NewzIntel.com

Category: Commerce

  • MIL-OSI USA: CLARKE SLAMS GOP’S ATTEMPT TO SLASH MEDICAID IN ENERGY AND COMMERCE COMMITTEE

    Source: United States House of Representatives – Congresswoman Yvette D Clarke (9th District of New York)

    FOR IMMEDIATE RELEASE:

    May 13, 2025

    MEDIA CONTACT: 

    e: jessica.myers@mail.house.gov

    c: 202.913.0126

    WASHINGTON, D.C. – Congresswoman Yvette D. Clarke delivered the following remarks at the Committee on Energy and Commerce Full Committee Reconciliation Markup:

    “I would like to begin by sharing a story of one of my constituents, David. This is David — one of the many faces of Medicaid. David is a 55-year-old Brooklyn resident who has been living with congestive heart failure since 2016. Once a full-time worker, his diagnosis sadly forced him to stop working and rely solely on Medicaid for his healthcare. Medicaid covers all aspects of his medical needs — including the daily medications he has to take, regular cardiac monitoring, and hospital-based care. His condition was so severe that during his first visit to the hospital, he remained admitted for nearly a full year, that extended hospitalization was entirely covered by Medicaid — and it saved his life. He was able to receive this life-saving care at SUNY Downstate, a vital hospital in my district, that also heavily relies on Medicaid dollars to provide high-quality care to their patients — just like most healthcare institutions across the nation, from rural to urban. 

    The medical team there provided him with consistent, high-quality care in a community-based setting. Without Medicaid, David would lose access to his medications and to the physicians who have managed his condition for nearly a decade. David clearly said, ‘If Medicaid is cut, I will have no way to afford my care. No medication. No follow-up. No hospital. Without Medicaid, I will die prematurely.’ David’s story is a powerful example of how essential Medicaid is. It’s not just policy, but a lifeline for Americans in my district and across the nation.

    “Let’s be crystal clear about what’s happening here. We are being asked to sit in this room today and pretend that gutting Medicaid is somehow a ‘necessary evil’ and ‘a tough decision’ made in the name of fiscal responsibility. But it’s not. It is a political CHOICE that my colleagues on the other side of the aisle are choosing to make. It is a CHOICE that disproportionately targets low-income communities, communities of color, immigrants, and working-class families. It is a CHOICE that will impact hospital systems, especially in New York, that are still trying to recover from the devastating impacts of COVID-19. It is a CHOICE that will strip away life-saving healthcare for 17.3 million Americans — nearly 7 million, or 1 in 3, New Yorkers who rely on this program.

    “In New York’s 9th District, this amounts to over 65,000 people over the age of 65, over 24,000 disabled children and adults, over 146,000 young adults, over 85,000 parents and caretakers, over 149,000 children, and over 11,000 pregnant women. MAKE NO MISTAKE — this Medicaid cut would hit Republican or red states the hardest. For months, House Republicans have lied about their plans to cut nearly $1 trillion from Medicaid — and now the nonpartisan Congressional Budget Office has confirmed that their plan will kick millions of people off their health care. The only winners in the Republican budget scheme are their billionaire donors like Elon Musk.

    “And yet, here we are ONCE AGAIN, witnessing Republicans playing political games with people’s lives, so their billionaire friends enjoy tax breaks and their private jets. ONCE AGAIN, they are here to feed their relentless obsession to dismantle the Affordable Care Act — which we’ve fought to preserve. Somehow we always find the money for tax breaks for the wealthy… but when it comes to health care for working people, suddenly we are out of money? This is boldface cruelty. Their goal is to shift federal support to their donors’ pockets. They are punitive, they are shortsighted, and they will devastate people — like David.

    “So no, I will NOT quietly sit here so that my colleagues on the other side of the aisle can chip away at the health and dignity of the American people and call it ‘compromise.’ In one of the wealthiest and most advanced nations in the world, EVERYONE — no matter their political beliefs — deserves access to quality, affordable health care. This is not fiscal policy. This is a moral failure. And I reject this bill.

    “Cruelty is the point!”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: “Just Follow the Science,” King Gains Agreement from Army Corps of Engineers Nominee in Discussion of Climate Resiliency

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. – Today, in a hearing of the Senate Armed Services Committee (SASC), U.S. Senator Angus King questioned an administration nominee on his willingness to follow the science in the face of increasingly occurring and violent weather events. In his questioning of Mr. Adam Telle to be Assistant Secretary of the Army for Civil Works, King asked about the importance of Federal Emergency Management Administration (FEMA) in responding to natural disasters and how, if confirmed, he would lead the Army Corps of Engineers to work with FEMA.
    Senator King began, “Does FEMA play an important role in disaster response in this country, particularly for major disasters that affect more than one state?
    “Senator King, thank you for the question. And FEMA certainly has played a role in disaster response,” Telle responded. “The US Army Corps of Engineers under the National Response Framework, is of course, charged with leading on debris removal, and that relationship between our emergency managers and the Corps of Engineers is important as we respond to disasters like those that occurred recently, recently in North Carolina and Tennessee and surrounding areas with Hurricane Helene.”
    Senator King said, “I just don’t see how we’re going to be able to turn disaster response entirely over to the States, given the fact that disasters don’t respect state borders. Resiliency planning. That has to be part of the responsibility when the Corps is doing projects wherever they are. Do you agree?”
    “Yes, Senator, resiliency is critically important,” Telle affirmed.
    Senator King continued, “And do you agree that we are facing more and greater and more devastating storms than we have in the in the past?”
    “Senator King, we’ve certainly faced devastating natural disasters throughout our nation’s history,” Telle said. “It’s been a long-standing issue that we’ve dealt with. I don’t have the specific data about the intensity of those disasters, but they’re still happening. They’ve been happening throughout our nation’s history, and we have to stay vigilant to make sure we’re up to date with the latest data.”
    Senator King continued asking Mr. Telle, if confirmed, he would follow the science in his role leading the Army Division of Civil Works.
    “Well, I hope that regardless of the position of the administration on climate change, that the corps will take advantage of the science, which I think you’ve committed to, and particularly in resiliency planning. The worst thing we could do would be to build to 100-year-old standards instead of 100 years from now standards. Do you agree?” Senator King asked.
    Telle responded, “Senator, I do agree, and the Corps of Engineers currently, and it’s my understanding, we’ll continue to use the latest hydrological trend data that we can measure to make decisions about investments and the design of flood control infrastructure.”
    Senator King followed up, “Just follow the science, correct?”
    “Senator, we should follow the science,” Telle concluded.
    Because Maine faces increasingly extreme weather and storms, modernizing energy infrastructure through clean solar energy and new storage technologies can help ensure public buildings are able to maintain access to energy during destructive weather events. Last year, Senator King secured $2.5 million through the bipartisan Fiscal Year 2024 Congressionally-Directed Spending appropriations package for the Maine Governor’s Office of Policy Innovation and the Future to support an energy resiliency pilot program. The pilot program is helping to fund climate resiliency initiatives in Caribou, Carthage, Dover-Foxcroft, Fairfield, Jonesport, Limestone, Lubec, Machias, Millinocket, and Rockland.
    Senator King is also a longtime supporter of working waterfronts and small businesses. He previously introduced the bipartisan Providing Resources for Emergency Preparedness and Resilient Enterprises (PREPARE) Act to reauthorize the Small Business Administration’s (SBA) Pre-Disaster Mitigation Pilot Program, which would give small businesses the opportunity to take out low-interest loans for the purpose of proactively implementing mitigation measures that protect their property from future disaster-related damage. He also led a bipartisan bill to provide working waterfronts with a 30 percent tax credit on up to $1 million in mitigation expenses, adjusted for inflation annually.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto, Wyden Demand Answers from Promoters who Paid Trump Nominee to Sell Investors Fraudulent Tax Credits

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Ron Wyden (D-Ore.) demanded answers from the promoters of a fraudulent “tribal tax credit,” after they obtained a recording of an investor call showing the scam may be far larger than previously known. Billy Long, Trump’s nominee to lead the IRS, reported earning $65,000 for his work related to the scheme. 
    The call between White River Chief Financial Officer Jay Puchir and 100 or more investors provides new evidence that the company could not provide its own investors with clear proof that the “tribal tax credit” was legitimate. White River could not provide investors with a definitive government document or government point of contact willing to validate or authenticate the legitimacy of the “tribal tax credits” sold by White River.
    The call also contains evidence of a potentially corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claimed “do not exist.” During the call, Puchir claims he will use his “contacts” in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS. Puchir also claims to have contacts at the SEC that will help White River get its stock publicly traded again after being delisted on the OTCQB stock market.
    “We believe the investor call contains evidence of a corrupt lobbying scheme between White River and incoming Trump Administration officials to authorize millions in so-called “tribal tax credits” the IRS claims do not exist,” wrote Cortez Masto and Wyden. “During the call, Puchir claims he will use his ‘contacts’ in the new Trump Administration to gain favorable treatment on regulatory approvals from the IRS and other federal agencies, including a potential private letter ruling from the IRS.”
    Last month, the senators called for a criminal investigation into the tax credit scheme, after the IRS informed Democratic Finance Committee Staff that “these tax credits do not exist.” 
    The full text of the letter can be found here.
    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. She introduced legislation to protect and support whistleblowers reporting wrongdoing to the Consumer Financial Protection Bureau, and her bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020.

    MIL OSI USA News –

  • MIL-OSI USA: Luján, Markey Urge FCC to Operate Transparently with Paramount-SkyDance Merger

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, and U.S. Senator Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, wrote to Federal Communications Commission (FCC) Chairman Brendan Carr, urging the FCC to take a full Commission vote on the merger between Paramount Global and Skydance Media. Given the reports that Paramount is considering settling a frivolous lawsuit brought by President Donald Trump against CBS, a Paramount subsidiary, the senators stated that the FCC should only approve the merger with an affirmative vote by the full Commission.

    In the letter the lawmakers write, “In late October, then-candidate Trump sued CBS for $10 billion — later raising this outrageous amount to $20 billion — for supposedly deceptively editing an interview of then-Vice President Kamala Harris on its programs 60 Minutes and Face the Nation. As the transcript of the interview showed, the excerpts that CBS aired were a quintessential example of editorial decision-making. Trump’s claim that such conduct constituted ‘voter interference’ and violated Texas’s consumer protection law is both false and a clear attempt to intimidate the news media. CBS has rightfully moved to dismiss the case.”

    The lawmakers continue, “Despite the obviously frivolous nature of the lawsuit, Paramount is reportedly considering settling the case to ‘increase the odds that the Trump administration does not block or delay’ its merger with Skydance. In fact, Paramount executives and directors are reportedly concerned that such a settlement could open them up to accusations of bribery. Paramount would not be the first to settle a lawsuit brought by the President in the past few months. In the weeks following the inauguration, ABC ($16 million), Meta ($25 million), and X ($10 million) all settled cases brought by Trump. With Paramount on the hook to pay Skydance a $400 million breakup fee if the FCC blocks the deal, the company has strong financial incentives to facilitate FCC approval of the merger.”

    The lawmakers conclude, “For those reasons, this transaction has signs of a deal between a company eager for approval of a multi-billion dollar merger and a President willing to exploit his position to intimidate the media and secure a multi-million dollar payout. The unique position of this merger necessitates the utmost transparency at the FCC. A matter of this significance deserves the scrutiny of the entire Commission. We urge you to only approve this merger through a full Commission vote.”

    As Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, Senator Luján has pushed back against attacks on news organizations. In February, Senators Luján, Markey, and Peters wrote to Federal Communications Commission (FCC) Chairman Brendan Carr and Commissioner Nathan Simington condemning actions taken by the FCC under the Trump administration demonstrating that the FCC is weaponizing its authority over broadcasters and public media for political purposes. In March, Senators Luján, Markey, and Rosen introduced the Broadcast Freedom and Independence Act, legislation that would prohibit the Federal Communications Commission (FCC) from revoking broadcast licenses or taking action against broadcasters based on the viewpoints they broadcast.

    The text of the letter is here and below:

    Dear Chairman Carr,

    With the Federal Communications Commission (FCC) currently reviewing the proposed merger between Paramount Global and Skydance Media, we urge you to approve the transaction only with an affirmative vote by the full Commission. Although the Commission has delegated authority for its Media Bureau to decide certain matters without a full Commission vote, this transaction is unique from other mergers that have come before the Commission. In particular, Paramount is reportedly considering settling a frivolous, unrelated lawsuit filed by President Donald Trump against CBS, a Paramount subsidiary. Given the high profile of this deal and, at the very least, the appearance of impropriety, we strongly urge you to approve the merger only with a vote by the full Commission.

    The unique position of this case stems from President Trump’s ongoing, frivolous litigation against CBS. In late October, then-candidate Trump sued CBS for $10 billion — later raising this outrageous amount to $20 billion — for supposedly deceptively editing an interview of then-Vice President Kamala Harris on its programs 60 Minutes and Face the Nation. As the transcript of the interview showed, the excerpts that CBS aired were a quintessential example of editorial decision-making. Trump’s claim that such conduct constituted “voter interference” and violated Texas’s consumer protection law is both false and a clear attempt to intimidate the news media. CBS has rightfully moved to dismiss the case.

    Despite the obviously frivolous nature of the lawsuit, Paramount is reportedly considering settling the case to “increase the odds that the Trump administration does not block or delay” its merger with Skydance. In fact, Paramount executives and directors are reportedly concerned that such a settlement could open them up to accusations of bribery. Paramount would not be the first to settle a lawsuit brought by the President in the past few months. In the weeks following the inauguration, ABC ($16 million), Meta ($25 million), and X ($10 million) all settled cases brought by Trump. With Paramount on the hook to pay Skydance a $400 million breakup fee if the FCC blocks the deal, the company has strong financial incentives to facilitate FCC approval of the merger.

    For those reasons, this transaction has signs of a deal between a company eager for approval of a multi-billion dollar merger and a President willing to exploit his position to intimidate the media and secure a multi-million dollar payout. The unique position of this merger necessitates the utmost transparency at the FCC. A matter of this significance deserves the scrutiny of the entire Commission. We urge you to only approve this merger through a full Commission vote.

    Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Praetorian Shield and Two Individuals Agree to Pay $221,000 to Resolve False Claims Act Allegations Connected to Fraudulently Obtained Small Business Contracts and Kickbacks

    Source: US State of North Dakota

    Praetorian Shield Inc., formerly a Delaware company, and Grady Baker, and his wife Ranya, have agreed to pay the United States $221,000 to settle allegations that they violated the False Claims Act by fraudulently obtaining small business set-aside contracts.

    This settlement further resolves allegations that Praetorian and the Bakers violated the Anti-Kickback Act. The settlement is based on Praetorian Shields’ and the Bakers’ financial condition and ability to pay.

    “The Bakers’ conduct in fraudulently obtaining government small business contracts thwarts the purpose of the small business program, which is meant to support small and disadvantaged businesses, and deprives legitimate businesses of opportunities intended by Congress” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “This settlement demonstrates our office’s commitment to protecting the integrity of the federal contracting programs and to holding accountable those who seek to gain an unfair advantage through deception.”

    The settlement resolves allegations that between 2016 and 2023, Praetorian and the Bakers falsely represented that Praetorian was a Woman-Owned Small Business (WOSB) and a Service-Disabled Veteran Owned Small Business (SDVOSB). They made these false claims to obtain small business set-aside contracts awards from the Department of Homeland Security (DHS) for security services at federal buildings.

    Praetorian was a purported small business subcontractor to Paragon Systems Inc. (Paragon), one of the federal government’s largest security guard providers at federal buildings throughout the U.S. The U.S. alleged that Paragon, acting through former high-ranking corporate executives, knowingly engaged in a fraudulent scheme to use purported small businesses that it controlled, such as Praetorian, to obtain DHS set-aside contracts for which Paragon was itself ineligible.

    Grady Baker, who served as Paragon’s vice president of operations, allegedly instructed Ranya Baker to incorporate Praetorian using her middle and maiden names. Ranya Baker did not typically use her middle or maiden names for business or personal purposes. The Bakers controlled Praetorian, along with other high-level Paragon executives, and Grady Baker served as Praetorian’s de facto director of operations.

    Through Grady Baker and other Paragon executives’ operational control, the Bakers and Praetorian knew that Praetorian was not an eligible small business. But they forged forward with devising the scheme to obtain DHS small business contracts for Paragon.

    This settlement also resolves allegations that Praetorian and the Bakers provided more than $188,000 in kickbacks to Paragon executives and that Ms. Baker received $98,000 in kickbacks from another Paragon subcontractor, Patronus Systems Inc.

    In November 2024, the United States resolved related civil claims against Paragon, recovering $52 million. Additionally, another purported small business, Athena Services International LLC (ASI), and its joint venture with Paragon, Athena Joint Venture Services LLC (AJVS) — along with their owner, Alisa Silverman — previously agreed to pay more than $1.6 million to resolve their liability in connection with the alleged Paragon small business contracting fraud scheme.

    This settlement is the result of a coordinated effort between the Civil Division’s Fraud Section, U.S. Attorney’s Office for the District of Maryland, and DHS-OIG.  U.S. Attorney Hayes commended Assistant U.S. Attorney Sarah Marquardt and Senior Trial Counsel A. Thomas Morris, Civil Division, Commercial Litigation Branch, Fraud Section, who handled this matter.

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

    MIL OSI USA News –

  • MIL-OSI New Zealand: Consumer NZ – Smaller banks pack a punch: Consumer’s best and worst banks in 2025

    Source: Consumer NZ

    The Co-operative Bank has topped the rankings for customer satisfaction, while ANZ finished at the bottom, according to Consumer NZ’s latest independent survey of New Zealand banking customers.

    The Co-operative Bank has taken out the top spot in Consumer’s latest banking satisfaction survey, earning a customer satisfaction score of 77%.  

    At the other end of the scale, ANZ – the country’s largest bank – scored just 57%. The average satisfaction score across all banks was 64%.

    “This is the fourth year in a row that The Co-operative Bank has won our People’s Choice award,” says Jon Duffy, CEO of Consumer NZ.  

    “It’s an impressive result, especially considering its market share – less than 1%.

    “Bigger is not necessarily better. ANZ is New Zealand’s most profitable bank, with the biggest market share, but when it comes to customer satisfaction, it finished bottom of our survey.

    Consumer’s annual independent survey measures customer satisfaction across 17 areas, including trust, value for money, digital banking, and customer service.

    Don’t bank on the big banks

    Duffy notes this year’s survey results come amid persistent concerns about the state of competition in New Zealand’s banking sector and the ever-present threat of scams.  

    Our survey also found that more than 1 in 5 New Zealanders have fallen victim to a scam that has involved their bank account or a financial service.  

    While some progress has been made by banks to address scams – following pressure from central government and advocates for banks to increase efforts to protect customers – New Zealand still lags behind other countries when it comes to banking technology.  

    “The pace of innovation in the sector has been glacial. Technologies like comprehensive open banking and real-time payments that could save consumers money and keep us safe are still on the ‘to do’ list for banks,” says Duffy.

    ”Our research also shows fewer than 3% of New Zealanders switch banks each year – one of the lowest switching rates of any service sector we monitor.

    “Low switching rates and low satisfaction scores – particularly among banks with the biggest customer bases – is never a good sign for consumers. Banks are yet to deliver improvements to their switching services, as recommended by the Commerce Commission’s market study to improve competition in the sector.  

