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Category: Business

  • MIL-OSI USA: Tillis, Colleagues Introduce Bipartisan Legislation to Modernize Investor Disclosure

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis

    WASHINGTON, D.C. – Senators Thom Tillis (R-NC), John Hickenlooper (D-CO), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI) and Katie Britt (R-AL) recently introduced the Improving Disclosure for Investors Act of 2025, bipartisan legislation requiring the Securities and Exchange Commission (SEC) to propose rules allowing for the default electronic delivery of regulatory documents to investors. 

    “U.S capital markets have embraced the digital age and rely on far less paper now than they did 25 years ago, and it is past time that we bring disclosure requirements into the 21st century,” said Senator Tillis. “Nearly 80% of surveyed Americans already utilize electronic delivery and this commonsense legislation will heighten efficiency and cut down on unwanted paper while still preserving investors’ ability to receive printed hard copies if they wish.”  

    “Today’s economy runs in the digital age, and we need to catch up,” said Senator Hickenlooper. “Cutting red tape is as simple as going paperless.” 

    “As business and industry modernize, the SEC must allow financial firms to do the same,” said Senator Budd. “Making E-Delivery the default for firms and their clients will enhance security and cut unnecessary red tape. I am proud to work alongside Senator Tillis and my colleagues to ensure investors can efficiently access to their information without experiencing delays caused by outdated paper systems.”

    “As our capital markets have evolved and digitized, investor communications must adapt,” said Senator Britt. “This commonsense legislation would allow for more efficient and convenient access to financial information for investors who already overwhelmingly choose electronic delivery to receive these disclosure documents. This legislation saves time and resources and reduces unnecessary costs for both financial firms and consumers.”

    “The time is overdue to make electronic delivery the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. Survey results show that a large majority of retail investors, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Senators John Hickenlooper (D-CO), Thom Tillis (R-NC), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI), and Katie Britt (R-AL) for introducing The Improving Disclosure for Investors Act. This important bipartisan legislation is the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.”- Securities Industry and Financial Markets Association (SIFMA)

    “The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans,” said ICI CEO and President Eric J. Pan. “This is a big step forward in modernizing information delivery, while allowing those that prefer to receive paper statements to continue to do so. ICI applauds Senators Hickenlooper, Tillis, Shaheen, Rounds, Peters, Budd, and Britt for furthering this important legislation in the interest of investors. Their leadership in enhancing the retail investment experience will make US capital markets even stronger. We urge the swift passage of this legislation.”

    “Fidelity Investments applauds Senators Thom Tillis and John Hickenlooper for the bipartisan re-introduction of the Improving Disclosure for Investors Act, which directs the SEC to make electronic delivery (eDelivery) the primary way to receive disclosures, with significant investor protections in the transition. eDelivery has been shown to be a more secure, effective, and timely way to receive critical investment information. We look forward to continuing to work with Congress and the SEC to advance this commonsense reform.” – Fidelity Investments 

    “Charles Schwab commends Senators Tillis and Hickenlooper for their efforts in crafting this legislation, which would require the SEC to promulgate rules to default to the e-delivery of regulatory documents required under the securities laws, while still allowing those who prefer to receive documents in paper form. Default e-delivery is long-overdue, as a large majority of investors prefer the speed and convenience of receiving documents electronically. E-delivery allows Schwab to deliver our products at lower cost, avoids waste, and is environmentally friendly. Schwab looks forward to working with these Senators and their colleagues to move this important legislation forward.” – Charles Schwab 

    “LPL Financial supports the Improving Disclosure for Investors Act of 2025, introduced by Senators Tillis, Hickenlooper, Rounds, Shaheen, Budd, Peters, Britt. The benefits of e-delivery have been well documented. Disclosures can be available on demand, interactive, and easier to navigate. Reducing paper helps the environment. The visually impaired and savers whose first language is not English can benefit from features of digital communications, including translation options. And for those who want paper delivery, the ability to receive one at any point assures continued access. We applaud the Senators for introducing this bill and look forward to working with lawmakers to enact this bipartisan legislation.” – LPL Financial

    “Environmental Paper Network commends this bipartisan effort to reduce waste and improve efficiency while preserving consumer choice. Mandated paper delivery of investor documents results in over 830 million printed pages each year, consuming 101,000 trees and producing emissions equal to nearly 7,000 cars. The Improving Disclosure for Investors Act updates outdated rules by making electronic delivery the default. Most investors prefer faster, more convenient digital access. This common-sense shift will cut costs and environmental harm while still allowing anyone to opt for paper.” – Environmental Paper Network 

    Background: 

    The SEC currently permits electronic delivery of certain documents, subject to requirements that a registrant provides notice that the information is available electronically, the investor has adequate access to such information, and the registrant either obtains evidence to show actual delivery or obtains informed consent from the investor (“opt-in” requirement). The SEC has not comprehensively updated this framework in over 20 years. This legislation requires the SEC establish a means for investment disclosure documents to be delivered electronically by default, while still providing a clear pathway for investors to opt out of electronic delivery and revert to paper documents at any time.  

    Full text of the bill is available HERE.

     

    MIL OSI USA News –

  • MIL-OSI Security: California Man Sentenced to 12 Months and One Day for Federal Cares Act Fraud

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that NIPUN DESAI (“DESAI”), formerly of Hammond, La., but now a California resident, age 56, was sentenced to 12 months plus one day by U.S. District Judge Wendy B. Vitter for making false statements related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic.  The two primary sources of funding for small businesses were the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program.

    According to court records, on or about January 25, 2021, DESAI made false statements to an approved lender in order to obtain an SBA backed PPP loan in the amount of $146,947.50 for a hotel in Metairie, LA.  At the time of the loan application, DESAI’s hotel was permanently closed and had no employees or payroll.

    In addition to incarceration, which is to be divided between time in the Bureau of Prisons and home incarceration, DESAI was sentenced to 2 years of supervised release.  He was also ordered to repay the SBA approximately $234,000 and the Louisiana Workforce Commission $26,000.  He also paid a mandatory special assessment fee of $100 and a fine of $25,000.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    As part of the Pandemic Response Accountability Committee (PRAC) Task Force, this investigation was conducted by U.S. Department of Veterans Affairs – Office of Inspector General. The PRAC was established to promote transparency and facilitate coordinated oversight of the federal government’s COVID-19 pandemic response.  The PRAC’s 20 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, including spending via the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program.  This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.

    Acting U.S. Attorney Simpson praised the work of the U.S. Department of Veterans Affairs – Office of Inspector General, the Department of Labor – Office of Inspector General, and the U.S. Bankruptcy Trustee’s Office (Region 5) in investigating this matter.  Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI: TC Energy provides conversion right and dividend rate notice for Series 3 and 4 preferred shares

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 02, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) today announced that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 3 (Series 3 Shares) and Cumulative Redeemable First Preferred Shares, Series 4 (Series 4 Shares) on June 30, 2025. As a result, subject to certain conditions:

    (a) the holders of Series 3 Shares have the right to choose one of the following options with regard to their shares:

    1. to retain any or all of their Series 3 Shares and continue to receive a fixed rate quarterly dividend; or
    2. to convert, on a one-for-one basis, any or all of their Series 3 Shares into Series 4 Shares and receive a floating rate quarterly dividend, and

    (b) the holders of Series 4 Shares have the right to choose one of the following options with regard to their shares:

    1. to retain any or all of their Series 4 Shares and continue to receive a floating rate quarterly dividend; or
    2. to convert, on a one-for-one basis, any or all of their Series 4 Shares into Series 3 Shares and receive a fixed rate quarterly dividend.

    Should a holder of Series 3 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to Series 3 Shares of 4.102 per cent for the five-year period commencing June 30, 2025 to, but excluding, July 2, 2030. Should a holder of Series 3 Shares choose to convert their shares to Series 4 Shares, holders of Series 4 Shares will receive the floating quarterly dividend rate applicable to the Series 4 Shares of 3.924 per cent for the three-month period commencing June 30, 2025 to, but excluding, Sept. 29, 2025. The floating dividend rate will be reset every quarter.

    Should a holder of Series 4 Shares choose to retain their shares, such shareholders will receive the floating quarterly dividend rate applicable to Series 4 Shares of 3.924 per cent for the three-month period commencing June 30, 2025 to, but excluding, Sept. 29, 2025. The floating dividend rate will be reset every quarter. Should a holder of Series 4 Shares choose to convert their shares to Series 3 Shares, holders of Series 3 Shares will receive the new fixed quarterly dividend rate applicable to the Series 3 Shares of 4.102 per cent for the five-year period commencing June 30, 2025 to, but excluding, July 2, 2030.

    Beneficial owners of Series 3 Shares and Series 4 Shares who want to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5 p.m. (EST) on June 16, 2025. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee with time to complete the necessary steps.

    Beneficial owners of Series 3 or Series 4 Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their respective Series 3 Shares or Series 4 Shares, as applicable, and receive the new dividend rate applicable to such shares, subject to the conditions stated below.

    The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 3 Shares outstanding after June 30, 2025, then all remaining Series 3 Shares will automatically be converted into Series 4 Shares on a one-for-one basis on June 30, 2025, and (ii) if TC Energy determines that there would be less than one million Series 4 Shares outstanding after June 30, 2025, then all of the remaining outstanding Series 4 Shares will automatically be converted into Series 3 Shares on a one-for-one basis on June 30, 2025. In either case, TC Energy will issue a news release to that effect no later than June 23, 2025.

    Holders of Series 3 Shares and Series 4 Shares will have the opportunity to convert their shares again on July 2, 2030 (adjusted from June 30, 2030 to account for applicable business days) and on June 30 in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 3 Shares and the Series 4 Shares, please see the prospectus supplement dated March 4, 2010 which is available on sedarplus.ca or on our website.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/55e8d9aa-7d04-46ae-9653-a4cbb657df40

    The MIL Network –

  • MIL-OSI: Angus Gold Reminds Shareholders of Upcoming Special Meeting and Provides Additional Disclosure Regarding Shareholder Approval Requirements

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 02, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) reminds shareholders of its upcoming special meeting (the “Special Meeting”) to vote on the proposed arrangement transaction (the “Arrangement”) with Wesdome Gold Mines Ltd. (“Wesdome”), announced on April 7, 2025 and to be held on June 19, 2025. Shareholders must submit proxies by 5:00 p.m. (Toronto time) on June 17, 2025. Angus encourages all shareholders to vote as soon as possible.

