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  • MIL-OSI USA: Capito Celebrates National Small Business Week

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C.  – U.S. Senator Shelley Moore Capito (R-W.Va.) signed on to a resolution led by U.S. Senate Committee on Small Business and Entrepreneurship Chairman Joni Ernst (R-Iowa) and Ranking Member Ed Markey (D-Mass.) declaring this week as “National Small Business Week” to recognize the innovators and job creators who power America’s economy.

    “In West Virginia, small businesses are an essential part of our economy, making up more than 98% of the businesses in our state and employing nearly half of our workforce. During National Small Business Week, I am proud to join my colleagues in recognizing and celebrating the critical contributions small businesses, like the female-owned Dolly’s Diner in Princeton I visited recently, make in West Virginia and across our country,” Senator Capito said.

    There are more than 34.7 million small businesses in America, accounting for more than 99.9% of all businesses and employing 45.9% of American workers, or about 59 million people.

    Click here to read the resolution. 

    MIL OSI USA News –

  • MIL-OSI USA: Griffith Statement on President Trump Executive Order Targeting Gain-of-Function Research

    Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

    U.S. President Donald J. Trump signed an Executive Order to halt U.S. federal funding of gain-of-function research in overseas countries, like China and Iran, without proper oversight measures. In response to the Executive Order, U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

    “President Trump’s decisive action against gain-of-function research is a significant step towards greater government agency accountability. While this news is welcomed by many who have closely investigated COVID-19 origins, I believe future congressional action is essential to monitoring gain-of-function research of concern, reforming our public health agencies and protecting American life from risky experiments that involve dangerous virus transmission in humans.”

    BACKGROUND

    In the 118th Congress, Rep. Griffith chaired the House Committee on Energy and Commerce Subcommittee on Oversight & Investigations.

    Rep. Griffith chaired hearings on various issues, including but not limited to topics of biosafety and risky research. 

    Rep. Griffith was the lead Energy and Commerce Member in numerous forums with public health officials that were in various leadership positions during the outbreak of COVID-19, including working closely with the Select Subcommittee on the Coronavirus Pandemic.

    During this time, Chairman Griffith participated in closed-door transcribed interviews questioning former National Institute of Allergy and Infectious Diseases (NIAID) Director Dr. Anthony Fauci and questioning former National Institutes of Health (NIH) Director Dr. Frances Collins.

    Rep. Griffith was also a key figure in examining EcoHealth Alliance President Dr. Peter Daszak. 

    EcoHealth is the company that received grants from NIAID which in turn gave subgrants to the Wuhan Institute of Virology to conduct research on Coronavirus evolution and transmission. 

    Because of questions asked by Rep. Griffith related to significant inconsistencies and delays in required reports, among others, the U.S. Department of Health and Human Services recently announced that Dr. Daszak and EcoHealth Alliance would be debarred for five years, cutting them off from U.S. federal funding.

    In January of 2025, the Wall Street Journal reported that President Trump was considering an Executive Order to halt federal funding to gain-of-function research. In response, Rep. Griffith called on President Trump to scrutinize the country’s national gain-of-function research policy.

    Some of Rep. Griffith’s e-newsletters on these topics can be found here and here.

    In March, Rep. Griffith introduced the Risky Research Review Act and the Royalty Transparency Act to rein in the federal health bureaucracy.

    ###

    MIL OSI USA News –

  • MIL-OSI: Dime Adds Fund Finance Banking Vertical

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., May 05, 2025 (GLOBE NEWSWIRE) — As part of the continued execution of its growth plan, Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced the launch of a new fund finance vertical. Led by Michael Watts, the Fund Finance vertical will provide customized fund-level financing to the private equity industry and expand Dime’s coverage across this ecosystem. Watts, who will be based in Manhattan, was most recently a Senior Vice President at East West Bank.

    Stuart H. Lubow, President and Chief Executive Officer of Dime, said, “We are committed to growing our coverage, and position Dime for success, as we respond to the growth in the Fund Finance space. The addition of this vertical is yet another example of targeted strategic investments to expand our commercial expertise and capabilities. For the twelve month period ended March 31, 2025, Dime grew Business loans by over $450 million and we expect Fund Finance to contribute to future growth once we get the vertical up and running.”

    The expansion into Fund Finance, which follows the previous successful buildouts of a Healthcare vertical and a Not-for-Profit vertical, is part of Dime’s recent geographic and vertical expansion. Dime is focused on expanding capabilities and industry-specific coverage expertise by recruiting talented individuals from a variety of financial institutions.

    “Dime has strong momentum and is firmly establishing diversification in its business lines. Within the Fund Finance space, there is an opportunity for Dime to help private equity firms and their portfolio companies with bespoke solutions. I’m looking forward to Michael being part of Dime’s growth and leading the Bank’s efforts in this new vertical,” said Tom Geisel, Dime’s Senior Executive Vice President of Commercial Lending.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

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

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

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

    FORWARD-LOOKING STATEMENTS

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

    The MIL Network –

  • MIL-OSI USA: Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

    Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

    Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

    FOR IMMEDIATE RELEASE
    May 5, 2025

    I join Leader Hakeem Jeffries and my colleagues across the House in honoring the incredible legacy of Congresswoman Jan Schakowsky, a true champion for the people of Illinois and a fearless advocate for justice, equity, and compassion.

    From her early days as a consumer advocate to her distinguished service in Congress, Jan has never wavered in her commitment to uplifting the voices of the voiceless and standing firm in defense of our most vulnerable communities. Her leadership on the House Energy and Commerce Committee—particularly her tireless work to lower prescription drug costs and defend Medicare and Social Security—has made a profound impact on families across this country.

    Congresswoman Schakowsky has also been a guiding light within the Progressive Caucus and a fierce protector of consumer rights. Her dedication to principled public service and her unwavering progressive vision has helped shape the conscience of our Caucus and our country.

    On a personal note, I am deeply grateful for her mentorship, her wisdom, and her friendship. She has been an inspiration not only to me, but to generations of advocates and public servants in Chicagoland and beyond. Though she will be missed in the halls of Congress, her legacy will endure in the movements she helped build and the lives she helped transform.

    I wish Congresswoman Schakowsky and her family every blessing as they begin this next chapter. Thank you, Jan, for your service, your courage, and your unwavering heart!

    ###

    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES STATEMENT ON RETIREMENT ANNOUNCEMENT OF REP. JAN SCHAKOWSKY

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries released the following statement after Congresswoman Jan Schakowsky announced she would not seek another term in the House of Representatives:

    A proud daughter of Illinois, Rep. Jan Schakowsky has spent her entire career standing up for the people of Chicagoland as a consumer advocate, a state legislator and a Congresswoman. Throughout her historic tenure in the People’s House, she has been a principled, progressive leader and has fiercely fought for the least, the lost and the left behind.