    “This is why we publish our annual satisfaction surveys. We strongly encourage people to do their homework and switch to a bank with higher customer satisfaction. It’s easier than you might think and a powerful way to foster competition so that we can collectively raise the bar,” says Duffy.

    Key findings from Consumer’s 2025 banking satisfaction survey

    The Co-operative Bank achieved the highest overall satisfaction score (77%) delivering consistent, above-average experiences across the board, particularly around digital banking, savings interest rates, and advice

    ANZ scored the lowest customer satisfaction rating (57%), with particularly low scores for interest on savings, fees, responsible lending, advice and overall value for money

    Consumer says the 20-point gap between the survey’s top and bottom performers highlights just how much customer experience can differ between banks. The full survey results (paywalled) and methodology are available on Consumer’s website: Best and worst banks in 2025. https://consumernz.cmail20.com/t/i-l-fhdtre-ijjdkdttjk-j/

    Notes

    Our data is from a nationally representative survey of 1,920 New Zealanders, aged 18 years and older, conducted online in February 2025

    Ratings cover satisfaction across 17 key service areas. Satisfaction ratings show the proportion of respondents who scored their provider 8, 9 or 10 on a scale from 0 (very dissatisfied) to 10 (very satisfied).

    Market share is based on the latest figures from the Banking Ombudsman Scheme Dashboard.

    Annual profit before tax figures are from each bank’s latest financial disclosures.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Awards – Finalists announced for 2025 ExportNZ ASB Central Region Awards

    Source: Business Central

    ExportNZ is proud to announce the finalists for the 2025 ExportNZ ASB Central Region Export Awards.
    The awards recognise exporting excellence from across the Central New Zealand Region – from Greater Wellington to Wairarapa, Horowhenua, Whanganui and Manawatū.
    This year’s new-look event is being hosted for the first time in Palmerston North, at the Palmerston North Conference and Function Centre on June 6.
    The awards are judged by a highly experienced panel of exporting specialists from ExportNZ, ASB and NZTE.
    This year’s finalists represent a wide range of businesses from across the Central region, with judges commending their innovation, creativity and endeavour amidst a challenging global market.
    ExportNZ national Chair and chief judge David Boyd says this year’s finalists are a special group:
    “Entrants in the Export Awards always amaze us with their ingenuity and innovation but I can honestly say that this year’s standards are exceptional and in all categories.
    “From groundbreaking scientific breakthroughs to excellence in constant improvement of everyday processes, our exporters are amazing!”
    This year’s category finalists are:
    DHL Best Emerging Business
    – DownUnder Honey
    – Ellen Joan Ford
    – Fleet Line Markers
    – Mana Pacific Consultants
    – Mufftech
    – Powa Products International Ltd
    Gallagher Insurance Best Established Business
    – Biophive
    – ITL
    – IPU New Zealand
    – Noske Rail
    – NZP (an ICE Pharma Company)
    – OBO
    CentrePort Excellence in Innovation
    – NovaLabs
    – Proliant Health & Biologicals
    – Sharesies
    – The Village Goldsmith
    Business Central Excellence in Sustainability
    – NZP (an ICE Pharma Company)
    – Fleet Line Markers
    – BioLumic
    All category winners are also eligible for the supreme award, ASB Exporter of the Year. In 2024, Wellington’s Lane Street Studios received both Best Emerging Business and the supreme award. Lane Street Studios CEO Kirsty Grant says:
    “Being recognised as Best Emerging Business and overall Exporter of the Year in 2024 was a significant achievement for myself and the team. We have all worked extremely hard to get our business established after building during covid and the myriad of challenges that impacted our industry.
    “As our business is considered to be a weightless export, receiving the recognition of these awards was also an acknowledgement of the substantial contribution our sector makes to the NZ economy – with so much more potential for growth.
    “We are very excited for future exporters to also be recognised for their work in supporting and further developing crucial trade relationships for NZ. Bring on the 2025 awards,” Grant said.
    Gala Dinner and Winners Announcement
    The winners in each category will be revealed during the upcoming Gala Dinner on June 6, at the Palmerston North Conference and Function Centre. Tickets for the event are available for purchase here: ExportNZ ASB Central Region Export Awards 2025 | ExportNZ
    About the ExportNZ ASB Central Region Export Awards:
    The ExportNZ ASB Central Region Export Awards recognize and honour the remarkable work of Wellington exporters, showcasing their contributions to New Zealand’s global reputation. Now in its 9 th year, the awards provide a vital role in celebrating success and fostering growth in the export sector.

    MIL OSI New Zealand News –

  • MIL-OSI: Global Star Acquisition Inc. and K Enter Holdings Inc. Finalize Business Combination

    Source: GlobeNewswire (MIL-OSI)

    SEOUL and NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) — Global Star Acquisition Inc. (NASDAQ: GLST) (“Global Star”), a special purpose acquisition company and K Enter Holdings Inc. (“K Enter”), a holding company with an internal K drama production team and controlling interest in six diversified entertainment operating companies based in Korea and engaged in the entertainment content and IP creation businesses, today announced the completion of the previously announced business combination that will result in the creation of K Wave Media Ltd. Accordingly, K Wave Media Ltd.’s ordinary shares and warrants are expected to commence trading on The Nasdaq Global Market under the symbols “KWM” and “KWMWW”, respectively on May 14, 2025.

    The business combination was approved at a special meeting of GLST’s stockholders on February 3, 2025.

    “We are proud to complete this milestone transition of K Wave Media to become the first Korean content media alliance to list on the Nasdaq stock exchange,” said Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter. “We are laser focused on pursuing our planned growth initiatives across the value chain of our Korean entertainment and media business lines, now with enhanced U.S. visibility to attract a core retail and institutional shareholder base. Additionally, we are appreciative of Global Star’s partnership and mutual determination to achieve K Wave’s public listing. We are poised to become a leading player in IP-based diversified entertainment delivering high quality K-content to our loyal global fanbase.”

    K Wave Media will continue to be led by Tan Chin Hwee, Executive Chairman and Interim CEO of K Enter, until a successor is appointed.

    Advisors

    D. Boral Capital acted as Global Star’s Capital Markets Advisor on the transaction. Loeb & Loeb LLP acted as U.S. legal counsel to K Enter. Duane Morris LLP acted as legal counsel to Global Star.

    About K Enter Holdings Inc.

    K Enter Holdings Inc. is a Delaware corporation with contracts to acquire controlling equity interests in six diversified entertainment operating companies based in Korea, engaged in the entertainment content, IP creation, merchandising and entertainment investment businesses (the “Six Korean Entities”). K Enter has an internal K drama production team. The Six Korean Entities to be acquired by K Enter include Play Company Co., Ltd, a Korean IP merchandising company, and Solaire Partners Ltd., a Korean IP content-specialized private equity firm, Studio Anseilen Co., Ltd., a K drama production company, and The LAMP Co., Ltd., Bidangil Pictures Co., Ltd., and Apeitda Co., Ltd., each of which is a K movie production company.

    About Global Star Acquisition Inc.

    Global Star Acquisition Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release is provided for informational purposes and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this press release. To the fullest extent permitted by law under no circumstances will Global Star, K Enter, or any of the Six Korean Entities, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this press release have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Global Star nor K Enter has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Global Star, K Enter or the Proposed Business Combination. Viewers of this press release should each make their own evaluation of Global Star and K Enter and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the benefits of the Proposed Business Combination, including K Enter’s ability to accelerate the development of its products and bring them to market, the anticipated timing for completion of the Proposed Business Combination, and Global Star’s and K Enter’s expectations, plans or forecasts of future events and views as of the date of this press release. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. These forward-looking statements, which may include, without limitation, words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the control of Global Star or K Enter).

    In addition, this press release includes a summary set of risk factors that may have a material impact on Global Star, K Enter or the Proposed Business Combination, which are not intended to capture all the risks to which Global Star, K Enter or the Proposed Business Combination is subject or may be subject. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Proposed Business Combination may not be completed by Global Star’s business combination deadline; (4) the inability to complete the Proposed Business Combination, including but not limited to due to the failure to obtain approval of the stockholders of Global Star or K Enter for the Merger Agreement, to receive certain governmental, regulatory and third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount of cash available following any redemptions by Global Star’s stockholders; (6) the inability to obtain or maintain the listing of Global Star’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; (7) the effect of the announcement or pendency of the Proposed Business Combination on K Enter’s business relationships, operating results, and business generally; (8) risks that the Proposed Business Combination disrupts current plans and operations of K Enter or the Six Korean Entities; (9) the inability to realize the anticipated benefits of the Proposed Business Combination and to realize estimated pro forma results and underlying assumptions, including but not limited to with respect to estimated stockholder redemptions and costs related to the Proposed Business Combination; (10) the possibility that Global Star or K Enter or the Six Korean Entities may be adversely affected by other economic or business factors; (11) changes in the markets in which K Enter and the Six Korean Entities compete, including but not limited to with respect to its competitive landscape, technology evolution, changes in entertainment choices or regulatory changes; (12) changes in domestic and global general economic conditions; (13) risk that K Enter may not be able to execute its growth strategies; (14) the risk that K Enter experiences difficulties in managing its growth and expanding operations after the Proposed Business Combination; (15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable terms or at all; (16) the ability to recognize the anticipated benefits of the Proposed Business Combination to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of K Enter to grow and manage growth economically and hire and retain key employees; (17) risk that K Enter may not be able to develop and maintain effective internal controls; (18) the risk that K Enter may fail to keep pace with rapid technological developments or changes in entertainment tastes to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and services; (19) the ability to develop, license or acquire new content, products and services; (20) the risk that K Enter is unable to secure or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to K Enter’s business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Proposed Business Combination; (25) the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions; (26) the risk that K Enter fails to successfully and timely consummate its acquisition of one or more of the Six Korean Entities’; and (27) other risks and uncertainties identified in the registration statement on Form F-4, which included a proxy statement/prospectus filed in connection with the Proposed Business Combination (the “Registration Statement”), including those under “Risk Factors” therein, and in other filings with the U.S. Securities and Exchange Commission (“SEC”) made by Global Star. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Global Star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Registration Statement filed with the SEC with respect to the Proposed Business Combination, and other documents filed by Global Star from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive, are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Forward-looking statements speak only as of the date they are made. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Global Star nor K Enter presently know or that Global Star and K Enter currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. However, while Global Star and K Enter may elect to update these forward-looking statements at some point in the future, Global Star and K Enter specifically disclaim any obligation to do so. Neither Global Star nor K Enter gives any assurance that Global Star or K Enter, or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements, and they should not be relied upon as representing Global Star’s and K Enter’s assessments as of any date subsequent to the date of this press release.

    Contact

    K Enter Holdings, Inc.
    Ted Kim
    Director and Co-Founder, K-Enter Holdings
    ted@globalfundpe.com

    Investor Contact
    MZ Group
    Shannon Devine/Rory Rumore
    +1 (203) 741-8811
    GLST@mzgroup.us

    The MIL Network –

  • MIL-OSI: Gevo Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Revenue Increased $25 Million Compared to First Quarter of 2024 Due to Strategic Growth Initiatives 

    Further Revenue and Adjusted EBITDA1Growth is Expected in 2025 

    Gevo to Host Conference Call Today at 4:30 p.m. ET

    ENGLEWOOD, Colo., May 13, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost-effective, renewable hydrocarbon fuels and chemicals that also can deliver significant carbon emission abatement, today announced financial results for the first quarter ended March 31, 2025.

    Recent Corporate Highlights: Continuing on a Path to Positive Adjusted EBITDA1 

    • Revenue and Adjusted EBITDA growth: Total operating revenue increased by approximately $25 million in the first quarter of 2025 compared to the first quarter of 2024.
      • This increase was primarily driven by inorganic revenue growth of $23 million during the last two months of the quarter from Gevo North Dakota (through the acquisition of substantially all of the assets of Red Trail Energy, LLC, which closed on January 31, 2025). Gevo’s consolidated financials for the first quarter of 2025 include Gevo North Dakota results for the two months of February and March 2025.
      • RNG total operating revenue increased by $1.7 million, or 42%, compared to the first quarter of 2024. This was primarily driven by receiving approval of a -339 gCO2e/MJ carbon intensity (“CI”) score for our RNG project from the California Air Resources Board (“CARB”) under their Low Carbon Fuel Standard (“LCFS”) program, partially offset by lower Renewable Identification Number (“RIN”) prices.
      • We expect further Adjusted EBITDA1 growth through the rest of 2025 as a result of the expected monetization of Section 45Z tax credits generated by our low-carbon ethanol and biogas facilities.
      • Other revenue, including sales of isooctane and software services, also increased by $0.6 million in the first quarter of 2025 compared to the first quarter of 2024.
    • Carbon abatement, a new product that can be sold: Gevo is actively developing the customers and markets for voluntary carbon abatement. Our drop-in fuel products generated total carbon abatement (i.e., emissions sequestered, reduced or avoided by using renewable instead of fossil inputs) of over 100 thousand metric tons of CO2 in the first quarter of 2025.
      • This carbon abatement includes captured and sequestered volume of approximately 29 thousand metric tons of CO2 at Gevo North Dakota during the two months of February and March 2025.
      • During the same period, Gevo North Dakota produced approximately 11.1 million gallons of low-carbon ethanol at an estimated CI of 21 gCO2e/MJ, contributing approximately 47 thousand metric tons of carbon abatement.
      • RNG had production of 79,963 MMBtu in the first quarter of 2025 and over 60,000 metric tons of carbon credits were generated in the California LCFS system.

    _________________________
    1  Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, and the change in fair value of derivative instruments to GAAP loss from operations as well as monetized tax credits, if any. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. Adjusted EBITDA was referred to as “cash EBITDA” in previous periods.

    • New offtake agreements for jet fuel and carbon abatement: In April 2025, Gevo signed a pioneering offtake agreement with Future Energy Global (“FEG”), under which FEG will acquire from Gevo the Scope 1 and Scope 3 emissions credits from 10 million gallons per year of fuel to be produced at one of our planned alcohol-to-jet (“ATJ”) facilities. Additionally, we entered into an agreement with a separate undisclosed party for an additional five million gallons per year of SAF, without the carbon value or Scope 1 and Scope 3 emissions credits attached. The carbon abatement for this additional 5 million gallons has been sold to a separate party, not the fuel buyer. Note that Scope 1 and Scope 3 emissions credits are in addition to, and separate from, state and federal compliance credits. These offtake agreements are expected to be useful for financing our ATJ projects in South Dakota or North Dakota.
    • Verity: Verity is our wholly owned, data verification platform that enables traceable, audit-ready carbon abatement accounting across complex supply chains, supporting regulatory compliance and carbon market participation. In the first quarter of 2025, Verity announced agreements with two new customers, Landus and Minnesota Soybean Processors. These agreements provide access to those customers to track and verify sustainable agriculture attributes, while streamlining compliance reporting and auditability.

    2025 First Quarter Financial Highlights

    • Ended the first quarter with cash, cash equivalents and restricted cash of $134.9 million.
    • Combined operating revenue and investment income was $30.9 million for the first quarter.
      • On a standalone basis, our RNG subsidiary generated revenue of $5.7 million during the first quarter of 2025. This reflects an increase of $1.7 million compared to the previous year, driven by increased LCFS credit generation due to our carbon score for the LCFS program, partially offset by reduced RIN prices. 
    • Loss from operations of $20.1 million for the first quarter.
    • Non-GAAP Adjusted EBITDA loss1 of $15.4 million for the first quarter.
    • Sale of environmental attributes by our RNG subsidiary of $5.4 million for the first quarter.
    • Gevo RNG generated income from operations of $0.5 million, and non-GAAP Adjusted EBITDA1 of $2.7 million for the first quarter.
    • Gevo North Dakota generated income from operations of $1.1 million, and non-GAAP Adjusted EBITDA1 of $1.8 million for the first quarter.
    • Net loss per share of $0.09 for the first quarter.

    Management Comment 

    Dr. Patrick Gruber, Gevo’s Chief Executive Officer, commented, “We believe we can get to positive Adjusted EBITDA this year for the company. This is in spite of the perceived headwinds and noise in the marketplace. We have real products to sell now that we own our North Dakota plant. Gevo North Dakota produces ethanol, animal feed, corn oil, and importantly, carbon abatement. The carbon abatement value is generated by capturing CO2 and sending it more than a mile underground into what we think is the best well (or sequestration site) in the country. Having this carbon abatement available to us has opened up new doors in the marketplace as customers and partners don’t have to wait around for synthetic aviation fuel (“SAF”) projects to be built to start developing the market in a real sense. We have approval from the Internal Revenue Service to apply for the Section 45Z tax credit, so we will do that, and that should help meet our Adjusted EBITDA goals.”

    Dr. Gruber continued, “We continue to believe that SAF offers an excellent market opportunity. We see that jet fuel demand, beyond SAF, is expected to grow. We continue to believe that alcohol-to-jet offers the most scalable and lowest cost of production route. We need to get plants financed and deployed. To that end, we are doing a few things. First, we continue to be engaged with the U.S. Department of Energy on financing our ATJ-60 project, which we believe advances the stated objectives of the White House to produce more home-made energy including ethanol, biofuels and jet fuel. Second, we are translating the designs and engineering from the ATJ-60 to deploy an ATJ plant that can produce 30 million gallons per year of jet fuel at our Gevo North Dakota site (“ATJ-30”). We expect that this ATJ-30 plant will be near-fully modularized to minimize cost, construction, and start-up risks, and be able to be deployed sooner than or on a similar timeframe as ATJ-60. We already have more than 50% of the capacity of the ATJ-30 sold. Third, by driving down capital costs, we expect that there will be several opportunities for us to “sell” plants, and license our technology portfolio in the future.”

    “Unlike other companies in the ATJ space,” Dr. Gruber added, “we are using tried and true, proven at scale, unit operations to produce jet fuel. We figured out how to optimize them, integrate them, and make the jet fuel product in extremely high yield, with low production cost and a very low CI score. We have more than 100 patents covering the business system and technologies for ethanol to jet fuel and other hydrocarbons. We are pleased that Axens, who is the preeminent supplier of the various unit operations needed to make jet fuel from ethylene, including winning a Nobel prize for the trickiest step, has taken a license from Gevo for advanced ATJ processes. We are continuing to strengthen our partnership with Axens.”

    “We are also aligning our strategic goals with fiscal discipline measures that should further enable our conservation of cash and realization of our target Adjusted EBITDA growth and strong fiscal year performance.”

    Dr. Gruber concluded, “I like our position: we have operating assets that contribute Adjusted EBITDA, we have mature jet fuel projects, we have one of the few operating carbon capture and sequestration operations, we are developing markets with advanced carbon sequestration operations, we have a terrific site in North Dakota to build out capacity for jet fuel and other products, and we have a strong proprietary position given our patents and know-how.”

    2025 First Quarter Financial Results

    Operating revenue. During the three months ended March 31, 2025, operating revenue increased by $25.1 million compared to the three months ended March 31, 2024. This increase was primarily due to $22.8 million in revenue from Gevo North Dakota in the two months we have owned it, $1.7 million in additional revenue from our RNG project driven by an increase in LCFS credits generated due to our improved carbon score for the LCFS program offset by a decline in RIN prices, and $0.5 million from the sale of isooctane. During the three months ended March 31, 2025, we sold 79,963 MMBtu of RNG from our RNG project, resulting in $0.3 million in RNG sales and $5.4 million in environmental attribute sales.

