono (D-Hawaii), Tim Kaine (D-Va.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.) and Ron Wyden (D-Ore.) also cosponsored the bill.
U.S. Representatives Rosa DeLauro (D-Conn.-03), Gabe Amo (D-R.I.-01), Jake Auchincloss (D-Mass.-04), Wesley Bell (D-Mo.-01), Don Beyer (D-Va.-08), Suzanne Bonamici (D-Ore.-01), Shontel Brown (D-Ohio-11), Julia Brownley (D-Calif.-26), Salud Carbajal (D-Calif.-24), Sean Casten (D-Ill.-06), Judy Chu (D-Calif.-28), Emanuel Cleaver (D-Mo.-05), Danny Davis (D-Ill.-07), Madeleine Dean (D-Pa.-04), Suzan DelBene (D-Wash.-01), Chris Deluzio (D-Pa.-17), Mark DeSaulnier (D-Calif.-10), Maxine Dexter (D-Ore.-03), Lizzie Fletcher (D-Texas-07), Maxwell Frost (D-Fla.-10), John Garamendi (D-Calif.-08), Daniel Goldman (D-N.Y.-10), Jimmy Gomez (D-Calif.-34), Sara Jacobs (D-Calif.-51), Pramila Jayapal (D-Wash.-07), Hank Johnson (D-Ga.-04), Robin Kelly (D-Ill.-02), Timothy Kennedy (D-N.Y.-26), Raja Krishnamoorthi (D-Ill.-08), Stephen Lynch (D-Mass.-08), Seth Magaziner (D-R.I.-02), Betty McCollum (D-Minn.-04), LaMonica McIver (D-N.J.-10), Joe Morelle (D-N.Y.-25), Kelly Morrison (D-Minn.-03), Seth Moulton (D-Mass.-06), Joe Neguse (D-Colo.-02), Eleanor Holmes Norton (D-D.C.-AL), Ilhan Omar (D-Minn.-05), Jimmy Panetta (D-Calif.-19), Scott Peters (D-Calif.-50), Chellie Pingree (D-Maine-01), Mike Quigley (D-Ill.-05), Jamie Raskin (D-Md.-08), Andrea Salinas (D-Ore.-06), Mary Gay Scanlon (D-Pa.-05), Jan Schakowsky (D-Ill.-09), Brad Schneider (D-Ill.-10), David Scott (D-Ga.-13), Lateefah Simon (D-Calif.-12), Dina Titus (D-Nev.-01), Rashida Tlaib (D-Mich.-12) and Jill Tokuda (D-Hawaii-02) also cosponsored the bill in the House of Representatives.
Full text of the bill is available HERE.
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MIL-OSI USA: Senator Markey Condemns Republicans’ Egregious Attack on Clean Air and Public Health
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Washington (June 5, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works (EPW) Committee and co-chair of the Senate Climate Change Task Force, today released the following statement after Senate Republicans released the Environment and Public Works portion of their reconciliation bill text.
“Time is revealing Senate Republicans’ willingness to abandon communities nationwide and put Oil Above All —above the law, above the economy, and above the health and wallets of working families. Their proposed cuts would eliminate the safeguards and funding needed to reduce harmful air pollution and environmental health risks. Their cuts would also destroy the $20 billion climate bank I secured in the Inflation Reduction Act, which was already at work creating jobs, lowering Americans’ energy costs, strengthening our energy independence, and combating the climate crisis.
“Republicans have no interest in bringing down costs or helping everyday Americans. Instead, they are picking winners and losers to deliver a big bonus to Big Oil and Gas. Republicans want to cut funding for clean energy, community resilience, and pollution reduction, all while giving polluters a golden ticket to skirt any meaningful reviews to get their projects permitted – rubberstamping dangerous polluting infrastructure.
“These Republican cuts will ensure frontline and fenceline communities continue to bear the burden of disproportionate levels of pollution. Ripping away the tools needed to curb methane and reduce carbon and hazardous pollutants will only make Americans sicker while the rich get richer. We must say no to these dangerous cuts and stop this big billionaire sell-out once and for all.”
Senator Markey secured numerous provisions in the historic Inflation Reduction Act, including the creation of a $27 billion national climate financing network based on his National Climate Bank Act with Senator Chris Van Hollen (D-Md.) and Congresswoman Debbie Dingell (MI-06). He also secured historic environmental justice funding for air quality monitoring, environmental inequity mapping, and addressing extreme heat.