    For over two decades, Jan has served on the prestigious House Committee on Energy and Commerce and was a leading voice in the development of the historic Affordable Care Act. A champion for the nation’s seniors, Rep. Schakowsky has fought relentlessly to prevent the privatization of Social Security and Medicare and to make prescription drugs more affordable for hardworking American taxpayers. As Chair and Ranking Member of the Commerce, Manufacturing and Trade Subcommittee, Jan has been a steadfast advocate for consumer safety and transparency.

    As a Caucus Chief Deputy Whip, a member of the Steering and Policy Committee and a Vice Chair of the Progressive Caucus, Jan has been a mentor, a friend and a source of encouragement to myself and so many others. The House Democratic Caucus family will miss Jan tremendously next Congress and I wish her and her family the best in this next chapter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Schiff, Whitehouse Fight Proposed Defanging of Endangered Species Act, Demand Answers on Potential Gutting of Landmark Environmental Law

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Adam Schiff (D-CA), and Sheldon Whitehouse (D-RI) raised the alarm on the Trump administration’s proposed rule that would defang the Endangered Species Act (ESA) by changing a key definition in the regulation. 
    The Trump administration is proposing to change the scope of “harm” covered by the landmark legislation, circumventing congressional intent and reversing 30 years of Supreme Court precedent. 
    “By amputating this critical part of Endangered Species Act rules that has been on the books for more than 40 years, the administration would permit the widespread degradation and elimination of habitat for species that Congress enacted the Endangered Species Act to protect,” the Senators wrote.  
    In their letter to the U.S. Departments of the Interior and Commerce, the Senators also demand answers about the potential of outside influence pushing a deregulatory agenda that could devastate environmental protection efforts across the United States. Their letter also expresses concern about the ability for these departments to enforce the ESA in any capacity amid ongoing efforts to gut federal environmental agencies.                                                                                                                 
    “Combined with efforts by the administration and DOGE to expel expert personnel from federal agencies like FWS and the National Ocean and Atmospheric Administration – which houses NMFS – and starve these agencies of resources, the proposed rule raises the question of how FWS and NMFS will be able to enforce the Endangered Species Act at all,” the Senators wrote. 
    The full letter can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: UConn Students Pitch Tech Startups at Semester-End Showcase

    Source: US State of Connecticut

    On April 28, students in a Technology Innovation and Entrepreneurship class capped off their academic year-long entrepreneurial journey by pitching their technology-based startup ventures at the course’s final pitch day.

    The event, held at the Innovation Partnership Building, featured eight student teams presenting to an audience of guest judges, peers, and visiting international students. A networking hour with light refreshments followed, offering time for further discussion and connection. 

    The course, co-taught by Dr. Leila Daneshmandi from the College of Engineering and Sam Nanayakkara from the School of Business, is an interdisciplinary, project-based class that brings together students from across campus to form teams and tackle real-world problems with innovative technology solutions.

     

    This year’s cohort included students from five UConn schools and colleges: Engineering; Business; Nursing; Fine Arts; and Agriculture, Health and Natural Resources. Participants ranged from first-year undergraduates to graduate students. 

    The Flexapy team presenting their mobile app pitch idea to a panel of judges. (UConn Photo/Sarah Redmond)

    “The students have to work across disciplines, build communication skills, and collaborate as a team. That’s part of their learning journey,” said Nanayakkara. “They’re not just learning how to start a company, they’re learning how to work with people who think differently from them, how to adapt, and how to lead. These are skills that apply far beyond entrepreneurship, whether they go into startups, industry, or any field where innovation and collaboration matter.” 

    Many of the 26 students began developing their ventures in the fall semester’s Technology Innovation and Entrepreneurship I course. That course introduces ideation, design thinking, and business models.  

    The spring sequel focuses on startup strategy, product-market fit, prototyping, and financials. Together, the courses form a year-long, hands-on sequence designed to help students build viable, scalable technology ventures. No prior experience is required to enroll in the Fall course. 

    This spring, Joseph Luciani from the College of Engineering’s Innovation Shop joined the instructional team, providing students with support in prototyping and technical development, further strengthening the course’s emphasis on building real, working solutions. 

    The student teams focused on solutions across a wide range of areas, including charging infrastructure, AI regulations, energy trading, healthcare, elderly care, mobility assistance, physical therapy, and agriculture. The ventures pitched were OptiEnerX, Safety Assurance Index, SoleShift, Transferable, PowerBid, Goldilocks, SmarThyCheck, and Flexapy. 

    The audience also included 24 visiting students from the U.S. Department of State’s Young Southeast Asian Leaders Initiative (YSEALI), who were on campus for a five- week entrepreneurship program hosted by UConn’s Global Training and Development Institute. The YSEALI students observed the final presentations, asked thoughtful questions, and joined the networking session following the pitches. 

    “The event was a perfect reflection of UConn’s entrepreneurial spirit and culture of innovation,” said Dr. Tolga Turker, Director of Global Entrepreneurial Programs at UConn’s Global Development and Training Institute. “The student pitches showcased bold imagination and real-world problem-solving, inspiring the YSEALI fellows to pursue their own ideas.”

    A panel of guest judges provided constructive feedback and insights, helping teams refine their ideas and build confidence in presenting to external stakeholders.

    The event also welcomed course alum Sage Bhagwansingh, founder of Sage Scenes, who returned to support the event and contributed videography, demonstrating the strong and growing community around UConn’s innovation programming. 

    [embedded content]

    “It is incredibly rewarding for us to see how far these students have come, not just in developing their ventures but in how they think, communicate, and lead. We challenge them to step outside their comfort zones and take ownership of the process, from problem discovery to real-world prototyping and startup strategy,” said Daneshmandi, who is also the director of the College of Engineering’s Entrepreneurship Hub. “What they gain is not just entrepreneurial knowledge. It is confidence, adaptability, and an innovative mindset that will stay with them no matter where they go next.”

    Students interested in exploring technology entrepreneurship are encouraged to reach out to Daneshmandi. Both courses are offered jointly through the College of Engineering and the School of Business and are open to students of all majors and designed to support innovators at every stage. 

    For more information about support for technology innovation and entrepreneurship, please visit the eHub.