    Cost of production. Cost of production increased $18.9 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $21.7 million from Gevo North Dakota, partially offset by $3.6 million of future corn basis gains.

    Depreciation and amortization. Depreciation and amortization increased $1.2 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to $3.5 million of depreciation related to Gevo North Dakota, partially offset by a $2.6 million reduction of depreciation related to assets fully depreciated at our facility in Luverne, Minnesota (the “Luverne Facility”).

    Research and development expense. Research and development expenses decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to decreased consulting expenses and professional fees.

    General and administrative expense. General and administrative expense decreased $1.1 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $2.3 million decrease in stock-based compensation, partially offset by $0.5 million higher employee costs, $0.2 million increase in insurance costs and $0.2 million increase in computer and software costs.

    Project development costs. Project development costs are primarily related to our ATJ projects and Verity, which consist primarily of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs decreased $0.3 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a $1.8 million wind-down fee incurred in 2024, partially offset by $1.1 million of additional employee related costs.

    Acquisition related costs. Acquisition related costs of $4.4 million are due to our acquisition of Gevo North Dakota.

    Facility idling costs. Facility idling costs are related to the care and maintenance of our Luverne Facility and reprocessing plant. Facility idling costs decreased $0.5 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to utilizing the reprocessing plant for isooctane production.

    Loss from operations. The Company’s loss from operations decreased by $3.0 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increased revenues from Gevo North Dakota and the reduction of general and administrative expenses, partially offset by the acquisition related costs.

    Interest expense. Interest expense increased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the debt used to acquire Gevo North Dakota and a higher interest rate on our remarketed RNG bonds.

    Interest and investment income. Interest and investment income decreased $2.8 million during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the usage of cash for the acquisition of Gevo North Dakota and to fund our capital projects and operating costs, resulting in a lower balance of cash equivalent investments during the three months ended March 31, 2025.

    Other income (expense), net. Other income (expense), net remained flat for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

    Webcast and Conference Call Information

    Hosting today’s conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, Chief Executive Officer, Dr. Chris Ryan, President and Chief Operating Officer, L. Lynn Smull, Chief Financial Officer, Dr. Paul Bloom, Chief Business Officer and Dr. Eric Frey, Vice President of Finance and Strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights.

    To participate in the live call, please register through the following event weblink: https://register-conf.media-server.com/register/BI14d4db26011d45b9871ce05b8b3c5a63. After registering, participants will be provided with a dial-in number and pin.

    To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/xd9v2i3x.

    A webcast replay will be available two hours after the conference call ends on May 13, 2025. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent CCS facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty ATJ fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, the financing and the timing of our ATJ-60 project, our ATJ-30 project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our RNG project, our sales agreements, our plans to develop our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, the ability of our products to contribute to lower greenhouse gas emissions, particulate and sulfur pollution, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Non-GAAP Financial Information

    This press release contains a financial measure that does not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation from GAAP loss from operations. Management believes this measure is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial measure also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial measure is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

    Gevo, Inc.
    Condensed Consolidated Balance Sheets
    (In thousands, except share and per share amounts)

               
      March 31, 2025   December 31, 2024
    Assets          
    Current assets          
    Cash and cash equivalents $ 65,288     $ 189,389  
    Restricted cash   1,489       1,489  
    Trade accounts receivable, net   11,746       2,411  
    Inventories   16,787       4,502  
    Prepaid expenses and other current assets   8,545       5,920  
    Total current assets   103,855       203,711  
    Property, plant and equipment, net   339,070       221,642  
    Restricted cash   68,155       68,155  
    Operating right-of-use assets   2,283       1,064  
    Finance right-of-use assets   1,540       1,877  
    Intangible assets, net   52,113       8,129  
    Goodwill   41,605       3,740  
    Deposits and other assets   69,179       75,623  
    Total assets $ 677,800     $ 583,941  
    Liabilities          
    Current liabilities          
    Accounts payable and accrued liabilities $ 28,770     $ 22,006  
    Operating lease liabilities   692       333  
    Finance lease liabilities   1,610       2,001  
    Loans payable   19,925       21  
    Total current liabilities   50,997       24,361  
    Remarketed Bonds payable, net   67,317       67,109  
    Loans payable   79,773       —  
    Operating lease liabilities   1,840       966  
    Finance lease liabilities   210       187  
    Asset retirement obligation   2,142       —  
    Other long-term liabilities   729       1,830  
    Total liabilities   203,008       94,453  
               
    Redeemable non-controlling interest   4,955       —  
               
    Equity          
    Common stock, $0.01 par value per share; 500,000,000 shares authorized; 239,562,995 and 239,176,293 shares issued and outstanding at March 31, 2025, and December 31, 2024, respectively.   2,396       2,392  
    Additional paid-in capital   1,289,406       1,287,333  
    Accumulated deficit   (821,965 )     (800,237 )
    Total stockholders’ equity   469,837       489,488  
    Total liabilities and stockholders’ equity $ 677,800     $ 583,941  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Operations
    (In thousands, except share and per share amounts)

               
      Three Months Ended March 31, 
      2025   2024
    Total operating revenues $ 29,109     $ 3,990  
    Operating expenses:          
    Cost of production   21,446       2,587  
    Depreciation and amortization   5,622       4,451  
    Research and development expense   1,052       1,548  
    General and administrative expense   11,084       12,150  
    Project development costs   5,002       5,319  
    Acquisition related costs   4,438       —  
    Facility idling costs   604       1,076  
    Total operating expenses   49,248       27,131  
    Loss from operations   (20,139 )     (23,141 )
    Other (expense) income          
    Interest expense   (3,294 )     (542 )
    Interest and investment income   1,770       4,593  
    Other (expense) income, net   (110 )     215  
    Total other (expense) income, net   (1,634 )     4,266  
    Net loss   (21,773 )     (18,875 )
    Net loss attributable to non-controlling interest   (45 )     —  
    Net loss attributable to Gevo, Inc. $ (21,728 )   $ (18,875 )
               
    Net loss per share – basic and diluted $ (0.09 )   $ (0.08 )
    Weighted-average number of common shares outstanding – basic and diluted   232,027,993       240,844,334  
                   

    Gevo, Inc.
    Condensed Consolidated Statements of Stockholders’ Equity
    (In thousands, except share amounts)

                               
      For the Three Months Ended March 31, 2025 and 2024
                               
                               
      Common Stock         Accumulated    Stockholders’
      Shares      Amount      Paid-In Capital      Deficit   Equity
    Balance, December 31, 2024   239,176,293     $ 2,392     $ 1,287,333     $ (800,237 )   $ 489,488  
    Non-cash stock-based compensation   —       —       1,898       —       1,898  
    Stock-based awards and related share issuances, net   386,702       4       175       —       179  
    Net loss   —       —       —       (21,728 )     (21,728 )
    Balance, March 31, 2025   239,562,995     $ 2,396     $ 1,289,406     $ (821,965 )   $ 469,837  
                               
    Balance, December 31, 2023   240,499,833     $ 2,405     $ 1,276,581     $ (721,597 )   $ 557,389  
    Non-cash stock-based compensation   —       —       4,233       —       4,233  
    Stock-based awards and related share issuances, net   1,204,232       12       583       —       595  
    Repurchase of common stock   (2,127,661 )     (21 )     (1,376 )     —       (1,397 )
    Net loss   —       —       —       (18,875 )     (18,875 )
    Balance, March 31, 2024   239,576,404     $ 2,396     $ 1,280,021     $ (740,472 )   $ 541,945  
                                           

    Gevo, Inc.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Operating Activities          
    Net loss $ (21,773 )   $ (18,875 )
    Adjustments to reconcile net loss to net cash used in operating activities:          
    Stock-based compensation   1,898       4,233  
    Depreciation and amortization   5,622       4,451  
    Change in fair value of derivative instruments   (2,732 )     —  
    Other non-cash (income) expense   1,004       656  
    Changes in operating assets and liabilities, net of effects of acquisition:          
    Accounts receivable   (4,355 )     135  
    Inventories   (1,045 )     (55 )
    Prepaid expenses and other current assets, deposits and other assets   (2,264 )     (3,297 )
    Accounts payable, accrued expenses and non-current liabilities   (403 )     (3,326 )
    Net cash used in operating activities   (24,048 )     (16,078 )
    Investing Activities          
    Acquisitions of property, plant and equipment   (5,834 )     (17,512 )
    Acquisition of Red Trail Energy   (198,461 )     –  
    Net cash used in investing activities   (204,295 )     (17,512 )
    Financing Activities          
    OIC loan proceeds   105,000       —  
    Payment of debt issuance costs   (5,480 )     —  
    Non-controlling interest   5,000       —  
    Proceeds from the exercise of stock options   179       —  
    Payment of loans payable   —       (32 )
    Payment of finance lease liabilities   (457 )     (23 )
    Repurchases of common stock   —       (1,397 )
    Net cash provided by (used in) financing activities   104,242       (1,452 )
    Net decrease in cash and cash equivalents   (124,101 )     (35,042 )
    Cash, cash equivalents and restricted cash at beginning of period   259,033       375,597  
    Cash, cash equivalents and restricted cash at end of period $ 134,932     $ 340,555  
                   

    Gevo, Inc.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (In thousands)

               
      Three Months Ended March 31, 
      2025   2024
    Non-GAAP Adjusted EBITDA (Consolidated):          
    Loss from operations $ (20,139 )   $ (23,141 )
    Depreciation and amortization   5,622       4,451  
    Stock-based compensation   1,898       4,233  
    Change in fair value of derivative instruments   (2,732 )     —  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (15,351 )   $ (14,457 )
      Three Months Ended March 31, 2025
                           
      Gevo   GevoFuels   GevoRNG   GevoND   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                            
    (Loss) income from operations $ (20,984 )   $ (724 )   $ 469     $ 1,100     $ (20,139 )
    Depreciation and amortization   747       —       1,403       3,472       5,622  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —       —  
    Stock-based compensation   1,937       —       (39 )     —       1,898  
    Change in fair value of derivative instruments   —       —       —       (2,732 )     (2,732 )
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (19,190 )   $ (724 )   $ 2,723     $ 1,840     $ (15,351 )
                                           
      Three Months Ended March 31, 2024
                       
      Gevo   GevoFuels   GevoRNG   Consolidated
    Non-GAAP Adjusted EBITDA (Consolidated):                      
    Loss from operations $ (20,126 )   $ (1,010 )   $ (2,005 )   $ (23,141 )
    Depreciation and amortization   3,077       —       1,374       4,451  
    Allocated intercompany expenses for shared service functions   (890 )     —       890       —  
    Stock-based compensation   4,199       —       34       4,233  
    Non-GAAP adjusted EBITDA (loss) (Consolidated) $ (13,740 )   $ (1,010 )   $ 293     $ (14,457 )
                                   

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance and Strategy
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: authID Reports Financial and Operating Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, May 13, 2025 (GLOBE NEWSWIRE) — authID® (Nasdaq: AUID) (“authID” or the “Company”), a leading provider of biometric identity verification and authentication solutions, today reported financial and operating results for the first quarter ended March 31, 2025.

    First Quarter 2025 vs. First Quarter 2024 Financial Summary

    • Total revenue for the quarter increased to $0.30 million, compared to $0.16 million a year ago.
    • Operating expenses were $4.7 million, compared to $3.3 million a year ago.
    • Net loss was $4.3 million, or $0.40 per share, compared to a loss of $3.1 million, or $0.32 per share a year ago.
    • Adjusted EBITDA Loss of $3.9 million (non-GAAP measure as defined below), compared with $2.4 million a year ago.
    • Gross bARR (Booked Annual Recurring Revenue) of $0.01 million (non-GAAP measure as defined below), compared with $0.10 million a year ago.

    “I’m incredibly excited about authID’s growth prospects in 2025 and beyond,” said Rhon Daguro, authID’s Chief Executive Officer. “We have solidified our foundation to become a leader in the evolving and fast-growing biometric authentication market while making progress on our ambitious 2025 goals. We are continuing to advance our conversations with key enterprise and platform partner prospects in order to achieve our bookings targets and are intensifying our focus on the large enterprise and large channel OEM segments as we move through the second quarter.

    “We recently secured nearly $9 million in capital through two financing rounds to improve our balance sheet, broaden our investor base and provide us with additional expertise and support as we scale our business and invest in new opportunities. Through these efforts we have also created an advisory board comprised of two new expert advisors, Eric Swider and Donald Nitti. Both leaders have extensive experience in different industry and government sectors where authID’s biometric identity solutions can address critical needs.

    “As we move through the year, we continue to expect to close multiple Fortune 500 and multi-national customers in 2025, and we are currently in the late stages of our sales cycle with these potential customers. I’m pleased with our momentum to date and remain confident that we will sign new customers and drive significant growth towards our $18 million bookings target for 2025.”

    Recent Business and Operational Highlights

    • Secured nearly $9 million dollars after expenses from existing and new shareholders through two registered direct offerings, while also creating an advisory board comprised of two new expert advisors, Eric Swider and Donald Nitti.
    • Signed a paid live production trial agreement with a Global Fortune 500 prospect to deliver authID’s solution in a controlled rollout. Upon completion, authID expects to secure a longer-term agreement.
    • Advanced to final stages with a Global Fortune 500 biometric hardware provider to embed authID into a solution offering reusable, interoperable identity credentials for employee workforces.
    • Confirmed as the selected vendor by one of the largest identity fraud platforms and are in the final stages of contract negotiations.
    • Launched efforts into the Public Sector by providing a reuseable identity platform for removing the barriers between siloed systems for government workforces.
    • Began integration with a blockchain-based data privacy and security platform to validate identity of data owners through privacy preserving biometrics which bring authID’s technology into smart cities in South America and India to start.
    • Identified new opportunities in the Indian banking sector with our Indian partner to protect high value transactions and account access with authID’s PrivacyKey technology
    • Successfully delivered a proof of concept and entered into contract negotiations with a Fortune 500 prospect to deliver identity verification and biometric solutions.
    • Named “Best ID Management Platform” Award in 2025 FinTech Breakthrough Awards for the third time. authID was recognized for its groundbreaking biometric identity verification technology, which has set a new standard for precision, speed, and data privacy in the fintech industry, as well as the verification landscape at large.

    Financial Results for the First Quarter Ended March 31, 2025

    Total revenue for the three months ended March 31, 2025 was $0.30 million, compared with $0.16 million a year ago.

    Operating expenses for the three months ended March 31, 2025, were $4.7 million, compared to $3.3 million a year ago. The 2025 increase is primarily due to increased headcount investment in sales and R&D.

    Net loss for the three months ended March 31, 2025 was $4.3 million, of which non-cash charges were $0.5 million, compared with a net loss of $3.1 million a year ago, of which non-cash charges were $0.8 million

    Loss per share for the three months ended March 31, 2025 was $0.40, compared with $0.32 a year ago.

    Adjusted EBITDA loss was $3.9 million for the three months ended March 31, 2024, compared with $2.4 million a year ago. The increase in Adjusted EBITDA loss is primarily driven by the increase in headcount investment in sales and R&D. Please refer to Table 1 for reconciliation of net loss to Adjusted EBITDA (a non-GAAP measure).

    Remaining Performance Obligation (RPO) as of March 31, 2025, was $13.85 million, of which $1.01 million is held as deferred revenue and $12.84 million is related to other non-cancellable contracted amounts, compared to RPO of $4.03 million as of March 31, 2024. The Company expects to recognize the full RPO of $13.85 million over the entire life of the contracts, which are typically signed with a 3-year term.

    The gross amount of Booked Annual Recurring Revenue or bARR, (a non-GAAP measure, as defined below), signed in the first quarter of 2025 was $0.01 million, down from $0.10 million of gross bARR a year ago. The net amount of bARR was negative $0.13 million compared to $0.10 million of net bARR signed in the comparable period in 2024. The Q1 bARR is comprised of $0 million in Committed Annual Recurring Revenue (cARR) and $0.01 million in estimated Usage Above Commitments (UAC).

    The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, due to certain customers experiencing delays in Production Go-Live timing and volume ramping. See below for further definition and explanation of ARR and bARR, non-GAAP measures.

    Conference Call

    A conference call and webcast will be held today at 5.00 p.m. EDT, hosted by authID Chief Executive Officer, Rhon Daguro and Chief Financial Officer, Ed Sellitto to discuss the financial results and provide a corporate update. To participate on the live conference call, please access this registration link and you will be provided with dial-in details. To avoid delays, participants are encouraged to dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast of the call will be available at webcast registration and on the “Events & Presentations” page of the Company’s website at investors.authid.ai. Only participants on the live conference call will be able to ask questions.

    A replay of the event and a copy of the presentation will also be available for 90 days at authID’s Investor Relations site.

    About authID Inc.

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented biometric identity platform. authID powers biometric identity proofing in 700ms, biometric authentication in 25ms, and account recovery with a fast, accurate, user-friendly experience. With our ground-breaking PrivacyKey Solution, authID provides a 1-to-1-billion false match rate, while storing no biometric data. authID stops fraud at onboarding, blocks deepfakes, prevents account takeover, and eliminates password risks and costs, through the fastest, most frictionless, and most accurate user identity experience demanded by today’s digital ecosystem.

    For further information please visit authid.ai

    Investor Relations Contacts
    authID Investor Relations
    investor-relations@authID.ai

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

    Forward-Looking Statements

    This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future results of operations, growth and sales, potential contract signings, booked Annual Recurring Revenue (bARR) (and its components cARR and UAC), Annual Recurring Revenue (ARR), cash flow, cash position and financial position, business strategy, plans and objectives of management for future operations of both authID Inc. and its business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the Company’s ability to attract and retain customers; successful implementation of the services to be provided under new customer contracts and their adoption by customers’ users; the Company’s ability to compete effectively; changes in laws, regulations and practices; the increase in international tariffs and uncertainty over international trading conditions, changes in domestic and international economic and political conditions, the impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2024 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.

    Non-GAAP Financial Information

    The Company provides certain non-GAAP financial measures in this statement. These non-GAAP key business indicators, which include Adjusted EBITDA, bARR and ARR should not be considered replacements for and should be read in conjunction with the GAAP financial measures.

    Management believes that Adjusted EBITDA, when viewed with our results under GAAP and the accompanying reconciliations, provides useful information about our period-over-period results. Adjusted EBITDA is presented because management believes it provides additional information with respect to the performance of our fundamental business activities and is also frequently used by securities analysts, investors, and other interested parties in the evaluation of comparable companies. We also rely on Adjusted EBITDA as a primary measure to review and assess the operating performance of our company and our management.

    Adjusted EBITDA is a non-GAAP financial measure that represents GAAP net loss adjusted to exclude (1) interest expense and debt discount and debt issuance costs amortization expense, (2) interest income, (3) depreciation and amortization, (4) stock-based compensation expense (stock options) and certain other items management believes affect the comparability of operating results.

    Please see Table 1 below for a reconciliation of Adjusted EBITDA – continuing operations to net loss – continuing operations, the most directly comparable financial measure calculated and presented in accordance with GAAP.

     
     TABLE 1
    Reconciliation of Loss from Continuing Operations to Adjusted EBITDA Continuing Operations.
     
