NewzIntel.com

Category: Business

  • MIL-OSI: Greenhawk Options Its Greenland Properties and Cancels Outstanding Stock Options

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Greenhawk Resources Inc. (“Greenhawk” or the “Company“) (CSE: GRHK) announces that it has executed an arms-length Option and Joint Venture Agreement (the “Option Agreement”) with 1531323 BC Ltd. (“1531323 BC”) to advance the exploration and development of Greenhawk’s Greenland properties, which include the Storø and Qingaaq mineral exploration licenses (the “Properties”).

    Under the Option Agreement, 1531323 BC is granted an option to acquire an 80% interest in the Properties in exchange for: (a) an upfront payment of $100,000, which shall be paid within 90 days, and (b) incurring $1,400,000 in spending at the Properties within 24 months according to the following schedule.

    Payment Period Minimum Expenditures
    Within 6 months of the Closing Date Minimum of $450,000
    Within 12 months of the Closing Date Minimum of $350,000
    Within 18 months of the Closing Date   Minimum of $300,000
    Within 24 months of the Closing Date   Minimum of $300,000
    Total:   Minimum of $1,400,000

    1531323 BC will be responsible for the operations of the Properties while the Option Agreement is in effect. If 1531323 BC satisfies the expenditure requirement at the Properties, the Company and 1531323 BC will establish a joint venture for the exploration and development of the Properties.

    The Storø project (“Storø”) is a 12 km² license which hosts an inferred mineral resource estimated in 2021 by SRK Consulting (Sweden) AB at 885,000 tonnes, grading 3.4 g/t Au and totaling 95,000 oz of gold Mineral Resources. The Mineral Resource has a cut-off grade of 0.8 g/t Au for material located within the conceptual open-pit shell and 2.5 g/t Au for underground Mineral Resources located below the pit shell. Since 1995, a total of 102 drillholes totaling 17,371 m have been drilled into the known mineralized zones at Storø. Storø is surrounded by the Qingaaq license (“Qingaaq”), which covers some 540 km².

    Martin Pittuck, CEng, FGS, MIMMM, a “Qualified Person” for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.

    1531323 BC intends to enter into a management services contract with the Company to provide advice in respect of the Properties.

    The Company continues to actively pursue the acquisition of other properties and opportunities in the mineral exploration and resources sector.

    The Company is also announcing that it has cancelled an aggregate of 8,600,000 stock options. The subject stock options are comprised of 4,600,000 stock options with an exercise price of $0.27 per share and an expiry date of October 20, 2025, and 4,000,000 stock options with an exercise price of $0.20 per share and an expiry date of June 24, 2026.

    About Greenhawk Resources Inc.

    Greenhawk is a Canadian resources exploration and development company. Greenhawk owns a 100% legal and beneficial interest in two mineral exploration licenses and one prospecting license in Greenland known as the Storø Gold Project. Additional Information on Greenhawk can be obtained from SEDAR+ at sedarplus.ca. Greenhawk is listed on the Canadian Securities Exchange (www.thecse.com) (CSE: GRHK).

    Issued on behalf of the Board of Directors of Greenhawk Resources Inc. For information, please contact:

    David Jagodzinski, Director Corporate Development
    Phone: +1 (416) 504-2020
    Email: info@grhk.ca

    NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

    Cautionary Note Regarding Forward-Looking Information

    Certain statements in this press release may contain forward looking information which can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements necessarily involve risks and uncertainties that could cause actual results to significantly differ from those contemplated by these forward-looking statements including, but not limited to: the completion of the Transaction, including the receipt of the upfront payment, 1531323 BC making the requisite expenditures on the Properties to exercise the option on the Properties, the ability to obtain requisite corporate and regulatory approvals, including that of the CSE, the operator obtaining requisite permits and authorizations to allow for exploration on the Properties. Such statements reflect the view of the Company with respect to future events and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

    The MIL Network –

  • MIL-OSI USA: Klobuchar Opening Remarks and Questions at Antitrust Subcommittee Hearing on AI-Generated Deepfakes

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WATCH KLOBUCHAR’S FULL REMARKS AND QUESTION HERE
    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, held a hearing titled “The Good, the Bad, and the Ugly: AI-Generated Deepfakes in 2025.” 
    Testifying at the hearing was Country Music Singer-Songwriter, Martina McBride; CEO of the Recording Industry Association of America, Mitch Glazier; Senior Legal Counsel at the National Center on Sexual Exploitation (NCOSE), Christen Price; Director of Technology Policy at Consumer Reports, Justin Brookman; and Head of Music Policy at Youtube, Suzana Carlos.
    “AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources, said Klobuchar at the hearing. “We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together.”
    “That’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy.” 
    A rough transcript of Klobuchar’s opening remarks and questions is available below. Video is available HERE.
    Senator Klobuchar: Thank you very much, Senator Blackburn, I’m very excited about this subcommittee and the work we’ve already done together for years on this issue and similar issues when it comes to tech.
    I share your hopes for AI and see that we’re on this cusp of amazing advancements if this is harnessed in the right way, but I’m also concerned if things go the wrong way. I think it was David Brooks, a columnist, that said he has trouble writing about it because he doesn’t know if it will take us to Heaven or Hell. So it’s our job to head to heaven, and it’s our job to put some rules in place, and this is certainly one of them. 
    We want this to work for children, for consumers, for artists, and not against them. And you brought up the example Chair, of Randy Travis who was at the event that we recently had with you, and Senator Coons and myself about the bill and how he used AI in such a positive way. But then we know there are these risks. 
    And one of the things that I think is really exciting about this week is that, in fact, on Monday, the President signed my bill with Senator Cruz, the TAKE IT DOWN Act, into law. This was a bill I discussed with him and the First Lady at the inaugural lunch. 
    It’s an example of “use-every-moment-you-have” to advance a cause. And then she supported the bill and helped to get it passed in the House. Senator Cruz and I had already passed it in the Senate, and we were having some trouble getting it done over in the House. So we’re really pleased, because it actually does set some track moving forward, even though this bill, that bill, is about nonconsensual porn, both AI created and non AI created, it’s had huge harmful effects, about 20 some suicides a year of young kids who think they’re sending a picture innocently to a girlfriend or a potential boyfriend, and then it gets sent out on their school internet. It gets sent out to people they know, and basically, they believe their life is in ruins, and don’t have any other context, and take their own lives. And that’s just the most obvious and frightful part of this, but there’s others as well. So I’m hoping this is going to be a first step to some of the work that we can do, including with the bill that we’re going to be discussing today. 
    AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources. 
    Just last week, the FBI was forced to put out an alert about scams using AI-cloned voices of FBI agents and officials asking people for sensitive payment information.
    Jamie Lee Curtis was forced to make a public appeal to Mark Zuckerberg to take down an unauthorized, deepfake ad that included her digital replica endorsing a dental product. While Meta removed the ad after her direct outreach, most people don’t have that kind of influence. 
    We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together. 
    When I recently met with Cory Wong, a Grammy-nominated artist from Minnesota, he talked about how unauthorized digital replicas threaten artists’ livelihoods and undermine their ability to create art. 
    So this is not just a personal issue. It’s also an economic issue. One of the reasons our country, one of our best exports to the world, is music and movies. When you look at the numbers and how we’ve been able to captivate people around the world, that’s going to go away if people can just copy everything that we do. 
    And one of the keys to our success as a nation in innovation has been the fact, and Senator Coons does a lot of work in this area, [that] we’ve been able to respect copyrights and patents and people’s own right to their own products. 
    So that’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy. 
    I also am working in the space on AI to put some base rules in place in my role on the Commerce Committee. Senator Thune and I have a bill that we’re reintroducing on this to set some rules for NIST to be able to put out there for companies that are using AI. And then I’m always concerned about its effect on democracy, but that is for a different day and in a different committee. 
    But I do want to thank Senator Blackburn for her willingness to come out on doing something about tech, including the work she does with Senator Blumenthal, the work that we’ve done together on commerce. And if Monday is any sign with the first bill getting through and there in that Rose Garden signing ceremony, there’s more to come, and so thank you and look forward to hearing from the witnesses.
    …
    Klobuchar: All right. Thank you very much. I guess I’ll start with Mr. Brookman, the non-Grammy winner. I want to talk to you just a little bit about this consumer angle here, which I think is interesting to people. And I think at its core, all of us involved in this legislation have made it really clear that’s not just people who are well known that will be hurt by this eventually, and that getting this bill passed as soon as possible is just as important for everyone, but I do so appreciate Ms. McBride being willing to come forward, because those stories and the stories that we’ve heard from, like I mentioned, Jamie Lee Curtis, or the stories that we’ve heard from many celebrities, are very important to getting this done. So you just did a report on AI-generated voice cloning scams, including that, AI voice cloning applications, in the words of the report, presents a clear opportunity for scammers, and we need to make sure our consumer protection enforcers are prepared to respond to the growing threat of these scams. I had this happen to my state director’s husband, who their kid is in the Marines, and they got a call. They figured out that it wasn’t really him asking for stuff and money. They knew he couldn’t call from where he was deployed to. This is just going to be happening all over the place, and the next call will be to a grandma who thinks it’s real, and she sends her life savings in. So I have called on the FTC and the FCC to step up their efforts to prevent these voice cloning scams. And what are some of the tools that agencies need to crack down on these scams, even outside of this bill?
    Justin Brookman: Yeah, absolutely, so I think the first thing the Federal Trade Commission probably needed is more resources. They only have like 1200 people right now for the entire economy. That’s down from like seven, that’s down from like 100 just in the past couple of months.
    Klobuchar: Down from way down from even during like, the Nixon Era.
    Brookman: Yeah, like 1700 it used to be and the economy has grown like three or four times. Chairman Ferguson has, Chairman Ferguson has said more cuts are coming, which I think is the wrong direction. I worked for the Federal Trade Commission for a couple of years. We could not do, like, a fraction of all the things that we wanted to do to protect consumers, so more people, more capacity, more technologists. Like, there’s just not enough technology capacity in government. I was in the office of technology research and investigation there, that was like five people. That’s just not enough, obviously, with all these very sophisticated, I mean, just deep fakes alone, let alone the rest of the tech economy, the ability to get penalties and even injunctive relief, right if someone, if someone gets caught stealing something, the FTC often doesn’t have the ability to make them give the money back. I know this, under this committee has tried to restore that authority, but that would be important. And also, like again, maybe the FTC could have rule-making authority. But also this, I would like to see Congress consider legislative authority to address tools like again, if you are offering a tool that can be used only for harm, voice impersonation, deepfake pornographic images, maybe there should, there should be responsibilities to make sure it’s not being used for harm.
    Klobuchar: Okay, thank you. Ms. Carlos, can you talk about what YouTube is doing to ensure it’s not facilitating these scams?
    Suzana Carlos: Sure, and thank you for the question, Senator.
    Klobuchar: And thanks for your support for the bill
    Carlos: Of course. So, just to primarily consider, we obviously see great and tremendous opportunity coming from AI, but we also acknowledge that there are risks, and it is our utmost responsibility to ensure that it is deployed responsibly. So we’ve taken a number of efforts to protect against unharmful contact on our platform. Primarily, we have uploaded, we have updated our privacy policies last year to ensure that all individuals can now submit a notice to YouTube when their unauthorized voice or likeness has been used on our platform, and once reviewed, if it is applicable, and we’ve confirmed that that content should be removed, we will take it down. We’ve additionally implemented watermarks on our AI products. We originally began with both image and watermarks using our SynthID technology, and we’ve recently expanded it to also be applied to text generated from our Gemini app and web experience. And most recently, as part of our VO video tool. We’ve also taken the additional step to become a member of C2PA, the Coalition for Content Provenance and Authenticity, and there, we’re serving as a steering member to work with the organization to create indicators and markings that will allow the content provenance that was created off platforms to additionally be recognized, and we’re deploying those technologies across our platform.
    Klobuchar: Okay, thank you. We mentioned the TAKE IT DOWN Act, and thank you for the support for that. Mr. Glazer, you talked about how this is the first federal law related to generative AI, and that it’s a good first step. And could you talk about how, if we don’t move on from there and we just stop and don’t do anything for years, which seems to be what’s been going on, what’s going to happen here, and why it’s so important to do this.
    Mitch Glazier: I think there’s a very small window, and an unusual window, for Congress to get ahead of what is happening before it becomes irreparable. The TAKE IT DOWN Act was an incredible model. It was done for criminal activity, you know, …
    Klobuchar: Yeah, I know. 
    Glazier:  Yeah, right. You know, you wrote it, but it was a great model, but it only goes so far. But we need to use that model now, and we need to expand it carefully in a balanced way to lots of other situations, which is exactly what the NO FAKES Act does. And I think, you know, we have a very limited amount of time in order to allow people and platforms to act before this gets to a point where it’s so far out of the barn that instead of encouraging responsible AI development, instead, we allow investment and capital to go into AI development that hurts…
    Klobuchar: Stealing things…
    Glazier: So let’s encourage investment the right way to boost great AI development and be first. Let’s not be the folks that encourage investment in AI technologies that really harm us.
    Klobuchar: And Ms. Price, you’ve expressed concerns about this 10-year moratorium on state rules. I’m very concerned, having spent years trying to pass some of these things, and I think that one of the ways we pass things quickly, like Mr. Glazier was talking about, is if people actually see a reason that they don’t want to patch work, they want to get it done. But if you just put a moratorium, and you look at, like, the Elvis law coming out of Tennessee, Ms. McBride, and some of the other things that would stop all of that. Could you, my last question here before we go to another round, could you talk about why you’re concerned about what is right in front of us now, which is this 10-year moratorium?
    Christen Price: Yes, thank you for the question, Senator. We’re concerned about the moratorium because it’s basically signaling to the AI companies that they can kind of do whatever they want in the meantime, and it inhibits States’ ability to adapt their laws to this form of technology that’s changing very quickly and then has this potential to cause great harm. 
    Klobuchar: Thank you.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office recovers approximately $450,000 for victims of Missoula fraudster

    Source: Office of United States Attorneys

    BILLINGS  — The U.S. Attorney’s Office recently recovered approximately $450,000 from a Missoula man who defrauded his victims out of almost $1 million by fraudulently inducing them to invest in his transportation and logistics companies, U.S. Attorney Kurt Alme said today.

    The defendant, Jason L. Matheny, was convicted of wire fraud under 18 U.S.C. § 1343 on November 22, 2019. The court sentenced him to five years of probation, subject to several conditions, and ordered him to pay $994,521.16 in restitution to his victims. In late 2024, Matheny sold a commercial property in Missoula and, because of its restitution lien, the government secured $448,965.36 to be paid to his victims.

    “The collection of restitution for victims of fraud is an essential part of the criminal justice system and a priority for the Department of Justice. Collection from convicted felons can be exceedingly difficult because money is often spent, invested, and moved around. Through the dedication and hard work of the Financial Litigation Program, the U.S. Attorney’s Office was able to execute against Mr. Matheny’s business property. This allowed the proceeds of that sale to be routed to Mr. Matheny’s victims rather than to him.” U.S. Attorney Alme said.

    In September 2024, U.S. Probation requested a summons for revocation of Matheny’s term of probation, alleging he had violated the terms of his sentence by failing to provide requested financial information. Matheny admitted the violation in November 2024 and the Court extended his probation for an additional year.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

    Source: Office of United States Attorneys

    MIAMI – Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

    On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

    On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender. 

    Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

    FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

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

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

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    MIL Security OSI –

  • MIL-OSI Security: Three time convicted federal felon sentenced for wire fraud

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Steven D. Blumhagen, 74, of Buffalo, NY, who was convicted of wire fraud, was sentenced to serve five years in prison by U.S. District Judge John L. Sinatra, Jr.

    Assistant U.S. Attorney Paul E. Bonanno, who handled the case, stated that between April 2016, and January 2020, Blumhagen defrauded three investors out of $400,000, by soliciting the victims to purchase interests in entities he claimed to own, manage, or control. Blumhagen told victims that their investments would enable those entities to finance legal marijuana operations, real estate developments, and an investment technology, and that they could expect significant returns on their investments. Instead of using the money as promised, Blumhagen used some or all of the money for personal expenses. He also used the investment of one victim to pay back previous victims. Part of the scheme involved a limited liability company allegedly owned by Blumhagen’s children, which they knew nothing about.

    As a result of the scheme, at least one victim experienced a substantial financial hardship, withdrawing funds from a retirement account, resulting in substantial penalties.

    Blumhagen has two prior federal convictions in the Western District of New York. In 2006, he pleaded guilty to conspiracy to commit mail fraud for bilking investors out of more than $10,000,000 related to his sale of shares in the golf course project Tee-to-Green, and was sentenced to serve 57 months in prison and ordered to pay more than $10,000,000 in restitution. In 2018, Blumhagen pleaded guilty to bank theft for his involvement in a bond scheme, which raised more than $1,400,000 from potential investors. Blumhagen was sentenced to time served and ordered to pay more than $1,200,000 in restitution. Blumhagen was on pre-trial release for the bank theft charge when he committed the wire fraud.

    The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    # # # #

    MIL Security OSI –

  • MIL-OSI Security: Former Defense Contractor Pleads Guilty to Tax Crimes

    Source: Office of United States Attorneys

    Defendant Admits to Concealing 50% Ownership of $7B Defense Contracting Business to Evade Taxes

               WASHINGTON – Douglas Edelman, 73, a former defense contractor, pleaded guilty today to tax crimes related to a scheme to defraud the United States and evade taxes on income he earned from his contracts with the U.S. Department of Defense.

               The sentence was announced U.S. Attorney Jeanine Ferris Pirro, Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, and Special Agent in Charge Kareem A. Carter with IRS-Criminal Investigation (IRS-CI) Washington, D.C. Field Office. 

               Edelman pleaded guilty to 10 felony counts: conspiracy to defraud the United States, seven counts of tax evasion, and two counts of making a false statement.  U.S. District Court Judge Colleen Kollar-Kotelly scheduled a hearing on issues related to sentencing on Nov. 17, 2026. Trial on the remaining counts of the indictment will be in 2026.

               According to court documents and statements made in court, Edelman founded and owned 50% of Mina Corp. and Red Star Enterprises (Mina/Red Star), a defense contracting business that received more than $7 billion from contracts with the U.S. Department of Defense to provide jet fuel in the United States’ post-9/11 military efforts in Afghanistan and the Middle East. 

               Working with others, Edelman engaged in a lengthy scheme to hide his Mina/Red Star profits to evade U.S. taxes, including by concealing his income in undisclosed foreign bank accounts, creating false documents and making false statements that one of his co-conspirators — a French citizen residing abroad and without U.S. tax obligations — founded and owned Mina/Red Star. 