    Following a review of the Company’s information circular dated May 7, 2025 (the “Circular”) by the Ontario Securities Commission (“OSC”), Angus is also providing additional disclosure regarding the shareholder approval requirements under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). At the date of the Arrangement agreement and as of the record date of May 7, 2025 (the “Record Date”), Wesdome owned 6,300,000 common shares of Angus, representing 10.4% of the outstanding shares. As a result, Wesdome is a “related party” under MI 61-101, and, as noted in the Circular, the Arrangement constitutes a “business combination.” Accordingly, in addition to the 66 2/3% shareholder approval required under corporate law, the Arrangement requires “minority approval”—meaning approval by a majority of votes cast at the Special Meeting, excluding shares held by interested parties and related parties (each as defined under MI 61-101.

    All 6,300,000 Angus common shares held by Wesdome will be excluded from minority approval given it is a related party to the Company. In addition, as disclosed in the Circular, Patrick Langlois and Dennis Peterson, who collectively hold 5,375,000 Angus common shares, are considered interested parties under MI 61-101, and their Angus shares will therefore be excluded from the minority approval vote. Each of the members of the Angus special committee and board of directors were aware of, and received advice with respect to, the application of MI 61-101 to the Arrangement in light of Wesdome’s related party status.

    As of the Record Date, 60,331,050 Angus common shares were outstanding. Shareholders holding approximately 36.5% of these common shares have entered into voting support agreements in favour of the Arrangement, representing approximately 34.3% of the common shares eligible to vote for purposes of minority approval under MI 61-101.

    The OSC also requested clarification of a reference to the mix of cash and share consideration in the “Background to the Arrangement” section of the Circular. During negotiations, Wesdome proposed that Angus shareholders receive a mix of cash and Wesdome shares instead of all Wesdome shares. After a thorough review by the special committee and its independent legal and financial advisors, the special committee recommended—and the Angus board agreed—that this mixed‐consideration approach would provide greater certainty of value while still allowing shareholders to benefit from any upside in Wesdome’s share price. As the definitive agreements progressed, the parties agreed to finalize the exact cash and share mix, with the price and exchange ratio fixed on April 5, 2025.

    About Angus Gold:

    Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”). 

    On behalf of Angus Gold Inc.,

    Breanne Beh
    President and Chief Executive Officer

    INQUIRIES:
    Lindsay Dunlop, Vice President Investor Relations
    Email: info@angusgold.com
    Phone: 647-259-1790
    Company Website: www.angusgold.com

    TSXV: GUS | USOTC: ANGVF

    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.

    Forward-Looking Statements

    This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

    Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: (i) expectations regarding whether the proposed Arrangement will be consummated, including whether conditions to the consummation of the Arrangement will be satisfied, or the timing for completing the Transaction, (ii) expectations for the effects of the Arrangement or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) the potential benefits and synergies of the Arrangement, and (iv) expectations for other economic, business, and/or competitive factors.

    Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled “Cautionary Note Regarding Forward Looking Information” and “Risks and Uncertainties” in the Company’s most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company’s website.

    The MIL Network –

  • MIL-OSI: Petrus Resources Declares Monthly Dividend for June 2025

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 02, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable June 30, 2025, to shareholders of record on June 16, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Dividend Reinvestment Plan (“DRIP”)
    Petrus’ DRIP enables eligible shareholders to reinvest all or part of their cash dividends into additional common shares of the Company. Participation in the DRIP is optional. Eligible shareholders who elect to reinvest their cash dividends under the DRIP will receive common shares issued from treasury at a discount of 3% from the market price of the common shares.

    To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Odyssey Trust Company (“Odyssey”) before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Beneficial shareholders who wish to participate in the DRIP should contact their broker or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions. Participation by shareholders that are not resident in Canada may be restricted.

    A complete copy of the DRIP is available on the Company’s website at www.petrusresources.com and on Odyssey’s website at https://odysseytrust.com/faq/. A copy of the enrollment form for use by registered shareholders is available on Odyssey’s website at https://odysseytrust.com/faq/. For further information regarding the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    The MIL Network –

  • MIL-Evening Report: Tax concessions on super need a rethink. These proposals would bring much needed reform

    Source: The Conversation (Au and NZ) – By Chris Murphy, Visiting Fellow, Economics (modelling), Australian National University

    fizkes/Shutterstock

    The federal government has proposed an additional tax of 15% on the earnings made on super balances of over A$3 million, the so-called Division 296 tax. This has set off a highly politicised debate that has often shed more heat than light.

    Yet back in 2009, the wide-ranging Henry Review of the tax system cogently identified the three main problems with the super tax system and recommended reforms to fix them. The Henry Review recommendations, after some updating, are a better, more comprehensive solution than the controversial Division 296 tax.

    The three problems are:

    1. tax concessions for contributions are heavily skewed to high income earners

    2. with an ageing population, it is unsustainable to keep the retirement phase tax-free

    3. the system is so complex that most people do not fully understand it.

    It is critical to properly address these problems with how super is taxed because Australians now have a massive $4.1 trillion in superannuation savings.

    Let us look at the main Henry Review recommendations and then see how the proposed Division 296 tax stacks up. Unlike some super tax systems, our system does not tax super pension payments, so the two key issues are how we tax contributions and earnings.

    Tax concessions are skewed to high income earners

    Employers pay workers in two ways.

    First, they directly pay a cash salary that is taxed under a progressive income tax scale. The effective marginal tax rates, including the Medicare levy, rise in steps with income from 18% through to 32% (for the average wage earner), 39% and 47%.

    Second, employers pay a contribution on workers’ behalf into their superannuation fund. From July 1, under the superannuation guarantee charge (SGC), this contribution will rise to 12% of cash salary. The contribution is taxed at a flat 15% when it is made into a fund, regardless of what income tax bracket the worker is in.

    The way contributions are taxed is a massive concession for high income earners. They pay 47% tax on additional cash salary – but only 15% on their super contributions. In contrast, low income earners receive a tiny concession because the contributions tax rate of 15% is only just below their usual effective marginal tax rate of 18%.

    The Henry Review recommended that instead, everyone should receive the same rate of tax concession as the average wage earner. This is how that idea would work today.

    First, super contributions would be taxed in the hands of employees alongside their cash salary, rather than this tax being deducted by the super fund as is currently the case. Second, everyone would receive the same tax offset calculated as 17% of their contributions as their super tax concession.

    One side effect of this Henry recommendation is that the average wage earner would now be paying the 15% contributions tax out of their own pocket, instead of the super fund paying this tax on the member’s behalf.

    However, this loss of cash income can be avoided by tweaking the Henry recommendation.

    Under my modified recommendation, the superannuation guarantee rate would be reduced to 10%, employers would be encouraged to fully pass on their savings from this by increasing wages by 1.8%, and the tax offset rate would be lifted to 20%. These policy settings would maintain both cash incomes and super balances for the average wage earner.

    Pension mode should not be tax-free with an ageing population

    In accumulation mode, the current system taxes fund earnings at 15%, with a lower effective rate of 10% on capital gains. However, after you retire and your account changes from accumulation mode to pension mode, the tax on earnings stops and your pension benefits are also tax-free.

    The Henry Review recommended that earnings should continue to be taxed in pension mode in the same way as in accumulation mode. That way, retirees make a contribution to income tax revenue, which is important with an ageing population. A uniform earnings tax would also simplify what is an overly complex super tax system.

    The Henry Review also recommended the earnings tax rate be reduced to 7.5% because long-term saving through superannuation is desirable. However, that proposal is probably unaffordable today because of the budget deficit.

    The proposed change is just a patch-up job

    The proposed Division 296 tax further complicates the tax system by introducing a third tax treatment for earnings, whereas the Henry Review simplifies the system with a uniform earnings tax. The complexities of Division 296 can be seen from the 304-page explanatory memorandum.

    The new tax also raises less revenue than the Henry Review recommendations yet we are experiencing a structural budget deficit. The new tax is more open to avoidance than the Henry recommendations. The new tax also does nothing to address the problem that tax concessions for contributions are heavily skewed to high income earners.

    Taxing unrealised capital gains under the new tax may cause financial hardship for some retirees who are asset rich but income poor. The $3 million threshold for the new tax is not indexed, unlike all of the other super tax system thresholds.

    Overall, the proposed Division 296 tax is best seen as a rough attempt to counteract past policy errors that allowed excessive contributions into super.

    The federal government should first address the main problems with the super tax system by implementing the Henry Review recommendations, suitably updated. Then, a considerably reworked Division 296 tax could potentially play a useful supporting role.



    Read more:
    New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement

    Chris Murphy 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. Tax concessions on super need a rethink. These proposals would bring much needed reform – https://theconversation.com/tax-concessions-on-super-need-a-rethink-these-proposals-would-bring-much-needed-reform-257716

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Trump’s steel tariffs are unlikely to have a big impact on Australia. But we could be hurt by what happens globally

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    Shestakov Dymytro/Shutterstock

    Just one day after the US Court of Appeals temporarily reinstated the Trump Administration’s Liberation Day tariffs of between 10% and 50% on nearly every country in the world, Trump announced tariffs on all US imports of steel and aluminium will increase from 25% to 50%.

    He told the rally of steel workers in Pennsylvania the increase would come into effect Wednesday US time.

    Trump said the increase “will even further secure the steel industry in the United States.” But Australia’s trade and tourism minister, Don Farrell, called them “unjustified and not the act of a friend” and “an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade.”

    There was hope Australia would obtain an exemption from the original tariffs introduced in February. But it now seems clear Trump is intent on applying the tariffs across the board. And, unlike the Liberation Day tariffs, these are unlikely to face significant legal challenges.

    So, how will the steel tariffs affect Australians? To understand this, it is important to understand how it will affect the US and its other trading partners.

    The direct effect will be small

    As with the original 25% tariffs, the direct effect on Australian steel and aluminium producers will not be profound.

    Only about 10% of Australia’s steel and aluminium exports, and less than 1% of its overall production, goes to the US. Australia’s own BlueScope Steel’s North Star mill in Ohio is actually set to benefit from the tariffs.

    But most Australians will feel the effects of the tariffs through the indirect effects on US manufacturing and America’s trading partners.

    Impact on the US

    We know a lot about how US manufacturing will be affected because this has all happened before. In 2002, George W. Bush imposed tariffs of 8%-30% on steel products, before withdrawing them less than two years later. And Trump imposed tariffs of 25% on steel and 10% on aluminium in his first term.