      Three Months Ended
    March 31,
      2025   2024
    Loss from continuing operations $ (4,339,467 )   $ (3,057,577 )
                   
    Addback:              
                   
    Interest expense, net   12,712       13,138  
    Other income   (51,544 )     (108,920 )
    Depreciation and amortization   30,192       43,408  
    Stock compensation   454,339       722,971  
    Adjusted EBITDA continuing operations (Non-GAAP)   (3,893,768 )     (2,386,980 )
     

    Management believes that bARR and ARR, when viewed with our results under GAAP, provide useful information about the direction of future growth trends of the Company’s revenues. We also rely on bARR as one of several primary measures to review and assess the sales performance of our Company and our management team in connection with our executive compensation. The Company defines Booked Annual Recurring Revenue or bARR, as the amount of annual recurring revenue represented by the estimated amounts of annual recurring revenue we believe will be earned under such contracted orders, looking out eighteen months from the date of signing of each customer contract. This estimate is comprised of two components (1) Committed Annual Recurring Revenue (cARR), which represents the minimum amounts that customers are contractually committed to pay each year over the life of the contract and (2) Usage Above Commitments (UAC), which represents our estimate of the rate of annual recurring revenue arising from actual usage of our services above the contractual minimums, that we believe the Customer will achieve after 18 months. The net amount of bARR reflects the deduction of the bARR of contracts previously included in reported bARR, which were subject to attrition, or other downward adjustments during the quarter.

    The company defines Annual Recurring Revenue or ARR, as the amount of recurring revenue recognized during the last three months of the relevant period as determined in accordance with GAAP, multiplied by four.

    bARR may be distinguished from ARR, as bARR does not take specifically into account the time to implement any contract for authID’s services, nor for any ramp in adoption, or seasonality of usage of our biometric products but is based on the assumption that 18 months after signing these matters will have been generally resolved. Furthermore, bARR is based on estimates of future revenues under particular contracts, whereas ARR, whilst also forward-looking, is based on historical revenues recognized in accordance with GAAP during the relevant period. A reconciliation of bARR to a GAAP measure is not provided as there is no comparable GAAP measure and we believe that any attempt at such reconciliation may be confusing to investors. bARR and ARR have limitations as analytical tools, and you should not consider them in isolation from, or as a substitute for, analysis of our results as reported under GAAP. Some of these limitations are:

    • bARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as bARR or ARR at any time.
    • bARR and ARR are to be considered “forward-looking statements” and subject to the same risks, as other such statements (see note on “Forward-Looking Statements” above).
     
    authID INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
      Three Months Ended
    March 31,
      2025   2024
    Revenues, net $ 296,256     $ 157,378  
                   
    Operating Expenses:              
    General and administrative   2,645,700       2,062,361  
    Research and development   1,998,663       1,204,968  
    Depreciation amortization   30,192       43,408  
    Total operating expenses   4,674,555       3,310,737  
                   
    Loss from operations   (4,378,299 )     (3,153,359 )
                   
    Other Income (Expense):              
    Interest expense, net   (12,712 )     (13,138 )
    Other income   51,544       108,920  
    Other income (expense), net   38,832       95,782  
                   
    Net loss before income taxes   (4,339,467 )     (3,057,577 )
    Income tax expense   –       –  
    Net Loss $ (4,339,467 )   $ (3,057,577 )
                   
                   
    Net Loss Per Share – Basic and Diluted operations $ (0.40 )   $ (0.32 )
                   
    Weighted Average Shares Outstanding – Basic and Diluted   10,920,909       9,450,220  
     
    authID INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
     
        March 31,
    2025    		       December 31,
    2024    		  
    ASSETS   (Unaudited)          
    Current Assets:              
    Cash $ 2,866,347     $ 8,471,561  
    Accounts receivable, net   1,028,564       97,897  
    Contract assets   487,551       426,859  
    Deferred contract costs   595,359       617,918  
    Other current assets, net   623,475       460,192  
    Total current assets   5,601,296       10,074,427  
                   
    Intangible assets, net   185,226       213,718  
    Goodwill   4,183,232       4,183,232  
    Total assets $ 9,969,754     $ 14,471,377  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Current Liabilities:              
    Accounts payable and accrued expenses $ 811,934     $ 1,715,410  
    Commission liability   191,519       459,657  
    Severance liability   325,000       325,000  
    Convertible debt, net   –       240,884  
    Deferred revenue   1,011,448       215,237  
    Total current liabilities   2,339,901       2,956,188  
                   
    Total liabilities $ 2,339,901     $ 2,956,188  
                   
    Commitments and Contingencies (Note 8)              
                   
    Stockholders’ Equity:              
    Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 10,920,909 shares issued and outstanding as of March 31, 2025 and December 31, 2024   1,092       1,092  
    Additional paid-in capital   185,766,847       185,312,508  
    Accumulated deficit   (178,147,996 )     (173,808,529 )
    Accumulated comprehensive income   9,910       10,118  
    Total stockholders’ equity   7,629,853       11,515,189  
    Total liabilities and stockholders’ equity $ 9,969,754     $ 14,471,377  
     
    authID INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    March 31,
      2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES:              
                   
    Net loss $ (4,339,467 )   $ (3,057,577 )
    Adjustments to reconcile net loss with cash flows from operations:              
    Stock-based compensation   454,339       722,971  
    Depreciation and amortization expense   30,192       43,408  
    Amortization of debt discounts and issuance costs   4,116       4,115  
                   
    Changes in operating assets and liabilities:              
    Accounts receivable   (930,667 )     (237,506 )
    Contract assets   (60,692 )     (49,713 )
    Deferred contract cost   22,559       (3,417 )
    Other current assets   (163,283 )     (9,521 )
    Commission liability   (268,138 )     (40,950 )
    Accounts payable and accrued expenses   (903,476 )     (495,357 )
    Deferred revenue   796,211       176,019  
    Net cash flows from operating activities   (5,358,306 )     (2,947,528 )
                   
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Purchase of intangible assets   (1,700 )     –  
    Net cash flows from investing activities   (1,700 )     –  
                   
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Repayment of convertible notes   (245,000 )     –  
    Net cash flows from financing activities   (245,000 )     –  
                   
    Effect of Foreign Currencies   (208 )     (3,359 )
                   
    Net Change in Cash   (5,605,214 )     (2,950,887 )
    Cash, Beginning of the Period   8,471,561       10,177,099  
    Cash, End of the Period $ 2,866,347     $ 7,226,212  
                   
    Supplemental Disclosure of Cash Flow Information:              
    Cash paid for interest $ 13,137     $ 9,023  

    The MIL Network –

  • MIL-OSI: Urgently Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., May 13, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today reported financial results for the first quarter ended March 31, 2025.

    “I am pleased with our solid start to the year, as we delivered revenue in line with our expectations and record gross margin of 26%. In addition, we achieved GAAP operating loss improvement of 71% and non-GAAP operating loss improvement of 93%, or $0.4 million, which was ahead of our guidance for non-GAAP operating loss of $1.0 million. By almost all key measures, we delivered our best quarter as a public company, and I am proud of the tireless effort across the organization to achieve these results. As we look ahead to the balance of the year, we expect to deliver positive sequential revenue growth during the third quarter, sustain our non-GAAP operating break-even and move closer to positive cash flow,” said Matt Booth, CEO of Urgently.

    First Quarter 2025 Updates:

    • Revenue of $31.3 million, a decrease of 22% year over year.
    • Gross profit of $8.0 million, a decrease of 15% year over year.
    • Gross margin of 26% compared to 23% in the prior year period.
    • GAAP operating expenses of $10.4 million, an improvement of 41%, compared to $17.7 million in the prior year period.
    • Non-GAAP operating expenses of $8.4 million, an improvement of 42%, compared to $14.5 million in the prior year period.
    • GAAP operating loss of $2.4 million compared to $8.3 million in the prior year period, an improvement of 71%.
    • Non-GAAP operating loss of $0.4 million, an improvement of 93%, compared to $5.1 million in the prior year period.
    • Approximately 189,000 dispatches completed.
    • Consumer satisfaction score of 4.6 out of 5 stars.

    Earnings Conference Call

    Urgently will host a conference call to discuss the first quarter 2025 financial results on May 13, 2025 at 5:00 p.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-317-6789 (USA) or 1-412-317-6789 (International). The replay will be available via webcast through Urgently’s Investor Relations website at https://investors.geturgently.com.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Non-GAAP Financial Measures

    In addition to our financial information presented in accordance with GAAP, we believe Non-GAAP Operating Expenses and Non-GAAP Operating Loss are useful to investors in evaluating our operating performance. We use the non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that the non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. The non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, which could reduce the usefulness of the non-GAAP financial measures presented herein as a tool for comparison.

    A reconciliation is provided below for each of the non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to our most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. We define Non-GAAP Operating Expenses as operating expenses, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs. We define Non-GAAP Operating Loss as operating loss, excluding depreciation and amortization expense, stock-based compensation expense, and non-recurring charges (or income) such as transaction and restructuring costs.

    For a discussion of Non-GAAP Operating Expenses and Non-GAAP Operating Loss, please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Urgently’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the Securities and Exchange Commission (the “SEC”) by May 15, 2025.

    Forward Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s expected revenue growth, cash flow and non-GAAP operating loss break-even, and any assumptions underlying any of the foregoing, are forward-looking statements.

    There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with our ability to raise funds through future financings and the sufficiency of our cash and cash equivalents to meet our liquidity needs; our history of losses; our limited operating history; our ability to service our debt, comply with our debt agreements and refinance our obligations under such agreements, including by successfully deploying the capital from the new credit facility and repaying our new and existing debt facilities; our ability to retain customers and expand existing customers’ use of our platform; our ability to attract new customers; our ability to expand into new solutions, technologies and geographic regions; our ability to adequately forecast consumer demand and optimize our network of service providers; our ability to compete in the markets in which we participate; our ability to comply with laws and regulations applicable to our business; our ability to continue as a going concern; our ability to develop and maintain an effective system of internal controls and procedures and accurately report our financial results in a timely manner; our ability to maintain the listing of our common stock on the Nasdaq Stock Market LLC; and expectations regarding the impact of weather events, natural disasters or health epidemics, including the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including in our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 14, 2025, as amended by our annual report on Form 10-K/A, which was filed with the SEC on April 17, 2025, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

    Consolidated Balance Sheets
    (in thousands)
    (unaudited)

        March 31, 2025     December 31, 2024  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 6,410     $ 14,179  
    Accounts receivable, net     23,506       22,890  
    Prepaid expenses and other current assets     2,900       3,687  
    Total current assets     32,816       40,756  
    Right-of-use assets     681       810  
    Property, equipment and software, net     1,529       1,577  
    Capitalized software costs, net     5,291       4,637  
    Intangible assets, net     4,006       4,396  
    Other non-current assets     2,109       1,895  
    Total assets   $ 46,432     $ 54,071  
                 
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 3,160     $ 2,900  
    Accrued expenses and other current liabilities     15,783       19,991  
    Current lease liabilities     371       446  
    Current portion of long-term debt, net     13,198       14,257  
    Total current liabilities     32,512       37,594  
    Long-term lease liabilities     406       466  
    Long-term debt, net     40,381       39,883  
    Derivative liability     471       —  
    Other long-term liabilities     8,740       7,798  
    Total liabilities     82,510       85,741  
    Stockholders’ deficit:            
    Common stock     1       1  
    Additional paid-in capital     168,201       167,125  
    Accumulated deficit     (204,280 )     (198,796 )
    Total stockholders’ deficit     (36,078 )     (31,670 )
    Total liabilities and stockholders’ deficit   $ 46,432     $ 54,071  

    Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)

        Three Months Ended March 31,  
        2025     2024  
    Revenue   $ 31,272     $ 40,092  
    Cost of revenue     23,283       30,741  
    Gross profit     7,989       9,351  
    Operating expenses:            
    Research and development     1,968       4,243  
    Sales and marketing     703       2,019  
    Operations and support     2,411       4,321  
    General and administrative     4,368       6,014  
    Depreciation and amortization     986       1,102  
    Total operating expenses     10,436       17,699  
    Operating loss     (2,447 )     (8,348 )
    Other income (expense), net:            
    Interest expense, net     (3,277 )     (3,789 )
    Change in fair value of derivative liability     37       —  
    Change in fair value of accrued purchase consideration     77       821  
    Loss on debt extinguishment     —       (1,405 )
    Income from equity method investment     150       —  
    Other expense, net     (5 )     (255 )
    Total other expense, net     (3,018 )     (4,628 )
    Loss before income taxes     (5,465 )     (12,976 )
    Provision for income taxes     19       39  
    Net loss   $ (5,484 )   $ (13,015 )
                 
    Loss per share, basic and diluted   $ (4.69 )   $ (11.69 )

    Non-GAAP Financial Measures
    (in thousands)
    (unaudited)

    Reconciliation of Operating Expenses to Non-GAAP Operating Expenses

        Three Months Ended March 31,  
        2025     2024  
    Operating expenses   $ 10,436     $ 17,699  
    Less: Depreciation and amortization expense     (986 )     (1,102 )
    Less: Stock-based compensation expense     (538 )     (718 )
    Less: Non-recurring transaction costs     (375 )     (726 )
    Less: Restructuring costs     (174 )     (699 )
    Non-GAAP operating expenses   $ 8,363     $ 14,454  
     

    Reconciliation of Operating Loss to Non-GAAP Operating Loss

        Three Months Ended March 31,  
        2025     2024  
    Operating loss   $ (2,447 )   $ (8,348 )
    Add: Depreciation and amortization expense     986       1,102  
    Add: Stock-based compensation expense     538       718  
    Add: Non-recurring transaction costs     375       726  
    Add: Restructuring costs     174       699  
    Non-GAAP operating loss   $ (374 )   $ (5,103 )

    The MIL Network –

  • MIL-OSI: Waldencast Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Q1 Net Revenue of $65.4 million, (4.1)% decline from Q1 2024
    76.4% Adjusted Gross Margin, an improvement of 10 basis points
    $4.4 million of Adjusted EBITDA

    LONDON, May 13, 2025 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), a global multi-brand beauty and wellness platform, today reported operating results for the three months ended March 31, 2025 (“Q1 2025”) on Form 6-K to the U.S. Securities and Exchange Commission (the “SEC”), which are also available on our investor relations site at http://ir.waldencast.com/.

    Michel Brousset, Waldencast Founder and CEO, said: “As anticipated, in Q1 2025, Milk Makeup results were impacted by the cycling of the very successful launch of Jellies in Q1 2024, as well as the significant inventory reduction at the retail level versus a year ago.”

    “Despite a broader slowdown in the prestige beauty category in the U.S., Milk Makeup ended the quarter on a very strong note, fueled by the highly successful launch of Hydro Grip Gel Tint, which sold out shortly after release. We are also very pleased with the brand’s entry into Ulta Beauty, with retail sales beginning in late February. Both initiatives exceeded expectations and contributed to the brand’s high single-digit growth in U.S. retail sales. This solid domestic performance was offset by the contraction of international sales, which faced a difficult comparison against last year’s Q1 distribution expansion, as well as inventory reduction by retail partners. In Q1, Milk Makeup partnered with Nike Running in North America for the Nike After Dark Tour in Los Angeles, bringing sport and self-expression together to keep expanding reach and deepen community engagement.”

    “The Obagi Medical brand delivered a solid performance in the first quarter, although out of stocks in some key SKUs dampened volume growth. We are accelerating ongoing efforts to transform our supply chain—consolidating third party logistics partners and enhancing operational capabilities—to improve fulfillment, increase reliability, and support long-term, scalable growth.”

    “Despite a difficult quarter, we continue to increase our investments in marketing, up in the high teens, to fuel brand equity and set a strong foundation for delivering our long-term ambitions, starting with our 2025 objectives.”

    “We are confident in our ability to deliver a stronger performance throughout the remainder of the year, beginning in Q2. Key drivers include a robust pipeline of breakthrough innovation at both Milk Makeup and Obagi Medical, combined with restocking of Hydro Grip Gel Tint which is expected to fuel continued consumer demand. We also anticipate a meaningful uplift in Milk Makeup volumes from the successful Ulta Beauty launch. Additionally, ongoing improvements from Obagi Medical’s supply chain restructuring are expected to enhance fulfillment rates and operational resilience,” concluded Mr. Brousset.

    Q1 2025 Results Overview

    Please refer to the definitions and reconciliations set out further in this release with respect to certain adjusted non-GAAP measures discussed below which are included to provide an easier understanding of the underlying performance of the business, but should not be seen as a substitute for the U.S. GAAP numbers presented in this release.

    For the three months ended March 31, 2025 compared to the three months ended March 31, 2024:

    Net Revenue decreased 4.1% year-over-year to $65.4 million.

    Gross Profit was $47.2 million, while Adjusted Gross Profit totaled $50.0 million, or 76.4% of net revenue, an expansion of 10 basis points compared to the prior year.

    Net Loss for Q1 2025 was $20.7 million primarily driven by Depreciation and Financial charges. Non-recurring legal and advisory expenses totaled $1.5 million, continuing their decline from prior quarter.

    Adjusted EBITDA was $4.4 million, or 6.7% of net revenue. The year-over-year decline reflects sustained investments in sales and marketing, and G&A deleverage stemming from lower revenue.

    Liquidity: As previously announced, during Q1, Waldencast secured a new $205 million five-year credit facility, comprising a $175 million term loan and a $30 million revolving credit facility (“RCF”). This refinancing replaces the previous bank loans, enhances financial flexibility, and extends the Company’s debt maturity profile to March 2030, supporting long-term strategic priorities.

    As of March 31, 2025, the Company held $10.8 million in cash and cash equivalents, $172.1 million in net debt, and approximately $22.5 million in available capacity under the RCF. The increase in net debt during the quarter is primarily due to refinancing-related costs. Cash consumption reflects lower Adjusted EBITDA and an inventory build-up to support expected sales growth in future quarters.

    Outstanding Shares: As of April 30, 2025, we had 123,011,239 ordinary shares outstanding, consisting of 112,644,711 Class A shares and 10,366,528 Class B shares. As of December 31, 2024, we had 122,692,968 ordinary shares outstanding, consisting of 112,026,440 Class A shares and 10,666,528 Class B shares.

                           
    (In $ millions, except for percentages)   Q1 2025   % Sales   % Growth     Q1 2024   % Sales
    Waldencast                      
    Net Revenue   65.4   100.0%   (4.1)%     68.3   100.0%
    Adjusted Gross Profit   50.0   76.4%   (4.0)%     52.1   76.3%
    Adjusted EBITDA   4.4   6.7%   (61.5)%     11.4   16.6%
                           
    Obagi Medical                      
    Net Revenue   36.2   100.0%   7.1%     33.8   100.0%
    Adjusted Gross Profit   29.7   82.0%   7.9%     27.5   81.4%
    Adjusted EBITDA   5.9   16.3%   (12.5)%     6.7   20.0%
                           
    Milk Makeup                      
    Net Revenue   29.3   100.0%   (15.1)%     34.5   100.0%
    Adjusted Gross Profit   20.4   69.5%   (17.3)%     24.6   71.3%
    Adjusted EBITDA   4.4   14.9%   (56.4)%     10.0   29.1%
                           

    First Quarter 2025 Brand Highlights:

    Obagi Medical:

    • Net Revenue reached $36.2 million, up 7.1% from $33.8 million in Q1 2024.
    • Growth was fueled by continued strength in the direct-to-consumer channels. The benefits from transitioning to a first-party model with our primary e-commerce distributor have now fully annualized.
    • The Physician Dispense channel declined in the quarter, largely due to ongoing supply chain restructuring and temporary inventory constraints affecting key products, which limited sales during the quarter.
    • Adjusted Gross Margin of 82.0% increased 60 basis points from Q1 2024, supported by a favorable channel mix and lower promotional activity.
    • Adjusted EBITDA was $5.9 million, down 12.5% compared to Q1 2024. The Adjusted EBITDA margin declined by 370 basis points year-over-year to 16.3%, primarily due to higher marketing investments and increased supply chain costs aimed at supporting future growth.