               For example, when the company became profitable in 2005, Edelman began taking distributions which he deposited into Swiss bank accounts, primarily at Credit Suisse, in the name of other companies he owned. In 2008, Credit Suisse informed Edelman that he had to either close his accounts or disclose them to U.S. authorities. Rather than come into compliance with his tax and reporting obligations, Edelman closed his accounts and opened new ones at Bank Julius Baer in Singapore in the name of a nominee entity, the beneficiaries of which were purportedly Edelman’s daughters. He then directed the subject income he earned from Mina/Red Star to those bank accounts. 

               In 2010 the U.S. House of Representatives Committee on Oversight and Government Reform’s Subcommittee on National Security and Foreign Affairs began investigating allegations of corruption in connection with Mina/Red Star’s contracts with the Department of Defense. As part of this inquiry, the subcommittee became interested in the identity of Mina/Red Star’s owners. At this time, Edelman had not filed U.S. tax returns to report the millions of dollars he had earned from Mina/Red Star and had not paid U.S. taxes on his income. 

               Rather than disclose his ownership, Edelman caused his attorneys to tell Congress a false story that a French co-conspirator who had no U.S. tax or reporting obligations founded and co-owed Mina/Red Star with another individual. To corroborate the false story, Edelman and a co-conspirator caused false and backdated paperwork to be created. 

               To continue the scheme, Edelman conveyed the false story about Mina/Red Star’s ownership to other arms of the U.S. government, including to the Department of Defense during contract negotiations in 2010 and 2011, to the IRS in a 2016 application to the Offshore Voluntary Disclosure Program, and to the Justice Department in a 2018 presentation. 

               In conjunction with his 2016 application to the IRS’s Voluntary Disclosure Program, Edelman filed false tax returns for several prior years that only reported income from gifts or purported consulting payments, continuing to conceal the millions he had earned from his company. On the returns, he also concealed profits he had earned from a separate business to provide internet service to members of the armed forces at Kandahar Air Base in Afghanistan. 

               Instead of paying the taxes that he knew he owed, Edelman used the money to fund his lifestyle and additional investments. He invested in a music television franchise in Eastern Europe, a land venture in Tulum, Mexico, and a farm in Kenya, and purchased property around Europe, including a home in Ibiza, Spain, and a townhouse in London.

               Edelman faces a maximum penalty of five years in prison for each of the 10 counts to which he has pleaded. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

               This case is being investigated by special agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., that is dedicated to uncovering international tax crimes, along with the Special Inspector General for Afghanistan Reconstruction. The Justice Department’s Office of International Affairs assisted in the investigation. His Majesty’s Revenue & Customs of the United Kingdom also provided assistance, as did the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States. The Guardia Civil of Spain assisted with the arrest. 

               This case is being prosecuted by Assistant U.S. Attorney Joshua Gold for the District of Columbia and Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division.

    24cr239

    MIL Security OSI –

  • MIL-OSI Security: Chief Executive Officer of Digital Asset Company Found Guilty in Multi-Million Dollar Crypto-Fraud Scheme

    Source: Office of United States Attorneys

    Defendant Misappropriated Millions of Dollars of Investors’ Funds for His Own Use Including to Purchase Real Estate and Luxury Vehicles

    Earlier today, at the federal courthouse in Brooklyn, a federal jury convicted Braden John Karony on all counts of a three-count indictment charging him with conspiracy to commit securities fraud, wire fraud, and money laundering.  The charges arose from the defendant’s and his co-conspirators’ roles in defrauding investors in a decentralized finance digital asset called “SafeMoon,” issued by their company SafeMoon LLC.  As alleged, the defendant agreed with his co-conspirators to lie to SafeMoon investors about whether SafeMoon executives could access the liquidity pool and whether they were using the assets from the liquidity pool for their personal benefit.  As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of  liquidity from the SafeMoon liquidity pool for their personal benefit.  The verdict followed a 12-day trial before United States District Judge Eric R. Komitee.  When sentenced, Karony faces up to 45 years in prison.  The jury also issued a verdict to forfeit one residential property and the proceeds from the sale of another residential property, amounting to approximately $2 million.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York;   Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); and Darren B. McCormack, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the verdict. 

    “As proven at trial, the SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” stated United States Attorney Nocella.  “Karony used his scheme to purchase multiple homes, sports cars, custom trucks, and other luxury goods.  Today’s guilty verdict should serve as a warning to all would-be fraudsters that my Office will vigorously prosecute individuals like the defendant who victimize digital asset investors and undermine investor confidence in digital assets markets, thereby threatening the stability and growth of these emerging technologies.”

    Mr. Nocella expressed his appreciation to the U.S. Securities and Exchange Commission for its work on the case. 

    “Braden Karony, the CEO of SafeMoon, exploited his company’s digital portfolio with fictional success stories and stole millions of dollars in crypto-assets to finance luxury purchases,” stated FBI Assistant Director in Charge Raia.  “Along with his co-conspirators, Karony violated his clients’ trust and wallets while attempting to conceal his misconduct through discreet transactions.  May today’s conviction emphasize the FBI’s commitment to securing all markets and protecting the American people from individuals who abuse their position to satisfy personal greed.”

    “Braden Karony misled investors; intentionally diverted and misappropriated millions in cryptocurrency for his personal benefit; and lined the driveways of his million dollar homes with luxury cars.  While the name of his company is SafeMoon, there was nothing safe about this investment that was just a front for theft.  By following the money with complex cryptocurrency tracing, IRS-CI New York’s Cyber and J5 groups worked with our investigative partners to see that this conman is held accountable for his greedy acts,” stated IRS-CI New York Special Agent in Charge Chavis.  “The Joint Chiefs of Global Tax Enforcement (J5) is a global partnership that works together to gather information, share intelligence, and conduct coordinated operations against transnational financial crimes.  The J5 includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the U.S.”

    “Steered by his selfish desires and insatiable greed, Braden John Karony treated millions of dollars in investors’ funds as his own personal bank account,” stated HSI New York Acting Special Agent in Charge McCormack.  “The defendant will soon be trading his sprawling real estate and luxury vehicles for a jail cell within the four walls of a federal penitentiary.  As reflected by today’s conviction, whether it involves fiat or crypto, HSI New York’s El Dorado Task Force will relentlessly pursue individuals intent on exploiting investors and the American financial system for their own gain.”

    Background on SafeMoon

    As proven at trial, SafeMoon tokens were digital assets first issued in March 2021 by SafeMoon LLC on a public blockchain.  Through the operation of SafeMoon’s smart contract, every transaction in SafeMoon was automatically subject to a 10% tax, meaning, for example, that if a holder of SafeMoon transferred 10 SafeMoon to another user, 1 SafeMoon would automatically be retained from the transfer as a tax and the remaining 9 SafeMoon would be received by the other party.  As marketed to SafeMoon investors, the proceeds of SafeMoon’s 10% tax were split into two 5% tranches, the proceeds of which were supposed to benefit holders of SafeMoon in specific ways.  The first 5% tranche of the tax proceeds would be “reflected” back to, and distributed among, all SafeMoon holders in proportion to their current SafeMoon holdings and thereby increase the total quantity of SafeMoon held by every SafeMoon investor automatically.  The remaining 5% tranche of SafeMoon tax proceeds would be deposited into designated SafeMoon liquidity pools.  The larger the SafeMoon liquidity pool, the greater the liquidity in the market for SafeMoon.  In the months after its launch in March 2021, SafeMoon grew to have millions of holders and a market capitalization of more than $8 billion.

    The Defendants’ Fraudulent Scheme

    Karony and his co-conspirators misrepresented various material aspects of the SafeMoon offering to investors.  Such misrepresentations included that SafeMoon relied on “locked” liquidity pools that would automatically increase in size due to a 10% tax imposed on every SafeMoon transaction; that the “locked” SafeMoon liquidity pool prevented the defendants and other insiders at SafeMoon from being able to “rug pull”—a type of crypto fraud— SafeMoon investors by removing liquidity from the SafeMoon liquidity pool; that tokens in the liquidity pool would only be used for limited pre-defined business purposes, not personal enrichment; that the defendants would manually add token pairs to the SafeMoon liquidity pool when transactions of SafeMoon occurred on specific centralized exchanges; and that the developers were not and had not been holding and trading SafeMoon for their benefit.

    In reality, Karony and his co-conspirators retained access to the SafeMoon liquidity pools and used that access to intentionally divert and misappropriate millions of dollars’ worth of tokens for their personal benefit.  In addition, although they publicly denied that they personally held or traded SafeMoon, they repeatedly bought and sold SafeMoon, sometimes at the height of SafeMoon market price, which generated millions of dollars in profits.  Karony and his co-conspirators masked their movement of the fraudulent proceeds via numerous private un-hosted crypto wallet addresses, complex transaction routing, and pseudonymous centralized exchange accounts.  Karony acquired over $9 million in crypto assets from the scheme and used some of the proceeds to purchase luxury vehicles and real estate, including a $2.2 million home in Utah, additional homes in Utah and Kansas, a $277,000 Audi R8 sports car, another Audi R8, a Tesla, and custom Ford F-550 and Jeep Gladiator pickup trucks.

    Co-conspirator Thomas Smith previously pleaded guilty and is awaiting sentencing. Co-conspirator Kyle Nagy remains at large. 

    The government’s case is being handled by the Office’s Business and Securities Fraud Section.  Assistant United States  Attorneys Dana Rehnquist, Sara K. Winik, and Jessica K. Weigel are in charge of the prosecution, with assistance from Paralegal Specialists Asher Martin-Rosenthal and Madison Bates. Assistant United States Attorney Laura Mantell is handling forfeiture matters.

    The Defendant:

    BRADEN JOHN KARONY
    29
    Provo, Utah

    E.D.N.Y. Docket No. 23-CR-433 (EK)

    MIL Security OSI –

  • MIL-OSI: ReconAfrica Announces the Appointment of Mark Friesen as Managing Director, Investor Relations and Capital Markets, an Update on the Transaction with NAMCOR and Proposed Warrant Extension

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces an update to its investor relations contact, an update on the transaction with Namcor Exploration and Production (Pty) (“NAMCOR”) announced in the Company’s news release dated September 22, 2022 and that it intends to extend the expiry date of certain common share purchase warrants of the Company.

    UPDATE TO INVESTOR RELATIONS CONTACT

    Mr. Grayson Andersen has left ReconAfrica to pursue new career opportunities. The Company, its Board of Directors and Management thank Grayson for his contributions and wish him the best in his future endeavours.

    Effective immediately, Mark Friesen has joined ReconAfrica as Managing Director, Investor Relations and Capital Markets and is based in Calgary. Mark has extensive energy finance and investor relations experience in the Canadian and U.S. markets. Mark’s prior corporate experience includes being the Director of Investor Relations with Kiwetinohk Energy Corp. and doing business development and corporate planning with Kiwetinohk, Murphy Oil Corporation and through his own consulting company. Mark began his career in equity research covering the energy sector at Bank of Montreal (BMO), FirstEnergy Capital Corp., TD Bank and Royal Bank of Canada (RBC). Mark holds a CFA (Chartered Financial Analyst) designation and received a Bachelor of Commerce (Hons) degree in Finance from the University of Manitoba.

    Investors can continue to contact the Company by email at investors@reconafrica.com or by phone at +1-877-631-1160.

    UPDATE ON NAMCOR TRANSACTION

    The Company and NAMCOR have not yet completed the transaction pursuant to the definitive purchase and sale agreement announced September 22, 2022, but report that discussions are ongoing.

    PROPOSED WARRANT EXTENSION

    The Company intends to extend the expiry date of an aggregate 6,795,454 outstanding common share purchase warrants of the Company (the “July Warrants”) by 18 months to January 18, 2027 and an aggregate 1,071,500 outstanding common share purchase warrants of the Company (the “September Warrants” and collectively with the July Warrants, the “Warrants”) by 18 months to February 1, 2027 (collectively with the extension of July Warrants, the “Extension”).

    The July Warrants were issued pursuant to a public offering which closed on July 18, 2023 and are set to expire on July 18, 2025. The July Warrants were issued pursuant to a warrant indenture dated July 18, 2023 between the Company and Odyssey Trust Company. Each July Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.35 and all other terms of the July Warrants, including exercise price, will remain the same.

    A total of 295,227 outstanding compensation warrants issued as compensation to the underwriters for part of the financing in July 2023 cannot be extended and will expire on July 18, 2025.

    The September Warrants were issued pursuant to a non-brokered private placement which closed on September 1, 2023 and are set to expire on September 1, 2025. Each September Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.40 and all other terms of the September Warrants, including exercise price, will remain the same.

    220,000 of the July Warrants are held by parties who are considered to be “related parties” of the Company. The September Warrants are all held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

    The Extension remains subject to receipt of approval of the TSX Venture Exchange.

    About ReconAfrica

    ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola, and northwestern Botswana, where the Company holds rights to petroleum licences comprising over 13 million acres. The Company will be drilling its next well, Prospect I which is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL 73”). This will be the Company’s largest exploration prospect drilled to date. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    For further information contact:

    Brian Reinsborough, President and Chief Executive Officer | Tel: +1-877-631-1160

    Mark Friesen, Investor Relations | Tel: +1-877-631-1160

    IR Inquiries Email: investors@reconafrica.com

    Media Inquiries Email: media@reconafrica.com

    Cautionary Note Regarding Forward-Looking Statements:

    Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form for the period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    The MIL Network –

  • MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

    Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

    In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters. 

    Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment. 

    Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance. 

    The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

    Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

    Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

    First Quarter 2025 Operational Highlights:

    User Base

    • Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
    • Number of active users1 who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
    • Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

    Loan Facilitation Business

    • As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.
    • Total loan originations2 in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
    • Total outstanding principal balance of loans3 reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

    Credit Performance4

    • 90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
    • First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

    Tech-empowerment Service

    • For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
    • In the first quarter of 2025, the business customer retention rate5 of our tech-empowerment service was over 80%.

    Installment E-commerce Platform Service

    • GMV6 in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
    • In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

    Other Operational Highlights

    • The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
    • Repeated borrowers’ contribution7 of loans across our platform for the first quarter of 2025 was 86.1%.

    First Quarter 2025 Financial Highlights:

    • Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
    • Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
    • Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
    • Adjusted net income attributable to ordinary shareholders of the Company8 was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company8 was RMB2.62 on a fully diluted basis.

    __________________________

    1. Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
    2. Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
    3. Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
    4. Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
    5. Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
    6. GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
    7. Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
    8. Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    First Quarter 2025 Financial Results:

    Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

    Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

    Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

    Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

    Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

    Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

    Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

    Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

    Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

    Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

    Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

    Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

    Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

    Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

    Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

    General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

    Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

    Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

    Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

    Recent Development

    Updated Dividend Policy

    In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

    Business Outlook

    Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

    Conference Call

    The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

    Participants who wish to join the conference call should register online at:

    https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

    Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

     Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

     A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

    About LexinFintech Holdings Ltd.

    We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

    For more information, please visit http://ir.lexin.com.

    To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

    Use of Non-GAAP Financial Measures Statement

    In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

    These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information Statement

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    LexinFintech Holdings Ltd.
    IR inquiries:
    Will Tan
    Tel: +86 (755) 3637-8888 ext. 6258
    E-mail: willtan@lexin.com

    Media inquiries:
    Ruifeng Xu
    Tel: +86 (755) 3637-8888 ext. 6993
    E-mail: media@lexin.com

    SOURCE LexinFintech Holdings Ltd.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Balance Sheets    		  
      As of  
    (In thousands) December 31, 2024   March 31, 2025  
      RMB   RMB   US$  
    ASSETS            
    Current Assets            
    Cash and cash equivalents   2,254,213     3,173,298     437,292  
    Restricted cash   1,638,479     1,545,269     212,944  
    Restricted term deposit and short-term investments   138,497     218,490     30,109  
    Short-term financing receivables, net(1)   4,668,715     4,743,393     653,657  
    Short-term contract assets and receivables, net(1)   5,448,057     5,009,319     690,303  
    Deposits to insurance companies and guarantee companies   2,355,343     2,203,109     303,597  
    Prepayments and other current assets   1,321,340     1,347,805     185,732  
    Amounts due from related parties   61,722     77,239     10,644  
    Inventories, net   22,345     19,341     2,665  
    Total Current Assets   17,908,711     18,337,263     2,526,943  
    Non-current Assets            
    Restricted cash   100,860     80,464     11,088  
    Long-term financing receivables, net(1)   112,427     92,087     12,690  
    Long-term contract assets and receivables, net(1)   317,402     350,993     48,368  
    Property, equipment and software, net   613,110     636,939     87,773  
    Land use rights, net   862,867     854,267     117,721  
    Long-term investments   284,197     244,193     33,651  
    Deferred tax assets   1,540,842     1,589,522     219,042  
    Other assets   500,363     433,738     59,772  
    Total Non-current Assets   4,332,068     4,282,203     590,105  
    TOTAL ASSETS   22,240,779     22,619,466     3,117,048  
                 
    LIABILITIES            
    Current liabilities            
    Accounts payable   74,443     63,294     8,722  
    Amounts due to related parties   10,927     9,124     1,257  
    Short-term borrowings and current portion of long-term borrowings   690,772     781,324     107,669  
    Short-term funding debts   2,754,454     3,207,177     441,961  
    Deferred guarantee income   975,102     1,158,164     159,599  
    Contingent guarantee liabilities   1,079,000     769,397     106,026  
    Accruals and other current liabilities   4,019,676     3,909,239     538,708  
    Total Current Liabilities   9,604,374     9,897,719     1,363,942  
    Non-current Liabilities            
    Long-term borrowings   585,024     505,408     69,647  
    Long-term funding debts   1,197,211     891,390     122,837  
    Deferred tax liabilities   91,380     102,617     14,141  
    Other long-term liabilities   22,784     14,006     1,930  
    Total Non-current Liabilities   1,896,399     1,513,421     208,555  
    TOTAL LIABILITIES   11,500,773     11,411,140     1,572,497  
    Shareholders’ equity:            
    Class A Ordinary Shares   205     205     30  
    Class B Ordinary Shares   41     41     7  
    Treasury stock   (328,764 )   (305,025 )   (42,034 )
    Additional paid-in capital   3,314,866     3,331,382     459,077  
    Statutory reserves   1,178,309     1,178,309     162,375  
    Accumulated other comprehensive income   (29,559 )   (31,818 )   (4,385 )
    Retained earnings   6,604,908     7,035,232     969,481  
    Total shareholders’ equity   10,740,006     11,208,326     1,544,551  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   22,240,779     22,619,466     3,117,048  