    View photos from the event.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Law Graduate Honored for Generosity and Impact

    Source: US State of Connecticut

    The Reading Room in William F. Starr Hall is considered the heart of the UConn Law campus, a place where the school community often gathers. So, it is fitting that the room is now named after Stuart F. Smith ’80, in honor of his extraordinary generosity and enduring impact on the law school.

    “Today’s special event demonstrates our deep appreciation for Stuart’s exceptional generosity, through which he has shared his time, his talent, and his treasure to help build upon a legacy of excellence here at the Law School,” said UConn Law Dean Eboni S. Nelson during a dedication ceremony on April 21. “Stuart’s remarkable support has had and will continue to have a profound impact on our law school community for years to come.”

    Stuart F. Smith ’80

    Smith established the Stuart Smith 1980 Dean’s Discretionary Fund in 2024 to support the ambitious goals of faculty, staff, and students. The previous year, he made a gift to create the Stuart F. Smith 1980 Teaching Fellowship, a two-year program that prepares aspiring law professors to enter the legal academy.

    “The Fellowship has given me the chance to be part of the intellectually vibrant, collegial, and supportive UConn Law faculty, where I’ve received valuable mentorship and feedback on my research and writing,” says Visiting Assistant Professor Gaurav Mukherjee, the inaugural Stuart F. Smith Teaching Fellow. “I’ve had the opportunity to teach courses on the intersections of human rights, education law, and constitutional change — topics that are especially urgent today. I’m deeply grateful to Mr. Smith for his principled vision, steadfast support, and commitment to excellence in legal education.”

    Stuart F. Smith ’80 and UConn School of Law Dean Eboni S. Nelson

    In addition to his philanthropic support, Smith has shared his expertise and his personal and professional journeys with students, such as members of the Business and Transactional Law Society, to help them achieve their career goals.

    Smith attended the dedication and was surrounded by family and friends there to celebrate with him.

    “When it comes to the Law School, I’ve gotten a lot more than I’ve given,” he said. “My most important ‘grade’ was my first year of law school because of the friendships I built and what I learned. And it’s such a privilege to be part of the community. So, I say, thank you, I’m really humbled by this. It’s very moving.”

    MIL OSI USA News –

  • MIL-OSI USA: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

    Source: US State of North Carolina

    Headline: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

    Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses
    lsaito

    Raleigh, NC

    Today Governor Josh Stein announced that the Dogwood Health Trust, the Duke Endowment, and the State of North Carolina have distributed $55 million to 2,182 small businesses through the Western North Carolina Small Business Initiative. These grants are supporting western North Carolina businesses impacted by Hurricane Helene and bolstering regional economic recovery. More than 7,300 businesses applied.

    “These grants will go a long way in helping western North Carolina’s beloved small business owners keep their doors open after Helene,” said Governor Josh Stein. “But the volume of unfunded applications makes it crystal clear – more help is desperately needed. I’m ready to work with the legislature to deliver support for small businesses that power our mountain economy.”

    “The Dogwood Health Trust is proud of this partnership’s work to support small business owners in western North Carolina,” said Dogwood President and CEO Dr. Susan Mims. “The Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts. These businesses are vital to the health of our communities, and we must continue to support them.”

    The Western North Carolina Small Business Initiative, initiated by the Dogwood Health Trust and then expanded by the State of North Carolina and the Duke Endowment, awarded grants of up to $50,000 to small business with an annual revenue of up to $2.5 million. Earlier this week, Governor Stein announced the new $55 million Small Business Infrastructure Grant Program, which directs up to $1 million in grants to local governments to rebuild public infrastructure like sewers and sidewalks, which small businesses rely upon to attract business. Governor Stein’s second Hurricane Helene relief budget proposal will include increased support for small businesses in western North Carolina. 

    Note: A previous version of this release stated the number of small businesses awarded grants as 2,812 rather than 2,182. 

    May 1, 2025

    MIL OSI USA News –

  • MIL-OSI: red violet to Participate in the 20th Annual Needham Technology, Media, & Consumer Conference

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced that it will participate in the 20th Annual Needham Technology, Media, & Consumer Conference being held May 8-13, 2025. Derek Dubner, Chief Executive Officer, and Daniel MacLachlan, Chief Financial Officer, will virtually host investor meetings on May 12, 2025.

    About red violet®
    At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

    Company Contact:
    Camilo Ramirez
    Red Violet, Inc.
    561-757-4500
    ir@redviolet.com

    Investor Relations Contacts:
    Steven Hooser
    Three Part Advisors
    214-872-2710
    ir@redviolet.com

    The MIL Network –

  • MIL-OSI: AvePoint to Participate in May Investor Conferences 

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 05, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance and resilience, today announced that members of the Company’s executive management team will present at the following investor conferences: 

    • TD Cowen 53rd Annual Technology, Media & Telecom Conference (New York, NY): Thursday, 5/29 at 2:25 pm ET 
    • Jefferies Public Technology Conference (Newport Coast, CA): Thursday, 5/29 at 10:30am PT

    In addition, AvePoint will attend the following investor conferences: 

    • 20th Annual Needham Technology, Media & Consumer 1×1 Conference (Virtual): Monday, 5/12
    • Evercore ISI Software 1×1 Day (New York, NY): Thursday, 5/29
    • Morgan Stanley Virtual ASEAN Conference 2025 (Virtual): Thursday, 5/29

    A live and archived audio webcast of all presentations will be available on the AvePoint Investor Relations website.

    About AvePoint:

    Beyond Secure. AvePoint is the global leader in data security, governance, and resilience, going beyond traditional solutions to ensure a robust data foundation and enable organizations everywhere to collaborate with confidence. Over 25,000 customers worldwide rely on the AvePoint Confidence Platform to prepare, secure, and optimize their critical data across Microsoft, Google, Salesforce, and other collaboration environments. AvePoint’s global channel partner program includes approximately 5,000 managed service providers, value-added resellers, and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K. Copies of this and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. This filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint,” “the Company,” “we,” “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: Tactile Systems Technology, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, May 05, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Summary & Recent Business Highlights:

    • Total revenue increased 0.3% year-over-year to $61.3 million
    • Gross margin of 74% versus 71% in Q1 2024
    • Net loss of $3.0 million versus $2.2 million in Q1 2024
    • Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024
    • Repurchased $10.0 million of stock under the Company’s share repurchase program
    • Expanded launch of Nimbl to include patients with lower extremity conditions, the largest segment of the lymphedema market
    • Completed launch of a new customer relationship management (CRM) tool and previously announced optimization of sales organization

    “Through the first quarter our team executed on several highly strategic, growth-oriented priorities. We launched Nimbl for lower extremity lymphedema, completed efforts to optimize our sales organization for scale and efficiency, and implemented a new CRM tool that equips our team with best-in-class resources to more efficiently reach lymphedema patients,” said Sheri Dodd, Chief Executive Officer of Tactile Medical.