Senator Markey has been a champion of vehicle emission standards that would be rolled back by the Senate reconciliation text, which would increase pollution and force drivers to pay more at the pump. He has also long championed a robust National Environmental Policy Act, which the Senate Republican bill undermines with an opt-in fee for project sponsors to pay to expedite their project’s environmental review and avoid judicial review – rubberstamping potentially harmful infrastructure. -
MIL-OSI USA: Sen. Markey Hosts Listening Session on the Impacts of Republican Attacks on Digital Equity
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Senate Republicans recently voted to repeal an FCC rule increasing access to Wi-Fi hotspots for students and educators at home
Washington (June 5, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, hosted a virtual listening session Wednesday to hear from digital equity advocates about the impacts of the Trump administration’s efforts to cut funding for digital equity programs in Massachusetts and across the country. From the administration’s termination of Digital Equity Act funding, to Republican efforts to block E-Rate funding for Wi-Fi hotspots for students and educators at home, these actions have had dire consequences for efforts to close the digital divide. More than 200 digital equity champions from across Massachusetts joined the Senator’s listening session to share their stories.
“Trump’s decision to cancel funding for Digital Equity Act grants is reckless, short-sighted, and illegal,” said Senator Markey. “These grants were promises — real, actionable investments in real communities to bridge the very real gaps in internet access, digital skills, and opportunity. I appreciated listening to and learning from the many digital equity advocates in Massachusetts about the impact these cuts will have on their organizations and the populations they serve. I will carry their stories with me in our fight for a just digital future.”
“Everyone deserves access to the internet. It’s essential for being able to participate in our economy and utilize the resources and services that so many of us rely on,” said Massachusetts Governor Maura Healey. “It’s terrible that the Trump Administration is blocking our efforts to bring internet access to veterans, rural communities and individuals with disabilities across the state. They need to restore this funding.”
“Massachusetts is committed to empowering our most vulnerable citizens with digital skills training, devices and other resources to thrive in our digital society,” said Michael Baldino, Director of the Massachusetts Broadband Institute. “As we work to achieving universal access to reliable broadband service, we are disappointed that the federal government has stripped critical funds that are necessary for us to implement our statewide digital equity plan.”
“Through Ameelio’s work, correctional staff see how connection to the outside world betters everyone behind bars – the incarcerated people and their fellow officers alike,” said April Feng, CEO of Ameelio. “When people are connected to those who they love and those who love them, to the best parts of their lives, they have hope. And that hope will sustain them to serve their time meaningfully, go to school, find a job, build a home, and enable a future. Investing in digital equity behind the walls is not just a matter of improving conditions for incarcerated individuals — it is a public safety and economic imperative.”
Senator Markey is the House author of the E-Rate program, which has invested nearly $62 billion to connect schools and libraries to the internet across the country. Massachusetts schools and libraries have received more than $895 million from the E-Rate program and another $97 million from the Emergency Connectivity Fund, a $7 billion program that Senator Markey created within the American Rescue Plan to provide devices and connectivity for students and educators at home. -
MIL-OSI USA: Sens. Markey, Baldwin, Rep. Carter Announce Legislation to Protect Public TV Channels
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Bill Text (PDF)
Washington (June 5, 2025) – Senators Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, and Tammy Baldwin (D-Wisc.) and Representative Troy A. Carter Sr. (LA-02), member of the House Energy & Commerce Committee, today announced the introduction of the Protecting Community Television Act, legislation that would undo rulemaking from the first Trump administration’s Federal Communications Commission (FCC) that effectively limited the resources available for public, educational, and government (PEG) channels.
Under the Communications Act, cable companies negotiate franchise agreements with local governments to provide cable services in a community. The Act caps franchise fees that a cable company pays to the local government at 5% of revenue. This revenue helps fund PEG stations, as well as other community services such as public libraries and emergency responders. In addition, cable companies historically paid up to 5% cap and provided additional, in-kind support to the community, such as free cable service to schools or access to building studios. In 2019, the FCC issued a new rule that counted those in-kind contributions towards the 5% cap, meaning cable companies could reduce their cash payments by claiming the value of those services. With fewer cash resources, local governments were forced to choose between investing in PEG programming or supporting other public services. The result has been less funding for PEG stations.
“Millions of Americans rely on community television to keep up with the news that matters most to them, stay plugged into enriching, educational programming, and hold their local governments to account. But the Trump administration has forced communities across the country to pull the plug on public programming,” said Senator Markey. “At a time when news and media have become more consolidated than ever before, I am proud to partner with Senator Baldwin and Representative Carter to reintroduce the Protecting Community Television Act to uphold local access to public, education, and government channels for every household in our country.”
