Category: Business

MIL-OSI: Acceleware Ltd. Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), an advanced electromagnetic (“EM”) heating company with highly scalable solutions for large industrial applications, today announced its financial and operating results for the three months ended March 31, 2025 (all figures are in Canadian dollars unless otherwise noted). The Company’s products are branded EM Powered Heat and provide a pathway to economically electrify and decarbonize industrial heating processes previously considered difficult to abate. EM Powered Heat technology is powered by the Company’s proprietary Clean Tech Inverter (“CTI”) for applications including enhanced oil recovery (“RF XL”), mining and mineral processing, carbon capture, cement and concrete, and agri-food. In addition to EM Powered Heat, the Company also provides specialized scientific high-performance (“HPC”) software. This news release should be read in conjunction with the Company’s unaudited interim condensed financial statements and the accompanying notes for the three months ended March 31, 2025 and management’s discussion and analysis (“MD&A”) thereto, together with the audited financial statements for the year ended December 31, 2024, notes and MD&A thereto, all of which are available on Acceleware’s website at www.acceleware.com or on www.sedarplus.ca.

HIGHLIGHTS

Financial highlights:

	Three Months Ended
		March 31, 2025			March 31, 2024
Revenue	$	431,226		$	43,594
Comprehensive loss	$	(382,195	)	$	(969,971	)
R&D expenditures	$	420,829		$	501,115

Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “RF XL Pilot”). The RF XL Pilot successfully demonstrated the potential of the technology in an operational environment. RF XL is the first application of the Company’s patent-protected CTI. Functionality of the CTI has been proven through scaled field tests conducted in 2019 and 2020, and over six months of operation at the RF XL Pilot. Please refer to the RF XL PILOT UPDATE section below for more information, and to the MD&A for a complete RF XL Pilot update.

Based on positive results to date, Acceleware remains confident that RF XL will become viable as a critical technology in the effort to reduce production costs and decarbonize heavy oil and oil sands production. In 2024, the Company’s operations team continued data analysis, “history-matching” simulations and other analyses of operational data from tests in 2022. The analysis provides evidence that the operation of the RF XL Pilot resulted in sustained heating of the formation around the heating well prior to the pause in operations for maintenance and inspection. In particular, the Company successfully injected RF power into the heating well for over 200 days — a significant milestone and something that has never been achieved before. Also of note is that the CTI successfully operated for seven consecutive months at a variety of power levels and operating conditions during this time.

In the three months ended March 31, 2025, the Company continued to work on the next iteration of the RF XL subsurface system to more concretely address technical issues that were illuminated during the first phase of heating at the RF XL Pilot. These iterations are also expected to significantly reduce the complexity of the subsurface structure, while reducing manufacturing and deployment costs once commercialized. This redesign work is now complete and ready for manufacturing and deployment. The Company is seeking funding for a second phase of heating at the RF XL Pilot incorporating the new subsurface design and existing surface facilities including the CTI. During 2024 the Company confirmed that the expected cost to redeploy the upgraded design at Marwayne would be approximately $5 million including contingency. Also in 2024, the Company announced that it had secured a total of up to $1.3 million in non-dilutive funding from the Clean Resource Innovation Network (“CRIN”) for the next phase of the RF XL Pilot, contingent on the Company sourcing the remaining $3.7 million. The Company has identified several industry and government potential funders and has discussed the project with them. The purpose of the second phase of heating at the RF XL Pilot is to enable higher power to be distributed into the reservoir for a sustained period, resulting in higher reservoir temperatures and oil production, to advance the potential commercial viability of RF XL technology.

In addition to development work, and with results gained from RF XL deployment in Marwayne to date, Management has also initiated a strategic review of the commercialization plan for RF XL. The process involved analyzing various heavy oil and bitumen reservoirs in western Canada, with the goal of identifying the optimal resources for the demonstration of commercial viability of RF XL. These reservoirs included not only the vast McMurray oil sands, but also heavy oil plays including the Clearwater in north-central Alberta, the Bluesky in west-central Alberta, and the Mannville Stack in eastern Alberta and western Saskatchewan. The review process has led Management to conclude that heavy oil plays offer the greatest near-term potential for commercializing RF XL, due to lower initial capital per well, ability to scale from one heating well to many, lower operating cost to effectively decrease viscosity, and the potential for significant incremental production and ultimate recovery to make uneconomic resources economic. Once proven in heavy oil, Management believes the oil sands will offer significant market expansion potential.

In Q1 2025 Acceleware’s board of directors approved an initiative proposed by Management to investigate (in parallel with continued effort to progress a second phase of heating at Marwayne) the opportunity for Acceleware, as an operator, to acquire rights to a suitable heavy oil property, and thereafter apply RF XL as a secondary recovery method to improve the property’s production, cashflow, ultimate recovery and asset valuation. Under this scenario, Acceleware would benefit from the valuation enhancement brought about by RF XL. Management has commenced its investigation pursuant to this initiative as of the date of this news release. In the three months ended March 31, 2025 the Company’s subsurface team refined its reservoir selection criteria and identified several promising locations for a commercial demonstration of RF XL.

As of the date of this news release, the Company completed additional IMII-funded testing of a 100kg per hour prototype potash dryer with further promising results. IMII and its participating members had requested additional testing under various scenarios before considering the Company’s Phase 3 proposal for the design, construction and testing of a new, larger-scale prototype. Acceleware expects to learn if IMII and its members will sanction a Phase 3 project later this year. IMII’s minerals industry members include BHP, Cameco Corporation, Fission Uranium Corp., The Mosaic Company and Nutrien Ltd.

During the three months ended March 31, 2025, Acceleware continued to invest in developing and protecting new intellectual property with the number of patents issued, allowed, applied for, or in development totalling 62. The Company has 28 patents granted or allowed to protect various proprietary technologies and 34 patent applications pending or under development. The Company uses an integrated strategy for IP protection involving a combination of patenting and trade secrets, working closely with the patent offices and intellectual property advisors.

RF XL PILOT UPDATE
Acceleware plans to initiate a second phase of heating after completing a proposed significant subsurface design upgrade to address the moisture ingress issue. Prior to the next phase of heating, all RF XL subsurface components will be removed, and substantially upgraded, and then redeployed. This plan was developed in consultation with industry partners and service providers and among the alternatives examined, it is expected to have the highest probability of achieving higher power injected into the reservoir for a sustained period. The subsurface design was further refined in Q1 2025 to more completely address the moisture ingress issue, to increase simplicity and to reduce costs for the commercial product. The refined design is not expected to materially impact the estimated cost for the second phase of heating at the RF XL Pilot. An estimated additional $5 million of funding is required to complete the redeployment including contingency, and Acceleware is actively working to raise these funds. Acceleware has secured $1.3 million partial funding for the redeployment conditional on securing the balance of the funds from industry partners or other sources. The final timing and cost of the redeployment and subsequent heating is uncertain and remains primarily dependent on financing, partner investment, the time required to source the remaining financing, and the successful deployment of repairs and components.

Total direct funding received for the first phase of the RF XL Pilot was $24.4 million and included $5.9 million from Alberta Innovates, $5.5 million from Sustainable Development Technology Canada (“SDTC”), $5.0 million from Emissions Reduction Alberta (“ERA”), $3.0 million from CRIN and $5.0 million in aggregate from three oil sands operators. See discussion below in Financial Summary. In exchange for funding, the oil sands operators received exclusive access to detailed technical data and test results, prioritized rights to host a subsequent test, preferred pricing on pre-commercial products and preferred access to RF XL products. These major oil sands producers represent well over one million barrels of oil sands and heavy oil production per day.

QUARTER IN REVIEW
Revenue of $431 thousand was recorded in the three months ended March 31, 2025 (“Q1 2025”) compared to $44 thousand in the three months ended March 31, 2024 (“Q1 2024”) and $1.9 million in the previous quarter ended December 31, 2024 (“Q4 2024”). Revenue in Q4 2024 was substantially associated with deferred revenue recognized relating to a contract with one oil sands producer for the RF XL Pilot.

Total comprehensive loss for Q1 2025 was $383 thousand compared to a comprehensive loss of $1.0 million for Q1 2024 and comprehensive income of $0.9 million for Q4 2024. The reduction in comprehensive loss in Q1 2025 compared to Q1 2024 was due to higher revenue and a significant reduction in R&D and G&A expenses. Comprehensive income in Q4 2024 was higher due to revenue related to the RF XL Pilot. Finance expense includes interest expense on convertible debentures and notes payable which are funding the Company’s working capital. Comprehensive income in all periods was impacted by changes in value of the derivative financial instruments embedded within the convertible debenture. The changes in derivative value are driven primarily by the fluctuation in the Company’s share price.

R&D expenses incurred in Q1 2025 were $421 thousand compared to $501 thousand in Q1 2024 and $581 thousand in Q4 2024. R&D spending in Q1 2025 and Q4 2024 was related to the IMII dryer for potash ore and included lab engineering, designing and testing, data analysis, and partner consultations, and to further engineering on the next iteration of the RF XL Pilot. R&D spending in Q1 2024 was related to the RF XL Pilot. There was $nil government assistance received in Q1 2025, Q4 2024 and Q1 2024.

G&A expenses incurred in Q1 2025 were $253 thousand compared to $452 thousand in Q1 2024 and $315 thousand in Q4 2024. There were lower non-cash payroll related costs incurred in Q1 2025 due to the timing of option grants and lower professional fees as the Company continues to prioritize cost control given uncertain economic conditions.

As at December 31, 2024, Acceleware had negative working capital of $3.6 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $211 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the decrease in cash as well as an increase in short term notes payable, and an increase in deferred management compensation.

In the interests of matching cash requirements with a combination of cash generated from operations, external funding, and capital raising activities, the Company actively manages its cash flow and investments in new products. Acceleware intends to maximize cash generated from operations through several initiatives which include continuing to focus on higher gross margin software products that are marketed through a combination of direct and reseller models; minimizing operating expenses where possible; and limiting capital expenditures. As the Company continues to develop its RF Heating technology, new R&D investments will be financed through a combination of internal cash flow from the HPC business, project funding agreements, government assistance and external financing, when available.

ABOUT ACCELEWARE:
Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.  

Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.

The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about, the expected commercialization of RF XL, the expected cost of the RF XL Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL Pilot redeployment, the anticipated economic and societal benefits of the RF XL technology, and the future development plans related to potash ore drying prototypes. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

DISCLAIMER

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 release.

For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com

Acceleware Ltd.
435 10^th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com

The MIL Network –

May 27, 2025

MIL-OSI: Petrus Announces Results of Annual General Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company“) (TSX: PRQ) is pleased to announce that its shareholders approved all resolutions at its annual general meeting of shareholders held yesterday (the “Meeting“). The resolutions approved at the Meeting were as follows:

The resolution to fix the number of directors of the Company to be elected at the Meeting at five (5) directors was approved.