    Research has shown the tariffs did slightly increase US metal production but at great cost. In addition to increasing prices for US consumers, as tariffs typically do, the Bush steel tariffs reduced overall employment, as manufacturers that use steel as an input laid off workers or went out of business.

    Further, while these tariffs were only in place for a short time, the affected US industries took years to recover, and many never have.

    The same thing happened with the tariffs from Trump’s first term, where any gains in steel and aluminium production were more than offset by losses in metal-consuming industries.

    For Australians, this means many products we buy from the US are going to get more expensive. This includes vehicles and aircraft as well as machinery and medical equipment used by Australian producers. And if the past is a guide, many products will simply become unavailable.

    Effects on trading partners

    While Australia does not export large amounts of steel and aluminium to US, other countries do. The higher tariffs will further depress the Canadian and Mexican metals industries, which can affect Australian industry in several ways.

    First, if North American consumers are buying less of everything, that reduces demand for Australia’s exports, both directly and indirectly as the reduced spending makes is way down the supply chain.

    Australia exports very little steel to the US so is less likely to be hurt by the direct impact of the tariffs.
    IndustryViews/Shutterstock

    Second, the affected metals manufacturers will look for other markets for their products. Canada is not likely to flood Australia with cheap aluminium, but it may, for example, displace some of our exports to South Korea. And this is happening as the OECD is warning of excess steel capacity, driven in part by China’s outsized steel subsidies.

    But this is not all bad news for Australians. While local steel and aluminium producers will suffer from the diversion of supply from the US, a temporary fall in prices would offer some relief after the post-pandemic rise in building and infrastructure costs.

    Retaliatory tariffs

    On top of all these effects are the effects of retaliatory tariffs by other countries, as the EU has already threatened. Like the US tariffs, these tariffs will make consumers on both sides poorer, reducing demand for Australian exports. But they will open new markets as well. For example, China’s retaliatory tariffs on US almonds have caused a boom in Australian exports.

    The big question for Australia is how this will affect the price of iron ore, by far our largest export. So far, we have not seen major price swings. But if the latest salvo in Trump’s trade war causes the global economy to slow significantly, or if China backs off its steel subsidies, this could change.

    State of uncertainty

    And perhaps the most significant impact of the latest change in US tariff policy is the effect of ongoing uncertainty over US and global trade policy. Trade policy uncertainty reduces international trade flows and chills business investment.

    Whether a business is considering a venture dependent on an input that will be affected by tariffs or, like BlueScope’s Ohio steel mill, might stand to benefit from US tariffs, the uncertainty over what the policy will be tomorrow, let alone five years from now, will make any company hesitant to commit major funds.

    A case in point is Whyalla Steelworks, which has received a $2.4 billion rescue package and is currently in administration and seeking a buyer.

    With Donald Trump able to upend the global steel industry again at any moment, buyers will be thinking twice before investing billions of dollars, which is bad news for nearly everyone, not least of which the residents of Whyalla, who await the fate of a major local employer.

    Scott French 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. Trump’s steel tariffs are unlikely to have a big impact on Australia. But we could be hurt by what happens globally – https://theconversation.com/trumps-steel-tariffs-are-unlikely-to-have-a-big-impact-on-australia-but-we-could-be-hurt-by-what-happens-globally-257959

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Is the private hospital system collapsing? Here’s what the sector’s financial instability means for you

    Source: The Conversation (Au and NZ) – By Yuting Zhang, Professor of Health Economics, The University of Melbourne

    lightpoet/Shutterstock

    Toowong Private Hospital in Brisbane is the latest hospital to succumb to financial pressures and will close its doors next week. The industry association attributes the psychiatric hospital’s closure to insufficient payments from and delayed funding negotiations with private insurers.

    Meanwhile, the future of Australia’s second-largest provide hospital provider, Healthscope, remains uncertain, after its parent company went into receivership last week.

    Healthscope’s 37 private hospitals are being kept afloat with a A$100 million loan and will continue to operate for now. But the hospitals will be sold to repay lenders, so their future depends on who buys and what the new owners decide to do.

    Across the board, private hospitals are struggling with soaring costs for staff and supplies, while private health insurance isn’t paying enough to cover these expenses.

    These underlying issues will not disappear magically. More private hospitals will face similar financial troubles and some will be forced to close. But we’re unlikely to see the collapse of the entire private sector.

    A mix of public and private

    Australia operates a unique public-private health-care mix, with around 700 public and 647 private hospitals.

    Public hospitals are largely government-owned and provide free care, funded by taxes. Private hospitals are owned and managed by private organisations, some of which are non-profit.

    The private health-care sector plays a large role in Australia, providing 41% of all hospitalisations, however 74% are same-day stays.

    Private hospitals are often smaller than public hospitals, without emergency departments, focusing on simpler, same-day care, and are more likely in cities. Some 83% of private hospitals are in metropolitan, 9% in regional centres and 8% in rural towns.

    In contrast, 27% of public hospitals are in the major cities, 57% in regional areas and 16% in remote areas.

    The role of private health insurance

    Access to private hospitals requires private health insurance.

    In 2022-23, the total A$21.5 billion was spent on private hospitals. Private health insurance covered about 45% ($9.7 billion), which comes from members’ premiums. Patients contributed 11% ($2.4 billion) in out-of-pocket costs.

    The government contributed a substantial 37% ($8 billion) mainly through Medicare. This is separate from the additional $8 billion the government provides annually as rebates to individuals for buying private health insurance.

    The majority of private hospitals are in metro areas.
    Ground Picture/Shutterstock

    A key issue is this rebate money doesn’t directly flow to private hospitals, leaving them vulnerable in negotiations with insurers, as we saw with Toowong Private Hospital.

    Evidence suggests these rebates might not be the most effective government investment. Experts, including me, have argued for direct funding into hospitals instead.

    So, as more private hospitals face troubles, what does this mean?

    Less choice and access for patients

    Patients will experience less choice and potentially harder access for specific types of care.

    In larger metropolitan areas with numerous private and public hospitals (including private wings in public hospitals), patients might switch to other private facilities or seek care as private patients in public hospitals.

    However, in smaller or rural areas with limited or no other private hospitals, choice diminishes significantly. In this case, you will need to reconsider whether you need to buy private health insurance.

    Currently, people earning over $97,000 (or families over $194,000 face an additional Medicare Levy Surcharge if they don’t hold private health insurance.

    This policy is not fair to those who have no access to private hospitals and should be changed.



    Read more:
    Who really benefits from private health insurance rebates? Not people who need cover the most

    While there might be slightly longer waits in the short-term for elective surgeries due to shifting patient loads, our analysis suggests this won’t be a major long-term problem. The primary constraint for wait times is often personnel, not facilities.

    If private hospitals close, doctors and nurses could potentially shift to public hospitals, helping to alleviate staffing shortages and reduce overall wait times.

    Impacts for the public system

    The impact on public emergency departments will be minimal, as most private hospitals lack them.

    Many private hospital admissions are same-day and for simpler procedures. So public hospitals and remaining private hospitals (that are not operating at full bed capacity) should be able to absorb this extra demand in the long run, if they can attract more staff previously employed (or even facilities) in the closing private hospitals.

    These hospitals will also receive additional revenue for these additional procedures.

    Public hospitals should be able to absorb the extra demand.
    Shutterstock

    Consequently, the effect on public hospital wait times for most conditions should not be substantial.

    However, some complex, long-stay, or specific mental health cases (such as those from Toowong) may be hard to absorb without additional supply of specialists and funding.

    What about health budgets?

    In areas where patients are absorbed into existing public hospital capacity or other private facilities, the direct impact on the health budget would be minimal.

    With more patients, the remaining private hospitals may gain more power to negotiate better funding contracts with insurance companies and achieve better supplier costs through economies of scale.

    In areas where private hospitals (or public hospitals offering private care) cease to be viable, and people drop their private health insurance cover to use public hospitals, the government would pay more directly into public hospitals. However, this increased cost would be partially offset by reduced expenditure on private health insurance rebates.

    Patients would also save money on premiums and out-of-pocket costs in private hospitals, though they would lose the choice of private care.

    Ultimately, where a private model isn’t financially sustainable, the government or taxpayers often end up bearing the cost anyway.

    Investing more directly in public hospitals in these areas, rather than relying on inefficient rebates, could be a more effective solution.



    Read more:
    Does private health insurance cut public hospital waiting lists? We found it barely makes a dent

    Yuting Zhang has received funding from the Australian Research Council (future fellowship project ID FT200100630), Department of Veterans’ Affairs, the Victorian Department of Health, National Health and Medical Research Council and Eastern Melbourne Primary Health Network. In the past, Professor Zhang has received funding from several US institutes including the US National Institutes of Health, Commonwealth fund, Agency for Healthcare Research and Quality, and Robert Wood Johnson Foundation. She has not received funding from for-profit industry including the private health insurance industry.

    – ref. Is the private hospital system collapsing? Here’s what the sector’s financial instability means for you – https://theconversation.com/is-the-private-hospital-system-collapsing-heres-what-the-sectors-financial-instability-means-for-you-257886

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Lee Calls for Transparency on Big Corporate Landlords Buying Up Nevada Homes and Jacking Up Prices

    Source: United States House of Representatives – Congresswoman Susie Lee (NV-03)

    WASHINGTON – Today, Congresswoman Susie Lee (NV-03) sent a letter to Federal Housing Finance Agency Director Bill Pulte calling for transparency on out-of-state big corporations and landlords buying up foreclosed Nevada homes, outbidding working families, and jacking up prices for homebuyers. 

    It’s estimated that 15% of the single-family homes in Las Vegas are owned by corporate investors and these massive corporations are trading homes like stocks. Recent local reporting has uncovered that New York-based hedge fund Pretium Partners is most likely the single largest homeowner in Clark County. Pretium-owned Progress Residential, a homes-for-rent management company, owns at least 3,190 homes in the county as of the end of February.  

    Lee is a cosponsor of the HOME Act to make it illegal to rent or sell a unit at an unreasonable price during a crisis. It also directs the Department of Housing and Urban Development to investigate price manipulation and price gouging by these cash-rich investors. The funds collected from fining these bad actors will go toward the National Housing Trust Fund to increase affordable housing nationwide. 