“I’m proud to cosponsor this bill and stand with communities that depend on local media to stay informed, connected, and heard. PEG channels are lifelines for civic engagement and public education, especially in times of crisis, and they shouldn’t be collateral damage in a corporate accounting maneuver. This legislation restores the original promise Congress made: that local governments should have the tools they need to meet community needs without being forced to choose between vital services and local voices,” said Congressman Carter.
The legislation is endorsed by Democratic Leader Schumer (D-N.Y), and Senators Richard Blumenthal (D-Conn.), Mazie Hirono (D-Hawaii), Angus King (I-Me.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Ron Wyden (D-Ore.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Chris Van Hollen (D-Md.), and Alex Padilla (D-Calif.).
The Protecting Community Television Act is endorsed by Alliance for Community Media, National Association of Counties, National Association of Telecommunications Officers and Advisors, National League of Cities, MassAccess, and Maine Community Media Association.
“The Alliance for Community Media welcomes the re-introduction of the Protecting Community Television Act and want to thank Senator Markey and Representative Carter for their support for community access television. Passage of the Act will reduce fees that drain away monetary support for local community media channels across the country. At a time when we have fewer and fewer local journalists and reliable local information sources, cities and towns need community access television more than ever, and this bill will help sustain our operations,” said Mike Wassenaar, President & CEO, Alliance for Community Media.
“Counties rely on public communications channels to disseminate local news and updates to residents in a timely manner,” said Matthew Chase, Executive Director of the National Association of Counties. “By preserving monetary support for public, educational and government channels through franchise fees, counties would ensure that essential local content remains accessible to residents. Counties thank Senators Ed Markey and Tammy Baldwin for introducing the Protecting Community Television Act and urge its swift passage”
“The Protecting Community Television Act (PCTA) is elegant legislation that seeks to protect benefits consistent with the Cable Act and cable franchising principles since 1984. In 2019, the Federal Communications Commission issued an order that undermines this ability by redefining the term “franchise fees” as used in the Cable Act and substituting its definition for that written by Congress in 1984. The Protecting Community Television Act remedies that altered meaning by protecting local public, educational and community access television so folks in communities across the country can continue to access relevant and timely local news that they rely on. Thanks to Senators Ed Markey (D-Mass.) and Tammy Baldwin (D-Wisc.) and Congressman Troy Carter (D-LA) for continuing to advocate for the PCTA, which reaffirms Congress’ original intent to protect the long-standing ability of local governments to manage public property and provide for local media through public, educational and governmental access channels (PEG Access) in cable franchise agreements,” said Mike Lynch, Legislative Director for National Association of Telecommunications Officers and Advisors. -
MIL-OSI USA: Fischer Introduces Legislation to Secure America’s Satellite Systems
US Senate News:
Source: United States Senator for Nebraska Deb Fischer
Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee and Chair of the Telecommunications and Media Subcommittee, introduced the bipartisan Secure Space Act of 2025. The legislation aims to strengthen America’s national security by preventing foreign adversaries from accessing and compromising America’s satellite systems.
U.S. Senator Ben Ray Luján (D-N.M.) is co-leading the bill with Fischer. Companion legislation – sponsored by House Energy & Commerce Committee Ranking Member Frank Pallone (D-N.J.) and Chairman Brett Guthrie (R-Ky.) – passed the U.S. House on April 28, 2025.“Americans rely on crucial communications services provided by our satellite systems now more than ever. That’s why we must prevent foreign adversaries like Communist China and Russia from undermining our ability to utilize these services safely and reliably. My bill strengthens our communications infrastructure against these vulnerabilities to make Americans’ network access more secure,” said Fischer.
“As satellite technology continues to advance, so do the threats to our national security. The Secure Space Act blocks satellite licenses for untrusted entities and protects our skies from foreign adversaries. This bill would help protect U.S. innovation and defend our communications networks from foreign entities that seek to hijack our future,” said Luján. Background:
The Secure Space Act of 2025 prohibits the Federal Communications Commission (FCC) from granting satellite licenses or U.S. market access for foreign-licensed satellite systems to any entity or its affiliates that produce or provide communications equipment or services deemed a national security risk.
It amends the Secure and Trusted Communications Networks Act of 2019 to extend this prohibition to both geostationary and non-geostationary orbit satellite systems and includes gateway stations within its scope. It applies to new licenses and authorizations issued after the bill’s enactment and requires the FCC to establish implementing regulations within one year.