The resolution to appoint the five (5) nominees as directors of the Company to serve until the next annual meeting of shareholders of the Company, was passed by way of ballot and the directors received the following votes:


Nominee	Outcome of Vote	Votes For	% For	Votes Withheld	% Withheld

Donald Gray Donald Cormack Patrick Arnell Ken Gray Peter Verburg	Elected Elected Elected Elected Elected	104,062,316 104,052,404 103,837,554 104,052,866 103,950,141	99.96 99.95 99.75 99.96 99.86	37,360 47,272 262,122 46,810 149,535	0.04 0.05 0.25 0.04 0.14

The ordinary resolution approving the unallocated restricted share unit awards under the Company’s restricted share unit award plan and ratifying the previous grants of restricted share unit awards was approved.

The resolution to appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants of Calgary, Alberta as the Company’s auditors was approved.

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 –

May 27, 2025

MIL-OSI USA: ICYMI: Ernst Releases Alarming Report on Tech Vulnerable to China

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – In case you missed it, U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) released a report revealing that billions of dollars in sensitive American intellectual property are vulnerable to China, because the lack of a consistent due diligence standard in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs has left loopholes for America’s adversaries to exploit.
To safeguard the technology that supports our national security, Chair Ernst is fighting to pass her INNOVATE Act and asked Secretary of Defense Pete Hegseth to investigate and potentially halt all funding to six companies mentioned in the report with troubling ties to China that received nearly $180 million from 2023 to 2024 in SBIR-STTR funding after a due diligence vetting system had been implemented by the agency.
Here is some of the coverage of Ernst’s groundbreaking report:
Bloomberg | Senator Flags China Ties in Program to Aid Defense Startups
“The findings from Senator Joni Ernst add fuel to her campaign to overhaul the programs, which have awarded more than $75 billion since the first one began in 1982.”
Politico | GOP report finds small business innovation grants still carry foreign risk
“Senate Small Business Chair Joni Ernst (R-Iowa) released a report Wednesday that found that small business innovation program grant applicants flagged for foreign risk still received federal funding.”
National Review | Small Business Grants Across Federal Government Vulnerable to Chinese Influence, Report Finds
“Seeking to combat the problem, Ernst’s INNOVATE Act would clearly define “foreign risk” for due diligence reviews across agencies. The legislation would also create eligibility rules for applicants with foreign ties and codifies collaborations between agencies and the intelligence community on foreign risk reviews.”
Politico Morning Defense | Red SBIR?
“Congress previously rewrote SBIR and STTR rules to prevent funds from flowing to China after DOD discovered in 2021 that some SBIR awards had gone to companies linked to the Chinese military. The continued exploitation of the program, however, suggests that DOD may need to take further steps.”
Federal News Network | SBIR/STTR awards remain vulnerable to foreign influence
“Ernst’s investigation comes as Congress must reauthorize the SBIR/STTR programs. The 2022 update expires on Sept. 30. Ernst’s Innovate Act would extend the programs another three years to 2028 and continue to press agencies to address concerns over SBIR mills and foreign influence on awards.”

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Big Y Foods Recalls Made-To-Order Subs, Wraps and Paninis Sold in Massachusetts and Connecticut Because of Possible Health Risk

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
May 22, 2025
FDA Publish Date:
May 22, 2025
Product Type:
Food & BeveragesFoodborne Illness
Reason for Announcement:

Recall Reason Description
Salmonella

Company Name:
Big Y Foods
Brand Name:

Brand Name(s)
Big Y Foods

Product Description:

Product Description
Made-to-order subs, wraps and paninis

Company Announcement
Big Y Foods of Springfield, MA is voluntarily recalling some Made-To-Order Subs, Wraps and Paninis sold between 5/20 and 5/21 in some Massachusetts and Connecticut retail stores (listed below), because they have the potential to be contaminated with Salmonella, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting into the bloodstream and producing more severe illnesses such as arterial infections (i.e., infected aneurysms), endocarditis and arthritis.
This recall includes any Made-To-Order Small Sub, Large Sub, 30” Super Sub, Wrap or Panini purchased on 5/20 or 5/21 sold in the following Big Y Stores:

Address

City

State

Zip

1090 St. James Avenue

Springfield

MA

01104

79 Stonington Rd.

Mystic

CT

06355

136 North King Street Rt. 5

Northampton

MA

01060

10 College Highway Rt. 10

Southampton

MA

01073

802 Williams Street

Longmeadow

MA

01106

441 N Main St.

E. Longmeadow

MA

01028

772 North Main St.

West Hartford

CT

06117

148 West St.

Ware

MA

01082

200 West St.

Pittsfield

MA

01201

45 Veterans Memorial Drive

North Adams

MA

01247

224 Salem Turnpike

Norwich

CT

06360

141B Storrs Road

Mansfield

CT

06250

1040 Elm Street

Rocky Hill

CT

06067

234 Tolland Turnpike

Manchester

CT

06040

175 University Drive

Amherst

MA

01002

65 Palomba Drive

Enfield

CT

06082

1 Kent Road

New Milford

CT

06776

22 Spencer Plan Rd.

Old Saybrook

CT

06475

995 Poquonnock Road

Groton

CT

06340

237 Mohawk Trail, Route 2

Greenfield

MA

01301

300 Cooley Street

Springfield

MA

01128

135 West Rd.

Elington

CT

06029

355 Hawley Lane

Stratford

CT

06614

2035 Boston Rd.

Wilbraham

MA

01095

405 Bridgeport Ave.

Shelton

CT

06484

1313 Hopmeadow St.

Slimsbury

CT

06070

7 East Hampton Rd. Route 66

Marlborough

CT

06447

23 Killingworth Turnpike

Clinton

CT

06413

150 Boston Post Rd.

Milford

CT

06460

434 Walpole St.

Norwood

MA

02062

Big Y Foods was notified by Smartcuts that the sliced cucumber distributed to Big Y Foods was impacted by the ongoing Bedner Growers Inc. Cucumber Outbreak investigation. The Smartcuts sliced cucumber is provided as an ingredient option for customers to order when ordering a sub, wrap, or panini at the sandwich service line within the retail Kitchen Department. Big Y Foods ceased operation in all stores listed above, discarded product within the sub, wrap, and panini service line, then thoroughly cleaned and sanitized the service line.
All Made-To-Order subs, wraps and paninis were produced within the Kitchen Department upon customer request. The subs, wraps and paninis impacted by the cucumber recall were provided for sale to consumers May 20, 2025, and May 21, 2025. These subs, wraps and paninis were not prepackaged for customer self-service.
No illnesses have been reported to date.
Consumers who have purchased Made-To-Order subs, wraps and paninis are urged to return the product or show a receipt to the place of purchase for a full refund. Consumers with questions may contact Big Y Foods at wecare@bigy.com, call Big Y Foods at 1-800-828-2688 select Option #7, Monday through Friday from 7am – 4pm, or contact the Smartcuts company at 1-860-525-3237 Monday through Friday from 8am – 5pm.
Link to FDA Outbreak Advisory

Company Contact Information

Consumers:
Big Y Foods, Smartcuts
1-800-828-2688 select Option #7, 1-860-525-3237
wecare@bigy.com

Media:
Aimee Diliberto, Big Y Foods
1-800-828-2688

Content current as of:
05/22/2025

Regulated Product(s)

Topic(s)

Follow FDA

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: CFTC Resolves Technical Issues with Comment Portal

Source: US Commodity Futures Trading Commission

CFTC Resolves Technical Issues with Comment Portal | CFTC

/PressRoom/PressReleases/9079-25
Skip to main content

May 22, 2025

Washington, D.C. – The Commodity Futures Trading Commission today resolved a technical issue with its online comment submission portal and extended a deadline for comment submissions. The public can submit comments on 24/7 trading and perpetual contracts in derivatives markets until Friday, May 23, 2025.
Comments on 24/7 trading can be submitted through the CFTC’s online portal. Alternatively, commenters may email a PDF of their comments along with their name and organization to [email protected].
Comments on perpetual contracts in derivatives markets can be submitted through the CFTC’s online portal. Alternatively, commenters may email a PDF of their comments along with their name and organization to [email protected].
Those who have previously submitted comments on these matters are encouraged to visit the respective comment portals to confirm their submissions and resubmit comments if necessary.

-CFTC-

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: VIDEO: Capito Opening Statement at Hearing to Review Labor Budget Request

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

[embedded content]

Click here or on the image above to watch Chairman Capito’s opening remarks from the hearing.

WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), chaired a hearing with U.S. Department of Labor Secretary Lori Chavez-DeRemer to consider the president’s Fiscal Year 2026 budget request.

Below is the opening statement of Chairman Capito as prepared for delivery:

“Good morning. Secretary Chavez-DeRemer, thank you for being here today to testify to the President’s fiscal year 2026 budget request for the Department of Labor.

“I am pleased to be joined by Senator Baldwin, the ranking member of the subcommittee. I am also happy to have the chair of the full committee, Senator Susan Collins, with us today. Thank you, Senator Collins, for your strong leadership and your tireless efforts to get us back to regular order.

“Following four years of reckless spending under the Biden administration, President Trump is taking steps to rein in our bloated bureaucracy and ensure that taxpayer dollars are being well spent.

“The department’s request proposes to reduce funding for the agency by $4.6 billion, a decrease of nearly 35%. We look forward to hearing your testimony and discussing in greater detail your priorities, new proposals, and programs you think we should consider scaling back.

“This month, we continued to receive good news about the strength of the American economy. Our economy has added jobs every month since President Trump took office and the unemployment rate remained steady this past month at 4.2%. However, millions of Americans are still underemployed or have stopped looking for work altogether.

“We need to make sure that Americans have access to training programs – especially those that provide on-the-job training and those focused on in-demand jobs, which in West Virginia includes important industries like coal mining and healthcare. I’d like to see the department take innovative approaches to expand apprenticeship opportunities to new programs and fields as a lot of worthy apprenticeship opportunities don’t fit the current registered apprenticeship model. I’m interested in hearing more about how the Make America Skilled Again grant program will increase flexibility and improve outcomes for workers looking to upskill and advance in their careers.

“I’ve also been a long-time champion of expanding and strengthening the early childhood education workforce through apprenticeships. Giving our educators a clear pathway to successful careers opens the door to higher quality and better coverage of care, helping both families and childcare workers in West Virginia.

“Having a highly-skilled workforce is critical, but it is only half of the equation. We must also continue advancing common-sense solutions to create an economic environment where businesses can thrive and create good, well-paying jobs. I have been pleased to see this administration take steps to rein in unnecessary regulatory burdens that make it harder for businesses to create jobs.

“Earlier this month, the Department of Labor announced it will no longer enforce the Biden administration’s misguided independent contractor rule, which jeopardized the ability of as many as 70 million freelancers, rideshare drivers, and other independent workers to earn a living in a way that best fits their needs and schedules.