    “While these efforts have had a temporary impact on sales force productivity, we are thrilled with the progress made and firmly believe these transformational actions are essential to positioning Tactile for consistent, long-term growth. Our underlying business fundamentals remain firmly in place and we are meaningfully advancing each of our three 2025 strategic priorities to remain the competitive market share leader in medical device lymphatic therapy.”

    First Quarter 2025 Financial Results

    Total revenue in the first quarter of 2025 increased $180 thousand, or 0.3%, to $61.3 million, compared to $61.1 million in the first quarter of 2024. The increase in total revenue was attributable to an increase of $1.9 million, or 22%, in sales of the airway clearance product line, offset by a decrease of $1.8 million, or 3%, in sales and rentals of the lymphedema product line in the quarter ended March 31, 2025, compared to the first quarter of 2024. The increase in airway clearance product line revenue was primarily attributable to increased placements of AffloVest among our durable medical equipment (DME) partners, while the decrease in lymphedema product line revenue was primarily attributable to a decrease in headcount of our field sales team.

    Gross profit in the first quarter of 2025 increased $1.9 million, or 4%, to $45.3 million, compared to $43.4 million in the first quarter of 2024. Gross margin was 74% of revenue, compared to 71% of revenue in the first quarter of 2024. The increase in gross profit was primarily attributable to lower manufacturing and warranty costs.

    Operating expenses in the first quarter of 2025 increased $3.5 million, or 8%, to $49.9 million, compared to $46.4 million in the first quarter of 2024. The increase in operating expenses was primarily attributable to planned strategic investments.

    Operating loss was $4.5 million in the first quarter of 2025, compared to $3.0 million in the first quarter of 2024.

    Other income was $0.5 million in the first quarter of 2025, compared to $0.2 million in the first quarter of 2024, and consisted primarily of interest income, net.

    Income tax benefit was $1.1 million in the first quarter of 2025, compared to $0.6 million in the first quarter of 2024.

    Net loss in the first quarter of 2025 was $3.0 million, or $(0.13) per diluted share, compared to $2.2 million, or $(0.09) per diluted share, in the first quarter of 2024.

    Weighted average shares used to compute diluted net loss per share were 23.7 million in each of the first quarters of 2025 and 2024.

    Adjusted EBITDA loss was $0.3 million in the first quarter of 2025, compared to positive Adjusted EBITDA of $1.0 million in the first quarter of 2024.

    Balance Sheet Summary

    As of March 31, 2025, the Company had $83.6 million in cash and $25.5 million of outstanding borrowings under its credit agreement, compared to $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement as of December 31, 2024. The Company repurchased $10.0 million of its stock during the first quarter under its repurchase program. As of March 31, 2025, $16.5 million remained available under the Company’s $30.0 million share repurchase program, which expires October 31, 2026.

    2025 Financial Outlook

    The Company is updating its 2025 financial outlook and now expects full year 2025 total revenue in the range of $309 million to $315 million, representing growth of approximately 5% to 8% year-over-year, compared to total revenue of $293.0 million in 2024. The Company’s prior 2025 guidance expectation was total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year.

    The Company now also expects full year 2025 adjusted EBITDA in the range of $32 million to $34 million, compared to adjusted EBITDA of $37.1 million in 2024. The Company’s prior 2025 guidance expectation was adjusted EBITDA in the range of $35 million to $37 million.

    Conference Call

    Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13752588. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Legal Notice Regarding Forward-Looking Statements

    This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; adverse economic conditions, including inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; price increases for supplies and components; wage and component price inflation; loss of a key supplier or other supply chain disruptions; entry of new competitors and/or competitive products; compliance with and changes in federal, state and local government regulation; technological obsolescence of, or quality issues with, the Company’s products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    Use of Non-GAAP Financial Measures

    This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income (loss), plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

    This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

    The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
        March 31,   December 31,
    (In thousands, except share and per share data)   2025   2024
    Assets          
    Current assets            
    Cash   $ 83,619   $ 94,367
    Accounts receivable, net     35,693     44,937
    Net investment in leases     14,850     14,540
    Inventories     18,867     18,666
    Income taxes receivable     1,193     —
    Prepaid expenses and other current assets     5,900     5,053
    Total current assets     160,122     177,563
    Non-current assets            
    Property and equipment, net     5,391     5,603
    Right of use operating lease assets     16,174     16,633
    Intangible assets, net     41,866     42,789
    Goodwill     31,063     31,063
    Deferred income taxes     18,059     18,311
    Other non-current assets     7,567     5,962
    Total non-current assets     120,120     120,361
    Total assets   $ 280,242   $ 297,924
    Liabilities and Stockholders’ Equity            
    Current liabilities            
    Accounts payable   $ 7,224   $ 5,648
    Note payable     2,956     2,956
    Accrued payroll and related taxes     10,929     17,923
    Accrued expenses     7,177     7,780
    Income taxes payable     —     270
    Operating lease liabilities     3,036     2,980
    Other current liabilities     4,079     3,147
    Total current liabilities     35,401     40,704
    Non-current liabilities            
    Note payable, non-current     22,481     23,220
    Accrued warranty reserve, non-current     1,201     1,209
    Income taxes payable, non-current     355     239
    Operating lease liabilities, non-current     15,173     15,955
    Total non-current liabilities     39,210     40,623
    Total liabilities     74,611     81,327
                 
    Stockholders’ equity:            
    Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024     —     —
    Common stock, $0.001 par value, 300,000,000 shares authorized; 23,584,471 shares issued and outstanding as of March 31, 2025; 23,883,475 shares issued and outstanding as of December 31, 2024     24     24
    Additional paid-in capital     172,727     180,719
    Retained earnings     32,880     35,854
    Total stockholders’ equity     205,631     216,597
    Total liabilities and stockholders’ equity   $ 280,242   $ 297,924
                 