    Milk Makeup:

    • As anticipated, Milk Makeup’s Net Revenue declined in the quarter. Net Revenue was $29.3 million, down 15.1% versus $34.5 million in Q1 2024. This result was a combination of cycling a very successful launch of Jellies in Q1 2024 and a significant reduction of retail inventory levels quarter-over-quarter.
    • Sales momentum accelerated in March, driven by the successful strategic launch of Hydro Grip Gel Tint, which significantly exceeded expectations and led to out of stocks.
    • The brand also expanded into Ulta Beauty during the quarter, with strong initial sell-out contributing to high single-digit growth in U.S. retail sales.
    • Adjusted Gross Margin declined by 180 basis points versus Q1 2024, mostly impacted by set-up costs for new retailers.
    • Adjusted EBITDA was $4.4 million, with an Adjusted EBITDA margin of 14.9%. The margin contraction was primarily driven by increased marketing investments and G&A deleverage resulting from lower sales.

    Fiscal 2025 Outlook:

    While mindful of the broader macroeconomic environment and assuming no further material changes to current tariffs, including the latest updates on China, we remain confident that our strategic initiatives position us well to deliver on our full-year guidance of mid-teens net revenue growth and an adjusted EBITDA margin in the mid-to-high teens.

    Given our high gross margin business model and limited reliance on Asian sourcing, we expect a limited increase in cost of goods with any necessary price adjustments (likely in the low-to-mid single digits) to offset the announced tariff scenario.

    Conference Call and Webcast Information

    Waldencast will host a conference call to discuss its first quarter results on Wednesday, May 14, 2025, at 8:30 AM EDT for the period ended March 31, 2025. Those interested in participating in the conference call are invited to dial (877) 704-4453. International callers may dial (201) 389-0920. A live webcast of the conference call will include a slide presentation and will be available online at https://ir.waldencast.com/. A replay of the webcast will remain available on the website until our next conference call. The information accessible on, or through, our website is not incorporated by reference into this release.

    Non-GAAP Financial Measures

    In addition to the financial measures presented in this release in accordance with U.S. GAAP, Waldencast separately reports financial results on the basis of the measures set out and defined below which are non-GAAP financial measures. Waldencast believes the non-GAAP measures used in this release provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Waldencast believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures also provide perspective on how Waldencast’s management evaluates and monitors the performance of the business.

    There are limitations to non-GAAP financial measures because they exclude charges and credits that are required to be included in GAAP financial presentation. The items excluded from GAAP financial measures such as net income/loss to arrive at non-GAAP financial measures are significant components for understanding and assessing our financial performance. Non-GAAP financial measures should be considered together with, and not alternatives to, financial measures prepared in accordance with GAAP.

    Please refer to definitions set out in the release and the tables included in this release for a reconciliation of these metrics to the most directly comparable GAAP financial measures.

    Adjusted Gross Profit is defined as GAAP gross profit excluding the impact of amortization of the supply agreement and formulation intangible assets, and the amortization of the fair value of the related party liability from the Obagi Medical China Business, which was not acquired by Waldencast at the time of the business combination with Obagi Medical and Milk Makeup (the “Business Combination”). The Adjusted Gross Profit reconciliation by Segment for each period is included in the Appendix.

    Adjusted Gross Margin is defined as Adjusted Gross Profit divided by GAAP Net Revenue.

    Adjusted EBITDA is defined as GAAP net income (loss) before interest income or expense, income tax (benefit) expense, depreciation and amortization, and further adjusted for the items as described in the reconciliation below. We believe this information will be useful for investors to facilitate comparisons of our operating performance and better identify trends in our business. Adjusted EBITDA excludes certain expenses that are required to be presented in accordance with GAAP because management believes they are non-core to our regular business. These include non-cash expenses, such as depreciation and amortization, stock-based compensation, the amortization and release of fair value of the related party liability to the Obagi Medical China Business, change in fair value of assets and liabilities, and foreign currency translation loss (gain). In addition, adjustments include expenses that are not related to our underlying business performance including (1) legal, advisory and consultant fees related to the financial restatement of previously issued financial statements and associated regulatory investigation, and (2) other non-recurring costs, primarily legal settlement costs and restructuring costs. The Adjusted EBITDA by Segment for each period is included in the Appendix.

    Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue. The Adjusted EBITDA Margin reconciliation by Segment for each period is included in the Appendix.

             
    (In thousands, except for percentages)   Three Months
    Ended March 31,
    2025    		   Three Months
    Ended March 31,
    2024
    Net Loss   $ (20,735 )   $ (3,894 )
    Adjusted For:        
    Depreciation and amortization     14,998       14,884  
    Interest expense, net     6,384       4,293  
    Income tax expense (benefit)     1,398       (685 )
    Stock-based compensation expense     2,368       1,059  
    Legal and advisory non-recurring costs(1)     1,474       7,924  
    Change in fair value of assets and liabilities     (1,167 )     (12,160 )
    Amortization and release of related party liability(2)     —       (316 )
    Other costs(3)     (353 )     246  
    Adjusted EBITDA   $ 4,366     $ 11,351  
    Net Revenue   $ 65,442     $ 68,272  
    Net Loss % of Net Revenue   (31.7 )%   (5.7 )%
    Adjusted EBITDA Margin     6.7 %     16.6 %
    (1)   Includes mainly legal, advisory and consultant fees related to the financial restatement of the 2020-2022 periods and associated regulatory investigation, and the Business Combination.
    (2)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (3)   Other costs include legal settlements, foreign currency translation losses and (gains), and restructuring costs.
         

    Net Debt Position is defined as the principal outstanding for the 2022 term loan and 2022 revolving credit facility minus the cash and cash equivalents as of March 31, 2025.

         
    (In thousands)   Reconciliation of
    Net Carrying
    Amount of debt to
    Net Debt
    Current portion of long-term debt   $ 7,740  
    Long-term debt     164,694  
    Net carrying amount of debt     172,434  
    Adjustments:    
    Add: Unamortized debt issuance costs     10,401  
    Less: Cash & cash equivalents     (10,782 )
    Net Debt   $ 172,053  
             

    About Waldencast plc

    Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the Business Combination. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com.

    Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of over 35 years’ experience. First known as leaders in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand’s website at www.obagi.com.

    Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature “Live Your Look”, its innovative formulas, and clean ingredients. The brand creates vegan, cruelty-free, clean formulas and has its Milk Makeup HQ in Downtown NYC. Currently, Milk Makeup offers over 250 products through its U.S. website www.MilkMakeup.com, and retail partners including Sephora globally, Ulta Beauty in the U.S., Lyko in Scandinavia, Space NK and Boots in the United Kingdom and many more.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about: Waldencast’s outlook and guidance for 2025; our ability to deliver financial results in line with expectations; expectations regarding sales, earnings or other future financial performance and liquidity or other performance measures; our long-term strategy and future operations or operating results; expectations with respect to our industry and the markets in which it operates; future product introductions; developments relating to the ongoing investigation and legal proceedings; and any assumptions underlying any of the foregoing. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements.

    These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including, among others: (i) the impact of the material weaknesses in our internal control over financial reporting, including associated investigations, our efforts to remediate such material weakness and the timing of remediation and resolution of associated investigations; (ii) our ability to recognize the anticipated benefits from any acquired business, including the Business Combination; (iii) our ability to successfully implement our management’s plans and strategies; (iv) the overall economic and market conditions, sales forecasts and other information about our possible or assumed future results of operations or our performance; (v) the general impact of geopolitical events, including the impact of current wars, conflicts or other hostilities; (vi) the potential for delisting, legal proceedings or existing or new government investigation or enforcement actions, including those relating to the restatement or the subject of the Audit Committee of our Board of Directors’ review further described in our annual report filed on Form 20-F for the year ended December 31, 2022; (vii) our ability to manage expenses, our liquidity and our investments in working capital; (viii) any failure to obtain governmental and regulatory approvals related to our business and products; (ix) the impact of any international trade or foreign exchange restrictions, increased tariffs, foreign currency exchange fluctuations; (x) our ability to raise additional capital or complete desired acquisitions; (xi) our ability to comply with financial covenants imposed by the new 2025 credit agreement we entered into referenced in the section entitled “Liquidity” above and the impact of debt service obligations and restricted debt covenants; (xii) volatility of Waldencast’s securities due to a variety of factors, including Waldencast’s inability to implement its business plans or meet or exceed its financial projections and changes; (xiii) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; (xiv) the ability of Waldencast to implement its strategic initiatives and continue to innovate Obagi Medical’s and Milk Makeup’s existing products and anticipate and respond to market trends and changes in consumer preferences; (xv) any shifts in the preferences of consumers as to where and how they shop; (xvi) the impact of any unfavorable publicity on our business or products; (xvii) changes in future exchange or interest rates or credit ratings; (xviii) changes in, and uncertainty with respect to, laws, regulations, and policies, including as a result of the change in the U.S. administration; and (xix) social, political and economic conditions. These and other risks, assumptions and uncertainties are more fully described in the Risk Factors section of our 2024 20-F (File No. 01-40207), filed with the SEC on March 20, 2025, and in our other documents that we file or furnish with the SEC, which you are encouraged to read.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

    Contacts:

    Investors
    ICR
    Allison Malkin
    waldencastir@icrinc.com

    Media
    ICR
    Brittney Fraser/Alecia Pulman
    waldencast@icrinc.com

    Appendix

    Adjusted Gross Profit

         
        Group
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 65,442     $ 68,271  
    Gross Profit     47,205       49,580  
    Gross Profit Margin     72.1 %     72.6 %
    Gross Margin Adjustments:        
    Amortization of the fair value of the related party liability(1)     —       (316 )
    Amortization impact of intangible assets(2)     2,801       2,801  
    Adjusted Gross Profit   $ 50,006     $ 52,065  
    Adjusted Gross Margin %     76.4 %     76.3 %
    (1)   Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination.
    (2)   The supply agreement and formulations intangible assets are amortized to cost of goods sold.
         
        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Gross Profit     26,851       24,989       20,354       24,597  
    Gross Profit Margin     74.2 %     74.0 %     69.5 %     71.3 %
    Gross Margin Adjustments:                
    Amortization of the fair value of the related party liability     —       (316 )     —       —  
    Amortization impact of intangible assets     2,801       2,801       —       —  
    Adjusted Gross Profit   $ 29,652     $ 27,474     $ 20,354     $ 24,597  
    Adjusted Gross Margin %     82.0 %     81.4 %     69.5 %     71.3 %
                                     

    Adjusted EBITDA Margin by Segment

        Obagi Medical   Milk Makeup
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024    		   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (9,056 )   $ (5,761 )   $ (1,004 )   $ 5,340  
    Adjusted For:                
    Depreciation and amortization     10,420       10,395       4,578       4,489  
    Interest expense (income), net     3,385       3,187       (3 )     (55 )
    Income tax expense (benefit)     1,369       (687 )     25       —  
    Stock-based compensation expense     (526 )     (781 )     568       357  
    Legal and advisory non-recurring costs     189       467       —       —  
    Change in fair value of assets and liabilities     14       —       —       —  
    Amortization and release of related party liability     —       (316 )     —       —  
    Other costs     104       239       206       (105 )
    Adjusted EBITDA   $ 5,900     $ 6,743     $ 4,370     $ 10,026  
    Net Revenue   $ 36,166     $ 33,768     $ 29,276     $ 34,503  
    Net Loss % of Net Revenue   (25.0 )%   (17.1 )%   (3.4 )%     15.5 %
    Adjusted EBITDA Margin     16.3 %     20.0 %     14.9 %     29.1 %
        Central costs
    (In thousands, except for percentages)   Three months
    ended March 31,
    2025    		   Three months
    ended March 31,
    2024
    Net Loss   $ (10,676 )   $ (3,472 )
    Adjusted For:        
    Interest expense, net     3,002       1,160  
    Income tax expense     3       2  
    Stock-based compensation expense     2,326       1,482  
    Legal and advisory non-recurring costs     1,285       7,457  
    Change in fair value of assets and liabilities     (1,181 )     (12,160 )
    Other costs     (664 )     112  
    Adjusted EBITDA   $ (5,904 )   $ (5,419 )
    Net Revenue   $ —     $ —  
    Net Loss % of Net Revenue   N/A     N/A  
    Adjusted EBITDA Margin   N/A     N/A  
                 

    The MIL Network –

  • MIL-OSI Security: Praetorian Shield and Two Individuals Agree to Pay $221,000 to Resolve False Claims Act Allegations Connected to Fraudulently Obtained Small Business Contracts and Kickbacks

    Source: United States Attorneys General

    Praetorian Shield Inc., formerly a Delaware company, and Grady Baker, and his wife Ranya, have agreed to pay the United States $221,000 to settle allegations that they violated the False Claims Act by fraudulently obtaining small business set-aside contracts.

    This settlement further resolves allegations that Praetorian and the Bakers violated the Anti-Kickback Act. The settlement is based on Praetorian Shields’ and the Bakers’ financial condition and ability to pay.

    “The Bakers’ conduct in fraudulently obtaining government small business contracts thwarts the purpose of the small business program, which is meant to support small and disadvantaged businesses, and deprives legitimate businesses of opportunities intended by Congress” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “This settlement demonstrates our office’s commitment to protecting the integrity of the federal contracting programs and to holding accountable those who seek to gain an unfair advantage through deception.”

    The settlement resolves allegations that between 2016 and 2023, Praetorian and the Bakers falsely represented that Praetorian was a Woman-Owned Small Business (WOSB) and a Service-Disabled Veteran Owned Small Business (SDVOSB). They made these false claims to obtain small business set-aside contracts awards from the Department of Homeland Security (DHS) for security services at federal buildings.

    Praetorian was a purported small business subcontractor to Paragon Systems Inc. (Paragon), one of the federal government’s largest security guard providers at federal buildings throughout the U.S. The U.S. alleged that Paragon, acting through former high-ranking corporate executives, knowingly engaged in a fraudulent scheme to use purported small businesses that it controlled, such as Praetorian, to obtain DHS set-aside contracts for which Paragon was itself ineligible.

    Grady Baker, who served as Paragon’s vice president of operations, allegedly instructed Ranya Baker to incorporate Praetorian using her middle and maiden names. Ranya Baker did not typically use her middle or maiden names for business or personal purposes. The Bakers controlled Praetorian, along with other high-level Paragon executives, and Grady Baker served as Praetorian’s de facto director of operations.

    Through Grady Baker and other Paragon executives’ operational control, the Bakers and Praetorian knew that Praetorian was not an eligible small business. But they forged forward with devising the scheme to obtain DHS small business contracts for Paragon.

    This settlement also resolves allegations that Praetorian and the Bakers provided more than $188,000 in kickbacks to Paragon executives and that Ms. Baker received $98,000 in kickbacks from another Paragon subcontractor, Patronus Systems Inc.

    In November 2024, the United States resolved related civil claims against Paragon, recovering $52 million. Additionally, another purported small business, Athena Services International LLC (ASI), and its joint venture with Paragon, Athena Joint Venture Services LLC (AJVS) — along with their owner, Alisa Silverman — previously agreed to pay more than $1.6 million to resolve their liability in connection with the alleged Paragon small business contracting fraud scheme.

    This settlement is the result of a coordinated effort between the Civil Division’s Fraud Section, U.S. Attorney’s Office for the District of Maryland, and DHS-OIG.  U.S. Attorney Hayes commended Assistant U.S. Attorney Sarah Marquardt and Senior Trial Counsel A. Thomas Morris, Civil Division, Commercial Litigation Branch, Fraud Section, who handled this matter.

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

    MIL Security OSI –

  • MIL-OSI USA: News 05/13/2025 Blackburn, Luján Introduce Bill to Ensure U.S. Remains the World Leader in Quantum

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Ben Ray Luján (D-N.M.) introduced the Quantum Leadership in Emerging Applications and Policy (LEAP) Act which will ensure the United States remains the world leader in quantum by establishing a legislative commission to tackle the issues facing American ingenuity:
    “The United States cannot afford to fall behind to adversaries like Communist China when it comes to quantum information science and technology as global competition accelerates,” said Senator Blackburn. “The Quantum LEAP Act would establish a much-needed, expert-driven commission to equip Congress with the insights necessary to protect our national interests by keeping the United States the world leader in quantum technology. We can’t let the Chinese Communist Party take the lead.”
    “I am proud to introduce bipartisan legislation to help ensure the U.S. stays competitive in quantum science and engineering, which is crucial for national security and technological advancements,” said Senator Luján. “This legislation would create a commission to analyze and offer policy recommendations on emerging quantum sciences and technologies to Congress. New Mexico is a leader in U.S. quantum research, and this legislation will help drive innovation and economic growth in our state.”
    BACKGROUND
    Quantum information science and technology represent a technological frontier that has the potential to revolutionize computing, cybersecurity, materials science, and communications.
    U.S. leadership in quantum is more important than ever as global competition accelerates from adversaries like China. 
    The U.S. faces numerous challenges to win the quantum race, including fragmented efforts across agencies, a lack of cohesive policy direction, underdeveloped commercial pathways, and a shortage of skilled workforce. 
    Earlier this year, Senate Commerce Committee Chairman Ted Cruz (R-Texas) recognized Senator Blackburn for her leadership on advancing a reauthorization of quantum computing research programs to drive innovation, protect the nation, and create new industries.
    QUANTUM LEAP ACT
    The Quantum LEAP Act would:
    Establish a bipartisan legislative commission composed of 12 members, including both Congressional and private sector experts;
    Require an evaluation of quantum information science development needs across national security, economic competitiveness, supply chains, public-private partnerships, workforce development, and commercialization;
    Require collaboration with federal agencies such as the Departments of Commerce, Energy, Defense, National Institute of Standards and Technology, National Science Foundation, and the National Quantum Coordination Office; and
    Mandate a report to Congress within two years on legislative recommendations.
    ENDORSEMENTS
    This legislation is supported by EPB of Chattanooga, Quantinuum, IBM Quantum, the Quantum Industry Coalition, D-Wave, and the Hudson Institute Quantum Alliance Initiative.
    “EPB of Chattanooga strongly supports the creation of the Commission on American Quantum Information Science. In a city that’s already laying the groundwork for the emergence of the quantum industry by utilizing our fiber optic infrastructure to support collaborative efforts to commercialize quantum technology, we see this Commission as a vital step in aligning national policy with the rapid pace of technological development. A legislative voice will complement the work of the Quantum Advisory Council and help ensure that communities like ours will have a seat at the table as the U.S. charts its quantum future,” said David Wade, CEO of EPB of Chattanooga.
    “Quantinuum strongly supports the bipartisan Quantum LEAP Act. This landmark legislation affirms the strategic importance of quantum technologies to our national and economic security. We commend Senators Blackburn and Luján for their leadership in establishing a Commission that will unite experts across sectors to ensure U.S. leadership in this critical frontier,” said Dr. Rajeeb Hazra, President & CEO of Quantinuum.
    “The Commission on American Quantum Information Science will give Congress expert, nonpartisan guidance on this critical technology. Complementing the Executive Branch’s advisory efforts will strengthen our national approach to quantum innovation, workforce development, and international collaboration, ensuring U.S. leadership and security while developing quantum technology. We commend Senators Blackburn and Luján for their leadership in introducing this important legislation,” said Jay Gambetta, Vice President of IBM Quantum.
    “Quantum information science has profound potential for the national security and economy of the United States and requires a strategic approach.  The Quantum Industry Coalition commends Sen. Blackburn and Sen. Lujan for addressing this issue and looks forward to working with them to advance this important legislation this year,” said Paul Stimers, Executive Director of the Quantum Industry Coalition.
    RELATED
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Young Introduce Bipartisan Bill to Expedite Access to Innovative Medical Technologies

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Young Introduce Bipartisan Bill to Expedite Access to Innovative Medical Technologies

    WASHINGTON, D.C. — U.S. Senators Alex Padilla (D-Calif.) and Todd Young (R-Ind.) introduced the Ensuring Patient Access to Critical Breakthrough Products Act, bipartisan legislation that would enable millions of older Americans to receive quicker access to life-changing medical innovations.