“This rule would take away the freedom for West Virginia real estate agents, truck drivers, freelance writers, and other self-employed workers to choose their own hours and work around other life priorities — like going back to school or raising children.

“I hope to see this administration continue to remove bureaucratic red tape to allow companies to expand their workforce, grow their businesses, and show their employees how much they’re valued in a growing economy.

“However, to be clear, not all regulations are bad. It is important to have appropriate protections in place to keep hard-working West Virginians, including our miners, safe. West Virginia is the second largest producer of coal in the country. For generations, coal miners in West Virginia have helped keep the lights on across the country. But doing so has sometimes come at a great price. In the last couple decades, West Virginia has experienced major mining tragedies at the Upper Big Branch Mine and Sago Mine, which claimed 29 and 12 lives, respectively.

“I hope to hear more about the administration’s plans to ensure our workplaces are safe so that our workers are able to return home to their loved ones at the end of each day.

“Secretary Chavez-DeRemer, as the Fiscal Year 26 appropriations process moves forward, I know we will continue to work together to identify priorities and find common ground on how best to responsibly allocate taxpayers’ resources. Thank you again for being here today.”

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: VIDEO: Capito Questions Labor Secretary Chavez-DeRemer During Appropriations Hearing

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
[embedded content]
Click here or the image above to watch Senator Capito’s questions.
WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), questioned U.S. Department of Labor Secretary Lori Chavez-DeRemer during a hearing to consider the president’s Fiscal Year 2026 budget request.
HIGHLIGHTS:
ON WEST VIRGINIA HIGHWAY CONSTRUCTION PROJECTS:
SENATOR CAPITO: “Madam Secretary, we’ve talked about this issue, but it’s about the West Virginia Department of Transportation and the Davis-Bacon wage determinations for highway construction. They’re just unworkable…The Biden wage determinations left out key job classifications that are commonly used on highway projects. It’s been very frustrating. The absence of these classifications has required West Virginia DOT to go through a complicated administrative process with DOL to determine proper wages…We’re missing the construction season here…there has been significant delays in not only advertising, but also in awarding construction projects…So will you commit to continue working with me to resolve this issue, to ensure that West Virginia’s highway construction projects can begin without undue burden?”
ON WEST VIRGINIA’S MINE SAFETY AND HEALTH ADMINISTRATION OFFICES:
SENATOR CAPITO: “Let’s talk about MSHA. I mentioned it in my opening statements, obviously it’s important to a state like West Virginia, the health and safety of our nation’s miners. I’m really concerned because I’m hearing from my constituents that MSHA offices in West Virginia are closing. I’m worried that will reduce the number of mine inspections, which are essential to ensuring that the coal that powers our nation is mined safely and the workers return home to their families. West Virginia’s know far too well the importance of keeping our miners safe on the job.”
SECRETARY CHAVEZ-DEREMER: “My goal as the agency head is to make sure every worker is protected. As far as it relates to the MSHA offices, we’re working with GSA, that is under GSA’s purview, I’m working with them and advocating for those leases to stay open.”
ON THE IMPORTANCE OF PUBLIC-PRIVATE PARTNERSHIPS IN WORKFORCE DEVELOPMENT:
SENATOR CAPITO: “What has worked in some instances in West Virginia has been a public-private partnership with workforce programs. Where students who are maybe a junior or senior, maybe they’re career and technical, maybe they’re in regular high school, or are unsure as to what direction they want to go. I’ll use Toyota as an example. They work with the local community college to do a blended work study program that at the end, really can result in a full-time job, a life job at with a great company, Toyota.”

MIL OSI USA News –

May 27, 2025

MIL-OSI USA: PLASKETT RELEASES STATEMENT ON HOUSE PASSAGE OF RECONCILIATION BILL

Source: United States House of Representatives – Congresswoman Stacey E. Plaskett (USVI)

PLASKETT RELEASES STATEMENT ON HOUSE PASSAGE OF RECONCILIATION BILL

Washington, D.C., May 22, 2025

For Immediate Release Contact: Tionee Scotland

May 22, 2025 202-808-6129

PRESS RELEASE

PLASKETT RELEASES STATEMENT ON HOUSE PASSAGE OF RECONCILIATION BILL

Washington, DC – Early this morning, the House of Representatives passed the Republican reconciliation package (H.R. 1) with a vote of 215-214-1. Every Democrat in the House voted no.

The 2 Republicans who voted against the bill, Congressman Thomas Massie (KY-4) and Congressman Warren Davidson (OH-8), opposed the legislation as they wanted to see further federal funding cuts. They held out hoping for full dismantlement.

This bill includes the largest cuts to healthcare in American history. This loss of funding – nearly one trillion dollars – will eliminate healthcare coverage for at least 13.7 million Americans and make it harder for people to access vital medical services. In Medicaid alone, funding is cut by more than $730 billion, which will leave 7.6 million people uninsured. The Virgin Islands presently has 21,000 Medicaid enrollees presently, many of whom will be impacted through loss of service or disenrollment.

Medicare funding was cut by more than $500 billion and vital programs, including the Social Services Block Grant – which provides more than $4.2 million to the Virgin Islands – are eliminated until 2034. With 20,000 Medicare enrollees in the U.S. Virgin Islands, services are sure to be impacted. Federal funding for the Virgin Islands’ Meals on Wheels Program and the Low-Income Home Energy Assistance Program (LIHEAP) has also been eliminated until 2034.

Republicans’ reconciliation bill will make everyday life more expensive for Americans and removes programs which gave opportunities and support for a better life. It is estimated that more than 4 million students will see a reduction, or elimination, of their Pell Grants. The requirements for ‘full-time’ students are increased from 12 to 15 credits, which will decrease the maximum award for any student taking 12 credits by $1,479. In addition, students that are enrolled less than half-time will no longer receive Pell aid.

This bill harms efforts to lower energy costs, increase clean energy manufacturing and jobs, and eliminate economic assistance for communities on the frontline of the climate crisis. Unobligated funds will be rescinded from Inflation Reduction Act programs including Environmental Justice Block Grants, State-Based Home Energy Efficiency Contractor Training Grants, and the Greenhouse Gas Reduction Fund. One of these programs already in place in the Virgin Islands is the Solar for All Program, which provided $62.5 million for homes and businesses.

Republicans voted to cut $35 billion in funding for the Supplemental Nutrition Assistance Program (SNAP), which includes children, working families, seniors, veterans and people with disabilities. This includes a $1 million cut to the Summer Electronic Benefits Transfer (EBT program), which gives food assistance to children when they cannot rely on school lunches. This will impact the more than 15,000 Virgin Islands residents who rely upon SNAP for access to nutritious food for their wellbeing. The $35 billion cut includes a $1 billion decrease in funding for the Nutrition Assistance Program in Puerto Rico despite tremendous efforts and advocacy from their lobbyists, led by Republican Governor, Jenniffer Gonzalez-Colon and Congressman Pablo Hernandez.

The reconciliation bill does not provide the increased rum cover over rate. Rum cover over is the rebate of federal excise taxes on distilled spirits produced in or imported into the rest of the United States from the Virgin Islands and Puerto Rico. Despite Congresswoman Plaskett’s success in securing a Republican lead for the rum cover over legislation (H.R. 1378), Congressman Ron Estes (KS-4), and the support of 24 of her colleagues – 16 Republicans and 8 Democrats – the extension for Puerto Rico and the Virgin Islands was not included in the bill.

It is unfortunate that at the last minute while trying to find additional funds, the Republicans attempted to remove duty drawback – an export-promotion program that American alcohol and tobacco companies rely upon for a refund of duties paid at the time of import when similar goods are exported. That program saves the alcohol industry alone approximately $30 billion. Because of that concern, the full push of the rum industry was not present for rum cover over as the industry prioritized its efforts on safeguarding duty drawback which represented direct dollars to their industry. It’s also important to recognize that many discretionary provisions that made it into the bill were included to secure the necessary votes to advance the legislation – which ultimately was not the case with the provision for an increased rum cover over rate.

During the 18-hour markup in the Ways and Means Committee for the tax provisions of the reconciliation bill, Congresswoman Plaskett offered an amendment to increase the rate of the rum cover offer, to publicly demonstrate the bipartisan support for this provision. Both Democrats and Republicans emphasize the importance of the increased rum cover over rate. The Ways and Means Chairman, Jason Smith, publicly stated that he would work to advance this, and the Committee is expected to craft a bipartisan tax bill this summer. “I will continue to work with my colleagues, Democrats and Republicans, to secure the increased rum cover over rate of $13.25, both retroactively and with an extension, for the Virgin Islands and Puerto Rico.”

While Congresswoman Plaskett cannot support the bill in its entirety, Plaskett’s legislation, the Restore Economic Vitality and Investment in the Virgin Islands (REVIVE VI) Act is included in the Republicans’ bill – one of only four Democrat Ways and Means provisions. REVIVE VI fixes an unintentional consequence of the Global Intangible Low Tax Income (GILTI) regime which, as a practical matter, inadvertently overrode the U.S. Virgin Islands’ economic development program that was previously authorized by Congress. This provision restores the Virgin Islands’ right to have an economic development program which will benefit our economy and workforce.

The U.S. Senate is anticipated to draft an entirely different bill that proposes fewer cuts to critical programs. Then, the Senate bill and House bill will likely be negotiated on a version that can be passed in both chambers of Congress and then be signed by the President.

Congresswoman Plaskett shared, “This bill is a wholesale betrayal of the working class and the future of America. The nonpartisan Congressional Budget Office found that the bottom 10%–working- and middle-class Americans will be 4% poorer in household wealth under this bill, with most of the benefits going to the top 10% of Americans. Not only does the bill make the largest healthcare cut in our nation’s history, it also makes the largest cuts to food assistance, energy projects and Pell grants. All to give additional money to the wealthiest Americans – an average of $278,000 per year, $762 per day, to the top 0.1% of Americans. This bill is cruel, shameful, unfair and unamerican.”

MIL OSI USA News –

May 27, 2025

MIL-OSI Security: Owner of O.C. Staffing Companies Sentenced to 8 Years in Prison for Tax Crimes, Admits to Cheating IRS Out of Nearly $60 Million

Source: Office of United States Attorneys

RIVERSIDE, California – The owner of Orange County-based temporary staffing companies was sentenced today to 96 months in federal prison for willfully evading the payment of nearly $30 million in taxes, penalties and interest, assessed against him to the IRS as well as causing a false tax return to be filed with the IRS as part of defendant’s efforts to conceal nearly $30 million in additional tax liabilities incurred by his staffing companies.

Luis E. Perez, 56, who has maintained residences in Anaheim Hills, Yorba Linda, and Dove Canyon, was sentenced by United States District Judge Kenly Kiya Kato, who also ordered him to pay $38,052,767 in restitution. At today’s hearing, Judge Kato emphasized the “astonishing” period of time defendant engaged in his criminal conduct and the “staggering” amount of money he caused in loss to the government.