    __________________________
    (1)  Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

    Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

    Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Operations    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Operating revenue:            
    Credit facilitation service income   2,648,478     2,190,866     301,910  
    Loan facilitation and servicing fees-credit oriented   1,417,248     1,136,229     156,577  
    Guarantee income   744,251     547,814     75,491  
    Financing income   486,979     506,823     69,842  
    Tech-empowerment service income   361,543     624,850     86,107  
    Installment e-commerce platform service income   231,909     288,383     39,740  
    Total operating revenue   3,241,930     3,104,099     427,757  
    Operating cost            
    Cost of sales   (235,747 )   (262,032 )   (36,109 )
    Funding cost   (90,738 )   (83,004 )   (11,438 )
    Processing and servicing cost   (587,731 )   (551,141 )   (75,949 )
    Provision for financing receivables   (136,683 )   (182,149 )   (25,101 )
    Provision for contract assets and receivables   (165,942 )   (129,685 )   (17,871 )
    Provision for contingent guarantee liabilities   (828,377 )   (677,180 )   (93,318 )
    Total operating cost   (2,045,218 )   (1,885,191 )   (259,786 )
    Gross profit   1,196,712     1,218,908     167,971  
    Operating expenses:            
    Sales and marketing expenses   (417,617 )   (493,128 )   (67,955 )
    Research and development expenses   (134,982 )   (155,626 )   (21,446 )
    General and administrative expenses   (89,760 )   (100,753 )   (13,884 )
    Total operating expenses   (642,359 )   (749,507 )   (103,285 )
    Change in fair value of financial guarantee derivatives and loans at fair value   (315,923 )   74,639     10,286  
    Interest expense, net   (3,904 )   (4,702 )   (648 )
    Investment income/(loss)   90     (11,699 )   (1,612 )
    Others, net   20,425     3,832     528  
    Income before income tax expense   255,041     531,471     73,240  
    Income tax expense   (53,418 )   (101,147 )   (13,938 )
    Net income   201,623     430,324     59,302  
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
                 
    Net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.61     1.27     0.18  
    Diluted   0.60     1.20     0.16  
                 
    Net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.22     2.55     0.35  
    Diluted   1.21     2.39     0.33  
                 
    Weighted average ordinary shares outstanding            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   333,650,104     359,646,902     359,646,902  
    LexinFintech Holdings Ltd.
    Unaudited Condensed Consolidated Statements of Comprehensive Income
      For the Three Months Ended March 31,  
    (In thousands) 2024   2025  
      RMB   RMB   US$  
    Net income   201,623     430,324     59,302  
    Other comprehensive income            
    Foreign currency translation adjustment, net of nil tax   2,323     (2,259 )   (311 )
    Total comprehensive income   203,946     428,065     58,991  
    Total comprehensive income attributable to ordinary shareholders of the Company   203,946     428,065     58,991  
    LexinFintech Holdings Ltd.
    Unaudited Reconciliations of GAAP and Non-GAAP Results    		  
      For the Three Months Ended March 31,  
    (In thousands, except for share and per share data) 2024   2025  
      RMB   RMB   US$  
    Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company            
    Net income attributable to ordinary shareholders of the Company   201,623     430,324     59,302  
    Add: Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense associated with convertible notes   5,322     –     –  
    Investment (income)/loss   (90 )   11,699     1,612  
    Adjusted net income attributable to ordinary shareholders of the Company   230,129     471,564     64,985  
                 
    Adjusted net income per ordinary share attributable to ordinary shareholders of the Company            
    Basic   0.70     1.39     0.19  
    Diluted   0.68     1.31     0.18  
                 
    Adjusted net income per ADS attributable to ordinary shareholders of the Company            
    Basic   1.39     2.79     0.38  
    Diluted   1.35     2.62     0.36  
                 
    Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS            
    Basic   330,277,142     338,073,723     338,073,723  
    Diluted   339,997,043     359,646,902     359,646,902  
                 
    Reconciliations of Non-GAAP EBIT to Net income            
    Net income   201,623     430,324     59,302  
    Add: Income tax expense   53,418     101,147     13,938  
    Share-based compensation expenses   23,274     29,541     4,071  
    Interest expense, net   3,904     4,702     648  
    Investment (income)/loss   (90 )   11,699     1,612  
    Non-GAAP EBIT   282,129     577,413     79,571  


    Additional Credit Information

    Vintage Charge Off Curve1

    Dpd30+/GMV by Performance Windows1

    First Payment Default 30+1

    1. Loans facilitated under ICP are excluded from the chart.

    The MIL Network –

  • MIL-OSI: Trading 212 Surpasses A$50 Billion in Client Assets and 4.5 Million Clients, Cementing Position as the UK’s Fastest-Growing Saving and Investment Platform

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 22, 2025 (GLOBE NEWSWIRE) — Trading 212 has officially reached a major milestone with over A$50 billion in client assets under administration and a thriving community of 4.5 million clients globally, making it the fastest-growing savings and investment platform in the UK.

    By pioneering zero-commission and fractional share investing across the UK and Europe, Trading 212 has transformed access to the financial markets. Millions of people have been empowered to invest without facing the high fees that have historically been a barrier to entry.

    “Our mission has always been to unlock wealth building for everyone,” said Ivan Ashminov, co-founder and chairman of the board of Trading 212. “Reaching this scale is a testament to the trust our clients place in us and to the value we bring through innovation, accessibility, and transparency.”

    With continued momentum, Trading 212 remains committed to reshaping the future of personal finance by breaking down barriers and delivering market-leading tools for everyday investors or savers.

    About Trading 212

    Trading 212 is a fintech company on a mission to unlock wealth building for everyone. Known for disrupting the industry with zero-commission investing, intuitive technology, and innovative financial products, the platform offers stocks and ETFs to millions of clients across the UK, Europe and Australia.

    For media inquiries, please contact:
    press@trading212.com
    www.trading212.com

    When investing, your capital is at risk. See terms and fees.

    Other fees may apply.

    The MIL Network –

  • MIL-OSI: Oyster Enterprises II Acquisition Corp Announces the Upsized Pricing of $220,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Miami, Florida, May 21, 2025 (GLOBE NEWSWIRE) — Oyster Enterprises II Acquisition Corp (the “Company”) announced today the upsized pricing of its initial public offering of 22,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and begin trading tomorrow, May 22, 2025, under the ticker symbol “OYSEU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination.  There are no warrants issued publicly or privately in connection with this offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “OYSE” and “OYSER,” respectively. The offering is expected to close on May 23, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but is focused on industries that align with the background of the Company’s management team and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate and hospitality. The Company will also focus on AI companies positioned to complement or disrupt those industries, as well as companies within the digital assets and blockchain ecosystem.

    The Company’s management team is led by Mario Zarazua, its Chief Executive Officer and Vice Chairman, and Heath Freeman, its Chairman. In addition, the Board includes Divya Narendra, Lief Haniford and Jordan Fliegel. Randall D. Smith is an Advisor to the Company, and Mike Rollins is the Chief Financial Officer.

    BTIG, LLC is acting as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website, www.sec.gov.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on May 21, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Oyster Enterprises II Acquisition Corp
    801 Brickell Avenue, 8th Floor
    Miami, Florida, 33131
    Attn: Mario Zarazua, CEO and Vice Chairman
    mario@oysteracquisition.com
    (786) 744-7720
    www.oysteracquisition.com

    The MIL Network –

  • MIL-Evening Report: NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

    Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury

    Hagen Hopkins/Getty Images

    Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

    This is a big change from last year’s tax announcements, which were largely focused on individuals.

    So far this year, the government has announced tax policies to encourage overseas investment and to make employee share schemes for start-ups and unlisted companies more attractive.

    This week, the government also announced the demise of the Digital Services Tax – which Treasury estimated would be worth more than NZ$100 million a year – after threats of retaliation from US President Donald Trump.

    But each of these policies would result in a drop in tax revenue. That raises a key question: where will the money to run the government come from when two successive budgets have included tax revenue cuts?

    Overseas money for investment

    This month, the government announced a commitment of $75 million over the next four years to encourage foreign investment in infrastructure and make it easier for startups to attract and retain high quality staff.

    Broken down, this would be $65 million for a change to the rules around “thin capitalisation”, pending the outcome of consultation on the details. At a basic level, this policy is targeting how much debt companies with overseas subsidiaries can have when investing in New Zealand infrastructure.

    The other $10 million is earmarked as a deferral of tax liability for some employee share schemes to help startups and unlisted companies.

    The goal of both policies seems to be to encourage international investment in New Zealand to boost growth in our otherwise sluggish economy.

    The government’s ‘Growth Budget’ is set to include policy changes that will see drops in tax revenue.
    Hagen Hopkins/Getty Images

    No digital services tax

    The demise of the digital services tax is the other big tax policy to be announced ahead of today’s budget.

    Left over from the previous Labour government, the policy would have applied a 3% tax on digital services revenue earned from New Zealand customers by global tech giants such as Meta, X and Google (many of which are based in the US).

    But Donald Trump has been highly critical of these sorts of levies, describing them as overseas extortion. Revenue Minister Simon Watts has admitted Trump’s objections were part of the decision to scrap the tax.

    While the government will save the money set aside in last year’s budget for administrative costs, the potential tax revenue will be a big loss. Treasury had previously forecast New Zealand would gain $479m in tax revenue from the levy between 2027 and 2029.

    But Watts said, “the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts”.

    A hole in revenue

    When it comes to tax, the pre-budget announcements will all involve costs to the government or drops in revenue.

    There are rumours the budget will include changes to the companies tax. But, if anything, this will be a drop in the amount of tax companies pay. So again, a drop in tax revenue.

    The challenge facing the government is where the money to operate comes from. And the choices it has are limited.

    Firstly, it could increase tax elsewhere. But that would require either a reversal of last year’s income tax cuts, or the long-standing policy not to target wealth – such as with a capital gains tax.

    Or, the government could make drastic cuts to spending. And, considering the announcement that this year’s budget would be tight, with over a $1 billion cut from the government’s discretionary operating spending (known as an operating allowance), this seems to be the path they have taken, at least partially.

    The final option would be to borrow now to boost infrastructure and business investment in the hope that resulting economic growth will generate greater revenue later.

    We won’t know the answers to these questions until Budget 2025 is released, and there have been a lot of mixed messages. Considering Finance Minister Nicola Willis has dubbed this a “Growth Budget”, however, it seems likely the focus will be on encouraging investment and growth through business activity, rather than any tax increases.

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

    – ref. NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth – https://theconversation.com/nz-budget-2025-tax-cuts-and-reduced-revenues-mean-the-government-is-banking-on-business-growth-257229

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.21.25
    As Crucial House Vote Looms, Rural Hospital CEOs Make Final Plea to House GOP: Avoid Medicaid Cuts That Will Cost Lives and Burden Local Communities
    NEW: 23 Republican WA state legislators join letter to full WA federal delegation, urging them to protect Medicaid
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, joined Washington state health care professionals to highlight statewide alarm and opposition to proposed Medicaid cuts.
    “The House Republicans are now trying to cobble together what I believe is a serious attack on Medicaid, and these will have impacts across our economy,” said Sen. Cantwell. “It undermines the program by shifting the burden to the states and making the entire healthcare system more expensive.”
    “If you cut Medicaid, and you cut people on Medicaid, they’re not going to stop having health care needs,” added Sen. Cantwell. “They’re just going to go to a more expensive, unfunded setting to get that care. Medicaid provides the critical financial support for the healthcare sector and for our economies to keep going every day.”
    Matt Kollman, CEO of Skyline Hospital in White Salmon, warned that the cuts would endanger the survival of rural hospitals, and ultimately the health of rural residents.
    “You don’t just have the opportunity, when you live in White Salmon, to drive a few blocks extra and go to the next hospital,” Kollman said. “You’re talking about a drive that in the best of conditions might be 60 or 90 minutes. That is a disruptive burden for many families, and it would lead to their delay, or possible just outright deferral of health care altogether. And to me, that’s not acceptable.”
    “I also know that it’s not acceptable to other members of our community,” added Kollman. “Recently, I was able to present Senator Cantwell and Representative Newhouse with a letter that was signed by many elected officials and community members, including Republicans, elected Republicans in my district and throughout the state, who are asking Congress to be very careful about what they do with Medicaid. To consider the consequences, to be very thoughtful, and to understand that you’re messing with something that is a very intimate and relied on part of people’s lives every day.”
    Also today, 23 Republican members of the Washington state legislature sent a letter to the entire Washington state federal Congressional delegation, urging the delegation to “protect Medicaid funding for Washington State.”
    This week, the Republican-led U.S. House Budget Committee held a rare weekend meeting late Sunday night as part of the effort to rush to the floor a reconciliation bill containing over $700 billion in cuts and significant changes to Medicaid, the federal program that insures many low-income adults and children, pregnant people, seniors, and people with disabilities. Then, early this morning, the House Rules Committee began a meeting at 1 a.m. – when most Americans were asleep – since GOP House leadership have indicated their intent to bring the reconciliation bill and its draconian cuts to the floor for a final vote as soon as later today.   
    Republican proposals include imposition of work requirements and new restrictions on who can receive long-term care support from Medicaid.
    Other participants at the virtual presser were
    •            Rashad Collins, CEO, Neighborcare Health (Community Health Center with over 20 Seattle-area clinics)
    •            Kym Clift, CEO, TriState Health (Clarkston, WA)
    •            Lynn Kimball, Executive Director at Aging & Long Term Care of Eastern Washington
    •            Dr. Rachel Issaka, gastroenterologist and clinical researcher, Fred Hutchinson Cancer Center
    •            Jacquiline Blanco, RN, a Seattle-area perinatal obstetric nurse and Public Policy Committee member at the Association of Women’s Health, Obstetric, and Neonatal Nurses
    Video of the event is available HERE and a transcript of Sen. Cantwell’s opening remarks is available HERE.
    Also today, Sen. Cantwell delivered a speech on the Senate floor, warning of the impacts to state economies and budgets if the Republican proposal becomes law. Video of her floor speech is available HERE and a transcript is available HERE.
    Medicaid, known as Apple Health in Washington state, covers over 1.9 million Washingtonians. On May 2, Sen. Cantwell released a snapshot report highlighting the impact that Medicaid cuts would have on Washington state’s highly-ranked long-term care system for seniors and people with disabilities. In February, she additionally released a snapshot report that demonstrated how cuts would harm health care access in Washington state, and followed up with a report in March that dove into impacts on the Puget Sound region.
    Highlights of those snapshot reports include:
    In Washington state, WA-04 (Central Washington) and WA-05 (Eastern Washington) have the highest proportions of adults and total population on Medicaid (Apple Health). In District 4, 70% of children are on Medicaid.
    In the Puget Sound, children in Seattle’s blue-collar strongholds would feel the deepest pain from Medicaid cuts. More than half of children in Burien, SeaTac, Kent, Federal Way, Auburn, Renton, and Rainier Valley depend on Medicaid.
    In an exclusive new survey of 68 WA nursing homes, 67 of 68 would cut services if Medicaid were cut by 5% or more, and 65% would consider closing.
    Over the past two months, Sen. Cantwell also took a tour around the state to hear from folks who would be directly impacted by cuts to Medicare. Doctors, patients, and health care providers in Seattle, Spokane, the Tri-Cities, and Wenatchee warned that such cuts would devastate Washington state’s health care system and limit access to lifesaving care.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Danny K. Davis Applauds Reintroduction of Second Chance Reauthorization Act of 2025

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

    Legislation Continues a Legacy of Justice Reform and Community Investment Originating from Davis’ Landmark 2008 Law

         Washington, DC — Today, Congressman Danny K. Davis (D-IL), original author of the Second Chance Act of 2008, proudly announced the reintroduction of the Second Chance Reauthorization Act of 2025, a bipartisan, bicameral effort to bolster reentry services across the nation. Introduced in the U.S. House by Rep. Davis and Rep. Carol Miller (R-WV) and in the Senate by Sens. Shelley Moore Capito (R-WV) and Cory Booker (D-NJ), the legislation renews vital programs that support returning citizens with housing, career development, and behavioral health services.

         “Sixteen years ago, I introduced the Second Chance Act because I believed every person deserves an opportunity to reclaim their life, reunite with their family, and rebuild their future,” said Congressman Danny K. Davis. “Since then, over 442,000 individuals across America have benefited from these services, including thousands here in Chicago. Reentry is not a privilege. It is a right backed by resources, dignity, and support.”

         With more than 600,000 individuals returning home from prison each year, and many more transitioning from local jails, reentry has become a national priority for reducing recidivism and promoting public safety. The Second Chance Act of 2008, authored by Congressman Davis and signed into law by President George W. Bush, established the nation’s first coordinated federal effort to fund reentry programs. 

         In Chicago and across Illinois’ 7th Congressional District, Second Chance funding has supported a wide array of community organizations and justice-focused initiatives, including workforce training programs, mentoring services, transitional housing, and behavioral health treatment. These services are particularly critical for Black and Brown communities that have long borne the brunt of mass incarceration.

         “This bill is about investing in people and giving communities—like those I represent in  Chicagoland—the resources to reduce crime, restore families, and rewrite futures,” Davis added. “This is bipartisan work at its best—and it’s deeply rooted in both justice and compassion.”

         From 2009 to 2024, over 1,300 Second Chance grants were awarded across 49 states and territories, supporting 871 agencies nationwide. The reauthorization will strengthen evidence-based programs and expand services for individuals struggling with substance use disorder and mental health challenges.

                  The American Jail Association, American Parole and Probation Association, Correctional Leaders Association, Council of State Governments Justice Center, Major County Sheriffs of America, National Alliance on Mental Illness, National Association of Counties, National Association of State Alcohol and Drug Abuse Directors, National Association of State Mental Health Program Directors, National District Attorneys Association, National League of Cities, Prison Fellowship, Treatment Alternatives for Safe Communities, and U.S. Chamber of Commerce support the legislation.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Rural waste workshop coming to Canterbury

    Source: PISA results continue to show more to be done for equity in education

    Date:

    About the speaker

    Trish has over 20 years of national and international teaching experience combined with 15 years of dairy farming. Over the last 10 years, she has completed:

    • PG Cert in Circular Economy, Business and Innovation,
    • Diploma in Agribusiness
    • Kellogg Rural Leader Project on Reducing Farm Waste.

    Event details

    Trish Rankin – Rural leader and dairy farmer

    RSVP: Register via our

    online form or email us at events@ecan.govt.nz by Monday 16 June.

    Environment Canterbury © 2025
    Retrieved: 10:49am, Thu 22 May 2025
    ecan.govt.nz/get-involved/news-and-events/2025/rural-waste-workshop-coming-to-canterbury/

    MIL OSI New Zealand News –

  • MIL-OSI USA: SPC May 21, 2025 2000 UTC Day 1 Convective Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 211947

    Day 1 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0247 PM CDT Wed May 21 2025

    Valid 212000Z – 221200Z

    …THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS FOR PORTIONS OF
    THE OZARKS…

    …SUMMARY…
    Isolated strong to severe storms remain possible in the Upper Ohio
    Valley, parts of eastern North Carolina, North Florida, parts of the
    central Plains, and Deep South Texas. Additional, scattered strong
    to severe storms are possible in the Ozarks this evening.

    …20Z Update…
    Severe probabilities have been adjusted based on current
    observational/convective trends. A narrow zone in western
    Pennsylvania will remain favorable in the short term for a brief
    tornado prior to precipitation stabilizing the low levels and
    low-level winds veering. Scattered elevated convection is still
    expected across parts of the Ozarks later this evening. See the
    previous forecast for additional details.