    Currently, seniors wait an estimated 5.7 years from when the Food and Drug Administration (FDA) authorizes a breakthrough technology until Medicare covers the technology. The legislation would create a faster pathway for the Centers for Medicare & Medicaid Services (CMS) to provide transitional coverage for certain new and emerging medical device innovations to Medicare beneficiaries.

    “Timely access to lifesaving breakthrough medical advancements protects millions of patients in need,” said Senator Padilla. “This critical bipartisan legislation would ensure Medicare covers cutting-edge devices shortly after FDA authorization to better diagnose, prevent, and treat life-threatening illnesses. I will keep working across the aisle to support health care innovation and expand access to care for rural and underserved communities.”

    “Bureaucratic red tape is preventing millions of seniors in America from accessing medical advancements that have the potential to reduce health care costs, cure diseases, and save lives. Our bill would streamline Medicare coverage of these advancements to better ensure patients receive timely access to breakthrough technologies,” said Senator Young.

    More specifically, the Ensuring Patient Access to Critical Breakthrough Products Act would:

    • Provide temporary Medicare coverage for medical devices and diagnostic tests approved or cleared under the FDA Breakthrough Devices Program.
    • Allow technology developers to work with CMS during the temporary coverage period on a proposal for permanent Medicare coverage.
    • Grant CMS permission to immediately suspend or terminate Medicare coverage if subsequent clinical evidence demonstrates the technology causes harm or provides no clinical benefit to Medicare beneficiaries. 

    Senator Padilla has long been a leader in the fight to make health care more equitable, affordable, and accessible in the United States. Earlier this year, Padilla introduced the bipartisan Health Accelerating Consumers’ Care by Expediting Self-Scheduling (ACCESS) Act to improve digital health services by allowing patients to easily search for and book health care appointments online while protecting personal health information. Last year, Padilla, Senator Mazie Hirono (D-Hawaii), and Senator Cory Booker (D-N.J.) introduced the Health Equity and Accountability Act (HEAA) of 2024 to address health disparities among racial and ethnic minorities as well as women, the LGBTQ+ community, rural populations, and socioeconomically disadvantaged communities across the United States. Additionally, Padilla and Booker introduced the Equal Health Care for All Act, bicameral legislation that would make equal access to medical care a protected civil right to help address the racial inequities and structural failures in America’s health care system. He also recently joined Senator Bernie Sanders (I-Vt.) and over 100 lawmakers in reintroducing the Medicare for All Act, historic legislation that would guarantee health care as a fundamental human right to all people in the United States regardless of income or background.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with St. Kitts and Nevis

    Source: IMF – News in Russian

    May 13, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for St. Kitts and Nevis[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.

    Following the post-pandemic rebound, the economy is facing challenges. Real GDP growth moderated to 1.5 percent in 2024, reflecting lower contributions from tourism and government services, while inflation eased to 1 percent. The fiscal deficit increased to 11 percent of GDP in 2024, mainly driven by a sharp decline in Citizenship-by-Investment (CBI) revenue amid recent reforms aimed at strengthening the CBI program. The current account deficit widened due to lower CBI inflows. Meanwhile, credit growth accelerated on the back of pent-up demand, especially in mortgage loans, amid increasing competition. Groundwork is ongoing for a potentially transformative geothermal project.

    In 2025, economic growth is projected to strengthen to 2 percent supported by expanding tourism, while inflation is expected to remain stable.[2] In the medium term, growth is forecast to rise to 2½ percent, benefiting from large energy projects. Nonetheless, fiscal deficits are forecasted to remain high in the medium term, driven by expectations of structurally lower CBI revenue, resulting in public debt exceeding 70 percent of GDP by 2030.

    Near-term risks to growth are tilted to the downside, but progress in fostering renewable energy provides upside potential over the medium term. The uncertainty and volatility of CBI revenue pose a significant two-sided risk, but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, global financial instability, and commodity price volatility. The economy is highly exposed to natural disasters. On the other hand, the energy projects could foster growth and fiscal revenue in the medium term.

    Executive Board Assessment[3]

    Executive Directors welcomed the authorities’ commitment to prudent policy reforms and stressed that the significant challenges the economy is facing require a multipronged approach to address low growth and fiscal sustainability, while safeguarding financial stability and the external position.

    Directors encouraged the authorities to implement a prompt and decisive fiscal consolidation to keep public debt below the regional debt ceiling and reduce reliance on the Citizenship‑by‑Investment Program (CBI). This would create space for capital expenditure, resilience against natural disasters, and contingent liabilities. Directors stressed that fiscal consolidation should be driven by tax revenue mobilization and reductions in current expenditures, anchored by fiscal rules. Greater diversification of funding sources would also help to lengthen debt maturities and lower financing costs. Directors supported the authorities’ plan to establish a Sovereign Wealth Fund to absorb upsides in CBI revenue and called for continuing improvements in the CBI framework, including its transparency. They also welcomed the authorities’ initiatives to implement reforms to improve the sustainability of the Social Security Fund.

    Directors underscored that further progress is needed to strengthen the financial sector, including to reduce NPLs and meet the ECCB’s prudential requirements. They emphasized the importance of continuing to strengthen the balance sheet of the systemic bank and to revitalize its business model. Directors also called for reforms of the Development Bank, building on the authorities’ work in this area. They stressed the need to monitor rapid credit growth and further strengthen the regulation and oversight of credit unions. It will also be important to make additional progress in strengthening the AML/CFT framework.

    Directors emphasized that structural reforms and improved preparedness for natural disasters are crucial to boost potential growth. They stressed that reforms are necessary to enhance the efficiency of government services, improve credit access, and better align labor skills with market demands. Directors noted that accelerating the energy transition would help increase competitiveness. Finally, they underscored the need to enhance the investment and the multi‑layered insurance frameworks to strengthen natural disaster preparedness.

    St. Kitts and Nevis: Selected Economic Indicators 2020-26 1/
       

    Est.

    Proj.

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    (Annual percentage change, unless otherwise specified)

    National income and prices

    Real GDP (market prices) 2/

    -14.6

    -1.7

    10.5

    4.3

    1.5

    2.0

    2.2

    Real GDP (factor cost) 2/

    -13.4

    -1.0

    8.0

    5.0

    4.3

    0.7

    0.5

    Consumer prices, period average

    -1.2

    1.2

    2.7

    3.6

    1.0

    1.7

    2.0

    Real effective exchange rate appreciation (+) (end-of-period)

    -1.0

    -3.1

    -1.4

    -0.7

    -2.4

    …

    …

    Money and credit 3/

    Broad money

    -8.1

    8.9

    3.7

    -1.9

    2.5

    13.5

    8.9

    Change in net foreign assets

    -0.4

    9.1

    -7.0

    -6.4

    -12.8

    -2.3

    -2.0

    Net credit to general government

    -18.4

    -4.8

    4.9

    0.3

    9.3

    10.3

    6.6

    Credit to private sector

    -4.0

    7.7

    5.8

    5.2

    9.8

    8.1

    6.4

    (In percent of GDP)

    Public sector 4/

    Total revenue and grants

    33.5

    46.6

    45.2

    43.0

    31.1

    32.5

    33.2

      o/w Tax revenue

    18.8

    19.0

    18.4

    19.3

    18.7

    18.2

    19.0

      o/w CBI fees

    11.3

    23.4

    25.3

    21.7

    8.1

    9.0

    9.0

    Total expenditure and net lending

    36.5

    41.2

    49.4

    43.3

    41.7

    42.2

    39.8

    Overall balance

    -3.1

    5.4

    -4.2

    -0.3

    -10.6

    -9.8

    -6.6

    Total public debt (end-of-period)

    68.0

    69.1

    60.2

    55.9

    52.2

    61.4

    65.6

    General government deposits

    (percent of GDP) 5/

    21.6

    30.4

    21.6

    20.4

    10.4

    10.3

    9.9

    External sector

    External current account balance

    -10.8

    -3.4

    -11.4

    -11.6

    -15.1

    -13.1

    -12.8

    Trade balance

    -28.0

    -24.8

    -34.7

    -32.8

    -32.7

    -32.3

    -33.3

    Memorandum items

     

     

     

     

    Net international reserves, end-of-period

     

     

     

    (in millions of U.S. dollars)

    365.4

    312.8

    270.3

    262.4

    270.7

    269.0

    267.3

     

     

     

    Nominal GDP at market prices

    (in millions of EC$)

    2,387

    2,318

    2,650

    2,850

    3,017

    3,048

    3,171

    Sources: St. Kitts and Nevis authorities; ECCB; UNDP; World Bank; and IMF staff estimates and projections.

    1/ The staff report projections are based on the information available as of March 27, 2025. Therefore, they do not reflect the impact of trade tensions since April 2, 2025.

    2/ In June 2021, the National Statistics Office revised historical GDP series.

    3/ The series for monetary aggregates have been revised consistent with the 2016 Monetary and Financial Statistics Manual and Compilation Guide.

    4/ Consolidated general government balances. Primary and overall balances are based on above-the-line data.

    5/ Includes only central government deposits at the commercial banks.
                                 

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Since the issuance of the Staff Report, economic growth has been marked down, reflecting the impact of trade tensions combined with their effects on global policy uncertainty and global financial conditions, primarily through tourism and FDI (see the Supplement).

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez Gomez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/12/pr-25139-st-kitts-and-nevis-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Sacramento breaks ground on project to transform underutilized state land into affordable housing community

    Source: US State of California 2

    May 13, 2025

    What you need to know: Sacramento’s Monarch housing project is the latest affordable housing site brought to fruition under Governor Newsom’s executive order to develop excess and underutilized state lands into affordable new homes.

    SACRAMENTO — Governor Gavin Newsom today announced the groundbreaking of Monarch in Sacramento – the city’s third affordable housing community created on excess state land. The Monarch community will transform a former state-owned storage warehouse into 241 homes for low- to extremely low-income Sacramentans and is made possible by Governor Newsom’s executive order to identify and prioritize underutilized state property for clean, innovative, and cost-effective housing.

    “Today’s groundbreaking in Sacramento illustrates the life-altering possibilities of converting excess and underutilized state lands into thriving local communities. With 32 housing developments currently awarded, California’s Excess Sites program provides the innovative boost needed to help alleviate the state’s affordable housing shortage.”

    Governor Gavin Newsom

    First-in-the-nation program

    Governor Newsom’s Excess Sites Program was the first housing initiative nationwide to release all state land identified as suitable and available for affordable housing development.

    The Department of General Services (DGS) and the California Department of Housing and Community Development (HCD) partner to administer the Excess Sites Program, identifying state-owned land available and suitable for housing, and making a public digital inventory of these properties. In February 2025, Governor Newsom revamped and streamlined the Excess Sites Program by announcing a Developer Interest Submission Portal, making it easier for developers to submit proposals on state excess sites projects – improving the speed and efficiency with which state land is leased for affordable housing.

    “Thanks to California’s Excess Sites Program, 20 previously under-utilized state properties will soon be transformed into 4,300 housing units, including the 241 homes at the Monarch,” said Business, Consumer Services and Housing Agency Secretary Tomiquia Moss. “Through continued investments in the Excess Sites program, the state is encouraging infill development, building affordable homes, and promoting healthier communities for future generations of Californians.”

    About the project

    Monarch will bring much-needed affordable housing to a vibrant and growing mixed-use neighborhood in close proximity to transit, parks, restaurants, and shopping. 20 units will be reserved for people exiting or at risk of homelessness, with supportive services provided by Lutheran Social Services. 

    Rendering of the Monarch housing development

    “Monarch will ensure a safe haven for hundreds of Sacramentans whose access to secure housing is especially needed,” said Government Operations Agency Secretary Nick Maduros. “A stable home and proximity to amenities will allow Monarch’s residents to thrive and contribute to the renaissance taking place in this area of downtown.”

    Monarch will include 3,428 square feet of retail space, 264 secured bicycle parking spaces, and 33 vehicle parking spots.

    “Projects like Monarch are helping to breathe new life into city centers,” said HCD Director Gustavo Velasquez. “It is extremely gratifying to help make the Governor’s vision for state lands a reality, as properties that are not needed for a government purpose can advance the greater good of making affordable housing available in high-resource areas that connect Californians to opportunity and community.” 

    Monarch received $10 million in funding from HCD’s Local Government Matching Grant program to match the $3.3 million in funding from the City of Sacramento, waived impact fees from the City and County of Sacramento, and an $8 million gap loan from CADA, one of the site’s developers. Another $4 million was contributed by the California Housing Finance Agency through its Mixed-Income Program. The community is expected to welcome residents in the Spring of 2027.

    “This is yet another significant partnership between DGS and CADA to create an affordable housing project here in Sacramento under the Governor’s Executive Order,” said DGS Director Ana M. Lasso. “It is so inspiring to see excess state-owned property repurposed to create living spaces that strengthen the local community here in the capital city.”

    Since Governor Newsom launched the Excess Sites Program through his executive order, 32 housing development projects have been awarded totaling 4,300 homes in various phases of development. This pipeline includes 234 homes that are already constructed and occupied with another 424 homes currently under construction. 

    Transforming underutilized state land

    In 2019, Governor Gavin Newsom issued an executive order calling on HCD and DGS to address the state’s affordable housing crisis by identifying underutilized state-owned sites for the development of affordable housing, taking into account factors such as proximity to job centers, amenities, and public transit. The order has since been utilized to create hundreds of affordable homes, including:

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  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Costa Rica

    Source: IMF – News in Russian

    May 13, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Costa Rica on May 12, 2025. [1]

    Costa Rica has achieved remarkable economic progress due to its very strong fundamentals, policies, and policy frameworks. GDP growth has averaged above 5 percent per year since 2021, inflation is rising toward the Banco Central de Costa Rica’s (BCCR) target of 3 percent, public debt has fallen steadily to below 60 percent of GDP, international reserves are at comfortable levels, and systemic financial stability risks are contained.

    Such factors are expected to support robust growth going forward notwithstanding external headwinds. This year, growth is expected to moderate to around potential (3½ percent) and the current account deficit is expected to increase slightly to 1.8 percent of GDP, while the primary surplus is expected to rise to 1¼ percent of GDP as fiscal consolidation continues. Inflation is expected to return to the BCCR’s target in 2026.

    Risks to the growth outlook have tilted to the downside while those for inflation are balanced. Weaker external demand, tighter global financial conditions, and increased policy uncertainty could reduce Costa Rica’s exports, foreign direct investment (FDI) inflows, and economic activity, but the country’s strategic location, high-value exports and economic diversification could drive continued strong growth momentum. Upside risks to inflation include strong credit growth and supply-side disruptions, but there are also downside risks, especially if inflation expectations soften.

    Executive Board Assessment[2]

    Executive Directors commended Costa Rica’s remarkable economic progress based on its very strong fundamentals, policies, and policy frameworks. Directors welcomed the authorities’ very strong implementation of macroeconomic policies, wide‑ranging reforms in the process of becoming an OECD member, the successful completion of IMF‑supported programs, and a strategic focus on exports and economic diversification. They praised the authorities’ commitment to continued prudent policies and structural reforms to maintain resilience amid heightened external uncertainty.

    Directors welcomed the sustained decline of public debt. They stressed that the medium‑term fiscal consolidation is appropriately paced but will require spending to be kept below the ceiling permitted by the fiscal rule. Directors concurred that tax reforms should aim to increase equity, efficiency, and the revenue‑to‑GDP ratio. They stressed the importance of full implementation of the public employment law by all public institutions without delay. The disputed claim by the social security system should also be resolved comprehensively, including by clarifying the central government budget’s responsibility, coupled with improvements in the registries of beneficiaries and the system’s governance and accountability. Directors also supported reforms to debt management to increase flexibility in issuing external debt.

    Directors commended BCCR’s forward‑looking data‑dependent approach to monetary policy, which has proven effective. They concurred that there is scope to cut the policy rate if the convergence of inflation to the BCCR’s target weakens in the coming months. They also underscored the importance of passing legislation to further improve the BCCR’s governance, transparency, and accountability, and to institutionalize its de facto autonomy. Directors recommended that the exchange rate should be allowed to flexibly adjust to market conditions, limiting foreign exchange intervention to addressing market volatility.

    Directors stressed that indicators of financial soundness remain comfortable, yet the resolution of small non‑bank financial institutions last year highlights the importance of a very strong supervisory and crisis management framework. They underscored the importance of passing the proposed amendments to the bank resolution and deposit insurance law. Directors also called for close monitoring of risks related to the rise in FX lending.

    Directors welcomed the authorities’ efforts to advance supply‑side reforms to help sustain Costa Rica’s impressive economic performance. Reducing skills mismatches, enhancing infrastructure quality, and implementing legislation on public‑private partnerships would further strengthen potential growth. Better integrating climate considerations into public investment decisions will make infrastructure more resilient against natural disasters.


    Costa Rica: Selected Economic Indicators

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.4

    3.4

    3.5

    3.5

    GDP deflator

    6.3

    -0.1

    0.0

    3.0

    3.2

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.2

    3.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP, unless otherwise indicated)

    Gross domestic saving

    14.4

    13.8

    14.3

    13.8

    13.5

    14.1

    14.4

    Gross domestic investment

    17.7

    15.3

    15.7

    15.6

    15.4

    15.7

    16.0

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.8

    -1.9

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.6

    -3.4

    -4.0

    -3.7

    -3.9

    Financial account balance

    -1.9

    -0.7

    -0.8

    -1.8

    -1.9

    -1.6

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.5

    -4.1

    -4.0

    -4.1

    -4.3

    Gross international reserves (millions of U.S. dollars)

    8,724

    13,261

    14,181

    14,932

    15,792

    16,485

    17,301

    External debt

    50.7

    43.3

    42.0

    42.1

    43.3

    44.0

    44.4

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.3

    1.5

    1.6

    1.6

    Central government overall balance

    -2.8

    -3.3

    -3.8

    -3.2

    -2.8

    -2.5

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.7

    59.0

    57.9

    56.7

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.2

    6.4

    6.5

    6.6

    6.6

    Monetary base 1

    8.0

    7.9

    8.3

    8.3

    8.3

    8.2

    8.2

    Broad money

    47.5

    47.4

    51.3

    50.5

    50.9

    51.5

    52.3

    Memorandum Items

    Nominal GDP (billions of colones)

    44,810

    47,059

    49,116

    52,307

    55,830

    59,647

    63,720

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.4

    0.2

    0.1

    0.0

    GDP per capita (US$)

    13,240

    16,390

    17,909

    19,095

    20,036

    21,057

    22,138

    Unemployment rate

    11.7

    7.3

    6.9

    7.5

    8.0

    8.5

    8.5

    Sources: Central Bank of Costa Rica, and Fund staff estimates.