Perez pleaded guilty in September 2024 to one count of tax evasion and one count of aiding and assisting in the preparation of a false tax return.

According to his plea agreement, Perez’s companies – which include Checkmates Staffing Inc.; Staffaide Inc.; BaronHR, LLC; BaronHR West Inc.; and Fortress Holding Group LLC – were required to withhold taxes from employee wages and to pay the withheld amounts to the IRS on a periodic basis. These withheld taxes, sometimes known as “trust fund taxes,” include income taxes and Federal Insurance Contributions Act (FICA) taxes that fund Social Security and Medicare.

From May 2009 to January 2017, Perez’s companies failed to pay the IRS the payroll taxes for the tax years 2001, 2002, 2003, 2006, 2007, 2008 and 2010, including trust fund taxes that Perez’s companies withheld from employees’ paychecks. Beginning in June 2007, the IRS attempted to collect Perez’s outstanding tax liability, including penalties and interest. By February 2017, the outstanding balance had grown to $29,593,378, which included the unpaid taxes, interest and the “Trust Fund Recovery Penalty.”

Perez attempted to thwart the IRS’s collection efforts by purchasing luxury items from his business bank accounts – including numerous cars and a boat – and concealing his ownership by placing the titles of these items in the names of his businesses and other individuals. Those luxury items included a Ferrari 360 Spider F, a Rolls Royce Phantom, a Duffy D 22 Bay Island boat, a Mercedes-Benz SLS, a Mercedes-Benz G-Class, and a Lamborghini Aventador. Perez also evaded the IRS’s collection efforts by obtaining a Visa Black credit card in the name of another person (now his wife) to make personal purchases and paid off the credit card using funds from his business bank accounts.

As part of his efforts to impede the IRS, Perez lied to IRS revenue officers during interviews and failed to include material information in documents submitted to the IRS. For example, Perez falsely claimed that he received a salary of only $1,000 per week from BaronHR and he did not receive any other funds from the company, when in fact, Perez distributed money to himself from his businesses by making payments to his now wife for his own benefit.

While on pretrial release for the abovementioned criminal conduct, Perez engaged in additional criminal tax violations. From October 2018 to August 2019, Perez willfully aided and assisted in the preparation of false tax returns that substantially understated the wages paid to the employees of Anaheim-based temporary staffing company BaronHR West from January 2018 through June 2019. Specifically, Perez admitted in his plea agreement that he caused BaronHR West to underreport employee wages and other compensation paid by the company by approximately $130,879,521, which resulted in the company’s failure to pay approximately $29,633,516 in federal employment taxes.

Perez has been in federal custody since August 2024, when a federal magistrate judge revoked his bond after a two-day evidentiary hearing finding probable cause to believe that Perez had violated the terms of his pretrial release by committing still more criminal tax violations between 2021 and 2023. In a motion to revoke Perez’s bond filed with the court in August 2024, the government alleged that Perez had willfully caused his staffing companies to fail to pay over $25 million in federal payroll taxes (including over $13 million in federal trust fund taxes withheld from employee wages) since March 2021.

“[Perez] is a prolific employment tax cheat who engaged in a decades long pattern of willful non-payment, false statements, and outright evasion,” prosecutors argued in a sentencing memorandum. “[Perez] has been unrepentant and unwavering in his violations of the internal revenue laws; he continued his pattern of tax fraud despite extensive efforts to halt his behavior.”

IRS Criminal Investigation investigated this matter.

Assistant United States Attorneys Brett A. Sagel of the Orange County Office, James C. Hughes of the Major Frauds Section, and Robert A. Kemins of the Department of Justice Tax Division prosecuted this case.

MIL Security OSI –

May 27, 2025
MIL-OSI: Univest Securities, LLC Announces Closing of $5 Million Registered Offering for its Client WORK Medical Technology Group LTD (NASDAQ: WOK)

Source: GlobeNewswire (MIL-OSI)

New York, New York, May 22, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered offering (the “Offering”) for its client WORK Medical Technology Group LTD (Nasdaq: WOK) (the “Company”), a supplier of medical devices in China, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China.

Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 10,000,000 ordinary units (the “Ordinary Units”) at an offering price of $0.50 per Ordinary Unit.

Each Ordinary Unit consists of one Class A ordinary share, par value $0.0005 (a “Class A Ordinary Share”), one Series A warrant to purchase one Class A Ordinary Share at an exercise price of $1.00 (a “Series A Warrant”), and one Series B warrant to purchase one Class A Ordinary Share at an exercise price of $1.00 (a “Series B Warrant”). The Series A Warrants and Series B Warrants are immediately exercisable upon issuance, with the Series A Warrants expiring in 12 months, and Series B Warrants expiring in 3 months.

The aggregate gross proceeds to the Company were approximately $5 million.

Univest Securities, LLC acted as the sole book-running manager.

The registered offering was made pursuant to a registration statement on Form F-1 (File No. 333-284006) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”). A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

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

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About WORK Medical Technology Group LTD

WORK Medical Technology Group LTD, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China, is a supplier of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products, including customized and multifunctional masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of them sold in more than 30 countries worldwide. The Company has received a number of quality-related manufacturing designations and has registered 17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please visit the Company’s website: https://www.workmedtech.com/corporate.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

The MIL Network –

May 27, 2025
MIL-OSI NGOs: Greenpeace USA slams PepsiCo for ditching reuse target

Source: Greenpeace Statement –

WASHINGTON, DC (May 22, 2025) – In response to PepsiCo’s announcement that it will abandon its goal to deliver 20% of its beverages in reusable containers by 2030, Greenpeace USA Senior Oceans Campaigner Lisa Ramsden, said: “PepsiCo is the latest corporate polluter to abandon its reuse targets, a move that will undoubtedly force more plastic pollution into our environment and burden our bodies with more toxic microplastics. We clearly can’t trust corporations like PepsiCo to do what’s best for people and the planet, and this exemplifies why voluntary commitments by corporations have never been enough. We need a strong and binding Global Plastics Treaty that caps plastic production and ends single-use plastics.”

PepsiCo’s decision follows its rival Coca-Cola’s similar abandonment of its reuse goal in December 2024 and Coke’s recent announcement of plans to ramp up plastic production in response to the Trump Administration’s tariffs on aluminum. Both companies are among the world’s top global plastic polluters.

Plastics are not just a pollution problem; they are a public health crisis. Over 3,200 chemicals in plastics have been linked to a host of serious health conditions, including cancer, hormone disruption, reproductive problems, metabolic changes, obesity, premature births, neurological disorders, and learning disabilities. Toxic chemicals in plastic already cost Americans nearly $250 billion in healthcare expenses each year.

PepsiCo’s announcement comes as the ‘Make America Healthy Again’ report, released today, finds that Americans are exposed to these chemicals through many routes, including food and beverage packaging. Microplastics have been found in human breast milk, brain, lung, and heart tissue.

Contact: Tanya Brooks, Senior Communications Specialist at Greenpeace USA , [email protected]

Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

MIL OSI NGO –

May 27, 2025
MIL-OSI USA: Cassidy Votes to Overturn Biden EV Mandate

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) today issued the following statement after voting to overturn the Biden administration’s approval of California’s Advanced Clean Cars II (ACC II) regulation, which mandates 100% electric vehicle (EV) sales by 2035 and effectively bans traditional gas-powered vehicles.
“Forcing anybody buying a new car to buy an electric vehicle by 2035 is stupid. Nobody wants government telling them what car to drive. This rule is dead—good riddance,” said Dr. Cassidy.
In the final days of the Biden-Harris administration, the U.S. Environmental Protection Agency (EPA) approved California’s request to mandate zero-emission vehicle sales by 2035, setting a national precedent. Under the Clean Air Act, California’s EV mandate has been adopted by over a dozen states, affecting more than 30% of the national auto market.
In March, Cassidy introduced the Choice in Automobile Retail Sales (CARS) Act to reverse the Biden administration’s aggressive emissions standards and protect consumers’ rights to affordable, reliable vehicles. Additionally, Cassidy co-sponsored the Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act to repeal costly federal subsidies for electric vehicles and related infrastructure. He also introduced legislation under the Congressional Review Act to block other Biden administration EV mandates imposed on American families last year.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Cassidy Delivers Floor Speech Calling for Affordable Flood Insurance Ahead of Hurricane Season

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

[embedded content]