    Nevada is estimated to be over 78,000 units short of affordable units, with the Las Vegas area accounting for over 60,000 units. Las Vegas only has about 14 units for every 100 homes needed. 

    “I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners,” wrote Congresswoman Lee. 

    Lee continued, “In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight.” 

    Full text of the letter can be found here and below:  

     

    June 2, 2025

    The Honorable William J. Pulte 

    Director 

    Federal Housing Finance Agency 

    400 7th Street SW  

    Washington, D.C. 20219  

     

    Dear Director Pulte, 

    I am writing to seek information about recent foreclosure activities and post-foreclosure dispositions in Nevada. Specifically, I am interested in understanding how many properties have been foreclosed upon in Nevada in the past 24 months. I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners.  

    As you know, Nevada faces a housing crisis which has made homeownership increasingly unattainable for many in our communities. As the supply of available homes and units continues to lag behind demand, corporate landlords and cash rich investors, many of which are based outside of Nevada, outbid working families for available homes and further jack up prices. Currently, as many as 15% of single-family homes in Las Vegas are owned by these investors and studies suggest that corporate entities could own up to 40% of homes nationwide by 2030.  

    In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight. As such, I request further detail regarding the disposition process following foreclosure, and ask you to provide answers to the following questions:  

    1. For properties that have been foreclosed in the last 24 months, does FHFA have information regarding properties that are being auctioned or sold “at the courthouse steps” to third party buyers in their respective jurisdictions, as well as how many REO properties have been processed?
    2. Does FHFA have a means of tracking in-state and out-of-state third parties that participate in this process?
    3. As it pertains to the established First Look period, can you share additional details regarding properties that are excluded from this period, including how often properties are not subject to the First Look period and who buys those properties? 
    4. What additional protections does FHFA enforce, either for REO properties or otherwise, to protect local homebuyers in this process?  

     

    This information is crucial to helping better understand current housing trends in Nevada and to address any potential impacts on local housing availability and affordability. Ensuring as many homes as possible are available for Nevada homeowners is a top priority and I appreciate your partnership in promoting transparency in this process.  

    Thank you for your time and attention to this matter. I look forward to receiving any data or insights you can share, as well as any relevant procedures or policies that might guide the disposition of foreclosed properties. If you have any questions, please reach out to my office.  

     

    Sincerely, 

    Susie Lee 

    Member of Congress 

    # # #

    MIL OSI USA News –

  • MIL-OSI: Guggenheim Investments Announces June 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date June 13, 2025
    Ex-Dividend Date June 13, 2025
    Payable Date June 30, 2025
    Distribution Schedule
    NYSE
    Ticker    		 Closed-End Fund Name Distribution
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income Fund $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust $0.12573†   Monthly
    GOF Guggenheim Strategic Opportunities Fund $0.1821†   Monthly
    GUG Guggenheim Active Allocation Fund $0.11875†   Monthly


    †     A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries
    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (06/25) 65080

    The MIL Network –

  • MIL-OSI USA: In Fox News Op-Ed, Warren, Sheehy Announce Bipartisan Fight to Guarantee Military Right to Repair Its Equipment

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 29, 2025

    “On both sides of the aisle, many of us agree that waste, fraud, and abuse are real problems in our government – and it’s worse when it threatens our military readiness. It’s time to show servicemembers we’ve got their backs and restore their right to fix their own equipment.”

    Op-Ed in Fox News Digital

    Washington, D.C. — In a Fox News op-ed, U.S. Senators Elizabeth Warren (D-Mass.) and Tim Sheehy (R-Mont.) underscored how right to repair restrictions imposed by defense contractors hurt the military’s ability to respond to threats and bloat the national defense budget by blocking servicemembers from repairing weapons and equipment. The lawmakers called for every service of the military to follow Army Secretary Dan Driscoll’s lead and ensure the military has the right to repair the equipment it owns. The senators also announced a new bipartisan bill to make the right to repair policies permanent. 

    As the lawmakers outline, repair restrictions buried in the fine print of contracts threaten military readiness, raise costs unpredictably, and limit competition for military contracting. Contractors’ monopolization of repairs means that, for some contracts, the repairs are more profitable than the original sale. By some estimates, giving the military the right to repair would save taxpayers billions. 

    “Our military can’t afford to wait 207 days to get a helicopter back online…Imagine how frustrating it would be to be in the field up against an enemy, suffer an equipment break down, and there would be nothing to do about it. We need to end these dangerous right to repair restrictions so that our military is always ready,” wrote the senators. 

    “On both sides of the aisle, many of us agree that waste, fraud, and abuse are real problems in our government – and it’s worse when it threatens our military readiness. It’s time to show servicemembers we’ve got their backs and restore their right to fix their own equipment,” the lawmakers concluded. 

    Ready the full op-ed here and below: 

    SENS WARREN, SHEEHY: Pentagon wastes billions with devastating repair rules. We’re working together to stop it.
    May 28, 2025 

    Our defense industrial base is stumbling. For years, the U.S. Department of Defense – under both Republicans and Democrats – failed to address one of the most fundamental issues within our military industrial complex, perverse incentives for contractors. But with the recently announced Army Transformation Initiative, Secretary of the Army Dan Driscoll and General Randy George are taking a major step to stand up for soldiers and strengthen our military readiness. Driscoll’s plan will help end one source of waste, fraud, and abuse. Every other military branch should follow their lead – and, if they do, they will have our bipartisan support. 

    The Department of Defense is the largest federal agency, consuming half the discretionary budget the federal government spends every year. In 2023, for example, DoD spent almost $450 billion on contracts. But buried down deep in the fine print, many of those contracts included restrictions that prevent our troops from fixing their own weapons and equipment.  

    That fine print means that every time something breaks, DoD must call the contractor, schedule a repair visit, and pay a hefty fee. For some contracts, the repairs are more profitable than the original sale – a dynamic that represents how years of broken bureaucracy has slowed our acquisition process and driven costs higher and higher. 

    Our military buys a lot of gear – from tanks to helicopters to night vision goggles, and the process to buy that gear is longer and more complicated than ever. Even worse, because our service members often can’t make any repairs, they can be stuck waiting weeks or months, even for simple problems they could fix themselves with a little know-how and a 3D printer. 

    Driscoll has identified these problems in the Army, but right to repair restrictions have spread across the military. The Navy was forced to rely on flying contractors out to sea for maintenance. The Air Force is struggling to keep its planes ready for combat because of restrictions and companies that won’t even negotiate.  

    Every hour these servicemembers can’t fix their own weapons undermines their readiness to meet their assignments. Instead of working to help the military be ready for battle, these contractors are focused on squeezing out more revenue. 

    These restrictions lead to three critical problems: readiness, cost and lack of competition. 

    First, when contractors stop soldiers from fixing their own equipment, it threatens military readiness. All around the country, maintainers were struggling to keep the F-35 flying because Lockheed Martin won’t give them the data they need to fix damage to basic parts. When our military could fix a helicopter in Korea themselves, they saved 207 days and roughly $1.8 million. 

    Our military can’t afford to wait 207 days to get a helicopter back online. And, in the most extreme cases, our military can’t afford to have soldiers unable to repair equipment in the heat of battle, either because the contract has tied their hands or because they haven’t had the chance to learn how. 

    Imagine how frustrating it would be to be in the field up against an enemy, suffer an equipment breakdown, and there would be nothing to do about it. We need to end these dangerous right-to-repair restrictions so that our military is always ready.  

    Second, repair restrictions waste billions of dollars. If Boeing got the Pentagon to agree that only Boeing can repair equipment, what stops them from charging whatever they want for that fix? Suddenly a $0.16 clip costs $20, and the defense budget rises even higher. That is a terrible deal for the taxpayer.  

    By some estimates, giving the military the right to repair would save us billions. But more importantly, it would reinvigorate the operational resilience of our forward-deployed elements and allow them to self-sustain. 

    And third, letting a contractor monopolize repairs doesn’t just hurt taxpayers, it hurts small businesses that otherwise could compete for the repair work, depressing competition and thinning out our industrial base. Why would a small business start manufacturing a safety clip when the military is forced to go to its larger competitor to buy it? 

    And equally alarmingly, if that big contractor decided one day to stop producing the part, the military would be out of luck because the contractor had the only game in town. To be sure, the military created this monopolistic environment, incentivizing consolidation through decades of bureaucratic process. Now they are reaping the whirlwind. We need a more diverse array of contractors who can bring free market competition to our defense space, driving costs down and efficiencies up. 

    Until now, the military has enabled a broken status quo, handing over billions of dollars and hoping that there is no emergency when the equipment they need is sidelined. Meanwhile, over 70% of voters support giving the military the right to repair their own equipment. But Secretary of the Army Dan Driscoll showed real leadership. He stood up to a broken bureaucracy and announced that every new Army contract would explicitly guarantee the right of the Army to fix its own equipment. That’s a big deal.  

    The new Army policy is a breakthrough in our fight to empower soldiers, but unless every single military service follows his lead, taxpayers will keep getting ripped off. And, because this is a directive from the secretary, a subsequent secretary could go back to the way things were before. 

    But we have a plan to solve that problem. In the coming weeks, we will be introducing a bipartisan bill that would make changes to right to repair permanent. With a single change in the law, we can boost military readiness and cut costs by allowing servicemembers to repair their own equipment.  

    On both sides of the aisle, many of us agree that waste, fraud and abuse are real problems in our government – and it’s worse when it threatens our military readiness. It’s time to show servicemembers we’ve got their backs and restore their right to fix their own equipment. 