    1 Includes currency issued and required domestic reserves.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board .

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/13/pr25142-costa-rica-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-Evening Report: The pay equity puzzle: can we compare effort, skill and risk between different industries?

    Source: The Conversation (Au and NZ) – By Gemma Piercy, Lecturer, Sociology, Social Policy and Criminology, University of Waikato

    Getty Images

    Last week’s move by the government to amend pay equity laws, using parliamentary urgency to rush the reforms through, caught opposition parties and New Zealanders off guard.

    Protests against the Equal Pay Amendment Bill have continued into this week, driven to some extent by disappointment that an apparent political consensus on the issue has broken down.

    In 2017, the National-led government passed a forerunner to the current legislation for the health sector only, the Care and Support Workers (Pay Equity) Settlement Act. Later, in opposition, National also supported the Labour government’s Equal Pay Act in 2018, as well as the Equal Pay Amendment Act in 2020.

    That legislation was designed to extend a pay equity process to all occupations and create a clearer pathway for making pay equity claims. With both major parties seemingly aligned, some 33 pay equity claims were under way.

    Those claims – all halted now – involve the education, health and social services sectors. As such, the government would have to meet the costs of successful claims.

    This explains why one rationale for the law change has been that the claims were potentially too expensive. The other rationale (preferred by Finance Minister Nicola Willis and Workplace Relations Minister Brooke van Velden) is that the existing policy wasn’t sufficiently rigorous in determining the validity of some claims.

    In reality, both the cost and the policy framework allowing equity claims to proceed are interrelated: the more permissive the framework, the higher the potential cost to the government and employers.

    But while equal pay for equal work is the goal, it’s important to understand that equal pay and pay equity are not the same thing.

    Equal pay is about making sure men and women are paid at the same rate in a specific occupation.

    Pay equity, on the other hand, involves a more complex process. It aims to establish pay relativities between famale-dominated industries and other sectors using specific criteria. And herein lies the core of the argument.

    Comparing different work sectors

    According to van Velden, the framework for comparing different kinds of work was too loose, or simply not realistic:

    You have librarians who’ve been comparing themselves to transport engineers. We have admin and clerical staff […] comparing themselves to mechanical engineers. We don’t believe we have that setting right.

    On the surface, this may seem logical. And previous policy advice provided to the government suggests the recent law change will move New Zealand’s framework into line with other countries.

    But using a proxy method of comparison between types of work in different industries or sectors remains central to any pay equity claim.

    That’s because pay equity seeks to make visible and fix the deep, structural inequalities that have historically seen women’s work undervalued compared to men’s work. It’s about ensuring jobs that are different but of equal value are paid similarly, as a way to achieve gender equality.

    Women’s employment is still concentrated in lower-paying industries and occupations, so comparisons have to be made with other sectors.

    The factors used to measure that relativity are known as “comparators”. Rather than using tools developed and tested under the previous legislation, the new system will introduce “a hierarchy of comparators”, with a preference for comparators to be chosen within the same industry or occupation making the pay equity claim.

    Comparators are selected to help compare the nature of different kinds of work in male-dominated and female-dominated industries. This is based on an assessment of skills, experience and qualifications, level of responsibilities, types of working conditions and degree of effort.

    The assessment is completed through in-depth interviews with workers in comparison occupations. It uses resources such as Employment New Zealand’s skills recognition tool to evaluate the validity of those comparators.

    Different kinds of cost

    The subjective nature of valuing different kinds of work is part of the problem, of course. But New Zealand research shows only part of the gender pay gap can be attributed to objectively measurable pay differences within specific industries. Pay equity is about addressing both the objective and subjective elements contributing to that gap.

    We’ll need to carefully monitor the new system to see whether its narrower comparator requirements affect its capacity to close the gender pay gap.

    Treasury’s concerns also need to be considered. The former budget allocation of NZ$17 billion over four years suggests the costs of settling pay equity claims may be considerable.

    On the other hand, they may be bearable. Last year in the United Kingdom, for example, Birmingham City Council was effectively bankrupt and feared pay equity claims might be a final straw. In the end, the costs were not as high as initially anticipated.

    Finally, focusing exclusively on reducing fiscal cost risks other costs rising instead. Women who are paid less than they should be will struggle to put food on the table, pay back student loans, get onto the property ladder, contribute to Kiwisaver and afford their retirement.

    Without pay equity, in other words, there is less economic activity in general.

    Gemma Piercy received funding from the Pay Equity Unit (2004-2009), part of the former Department of Labour, now Ministry of Business, Innovation and Employment.

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

    – ref. The pay equity puzzle: can we compare effort, skill and risk between different industries? – https://theconversation.com/the-pay-equity-puzzle-can-we-compare-effort-skill-and-risk-between-different-industries-256464

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Verizon announces a $5B commitment to continue investing in America and supporting small businesses

    Source: Verizon

    Headline: Verizon announces a $5B commitment to continue investing in America and supporting small businesses

    What you need to know:

    • Verizon announces a substantial $5 billion commitment over the next five years with the launch of a new Small Business Supplier Accelerator.
    • Verizon Small Business Digital Ready launched a new grant cycle where eligible small businesses can apply for $10,000 grants (open until June 30, 2025).

    NEW YORK – Verizon today announced a commitment to invest $5 billion over the next five years in US small business suppliers with the launch of its new Small Business Supplier Accelerator. The program helps create a pipeline for American small businesses, many of which are owned by veterans, to work with Verizon and other large corporations. This program is designed to strengthen small businesses — the backbone of the US economy — and to help the country create a more resilient supply chain.

    The Verizon Small Business Supplier Accelerator builds on the comprehensive support that Verizon has provided to small businesses and the communities they serve for years. On top of the $5B in supplier spend, the program aims to empower American small businesses to work with Verizon and other large corporations through targeted training and flexible solutions such as faster payment terms, modified insurance requirements and adjusted indemnification requirements. The goal is to make it easier for small businesses to join Verizon’s supplier network.

    “Verizon recognizes that small businesses are the backbone of the American economy and a staple in our local communities,” said Hans Vestberg, CEO, Verizon. “Our long-standing commitment and investment in small businesses aims to empower local businesses and communities with financial, technology and business expertise and resources to advance economic growth and foster job creation.”

    Keeping nearly 500,000 SMBs digitally ready

    Verizon is further fueling small businesses through its Small Business Digital Ready program, a free online program offering small businesses nationwide the opportunity to access over 50 expert on-demand courses curated by and for small businesses; 1:1 expert coaching, online and in-person networking opportunities and access to capital.

    In partnership with LISC, Verizon Small Business Digital Ready today announces another Small Business Digital Ready grant opportunity where eligible small businesses who are Digital Ready members (and complete two resources) can apply for $10,000 grants (open until June 30, 2025, at 11:59 pm PT). Since 2021, Verizon has awarded $13.5 million in grants to support small businesses.

    Verizon has supported nearly half a million small businesses through Small Business Digital Ready since 2021, almost halfway to the company’s goal to equip one million small businesses with the skills and resources they need to thrive in the digital economy by 2030.

    Verizon offers a comprehensive commitment to small businesses that extends beyond a financial investment, aiming to equip these vital economic drivers with the tools and resources small businesses need to grow and protect their businesses using technology.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Verizon to speak at MoffettNathanson conference May 15

    Source: Verizon

    Headline: Verizon to speak at MoffettNathanson conference May 15

    NEW YORK – Sowmyanarayan Sampath, executive vice president for Verizon (NYSE, Nasdaq: VZ), and CEO for Verizon Consumer, is scheduled to speak at the MoffettNathanson Media, Internet & Communications Conference on Thursday, May 15, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    For details on Verizon’s most recent financial results, view the company’s 1Q25 earnings results here.

    MIL OSI Global Banks –

  • MIL-OSI USA: NASA Enables Construction Technology for Moon and Mars Exploration

    Source: NASA

    One of the keys to a sustainable human presence on distant worlds is using local, or in-situ, resources which includes building materials for infrastructure such as habitats, radiation shielding, roads, and rocket launch and landing pads. NASA’s Space Technology Mission Directorate is leveraging its portfolio of programs and industry opportunities to develop in-situ, resource capabilities to help future Moon and Mars explorers build what they need. These technologies have made exciting progress for space applications as well as some impacts right here on Earth. 
    The Moon to Mars Planetary Autonomous Construction Technology (MMPACT) project, funded by NASA’s Game Changing Development program and managed at the agency’s Marshall Space Flight Center in Huntsville, Alabama, is exploring applications of large-scale, robotic 3D printing technology for construction on other planets. It sounds like the stuff of science fiction, but demonstrations using simulated lunar and Martian surface material, known as regolith, show the concept could become reality. 

    With its partners in industry and academic institutions, MMPACT is developing processing technologies for lunar and Martian construction materials. The binders for these materials, including water, could be extracted from the local regolith to reduce launch mass. The regolith itself is used as the aggregate, or granular material, for these concretes. NASA has evaluated these materials for decades, initially working with large-scale 3D printing pioneer, Dr. Behrokh Khoshnevis, a professor of civil, environmental and astronautical engineering at the University of Southern California in Los Angeles.  
    Khoshnevis developed techniques for large-scale extraterrestrial 3D printing under the NASA Innovative Advanced Concepts (NIAC) program. One of these processes is Contour Crafting, in which molten regolith and a binding agent are extruded from a nozzle to create infrastructure layer by layer. The process can be used to autonomously build monolithic structures like radiation shielding and rocket landing pads. 
    Continuing to work with the NIAC program, Khoshnevis also developed a 3D printing method called selective separation sintering, in which heat and pressure are applied to layers of powder to produce metallic, ceramic, or composite objects which could produce small-scale, more-precise hardware. This energy-efficient technique can be used on planetary surfaces as well as in microgravity environments like space stations to produce items including interlocking tiles and replacement parts. 
    While NASA’s efforts are ultimately aimed at developing technologies capable of building a sustainable human presence on other worlds, Khoshnevis is also setting his sights closer to home. He has created a company called Contour Crafting Corporation that will use 3D printing techniques advanced with NIAC funding to fabricate housing and other infrastructure here on Earth.  
    Another one of NASA’s partners in additive manufacturing, ICON of Austin, Texas, is doing the same, using 3D printing techniques for home construction on Earth, with robotics, software, and advanced material.  

    [embedded content]
    Construction is complete on a 3D-printed, 1,700-square-foot habitat that will simulate the challenges of a mission to Mars at NASA’s Johnson Space Center in Houston, Texas. The habitat will be home to four intrepid crew members for a one-year Crew Health and Performance Analog, or CHAPEA, mission. The first of three missions begins in the summer of 2023.

    The ICON company was among the participants in NASA’s 3D-Printed Habitat Challenge, which aimed to advance the technology needed to build housing in extraterrestrial environments. In 2021, ICON used its large-scale 3D printing system to build a 1,700 square-foot simulated Martian habitat that includes crew quarters, workstations and common lounge and food preparation areas. This habitat prototype, called Mars Dune Alpha, is part of NASA’s ongoing Crew Health and Performance Exploration Analog, a series of Mars surface mission simulations scheduled through 2026 at NASA’s Johnson Space Center in Houston.  
    With support from NASA’s Small Business Innovation Research program, ICON is also developing an Olympus construction system, which is designed to use local resources on the Moon and Mars as building materials. 
    The ICON company uses a robotic 3D printing technique called Laser Vitreous Multi-material Transformation, in which high-powered lasers melt local surface materials, or regolith, that then solidify to form strong, ceramic-like structures. Regolith can similarly be transformed to create infrastructure capable of withstanding environmental hazards like corrosive lunar dust, as well as radiation and temperature extremes.  
    The company is also characterizing the gravity-dependent properties of simulated lunar regolith in an experiment called Duneflow, which flew aboard a Blue Origin reusable suborbital rocket system through NASA’s Flight Opportunities program in February 2025. During that flight test, the vehicle simulated lunar gravity for approximately two minutes, enabling ICON and researchers from NASA to compare the behavior of simulant against real regolith obtained from the Moon during an Apollo mission.    
    Learn more: https://www.nasa.gov/space-technology-mission-directorate/  

    MIL OSI USA News –

  • MIL-OSI USA: FDA 101: Product Recalls

    Source: US Food and Drug Administration

    Image

    What Is a Recall?
    A recall is an action taken by a company to correct or remove from the market an FDA regulated product that violates U.S. laws and regulations. Recalls may be initiated voluntarily by a company, or at the request of the FDA.
    Recalls are important because they protect the public from products that may cause injury, illness or even death. More than 83,000 FDA regulated products were recalled between 2014 and 2024.
    Most recalls involve removing violative FDA regulated products from the market, but there are instances where a violation can be corrected without removing the products from distribution. For example:

    An MRI machine or other equipment may be too large to remove from a medical facility to correct a violation and the issue could be corrected on-site.
    Affixing updated labeling on a food product, prior to retail sale, to declare an ingredient previously not listed on the product’s labeling – such as wheat, milk or peanuts.

    FDA-Regulated Products

    Human food products
    Animal food and feed
    Cosmetics
    Human drugs
    Animal drugs
    Medical devices
    Radiation-emitting products
    Vaccines
    Blood and blood products
    Transplantable human tissue
    Tobacco products

    Common reasons a product may be recalled are:

    Manufacturing defects;
    Contamination with disease causing microorganisms such as Salmonella, E. coli, etc.;
    The presence of foreign objects such as broken glass, metal fragments or plastic;
    Failure to list a major allergen;
    Failure to list a certain ingredient;
    Risk of erroneous results when a product is used as directed, e.g., diagnostic testing product results being inaccurate;
    Non-sterile product intended to be sterile;
    Adverse event reports;
    Software corrections or updates.

    Where Can Consumers Find Information About Recalls?
    Enforcement Report: The FDA provides the public a descriptive listing of each new recall and, if classified, sorted by the recall’s classification in the FDA’s Enforcement Report.
    Subscribe: The FDA offers a recall subscription service where users can sign up to receive daily or weekly notification of all FDA recalls.
    Public Warnings: are an effective way for companies or the FDA to alert the public that a product being recalled presents a serious health hazard. The FDA maintains a site, Recalls, Market Withdrawals, & Safety Alerts, of public warnings about certain recalls of FDA-regulated products. When a company announces a recall, market withdrawal, or safety alert, the FDA typically posts the company’s announcement on its website as a public service. The FDA does not endorse either the product or the company.
    Recalling Company: The company initiating the product removal or correction generally issues a recall notification to their direct distributors or customers. This notification contains information to help identify recalled products, such as the product description, brand or name; size and type of packaging; UPC (universal product code); other product codes, such as lot codes, sell-by dates, or use-by dates; pictures of the packaging and labels; and distribution information (e.g., the states and/or stores in which they were sold). The notification may also explain the reason for the recall and instruct the company’s direct customers what actions to take including notifying their customers if they have further distributed the product.
    Other government agencies: A consolidated list of recalls from six federal agencies can be found at www.recalls.gov.
    What Should Consumers Do if They Believe They Have a Recalled Product in Their Possession?
    Follow recall notification instructions: Read the recall notice carefully and verify the product description such as brand name, packaging size, and codes such as expiration or best by dates to determine whether your product has been recalled. Be sure to follow any product-specific instructions. Additionally, contact the company for further information.

    Often, recalled products can be returned to the store where they were purchased.
    A medical device recall does not always mean that you must stop using the product or return it to the company. A recall sometimes means that the medical device needs to be checked, adjusted, or fixed. Contact your health care provider for additional guidance.
    If you cannot return a product, dispose of the product properly.  If it’s contaminated, ensure it is in a secure container and place the item in a covered trash can or dumpster so no people or animals can access it. Be sure to follow your local disposal laws.
    Clean the area where the product was stored.
    Do not give the product to others, such as a food bank or a pet.

    Product-specific information about recalls and enforcement actions can be found at FDA center webpages responsible for that product:
    The Human Foods Program
    Center for Devices and Radiological Health
    Center for Drug Evaluation and Research
    Center for Veterinary Medicine
    Center for Tobacco Products
    Center for Biologics Evaluation and Research
    What Should Consumers Do if They Suspect an FDA Regulated Product Made Them or Their Pet Sick or Injured?
    Consumers experiencing an illness, injury, allergic reaction, or other adverse event should contact their health care provider or veterinarian.  Consumers can also report product issues to the FDA and the company that distributed the product.
    Consumers are encouraged to report issues involving FDA regulated products through FDA’s SmartHub. Additional guidance on how to report issues with products can be found here: https://www.safetyreporting.fda.gov/smarthub.
    FDA also encourages reporting by health professionals, patients and consumers about a product via MedWatch — The FDA Safety Information and Adverse Event Reporting Program. Reporting can be done online, by phone, or by submitting the MedWatch 3500 form by mail or fax. Visit the MedWatch How to Report page for more details.
    Recalls are put in place to keep you and your family safe. If you think you have a recalled product, don’t use it. Check the instructions and take action! If you feel sick after using a product, contact your doctor and report the issue to the FDA.

    MIL OSI USA News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair May 16- 17 in Valdosta

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair May 16- 17 in Valdosta

    FEMA to Host Housing Resource Fair May 16- 17 in Valdosta

    FEMA is hosting a Housing Resource Fair from 9 a

    m

    to 5 p

    m

    , Friday May 16 and Saturday May 17, in Valdosta at the following location:Lowndes County Civic Center Building2108 E

    Hill Ave- Bldg

    D Valdosta, GA 31601The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene

     The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery

    Survivors will get information on available rental properties, the HEARTS Georgia Sheltering Program, and U

    S

    Small Business Administration (SBA) loans

    The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs

    Gain access to resources for displaced individuals and families

    Learn from community partners about educational funding resources

     For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair is opportunity to give survivors a one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said

     “We will walk them through their options to ensure they are aware of the resources that are available to fit their need

    ”Anyone affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend

    jakia

    randolph
    Tue, 05/13/2025 – 12:55

    MIL OSI USA News –

  • MIL-OSI USA: Interstate 81 Viaduct Project Infrastructure Milestone

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of a major infrastructure milestone associated with the transformative Interstate 81 Viaduct Project in Central New York. The new $18 million flyover ramp passes over the mainline of I-81 and carries traffic from future Business Loop 81 northbound to Interstate 81 northbound in the Town of Cicero. It will open this afternoon to traffic destined for the northern suburbs of Onondaga County, Oswego County, the North Country or Canada.

    “Transformation is happening in Central New York, and the I-81 Viaduct Project is leading the way,” Governor Hochul said. “Shifting traffic onto this modern piece of infrastructure moves us closer to the end goal of removing the aging viaduct, reconnecting the City of Syracuse and creating additional access points that will help alleviate congestion, and enhance safety and mobility for tens of thousands of commuters, residents and visitors.”