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) delivered a speech on the U.S. Senate floor highlighting the need for the National Flood Insurance Program (NFIP) to remain affordable and the danger that Risk Rating 2.0 poses to low- and middle-income families’ ability to be enrolled in the program.
“With Risk Rating 2.0 driving up costs for low- and middle-income families, about a fifth of those enrolled in NFIP will be forced to drop their coverage altogether over the next ten years,” said Dr. Cassidy.
“If we really want to put Americans first, we start by making NFIP affordable now and keeping it affordable 10, 15 years from now,” continued Dr. Cassidy.
Background
In April, Cassidy delivered a speech on the Senate floor calling for the continuation of FEMA’s Building Resilient Infrastructure and Communities (BRIC) grant program, which helps fund pre-disaster mitigation and flood prevention projects in Louisiana and nationwide.
In March, Cassidy delivered a floor speech calling for a long-term extension of the National Flood Insurance Program (NFIP) and introduced legislation to extend the program through December 31, 2026. Cassidy also met with the Jefferson Business Council where he discussed his efforts to keep flood insurance affordable and extend NFIP long-term.
In February, Cassidy introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in the National Flood Insurance Program (NFIP) a 33% refundable tax credit to combat rising flood insurance premiums. Cassidy released a report last fall outlining the current state of the NFIP and the issues that have led to skyrocketing premiums for millions of homeowners.
Last year, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish in 2023 to talk with residents about their flood insurance premiums, recording the second episode of his Bill on the Hill series.
Cassidy’s remarks as prepared for delivery are below:
Mr. President,
Folks in Louisiana are preparing for hurricane season.
I just had a meeting with the Calcasieu Parish Police Jury who sent me some photos of a few Lake Charles homes.
To reduce flood risk and their monthly flood insurance premiums, people are paying to have their houses raised.
That costs anywhere between 25,000 and 40,000 dollars.
If your foundation needs repairs, you’re looking at up to 25,000 dollars in additional costs.
A full replacement of the foundation can cost 100,000 dollars.
It seems like a worthwhile investment.
Lifting your home lowers your risk of flooding and insurance premiums go down, saving you money in the long run.
But unfortunately, that is not the experience people in Louisiana are having under Risk Rating 2.0—FEMA’s current risk assessment program.
Here are just two instances in Calcasieu Parish in which homeowners invested in flood mitigation to lower their flood insurance premiums.
These people did everything right!
They did what they were supposed to!
These people are not going to flood. And yet, after Risk Rating 2.0, this is what happened to their premiums!
You’d feel like you got ripped off if that happened to you.
One pre-mitigation premium nearly doubled.
This is bad news for all Americans, particularly lower-income families.
When the number of families getting a bill like this goes up, the number of people able to afford flood insurance at all goes down.
With Risk Rating 2.0 driving up costs for low- and middle-income families, about a fifth of those enrolled in NFIP will be forced to drop their coverage altogether over the next ten years.
The pool of policyholders shrinking at this rate will force the program into what’s called an actuarial death spiral.
Risk Rating 2.0 is like termites eating away at the foundation of a house.
If we do nothing, it’s going to collapse.
I introduced legislation back in February to give low- and middle-income households enrolled in NFIP a 33% reduction in their NFIP premium in the form of a refundable tax credit that would go directly to their premium payment at the time it’s due.
Hurricane season will not wait on those who need flood insurance to get it. Americans in my state and across the country need relief now.
If we really want to put Americans first, we start by making NFIP affordable now and keeping it affordable 10, 15 years from now.
The issue is a pocketbook issue for many families, but when you flood like so many in Louisiana have, it becomes a personal issue—an issue of loss.
Since the start of 2025, at least 21 Americans across 8 states have been killed as a result of flooding and storms hitting their communities.
Millions have been without power or evacuated from their homes.
When you hear “flood insurance” you might think, “Well I don’t live in a coastal state like Louisiana, for example. My house won’t get destroyed by a flood. I don’t need flood insurance!”
I wish that were true.
States hit the hardest aren’t the only states hit.
This is not a one-state problem.
This is a one-nation problem.
All fifty states have NFIP policyholders.
And there are many who don’t have flood insurance who, unfortunately, wish they did.
When more rain comes—and it will—all Americans need stability.
The National Flood Insurance Program can provide that certainty.
Maybe you won’t see flooding as extreme as losing your house—I hope you don’t.
But I’m not just talking about the worst-case scenario.
Let’s say you get a couple of inches of water in your living room.
You’ve got to pull up your carpets and replace the drywall. You’re going to wish you had flood insurance.
And you probably would if it were affordable.
The National Flood Insurance Program, often the only flood insurance option for many communities, is broken.
Right now, the very program designed to help Americans is failing them.
And when millions of Americans are impacted, Washington must act.
Let me be very clear: NFIP is a federal program—meaning we can change and improve it. We just need to have the will.
I urge my colleagues to join me in working with President Trump’s Administration to end Risk Rating 2.0.
In 2019, my office worked with the Trump administration to successfully delay Risk Rating 2.0 because of the lack of transparency on how FEMA was calculating rates.
President Trump understood then and understands now that Americans are tired of being ripped off.
When rivers swell, Americans should not have to fear the cost of rebuilding without insurance.
Let’s make NFIP affordable for the homeowner, accountable to the taxpayer, and sustainable for future generations.
Severe weather is relentless. We must be too.
With that, I yield.

MIL OSI USA News –

May 27, 2025
MIL-OSI New Zealand: More Supercars for New Zealand

Source: Ministry of Business Innovation and Employment MBIE (2)

Published: 23 May 2025

The Government is investing $5.9 million from the Major Events Fund to support Supercars events in both Taupō and Christchurch for the next 3 years.

On this page

The 2024 Taupō Supercars generated significant economic and tourism benefits for the region and New Zealand with more than 3,300 international visitors attending and spending more than $5.2 million while here.

Having consecutive events in Taupō and Christchurch will allow international visitors to extend their stay in New Zealand, supporting tourism in our regions.

More information about Supercars:

2025 Repco Supercars Championship | Supercars(external link)

Read the Beehive press release:

Supercars for the South Island(external link) — Beehive.govt.nz

Last updated: 23 May 2025

https://www.mbie.govt.nz/about/news/more-supercars-for-new-zealand
Please note: This content will change over time and can go out of date.

Crown copyright © 2025

https://www.mbie.govt.nz/about/news/more-supercars-for-new-zealand
Please note: This content will change over time and can go out of date.

MIL OSI New Zealand News –

May 27, 2025
MIL-OSI: Heritage Commerce Corp and Heritage Bank of Commerce Continue Board Leadership Succession

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., May 22, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (NASDAQ: HTBK) (“Heritage” or “Company”), parent company of Heritage Bank of Commerce (the “Bank”), a premier community business bank, today announces the appointment of Julianne Biagini-Komas as Chair of the Board of Directors (the “Board”), replacing Chairman Jack W. Conner who has assumed the role of Chair Emeritus and has indicated he intends to remain on the Board to provide a smooth and orderly transition through October 2025. Ms. Biagini-Komas, a Certified Public Accountant, has served as Vice Chair of the Board since October 2024, as a director since 2014 and as the Chair of the Audit Committee since 2020.

“The Board and I are delighted to announce Julie’s key role in the Company’s leadership succession plans,” stated Mr. Conner, “Having worked with Julie for many years, I can think of no one better suited to guide the Board and our management team into the future. I am proud of what we have accomplished together, and I look forward to watching Heritage continue to thrive in the years ahead.”

Ms. Biagini-Komas said, “The entire Board and executive team are immensely grateful for Jack’s experience and leadership for over 20 years. He has led us through tremendous growth, both organically and by acquisition, and through many business cycles. We are confident that he has positioned us well to take advantage of the broad skills and talents of our executives and directors, and I am personally thankful for his willingness to continue in a transitional role.”

The Company also announced the retirement of Laura Roden from the Board at the conclusion of the Company’s Annual Meeting of the Shareholders this year.

Of Ms. Roden, Robertson “Clay” Jones, President & CEO stated, “We are grateful for Laura’s 13 years of service as a director, and we congratulate her on a well-deserved retirement.” Ms. Roden expressed her continuing support and appreciation for the Board and the management team, stating, “It has been a privilege to serve with the outstanding team of astute and dedicated individuals on the Heritage Board. As a shareholder I look forward to applauding the Bank’s future successes.”

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. Statements and information presented on our website are not incorporated into and do not form a part of this press release or of any of our filings with the Securities and Exchange Commission.

Member FDIC

Cautionary Note Regarding Forward-Looking Statements

Certain matters set forth herein constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Among these are statements about the Company’s current intentions and expectations relating to our succession plans for the Board of Directors. These statements reflect the Board’s current intentions and expectations based on currently available information and, as such, are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed in this release. These risks and uncertainties, some of which are beyond our control, include, but are not limited to, factors that affect the timing and effectiveness of the changes in leadership positions described in this release, such as our ability to attract, appropriately evaluate and retain directors having the desired qualifications and experience; our ability to manage the integration of new directors; our ability to address adequately the loss of the talents and experience of the retiring directors; the plans, intentions and decisions of our individual directors with respect to their continuing willingness and availability to serve; and our ability accurately to assess the financial impacts of the recruitment and retention process. Our forward-looking statements are not assurances that we will not deviate from the stated plans and expectations, particularly if changes occur in the economy or the banking environment in general, or in factors that are specific to one or more of our markets. A more comprehensive list of the factors that affect our business can be under Item 1A. “Risk Factors,” of our latest Annual Report on Form 10-K for the year ended December 31, 2024, and in our other subsequent filings with the Securities and Exchange Commission. Readers should consider those factors carefully in making investment decisions about our common stock.

For additional information, email:
InvestorRelations@herbank.com

The MIL Network –

May 27, 2025
MIL-OSI USA: News 05/20/2025 Blackburn, Moolenaar Call for Investigation Into Chinese EV Charging Startup

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) and U.S. Representative. John Moolenaar (R-Mich.), Chairman of the House Select Committee on China, sent a letter to U.S. Department of Commerce Secretary Howard Lutnick and U.S. Department of Defense Secretary Pete Hegseth urging an investigation into Autel Energy, a Chinese electric vehicle (EV) charging startup, and its connections to the Chinese Communist Party. Autel Energy represents a national security risk to the United States given its access to consumer data and critical grid infrastructure.
Autel Energy Shares a Parent Company with Autel Robotics, a Company U.S. Government Recently Listed as National Security Concern
“Autel Energy manufactures electric vehicle (EV) charging stations and is a wholly owned subsidiary of Autel Intelligent Transportation Corp.—the same parent company to Chinese drone maker Autel Robotics, which the U.S. government recently added to the Department of Commerce’s Entity List and the Chinese military companies list. We are concerned that Autel Energy’s products pose many of the same risks to U.S. economic and national security as those manufactured by Autel Robotics and its parent company, both of which are openly affiliated with the CCP and People’s Liberation Army.”
Autel Energy Has Taken Steps to Hide Ties to Chinese-Controlled Parent Company
“Autel Energy styles itself as Autel Intelligent Technology Corp. on its website but has otherwise taken steps to hide the company’s ties to its Chinese controlled parent corporation through new investments in the U.S., where affiliation with a strategic ally of the PRC is deliberately deemphasized. The company recently opened a new assembly facility in the United States and claims that it manufactures Build America, Buy America compliant products that are eligible for the federal government’s EV infrastructure support program. This follows the same playbook deployed by Autel Robotics, which previously advertised a ‘Made in USA’ drone for sale in American markets, targeted towards state and local governments, even though the drone utilized prohibited technology from ZTE and HiSilicon.”
Blackburn, Moolenaar Push for Investigation into Autel Energy to Protect Consumer Data and National Security
“And much like Autel Robotics, Autel Energy products have the capacity to access and collect significant sensitive consumer data that could be used for nefarious purposes. The company operates with few—if any—restrictions, even though the EV charging stations they manufacture, sell, and deploy in the U.S. can collect and transmit sensitive driver data generated by electric vehicles during a charging session. These products are also connected to critical electrical infrastructure, enhancing the risks posed to American economic and national security. For these reasons, we request that your agencies investigate whether Autel Energy meets the requirements for designation on the aforementioned lists.”
Click here to read the full letter.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Crapo Joins Resolution Reaffirming U.S.-Canada Partnership