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
                 
                 
        Three Months Ended
        March 31,
    (In thousands, except share and per share data)   2025   2024
    Revenue            
    Sales revenue   $ 52,469     $ 53,307  
    Rental revenue     8,799       7,781  
    Total revenue     61,268       61,088  
    Cost of revenue            
    Cost of sales revenue     13,891       14,944  
    Cost of rental revenue     2,031       2,715  
    Total cost of revenue     15,922       17,659  
    Gross profit            
    Gross profit – sales revenue     38,578       38,363  
    Gross profit – rental revenue     6,768       5,066  
    Gross profit     45,346       43,429  
    Operating expenses            
    Sales and marketing     27,516       27,357  
    Research and development     1,741       2,143  
    Reimbursement, general and administrative     19,998       16,261  
    Intangible asset amortization and earn-out     633       632  
    Total operating expenses     49,888       46,393  
    Loss from operations     (4,542 )     (2,964 )
    Interest income     895       713  
    Interest expense     (424 )     (567 )
    Other income     —       9  
    Loss before income taxes     (4,071 )     (2,809 )
    Income tax benefit     (1,097 )     (600 )
    Net loss   $ (2,974 )   $ (2,209 )
    Net loss per common share            
    Basic   $ (0.13 )   $ (0.09 )
    Diluted   $ (0.13 )   $ (0.09 )
    Weighted-average common shares used to compute net loss per common share            
    Basic     23,710,643       23,665,829  
    Diluted     23,710,643       23,665,829  
                     
                 
    Tactile Systems Technology, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
         
        Three Months Ended March 31,
    (In thousands)   2025   2024
    Cash flows from operating activities            
    Net loss   $ (2,974 )   $ (2,209 )
    Adjustments to reconcile net loss to net cash provided by operating activities:            
    Depreciation and amortization     1,726       1,634  
    Deferred income taxes     252       84  
    Stock-based compensation expense     2,066       2,039  
    Loss on disposal of property and equipment and intangibles     5       —  
    Changes in assets and liabilities, net of acquisition:            
    Accounts receivable, net     9,244       2,682  
    Net investment in leases     (310 )     (129 )
    Inventories     (201 )     1,683  
    Income taxes     (1,347 )     (693 )
    Prepaid expenses and other assets     (2,452 )     (787 )
    Right of use operating lease assets     (267 )     2  
    Accounts receivable, non-current     —       3,983  
    Accounts payable     1,387       (1,396 )
    Accrued payroll and related taxes     (6,994 )     (5,766 )
    Accrued expenses and other liabilities     282       (203 )
    Net cash provided by operating activities     417       924  
    Cash flows from investing activities            
    Purchases of property and equipment     (379 )     (482 )
    Intangible assets expenditures     (28 )     (20 )
    Net cash used in investing activities     (407 )     (502 )
    Cash flows from financing activities            
    Payments on note payable     (750 )     (750 )
    Proceeds from exercise of common stock options     10       1  
    Payments for repurchases of common stock     (10,018 )     —  
    Net cash used in financing activities     (10,758 )     (749 )
    Net decrease in cash     (10,748 )     (327 )
    Cash – beginning of period     94,367       61,033  
    Cash – end of period   $ 83,619     $ 60,706  
                 
    Supplemental cash flow disclosure            
    Cash paid for interest   $ 444     $ 583  
    Cash paid for taxes   $ 15     $ 54  
    Accrued excise tax on stock repurchases   $ 50     $ —  
    Capital expenditures incurred but not yet paid   $ 189     $ 225  
                     

    The following table summarizes revenue by product line for the three months ended March 31, 2025 and 2024:

                 
        Three Months Ended
        March 31,
    (In thousands)      2025    2024 
    Revenue            
    Lymphedema products   $ 50,554     $ 52,313  
    Airway clearance products     10,714       8,775  
    Total   $ 61,268     $ 61,088  
                 
    Percentage of total revenue            
    Lymphedema products     83 %     86 %
    Airway clearance products     17 %     14 %
    Total     100 %     100 %
                     

    The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, as well as the dollar and percentage change between the comparable periods:

                             
    Tactile Systems Technology, Inc.
    Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
    (Unaudited)
                             
        Three Months Ended   Increase
        March 31,   (Decrease)
    (Dollars in thousands)   2025   2024   $   %
    Net loss   $ (2,974 )   $ (2,209 )   $ (765 )   35 %
    Interest (income) expense, net     (471 )     (146 )     (325 )   N.M. %
    Income tax benefit     (1,097 )     (600 )     (497 )   83 %
    Depreciation and amortization     1,726       1,634       92     6 %
    Stock-based compensation     2,066       2,039       27     1 %
    Executive transition costs     491       315       176     56 %
    Adjusted EBITDA   $ (259 )   $ 1,033     $ (1,292 )   (125 )%
                                   

    The following table contains a reconciliation of net income to Adjusted EBITDA for the year ended December 31, 2024:

           
    Tactile Systems Technology, Inc.
    Reconciliation of Net income to Non-GAAP Adjusted EBITDA
    (Unaudited)
           
        Year Ended
    (Dollars in thousands)   December 31, 2024
    Net income   $ 16,960  
    Interest (income) expense, net     (1,299 )
    Income tax expense     6,529  
    Depreciation and amortization     6,793  
    Stock-based compensation     7,819  
    Executive transition costs     248  
    Adjusted EBITDA   $ 37,050  
             

    The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:

                 
    Tactile Systems Technology, Inc.
    Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
    (Unaudited)
                 
        Twelve Months Ended
        December 31, 2025
    (Dollars in thousands)      Low      High
    Net income   $ 13,400     $ 14,800  
    Interest income, net     (2,400 )     (2,400 )
    Income tax expense     5,200       5,800  
    Depreciation and amortization     6,700       6,700  
    Stock-based compensation     8,600       8,600  
    Executive transition costs     500       500  
    Adjusted EBITDA   $ 32,000     $ 34,000  
     

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: Palomar Holdings, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024.

    First Quarter 2025 Highlights

    • Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024
    • Net income of $42.9 million compared to $26.4 million in the first quarter of 2024
    • Adjusted net income(1) increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024
    • Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024
    • Catastrophe loss ratio(1) of -0.3% compared to 3.1% in the first quarter of 2024
    • Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024
    • Adjusted combined ratio(1) of 68.5% compared to 73.0%, in the first quarter of 2024
    • Adjusted combined ratio excluding catastrophe losses(1) of 68.9% compared to 69.8%, in the first quarter of 2024
    • Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024
    • Annualized adjusted return on equity(1) of 27.0% compared to 22.9% in the first quarter of 2024

     

    (1)  See discussion of “Non-GAAP and Key Performance Indicators” below.

    Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio.  Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%(2), demonstrating the strong underlying momentum that exists across our portfolio of specialty products.”   

    Mr. Armstrong continued, “Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.”  

    (2) Excludes the impact of lines of business exited or discontinued since prior year.

    Underwriting Results

    Gross written premiums increased 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024, while net earned premiums increased 52.1% compared to the prior year’s first quarter. 