    The direct connect ramp is in the footprint of contract one of eight contracts associated with the I-81 Viaduct Project and focuses on the reconstruction of the existing Interstate 481/I-81 northern interchange to the re-designated I-81 and Business Loop 81. The flyover ramp, approximately one-half mile in length, serves as a high-speed connection for travelers leaving the City of Syracuse and its northern suburbs to I-81 north. Concrete noise barriers will be installed along the northeast side of the bridge along the ramp.

    Construction of a second flyover bridge is also underway, creating a connection for motorists to bypass downtown Syracuse utilizing the redesignated I-81 northbound, to State Route 481 northbound, helping to maintain an uninterrupted route to the densely populated, and fast-growing communities of northern Onondaga County and the Oswego County cities of Fulton and Oswego.

    The northern interchange is on track to be completed by the end of 2025. All five phase one contracts associated with the I-81 Viaduct Project are now in construction, representing a significant benchmark in the project’s progress.

    The I-81 Viaduct Project is part of Governor Hochul’s unprecedented commitment to modernize New York State’s infrastructure and invest in projects that reconnect communities by promoting equity, connectivity, and multi-modal transportation opportunities for communities across the State. The $34.3 billion, five-year NYSDOT Capital Plan adopted in 2025 helps fulfill the Governor’s vision for a modern transportation system that serves New Yorkers across the State. The project is being funded with a mix of federal and State money.

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “New York State is taking unprecedented steps toward transforming transportation networks statewide, and undertakings like the I-81 Viaduct Project would not be possible without Governor Kathy Hochul’s leadership and vision. With all five contracts in Phase I of this project in construction, today’s announcement is a significant milestone in our progress toward transforming how people move in and around Syracuse. I thank Central New Yorkers for their patience during construction – we are working to fulfill our commitment to right the wrongs of decades past because we know the time is now for the City of Syracuse.”

    Senator Charles Schumer said, “With the flyover ramp over I-81 now complete, we have never been closer to realizing the dream of a reconnected Syracuse with green space and modern transportation for all. I’m proud to deliver $18 million in federal funding to build a brand new ramp that will help connect Syracuse to communities in northern Onondaga County, Oswego County, and beyond. When I led the Bipartisan Infrastructure & Jobs Law to passage, I did so with projects like Syracuse’s I-81 transformation as my north star. I’m grateful for Governor Hochul’s and Mayor Walsh’s partnership in putting this federal funding to good use building the better, brighter future that Syracuse deserves.”

    Representative John W. Mannion said, “The opening of the flyover ramp in Cicero is a key moment for the 81 viaduct project and a window into Central New York’s faster and better connected future. I’m grateful for Governor Hochul’s continued leadership on this transformative work and her commitment to building stronger communities.”

    State Senator Jeremy Cooney said, “I want to thank Governor Hochul and Commissioner Dominguez for their continued commitment towards vital road projects across our state. This new flyover ramp will create a more efficient road system and better connect communities across the Central New York region, and help advance the long anticipated I-81 project that will reconnect communities in Syracuse.”

    State Senator Rachel May said, “The completion of this flyover bridge marks the first of many significant milestones in the effort to tear down the 81 viaduct, creating a safer, more modern, and equitable roadway in Central New York. The fact that it’s been such a long time coming makes today’s celebration all the more exciting. Thank you to Commissioner Marie Therese Dominguez for her leadership and to the many NYSDOT employees, construction workers, and other dedicated professionals who are working to make this project a reality.”

    State Senator Christopher Ryan said, “The opening of this new flyover ramp marks real progress in reconnecting communities and advancing the vision of a more connected, more equitable Central New York. With this first major piece of the I-81 Viaduct Project, we celebrate more than just new infrastructure. We celebrate commitment to better mobility, greater access, and a stronger future for our entire region. I thank Governor Hochul and the Department of Transportation for moving this transformative project forward.”

    Assemblymember William Magnarelli said, “The I-81 Project significantly impacts the entire Central New York region. The Interstate 81 Viaduct flyover ramp marks an important step in the construction of the project restoring transportation options so the Central New York community can access neighboring areas.”

    Assemblymember Al Stirpe said, “Maintaining and improving transportation infrastructure is vital for our communities to thrive. The opening of this new flyover ramp and the construction to follow on Interstate 81 is a major investment that will streamline travel, reducing traffic issues and bolstering our economy. I thank Governor Hochul for making this critical investment in Central New York’s infrastructure and look forward to the completion of this transformative project.”

    Assemblymember Pamela Hunter said, “The completion of this new flyover ramp marks an exciting milestone in the transformative I-81 Viaduct Project. I commend the New York State Department of Transportation, and everyone involved in making this happen. I am hopeful this will lead to safer, more efficient transportation for Central New Yorkers and all those traveling through our region.”

    Onondaga County Legislature Chairman Timothy T. Burtis said, “Where better than northern Onondaga County to mark an exciting milestone – the first visible sign of success for the I-81 project. This new flyover will help drivers more easily navigate through this area and will be beneficial to all of us as Cicero, Clay and the surrounding areas enjoy significant economic development in the coming years.”

    Town of Cicero Supervisor Michael Aregano said, “The project is about much more than infrastructure, it’s about making travel faster, safer, and easier for everyone who lives, works, and travels through our community. It’s about keeping Cicero moving forward — and making sure our town is prepared for the growth and opportunity ahead. I couldn’t be prouder to be part of this incredible journey toward a stronger, safer, and even more vibrant Cicero.”
    Follow the I-81 Viaduct Project on Facebook, Instagram and X or visit our website.

    About the Department of Transportation
    It is the mission of the New York State Department of Transportation to provide a safe, reliable, equitable and resilient transportation system that connects communities, enhances quality of life, protects the environment and supports the economic well-being of New York State.

    Lives are on the line; slow down and move over for highway workers!

    For more information, find us on Facebook, follow us on X or Instagram, or visit our website. For up-to-date travel information, call 511, visit www.511NY.org or download the free 511NY mobile app.

    MIL OSI USA News –

  • MIL-OSI USA: Fighting on All Fronts: Attorney General Bonta Files Motion to Stop President Trump’s Destructive Tariffs

    Source: US State of California

    Economic chaos, higher prices, lower wages, empty shelves — California is bracing for impact

    OAKLAND — California Attorney General Rob Bonta and Governor Gavin Newsom will today file a motion for preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in their case proceeds. On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to impose tariffs and direct agencies within the administration to implement and enforce those tariffs without the consent of Congress. President Trump’s illegal and erratic tariffs are wreaking havoc on the U.S. financial system and causing uniquely immense harm to California’s economy — a major driver of our national economy. The tariffs challenged under California’s current lawsuit are projected to cost California consumers $25 billion dollars and result in the loss of over 64,000 jobs. The totality of the Trump Administration’s tariff regime is expected to cost households approximately $40 billion. 

    In addition to the forthcoming motion for a preliminary injunction, Attorney General Bonta and Governor Newsom will also be filing an amicus brief as early as today in the Court of International Trade in Oregon v. Trump, a case challenging President Trump’s illegal imposition of so called “emergency” tariffs. 

    “Last fall, Americans at the voting booth demanded lower prices. Now, Trump’s chaotic tariff war is threatening to skyrocket the cost of living for families, lower wages, slash jobs, and throw business owners and innovators into a spiral of uncertainty,” said Attorney General Rob Bonta. “Let me be clear, uncertainly and unpredictability are bad for business, bad for the economy, and bad for California. California is set to experience an outsized share of losses due to our larger economy, workforce, and exposure to trade. We are pulling out all the stops and will today ask the court to immediately halt these illegal tariffs while California argues its case.”

    “President Trump has overstepped his authority, and now families, businesses, and our ports are literally paying the price,” said Governor Gavin Newsom. “As the largest economy in the nation, California has the most to lose from President Trump’s weak and reckless policies.”  

    “As tariffs continue to drive up costs and disrupt supply chains, it’s our local small businesses — especially those owned by Latino entrepreneurs — that are being hit the hardest. At the Sacramento Hispanic Chamber of Commerce, we’re doubling down on our efforts to support these businesses through tailored resources, technical assistance, and advocacy. From helping members navigate cost increases to connecting them with local and state programs, we’re ensuring they don’t face this economic uncertainty alone,” said Cathy Rodriguez-Aguirre, President & CEO of Sacramento Hispanic Chamber of Commerce. “We appreciate Governor Newsom and Attorney General Bonta for stepping in with bold leadership. Local chambers are proud to be on the frontlines, offering stability, solutions, and a strong voice for the small business community during this challenging time.” 

    “After 38 years in business, our very survival is at stake. We’re proud to have always manufactured in America, but our ability to be cost competitive has been threatened, and of course, that puts our jobs at risk,” said Robert Farnsworth, President & CEO of Sonnet Technologies. “We need a predictable supply chain with fair prices, and we can’t get that now.” 

    “American families and businesses are already grappling with high costs, and tariffs will only make matters worse,” said Maria S. Salinas, President & CEO of the Los Angeles Area Chamber of Commerce. “We urge policymakers to reconsider, seek alternatives and reverse course.” 

    CALIFORNIA IMPACTS 

    As the largest economy in the nation — and the fourth largest in the world — President Trump’s illegal tariffs are having a profound impact on California’s budget and how the state can meet the needs of its residents.  

    As the country’s largest importer and second largest exporter, California is also more trade-dependent than many states — ports account for much of the country’s import needs, livelihoods, and California relies on these ports for supplies. Many agencies, including the California Department of Public Health, contract with vendors to purchase critical goods which were manufactured outside the United States, including over $8 billion in pharmaceuticals, $300 million in diabetes related supplies, $3 million in pediatric and adult flu vaccines, $700,000 in disease testing kits, among other critical goods. Due to the President’s tariffs California is now facing an impossible choice: accept price increases, no matter how high, resulting in economic harm — or cancel contracts, resulting in economic harm and/or leaving Californians without essential goods.  

    Additionally, California is expected to lose a staggering $7.8 billion in tax revenue from personal income tax and corporate revenue as a result of the tariffs’ impact on California taxpayers. This extraordinary loss of essential revenue is exacerbated by the unpredictable and chaotic approach to imposing tariffs which has made it extremely difficult for California and its agencies to effectively budget, plan for the future, and properly serve Californians.

    The harms from the current tariffs and their uncertain nature are reflected in California’s recently downgraded economic projection for the 2025-2026 Governor’s Budget. Specifically, this forecast projected increased unemployment and near-term inflation and considerably downgraded projected wage and salary growth, as well as job and personal income growth. These fiscal impacts from tariffs have immediate and devastating effects on the California’s budget, which in turn will yield deep cuts to the state’s programs and services. 

    BACKGROUND

    In the past few months, President Trump has issued over a dozen executive orders imposing, pausing, reimposing, and escalating tariffs on every U.S. trading partner, and claimed authority to do so under IEEPA.  New tariffs are chaotically contemplated, announced, or delayed nearly every day. The uncertainty surrounding the tariffs is itself causing immediate harm to California by incapacitating its ability to budget and plan for the future and chilling the economy — as businesses and people pause decision-making and lose out on opportunities. 

    While difficult to calculate due to their frenzied nature, most estimates put the new average tariff rate at or above 25%. The current IEEPA tariff regime imposes a universal tariff of 10% on all U.S. trading partners, with tariff increases as high 50% on more than 50 specific trading partners set to go into effect on July 9, 2025.  

    Separately, Canada and Mexico are subject to IEEPA tariffs of up to 25%, which are currently in effect after being paused and then re-started. China is subject to an ever-changing combination of IEEPA tariffs that reached a staggering rate of 145%, and as of the publication of this press release, plummeted down to 30% under the 90-day pause. The claimed rationales for each of these tariffs is wide-ranging and difficult to follow from trade deficits and foreign trade practices to immigration, crime, and illicit drugs. In response to President Trump’s tariffs, major U.S. trading partners including China, Canada, and the European Union have imposed or announced retaliatory tariffs — China’s retaliatory tariffs alone reached 125%.

    NATIONWIDE IMPACTS

    The impact of President Trump’s unprecedented IEEPA tariffs is devastating and unprecedented. The near-daily threats to impose new tariffs have already inflicted and continue to inflict serious financial harms on California and states across the nation — with the largest burden expected to fall on the poorest Americans, who cannot absorb the loss of wages or the greater cost of goods. 

    President Trump’s tariff regime will:

    • Reduce Americans’ incomes and productivity: Tariffs are expected to reduce the labor supply by 546,000 full-time jobs. 
    • Cause higher prices and less availability of goods, leading to goods shortages and supply chain disruptions: The Port of Los Angeles saw a third of import volume disappear as of the first week of May, which will hit the availability of goods in stores in only a few weeks. 
    • Wreak havoc on our financial systems: The U.S. stock market suffered the largest two-day loss in its history in the two days following the announcement of President Trump’s most sweeping tariffs. 
    • Generate enormous economic damage to both the U.S. economy and the California economy: Tariffs, on net, reduce production, income, and efficiency. 
    • Raise the probability of a recession: Recessions are damaging to public finance and state budgets — budget pressures can also mean cessation of spending in areas of pressing need, such as public safety, education, and disaster preparedness.

    A copy of the filing will become available here at a later time. 

    MIL OSI USA News –

  • MIL-OSI Europe: Highlights – Exchange with Commissioner McGrath: safeguarding democracy & diversity of expression – Committee on Civil Liberties, Justice and Home Affairs

    Source: European Parliament

    Michael McGrath, Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection © European Commission, 2024

    On 20 May, Michael McGrath, Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection is expected in LIBE for an exchange of views  on the key challenges to democracy in the digital age, including foreign influence, disinformation, and algorithmic manipulation of electoral processes.

    Following recent developments linked to social media platforms, the discussions will focus on strategies to ensure transparency, platform accountability, and the protection of democratic values across the EU.

    MIL OSI Europe News –

  • MIL-OSI USA: Carter unveils bill to strip Newark ICE rioters from committee assignments

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter unveils bill to strip Newark ICE rioters from committee assignments

    WASHINGTON, D.C. – Rep. Earl L. “Buddy” Carter (R-GA) today introduced a resolution to strip New Jersey Democratic Reps. Bonnie Watson Coleman, Robert Menendez, and LaMonica McIver of their committee assignments following their illegal raid of an ICE facility in Newark, NJ.


    “The radical left has lost their minds – they would rather raid an ICE facility to defend criminal illegal immigrants than represent their own constituents. This behavior constitutes an assault on our brave ICE agents and undermines the rule of law. The three members involved in this stunt do not deserve to sit on committees alongside serious lawmakers,”     said Rep. Carter.


    As a bus of illegal immigrant detainees entered the security gate of Delany Hall Detention Center, an unruly group of protestors – including the three previously mentioned Democratic members of Congress – stormed the gate and broke into the detention facility, according to a press release from the Department of Homeland Security.


    The resolution would remove Watson Coleman from the House Committee on Appropriations, McIver from the House Committees on Homeland Security and Small Business, and Menendez from the House Committee on Energy and Commerce.

    Read full bill text here. 

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    MIL OSI USA News –

  • MIL-OSI USA: Councilman Chris Hinds to Join DeGette at Energy & Commerce Committee Markup of Republican Attack on Medicaid

    Source: United States House of Representatives – Congresswoman Diana DeGette (First District of Colorado)

    WASHINGTON, D.C. — Today, Congresswoman Diana DeGette (CO-01) announced that Denver City Councilman Chris Hinds will be joining her at the Energy & Commerce Committee markup of House Republicans’ bill that would kick at least 13.7 million Americans off their health care.

    “Today, House Republicans are trying to force through Trump’s big, bogus bill to kick millions of Americans, like Councilman Hinds, off their health care,” said DeGette. “Throughout his time in public service, Councilman Hinds has not allowed his disability to get in the way of his commitment to his constituents and our city of Denver. He represents what is possible when you have the care that you need to live a healthy and successful life, but Republicans just see him as a few extra dollars they can squeeze out to fund their billionaire tax cuts. Throughout this markup and beyond, I’m going to fight on behalf of the millions of Americans, like Councilman Hinds, who rely on Medicaid.”

    “Defunding Medicaid isn’t just a policy issue—it’s a direct threat to the health and wellbeing of Denverites, including myself. I’m in D.C. to advocate for the 48% of Denver Health patients on Medicaid, the 60% of Denver births that happen there, and the countless uninsured who rely on it. Without Medicaid, the future of Denver’s only Level 1 trauma center—and healthcare across Colorado—is at risk,” said Councilman Hinds. 

    Councilman Chris Hinds is the first elected official in Denver (local, state, or federal) who uses a wheelchair for mobility. In 2008, Councilman Hinds was in an accident that paralyzed him from the chest down. He represents District 10 on the Denver City Council.

    Councilman Hinds and Rep. DeGette will be available for interviews throughout the day. Contact Rep. DeGette’s Communications Director, Jack Stelzner, with interview requests. 

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    MIL OSI USA News –

  • MIL-OSI Security: Woodbridge, Connecticut, Man Admits $2.3 Million Pandemic Relief Program Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that on May 9, 2025, YASIR G. HAMED, 60, of Woodbridge, waived his right to be indicted and pleaded guilty before U.S. District Judge Stefan R. Underhill in Bridgeport to offenses stemming from a scheme to defraud a COVID-19 pandemic relief program of more than $2.3 million.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act provided emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses through the Paycheck Protection Program (“PPP”).  The PPP was overseen by the U.S. Small Business Administration (“SBA”), and individual PPP loans were issued by private lenders, which received and processed PPP applications and supporting documentation, and then made loans using the lenders’ own funds, which were guaranteed by the SBA.

    According to court documents and statements made in court, Hamed, an accountant, had an ownership interest or representative relationship with several New Haven-based businesses, including Access Consulting and Professional Services Inc.; Connecticut Medical Transportation Inc.; Arabic Language Learning Program Inc.; Institute for Global Educational Exchange Inc.; Access Medical Transport Inc.; Ikea Car & Limo Inc.; Center of the World Tours, North America LLC.; and Sudanese American Friendship Association Inc.  Between June 2020 and September 2021, Hamed submitted fraudulent PPP loan applications on behalf of these companies, overstating employee numbers and average monthly payroll, and making other fraudulent representations.  As part of the applications, he submitted false tax filings that had never been filed with the IRS.

    Hamed also submitted PPP loan applications on behalf of companies owned by his clients.  In at least one instance, Hamed convinced the owner of a business, which he knew was not active and had no employees, to seek PPP funding.  Hamed prepared the paperwork for the PPP application and then took a significant portion of the loan proceeds.

    Through this scheme, Hamed obtained than $2.3 million in PPP loans for his businesses and for his clients, receiving more than $1 million in loan proceeds for himself and his family, and significant kickbacks from his clients.  Hamed used the funds for personal expenses, including education expenses for a family member, and for a downpayment on a $880,000 house in Woodbridge that he purchased in October 2020.

    Hamed has agreed to pay $2,384,772 in restitution.

    Hamed pleaded guilty to bank fraud, which carries a maximum term of imprisonment of 30 years, and engaging in illegal monetary transactions, which carries a maximum term of imprisonment of 10 years.  Judge Underhill scheduled sentencing for August 8.

    Hamed was arrested on November 13, 2024.  He is released on a $500,000 bond pending sentencing.

    This investigation has been conducted by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division.  The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

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

    MIL Security OSI –