    ..Wendt.. 05/21/2025

    .PREV DISCUSSION… /ISSUED 1131 AM CDT Wed May 21 2025/

    …Eastern North Carolina/southern Virginia…
    In the wake of early morning convection, air mass
    recovery/destabilization will occur today in vicinity of the
    eastward-transitioning surface wave and in vicinity of the roughly
    west/east-oriented surface boundary located near/south of the
    Virginia/North Carolina border. Drying westerly low-level
    trajectories will exist to the south of the front and behind the
    surface wave, with severe-storm favorable ingredients/potential
    development tending to focus across far northeast North Carolina
    where moderate buoyancy will be maximized with strong westerlies
    aloft (40+ kt effective shear). While severe storm
    coverage/likelihood may not be as high as previously thought, some
    potential for large hail, damaging wind gusts and possibly a tornado
    will still exist on an isolated basis.

    …Ozarks/Mid-South…
    While rich boundary-layer moisture will remain confined across south
    Texas and Louisiana, a strengthening low-level baroclinic zone will
    focus near the Kansas/Oklahoma border east-southeast into the
    Mid-South. Guidance is rather consistent in developing at least
    elevated convection to the cool side of this zone by evening. This
    will be coincident with an intensifying mid-level speed max.
    Forecast soundings depict potentially very strong mid to upper-level
    speed shear within the slightly north of west flow regime. Coupled
    with steep mid-level lapse rates, this setup could yield a few
    elevated supercells capable of large hail and perhaps locally
    damaging winds.

    …Central Plains…
    A mid-level vorticity lobe initially over Wyoming this morning will
    dig east-southeastward into the lower Missouri Valley by early
    evening amidst west-northwesterly flow aloft. Heating will result in
    very steep 0-3 km lapse rates by mid afternoon with several hundred
    J/kg SBCAPE. Elongated hodographs will support quick-moving cells
    capable of an isolated risk for severe wind gusts during the late
    afternoon through around sunset (roughly 20-01z).

    …Upper Ohio Valley including PA/OH/WV border region…
    A corridor of modest boundary-layer heating is expected ahead of the
    primary surface cyclone drifting across northern Ohio toward Lake
    Erie. Coupled with cooling mid-level temperatures, weak
    surface-based buoyancy is expected by midday into the afternoon.
    Deep-layer shear will not be strong given proximity to the mid-level
    trough, but should be adequate for weak/transient mid-level
    rotation. With numerous thunderstorms expected, small to marginally
    severe hail and isolated damaging winds are anticipated. A brief
    tornado or two is also possible with storms near the warm front,
    before convection weakens as it moves east-northeastward into
    less-buoyant surface conditions.

    …North Florida and southern Georgia…
    Along the southeastward-moving cold front, moderate buoyancy is
    expected ahead of the front. A veered low-level wind profile will
    limit effective bulk shear, but scattered thunderstorms could yield
    multicells and perhaps a transient supercell. Isolated damaging
    winds and marginally severe hail are possible with the stronger
    storms. For additional short-term details, see Mesoscale Discussion
    920.

    …Far southern Louisiana/far southern Mississippi…
    Sufficient residual elevated buoyancy in the immediate post-frontal
    environment may allow for some storms to produce hail to near severe
    levels, mostly over just the next few hours this afternoon and on a
    very isolated basis.

    …Deep South Texas…
    A very moist and unstable air mass (2000-4000 J/kg MLCAPE later
    today) exists across the region, aside from some higher cloud cover
    spreading into the region via a slowly approaching and weakening
    convective complex south of the international border. Additional
    convection will likely develop in adjacent Mexico over the higher
    terrain this afternoon, and some of these storms may spread east
    across the lower Rio Grande Valley this evening. Isolated large hail
    and severe-caliber wind gusts may accompany these storms.

    CLICK TO GET WUUS01 PTSDY1 PRODUCT

    NOTE: THE NEXT DAY 1 OUTLOOK IS SCHEDULED BY 0100Z

    MIL OSI USA News –

  • MIL-OSI: CORRECTION — LiveRamp Announces Fourth Quarter and Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 21, 2025 (GLOBE NEWSWIRE) — In a release issued earlier today under the same headline by LiveRamp (NYSE: RAMP), please note the GAAP operating income and Non-GAAP operating income for the first quarter of fiscal 2026 and fiscal 2026 were stated incorrectly. The corrected release follows:

    Q4 Revenue up 10% year-over-year

    FY25 Operating Cash Flow increases 46% year-over-year

    FY25 Share Repurchases totaled $101 million

    LiveRamp® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2025.

    Q4 Financial Highlights1

    • Total revenue was $189 million, up 10%.
    • Subscription revenue was $145 million, up 9%.
    • Marketplace & Other revenue was $44 million, up 14%.
    • GAAP gross profit was $131 million, up 5%. GAAP gross margin of 69% compressed by 3 percentage points. Non-GAAP gross profit was $136 million, up 5%. Non-GAAP gross margin of 72% compressed by 3 percentage points.
    • GAAP operating loss was $12 million compared to $14 million. GAAP operating margin of negative 6% expanded by 2 percentage points. Non-GAAP operating income was $23 million compared to $16 million. Non-GAAP operating margin of 12% expanded by 3 percentage points.
    • GAAP diluted loss per share was $0.10 and non-GAAP diluted earnings per share was $0.30.
    • Net cash provided by operating activities was $63 million compared to $28 million.
    • Share repurchases in the fourth quarter totaled approximately 950 thousand shares for $25 million.

    Fiscal Year Financial Highlights1

    • Total revenue was $746 million, up 13%.
    • Subscription revenue was $569 million, up 11%, and represented 76% of total revenue.
    • Marketplace & Other revenue was $177 million, up 21%.
    • GAAP gross profit was $530 million, up 10%, and GAAP gross margin of 71% compressed by 2 percentage points. Non-GAAP gross profit was $550 million, up 12%, and non-GAAP gross margin of 74% compressed by 1 percentage point.
    • GAAP operating income was $5 million compared to $11 million. GAAP operating margin of 1% compressed by 1 percentage point. Non-GAAP operating income was $136 million compared to $105 million. Non-GAAP operating margin of 18% expanded by 2 percentage points.
    • GAAP diluted loss per share was $0.01, and non-GAAP diluted EPS was $1.70.
    • Net cash provided by operating activities was $154 million compared to $106 million.
    • Share repurchases in fiscal 2025 totaled approximately 3.8 million shares for $101 million. As of March 31, 2025, there was $256 million in remaining capacity under the share repurchase authorization that expires on December 31, 2026.

    A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

    Commenting on the results, CEO Scott Howe said: “We had a strong finish to fiscal 2025, with fourth quarter revenue and operating income exceeding our expectations, revenue growing at a double-digit rate and operating cash flow reaching a record high. As we enter fiscal 2026, more so than ever, we are focused on controlling what we can control: Making our platform faster and easier to use; rolling out new functionality, such as our new Cross Media Intelligence measurement solution; helping customers optimize ad spend by harnessing the power of our Data Collaboration Network; and, finally, prudently managing our own costs and growth investments. The near-term macro environment may be uncertain, but we remain confident that in the long-run we can drive sustained growth and shareholder value creation.”

    GAAP and Non-GAAP Results
    The following table summarizes the Company’s financial results for the fiscal 2025 fourth quarter and full year ended March 31, 2025 ($ in millions, except per share amounts):

           
      GAAP   Non-GAAP
      Q4 FY25 FY25   Q4 FY25 FY25
    Subscription revenue $145 $569   — —
    YoY change 9% 11%   — —
    Marketplace & Other revenue $44 $177   — —
    YoY change 14% 21%   — —
    Total revenue $189 $746   — —
    YoY change 10% 13%   — —
               
    Gross profit $131 $530   $136 $550
    % Gross margin 69% 71%   72% 74%
    YoY change (3 pts) (2 pts)   (3 pts) (1 pt)
               
    Operating income (loss) ($12) $5   $23 $136
    % Operating margin (6%) 1%   12% 18%
    YoY change 2 pts (1 pt)   3 pts 2 pts
               
    Net earnings (loss) ($6) ($1)   $20 $115
    Diluted earnings (loss) per share ($0.10) ($0.01)   $0.30 $1.70
               
    Shares to calculate diluted EPS 66.0 66.1   67.5 67.5
    YoY change (1%) (3%)   (1%) (1%)
               
    Net operating cash flow $63 $154   — —
    Free cash flow — —   $62 $153
               
    Totals may not sum due to rounding.
     
     

    A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules attached to this press release.

    Additional Business Highlights & Metrics

    • On February 25 we hosted an investor day presentation in San Francisco. The video replay, slide presentation and transcript are available on our investor relations website. Additionally, please see our investor day recap that highlights 10 interesting slides from the presentation, available here.
    • On February 25-27 we hosted our annual customer and partner conference, RampUp, in San Francisco, bringing together more than 2,500 leaders at the intersection of marketing, technology and data science. The event featured product demonstrations and 40+ panels and presentations featuring 110 leaders from some of the largest brands in the world, including Disney, Home Depot, P&G and Uber – to name a few. Video replays of these sessions are available here and an event recap for investors is available here.
    • On February 25 we announced Cross-Media Intelligence, a new capability that enables marketers to better measure and optimize campaigns anywhere their customers are. LiveRamp’s Cross-Media Intelligence is a premier solution for next-generation cross-media measurement, unifying insights across partners and datasets, and delivering actionable, repeatable insights with unmatched speed and precision. With Cross-Media Intelligence, marketers for the first time can access unified, deduplicated reporting across screens and platforms (additional information).
    • On April 22 Google announced that it will no longer roll out a new standalone prompt for consumers to opt-in to third-party cookie tracking on Chrome. LiveRamp’s mission remains the same: Enable best-in-class addressable reach and connectivity across every consumer experience by continuing to develop the largest and most useful data collaboration network. We will use cookies to extend reach on Chrome, while continuing to invest and expand our authenticated ecosystem across cookieless browsers (Safari, Firefox, and Edge), direct publisher integrations, CTV, mobile/gaming, and new AI integrations. Please see our blog post for additional information.
    • On March 6 we announced a workforce restructuring involving approximately 5% of our full-time employees. The restructuring is part of a broader strategic reprioritization to build a stronger, more profitable company by tightening our focus and simplifying and driving efficiency into our business processes. In the fourth quarter we incurred $7.2 million of restructuring and related charges primarily related to employee severance and benefits.
    • LiveRamp ended the year with 128 customers whose annualized subscription revenue exceeds $1 million, compared to 115 in the prior year.
    • LiveRamp ended the year with 840 direct subscription customers, compared to 900 in the prior year.
    • Fourth quarter subscription net retention was 104% and platform net retention was 106%.
    • Fourth quarter annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $504 million, up 8% compared to the prior year period.
    • Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $471 million, up 14% compared to the prior year period.

    Financial Outlook

    LiveRamp’s non-GAAP operating income guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, and restructuring and related charges.

    For the first quarter of fiscal 2026, LiveRamp expects to report:

    • Revenue of $191 million, an increase of 9%
    • GAAP operating income of $6 million
    • Non-GAAP operating income of $33 million

    For fiscal 2026, LiveRamp expects to report:

    • Revenue of between $787 million and $817 million, an increase of between 6% and 10%
    • GAAP operating income of between $85 million and $89 million
    • Non-GAAP operating income of between $178 million and $182 million

    Conference Call

    LiveRamp will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to further discuss this information. Interested parties are invited to listen to a webcast of the conference, which can be accessed on LiveRamp’s investor site. A slide presentation will be referenced during the call and is available here.

    About LiveRamp

    LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.

    Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.

    LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” or the negative of these terms or other similar variations thereof, but the absence of these words does not mean that a statement is not forward-looking. These statements, which are not statements of historical fact, include, but are not limited to, the Company’s guidance regarding revenue, GAAP operating loss and Non-GAAP operating income for the first quarter and full year of fiscal 2026 and other similar estimates, assumptions, forecasts, projections and expectations regarding market position, product development, growth opportunities, economic conditions and other future events and trends.

    These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.

    Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are economic uncertainties that could impact us or our suppliers, customers and partners, including, geo-political circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of our customers to renew their agreements with us upon their expiration; our ability to add new customers and upsell within our subscription business; our reliance upon partners, including data suppliers, who may withdraw or withhold data from us; increased competition and rapidly changing technology that could impact our products and services; the risk that we fail to realize the potential benefits of or have difficulty integrating acquired businesses; and our inability to attract, motivate and retain talent. Additional risks include maintaining our culture and our ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in our current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting our workforce. Our global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. Our international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that our current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to us on commercially reasonable terms, or at all, could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center or cloud hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting our business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.

    For a discussion of these and other risks and uncertainties that could affect LiveRamp’s business, reputation, results of operation, financial condition and stock price, please refer to LiveRamp’s filings with the U.S. Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of LiveRamp’s most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings.

    The financial information set forth in this press release reflects estimates based on information available at this time.

    LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

    To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

    For more information, contact:

    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    LiveRamp® and RampID™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

    ________________________
    1 Unless otherwise indicated, all comparisons are to the prior year period.

                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the three months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 188,724     171,852     16,872   9.8 %
    Cost of revenue 57,929     47,722     10,207   21.4 %
    Gross profit 130,795     124,130     6,665   5.4 %
    % Gross margin 69.3 %   72.2 %      
                 
    Operating expenses            
    Research and development 45,926     45,161     765   1.7 %
    Sales and marketing 56,961     60,476     (3,515 ) (5.8 )%
    General and administrative 32,175     30,252     1,923   6.4 %
    Gains, losses and other items, net 7,241     2,516     4,725   187.8 %
    Total operating expenses 142,303     138,405     3,898   2.8 %
                 
    Loss from operations (11,508 )   (14,275 )   2,767   19.4 %
    % Margin (6.1 )%   (8.3 )%      
                 
    Total other income, net 4,762     5,070     (308 ) (6.1 )%
    Loss from continuing operations before income taxes (6,746 )   (9,205 )   2,459   26.7 %
    Income tax benefit (479 )   (3,027 )   2,548   84.2 %
    Net earnings from continuing operations (6,267 )   (6,178 )   (89 ) (1.4 )%
                 
    Earnings from discontinued operations, net of tax –     805     (805 ) (100.0 )%
                 
    Net loss (6,267 )   (5,373 )   (894 ) (16.6 )%
                 
    Basic loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Basic loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Diluted loss per share:            
    Continuing operations (0.10 )   (0.09 )   (0.00 ) (2.0 )%
    Discontinued operations 0.00     0.01     (0.01 ) (100.0 )%
    Diluted loss per share (0.10 )   (0.08 )   (0.01 ) (17.3 )%
                 
    Basic weighted average shares 65,957     66,323        
    Diluted weighted average shares 65,957     66,323        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
      For the twelve months ended March 31,
              $ %
      2025     2024     Variance Variance
                 
    Revenues 745,580     659,661     85,919   13.0 %
    Cost of revenue 215,910     179,489     36,421   20.3 %
    Gross profit 529,670     480,172     49,498   10.3 %
    % Gross margin 71.0 %   72.8 %      
                 
    Operating expenses            
    Research and development 176,668     151,201     25,467   16.8 %
    Sales and marketing 213,106     195,693     17,413   8.9 %
    General and administrative 126,499     110,166     16,333   14.8 %
    Gains, losses and other items, net 7,993     11,708     (3,715 ) (31.7 )%
    Total operating expenses 524,266     468,768     55,498   11.8 %
                 
    Income from operations 5,404     11,404     (6,000 ) (52.6 )%
    % Margin 0.7 %   1.7 %      
                 
    Total other income, net 17,436     22,957     (5,521 ) (24.0 )%
    Income from continuing operations before income taxes 22,840     34,361     (11,521 ) (33.5 )%
    Income tax expense 25,342     24,270     1,072   4.4 %
    Net earnings (loss) from continuing operations (2,502 )   10,091     (12,593 ) (124.8 )%
                 
    Earnings from discontinued operations, net of tax 1,688     1,790     (102 ) (5.7 )%
                 
    Net earnings (loss) (814 )   11,881     (12,695 ) (106.9 )%
                 
    Basic earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (124.8 )%
    Discontinued operations 0.03     0.03     (0.00 ) (5.5 )%
    Basic earnings (loss) per share (0.01 )   0.18     (0.19 ) (106.9 )%
                 
    Diluted earnings (loss) per share:            
    Continuing operations (0.04 )   0.15     (0.19 ) (125.5 )%
    Discontinued operations 0.03     0.03     (0.00 ) (3.1 )%
    Diluted earnings (loss) per share (0.01 )   0.17     (0.19 ) (107.0 )%
                 
    Basic weighted average shares 66,126     66,266        
    Diluted weighted average shares 66,126     67,918        
                 
    Some totals may not sum due to rounding.            
                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024
                   
    Income (loss) from continuing operations before income taxes (6,746 )   (9,205 )   22,840     34,361
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270
    Net earnings from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091
    Earnings from discontinued operations, net of tax –     805     1,688     1,790
    Net earnings (loss) (6,267 )   (5,373 )   (814 )   11,881
                   
    Basic earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.18
    Diluted earnings (loss) per share (0.10 )   (0.08 )   (0.01 )   0.17
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708
    Transformation costs (general and administrative) —     —     —     1,875
    Total excluded items from continuing operations 34,542     30,393     130,387     93,672
                   
    Income from continuing operations before income taxes and excluding items 27,796     21,188     153,227     128,033
    Income tax expense (2) 7,759     3,947     38,296     29,882
    Non-GAAP net earnings (loss) from continuing operations 20,037     17,241     114,931     98,151
                   
    Non-GAAP earnings per share from continuing operations              
    Basic 0.30     0.26     1.74     1.48
    Diluted 0.30     0.25     1.70     1.45
                   
    Basic weighted average shares 65,957     66,323     66,126     66,266
    Diluted weighted average shares 67,479     68,471     67,499     67,918
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    (2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusting for discrete tax items in the period. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2025     2024     2025     2024  
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Operating income (loss) margin (6.1 )%   (8.3 )%   0.7 %   1.7 %
                   
    Excluded items:              
    Purchased intangible asset amortization (cost of revenue) 3,135     3,097     14,415     8,785  
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
    Total excluded items 34,542     30,393     130,387     93,672  
                   
    Income from operations before excluded items 23,034     16,118     135,791     105,076  
    Non-GAAP operating income margin 12.2 %   9.4 %   18.2 %   15.9 %
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF ADJUSTED EBITDA (1)
    (Unaudited)
    (Dollars in thousands)
                   
      For the three months
    ended March 31,    		   For the twelve months
    ended March 31,
      2024     2023     2024     2023  
                   