    Losses and loss adjustment expenses for the first quarter were $38.7 million, comprised of $39.2 million of attritional losses, offset by $0.5 million of favorable development on prior year catastrophe events. The loss ratio for the quarter was 23.6%, comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio(1) of -0.3% compared to a loss ratio of 24.9% during the same period last year comprised of an attritional loss ratio of 21.8% and a catastrophe loss ratio(1) of 3.1%.

    Underwriting income(1) for the first quarter was $44.1 million resulting in a combined ratio of 73.1% compared to underwriting income of $25.0 million resulting in a combined ratio of 76.9% during the same period last year. The Company’s adjusted underwriting income(1) was $51.6 million resulting in an adjusted combined ratio(1) of 68.5% in the first quarter compared to adjusted underwriting income(1) of $29.2 million and an adjusted combined ratio(1) of 73.0% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 68.9% compared to 69.8% during the same period last year.

    Investment Results
    Net investment income increased by 69.1% to $12.1 million compared to $7.1 million in the prior year’s first quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended March 31, 2025 due to cash generated from operations and proceeds from the August 2024 public offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.09 years at March 31, 2025. Cash and invested assets totaled $1.2 billion at March 31, 2025. During the first quarter, the Company recorded $2.3 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million during the same period last year.

    Tax Rate
    The effective tax rate for the three months ended March 31, 2025 was 20.1% compared to 23.2% for the three months ended March 31, 2024. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options offset by non-deductible executive compensation expense.

    Stockholders’ Equity and Returns
    Stockholders’ equity was $790.4 million at March 31, 2025, compared to $501.7 million at March 31, 2024. For the three months ended March 31, 2025, the Company’s annualized return on equity was 22.6% compared to 21.7% for the same period in the prior year while adjusted return on equity(1) was 27.0% compared to 22.9% for the same period in the prior year. 

    Full Year 2025 Outlook
    For the full year 2025, the Company expects to achieve adjusted net income of $186 million to $200 million, an increase from the Company’s initial outlook of adjusted net income of $180 million to $192 million. This range includes an estimate of $8 million to $12 million of catastrophe losses for the remainder of the year.

    Conference Call
    As previously announced, Palomar will host a conference call Tuesday, May 6, 2025, to discuss its first quarter 2025 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

    About Palomar Holdings, Inc.
    Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best. 

    To learn more, visit PLMR.com.

    Non-GAAP and Key Performance Indicators

    Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

    Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

    Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

    Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

    Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

    Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

    Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

    Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

    Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

    Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

    Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

    Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses.  See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

    Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

    Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

    Safe Harbor Statement
    Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Contact
    Media Inquiries 
    Lindsay Conner 
    1-551-206-6217 
    lconner@plmr.com  

    Investor Relations
    Jamie Lillis
    1-203-428-3223
    investors@plmr.com 

    Source: Palomar Holdings, Inc.

    Summary of Operating Results:

    The following tables summarize the Company’s results for the three months ended March 31, 2025 and 2024:

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands, except per share data)  
    Gross written premiums   $ 442,163     $ 368,078     $ 74,085       20.1 %
    Ceded written premiums     (230,745 )     (228,171 )     (2,574 )     1.1 %
    Net written premiums     211,418       139,907       71,511       51.1 %
    Net earned premiums     164,070       107,866       56,204       52.1 %
    Commission and other income     830       528       302       57.2 %
    Total underwriting revenue (1)     164,900       108,394       56,506       52.1 %
    Losses and loss adjustment expenses     38,743       26,837       11,906       44.4 %
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798       14,561       45.8 %
    Other underwriting expenses     35,733       24,804       10,929       44.1 %
    Underwriting income (1)     44,065       24,955       19,110       76.6 %
    Interest expense     (85 )     (740 )     655       (88.5 )%
    Net investment income     12,071       7,139       4,932       69.1 %
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002       (5,340 )     (177.9 )%
    Income before income taxes     53,713       34,356       19,357       56.3 %
    Income tax expense     10,791       7,974       2,817       35.3 %
    Net income   $ 42,922     $ 26,382     $ 16,540       62.7 %
    Adjustments:                                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )     5,340       (177.9 )%
    Expenses associated with transactions     2,088       —       2,088       — %
    Stock-based compensation expense     4,745       3,820       925       24.2 %
    Amortization of intangibles     707       390       317       81.3 %
    Tax impact     (1,494 )     204       (1,698 )     NM  
    Adjusted net income (1)   $ 51,306     $ 27,794     $ 23,512       84.6 %
    Key Financial and Operating Metrics                                
    Annualized return on equity     22.6 %     21.7 %                
    Annualized adjusted return on equity (1)     27.0 %     22.9 %                
    Loss ratio     23.6 %     24.9 %                
    Expense ratio     49.5 %     52.0 %                
    Combined ratio     73.1 %     76.9 %                
    Adjusted combined ratio (1)     68.5 %     73.0 %                
    Diluted earnings per share   $ 1.57     $ 1.04                  
    Diluted adjusted earnings per share (1)   $ 1.87     $ 1.09                  
    Catastrophe losses   $ (542 )   $ 3,359                  
    Catastrophe loss ratio (1)     (0.3 )%     3.1 %                
    Adjusted combined ratio excluding catastrophe losses (1)     68.9 %     69.8 %                
    Adjusted underwriting income (1)   $ 51,605     $ 29,165     $ 22,440       76.9 %
    NM – not meaningful                                

    (1) Indicates Non-GAAP financial measure – see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

    Condensed Consolidated Balance sheets

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets (unaudited)

    (in thousands, except shares and par value data)

        March 31,     December 31,  
        2025     2024  
        (Unaudited)          
    Assets                
    Investments:                
    Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024)   $ 991,759     $ 939,046  
    Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024)     44,367       40,529  
    Equity method investment     2,259       2,277  
    Other investments     11,031       5,863  
    Total investments     1,049,416       987,715  
    Cash and cash equivalents     119,312       80,438  
    Restricted cash     15       101  
    Accrued investment income     8,590       8,440  
    Premiums receivable     334,247       305,724  
    Deferred policy acquisition costs, net of ceding commissions and fronting fees     102,861       94,881  
    Reinsurance recoverable on paid losses and loss adjustment expenses     30,361       47,076  
    Reinsurance recoverable on unpaid losses and loss adjustment expenses     361,227       348,083  
    Ceded unearned premiums     295,275       276,237  
    Prepaid expenses and other assets     92,292       91,086  
    Deferred tax assets, net     5,596       8,768  
    Property and equipment, net     2,393       429  
    Goodwill and intangible assets, net     24,925       13,242  
    Total assets   $ 2,426,510     $ 2,262,220  
    Liabilities and stockholders’ equity                
    Liabilities:                
    Accounts payable and other accrued liabilities   $ 65,405     $ 70,079  
    Reserve for losses and loss adjustment expenses     543,889       503,382  
    Unearned premiums     813,462       741,692  
    Ceded premium payable     179,105       190,168  
    Funds held under reinsurance treaty     34,200       27,869  
    Total liabilities     1,636,061       1,533,190  
    Stockholders’ equity:                
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     3       3  
    Additional paid-in capital     501,950       493,656  
    Accumulated other comprehensive loss     (16,642 )     (26,845 )
    Retained earnings     305,138       262,216  
    Total stockholders’ equity     790,449       729,030  
    Total liabilities and stockholders’ equity   $ 2,426,510     $ 2,262,220  
     