Click here to read text of the bill. -
MIL-OSI: Lendmark Financial Services Unveils its Strategic Growth Plan for Florida
Source: GlobeNewswire (MIL-OSI)
LAWRENCEVILLE, Ga., June 05, 2025 (GLOBE NEWSWIRE) — Lendmark Financial Services (Lendmark), a leading provider of personalized loan solutions, today announced plans to expand its retail branch footprint across North and Central Florida. Beginning with the debut of its Ocala branch last week, the company plans to add more than 10 branch locations in or around Gainesville, Jacksonville, Orlando, Tallahassee, and Tampa. In tandem, the lender will also expand its other financing solutions, providing loans for customers of small, independent automobile dealerships and retail businesses.
Celebrating 29 years in business this August, Lendmark has opened more than 200 branches in the past five years alone, resulting from strategically intentional growth coast-to-coast. The company continues to expand into new regions, most recently Wisconsin, with a branch portfolio of more than 520 locations across 22 states.
Lendmark plans to add approximately 25 more branches to its overall portfolio in 2025. Though data-driven site selection, disciplined execution and planful acquisitions are contributing factors, the company’s growth strategy truly begins with putting people first.
“We’re ready to rise and shine – like only Lendmark can – as we bring our first-rate service excellence to communities across the Sunshine State to meet the financial needs of more Floridians,” said Bret Hyler, President and Chief Operating Officer of Lendmark. “We believe the Lendmark experience is underpinned by the level of empathy and trust our loan consultants build with customers in each branch, growing into genuine relationships that, in many cases, last beyond the life of the loan.”
With two existing branches in the Brandon and Orlando markets, Lendmark is primed to welcome thousands of Florida customers to its planned branch openings over the next three-to-five years, starting with Ocala and then its St. Augustine location later this summer.
Better Together: Florida Growth Driven by Relationship-based Approach
Lendmark’s approach to lending begins with the fundamental premise that lending solutions should be in the best interest of the customer and the lender. This helps drive a satisfactory loan experience and positive customer outcome. The company remains laser-focused on creating a differentiated customer experience that fosters deep relationships with individual customers, business partners, and the local community at large.
“What sets Lendmark apart is the way that we connect with and care for each customer who walks through our doors. This is a business where our local branch, retail and auto sales teams know you by name and greet you with a warm ‘hello’ at every interaction,” continued Hyler. “We take time to meet the communities we’ll be serving before we move in, and we’re excited to support new customers across Florida, including small businesses and individuals.”
Lendmark loans are used to purchase local goods and services, such as car and home repairs, personal care, debt consolidation, household goods, and more. With every loan solution offered, the company ensures that its customers have simple and affordable fixed terms, and a payment that works within their household budget.
As part of the loan experience, the company also offers a curated selection of credit and insurance ancillary products to customers. These optional products, such as Involuntary Unemployment Insurance (IUI), are intended to help cover unplanned life events, like the unexpected loss of a job, that could occur during the life of the loan. These consumer-driven choices help protect the borrower’s credit profile so that the loan associated with their unplanned life event does not negatively impact their credit history.
Lendmark Serves: Doing Good by Giving Back
Giving back to the people and places Lendmark serves is at its core. Each year, employees around the country support dozens of causes in the communities where they live and work, participating in local volunteer activities and championing Lendmark’s signature philanthropic initiative,‘Climb to Cure,’ which kicked off in 2015.
The company will raise over $10 million by August 31, 2025 to mark its 10-year anniversary partnering with CURE Childhood Cancer, an Atlanta-based nonprofit dedicated to funding lifesaving pediatric cancer research that is utilized nationwide.
So far, Lendmark’s employees, partners and customers have rallied together to raise $8.83 million, all of which directly supports CURE in its fight to conquer childhood cancer while caring for recently diagnosed patients and their families.
About Lendmark Financial Services
Lendmark Financial Services (Lendmark) provides personal and household credit and loan solutions for consumers. Founded in 1996, Lendmark strives to be the lender, employer, and partner of choice by helping consumers meet both planned and unplanned life events through affordable loan offerings.
Lendmark currently operates more than 520 branches in 22 states across the country, providing personalized services to customers and retail business partners with every transaction. Lendmark is headquartered in Lawrenceville, Ga.
For more information, visit www.lendmarkfinancial.com.
Media Contacts Lisa Burby
Vice President, Corporate Communications
lburby@lendmarkfinancial.com
678-913-1720Jeff Hamilton
Senior Manager, Corporate Communications
jhamilton@lendmarkfinancial.com
678-625-3128