    MIL OSI USA News –

  • MIL-OSI USA: Welch Speaks About Trump’s Attack on Green Jobs at Energy Action Network (EAN) and EAN Climate Workforce Coalition Forum

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WINOOSKI, VT – U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, joined a forum hosted by the Energy Action Network (EAN) and the EAN Climate Workforce Coalition on how Congressional policy and budget decisions may impact Vermont’s energy transformation and climate action initiatives, including Vermont’s climate workforce. 
    “President Trump has put Big Oil first, and his attacks on green jobs prove it. He and his administration are walking back our global climate goals, gutting tax credits that help folks make energy efficiency home upgrades, and slashing green jobs and climate research. Vermonters have made their opposition to Trump’s actions clear—I’ve heard from hundreds of folks across our state who are deeply concerned about how Republicans’ budget will raise costs for families, businesses, and farmers,” said Senator Welch. “I’ll continue to join Senate Democrats in standing up to these attacks and fighting for a clean energy future.” 
    Republicans’ reconciliation bill will repeal clean energy programs established through the historic Inflation Reduction Act and raise energy costs for American households and businesses. It will eliminate jobs in manufacturing, clean technologies, and budding industries, and has already sown economic uncertainty throughout the energy sector. 
    The legislation advanced by the U.S. House of Representatives would effectively repeal many of the clean energy investments in the Inflation Reduction Act while expanding fossil fuel production and subsidies. Specifically, the bill: 

    Rescinds unspent funding for clean energy grant programs in the Inflation Reduction Act;  
    Eliminates or effectively eliminates most clean energy tax credits including: 

    Electric Vehicles Tax Credit for new and used vehicles;  
    Energy Efficiency Home Improvement Tax Credit; 
    Clean Electricity Investment and Production Tax Credits; 
    Advanced Manufacturing Production Credit; and 

    Mandates oil and gas leases on public lands and allows Big Oil companies to pay the government to fast-track environmental reviews. 

    All told, Republicans’ plans will have drastic consequences for the economy. Studies predict that repealing the Inflation Reduction Act will eliminate 790,000 jobs, increase energy costs for American consumers by $32 billion between 2025-35, and shrink the U.S. economy by $190 billion in 2035. President Trump’s policies have already killed $14 billion in clean energy investments and 10,000 new energy jobs since he took office. 

    MIL OSI USA News –

  • MIL-OSI: 21Shares Announces 3-for-1 Share Split for ARK 21Shares Bitcoin ETF (ARKB)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — 21Shares US LLC (“21Shares”), an affiliate of 21Shares AG, one of the world’s largest issuers of crypto exchange traded funds (“ETFs”), today announced a 3-for-1 share split for its flagship fund ARK 21Shares Bitcoin ETF (ARKB). This move is designed to make shares more accessible to a broader base of investors and enhance trading efficiency.

    The share split is expected to be effective at market open on June 16, 2025. Following the split, the fund’s shares will continue to trade under the ticker symbol “ARKB” under the same CUSIP, and the total net asset value (NAV) of ARKB will not change as a result of the split. The investment objective, strategy, and underlying holdings of the fund remain unchanged.

    Fund name Ticker CUSIP Split
    Ratio    		 Record
    Date    		 Pay Date Ex-Date
    ARK 21Shares
    Bitcoin ETF    		 ARKB 409191022 3:1 June 12,
    2025    		 June 13,
    2025    		 June 16,
    2025

    ARKB is a physically-backed Bitcoin ETF that seeks to track the performance of Bitcoin as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant. The fund is designed to offer investors regulated access to the world’s largest cryptocurrency.

    For more information on ARKB, please visit https://www.21shares.com/en-us/product/arkb.

    About 21Shares

    21Shares AG, an affiliate of 21Shares US LLC, the sponsor to the ARK 21Shares Bitcoin ETF (ARKB), is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com

    Contact: matteo.valli@21shares.com

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the stock split, and are subject to risks, uncertainties and other factors beyond ARKB’s control, including those risks set forth in ARKB’s annual report on Form 10-K and subsequent SEC filings. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.

    The MIL Network –

  • MIL-OSI: Altai Announces Repositioning of Investment Portfolio to Maximize Liquidity

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 02, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that the Company has completed the repositioning of its Canadian investment portfolio (the “Investment Portfolio”) through the sale of all marketable securities and the subsequent reinvestment of those net cash proceeds into cash and cash equivalents (the “Repositioning”), to maximize the liquidity of the Investment Portfolio and to eliminate any associated equity market risk.

    As a result of the Repositioning, the Company’s Investment Portfolio is now comprised of cash and cash equivalents, with a total market value of approximately $3.9 million. Based on the Company’s total issued and outstanding common shares of 56,033,552 as of May 30, 2025 (the “Common Shares”), the market value of the Investment Portfolio per Common Share is approximately $0.07.

    ABOUT THE COMPANY

    Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash and cash equivalents. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.altairesources.com.

    For further information, please contact:
    Kursat Kacira, Chairman & CEO/President
    T: (647) 282-8324, E: kursatkacira@altairesources.ca

    Neither the 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 news release.

    The MIL Network –

  • MIL-OSI: ibex to Present at Baird’s 2025 Global Consumer, Technology & Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — IBEX Limited (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced that CEO Bob Dechant and CFO Taylor Greenwald will participate in Baird’s 2025 Global Consumer, Technology & Services Conference in New York City.

    Dechant and Greenwald will host a “Fireside Chat” on Tuesday, June 3, 2025, at 2 p.m. ET to speak about the company and answer questions. They will also participate in one-on-one investor meetings.

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of more than 31,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
    Media Contact:  Dan Burris, VP, Marketing and Communications, ibex, daniel.burris@ibex.co

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Grassley introduce AI Whistleblower Protection Act

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Chuck Grassley (R-Iowa) introduced the Artificial Intelligence (AI) Whistleblower Protection Act, which provides explicit whistleblower protections to those developing and deploying AI. Currently, AI companies’ restrictive severance and nondisclosure agreements (NDAs) create a chilling effect on current and former employees looking to make whistleblower disclosures to the federal government, including Congress.  

    The legislation establishes employment protections for current and former AI employees who make disclosures of violations of law or of failures to respond to substantial dangers that AI may pose to public safety, public health, or national security. This includes relief for AI whistleblowers who suffer retaliation, including applicable reinstatement, back pay, and compensation for damages incurred.  The bill would reinforce other efforts that Senator Coons has led, including the bipartisan Platform Accountability and Transparency Act, to provide regulators, independent researchers, and the public important information about the dangers of technology that are currently known only to tech companies.

    “AI is rapidly evolving in ways that have the potential to radically reshape our society and transform our world for the better and for the worse,” said Senator Coons. “I have long been concerned with how much more tech companies know about the risks and harms of their products compared with regulators, independent researchers, and the public. The AI Whistleblower Protection Act is a critical tool, among others, that Congress must enact to ensure that we can get the best out of AI while also learning when it poses a substantial danger to public safety.”

    “Transparency brings accountability. Today, too many people working in AI feel they’re unable to speak up when they see something wrong. Whistleblowers are one of the best ways to ensure Congress keeps pace as the AI industry rapidly develops. We need to act to make these protections crystal clear. I’m proud to introduce this legislation to increase accountability and protect AI whistleblowers,” said Senator Grassley.

    Additional co-sponsors include Senators Marsha Blackburn (R-Tenn.), Amy Klobuchar (D-Minn.), Josh Hawley (R-Mo.), and Brian Schatz (D-Hawaii). Representatives Jay Obernolte (R-Calif.) and Ted Lieu (D-Calif.) are introducing companion legislation in the House of Representatives.  

    The legislation is endorsed by the National Whistleblower Center, Government Accountability Project, Center for AI Policy, Encode AI, Americans for Responsible Innovation, and The Anti-Fraud Coalition.

    “The introduction of the [AI Whistleblower Protection Act] answers the call for AI industry employee whistleblower protections that will serve to protect the public, marking a turning point in guaranteeing transparency and accountability over AI companies,” said Stephen Kohn, Co-Founder and Chairman of the Board of the National Whistleblower Center. “National Whistleblower Center extends its sincere appreciation to [Senator Grassley], and [his] fellow sponsors and cosponsors, for championing this bill and taking a stand for all AI employees.”

    “In a time when AI technologies are advancing faster than many institutions can keep up, it’s absolutely vital that the federal government has access to accurate, truthful information about the dangers AI poses to public health and public safety,” said Jason Green-Lowe, Executive Director of the Center for AI Policy. 

    “[This] bill offers crucial protection for AI whistleblowers,” said Jacklyn DeMar, President & CEO of The Anti-Fraud Coalition. “Sector-based whistleblower protections are desperately needed to allow insiders within the AI industry to best protect investors and ensure proper safety protocols are implemented. Given the rapid development and adoption of AI throughout our society, insiders working within the industry need to be properly protected when they blow the whistle.”

    “As AI systems grow more powerful and autonomous, we must shield those who sound the alarm about emerging risks. The engineers and researchers closest to these systems are the first to spot dangerous vulnerabilities or safety gaps,” said Sunny Gandhi, Vice President of Political Affairs at Encode AI. “The AI Whistleblower Protection Act creates a vital safety valve for our AI ecosystem, ensuring that legitimate national security concerns reach regulators before they spiral into preventable harm.”

    “Ensuring transparency and accountability in the rapidly evolving field of AI is a public interest and national security imperative,” said Brad Carson, President of Americans for Responsible Innovation. “Employees in the industry have firsthand knowledge of practices that may jeopardize public safety and our national security. The AI Whistleblower Protection Act ensures they aren’t silenced by a fear of retaliation.”

    Senator Coons is a member and former Chair of the Senate Judiciary Committee’s Intellectual Property Subcommittee. He has led legislative efforts related to AI, focusing on American leadership in the sector, intellectual property, and potential threats associated with AI. 

    The text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Canada: Tribunal Continues Order—Thermoelectric Containers from China

    Source: Government of Canada News (2)

    Ottawa, Ontario, June 2, 2025—The Canadian International Trade Tribunal today continued its order made on September 5, 2019, in expiry review RR‑2018‑004, concerning the dumping and subsidizing of certain thermoelectric containers originating in or exported from China.

    The Tribunal found that the expiry of the order was likely to result in injury. As such, the Tribunal continued its order. The Canada Border Services Agency will therefore continue to impose anti‑dumping and countervailing duties on these products.

    The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

    MIL OSI Canada News –

  • MIL-OSI Security: Construction Manager Sentenced to Prison for Multimillion-Dollar Embezzlement and Tax Evasion

    Source: US FBI

    Jay Clayton, the United States Attorney for the Southern District of New York, announced today that JOSE GARCIA was sentenced to 27 months in prison for committing two lengthy fraud crimes—a $4.5 million embezzlement crime and a $2.1 million tax evasion crime.  In the embezzlement scheme, GARCIA had a lucrative no-show job with a technology company from 2012 to 2019.  GARCIA did no work for the technology company, but GARCIA’s co-conspirator, a technology executive, approved millions in payments to GARCIA and GARCIA’s shell entities.  In the tax evasion scheme, GARCIA neither filed tax returns nor paid income taxes from 2011 through 2019.  GARCIA previously pled guilty to wire fraud conspiracy and tax evasion before U.S. District Judge Dale E. Ho, who imposed today’s sentence.  Three other members of the embezzlement conspiracy have also pled guilty to date.