    Net earnings (loss) from continuing operations (6,267 )   (6,178 )   (2,502 )   10,091  
    Income tax expense (benefit) (479 )   (3,027 )   25,342     24,270  
    Total other expense, net (4,762 )   (5,070 )   (17,436 )   (22,957 )
                   
    Income (loss) from operations (11,508 )   (14,275 )   5,404     11,404  
    Depreciation and amortization 3,803     3,823     17,207     11,508  
                   
    EBITDA (7,705 )   (10,452 )   22,611     22,912  
                   
    Other adjustments:              
    Non-cash stock compensation (cost of revenue and operating expenses) 24,166     24,780     107,979     71,304  
    Restructuring and merger charges (gains, losses, and other) 7,241     2,516     7,993     11,708  
    Transformation costs (general and administrative) –     –     –     1,875  
                   
    Other adjustments 31,407     27,296     115,972     84,887  
                   
    Adjusted EBITDA 23,702     16,844     138,583     107,799  
                   
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
                   
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
                 
      March 31   March 31   $ %
      2025     2024     Variance Variance
    Assets            
    Current assets:            
    Cash and cash equivalents 413,331     336,867     76,464   22.7 %
    Restricted cash 595     2,604     (2,009 ) (77.2 )%
    Short-term investments 7,500     32,045     (24,545 ) (76.6 )%
    Trade accounts receivable, net 186,169     190,313     (4,144 ) (2.2 )%
    Refundable income taxes, net 9,708     8,521     1,187   13.9 %
    Other current assets 38,886     31,682     7,204   22.7 %
    Total current assets 656,189     602,032     54,157   9.0 %
                 
    Property and equipment 23,813     25,394     (1,581 ) (6.2 )%
    Less – accumulated depreciation and amortization 17,629     17,213     416   2.4 %
    Property and equipment, net 6,184     8,181     (1,997 ) (24.4 )%
                 
    Intangible assets, net 20,167     34,583     (14,416 ) (41.7 )%
    Goodwill 501,756     501,756     –   – %
    Deferred commissions, net 44,452     48,143     (3,691 ) (7.7 )%
    Other assets, net 30,623     36,748     (6,125 ) (16.7 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
    Liabilities and Stockholders’ Equity            
    Current liabilities:            
    Trade accounts payable 112,271     81,202     31,069   38.3 %
    Accrued payroll and related expenses 50,776     61,575     (10,799 ) (17.5 )%
    Other accrued expenses 38,586     42,857     (4,271 ) (10.0 )%
    Deferred revenue 45,885     30,942     14,943   48.3 %
    Total current liabilities 247,518     216,576     30,942   14.3 %
                 
    Other liabilities 62,994     65,732     (2,738 ) (4.2 )%
                 
    Stockholders’ equity:            
    Preferred stock –     –     –   n/a
    Common stock 15,918     15,594     324   2.1 %
    Additional paid-in capital 2,045,316     1,933,776     111,540   5.8 %
    Retained earnings 1,313,358     1,314,172     (814 ) (0.1 )%
    Accumulated other comprehensive income 4,295     3,964     331   8.4 %
    Treasury stock, at cost (2,430,028 )   (2,318,371 )   (111,657 ) 4.8 %
    Total stockholders’ equity 948,859     949,135     (276 ) (0.0 )%
      1,259,371     1,231,443     27,928   2.3 %
                 
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the three months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net loss (6,267 )   (5,373 )
    Earnings from discontinued operations, net of tax —     (805 )
    Non-cash operating activities:      
    Depreciation and amortization 3,803     3,823  
    Loss on disposal or impairment of assets 44     6  
    Lease-related impairment and restructuring charges (28 )   (546 )
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts (453 )   1,947  
    Deferred income taxes (496 )   (498 )
    Non-cash stock compensation expense 24,166     24,780  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 25,187     8,700  
    Deferred commissions 46     (3,971 )
    Other assets 4,703     8,514  
    Accounts payable and other liabilities 11,738     (246 )
    Income taxes (523 )   (7,285 )
    Deferred revenue 969     (1,403 )
    Net cash provided by operating activities 62,580     27,643  
    Cash flows from investing activities:      
    Capital expenditures (293 )   (1,791 )
    Cash paid in acquisitions, net of cash received —     (170,281 )
    Purchases of investments —     (24,509 )
    Proceeds from sales of investments —     25,000  
    Proceeds from sale of strategic investment 763     —  
    Net cash provided by (used in) investing activities 470     (171,581 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 202     1  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (1,026 )   (719 )
    Acquisition of treasury stock (25,447 )   (15,177 )
    Net cash used in financing activities (26,271 )   (15,895 )
    Net cash provided by (used in) continuing operations 36,779     (159,833 )
    Cash flows from discontinued operations:      
    From operating activities (798 )   805  
    Net cash provided by (used in) discontinued operations (798 )   805  
    Net cash provided by (used in) continuing and discontinued operations 35,981     (159,028 )
    Effect of exchange rate changes on cash 580     (447 )
           
    Net change in cash, cash equivalents and restricted cash 36,561     (159,475 )
    Cash, cash equivalents and restricted cash at beginning of period 377,365     498,946  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 558     4,905  
    Cash received for income taxes, net from discontinued operations —     (1,258 )
    Cash paid for operating lease liabilities 2,426     2,594  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities —     148  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (40 )   —  
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 64     —  
           
           
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Dollars in thousands)
      For the twelve months
    ended March 31,
      2025     2024  
    Cash flows from operating activities:      
    Net earnings (loss) (814 )   11,881  
    Earnings from discontinued operations, net of tax (1,688 )   (1,790 )
    Non-cash operating activities:      
    Depreciation and amortization 17,207     11,508  
    Loss on disposal or impairment of assets 85     1,219  
    Lease-related impairment and restructuring charges 14     1,769  
    Gain on sale of strategic investments (515 )   —  
    Loss on marketable equity securities 206     —  
    Provision for doubtful accounts 695     2,254  
    Impairment of goodwill —     2,875  
    Deferred income taxes (447 )   (458 )
    Non-cash stock compensation expense 107,979     71,304  
    Changes in operating assets and liabilities:      
    Accounts receivable, net 3,547     (32,336 )
    Deferred commissions 3,691     (11,113 )
    Other assets 2,105     9,426  
    Accounts payable and other liabilities 3,573     8,508  
    Income taxes 3,430     22,275  
    Deferred revenue 14,897     8,334  
    Net cash provided by operating activities 153,965     105,656  
    Cash flows from investing activities:      
    Capital expenditures (1,042 )   (4,255 )
    Cash paid in acquisitions, net of cash received (1,951 )   (170,281 )
    Purchases of investments (1,967 )   (48,894 )
    Proceeds from sales of investments 26,989     50,750  
    Proceeds from sale of strategic investment 763     —  
    Purchases of strategic investments (1,400 )   (1,000 )
    Net cash provided by (used in) investing activities 21,392     (173,680 )
    Cash flows from financing activities:      
    Proceeds related to the issuance of common stock under stock and employee benefit plans 8,833     7,222  
    Shares repurchased for tax withholdings upon vesting of stock-based awards (10,331 )   (5,835 )
    Acquisition of treasury stock (101,198 )   (60,502 )
    Net cash used in financing activities (102,696 )   (59,115 )
    Net cash provided by (used in) continuing operations 72,661     (127,139 )
    Cash flows from discontinued operations:      
    From operating activities 1,688     1,790  
    Net cash provided by discontinued operations 1,688     1,790  
    Net cash provided by (used in) continuing and discontinued operations 74,349     (125,349 )
    Effect of exchange rate changes on cash 106     372  
           
    Net change in cash, cash equivalents and restricted cash 74,455     (124,977 )
    Cash, cash equivalents and restricted cash at beginning of period 339,471     464,448  
    Cash, cash equivalents and restricted cash at end of period 413,926     339,471  
           
    Supplemental cash flow information:      
    Cash paid for income taxes, net from continuing operations 22,548     2,465  
    Cash received for income taxes, net from discontinued operations (2,486 )   (2,765 )
    Cash received for tenant improvement allowances (2,628 )   —  
    Cash paid for operating lease liabilities 9,798     10,293  
           
           
    Operating lease assets obtained in exchange for operating lease liabilities 2,327     11,825  
    Operating lease assets, and related lease liabilities, relinquished in lease terminations (595 )   (4,486 )
    Purchases of property, plant and equipment remaining unpaid at period end 20     104  
    Marketable equity securities obtained in disposition of strategic investment 652     —  
    Excise tax payable on net stock repurchases 128     —  
           
    LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
    CALCULATION OF FREE CASH FLOW (1)
    (Unaudited)
    (Dollars in thousands)
                           
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Net cash provided by (used in) operating activities $ 25,693   $ 35,764   $ 16,556   $ 27,643   $ 105,656     $ (9,328 ) $ 55,596   $ 45,117   $ 62,580   $ 153,965  
                           
    Less:                      
    Capital expenditures   (53 )   (200 )   (2,211 )   (1,791 )   (4,255 )     (226 )   (241 )   (282 )   (293 )   (1,042 )
                           
    Free Cash Flow $ 25,640   $ 35,564   $ 14,345   $ 25,852   $ 101,401     $ (9,554 ) $ 55,355   $ 44,835   $ 62,287   $ 152,923  
                           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                              Yr-to-Yr
      FY2024   FY2025   FY2025 to FY2024
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025   % $
                                 
    Revenues   154,069     159,871     173,869     171,852     659,661       175,961     185,483     195,412     188,724     745,580     13.0 % 85,919  
    Cost of revenue   45,621     41,212     44,934     47,722     179,489       51,749     51,234     54,998     57,929     215,910     20.3 % 36,421  
    Gross profit   108,448     118,659     128,935     124,130     480,172       124,212     134,249     140,414     130,795     529,670     10.3 % 49,498  
    % Gross margin   70.4 %   74.2 %   74.2 %   72.2 %   72.8 %     70.6 %   72.4 %   71.9 %   69.3 %   71.0 %      
                                 
    Operating expenses                            
    Research and development   34,519     33,733     37,788     45,161     151,201       44,118     43,889     42,735     45,926     176,668     16.8 % 25,467  
    Sales and marketing   44,879     44,135     46,203     60,476     195,693       54,175     51,107     50,863     56,961     213,106     8.9 % 17,413  
    General and administrative   26,664     26,009     27,241     30,252     110,166       30,961     31,369     31,994     32,175     126,499     14.8 % 16,333  
    Gains, losses and other items, net   116     6,574     2,502     2,516     11,708       206     397     149     7,241     7,993     (31.7 )% (3,715 )
    Total operating expenses   106,178     110,451     113,734     138,405     468,768       129,460     126,762     125,741     142,303     524,266     11.8 % 55,498  
                                 
    Income (loss) from operations   2,270     8,208     15,201     (14,275 )   11,404       (5,248 )   7,487     14,673     (11,508 )   5,404     (52.6 )% (6,000 )
    % Margin   5.0 %   24.3 %   40.2 %   (31.6 )%   1.7 %     (3.0 )%   4.0 %   7.5 %   (6.1 )%   0.7 %      
                                 
    Total other income, net   4,849     6,431     6,607     5,070     22,957       4,444     4,197     4,033     4,762     17,436     (24.0 )% (5,521 )
                                 
    Income (loss) from continuing operations before income taxes   7,119     14,639     21,808     (9,205 )   34,361       (804 )   11,684     18,706     (6,746 )   22,840     (33.5 )% (11,521 )
    Income tax expense (benefit)   8,705     10,163     8,429     (3,027 )   24,270       6,685     9,952     9,184     (479 )   25,342     4.4 % 1,072  
    Net earnings (loss) from continuing operations   (1,586 )   4,476     13,379     (6,178 )   10,091       (7,489 )   1,732     9,522     (6,267 )   (2,502 )   (124.8 )% (12,593 )
                                 
    Earnings from discontinued operations, net of tax   –     387     598     805     1,790       –     –     1,688     –     1,688     (5.7 )% (102 )
                                 
    Net earnings (loss) $ (1,586 ) $ 4,863   $ 13,977   $ (5,373 ) $ 11,881     $ (7,489 ) $ 1,732   $ 11,210   $ (6,267 ) $ (814 )   (106.9 )% (12,695 )
                                 
    Basic earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.15     (0.10 )   (0.04 )   (124.8 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (5.5 )% (0.00 )
    Basic earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.18       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (106.9 )% (0.19 )
                                 
    Diluted earnings (loss) per share:                            
    Continuing Operations   (0.02 )   0.07     0.20     (0.09 )   0.15       (0.11 )   0.03     0.14     (0.10 )   (0.04 )   (125.5 )% (0.19 )
    Discontinued Operations   0.00     0.01     0.01     0.01     0.03       0.00     0.00     0.03     0.00     0.03     (3.1 )% (0.00 )
    Diluted earnings (loss) per share   (0.02 )   0.07     0.21     (0.08 )   0.17       (0.11 )   0.03     0.17     (0.10 )   (0.01 )   (107.0 )% (0.19 )
                                 
                                 
    Basic weighted average shares   66,497     66,284     65,961     66,323     66,266       66,621     66,294     65,631     65,957     66,126        
    Diluted weighted average shares   66,497     67,868     67,943     66,323     67,918       66,621     67,309     66,743     65,957     66,126        
                                 
    Some earnings (loss) per share amounts may not add due to rounding.         
                                 
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
    (Unaudited)
    (Dollars in thousands)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
    Expenses:                      
    Cost of revenue 45,621   41,212   44,934   47,722   179,489     51,749   51,234   54,998   57,929   215,910  
    Research and development 34,519   33,733   37,788   45,161   151,201     44,118   43,889   42,735   45,926   176,668  
    Sales and marketing 44,879   44,135   46,203   60,476   195,693     54,175   51,107   50,863   56,961   213,106  
    General and administrative 26,664   26,009   27,241   30,252   110,166     30,961   31,369   31,994   32,175   126,499  
    Gains, losses and other items, net 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
                           
    Gross profit, continuing operations: 108,448   118,659   128,935   124,130   480,172     124,212   134,249   140,414   130,795   529,670  
    % Gross margin 70.4 % 74.2 % 74.2 % 72.2 % 72.8 %   70.6 % 72.4 % 71.9 % 69.3 % 71.0 %
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217   1,181   3,097   8,785     3,846   3,748   3,686   3,135   14,415  
    Non-cash stock compensation (cost of revenue) 629   629   817   1,478   3,553     1,596   1,499   1,455   1,615   6,165  
    Non-cash stock compensation (research and development) 5,077   5,293   6,960   9,859   27,189     10,205   10,920   10,085   10,494   41,704  
    Non-cash stock compensation (sales and marketing) 3,736   4,786   4,089   6,337   18,948     7,093   7,383   7,278   5,716   27,470  
    Non-cash stock compensation (general and administrative) 3,850   5,027   5,631   7,106   21,614     9,091   9,266   7,942   6,341   32,640  
    Restructuring charges (gains, losses, and other) 116   6,574   2,502   2,516   11,708     206   397   149   7,241   7,993  
    Transformation costs (general and administrative) 1,875   —   —   —   1,875     —     —   —   —  
    Total excluded items 18,573   23,526   21,180   30,393   93,672     32,037   33,213   30,595   34,542   130,387  
                           
    Expenses, excluding items:                      
    Cost of revenue 41,702   39,366   42,936   43,147   167,151     46,307   45,987   49,857   53,179   195,330  
    Research and development 29,442   28,440   30,828   35,302   124,012     33,913   32,969   32,650   35,432   134,964  
    Sales and marketing 41,143   39,349   42,114   54,139   176,745     47,082   43,724   43,585   51,245   185,636  
    General and administrative 20,939   20,982   21,610   23,146   86,677     21,870   22,103   24,052   25,834   93,859  
                           
    Gross profit, excluding items: 112,367   120,505   130,933   128,705   492,510     129,654   139,496   145,555   135,545   550,250  
    % Gross margin 72.9 % 75.4 % 75.3 % 74.9 % 74.7 %   73.7 % 75.2 % 74.5 % 71.8 % 73.8 %
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
    (Unaudited)
    (Dollars in thousands, except per share amounts)
      FY2024   FY2025
      6/30/2023 9/30/2023 12/31/2023 3/31/2024 FY2024   6/30/2024 9/30/2024 12/31/2024 3/31/2025 FY2025
                           
    Income (loss) from continuing operations before income taxes 7,119   14,639 21,808 (9,205 ) 34,361   (804 ) 11,684 18,706 (6,746 ) 22,840  
    Income tax expense (benefit) 8,705   10,163 8,429 (3,027 ) 24,270   6,685   9,952 9,184 (479 ) 25,342  
    Net earnings (loss) from continuing operations (1,586 ) 4,476 13,379 (6,178 ) 10,091   (7,489 ) 1,732 9,522 (6,267 ) (2,502 )
                           
    Earnings from discontinued operations, net of tax –   387 598 805   1,790   –   – 1,688 –   1,688  
                           
    Net earnings (loss) (1,586 ) 4,863 13,977 (5,373 ) 11,881   (7,489 ) 1,732 11,210 (6,267 ) (814 )
                           
    Earnings (loss) per share:                      
    Basic (0.02 ) 0.07 0.21 (0.08 ) 0.18   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
    Diluted (0.02 ) 0.07 0.21 (0.08 ) 0.17   (0.11 ) 0.03 0.17 (0.10 ) (0.01 )
                           
    Excluded items:                      
    Purchased intangible asset amortization (cost of revenue) 3,290   1,217 1,181 3,097   8,785   3,846   3,748 3,686 3,135   14,415  
    Non-cash stock compensation (cost of revenue and operating expenses) 13,292   15,735 17,497 24,780   71,304   27,985   29,068 26,760 24,166   107,979  
    Restructuring and merger charges (gains, losses, and other) 116   6,574 2,502 2,516   11,708   206   397 149 7,241   7,993  
    Transformation costs (general and administrative) 1,875   – – –   1,875   –   – – –   –  
    Total excluded items from continuing operations 18,573   23,526 21,180 30,393   93,672   32,037   33,213 30,595 34,542   130,387  
                           
    Income from continuing operations before income taxes and excluding items 25,692   38,165 42,988 21,188   128,033   31,233   44,897 49,301 27,796   153,227  
    Income tax expense (2) 6,167   9,036 10,732 3,947   29,882   7,371   10,745 12,421 7,759   38,296  
    Non-GAAP net earnings from continuing operations 19,525   29,129 32,256 17,241   98,151   23,862   34,152 36,880 20,037   114,931  
                           
    Non-GAAP earnings per share from continuing operations                      
    Basic 0.29   0.44 0.49 0.26   1.48   0.36   0.52 0.56 0.30   1.74  
    Diluted 0.29   0.43 0.47 0.25   1.45   0.35   0.51 0.55 0.30   1.70  
                           
    Basic weighted average shares 66,497   66,284 65,961 66,323   66,266   66,621   66,294 65,631 65,957   66,126  
    Diluted weighted average shares 67,388   67,868 67,943 68,471   67,918   68,463   67,309 66,743 67,479   67,499  
                           
    Some totals may not add due to rounding           
                           
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.
     