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–The United States and Canada share three oceans and the world’s longest border. About 400,000 people and more than $2.5 billion worth of goods and services move across the U.S.-Canada border each day. The relationship between the two countries fosters one of the most significant bilateral trading relationships in the world.
U.S. Senator Mike Crapo (R-Idaho) joined U.S. Senators Kevin Cramer (R-North Dakota) and Angus King (I-Maine) in introducing a resolution to recognize the U.S.-Canada partnership and its shared interests in economics, energy, critical minerals and national security.
“Canada is America’s top trading partner and one of our strongest allies,” said Crapo. “The almost $1 trillion exchanged in trade between the U.S. and Canada in 2023 powers 8 million U.S. jobs and 2.4 million Canadian workers. Our two nations are inextricably linked economically and strategically–sharing deep historical and cultural ties. This resolution reiterates our firm commitment to bolster the long-term, mutual relationship with our Canadian neighbors far into the future.”
Idaho exports more products to Canada than any other country. According to the Idaho Department of Commerce, in 2023, Idaho exported $1.5 billion in goods to Canada—more than a quarter of which were food and agricultural products. Additionally, Idaho imported $360 million worth of Canadian food and agriculture goods. Idaho’s largest import/export industries include:
Agriculture and food;
Wood, paper, pulp and printing;
Electrical equipment and machinery;
Mineral products; and
Chemicals, cosmetics and fertilizers.
Cramer and King serve as co-chairmen of the bipartisan, bicameral American Canadian Economy and Security (ACES) Caucus, and Senator Crapo is a member.
“Representing a Northern border state, I recognize the importance of the unique partnership between the United States and Canada,” said Cramer. “Not only are our neighbors to the north crucial economic and national security partners, but they are literally our closest ally. This resolution celebrates our closeness and is a testament to the enduring strength, friendship and importance of the U.S.-Canada alliance across the country and the globe.”
“The United States and Canada have always been closely tied; we share our economies, cultures, military interests and more. In fact, in Maine, even our next door neighbor lives right across the border,” said King. “I continue to be proud of the work we have achieved under the American-Canadian Economy and Security (ACES) Caucus alongside my Senate Co-Chair Kevin Cramer, but know that the current situation presents many unfortunate challenges. While I am excited to reintroduce this resolution to reaffirm our two nations’ commitment to one another, we must acknowledge the close ties between our countries to resolve and mitigate any potential disruptions to our intertwined interests. As close trade partners and allies, I look forward to strengthening this close alliance to tackle these shared challenges and seize new opportunities.”
Among other provisions, the resolution recognizes the relationship between the United States and Canada is critical to promoting peace, expanding global economic opportunity and being prepared to respond to unforeseen events. It also reaffirms the bilateral and international alliance between the two nations, which allows both countries to face common threats together and uphold common values, including democracy, human rights and the rule of law.
Additionally, the resolution emphasizes the shared defense and security commitments between the two nations, including the modernization of the North American Aerospace Defense Command (NORAD), joint border security initiatives, and cooperation in combating transnational threats such as illegal migration and fentanyl trafficking.
The resolution is also co-sponsored by U.S. Senators Marsha Blackburn (R-Tennessee), Susan Collins (R-Maine), Maggie Hassan (D-New Hampshire), Amy Klobuchar (D-Minnesota), Lisa Murkowski (R-Alaska), Mike Rounds (R-South Dakota) and Peter Welch (D-Vermont). A similar resolution was introduced in the House by U.S. Representative Mark Amodei (R-Nevada).
Click here for bill text.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Luján Calls Out House Republican Bill for Selling Off Spectrum to Benefit Billionaires Instead of Connecting Americans

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Telecommunications and Media Subcommittee, released the following statement on the House Republican bill that proposes auctioning off critical spectrum to fund tax handouts for the wealthiest Americans and corporate special interests, rather than investing in expanding broadband access:
“Tucked into House Republicans’ massive giveaway for the wealthiest Americans is a plan to auction off 600 MHz of spectrum — bypassing the committee process, ignoring bipartisan concerns, and doing nothing to connect more Americans to affordable, reliable internet.
“There is strong bipartisan concern about handing over this spectrum. Yet House Republicans are moving ahead at President Trump’s directive, prioritizing billionaires over the urgent need to invest in broadband access.”
Senator Luján has built bipartisan support to use spectrum auction proceeds to expand broadband access. Last Congress, Senator Luján led a bipartisan amendment with Senators Daines, Welch, Vance, Rosen, and Wicker to use $9 billion of spectrum auction proceeds to fund critical communications infrastructure and affordability. The Senate Commerce Committee passed legislation to do the same. Democrats in the House and Senate worked to include this policy in the National Defense Authorization Act for 2025, authorizing $3.08 in spectrum auction proceed from the AWS-3 auction and fund the Secure and Trusted Communications Networks Act, removing security vulnerabilities from critical infrastructure.
Radio spectrum (“spectrum”) is the continuum of frequencies used to provide wireless services, such as radio broadcasting, mobile communications, and satellite services. Since Congress first authorized the Federal Communications Commission (FCC) to auction spectrum in the 1990’s, the FCC has raised over $250 billion in revenue. As Ranking Member of the Subcommittee on Telecommunications and Media, Senator Luján has jurisdiction over the Federal Communications Commission (FCC) that conducts spectrum auction and the National Telecommunications and Information Administration (NTIA) that is responsible for managing spectrum for federal agencies including the Department of Defense.

MIL OSI USA News –

May 27, 2025
MIL-OSI Security: Kansas City Woman Sentenced for COVID-19 Scheme

Source: Office of United States Attorneys

KANSAS CITY, Mo. – A Kansas City, Mo., woman was sentenced in federal court today for filing a false claim as part of a scheme to fraudulently receive approximately $62,811.75 in COVID-19 relief funds from the government.

Robin Brooks, 55, was sentenced by U.S. Chief District Judge Greg Kays to 15 months’ imprisonment and ordered to pay $62,811.75 in restitution to the Small Business Administration (SBA) and to Jackson County, Missouri.

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in or around March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. As a part of the CARES Act, the Paycheck Protection Program (PPP) was created to provided forgivable loans to small businesses that were administered by the Small Business Administration (SBA) through corresponding financial institutions. The purpose of PPP was to provide support to small businesses and assist their payroll to their employees during the coronavirus pandemic.

In her guilty plea, Brooks admitted that, in 2021, she two submitted fraudulent applications to the Small Business Administration for the loans using fake businesses. In fact, Brooks’ business never actually existed and did not have any employees. In a related scheme, Brooks submitted approximately $30,345 in false invoices to Jackson County, Missouri, to receive CARES Act Funds for a non-profit organization she created to provide food to people negatively impacted by the COVID-19 pandemic.

Based on these false claims, the SBA issued payments totaling $32,466 to Brooks and Jackson County issued payments totaling $30,345.

This case is being prosecuted by Assistant U.S. Attorney Brent Venneman. It was investigated by United States Secret Service.

MIL Security OSI –

May 27, 2025
MIL-OSI Security: Former Solon-based Manufacturer to Pay $6M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program

Source: United States Department of Justice (National Center for Disaster Fraud)

CLEVELAND – The Justice Department has announced that Cosmax USA, a corporation having previously done business as two separate entities, Cosmax USA and Nu-World Corporation, has agreed to pay $6 million, of which $3 million is restitution, to resolve allegations under the False Claims Act (FCA) that they knowingly provided false information to obtain Paycheck Protection Program (PPP) loans and loan forgiveness. The companies are part of a global conglomerate that supplies cosmetics and nutritional supplements. Nu-World was merged into Cosmax USA in 2023.

Cosmax USA operated a manufacturing facility in Solon, Ohio up until 2023. This settlement resolves a lawsuit filed by a former employee who worked at that location. Under the whistleblower provisions of the FCA, an individual, known in legal terms as the “relator,” may file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The relator in this case, Alexander Novik, served as Cosmax USA’s controller and also in its human resources department.

The PPP was launched through the Small Business Administration (SBA), with the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act in 2020. The program provided eligible companies with financial support as businesses faced unprecedented challenges brought on by the COVID-19 pandemic. This resolution addresses two alleged violations in which the United States contended that Cosmax USA and Nu-World submitted false information to be eligible to receive PPP funds.

First, the resolution addresses allegations that Nu-World submitted an application in April 2020 for a First-Draw PPP loan, and an application for forgiveness of that loan in 2021, based on a calculated loan amount that was partially based on payments to temporary employees who were not employees of Nu-World.

Second, the resolution addresses allegations that Cosmax USA falsely certified that it was a small business with fewer than 300 employees (including employees at affiliated companies) when it submitted its Second-Draw PPP loan application. In reality, the number of Cosmax USA’s employees, when combined with the number of employees working at its affiliate Nu-World, exceeded the PPP program’s 300-employee limit.

The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Ohio, with assistance from the SBA’s Office of General Counsel (SBA-OGC) and Office of Inspector General (SBA-OIG).

Trial Attorney Graham D. Welch of the Justice Department’s Civil Division and Assistant U.S. Attorney J. Jackson Froliklong for the Northern District of Ohio handled the matter, with assistance from Thomas W. Rigby and Arlene P. Messinger Lerner of the SBA.

Anyone with information about allegations of CARES Act fraud may submit a report with the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or online at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

The claims resolved by the settlement are allegations only. There has been no determination of liability.

MIL Security OSI –

May 27, 2025

MIL-OSI: Prairie Provident Reports on AGM Voting Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces voting results from its annual and special shareholders’ meeting held today (the “Meeting”). A total of 1,216,965,050 common shares, representing approximately 86.8% of the Company’s issued and outstanding common shares, were represented in person or by proxy at the Meeting.

All of the matters put forward to the shareholders, as set out in the Company’s notice of meeting and information circular dated April 15, 2025 (the “Information Circular”), a copy of which is available from the SEDAR+ website at www.sedarplus.ca or the Prairie Provident website at www.ppr.ca, were approved by the requisite majority of votes cast at the Meeting.

Election of Directors

At the Meeting, each of Glenn Hamilton, Dale Miller, Matthew Shyba and Kathy Turgeon was elected, by ordinary resolution, as a director of Prairie Provident for the ensuing year, to hold office until the close of the next annual meeting of shareholders.

Following are details as to the number of votes cast ‘for’ the election of each director nominee at the Meeting, and the percentage that figure represented of the total shares voted or withheld from voting in respect of that nominee.

Director	Number of votes FOR election	% of total votes FOR
Glenn Hamilton	1,207,754,472	99.9%
Dale Miller	1,207,856,769	99.9%
Matthew Shyba	1,207,691,265	99.9%
Kathy Turgeon	1,207,736,113	99.9%

Other Matters

Shareholders also passed at the Meeting a series of resolutions approving, in each case by a majority of over 99% of votes cast, all other items of business set out in the Information Circular These other items of business consisted of: (i) appointing Ernst & Young LLP as the auditor of the Company for the ensuing year; (ii) approving unallocated entitlements under the Prairie Provident stock option plan and incentive security plan, as well as certain amendments to such plans; (iii) approving a consolidation of the outstanding common shares, and authorizing the Company’s board of directors to determine a consolidation ratio between 20-to-1 and 30-to-1; and (iv) approving amendments to the Company’s authorized share capital to create a new class of non-voting common shares.