    “Jose Garcia engaged in a lengthy embezzlement scheme that involved a no-show job, fraudulent billings, and largescale cash kickbacks,” said U.S. Attorney Jay Clayton. “Garcia then doubled-down and sought to conceal his embezzlement activities by committing another crime – tax evasion.  In all, Garcia stole millions at the expense of hard-working, tax-paying Americans.  He then used the proceeds of his frauds to fund a lavish lifestyle.  For these brazen crimes, Garcia has been sentenced to prison.”

    According to the allegations contained in the Indictment, the Superseding Information to which GARCIA pled guilty, and statements made in public filings and in public court proceedings:

    The Embezzlement Scheme

    From approximately May 2010 through February 2019, GARCIA’s co-defendant, Mark Angarola, spearheaded a large fraud scheme to unlawfully enrich himself and his co-conspirators (the “Conspirators”) by submitting and causing to be submitted fraudulent invoices and expenses to an information technology (“IT”) services company (the “Contractor”), at which Angarola was employed in a senior position. In total, the embezzlement scheme caused a loss of more than $7 million.  GARCIA received the majority of the scheme’s fraud proceeds: $4,554,950.

    Angarola was a New York-based Global Account General Manager at the Contractor.  He was responsible for managing the Contractor’s relationship with a particular client, which was a subsidiary of a global financial institution (the “Client”).  The Contractor had a service contract with the Client, pursuant to which the Contractor provided IT support services to the Client at locations across the U.S.  The Contractor subcontracted certain of this work to a technology solutions company (the “Subcontractor”).  Pursuant to the agreement between the Contractor and the Subcontractor (the “Subcontract”), the Subcontractor provided certain IT support services directly to the Client in the place of the Contractor.  Angarola was responsible for oversight of the Subcontractor’s performance on the Subcontract, which included approving payment to the Subcontractor on invoices submitted for work purportedly performed and expenses purportedly incurred in the Subcontractor’s performance on the Subcontract.

    Angarola abused his position to fraudulently enrich himself, his family, and his friends.  For instance, he arranged for the Subcontractor to hire certain of his family members, friends, and subordinates, despite the fact that these individuals lacked apparent qualifications to perform deskside IT work.  He arranged for the Subcontractor to hire, among others, his wife (a homemaker); his former college roommate (a police sergeant); and his close friends, including GARCIA (a construction manager) and GARCIA’s wife (a schoolteacher).  Thereafter, various Conspirators falsely reported to the Subcontractor that they had performed work under the Subcontract and incurred business expenses.  The Subcontractor submitted invoices to the Contractor for the hours purportedly worked and business expenses purportedly incurred by several of the Conspirators, and Angarola, in turn, caused the Contractor to pay the Subcontractor on these fraudulent invoices.  The purported business expenses incurred by several Conspirators, and ultimately paid for by the Contractor at the direction of Angarola, included restaurant meals, hotel stays, transportation fees, a cruise, and gentlemen’s clubs.  In fact, the expenses were personal expenses and were not reimbursable under the Contractor’s policy.

    GARCIA was a central beneficiary of the embezzlement scheme and received the majority of the fraud proceeds.  These fraud proceeds were paid in part to GARCIA personally, and in part to his shell entities.  GARCIA did no work whatsoever for the Contractor or Subcontractor, but invoiced the Subcontractor, month after month, requesting payment for purported “Management Fees.” For instance, at different points in the scheme, GARCIA requested monthly payment of $36,000, $45,000, $51,000, or $60,000.  Angarola approved these payments to GARCIA on behalf of his employer, the Contractor. In return, GARCIA paid Angarola cash kickbacks exceeding $1 million.  GARCIA participated in the embezzlement scheme despite having fulltime, gainful employment elsewhere as a consultant and project manager in the construction industry.

    Financial records reveal that GARCIA spent fraud proceeds on, among other things, private school tuition, rent, luxury travel, luxury items, gym memberships, and sports memorabilia.  For instance, GARCIA paid for stays at luxury hotels such as the Ritz Carlton (in four different cities), the Waldorf Astoria, and the Plaza.  And GARCIA spent more than $50,000 on luxury items, including expensive purchases at Cartier, Hermes, Gucci, Louis Vuitton, Bulgari, Burberry, Bianca Jewelers, a glass blower in Venice, and a violin shop specializing in Stradivarius models.

    Tax Evasion

    From 2011 through 2019, GARCIA also committed tax evasion, resulting in a tax loss to the Internal Revenue Service (“IRS”) of approximately $2,116,605.  For this nine-year period, GARCIA neither filed tax returns nor paid income taxes. As such, GARCIA failed to report to the IRS the income he derived from the embezzlement scheme as well as the income he derived from other business interests and sources.   GARCIA used shell entities to conceal his receipt of income, including by creating such entities, diverting income to such entities, and using entity bank accounts to pay for his personal expenses.

    *                *                *

    In addition to his prison term, GARCIA, 53, of New York, New York, was sentenced to three years of supervised release.  GARCIA was also ordered to forfeit $4,554,950 and pay restitution in the amount of $7,007,055.

    Mr. Clayton praised the outstanding investigative efforts of the Federal Bureau of Investigation, New York Field Office; the IRS-Criminal Investigation, New York Field Office; and the U.S. Department of Labor – Office of Inspector General, Northeast Regional Office.

    This matter is being handled by the Office’s Complex Frauds and Cybercrime Unit, along with the Justice Department’s Tax Division.  Assistant U.S. Attorneys Michael D. Neff, Timothy V. Capozzi, and Special Assistant U.S. Attorney Jorge Almonte of the Tax Division are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI: HCI Group Announces Completion of its 2025 – 2026 Catastrophe Reinsurance Programs

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., June 02, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI) has successfully completed its catastrophe reinsurance programs for the 2025-2026 treaty year, which runs from June 1, 2025 through May 31, 2026.

    “We are grateful for the strong support from our global reinsurance partners, whose continued confidence in HCI underscores the quality of our underwriting and our disciplined approach to risk,” said Paresh Patel, HCI’s chairman and chief executive officer. “We believe our reinsurance programs are prudently structured to protect the long-term financial stability of our insurance companies. With the reinsurance placement now finalized, we are well-positioned to pursue strategic initiatives aimed at delivering sustained value to our shareholders.”

    HCI secured three reinsurance towers for the 2025-2026 treaty year. Reinsurance Tower 1 is shared between HCI subsidiary, Homeowners Choice Property & Casualty Insurance Company, and HCI sponsored reciprocal insurance company, Tailrow Insurance Exchange, and covers all Homeowners Choice policies issued in Florida and all Tailrow policies issued in Florida. Reinsurance Tower 2 is shared between HCI subsidiary, TypTap Insurance Company, and Homeowners Choice and covers all TypTap policies (whether issued in Florida or outside of Florida) and all Homeowners Choice policies issued outside of Florida. Reinsurance Tower 3 covers all Condo Owners Reciprocal Exchange policies issued in Florida. Condo Owners Reciprocal Exchange, known as CORE, is a reciprocal insurance company sponsored by HCI.

    Across the three reinsurance towers, HCI secured over $3.5 billion in excess of loss aggregate limit and full reinstatement premium protection for the 2025-2026 treaty year. Claddaugh Casualty Insurance Company Ltd, HCI’s Bermuda-based reinsurance subsidiary, selectively participates across all three reinsurance towers. All participating reinsurers are AM Best rated ‘A-’ (Excellent) or better or have fully collateralized their obligations to HCI.

    The statutory retentions for the first and second event are $18 million for both Reinsurance Tower 1 and Reinsurance Tower 2, and $3 million for Reinsurance Tower 3. Claddaugh’s estimated maximum retained loss is approximately $117 million for a first event and $35 million for a second event.

    For the three reinsurance towers, HCI expects to incur net consolidated reinsurance premiums ceded to third parties, excluding Claddaugh, of approximately $422 million from June 1, 2025 through May 31, 2026. The reinsurance premiums are an estimate based on exposure projections and subject to true up at September 30, 2025.

    More information is available in the Company’s Form 8-K, filed today with the U.S. Securities and Exchange Commission.

    About HCI Group, Inc.
    HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.

    The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

    Company Contact:
    Bill Broomall, CFA
    Investor Relations
    HCI Group, Inc.
    Tel (813) 776-1012
    wbroomall@exzeo.com

    Investor Relations Contact:
    Matt Glover
    Gateway Group, Inc.
    Tel 949-574-3860
    HCI@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Turtle Beach Corporation to Participate in Fireside Chat Hosted by Maxim Group

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, June 02, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today announced that Cris Keirn, Chief Executive Officer, and Mark Weinswig, Chief Financial Officer, will participate in a fireside chat at the Maxim Group 2025 Virtual Tech Conference, on Wednesday, June 4 at 2:00p.m. ET.

    A live webcast of the event will be available through the “Events & Presentations” section of TBCH’s website at corp.turtlebeach.com. A replay of the webcast will be available on the investor relations website for two weeks.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    tbch@icrinc.com

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

    The MIL Network –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.070 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, June 02, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.070 per share on the Trust’s common shares (NYSE: XFLT), payable on July 1, 2025, to common shareholders of record as of June 16, 2025, as noted below. The amount of the distribution represents a 9.09% decrease from the previous month’s distribution amount of $0.077 per share.

    The Trust’s investment objective is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. Due to recent market volatility, the loan and CLO asset classes have experienced drastic interest rate spread compression, which has negatively impacted asset class yields. In the most recent quarter, market conditions were marked by heightened volatility stemming from tariff developments and ongoing trade tensions. With the new distribution amount of $0.070 per share, the Trust’s annualized distribution rate on market price was 14.51% and the annualized distribution rate on NAV is 13.86% as of market close on May 30, 2025.