     

    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME GUIDANCE (1)
    (Unaudited)
    (Dollars in thousands)
      For the   For the
      quarter ending   year ending
      June 30,
    2025    		   March 31,
    2026
               
          Low   High
               
    GAAP income from operations $ 6,000   $ 85,000   $ 89,000
               
    Excluded items:          
    Purchased intangible asset amortization   3,000     11,000     11,000
    Non-cash stock compensation   24,000     82,000     82,000
    Total excluded items   27,000     93,000     93,000
               
    Non-GAAP income from operations $ 33,000   $ 178,000   $ 182,000
               
               
    (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.
               
    APPENDIX A
    LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
    Q4 FISCAL 2025 FINANCIAL RESULTS
    EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS
     
    To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.
     
    Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:
     
    Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.
     
    Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.
     
    Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.
     
    Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment.  Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.
     
    Our non-GAAP financial schedules are:
     
    Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.
     
    Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.
     
    Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
     

    PDF available: http://ml.globenewswire.com/Resource/Download/d38f8ec4-85ab-47f8-b916-e99c4789ac26 

    The MIL Network –

  • MIL-OSI USA: Duckworth, Durbin Demand Answers on Access to Care for Illinoisans After Prime Healthcare Reduces Services Following Acquisitions of Eight Hospitals

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    May 20, 2025
    In their letter to Prime Healthcare, the Senators demand answers on the justification, process, & impact of Prime’s decision to cut pediatric, trauma, and maternal health care services in several newly-acquired hospitals
    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) and U.S. Senate Democratic Whip Dick Durbin (D-IL), today sent a letter to the CEO of Prime Healthcare, Dr. Prem Reddy, about the company’s recent acquisition of eight Illinois hospitals that were formerly owned by Ascension.  Since acquiring these hospitals in March 2025, Prime has suspended or terminated pediatric, trauma, and maternal care services at some of the locations, creating even more barriers for Illinoisans to access health care.  These hospitals, now owned by Prime, a for-profit hospital system operating 51 hospitals across 14 states, provide health care to Illinoisans who rely on federal health programs, and several of these locations serve a population in which more than two-thirds of inpatients are covered by Medicaid or Medicare.
    Despite commitments by Prime to “not make any material reductions to, or material changes in, the mix or level of services offered at any Hospital… to meet community needs,” pediatric services have been terminated at St. John’s Medical Center in Joliet; there has been a withdrawal of the Level II trauma designation at Mercy Medical Center in Aurora; and the comprehensive obstetric and maternal care services at St. Mary’s in Kankakee has been terminated.
    “We sincerely urge your health system to immediately reconsider these decisions, as the consequences of these reductions hold the potential to strip patients of critical and specialized care, impose additional barriers to accessing care, and exacerbate the existing health care needs in the communities these hospitals serve,” the Senators wrote.
    Duckworth and Durbin continue their letter, emphasizing that when a hospital measures success by profit margins rather than its ability to provide care, patients and communities suffer.
    “Hospitals often measure their success by the patients they save and the ability to improve health in their surrounding neighborhoods.  However, as the grip of for-profit hospital systems tightens across our nation’s health care networks, profitability has risen as a primary indicator of success for hospital owners,” the lawmakers wrote.
    “When operations are centered around a hospital’s ability to generate as much profit as possible, it often comes at the expense of patients, staff, and the quality and safety of care.  As a result, hospital staffing levels diminish and costs for services increase, adding to the existing strain on hospitals to provide high standards of care,” the Senators continued their letter.
    As Duckworth and Durbin note, Prime has a history of prioritizing profit over patient care, resulting in two major settlements with the Department of Justice to resolve alleged violations of the False Claims Act relating to Medicare kickbacks and up-coding.
    The lawmakers closed their letter by expressing their concern that Illinoisans are losing access to quality health care.  Because of those concerns, the Senators requested additional information from Prime about operations at each of the hospitals, particularly around decisions to shut down pediatric, trauma, and maternal health care services.
    “Prime Healthcare has only operated these eight Illinois hospitals for two months, and there are already profound concerns about patients losing access to care.  Given the impact these decisions will have on Illinois patients, hospitals, and the health care workforce, we request answers to [our] questions by June 10, 2025,” the lawmakers wrote.
    The eight hospitals acquired by Prime Healthcare are Ascension Holy Family (Des Plaines), Ascension Mercy (Aurora), Ascension Resurrection (Chicago), Ascension Saint Francis (Evanston), Ascension Saint Joseph (Joliet), Ascension Saint Joseph (Elgin), Ascension Saint Mary (Kankakee), and Ascension Saint Mary and Saint Elizabeth (Chicago). 
    A copy of the letter is available here and below:
    May 20, 2025
    Dear Dr. Reddy:
    We write to express our concern regarding recent decisions that may limit access to essential health care services for patients across Illinois.  Earlier this year, your for-profit health system, Prime Healthcare, acquired several former Ascension hospitals in Illinois.  These hospitals provide health care to beneficiaries of federal health programs, with several Prime Healthcare hospitals serving a population in which more than two-thirds of inpatients have Medicare or Medicaid health coverage.
    In March 2025, Prime Healthcare completed the acquisition of Ascension Holy Family (Des Plaines), Ascension Mercy (Aurora), Ascension Resurrection (Chicago), Ascension Saint Francis (Evanston), Ascension Saint Joseph (Joliet), Ascension Saint Joseph (Elgin), Ascension Saint Mary (Kankakee), and Ascension Saint Mary and Saint Elizabeth (Chicago).  As part of Prime’s approval by the Illinois Health Facilities & Review Board for the change in ownership, Prime committed to, among other provisions, “not make any material reductions to, or material changes in, the mix or level of services offered at any Hospital … to meet community needs.”  Prime further stated, “No changes to the scope of services or the levels of care provided at the facility are currently anticipated to occur within 24 months.”  Unfortunately, the decisions that have followed since have led to the discontinuation of several critical health care services.
    We are particularly concerned about the suspension of pediatric services at St. John’s Medical Center in Joliet, the withdrawal of the Level II trauma designation at Mercy Medical Center in Aurora, and the recent termination of comprehensive obstetric and maternal care services at St. Mary’s in Kankakee.  We sincerely urge your health system to immediately reconsider these decisions, as the consequences of these reductions hold the potential to strip patients of critical and specialized care, impose additional barriers to accessing care, and exacerbate the existing health care needs in the communities these hospitals serve.
    Hospitals often measure their success by the patients they save and the ability to improve health in their surrounding neighborhoods.  However, as the grip of for-profit hospital systems tightens across our nation’s health care networks, profitability has risen as a primary indicator of success for hospital owners.  When operations are centered around a hospital’s ability to generate as much profit as possible, it often comes at the expense of patients, staff, and the quality and safety of care.  As a result, hospital staffing levels diminish and costs for services increase, adding to the existing strain on hospitals to provide high standards of care.  Indeed, Prime Healthcare already has been the subject of several federal enforcement actions, including separate settlements in 2018 and 2021 totaling $100 million to resolve alleged False Claims Act violations for Medicare kickbacks and up-coding.
    Prime Healthcare has only operated these eight Illinois hospitals for two months, and there are already profound concerns about patients losing access to care.  Given the impact these decisions will have on Illinois patients, hospitals, and the health care workforce, we request answers to the following questions by June 10, 2025: 
    What considerations were taken prior to eliminating pediatric services at St. John’s Medical Center, as well as shrinking obstetric and maternal care services at St. Mary’s?
    For each hospital’s service line referenced above, what was the average daily census or patient count each week over the past year?
    How far back does the data, pertaining to average daily census or patient counts each week, that Prime has access to go?
    Prior to deciding to eliminate pediatric services, did Prime formally engage with neighboring hospitals or the Illinois Health Facilities & Services Review Board about the adequacy of nearby capacity to serve these patient’s needs?  If so, please describe and share such documentation with the feedback provided by each entity.

    How does Prime Healthcare plan to compensate for the loss of these essential health services and ensure that these communities continue to have access to specialized treatment and maternal care?
    Following the revocation of Mercy Medical Center’s Level II trauma designation, how will the hospital’s emergency readiness be impacted?  How will the hospital address the need for trauma care within the community?
    What projections does Prime have for the impact on ambulance service times for patients now being diverted from Mercy to another hospital?  Have there been any efforts to engage with the Illinois Department of Public Health regarding the potential reversal of this revocation?  If so, please describe in detail.

    You previously made a commitment not to change “the scope of services or the levels of care…within 24 months.”  What circumstances have shifted since the acquisition to justify a different course of action? 
    How many health care providers and personnel have been or will be terminated as a result of these closures?  How will this impact patient wait times and their ability to continue their plan of care with a provider?
    How much does Prime Healthcare anticipate saving financially as a result of these recent closures? 
    Does Prime Healthcare have future plans to shut down or reduce additional health facilities or services in Illinois?  If so, please describe in detail.
    Thank you for your attention to this important matter.  We look forward to your prompt reply.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Duckworth, Cramer, Welch Renew Bipartisan Push to Help Families Experiencing Diaper Need

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    May 20, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senators Tammy Duckworth (D-IL), Kevin Cramer (R-ND) and Peter Welch (D-VT) re-introduced bipartisan legislation to make it easier for low-income families to afford the diapers they need. The End Diaper Need Act of 2025 would help assist low-income families address diaper need by providing targeted funding for states, territories, diaper banks and other eligible entities who help provide diapers and diapering supplies at no cost to those in need. A companion version of this bill is being introduced in the House by U.S. Representatives Rosa DeLauro (D-CT-03) and Bonnie Watson Coleman (D-NJ-12).
    “No parent should have to choose between paying the bills and buying something as basic as diapers that are essential to the health and well-being of their children,” said Senator Duckworth. “After working for years to secure major funding that is supporting our nation’s diaper banks, I’m proud to have Senators Cramer and Welch on my side reintroducing this bipartisan bill so we can help end diaper need for all families.”
    “Diapers are a basic necessity for all babies and toddlers, but many families struggle to afford enough diapers for their children,” said Senator Cramer. “Our bipartisan bill will increase access to diapers for children in need and deliver a commonsense tax policy update to ensure families can use their health savings in a way that works for them.” 
    “At a time when Republicans are trying to cut services working families rely on, and in the midst of an affordability crisis, it is important parents have access to the essentials they need,” said Senator Welch. “That’s why I’m proud to support this commonsense, bipartisan bill.”
    Diapers are critical not only for those who wear them but also for the economic and emotional health of a family as a whole. However, in this country, 1 in 2 families has reported not having enough diapers. It’s estimated that infants require up to 12 diapers a day. At the same time, toddlers need up to 8 per day, costing $80 to $100 or more per month per baby. Despite the unsafe medical conditions that can occur from rationing diapers, such as skin infections, open sores, urinary tract infections and other conditions that may require medical attention, there is currently little to no federal assistance for purchasing diapers and diapering supplies.
    To address this problem, the bipartisan End Diaper Need Act of 2025 would:
    Appropriate $200 million per year for fiscal years 2026 to 2029 for the Social Services Block Grant Program, to be used to provide diapers and diapering supplies; and
    Make medically necessary diapers and diapering supplies qualified medical expenses so that families can purchase them using their HSAs or HRAs.
     A copy of the bill text can be found on Senator Duckworth’s website.
    Along with Duckworth, Cramer and Welch, the legislation is co-sponsored in the Senate by U.S. Senator Mark Kelly (D-AR).
    Along with DeLauro and Coleman, this legislation is co-sponsored in the House by U.S. Representative Valerie Foushee (D-NC-04).
    “Families across the United States are struggling with the high cost of living. They are living paycheck to paycheck and struggling to keep up with their expenses. Sadly, one in three families do not have enough diapers to keep their children clean and healthy,” said Congresswoman DeLauro. “We cannot allow that to continue. If families do not have diapers, they cannot send their children to daycare. And if they cannot send their children to daycare, they cannot work. That is why I introduced the End Diaper Need Act with Congresswoman Bonnie Watson Coleman, and Senators Duckworth and Cramer, to provide families with reliable access to clean diapers that help keep their children safe and comfortable. I am also proud to join them in expressing our gratitude to local diaper banks and distribution programs that help support children and families nationwide. I will always fight to ensure families have the resources they need to thrive.”
    “When families are forced to stretch their dollars by forgoing diapers it can put babies’ health at serious risk,” said Congresswoman Watson Coleman. “This legislation will help struggling families afford diapers and diapering supplies for their little ones. It’s time we do more to support working families trying to make ends meet – this bill will help us do that.”
    The bipartisan End Diaper Need Act is endorsed by National Diaper Bank Network, Aeroflow, Center for Baby and Adult Hygiene Products, Center for Law and Social Policy, Child Welfare League of America, Coalition for Human Needs, First Focus for Children, HDI Wholesale, HIPPY US, JSL, Kimberly-Clark, MomsRising, National Women’s Law Center Action Fund and ZERO TO THREE.
    “Our more than 240 member diaper banks are keeping babies healthier and helping parents access child care,” said National Diaper Bank Network CEO Joanne Samuel Goldblum. “But our research shows that diaper need has become much more widespread in the years that we have been tracking it. Unmet diaper need is pervasive in all of our communities throughout the country. A public health issue of this scale cannot be solved without our government investing in the proven solution to end diaper need.”
    Duckworth also reintroduced the End Diaper Need Act in 2019, 2021 and 2023. She successfully secured $20 million in the final fiscal year (FY) 2023 appropriations package—and $10 million in the FY2022 appropriations package—dedicated to expanding diaper distribution programs. Duckworth also successfully secured provisions that mirrored her bipartisan End Diaper Need Act in the Democrat-passed American Rescue Plan that helped provide many low-income families with diapers and diapering supplies throughout the pandemic.
    -30-

    MIL OSI USA News –

  • MIL-OSI Submissions: Finland – Modirum Partners with State Networks Finland to Deliver Real-Time Group Video Services for Finland’s Nationwide Public Safety Network

    Source: Modirum

    Helsinki, Finland, 21.5.2025 – Modirum and State Networks Finland (Erillisverkot) have announced a strategic partnership to deploy real-time group video services on Virve 2, Finland’s next-generation nationwide public safety network. This collaboration introduces a cutting-edge video platform designed to improve situational awareness, operational coordination, and decision-making for authorities and organizations operating in safety-critical environments.

    Enhancing Situational Awareness and Operational Readiness with Secure, Mission-Critical Video Solutions

    Modern public safety operations demand fast and secure access to live information from the field. Modirum’s NSC3 Group Video Service enables the secure transmission of live video, audio, and location data between field units and command centers — empowering faster response, better coordination, and ultimately, saving lives.

    Already in operational use by several Finnish public safety organizations, the platform supports various video inputs, including body-worn cameras, vehicle-mounted systems, drones, and fixed surveillance units. Purpose-built for harsh operational environments, NSC3 ensures reliable, real-time collaboration for first responders and other mission-critical actors.

    “For data security reasons, videos captured by public authorities cannot travel through commercial networks. Together with Modirum, we’ve built a centralized, secure Group Video Service tailored for safety-critical organizations. It provides a highly reliable and encrypted way to transfer live video from the field to command centers.”
    — Tuomas Ahlfors, Product Manager, State Networks (Erillisverkot)

    “The Group Video Service has proven to be a critical operational tool, significantly enhancing situational awareness and resource coordination. It enables more agile deployments and better crisis response.”
    — Mauri Kataja, Account Manager, State Networks (Erillisverkot)

    “We are proud to partner with State Networks, a recognized European leader in secure public safety infrastructure. Their commitment to innovation and national resilience aligns closely with Modirum’s mission to deliver AI-driven, mission-critical platforms that strengthen operational capabilities in demanding conditions.”
    — Tero Silvola, CEO, Modirum

    About State Networks – Erillisverkot

    State Networks Finland is a government-owned special-purpose entity under the Prime Minister’s Office, responsible for safeguarding mission-critical communication and infrastructure services in all circumstances. Through its Virve 2 broadband network, it delivers secure communications and situational awareness solutions for emergency services, public authorities, and other essential actors in Finnish society.

    Learn more: https://www.erillisverkot.fi

    About NSC3 by Modirum

    NSC3 is Modirum’s advanced platform for real-time situational awareness and secure communications. Supporting input from drones, body cams, dash cams, and IP cameras, NSC3 delivers seamless video sharing and features the industry’s fastest patented video engine, integrated Push-to-Talk and messaging, and is optimized for low-latency performance in all network conditions.

    Learn more: https://modirumplatforms.com/platforms/critical-communication/nsc3

    Modirum

    Modirum is a leading innovator in delivering secure, AI-driven solutions for Critical Communications, Telecom, Finance, Public & Government, Health Care and Energy sectors. With a focus on platform development, our mission is to empower public safety organizations and businesses by enabling them to launch, deliver, and scale services more efficiently while maintaining trust, reliability, and innovation.

    With 27 years of experience and a team of 250+ experts, we’ve successfully executed 500+ projects across 30 countries. Our expert team partners with organizations to deliver cutting-edge solutions tailored to the unique needs of the industries we serve.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Tech – Europe’s Largest Inaugural Tech and Startup Event Opens in Berlin as the Continent Spurs Momentum for Open Innovation and AI Leadership

    Source: GITEX EUROPE x Ai Everything 2025

    EconomyEntrepreneurs / Start-UpTech / DigitalInnovation – Ministers and senior tech stakeholders from the European Union, Germany and the UAE inaugurate the momentous first edition of GITEX EUROPE x Ai Everything.

    Berlin, Germany – 21 May 2025: Berlin became the focal point of Europe’s tech momentum and global digital cooperation as GITEX EUROPE x Ai Everything 2025 opened its doors today at Messe Berlin, launching the region’s largest inaugural tech, startup and digital investment event to capacity crowds and the biggest, most international lineup of tech and businesses converging in Europe. The show arrives at an inflection point in Europe’s digital future, sparked by a continent-wide ‘Choose Europe’ movement to anchor the next wave of innovation, research, investment, talent and deep-tech breakthroughs on home ground; alongside a renewed impetus in Germany represented by the formation of a new government and the country’s first digital ministry taking stewardship on digital transformation, AI excellence and data policy.

    Born in the UAE with global editions now running in seven countries, GITEX is the world’s largest and best-rated tech and startup event, reflecting the UAE’s wider national commitment to global digital collaboration. With the show’s expansion into Europe, it echoes the UAE’s shared commitment to advance innovation and scientific frontiers, recently strengthened with Abu Dhabi’s MGX investment and Nvidia partnering to develop Europe’s largest AI data center campus (1) alongside the development of a new 5GW AI campus (2), the largest of its kind outside the US to be based in Abu Dhabi.