No further determinations have been made with respect to the proposed share consolidation, which remains subject to acceptance by the Toronto Stock Exchange (TSX). Upon the Prairie Provident board of directors determining to proceed with the consolidation, the Company will issue a news release to announce the consolidation ratio, the timing for implementation and the commencement of TSX trading on a post-consolidation basis, and the process for registered shareholders to exchange certificates evidencing pre-consolidation shares for new certificates or direct registration system (DRS) advice statements evidencing post-consolidation shares.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from our existing assets to fund low risk development, maintain stable cash flow, while limiting its production decline.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca

The MIL Network –

May 27, 2025

MIL-OSI USA: Klobuchar to Join Bipartisan Delegation to Ottawa, Canada

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar
WASHINGTON — Today, U.S. Senator Amy Klobuchar (D-MN) will travel to Ottawa, Canada as a part of a bipartisan delegation with Senator Jeanne Shaheen (D-NH), Ranking Member of the Senate Foreign Relations Committee and Senators Tim Kaine (D-VA), Kevin Cramer (R-ND), and Peter Welch (D-VT).
While in Ottawa, the Senators will meet with Prime Minister Mark Carney, Foreign Minister Anita Anand, Minister of National Defense David McGuinty, Minister of Industry Mélanie Joly, the Business Council of Canada, and other leading Canadian companies and business groups.
“Canada is Minnesota’s neighbor, top trading partner and close friend. We share a deep bond grounded in trust and a shared commitment to democracy,” said Klobuchar. “I look forward to meeting with Canadian leaders to discuss how we can strengthen our partnership and bolster our trade relationship in the wake of President Trump’s across-the-board tariffs.”
Senator Klobuchar is Co-Chair of the Canada-U.S. Inter-Parliamentary Group.
This week, Klobuchar joined Cramer and Kaine in introducing a bipartisan resolution to recognize the U.S.-Canada partnership and its shared interests in economic, energy and critical minerals, and national security.
In April, Klobuchar’s bipartisan resolution with Kaine and Senator Mark Warner (D-VA) to reverse President Trump’s across-the-board tariffs on Canadian goods passed the Senate.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: May 22, 2025 Why I voted NO on Republicans’ Tax Scam Congress must do more to support working families. That’s why I voted NO on President Trump’s big ugly budget bill – because it hurts everyday Americans by taking away health care, food assistance, and economic stability, all so Republicans can… Read More
Source: United States House of Representatives – Representative Kevin Mullin California (15th District)

Congress must do more to support working families. That’s why I voted NO on President Trump’s big ugly budget bill – because it hurts everyday Americans by taking away health care, food assistance, and economic stability, all so Republicans can give massive tax breaks to billionaires and corporations.

Trump’s Big Ugly Bill Highlights:
- 13.7 million Americans will lose health care coverage due to cuts to Medicaid and the Affordable Care Act
- 18 million children will lose their school lunches and experience food insecurity
- $3.8 trillion will be added to America’s national debt – bringing our already ballooning debt to $40 trillion
According to the nonpartisan Congressional Budget Office, 13.7 million Americans would lose their health coverage under this plan, including seniors, children, and people with disabilities. It also proposes the deepest cuts to food assistance in our nation’s history, stripping SNAP benefits from at least 3 million people a month and putting 18 million children at risk of losing their school lunches.

Republicans have decided to give benefits to the uber wealthy at the expense of the people who are already hurting the most. Under Trump’s plan, someone making over $1 million a year gets an $82,000 tax cut, while hard working Americans are left to pay more for groceries, health care, and energy. It’s a clear case of billionaires winning and working families losing.

Despite cutting vital services, the Republicans’ budget still adds $3.8 trillion to the national debt, threatening our economic stability and driving up inflation. Our kids and grandkids are going to be paying for Republicans’ utterly irresponsible budget.

For months, my Democratic colleagues and I have advocated against these proposed budget cuts. Last week, when Republicans jammed their Medicaid cuts through the Energy & Commerce Committee in the middle of the night, I fought to defend Americans’ health care for over 26 hours straight.

The American people deserve better. That’s why I voted NO today. This fight is not over: along with fellow House Democrats, I will continue to oppose any budget that prioritizes the wealthy few at the expense of the many.

MIL OSI USA News –
May 27, 2025
MIL-OSI USA: CWA Statement on eBay’s Syracuse Closure Announcement

Source: Communications Workers of America

eBay’s first union, TCGunion-CWA Local 1123, condemns the company for illegal action to avoid union contract bargaining; CWA files unfair labor practice charge in response to abrupt closure

Syracuse, N.Y. – This morning, eBay subsidiary TCGplayer abruptly announced plans to shut down its authentication center in Syracuse, N.Y., eliminating the jobs of hundreds of union workers who have been bargaining their first contract with the company. In response, the Communications Workers of America (CWA) has filed an unfair labor practice charge with the National Labor Relations Board (NLRB) alleging that the company has terminated its union employees to evade its bargaining obligations and to keep the company union-free.

“We are outraged. Since we launched our union, eBay has waged a relentless campaign to silence us and stop our efforts to make TCGplayer better for everyone, including card enthusiasts and sellers,” said Eric Tillotson, a member of TCGunion-CWA Local 1123. “Like other tech giants and oligarchs, eBay and TCGplayer think that they can disregard workers’ rights under the current administration by deploying illegal tactics to silence us and put an end to contract negotiations. They should realize by now that we will never stop fighting.”

TCGplayer CEO Rob Bigler called a meeting to announce the news at 8:30 a.m. ET this morning, and workers were then ordered by security to vacate the building until Saturday. Bigler did not take any questions.

The news comes just days after eBay and TCGplayer cancelled this week’s meeting with members of the bargaining committee to finalize a fair, first contract. The collective bargaining agreement would cover authentication center workers who are responsible for ensuring that every shipment in and out of TCGplayer matches quality standards. The workers, who are the first group from eBay to form a union, have been fighting for a contract for over 600 days.

“Many of us decided to organize because we wanted to do something about the unlivable wages and economic hardship we’ve experienced while working at TCGplayer. Now, in just a few months, we will be without jobs and will have to scramble to find employment,” said

Matthew Schlicht, a member of TCGunion-CWA Local 1123. “I love working at TCGplayer. Instead of respecting our union efforts, TCGplayer is upending our livelihoods.”

Last year, TCGunion-CWA Local 1123 released a “Tapped Out at TCGplayer” report, providing shocking evidence that eBay workers are struggling to make ends meet financially. The majority of authentication center workers earn less than a living wage in Syracuse, and a majority of survey respondents have to rely on friends, family, and the government to make ends meet. TCGplayer is one of the largest online marketplaces for verification services, card games, and collectible trading cards.

“This decision is blatant retaliation against the union organizing and a slap in the face to those who built TCGplayer from the ground up,” said Douglas Johnson, former TCGplayer seller and owner of Cardgarden. “It’s clear that they value profits over people. Sellers should think hard about whether or not they should continue using TCGplayer’s services.”

According to eBay’s most recent proxy statement, eBay CEO Jamie Iannone’s total compensation was $21 million in 2024, which is 536 times the median annual wage for a TCGunion-CWA member in Syracuse earning $18.25 an hour. Iannone’s compensation has also increased 48% since 2022, the year that TCGplayer workers formed their union. The growing disparity between the backbone of the workplace and the oligarchs who take advantage of their labor was further emphasized in a recent Economic Policy Institute report showing that Americans’ sentiment toward unions continues to become more positive, while sympathy for large corporations is at a record low.

“For a company that makes billions of dollars off the backs of hard-working employees, it is a shame that eBay has decided to close the sole authentication center in Syracuse. This extreme action is the result of the company’s single-minded obsession with preventing workers from having a voice on the job,” said CWA Local 1123 President James A. Leone Jr. “I am proud of the Local 1123 members at TCGplayer who are continuing to fight for a seat at the table. They deserve a voice at work and in their future.”

“eBay and TCGplayer have spent years resisting our members’ good faith efforts to reach an agreement on a fair contract. Rather than engaging in a transparent process to find solutions that meet the needs of their employees and customers, eBay’s leaders gathered behind closed doors and decided to fire their entire workforce in Syracuse. It’s abominable,” said CWA District 1 Vice President Dennis Trainor.

###

About CODE-CWA

The Campaign to Organize Digital Employees (CODE-CWA) is a network of worker-organizers and their staff working every single day to build the voice and power necessary to ensure the future of the tech, game, and digital industries in the United States and Canada. CODE-CWA is a project of the Communications Workers of America, which represents hundreds of thousands of workers throughout tech, media, telecom, and other industries who stand together to fight for justice on the job and in our communities.

About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

cwa-union.org @cwaunion

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Governor Stein Announces Industrial Manufacturer Will Create More Than 325 Jobs in Charlotte

Source: US State of North Carolina

Headline: Governor Stein Announces Industrial Manufacturer Will Create More Than 325 Jobs in Charlotte

Governor Stein Announces Industrial Manufacturer Will Create More Than 325 Jobs in Charlotte
lsaito
Thu, 05/22/2025 – 18:21

Raleigh, NC

Today Governor Josh Stein announced that AVL Manufacturing (AVL USA, Inc.) will establish a new production facility in Charlotte to build enclosures for industrial power generators, creating more than 325 jobs. The company will invest $56 million in Mecklenburg County.

“North Carolina’s reputation for advanced manufacturing continues to attract great companies like AVL Manufacturing to our state,” said Governor Josh Stein. “With the largest manufacturing workforce in the southeast and excellent community colleges, North Carolina is home to the resources that world-class companies depend on.”

AVL USA, Inc. is a new company established by AVL Manufacturing, a Canadian company with headquarters in Hamilton, Ontario. AVL specializes in the manufacture of custom industrial enclosures for large format standby power generators. The company’s products find use in a wide variety of applications, such as supplying backup power to large and hyper-scale data centers. The company’s project in Charlotte will establish a manufacturing operation in the United States to produce and assemble generator enclosures for power redundancy. The large metal casings include electric inputs, switchgear, and enclosures required for data center servers and equipment. In addition to data center power generation, AVL’s products find use in several other industries, such as the automotive, automation, construction, and emergency management sectors.

“After considering many markets, we are thrilled that AVL’s entrance into the U.S. market is in Charlotte, a vibrant, tech-forward city perfect for us to lay down roots,” said Vince Dicristofaro, president, AVL. “We didn’t just choose a location; we chose a community. Charlotte’s spirit of collaboration and its talented workforce made it the clear choice for our American-based home. We are excited to tap into this talent pool as we establish our state-of-the-art manufacturing facility and create meaningful careers for the residents of this city and deliver unparalleled products to our customers.”

“Investments from international companies are an important part of the state’s economy,” said Commerce Secretary Lee Lilley. “It’s great to see the confidence AVL and its parent company have placed in North Carolina by establishing their first U.S.-based location in Charlotte. Our team will work hard to help them succeed in our state.”

A performance-based grant of $100,000 from the One North Carolina Fund to AVL USA, Inc. will help facilitate the company’s project into Mecklenburg County, based on the creation of 122 jobs tied to the grant. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching grant from local governments, and any award is contingent upon that condition being met.

Although wages for the 122 grant-tied jobs will vary depending on the position, the average salary for those new jobs will be $90,088. The current average wage in Mecklenburg County is $86,830.

“We welcome AVL to Charlotte and Mecklenburg County, where they will join a growing list of businesses moving to the area that have found the key ingredients to reach the next level of growth and success for their companies,” said Representative Terry Brown, Jr. “These new jobs and the company’s capital investment will also bring greater economic success to our community. AVL’s decision only highlights the fact that Steele Creek is becoming the economic engine for our region.”