    The following dates apply to the declaration:

         
    Ex-Dividend Date   June 16, 2025
       
    Record Date   June 16, 2025
       
    Payable Date   July 1, 2025
       
    Amount   $0.070 per common share
       
    Change from Previous Month   9.09% decrease
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    XFLT Q1 Webinar

    The Trust plans to host its Quarterly Webinar on June 4, 2025, at 12:00 pm (Eastern Time). Kevin Davis, Managing Director at XA Investments will moderate the Q&A style webinar with Kimberly Flynn, President at XA Investments, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312) 626-6799 or (646) 558-8656 or (267) 831-0333 or (213) 338-8477 or (720) 928-9299

    Webinar ID: 817 1030 7383

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of a number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $32.1B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

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

    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE
             

    Paralel Distributors, LLC – Distributor

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: Dime Announces Receipt of Federal Reserve and NYDFS Approvals for Lakewood, NJ Branch Location

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., June 02, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced it has received approvals from the Federal Reserve Bank of New York and the New York State Department of Financial Services to open a branch location in Lakewood, New Jersey.

    The branch will be located at 500 Boulevard of the Americas, Lakewood, New Jersey, pending approval from the New Jersey Department of Banking and Insurance. As previously announced, construction of the branch is expected to start in the second half of 2025, with the branch opening planned for early 2026.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

  • MIL-OSI Global: Internet-enabled orgasms: How teledildonics are changing the way we have sex

    Source: The Conversation – Canada – By Madison E. Williams, PhD Student, Experimental Psychology, University of New Brunswick

    Sex toys are no longer limited to the analogue dildos and masturbators of the past. Today, they have become increasingly sophisticated.
     (Shutterstock)

    Sex toys are fairly common in people’s sex lives, and broadly accessible both online and in brick-and-mortar stores. In the United States, more than 40 per cent of heterosexual women and men have incorporated vibrators into the bedroom.

    More than three-quarters of Canadians have used a sex toy with a partner at least once, including vibrators, anal toys and penile masturbators. Reported rates also vary widely across western countries — for instance, 16 per cent of Australians say they’ve used sex toys while up to 52 per cent of people in Germany say they have.

    However, sex toys are no longer limited to the analogue dildos and masturbators of the past. Today, they have become increasingly sophisticated.

    Internet-connected toys, known as teledildonics, are novel devices designed to enhance sexual experiences by mimicking elements of real human intimacy — such as genital touch, body warmth, synchronized movements or orgasmic sensations — without a partner being physically present.

    They can be synced with online pornography, integrated with virtual reality or even controlled remotely by a partner, allowing for intimacy at a distance.

    One question remains as this burgeoning technology becomes integrated in individuals’ lives: Can teledildonics promote sexual well-being?

    Why people use sex toys

    Research reveals that using sex toys, whether on their own or with a partner, is linked with greater sexual satisfaction. One study also found that using a vaginal vibrator helped women experience stronger arousal, better lubrication and reach orgasm more easily.

    People use sex toys for all sorts of reasons. In one Canadian study, the most popular reason people used sex toys was to spice up their sex life with a sexual partner.

    Other commonly reported motivations included wanting to boost sexual arousal during masturbation and partnered sex, and to reach orgasm more easily. For a smaller proportion, sex toys also served to help them relax or release tension.

    What about teledildonics?

    In one survey, nine per cent of U.S. adults reported they’ve used teledildonics, with more men (15 per cent) reporting usage than women (five per cent) and gender-diverse individuals (13 per cent).

    Although more and more people are turning to teledildonic devices, we still know relatively little about why they use them or how they relate to well-being — especially compared to the growing body of research on traditional, non-connected sex toys.

    Our research team at the Université du Québec à Montréal surveyed 617 men between the ages of 19 and 75 years old. They were customers of the teledildonics company, Kiiroo, which specializes in interactive, app-connected sex toys, particularly for men, such as masturbatory sleeves and strokers. Kiiroo’s marketing team helped recruit participants for the survey.

    This industry collaboration allowed us to explore, for the first time, who uses these devices, why they use them, and how certain usage patterns like using it alone or with a partner may support greater sexual well-being.

    More than three-quarters of Canadians have used a sex toy with a partner at least once, including vibrators, anal toys and penile masturbators.
    (Interactive Life Forms/Wikimedia), CC BY-SA

    Most of our participants resided in North America (74 per cent) and Europe (22 per cent), while a minority were in Australia, Asia and Central America (three per cent combined). They primarily identified as white (75 per cent), Asian (17 per cent), Latin American (10 per cent) and Black (four per cent).

    In our study, nearly all the men used their teledildonic devices alone, but 21 per cent of them also reported incorporating them into partnered sex.

    We found that people who use teledildonics with a partner tend to own a greater number of these devices compared to those who use them solely for solo play.

    Partnered use was also associated with a higher number of previous sexual partners, which may suggest that greater sexual experience increases one’s comfort in sharing sex toy use with a partner.

    Finally, partnered use was associated with greater sexual well-being in men. Those who used their toys with a partner reported having greater sexual desire, more ease in reaching orgasm with a partner and increased confidence as a sexual partner.

    In other words, men who use their teledildonics with a partner may experience greater sexual well-being than men who only use their devices alone.

    Research reveals that using sex toys, whether on their own or with a partner, is linked with greater sexual satisfaction.
    (Shutterstock)

    Why do men use teledildonics?

    Our study was the first to uncover the motivations behind men’s teledildonic sex toy use.

    For 57 per cent of the men in our study, teledildonics were used primarily to relax or relieve tension. Just over half also reported using teledildonics to fantasize about sexual activities that are not possible in real life and to increase sexual arousal during masturbation.

    More than one third of participants (38 per cent) shared that their teledildonics usage was specifically motivated by the ability to connect their toys with other technologies (like virtual reality headsets or online pornography).

    Other motivations for using teledildonics appear to mirror many of those that drive traditional sex toy use, notably relaxation and tension relief and to increase arousal.

    What’s next for teledildonics?

    Taken together, these findings offer promising evidence that using teledildonics, particularly with a partner, can have sexual benefits. They also invite us to reflect on how such technologies could improve the sex lives of people facing challenges such as sexual dysfunction, physical disabilities or a lack of access to sexual partners — although further research is needed to understand how teledildonics can meet their specific needs.

    In addition, this growing industry raises important questions around data security, ethics and digital consent, including how to address concerns about the devices being hacked or remotely controlled without permission.

    Ensuring that these technologies are developed with privacy and safety in mind is essential to maximizing their impact as tools that support sexual well-being in a rapidly changing sexual landscape.

    As teledildonics and other sex technologies become more sophisticated, they will continue to transform the future of sex, intimacy and well-being.

    Madison E. Williams consults for Kiiroo.

    David Lafortune received funding from Kiiroo to conduct this study.

    Éliane Dussault consults for Kiiroo.

    – ref. Internet-enabled orgasms: How teledildonics are changing the way we have sex – https://theconversation.com/internet-enabled-orgasms-how-teledildonics-are-changing-the-way-we-have-sex-252856

    MIL OSI – Global Reports –

  • MIL-OSI: Eos Energy Enterprises Announces Participation in Upcoming Investor Event

    Source: GlobeNewswire (MIL-OSI)

    EDISON, N.J., June 02, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced its participation in an upcoming investor event.

    Stifel 2025 Boston Cross Sector 1×1 Conference

    Chief Executive Officer Joe Mastrangelo will attend the Stifel 2025 Boston Cross Sector 1×1 Conference on Tuesday, June 3, 2025. The event will include 1×1 investor meetings.

    Investors seeking to meet with management should reach out directly to their representatives at Stifel.

    About Eos

    Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

           
                
                     

    The MIL Network –

  • MIL-OSI: ILUS Provides Update on Shareholder Meeting

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, June 02, 2025 (GLOBE NEWSWIRE) — Ilustrato Pictures International Inc. (OTC: ILUS) (“ILUS” or the “Company”), a mergers and acquisitions company focused on acquiring and scaling businesses in the public safety and industrial sectors, is pleased to provide shareholders with further details regarding its previously announced Annual Shareholder Meeting scheduled for Friday, June 20, 2025.

    The meeting will include updates from ILUS leadership on key business developments, strategic plans, and progress on current initiatives. Shareholders will have the opportunity to engage directly with the Company during a dedicated Q&A session.

    Meeting Details
    Date: Friday, June 20, 2025
    Time: 9:30 AM EDT
    Location: Trump International Beach Resort,18001 Collins Avenue, Sunny Isles Beach, FL 33160, United States

    To participate in the meeting, shareholders are required to register in advance using ILUS’ official event portal:
    https://www.eventbrite.com/e/ilus-shareholder-meeting-tickets-1353057223579

    Shareholders of record will be eligible to attend. Upon registration, participants will receive further instructions and access credentials for the event. Shareholders may also submit questions in advance through the portal.

    Additional meeting materials, including the formal notice and agenda, will be distributed in line with Regulation requirements and made available at https://ilus-group.com.

    For further information on ILUS, please see its communication channels:
    Website: https://ilus-group.com
    X: @ILUS_INTL
    Email: IR@Ilus-Group.com
    Source: ILUS

    Forward-Looking Statement

    Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission (“SEC”) has provided guidance to issuers regarding the use of social media to disclose material nonpublic information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls, and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, considering the SEC’s guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels: Website: https://ilus-group.com X: @ILUS_INTL

    Contact:
    IR@Ilus-group.com
    (917) 522-3202

    The MIL Network –

  • MIL-OSI: Capital City Bank Group Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., June 02, 2025 (GLOBE NEWSWIRE) — The board of directors of Capital City Bank Group (NASDAQ: CCBG) announced today that Bethany Corum has been named president of Capital City Bank, effective as of July 1, 2025. This historic appointment takes place during the Bank’s landmark 130th anniversary year and marks a significant milestone as Corum becomes the first female president in the history of the Bank. She assumes this role with extensive experience and a deep commitment to championing the mission and continued success of Capital City Bank.

    At the same time, Tom Barron, who has dedicated 51 years to Capital City Bank, including the last 30 as president, has been appointed president of Capital City Bank Group and chairman of the Capital City Bank Board of Directors, effective as of July 1, 2025. In this new capacity, he will continue to be engaged in the management of the Bank and guide the Company’s growth.

    Additionally, William G. Smith Jr. will continue as Capital City Bank Group chairman and CEO, overseeing corporate strategy and governance while guiding the long-term financial performance of the Company.

    These changes reflect a strategic effort to diversify the executive ranks and bolster management as the Company enters its next phase of growth.

    Corum has served as chief operating officer since 2015, with the primary responsibilities of overseeing the commercial lending, retail market management, wealth management, information technology, loan and deposit operations, facilities management and information security departments, as well as the disaster recovery, human resources and talent development functions. After establishing her financial industry roots as an executive with the Florida Bankers Association, Corum came to Capital City Bank in 2006 and served a decade as chief people officer and president of Capital City Services Company before being promoted to chief operating officer.