    Welcome addresses led the inauguration ceremony from European and global leaders, including Kai Wegner, Governing Mayor of Berlin; H.E. Alia Al Mazrouei, UAE Minister of State for Entrepreneurship; Clara Chappaz, the Minister of AI and Digital of France; Thomas Jarzombek, Parliamentary State Secretary at the Federal Minister for Digital and State Modernization, Germany; Jan Kavalírek, Deputy Minister of Industry and Trade, Czech Republic; Franziska Giffey, Mayor of Berlin & Senator for Economic Affairs, Energy and Public Enterprises; and Trixie LohMirmand, EVP of Dubai World Trade Centre, the global organiser of GITEX.

    With participation from over 100 countries, 1,400 tech companies, startups, and SMEs, more than 600 influential investors, and 500 industry leaders on-stage, the event sparked strategic dialogues on innovation, investment, policy shifts and business transformations, as well as catalysed collaborations at scale – across sectors and geographies. Taking place until 23 May at Messe Berlin, GITEX EUROPE x Ai Everything 2025 is organised in partnership with the Berlin Senate Department for Economics, Energy and Public Enterprises, Germany’s Federal Ministry for Economic Affairs and Climate Action, Berlin Partner for Business and Technology, and the European Innovation Council (EIC).

    Kai Wegner, Governing Mayor of Berlin: “The GITEX tech fair – which is taking place in Berlin for the very first time – brings founders from around the world, investors, and established companies together. As Germany’s startup capital, Berlin is the perfect place for GITEX. We want to create the best environment for founders in our city. Networking events and industry fairs like GITEX are part of that effort.”

    Her Excellency (H.E.) Alia Al Mazrouei, the UAE Minister of State for Entrepreneurship: “Moving beyond economic diplomacy, the UAE is now championing entrepreneurial diplomacy, guided by our diligent efforts in fostering global partnerships to empower entrepreneurs in the country. GITEX EUROPE’s vision of bringing together SMEs, investors, accelerators, incubators and industry leaders to ignite innovation, foster collaboration, and drive growth aligns with the UAE’s aspirations to strengthen partnerships with Europe in entrepreneurship and digital economy.”

    Clara Chappaz, the Minister of AI and Digital of France, commented on the development of AI: “When you were hear about Europe being a continent of regulation, this is the past. Today, Europe is all about innovation. More than ever, we have all the ingredients to succeed as Europeans building these amazing technologies when it comes to AI. The partnerships between France and Germany is extremely determined to accelerate Europe when it comes to innovation, and in particular when it comes to everything we can do on digital innovation.”

    Thomas Jarzombek, Parliamentary State Secretary at the Federal Minister for Digital and State Modernization reiterated: “It’s a great opportunity here to connect startups and also for investment opportunities right now here in Berlin. We have to move forward, faster than we did in the past. Easy for you to do business in Germany, easy for every citizen to do everything with an app and to digitalize things you have in our pocket right now.”

    Jan Kavalírek, Deputy Minister of Industry and Trade, Czech Republic: “One of our top priorities right now, is to create the best possible environment for AI researchers and to deploy artificial intelligence across all the industrial sector. This is the reason why we invest in AI heavily, both in software and in hardware infrastructure, and this is also the reason why we are glad to part of GITEX EUROPE.”

    Franziska Giffey, Mayor of Berlin and Senator for Economic Affairs, Energy and Public Enterprises: “We have more than 5,000 startup enterprises here in Berlin, and of course we want to do more. We want to be the number one innovation place in Europe. Whenever you think about coming to the place of freedom, the place of possibilities, come to Berlin.”

    Trixie LohMirmand, global organiser of GITEX: “As the world’s third largest economy, Germany’s market gravity and Europe’s openness create a powerful test-bed where capital, code and talent can cross-pollinate at speed, forging new collaborative forces across geographies and sectors. GITEX EUROPE proves that innovations can scale beyond borders, opening new markets and opportunities for Europe’s most ambitious companies.”

    Spanning high impact showcases and talks covering AI, cybersecurity, deep tech, green tech, quantum computing, SMEs, and startup, scaleup and investments, GITEX EUROPE x Ai Everything offers unmatched opportunities to access new markets, breakthrough technologies, industry transformations and business insights.

    Across the show floor, global tech enterprises including IBM, AWS, Bosch, Cisco, CrowdStrike, Dell, Fortinet, Lenovo, ManageEngine, NinjaOne, NVIDIA, and SAP, alongside over 750 startups from 60 countries, showcase how infrastructure, intelligence, and investment intersect to propel Europe’s digital future forward. From business leaders to AI architects, quantum researchers to CIOs, green tech innovators to global investors, the opening day’s gathering set the tone for decisive partnerships accelerating the continent’s AI and digital competitiveness.

    The opening day conference programme was headlined by Dr. Geoffrey Hinton, Nobel Physics Laureate and ‘Godfather of AI’ with a riveting keynote on ‘AI for Humanity’s Greatest Challenges’. In April 2025, the United Arab Emirates and European Union delivered a joint statement to begin dialogue toward a Comprehensive Economic Partnership Agreement (CEPA) (3) aimed at strengthening bilateral trade and investment ties across key sectors such as AI, advanced manufacturing, healthcare and more.

    GITEX EUROPE x Ai Everything leverages a powerful network of established relationships in tech, policy, investment and business spanning four regions and seven countries, with more new international editions in the wings. Currently the GITEX global network of events takes place in Abu Dhabi, Dubai, Germany, Morocco, Nigeria, Singapore, Thailand, and Vietnam.

    (1) https://fastcompanyme.com/news/nvidia-and-abu-dhabis-mgx-join-french-partners-to-build-europes-largest-ai-campus/
    (2) https://www.techrepublic.com/article/news-uae-us-ai-campus/
    (3) https://www.wam.ae/en/article/bj3wkyv-uae-president-president-european-commission-agree

    For more information, visit: www.gitex-europe.com.

    About GITEX EUROPE x Ai Everything 2025

    GITEX EUROPE x Ai Everything 2025, Europe’s most global, collaborative, and cross-industry tech event, taking place from May 21–23, 2025, at Messe Berlin, Germany. Convening over 1,400 exhibiting enterprises, SMEs and startups from 100-plus countries, alongside over 600 investors, and 500 expert speakers across AI, Deep Tech, Quantum, Cybersecurity, Connectivity, Smart Cities, Green Tech, and many more, GITEX EUROPE x Ai Everything is advancing the continent’s digital future in partnership with the world. This inaugural edition features the new SMEDEX, GITEX SCALEX, and GQX, and brings to Germany the world’s largest and best-rated startup and investor event – North Star Europe. GITEX EUROPE x Ai Everything is seamlessly connected with the GITEX network of tech and startup events in Germany, Morocco, Nigeria, Singapore, Thailand, UAE, and Vietnam. For more information, please visit: www.gitex-europe.com

    MIL OSI – Submitted News –

  • MIL-OSI: Prospera Energy Announces Financing & Operations Update and Q1 2025 Financials

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)

    Financing Update
    Prospera Energy is pleased to announce it has secured commitments for $3 million, with a substantial portion coming from company insiders through the recently announced convertible debenture and existing financing instruments. The funding is specifically earmarked for the recently initiated capital program and will be released in multiple tranches. This financing reflects strong internal alignment and confidence in Prospera’s strategic business plan. The capital injection accelerates the Corporation’s operational plans and positions it for continued production growth momentum throughout the summer. The recently announced convertible debenture offering remains open, presenting a timely opportunity for investors to participate alongside insiders as Prospera advances its execution strategy.

    Operational Update
    Service rig activity has begun at Cuthbert, with capital allocated to five well workovers (including a high impact horizontal well remediation from the 2023 drilling program), multiple water injector cleanouts and continued infrastructure upgrades. At Luseland, a five-well reactivation program is planned with equipment ordered and preparations started to build five single well batteries (“SWB”).

    The polymer flood pilot site has been finalized following reservoir analysis, injection capability & compatibility assessments, and source water confirmation. Lab and core analysis is now in progress with leading polymer partners as Prospera advances toward execution.

    Prospera has completed its Q1 2025 reserves update, which reflect a $5 million increase in PDP reserves, now totaling $33 million —strengthening net asset value and capital-raising capacity.

    Live Webinar to Accompany Q1 2025 Financial Results
    Stakeholders are encouraged to join Prospera Energy for a live investor webinar on May 22nd, 2025, at 10:00 AM MST, where management will review Q1 2025 financial results, key operational milestones, and the Company’s strategic direction: Click here to register.

    Q1 2025 Financials
    In the first quarter of 2025, Prospera deployed $2.3 million of reactivation focused capital towards twenty-seven wells within its core, 100% owned Hearts Hill and Luseland properties. This program resulted in an additional production capability of 249 boe/d at an average capital efficiency of $9,317/boe. The full benefit of the Q1 capital program is expected to be realized in Q2 with all of the wells being online. Additionally, Prospera successfully advanced several strategic initiatives during the quarter, including:

       
    1) Secured Additional Term Debt Funding
    Obtained $3.3 million in additional advances pursuant to the term debt financing agreement executed in July 2024. This strategic funding enhances liquidity and supports the Corporation’s ongoing development and optimization programs.
       
    2) Acquisition of White Tundra Petroleum
    On March 6, 2025, the Corporation entered into an agreement to acquire 100% of the issued and outstanding common shares of White Tundra Petroleum (“WTP”), whose assets are located near Loyalist and Hanna, Alberta.

    This related party transaction—due to the Corporation’s Executive Chairman also serving as WTP’s CEO and a shareholder—includes consideration of 18,000,000 Prospera common shares, contingent upon WTP achieving 85 boe/d for three consecutive days, and the assumption of $645,000 in debt. An additional 7,312,500 performance-based shares may be issued if production reaches 128 boe/d for seven consecutive days within six months of closing. The transaction, subject to TSXV approval, is expected to close on June 1, 2025.
       
    3)  Convertible Debt Settlement
    On March 6, 2025, the Corporation reached a settlement agreement with the holders of $1,500,000 in convertible debt maturing on March 26, 2025. The agreement includes:
     
    1. Refinancing the principal into a 12-month, $1,500,000 promissory note bearing 12% interest, with $250,000 monthly repayments beginning six months post-issuance. Interest will be paid as a balloon payment at the end of the term.
    2. $200,000 of the total $559,375 accrued interest payable on the convertible debentures will be settled through the issuance of a 12-month convertible note bearing 12% interest, convertible into common shares of the Corporation at $0.05 per share. The Corporation retains the right to settle the convertible note in cash by providing thirty days notice, during which time the holder retains the right to convert.
    3. the remaining $359,375 of accrued interest payable will be settled through the issuance of 8,984,371 common shares of the Corporation at a deemed price of $0.04 per share, subject to TSXV acceptance.
    4) Corporate Workforce Optimization
    Prospera completed a workforce optimization initiative that streamlined corporate decision-making and improved operational efficiency. This resulted in reductions in staffing, office, software, parking, and other G&A-related costs.
       

    Operational highlights for Q1 2025 are as follows:

    • PEI realized average net sales of 660 boe/d in Q1 2025, an increase of 3% from Q1 2024 net sales of 640 boe/d; an increase of 6% from Q4 2024 net sales of 625 boe/d .
    • Sales revenue was $4,598,472 ($77.33/boe) in Q1 2025 compared to $3,932,190 ($67.44/boe) in Q1 2024, representing a 17% increase.
    • Operating costs per boe increased 54% in Q1 2025 at $59.46 per boe compared $38.69 per boe in Q1 2024. Costs were higher due to multiple unplanned electricity outages, one-time infrastructure and road upgrades, bringing field equipment to baseline operating conditions followed by enhanced maintenance programs, health and safety upgrades, and additional costs associated with extreme cold weather experienced during the quarter.
    • PEI earned an operating netback of $627,266 ($10.55/boe) in Q1 2025 compared to $1,608,373 ($27.56/boe) in Q1 2024; $153,901 ($2.68/boe) in Q4 2024.

    About Prospera
    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
    It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Solar Alliance announces major stride towards profitability and files audited financial results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and KNOXVILLE, Tenn., May 21, 2025 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, has filed its audited financial results for the quarter and year ended December 31, 2024 (the “Financial Statements”) and related Management’s Discussion and Analysis (“MD&A”). The Financial Statements and related MD&A are available under the Company’s profile.at  www.sedarplus.ca

    While Revenues in 2024 fell, from the record level of 2023, gross profits improved, and losses fell substantially as the Company approached breakeven.

    “Solar Alliance continues to see strong interest in renewable energy and strong demand for commercial solar projects. In recent years, the Company has honed its skill and laid down a track record in delivering C&I (commercial and industrial) and smaller utility projects. In the course of 2024, Solar Alliance completed 3MW from multiple smaller 100kW to 500kW projects. The Company has now moved toward a business development strategy targeting larger commercial projects in the 1MW to 5MW range, which the board believes we can deliver profitably, to support robust future growth. In recent years, overhead was decreased as we pursued a more focussed strategy. We now have the platform in place to target larger projects and we will selectively add resources to build on that and exploit the opportunities we have identified,”. said Solar Alliance CEO, Brian Timmons.

    We are well down the path to build a stable, growing company that is well positioned to take advantage of the broader shift to renewable energy. In this context, we closely monitor developments as they relate to the energy industry. We are encouraged to see an appreciation that the availability of competitively priced energy is a key factor underpinning future US economic growth. In the face of burgeoning energy demand over the next two decades the key market drivers that affect our business remain in place.

    Key financial highlights for 2024

    • Revenue decreased year-over-year to $5,446,757 (2023, $7,473,937) for the year ended December 31, 2024, as the Company focused on completion of a number of projects begun in 2023.
    • Cost of sales of $3,873,917 (2023, $6,399,169) resulting in a gross profit of $1,572,840 (2023, $1,074,768).
    • Net cash used in operating activities $1,830,685 (2023 – Net cash used by operating activities, $51,500)
    • Net Cash provided (absorbed) by financing activities $845,000 (2023 – ($127,500))
    • Net loss of $684,134 (2023 loss $1,811,861).
    • Total expenses of $2,869,308 (2023 – $3,037,881), reduction of 5.5%.
    • Salaries and benefits of $1,367,439 (2023 – $1,343,363), a 2% increase.
    • Short-term loans and notes payable of $227,621 in 2024 (2023 – $137,500).

    Key business highlights and outlook

    Large project focus momentum. The Company continues to benefit from repeat customers while focusing on new customers’ opportunities for solar system sales and installations. Recent policy developments in our area of operations, and growing interest in community solar is increasing the number of opportunities in our target market.

    Small and medium-sized project growth continues. This remains a target niche as a base flow of business. An important component for small and rural businesses wanting to reduce utility costs are the Rural Energy for America Program (“REAP”) grants and loans disbursed by the United States Department of Agriculture (“USDA”).  This market segment would be impinged upon by changes in the USDA REAP scheme, although recently the administration did provide guidance enabling our customers’ grant applications to move forward. These projects are in addition to the sales funnel of larger projects the Company continues to pursue.

    Regional focus and Building on our expertise. Solar Alliance’s strategy is to design, engineer and install, operate and manage, and in due course, participate in ownership of commercial solar systems ranging in size from one to five megawatts. Demonstrated success in the region and improved processes create opportunities for further sales and development opportunities.

    Restatement of Comparative Period as at December 31, 2023

    The Company announces that certain items in the financial statements for the year ended December 31, 2023 have been restated to correct certain classification errors in such financial statements. Please refer to Note 22 of the audited financial statements for the year ended December 31, 2024 for a fulsome description of adjustments and restatements for the year ended December 31, 2023.

    Brian Timmons, CEO

    About Solar Alliance Energy Inc. (www.solaralliance.com)

    Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to ultimately build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility community customers.

    Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements.

    The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements with respect to the Company’s business development strategy, that the Company will be targeting larger commercial projects and the belief that the Company may deliver larger commercial projects profitably. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: the ability to complete the Company’s projects on schedule or at all, uncertainties related to the ability to raise sufficient capital; changes in economic conditions or financial markets; litigation, legislative or other judicial, regulatory, legislative and political competitive developments; technological or operational difficulties; the ability to maintain revenue growth; the ability to execute on the Company’s strategies; the ability to complete the Company’s current and backlog of solar projects; the ability to grow the Company’s market share; the high growth rate of the US solar industry; the ability to convert the backlog of projects into revenue; the expected timing of the construction and completion of the 1500 kW Kentucky solar projects; the targeting of larger customers; the ability to predict and counteract the effects, should they re-emerge, of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19, on the construction sector, capital market conditions, restriction on labour and international travel and supply chains; potential corporate growth opportunities and the ability to execute on the key objectives in 2025. Consequently, actual results may vary materially from those described in the forward-looking statements.

    “Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of RDUS, SSBK, LNSR, iCAD to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    Radius Recycling, Inc. (NASDAQ: RDUS), relating to the proposed merger with Toyota Tsusho America, Inc. Under the terms of the agreement, Toyota Tsusho will acquire all shares of Radius, with Radius shareholders receiving $30.00 per share in cash.

    ACT NOW. The Shareholder Vote is scheduled for June 5, 2025.
            
    Click here for more https://monteverdelaw.com/case/radius-recycling-inc-rdus/. It is free and there is no cost or obligation to you.

    • Southern States Bancshares, Inc. (NASDAQ: SSBK), relating to the proposed merger with FB Financial Corporation. Under the terms of the agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock.

    ACT NOW. The Shareholder Vote is scheduled for June 26, 2025.

    Click here for more https://monteverdelaw.com/case/southern-states-bancshares-inc-ssbk/. It is free and there is no cost or obligation to you.

    • LENSAR, Inc. (NASDAQ: LNSR), relating to the proposed merger with Alcon. Under the terms of the agreement, LENSAR shareholders will receive $14.00 per share, with an additional non-tradeable contingent value right offering up to $2.75 per share in cash conditioned on the achievement of certain milestones.

    ACT NOW. The Shareholder Vote is scheduled for July 2, 2025.

    Click here for more https://monteverdelaw.com/case/lensar-inc-lnsr/. It is free and there is no cost or obligation to you.

    • iCAD, Inc. (NASDAQ: ICAD), relating to the proposed merger with RadNet, Inc. Under the terms of the agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock held at the closing of the merger.

    ACT NOW. The Shareholder Vote is scheduled for July 14, 2025.

    Click here for more https://monteverdelaw.com/case/icad-inc-icad/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: New Bitcoin–Dogecoin Dual Mining Guide Highlights PBK Miner as a Passive Income Powerhouse

    Source: GlobeNewswire (MIL-OSI)

    Carshalton, UK, May 21, 2025 (GLOBE NEWSWIRE) — In a market where miners are constantly seeking greater efficiency and returns, a new guide has emerged spotlighting how dual mining of Bitcoin (BTC) and Dogecoin (DOGE) can offer higher hash-rate performance and increased daily earnings—with cloud platform PBK Miner leading the charge.