    Condensed Consolidated Income Statement

    Palomar Holdings, Inc. and Subsidiaries

    Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)

    (in thousands, except shares and per share data)

        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues:                
    Gross written premiums   $ 442,163     $ 368,078  
    Ceded written premiums     (230,745 )     (228,171 )
    Net written premiums     211,418       139,907  
    Change in unearned premiums     (47,348 )     (32,041 )
    Net earned premiums     164,070       107,866  
    Net investment income     12,071       7,139  
    Net realized and unrealized (losses) gains on investments     (2,338 )     3,002  
    Commission and other income     830       528  
    Total revenues     174,633       118,535  
    Expenses:                
    Losses and loss adjustment expenses     38,743       26,837  
    Acquisition expenses, net of ceding commissions and fronting fees     46,359       31,798  
    Other underwriting expenses     35,733       24,804  
    Interest expense     85       740  
    Total expenses     120,920       84,179  
    Income before income taxes     53,713       34,356  
    Income tax expense     10,791       7,974  
    Net income   $ 42,922     $ 26,382  
    Other comprehensive income, net:                
    Net unrealized gains (losses) on securities available for sale     10,203       (2,514 )
    Net comprehensive income   $ 53,125     $ 23,868  
    Per Share Data:                
    Basic earnings per share   $ 1.61     $ 1.06  
    Diluted earnings per share   $ 1.57     $ 1.04  
                     
    Weighted-average common shares outstanding:                
    Basic     26,658,106       24,862,367  
    Diluted     27,399,997       25,468,564  


    Underwriting Segment Data

    The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

        Three Months Ended March 31,                  
        2025     2024                  
        ($ in thousands)          
                % of             % of             %  
        Amount     GWP     Amount     GWP     Change     Change  
    Product                                                
    Earthquake   $ 130,245       29.5 %   $ 105,729       28.7 %   $ 24,516       23.2 %
    Casualty     110,487       25.0 %     51,935       14.1 %     58,552       112.7 %
    Inland Marine and Other Property     99,284       22.5 %     76,876       20.9 %     22,408       29.1 %
    Fronting     53,927       12.2 %     94,831       25.8 %     (40,904 )     (43.1 )%
    Crop     48,220       10.9 %     38,707       10.5 %     9,513       24.6 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %   $ 74,085       20.1 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    State                                
    California   $ 139,723       31.6 %   $ 157,217       42.7 %
    Texas     44,991       10.2 %     40,795       11.1 %
    Hawaii     20,358       4.6 %     12,516       3.4 %
    Florida     18,641       4.2 %     13,924       3.8 %
    Washington     15,669       3.5 %     12,002       3.3 %
    New York     14,597       3.3 %     8,030       2.2 %
    New Mexico     12,395       2.8 %     7,469       2.0 %
    Colorado     12,168       2.8 %     9,605       2.6 %
    Other     163,621       37.0 %     106,520       28.9 %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %
        Three Months Ended March 31,  
        2025     2024  
        ($ in thousands)  
                % of             % of  
        Amount     GWP     Amount     GWP  
    Subsidiary                                
    PSIC   $ 230,917       52.2 %   $ 222,657       60.5 %
    PESIC     190,786       43.1 %     136,493       37.1 %
    Laulima     16,037       3.7 %     8,928       2.4 %
    FIA     4,423       1.0 %     —       — %
    Total Gross Written Premiums   $ 442,163       100.0 %   $ 368,078       100.0 %

    Gross and net earned premiums

    The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Gross earned premiums   $ 375,776     $ 302,872     $ 72,904       24.1 %
    Ceded earned premiums     (211,706 )     (195,006 )     (16,700 )     8.6 %
    Net earned premiums   $ 164,070     $ 107,866     $ 56,204       52.1 %
                                     
    Net earned premium ratio     43.7 %     35.6 %                

    Loss detail

        Three Months Ended                  
        March 31,                  
        2025     2024     Change     % Change  
        ($ in thousands)  
    Catastrophe losses   $ (542 )   $ 3,359     $ (3,901 )     (116.1 )%
    Non-catastrophe losses     39,285       23,478       15,807       67.3 %
    Total losses and loss adjustment expenses   $ 38,743     $ 26,837     $ 11,906       44.4 %
                                     
    Catastrophe loss ratio     (0.3 )%     3.1 %                
    Non-catastrophe loss ratio     23.9 %     21.8 %                
    Total loss ratio     23.6 %     24.9 %                

    The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

        Three Months Ended March 31,  
        2025     2024  
        (in thousands)  
    Reserve for losses and LAE net of reinsurance recoverables at beginning of period   $ 155,299     $ 97,653  
    Add: Balance acquired from FIA(1)     6,788       —  
    Add: Incurred losses and LAE, net of reinsurance, related to:                
    Current year     43,059       26,333  
    Prior years     (4,316 )     504  
    Total incurred     38,743       26,837  
    Deduct: Loss and LAE payments, net of reinsurance, related to:                
    Current year     4,998       4,895  
    Prior years     13,170       9,432  
    Total payments     18,168       14,327  
    Reserve for losses and LAE net of reinsurance recoverables at end of period     182,662       110,163  
    Add: Reinsurance recoverables on unpaid losses and LAE at end of period     361,227       292,024  
    Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period   $ 543,889     $ 402,187  

    (1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations.