    “For almost two decades, I have had the privilege of witnessing Beth’s exceptional leadership and commitment to the success of our Company,” said Capital City Bank Group Chairman, President and CEO William G. Smith Jr. “She has consistently driven growth, innovation and operational efficiency while managing a vast array of our business functions. Her strategic vision and dedication to fostering a positive workplace culture have earned us recognition year after year among the best employers in the nation. I firmly believe in Beth’s ability to guide us through the next phase of our journey with continued excellence.”

    Barron has played an integral role in helping guide the Company through industry shifts and an evolving banking landscape. Barron was among the original architects of Capital City Bank Group, which was formed as a multi-bank holding company in 1984, and a principal player in subsequently consolidating the seven-member family of brands under the single name of Capital City Bank in 1995.

    “Working shoulder-to-shoulder with Tom for the last 50 years has been one of the greatest honors of my career,” said Smith. “His 51 years of service have not only helped to shape our Company legacy but also set a high standard for leadership in our industry, making him a clear choice for these vital roles. His exceptional expertise, strategic vision and consistent acumen have guided us through transformative times. I am confident that his deep knowledge of our past and insightful perspective on our future will continue to lead us to new heights.”

    Corum earned her bachelor’s degree from the University of Tennessee at Martin and her master’s degree from Florida State University. She is a dedicated community advocate and currently serves as treasurer of Tallahassee Memorial Healthcare board of directors, chairman of the United Way of the Big Bend and chair-elect of the Community Foundation of North Florida. She has formerly served as chair of the Children’s Home Society of North Florida, trustee for the Florida Bankers Educational Foundation and as past chair of the Greater Tallahassee Chamber of Commerce. Additionally, Corum is a Leadership Tallahassee and Leadership Florida graduate. 

    Barron holds an MBA from Florida State University and served as president of the Community Bankers of Florida in 1989. He currently serves on the boards of Capital Health Plan and Tall Timbers. A former chair of the Southeastern Community Blood Center, Greater Tallahassee Chamber of Commerce, United Way of the Big Bend, Seminole Boosters and Hollins University, Barron has demonstrated community leadership and advocacy throughout his career.

    About Capital City Bank Group, Inc.
    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., www.ccbg.com. 

    For Information Contact:
    Brooke Hallock
    Hallock.Brooke@ccbg.com
    850.402.8525

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7d733b-3458-481b-a2cc-a12b2c43f7dd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3c1f5a36-ff85-4e5d-9320-63493e95dd97

    https://www.globenewswire.com/NewsRoom/AttachmentNg/df11cf9b-ef6e-4de1-ad9e-630a5d824fbc

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus to Attend Money20/20 Europe in Amsterdam

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, June 02, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States. The company today announced its participation in Money20/20 Europe 2025, taking place June 3–5, 2025, in Amsterdam, Netherlands.

    Money20/20 Europe 2025

    Recognized as one of the world’s most important gatherings in blockchain, digital assets, and Web3 innovation, Money20/20 Europe brings together leading builders, capital allocators, protocol teams, tokenization platforms, and infrastructure providers to define the future of decentralized finance.

    With over 2,000 participating companies, 370+ sponsors, and 340+ expert speakers, the event offers a high-density environment for strategic meetings, deal-making, and ecosystem advancement.

    While at Money20/20 Europe, Oxbridge and SurancePlus will be advancing conversations with both long-standing partners and new ecosystem players – supporting our long-term vision of democratizing access to high-yield institutional-grade reinsurance investment opportunities.

    Oxbridge / SurancePlus 2025 Offering:

    Learn more at SurancePlus.com/invest

    Jay Madhu, CEO of Oxbridge, commented, “Money20/20 Europe brings together many of the leaders shaping the future of digital finance. The conference offers an ideal setting to advance conversations with partners and ecosystem players as we pursue our mission to democratize access to high-yield, institutional-grade reinsurance investments.”

    Meet Oxbridge / SurancePlus at Money20/20 Europe – Amsterdam

    Investors and potential partners interested in Oxbridge and SurancePlus’ tokenized reinsurance offerings are encouraged to connect with the team during the event. Contact details are provided below.

    Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the EtaCat Re or ZetaCat Re tokenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

    About Oxbridge Re Holdings Limited 

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors. 

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI Security: Raleigh County Man Pleads Guilty to COVID-19 Relief Fraud Scheme

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Ross Jay Bailey, 50, of Cool Ridge, pleaded guilty today to theft of government money. Bailey obtained a $2 million loan through the Coronavirus Aid, Relief, and Economic Security (CARES) Act for his business and instead converted at least $1.4 million of the proceeds for his personal enrichment.

    According to court documents and statements made in court, on or about June 30, 2020, Bailey obtained an Economic Injury Disaster Loan (EIDL) of $150,000 on behalf of his business, R&R Delivery Service Inc. The CARES Act authorized the Small Business Administration (SBA) to provide EIDL program loans of up to $2 million to eligible small businesses experiencing substantial financial disruption due to the COVID-19 pandemic.

    Bailey successfully applied to increase the loan amount in August 2021 to $500,000 and in February 2022 to the $2 million maximum. Bailey certified that he would use all loans proceeds solely as working capital to alleviate economic injury caused by the pandemic.

    As part of his guilty plea, Bailey admitted that he transferred at least $1.4 million of the EIDL proceeds from his business’s bank account to his personal bank account from on or about March 1, 2022, through on or about May 31, 2022. Bailey further admitted that he converted these funds into purchases of stock and cryptocurrency for his personal enrichment.

    Bailey is scheduled to be sentenced on October 10, 2025, and faces a maximum penalty of 10 years in prison, up to three years of supervised release, and a $250,000 fine. Bailey also owes at least $1,518,013.58 in restitution, with a final amount to be determined by the Court.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the National Aeronautics and Space Administration Office of Inspector General (NASA OIG), the United States Secret Service, the West Virginia State Police-Bureau of Criminal Investigations (BCI) and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

    NASA OIG is an active member of the Pandemic Response Accountability Committee (PRAC) Fraud Task Force. The PRAC was established to promote transparency and facilitate coordinated oversight of the federal government’s COVID-19 pandemic response. The PRAC’s 20 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, including spending via the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program. This case was also supported by the PRAC’s Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations.

    United States Magistrate Judge Omar J. Aboulhosn presided over the hearing. Assistant United States Attorney Erik S. Goes is prosecuting the case.

    Bailey’s brother, Ryan Keith Bailey, 47, of Beaver, pleaded guilty on May 7, 2025 to theft of government money. Ryan Keith Bailey obtained $2,166,517.40 in loans through the CARES Act for his business and instead converted nearly all of the proceeds for his personal use. Ryan Keith Bailey is scheduled to be sentenced on September 12, 2025.

    Mark William Bailey, 52, of Beckley and a cousin of Ross Jay Bailey and Ryan Keith Bailey, pleaded guilty on September 8, 2023, to theft of government monies, admitting he stole approximately $451,237.51 in SBA loans he obtained through the CARES Act. On October 25, 2024, Mark William Bailey was sentenced to five years of federal probation, including one year on home detention, and paid $451,237.51 in restitution and an additional $451,237.98 as a civil penalty to settle False Claims Act allegations.

    Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case Nos. 5:24-cr-105.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI USA: Congressman Williams Introduces Bill to Unlock Investment Research for Main Street Businesses

    Source: United States House of Representatives – Congressman Roger Williams (25th District of Texas)

    Washington, D.C. – Today, Congressman Roger Williams (TX-25), alongside Rep. Cleo Fields, introduced the Securities Research Modernization Act to amend the Securities Act of 1933. This legislation ensures businesses have better visibility, draw more investor interest, and have a greater chance of a successful public offering. 

    “Access to capital remains a top issue for small businesses across America,” said Congressman Williams. “Research reports are critical tools that help companies attract investors and improve transparency in the market, but many small and mid-sized businesses are excluded from research coverage during the public offering process. We must level the playing field to ensure all businesses can compete. My bill ensures investors have access to independent analysis, making the market more transparent, efficient, and prosperous for Main Street.” 

    “This bill is about giving hardworking Americans a fair shot at making smart investments. By allowing research on all companies planning to go public—not just the big ones—we’re putting more information in the hands of everyday folks. Louisianans shouldn’t need special connections to Wall Street to build wealth for their families. This legislation helps our small businesses get noticed when they’re ready to grow and creates more opportunities in communities that have been overlooked. When hardworking Americans have better information, they can make better choices for their financial future.” – Rep. Cleo Fields (LA-06)

    Read the bill text here.

    Background:

    • Under current law, many small and mid-sized businesses—especially those not qualifying as EGCs—are excluded from research coverage during the IPO process.
    • Expanding this exemption would support more companies, empower retail investors, and strengthen capital formation in communities across the country.

    ###

    Congressman Roger Williams is the Chairman of the House Small Business Committee and member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Harder Condemns House Passage of Devastating Medicaid Cuts

    Source: United States House of Representatives – Congressman Josh Harder (CA-10)

    Cuts health care for 42,000 residents, lays off 3,000 health care workers in San Joaquin County

    Finances trillions in tax cuts for billionaires like Elon Musk

    WASHINGTON – Today, following the U.S. House of Representatives’ passage of the federal budget reconciliation bill, Rep. Josh Harder (CA-09) released the following statement condemning the devastating health care cuts:

    “Today, politicians voted to strip health care from 14 million people to fund tax breaks for billionaires like Elon Musk. This isn’t an exaggeration. Right here in San Joaquin County, 42,000 people are set to lose their health coverage. That means tens of thousands of families won’t be able to take their kids to the doctor, fill a prescription, or access emergency care. Because of this bill, medical centers will shut down, ER wait times will spike, and thousands of health care workers will lose their jobs. 

    “At a time when families are already stretched thin, this bill puts billionaire tax cuts ahead of working people’s lives. It’s shameful, it’s dangerous, and I’m enraged. I voted no on this cruel bill, and I’ll do everything in my power to stop this nightmare from becoming reality.”

    San Joaquin County impacts by the numbers:

    • Cuts health care for 42,000 residents.
    • Lays off 3,000 health care workers.
    • Raises premiums for thousands of Medicaid and Affordable Care Act enrollees.

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    MIL OSI USA News –