“Economic development takes a collaborative effort from state, regional, and local partners,” said Senator DeAndrea Salvador. “I applaud the behind-the-scenes work from the many groups that supported AVL during its search for a U.S. location. Companies recognize and reward North Carolina’s collaborative approach, as today’s news demonstrates.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the Commerce Department’s Division of Workforce Solutions, Mecklenburg County, and the City of Charlotte.

May 22, 2025

MIL OSI USA News –

May 27, 2025
MIL-OSI Australia: Job Scam Fusion Cell disrupts fake job networks targeting Australians
Source: Australian Ministers for Regional Development

The National Anti-Scam Centre’s Job Scam Fusion Cell removed more than 29,000 scam social media accounts and 1850 fake job advertisements in a crackdown on employment scams targeting vulnerable Australians looking to ease cost of living pressures.

The fusion cell, which ran from September 2024 to March 2025, has published its report highlighting the combined efforts of government, law enforcement, academics, and the private sector in a coordinated effort to tackle the sharp rise in job and employment scams.

From 2022 to 2023, financial losses due to job scams increased by 151 per cent. In 2024, Scamwatch received more than 3000 reports of job scams, with reported losses totalling $13.7 million. Average losses to these scams were 5.1 per cent higher than the average for all other scam types.

“Job scams have been one of the fastest growing scam types, as scammers are increasingly preying on people seeking relief from cost-of-living pressures,” ACCC Deputy Chair Catriona Lowe said.

“These scams disproportionately impact people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options.”

“Job scams result in significant financial losses and put people at risk of identity theft through loss of personal information. That’s why we’ve worked collaboratively to disrupt these scams through intelligence-sharing, awareness campaigns, and targeted interventions,” Ms Lowe said.

Key initiatives undertaken and implemented by the Job Scam Fusion Cell include:
- Working with Meta to remove 29,000 accounts sharing job scam content
- Referring 836 scammer cryptocurrency wallets to digital currency exchanges for analysis and investigation, leading to blocking and blacklisting of wallets
- Referring 1850 scam enablers such as websites and scam job advertisements for removal
- Disrupting scammers’ impersonation of Australian Government entities, such as the Department of Foreign Affairs and Trade, the Department of Home Affairs, and APSJobs
- Holding awareness and prevention forums with organisations across the tertiary education sector to enable them to deliver scams awareness messaging
- Coordinating a social media campaign, tailored for at-risk groups
- Creating guides for businesses, including about how to protect themselves and the community from impersonation of their business and regarding identification and disruption of Job Scam Payments
- Establishing data sharing arrangements with cryptocurrency platforms
The fusion cell identified key risks with the impersonation of healthcare providers in scam job advertisements being used to harvest personal information and extract money from job seekers.

The National Anti-Scam Centre provided tailored advice to more than 40 organisations in the sector, including major state and territory hospitals, and small healthcare services, to help better protect job seekers. These efforts contributed to a near elimination of Scamwatch reports involving impersonation of healthcare organisations by March 2025.

In addition to these specific initiatives, the fusion cell provides a great sandbox environment – participants can move beyond saying to doing, to try different techniques and see what works. A number of Job Scam Fusion Cell initiatives are now being examined for their application to other scam types. Others have become part of business-as-usual activity past the life of the fusion cell.

“The work of the job scam fusion cell has been strategically targeted, drawing on data from victims’ experiences, Scamwatch and ReportCyber reports, stakeholder insights, and intelligence from participants. This approach has helped prevent and disrupt scams and has achieved significant and encouraging results,” Ms Lowe said.

The National Anti-Scam Centre continues to work with partners across sectors to analyse emerging threats, raise awareness, and implement targeted interventions that disrupt scams before they reach consumers.

Job and employment scams
- Scammers advertise job opportunities so they can steal money and personal information. Stop and check any job ad that requires payment of money to make money. It could be a scam.
- Scammers offer jobs that claim to pay well with low effort. But it’s only the scammer that will make money in the end. Often the job doesn’t exist at all.
- Scammers pretend to be hiring on behalf of high-profile companies and online shopping platforms. They also impersonate well-known recruitment agencies.
- Scammers may make contact unexpectedly through text message or encrypted message platforms like WhatsApp, Signal or Telegram.
- Scammers often ask for payment claiming it is required so you can start the role and get the income they’ve promised. Don’t enter any arrangement that asks for up-front payment via bank transfer, PayID or cryptocurrency, like Bitcoin or USDT. It’s rare to get money back that is sent this way.
- Don’t trust a job ad is real just because it appears on a trusted platform or website – scammers post fake ads too. If you come across a scammer, report it to the platform or agency and to scamwatch.gov.au.
- Never send passport, identity documents, or bank account details to an employer or recruitment firm unless certain they are genuine.
How to spot and avoid scams

STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say ‘no’, hang up, delete.

CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them. If you’re contacted on a messaging platform like WhatsApp or iMessage, please also report the scam in the app.

Background

Fusion cells are time-limited taskforces designed to bring together expertise from government and the private sector to take timely action to address specific, urgent scam issues. The National Anti-Scam Centre is coordinating a series of fusion cells with different participants to address significant scam issues.

The second fusion cell was announced in July 2024, following the first fusion cell on combatting investment scams.

MIL OSI News –
May 27, 2025
MIL-OSI Economics: Samsung Electronics Secures Two Leadership Positions in 3GPP

Source: Samsung

▲ (From left) Rajavelsamy Rajadurai and Lixiang Xu

Samsung Electronics has secured new chair and vice-chair positions in the 3rd Generation Partnership Project (3GPP), the world’s largest telecommunications standards organization.

Established in 1998, 3GPP develops global mobile communications standards with participation from major companies and organizations including Samsung, Qualcomm, Apple, Ericsson, Nokia and Huawei. The international body consists of three Technical Specification Groups (TSGs) — Service and System Aspects (SA), Radio Access Network (RAN) and Core Network and Terminals (CT) — each overseeing four to six Working Groups (WGs) for a total of 15 WGs across the organization.

Rajavelsamy Rajadurai, Principal Architect at Samsung R&D Institute India-Bangalore (SRI–B), has been elected chair of 3GPP’s Service and System Aspects Working Group 3 (SA WG3). Meanwhile, Lixiang Xu, Principal Engineer at Samsung R&D Institute China-Beijing (SRC-B), has been elected vice chair of 3GPP’s Radio Access Network Working Group 3 (RAN WG3). SA WG3 defines standards related to network security and user privacy, whereas RAN WG3 develops base station interface protocol technologies.

In March, Dr. Younsun Kim, Master at Samsung Research, was elected chair of 3GPP’s Technical Specification Group Radio Access Network (TSG RAN) — leading standardization across all areas of wireless technology including the physical layer, protocol aspects and radio resource control.

With these latest appointments, Samsung now holds three chair positions (SA WG2, SA WG3 and TSG RAN) and five vice-chair positions (SA WG4, SA WG6, RAN WG2, RAN WG3 and CT WG3) within 3GPP.

Beginning in the second half of 2025, 3GPP will initiate research into 6G technologies. SA WG3 plans to explore security enhancements to counter cyberattacks, including those from quantum computers, and to develop privacy protection technologies for mobile communications networks. RAN WG3 is expected to research AI-powered solutions to reduce energy consumption at base stations and improve service quality. These groups are positioned to play a crucial role in advancing the use of AI, strengthening security and promoting sustainability — all key focus areas in the development of 6G.

Through its expanded leadership within 3GPP, Samsung has established a framework to help drive standards across the mobile industry and collaborate with partners to shape the future of next-generation communications.

MIL OSI Economics –

May 27, 2025
MIL-OSI Submissions: Retail activity up in the March 2025 quarter – Stats NZ media and information release: Retail trade survey: March 2025 quarter
Source: Statistics New Zealand

Retail activity up in the March 2025 quarter – 23 May 2025 – The total volume of retail sales in New Zealand increased by 0.8 percent in the March 2025 quarter compared with the December 2024 quarter, according to figures released by Stats NZ today. Figures are adjusted for price inflation and seasonal effects.

“Growth in retail activity was modest in the March quarter, with the majority of industries contributing positively,” economic indicators spokesperson Michelle Feyen said.

“Motor vehicle retailing, and pharmaceutical and other store-based retailing saw the largest increases this quarter.”

Ten of the 15 retail industries had higher retail sales volumes in the March 2025 quarter, compared with the December 2024 quarter, after adjusting for price and seasonal effects.

Files:

Retail activity up in the March 2025 quarter

Retail trade survey: March 2025 quarter

CSV files for download
MIL OSI –
May 27, 2025
MIL-OSI China: U.S.-funded firms welcome to deepen mutually beneficial cooperation with China: vice premier

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

U.S.-funded firms welcome to deepen mutually beneficial cooperation with China: vice premier

BEIJING, May 22 — China welcomes U.S.-funded enterprises to continuously deepen mutually beneficial cooperation with China, and to continue contributing to the healthy, stable and sustainable development of China-U.S. economic and trade relations, Chinese Vice Premier He Lifeng said on Thursday.

He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase.

He said that the economic and trade talks between China and the United States have seen substantive progress, creating conditions for the two countries to continue their economic and trade cooperation.

China is making efforts to build a unified national market and form a new development paradigm, and will continue to expand its high-level opening-up to the outside world, He said.

Speaking positively of the results of the U.S.-China economic and trade talks, Dimon said JPMorgan Chase will continue to deepen its engagement in China’s capital market, and better serve multinational companies in conducting business in China and Chinese companies in developing overseas.

MIL OSI China News –

May 27, 2025
MIL-OSI China: Xiaomi unveils self-developed 3-nanometer mobile chip

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

Chinese tech firm Xiaomi officially released its first self-developed 3-nanometer mobile chip, Xring O1, in Beijing on Thursday evening.

The chip features a 10-core CPU and a 16-core GPU to provide an improved user experience, Lei Jun, founder and chairman of Xiaomi, said at the launch event.

Experts say the Xring O1 chip marks a major breakthrough in Xiaomi’s chip development and design capabilities.

The chip has entered mass production and been integrated into the company’s latest flagship products — the Xiaomi 15S Pro smartphone and the Xiaomi Pad 7 Ultra tablet.

Xiaomi’s research and development for the Xring O1 chip has spanned a decade. Since 2021, the company has invested more than 13 billion yuan (about 1.8 billion U.S. dollars) in the project, involving an R&D team of over 2,500 people.

According to Lei, Xiaomi plans to invest 200 billion yuan in key-technology R&D over the next five years, including operating systems, artificial intelligence, and chips.

MIL OSI China News –

May 27, 2025

Category: Business

PLASKETT RELEASES STATEMENT ON HOUSE PASSAGE OF RECONCILIATION BILL

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Job and employment scams

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