    Cryptocurrency mining, once dominated by DIY hardware setups, is now more accessible than ever thanks to cloud solutions that eliminate complexity and reduce costs. PBK Miner stands at the forefront of this trend.

    Why PBK Miner?

    PBK Miner is designed for users of all experience levels, offering a streamlined interface and automated cloud infrastructure. Key features include:

    • ✅ Over 100 global mining farms powered by renewable energy
    • ✅ More than 500,000 machines operating across the network
    • ✅ 8+ million users worldwide
    • ✅ Instant $10 sign-up bonus and $0.60 daily check-in rewards
    • ✅ Support for 10+ cryptocurrencies, including BTC, DOGE, ETH, XRP, USDT, BCH, and more

    Security & Sustainability

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    Learn More

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI USA: Capito, Colleagues Introduce Bill to Enhance Reentry Programs, Promote Public Safety

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – Today, U.S. Senators Shelley Moore Capito (R-W.Va.) and Cory Booker (D-N.J.), along with Representatives Carol Miller (R-W.Va.-1) and Danny K. Davis (D-Ill.-7) introduced the Second Chance Reauthorization Act of 2025.
    The legislation would reauthorize critical reentry grant programs from the Second Chance Act of 2008, which was most recently reauthorized during the first Trump administration as part of the First Step Act in 2018, including services and supports for housing, career training, and treatment for substance use disorders and/or mental illness. The legislation would also reauthorize critical programs to reduce recidivism, invest in communities, and promote public safety. 
    “Over 95% of incarcerated people will be released at some point,” Senator Capito said. “The Second Chance Reauthorization Act will help people reentering society get the resources they need to become productive and successful members of their communities. Whether it’s helping them find a job, providing therapy and rehabilitation services for those struggling with addiction, providing faith-based programming to help people turn over a new leaf, or many other services, this legislation will help provide resources to a wide range of programs across the country that have been proven to reduce recidivism rates.”
    “Since 2008, the Second Chance Act has supported programs across the country that provide opportunities to those rebuilding their lives after incarceration. This is why this there has always been bipartisan support for funding for second chance programs – we have seen that these programs work in communities everywhere. In fact, they have helped reduce the three-year rate of recidivism in our country by almost a quarter since its passage,” Senator Booker said. “This bipartisan legislation provides the necessary tools and reentry services that formerly incarcerated individuals need to be successful when they leave prison. Empowering these individuals is not just the right thing to do, it makes our communities safer for us all. And Congress should ensure that every community, red or blue, rural or urban, is able to access these critical grant funds.”
    “Since the Second Chance Act passed in 2008, formerly incarcerated West Virginians reentering our communities have received the vital services and support they needed to return home successfully,” Congresswoman Miller said. “We have seen the benefits of the Second Chance Act in West Virginia and across the country. When we put in place strong reentry programming, we are creating safer communities where individuals feel supported and empowered to break the cycle of recidivism.”
    “Second Chance reentry programs and services have reached hundreds of thousands of individuals and families across the country, creating healthier families and safer communities,” Congressman Davis said. “Continuing to invest in these evidenced-based interventions is a commonsense approach to strengthen individuals, re-build families, and grow our economy.”
    The Second Chance Reauthorization Act of 2025 would: 
    Reauthorize key grant programs that provide vital services, supports, and resources for people reentering their communities after incarceration;
    Expand allowable uses for supportive and transitional housing services for individuals reentering the community from prison and jail; and
    Enhance addiction treatment services for individuals with substance use disorders, including peer recovery services, case management, and overdose prevention.
    Since its passage 16 years ago, Second Chance has supported states, local governments, tribal governments, and nonprofit organizations in their efforts to reduce recidivism. To date, Second Chance grants have reached more than 442,000 justice-involved individuals who participated in reentry services or parole and probation programs. West Virginia has received more than $5 million in funding through Second Chance grants.
    From 2009 to 2024, the U.S. Department of Justice awarded over 1,300 Second Chance Act grants to states, local, and tribal governments, as well as reentry-focused community organizations. Second Chance grants have been administered to 871 agencies across 49 U.S. states, territories, and the District of Columbia.
    The Second Chance Reauthorization Act of 2024 is endorsed by the following organizations: American Correctional Association, American Jail Association, American Parole and Probation Association, Catholic Charities USA, Correctional Leaders Association, Council of State Governments Justice Center, CPAC, Major County Sheriffs of America, National Alliance on Mental Illness, National Association of Counties, National Association of State Alcohol and Drug Abuse Directors, National Association of State Mental Health Program Directors, National District Attorneys Association, National League of Cities, Prison Fellowship, Treatment Alternatives for Safe Communities, and U.S. Chamber of Commerce.
    To read the full text of the bill, click here. 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Opening Statement at Hearing on EPA’s Proposed FY26 Budget with Administrator Zeldin

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
     
    [embedded content]
    To watch Chairman Capito’s opening statement, click here or the image above.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led a hearing on the U.S. Environmental Protection Agency’s (EPA) proposed budget for Fiscal Year 2026 with EPA Administrator Lee Zeldin.
    In her opening remarks, Chairman Capito applauded Administrator Zeldin for his leadership in returning EPA to its core mission, reversing the federal overreach of the previous administration, and focusing the agency on issues important to West Virginia and the country. Additionally, Chairman Capito highlighted ways EPA’s proposed budget benefits hardworking Americans and areas it can be improved. 
    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “Welcome to Administrator Zeldin, it is good to see you again. I understand you’ve had several hearings over the past few days, so I know you’ve been busy. I believe you are doing an excellent job in implementing your vision to return the EPA to its core mission of protecting our country’s air, our land, and water, while eliminating wasteful spending.
    “To start, I applaud your aggressive efforts to undo the previous administration’s regulatory overreach. Your leadership will put us on the path to energy dominance with sound environmental procedures.
    “Your efforts, like rescinding the Biden Clean Power Plan 2.0 rule…that was part of a comprehensive strategy intended to shut down all fossil-fuel electric generation, will unleash our economy and help onshore American jobs.
    “President Trump and his team are also putting West Virginia first, by announcing an agency-wide PFAS strategy and providing West Virginia with the authority to permit wells to sequester carbon dioxide. I appreciate the structural changes that you, Administrator Zeldin, are bringing to the EPA.
    “Several weeks ago, the EPA announced that it would move more than 130 experts to assist with reviews of new chemicals and pesticides. In 2016, the Congress told the EPA to accelerate the new chemical approval process, but the Agency has done little to comply with that direction. Reviews currently take months, if not years, stifling innovation and leaving companies reliant on outdated chemicals.
    “Addressing the pace of this process is crucial to maintaining our competitiveness in a global market, expanding our key industries, and onshoring critical supply chains. I appreciate that you, Administrator Zeldin, are taking into account my previous calls to provide more resources to address this issue.
    “This leads us to why we are here today, the EPA’s budget. I first want to thank the Administrator for acting on his pledge to prioritize being a good steward of tax-payer dollars.
    “EPA has restored accountability to grant programs enacted through the partisan Inflation Reduction Act. For example, in February, the EPA canceled a $50 million grant made to the Climate Justice Alliance under the IRA’s environmental justice grant program.
    “The Climate Justice Alliance is a non-profit organization that I investigated and found explicitly engaged in pro-Hamas, anti-Israel, anti-Semitic, anti-police, and anti-military activities. Some of these activities occurred while they were under consideration for an EPA grant awarded by the last administration.
    “The EPA has taken immediate action to investigate and reclaim the $20 billion dollars awarded under the so-called ‘Green Bank’ program in the IRA. This money was rushed out the door before the end of the last administration under unprecedented, and I would say, suspicious terms.
    “The EPA’s proposed Fiscal Year 2026 budget shows deep reductions for the agency. Some of these cuts reflect the best interests of hardworking Americans.
    “For example, the budget proposes to cut $100 million from environmental justice programs that were added under the Biden Administration and have unnecessarily imposed requirements that are burdensome for small, regulated entities or grant awardees. This is a welcome start and it will reduce regulatory compliance burdens and allow tax dollars to beneficially impact more entities.
    “However, there are bipartisan programs that would be impacted if the proposed budget is enacted, programs that have done much to help continuously clean up the air, water, and lands, as well as provide safe drinking water.
    “For example, the proposed budget would reduce funding for the Brownfields program and includes an 89% cut to the Clean Water and Drinking Water State Revolving Funds.
    “I and many of my colleagues have long been vocal about the importance of federal assistance for water infrastructure through the State Revolving Funds. In 2021, Congress made the largest bipartisan investment in the State Revolving Funds and water infrastructure in our nation’s history, delivering more than $50 billion for drinking water, wastewater, and stormwater programs.
    “State revolving funds have helped many West Virginians, and many around the country, get connected with the water access and resources that they need. I hope that we can work together through the Appropriations process, as well as through the committee’s reauthorizations efforts, to make sure that adequate resources remain available to support our water systems.
    “I look forward to building to that future with you, Mr. Administrator, over the next several years.”

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Fitzgerald’s Halting Uncertain Methods and Practices in Supervision (HUMPS) Act Passes Financial Services Committee

    Source: United States House of Representatives – Congressman Scott Fitzgerald (WI-05)

    WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) introduced the Halting Uncertain Methods and Practices in Supervision (HUMPS) Act, which strengthens transparency in how banks are evaluated. The bill passed the House Financial Services Committee today by voice vote. Specifically, it directs the Federal Financial Institutions Examination Council (FFIEC) to revise the CAMELS rating system by establishing clear, objective standards for each component and updating the formula used to calculate a bank’s overall rating. It also calls for eliminating or reforming the subjective “Management” component, focusing instead on measurable risk governance and internal controls.

    “The HUMPS Act brings much-needed transparency and accountability to the bank rating process,” said Congressman Scott Fitzgerald. “The CAMELS rating system has a real impact on how banks operate—but right now, it gives regulators too much room to apply double standards. This bill ensures that supervisory ratings are based on transparent, quantifiable metrics, not political bias or personal opinion. It’s a necessary step to prevent debanking by removing subjectivity from banking oversight.”

    BACKGROUND: The CAMELS rating system—Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity to market risk—is a supervisory tool used by federal regulators to assess the health and safety of financial institutions. These confidential ratings significantly affect decisions around mergers and acquisitions, deposit insurance premiums, and whether a bank is considered “well managed” for regulatory purposes. 

    However, the current framework gives regulators broad discretion, particularly in the “Management” component, which is often based on subjective judgments rather than objective metrics. This discretion has raised concerns about politicized supervision and “debanking.” When a bank’s supervisory rating can be downgraded due to undefined or opaque criteria, institutions may choose to “de-risk” by avoiding lawful but politically disfavored customers. This creates a chilling effect on financial access and weakens trust in the neutrality of bank oversight.

    SUPPORTERS: American Bankers Association, America’s Credit Unions, Bank Policy Institute, Financial Services Forum, and Wisconsin Bankers Association.

    Read the bill text here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: May 21st, 2025 Heinrich, Murray, Klobuchar, Merkley Slam USDA for Evasive Response on Wildfire Mitigation Projects, Workforce Cuts, and Funding Freezes

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, along with U.S. Senator Patty Murray (D-Wash.), Ranking Member of the Senate Appropriations Committee; Amy Klobuchar (D-Minn.), Ranking Member of the Senate Committee on Agriculture, Nutrition, and Forestry; and U.S. Senator Jeff Merkley (D-Ore.), Ranking Member of the Senate Interior-Environment Appropriations Subcommittee, is once again pressing the U.S. Department of Agriculture (USDA) for answers after receiving a deeply inadequate response to a February oversight letter regarding the Department’s unlawful halt of federal funds needed to mitigate and fight wildfires.

    In a follow-up letter sent to USDA Deputy Under Secretary Kristin Sleeper, the lawmakers criticized the USDA’s April response for failing to answer the majority of their questions and  demanded a comprehensive and transparent accounting of the agency’s actions under the Trump Administration.

    “We write to address your recent response to the letter we sent on February 11, 2025, regarding the disbursement of funds for forest management and restoration projects and the universal hiring freeze under the Department of Agriculture. Our letter outlined ten specific questions, of which only two were addressed in your April 10 response,” the senators wrote.

    “Your incomplete response left significant questions unanswered concerning which projects, grants, agreements, and staff have been affected by the Trump Administration’s recent actions. Although the Forest Service has lost approximately 5,000 employees through resignation and early retirement since February, we understand that additional reduction-in-force actions are still planned. Questions remain about the Department’s plan to carry out Congressional directives and, most importantly, protect American communities in danger as they face a daunting fire season,” the senators continued.

    “Despite our clear and detailed inquiry, the Forest Service has only answered two of our ten questions,” the senators wrote. “This lack of transparency is unacceptable in the face of ongoing threats to public safety, wildfire resilience, and rural economies across the country.”

    The senators requested a response to the questions they originally sent to the USDA, which went unanswered by the Department in their correspondence:

    1. Please provide a full list of Forest Service programs for which disbursements were or currently are paused, including any paused under Executive Order 14154 or the now rescinded memorandum from the Office of Management and Budget.
    1. Please provide a full list of individual projects, including the location and total award amount, for which funds were obligated but disbursements are now paused. Please include projects carried out by Departmental personnel as well as those carried out through grants, contracts, or agreements. If obligated funds have been paused, what is the legal basis for pausing the disbursement of already obligated funds?
    1. Did the agency inform non-federal partners affected by the pause before halting their payments? Has the agency communicated with those same partners concerning the status of the affected projects since the pause was initiated? If so, please provide examples of any communications notifying applicants or current participants of the affected programs.
    1. 4. What is the status of agency personnel that were hired under funds appropriated by the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA)? Are those personnel still being paid their salaries? How many of these personnel, if any, have been terminated, furloughed, put on administrative leave, or otherwise notified of future administrative leave?
    1. How many Forest Service employees have been terminated, furloughed, put on administrative leave, or otherwise notified of future administrative leave since January 20, 2025? Please provide the job titles and duty stations for each category described above.
    1. How many Forest Service employees accepted the deferred resignation offer being offered to federal employees by the Office of Personnel Management? Please provide data broken down by position, grade, and duty station.
    1. Does the Department plan to reimburse contractors whose payments are paused but are continuing to act under the terms of their contract with the Department? What is the status of Departmental reviews of these paused projects?
    1. Please provide the minimum amount of time the pause on funding could last.

    The senators requested additional answers to the following new questions:

    1. The spending plan provided by the Forest Service for Fiscal Year 2025 contains no information on agency activity beyond what Congress provided to each mission area. Please provide a thorough spending plan that details the expected changes to each program area for this fiscal year, at least at the level of detail provided in the Fiscal Year 2025 Budget Justification’s “Detail Tables.”
    1. Please provide the years-to-date number of acres treated nationwide for hazardous fuels using funds provided through annual appropriations, IIJA, or IRA compared with the 10-year average.
    1. Pursuant to existing law, a reduction-in-force plan must avoid undue interruption to the agency’s work. What is the Forest Service’s statutory authority for pursuing a reduction-in-force despite the loss of more than 15 percent of its total employees that has already resulted a significant decrease in the agency’s work?
    1. The President’s Fiscal Year 2026 budget recommends moving Wildland Fire Management programs out of the Forest Service. Has the Administration conducted an analysis of how this proposal would impact the Forest Service’s management of National Forest System (NFS) lands, particularly the Forest Service’s efforts to reduce wildfire risk on NFS lands? For this proposal, did the Administration consult States, Tribes, private sector, and the Forest Service employees’ union?
    1. If the President’s Fiscal Year 2026 budget, which proposes to cut NFS management funding, were enacted, how many Forest Service recreation sites, ranger stations, facilities, or services would be closed or limited in availability? Has the Forest Service analyzed how the current and additional proposed workforce reductions will impact its ability to maintain safe, sanitary recreation sites?
    1. How many Forest Service employees who have left the Forest Service since January 20, 2025 were certified to respond to wildfires? How many Forest Service employees being considered in workforce reduction plans are certified to respond to wildfires?

    The senators concluded their letter by underscoring how USDA is required by law to carry out its work as Congress intended, “The Forest Service provides a critical support function for communities across the country, from supporting the nation’s wood products sector to mitigating the threat of catastrophic wildfire. Continuing to carry out this work as Congress prescribed is not only required under the law but essential for our nation’s security.”

    Full text of the letter is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Welch and Britt’s Bill to Boost Flood Resiliency and Hydrology Research Advances Bill would make permanent the hydrology research center at UVM  

    US Senate News:

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

    WASHINGTON, D.C. — U.S. Senators Peter Welch (D-Vt.) and Katie Britt (R-Ala.) today celebrated the advancement of the bipartisan Water Research Optimization Act of 2025, legislation to streamline hydrological forecast modeling within the National Weather Service. The Senators’ legislation advanced out of the Senate Committee on Commerce, Science, and Transportation this morning.
    “Investing in hydrology modeling and prediction is crucial to boosting flood resilience across the country, from Vermont to Alabama. That includes supporting important hydrology research and programs at the University of Vermont that improve hydrologic forecasting, such as the Cooperative Institute for Research to Operations in Hydrology,” said Senator Welch. “Our bipartisan bill will strengthen and align current hydrology research at the National Weather Service with vital research at UVM to foster flood resilience and help communities rebuild better after natural disasters. I am thankful for the support of the Commerce Committee and urge my colleagues to support the bill as it comes to the Senate floor.”  
    “I continue to be grateful to Commerce Committee Chair Cruz for his work to advance critical legislation out of committee. I’m also thankful for Senator Welch’s partnership on this important bipartisan bill. The National Water Center has been instrumental to NOAA’s efforts to strengthen America’s water forecasting capabilities, improve weather-preparedness, and modernize water research technologies. The Center’s world-class capabilities truly benefit communities across our entire nation. I’m proud to champion this effort to further enhance this renowned research and applied science, and I’m committed to getting this signed into law,” said Senator Britt. 
    CIROH has evolved into a revolutionary, collaborative hub between the public and private sector for research and development. The Water Research Optimization Act of 2025 would make CIROH’s research center at the University of Vermont (UVM) permanent and align UVM’s hydrology work with the National Weather Service to boost flood resiliency research. 
    “We are grateful to Senators Welch and Britt for their leadership in introducing pivotal legislation to support CIROH. Funding for these efforts allows the University of Vermont to continue vital research on water that impacts the quality of life of Vermonters and communities across the country. We are proud to be able to contribute to this work,” said Kirk Dombrowski, Vice President for Research and Economic Development, University of Vermont. 
    CIROH’s national coalition of academic, industry, and non-profit partners includes the University of Vermont, which functions closely alongside the National Oceanic and Atmospheric Administration’s (NOAA) National Water Center to support stakeholders with hydrological data and important weather-related forecasts and warnings. This legislation would place CIROH Centers under the supervision and oversight of the National Weather Service’s Office of Water Protection and codify the National Water Center’s authority to lead the transition of water resources research.  
    Read and download the full text of the bill. 

    MIL OSI USA News –