    Reconciliation of Non-GAAP Financial Measures

    For the three months ended March 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

    Underwriting revenue

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Total revenue   $ 174,633     $ 118,535  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Underwriting revenue   $ 164,900     $ 108,394  

    Underwriting income and adjusted underwriting income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Income before income taxes   $ 53,713     $ 34,356  
    Net investment income     (12,071 )     (7,139 )
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Interest expense     85       740  
    Underwriting income   $ 44,065     $ 24,955  
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Adjusted underwriting income   $ 51,605     $ 29,165  

    Adjusted net income

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net income   $ 42,922     $ 26,382  
    Adjustments:                
    Net realized and unrealized losses (gains) on investments     2,338       (3,002 )
    Expenses associated with transactions     2,088       —  
    Stock-based compensation expense     4,745       3,820  
    Amortization of intangibles     707       390  
    Tax impact     (1,494 )     204  
    Adjusted net income   $ 51,306     $ 27,794  

    Annualized adjusted return on equity

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
                     
    Annualized adjusted net income   $ 205,224     $ 111,176  
    Average stockholders’ equity   $ 759,739     $ 486,455  
    Annualized adjusted return on equity     27.0 %     22.9 %

    Adjusted combined ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Adjusted combined ratio     68.5 %     73.0 %

    Diluted adjusted earnings per share

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands, except per share data)  
                     
    Adjusted net income   $ 51,306     $ 27,794  
    Weighted-average common shares outstanding, diluted     27,399,997       25,468,564  
    Diluted adjusted earnings per share   $ 1.87     $ 1.09  

    Catastrophe loss ratio

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Losses and loss adjustment expenses   $ 38,743     $ 26,837  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Loss ratio     23.6 %     24.9 %
                     
    Numerator: Catastrophe losses   $ (542 )   $ 3,359  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Catastrophe loss ratio     (0.3 )%     3.1 %

    Adjusted combined ratio excluding catastrophe losses

        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses,
    net of commission and other income    		   $ 120,005     $ 82,911  
    Denominator: Net earned premiums   $ 164,070     $ 107,866  
    Combined ratio     73.1 %     76.9 %
    Adjustments to numerator:                
    Expenses associated with transactions   $ (2,088 )   $ —  
    Stock-based compensation expense     (4,745 )     (3,820 )
    Amortization of intangibles     (707 )     (390 )
    Catastrophe losses     542       (3,359 )
    Adjusted combined ratio excluding catastrophe losses     68.9 %     69.8 %

    Tangible Stockholders’ equity

        March 31,     December 31,  
        2025     2024  
        (in thousands)  
    Stockholders’ equity   $ 790,449     $ 729,030  
    Goodwill and intangible assets     (24,925 )     (13,242 )
    Tangible stockholders’ equity   $ 765,524     $ 715,788  

    The MIL Network –

  • MIL-Evening Report: Labor has the chance to do something big in its second term. What policy reforms should it take on?

    Source: The Conversation (Au and NZ) – By Yee-Fui Ng, Associate Professor, Faculty of Law, Monash University

    Dan Breckwoldt/Shutterstock

    Labor’s historic election victory means the Albanese government has a rare opportunity to pursue a big, bold reform agenda. The scale of the victory all but guarantees a third term in office after the next election in 2028, and entrenches Anthony Albanese’s authority as prime minister.

    The government may opt to play it safe and limit its legislative agenda to the policies it took to the election. But if it was to chance its arm, which substantial changes should it pursue that could make a real difference to Australia’s long-term future?

    We asked three experts to nominate the top policy priorities for a second Albanese government. Here are their responses.

    Yee-Fui Ng

    Associate Professor of Law, Monash University

    Advancing Voice and Truth with Indigenous Australians should be a priority. This would build on the comprehensive rejection of the politics of division by the Australian people.

    After the defeat of the Voice referendum on Indigenous constitutional recognition, the Coalition reignited the culture wars by criticising “woke” schools and Peter Dutton’s attack on Indigenous welcome to country at Anzac Day ceremonies.

    But that negative message did not resonate with modern multicultural Australia, with its diverse population and identities. Anthony Albanese and Penny Wong’s victory speeches on Saturday night emphasised a kinder and more inclusive politics, where all Australians are recognised and no one is left behind.

    The Labor government now has a strong mandate to take more significant action on Indigenous issues. Aboriginal people experience higher rates of incarceration, and significant disparities in health, education and employment compared to non-Indigenous Australians. Reform measures could be introduced through legislation, rather than by trying to change the constitution.

    Closing the gap and revisiting Voice and Truth should be a priority for the second Albanese government.
    ChameleonsEye/Shutterstock

    Another pressing reform is bolder action on climate change. There is a growing urgency to tackle the effects of global warming, with an increase in environmental degradation and natural disasters globally.

    Peter Dutton’s proposal to build seven nuclear reactors on Australian soil was comprehensively repudiated at the election.

    European countries have harnessed the potential of regenerative energies, with the proliferation of wind farms and electric cars. Australia needs to lift its game and be on the same path towards a more sustainable future.

    We are custodians of the Earth for future generations. It is incumbent on the Labor government to put forward a stronger agenda for a cleaner, more liveable planet.

    Helen Hodgson

    Professor at Curtin Law School and Curtin Business School, Curtin University

    Second terms are often regarded as the best time strategically for governments to legislate difficult, but necessary reforms. It will be no different for the re-elected Albanese government, which will command a large majority in the new parliament.

    Genuine tax reform should be a priority for Labor over the next three years, starting with a reduction in the 50% capital gains tax (CGT) discount and taxing superannuation withdrawals on high balance accounts.

    While many people consider negative gearing to be the main concern in relation to investment in housing, reforming the CGT discount would be a more effective way to address increases in housing prices.

    Negative gearing is only effective as a wealth-building strategy if there is a payoff at the end through the concessional taxation on the capital gain. Reducing the CGT discount would limit the appeal of negative gearing.

    It would also flow through to other forms of investment that might not be delivering productivity gains, including some investments within family trusts.

    Reforming CGT would revisit a contentious Labor policy that was roundly rejected at the 2019 election. But the housing crisis has deepened since then and many voters would now see an overhaul as necessary and timely.

    The second recommendation I would make would be to address the inequalities that arise from tax exempt superannuation. Prior to 2007, withdrawals from super funds were taxed concessionally, but were not fully exempt.

    In the retirement phase, members are required to withdraw a minimum amount from their superannuation accounts. But these days they do it totally tax-free.

    The government should consider taxing these withdrawals, subject to a tax credit that reflects the tax paid by the fund prior to retirement phase. It would also be subject to the existing Seniors and Pensioners Tax Offset, which can reduce the amount of tax paid.

    The rates of these credits could be tweaked to ensure that only those in the wealthiest 20% are affected. This would level the playing field so the tax payable by most retirees with modest superannuation balances would fall within these two concessions.

    These two reforms would help reduce wealth inequality in Australia and raise funds for social spending, including increases in the JobSeeker payment.

    Intifar Chowdhury

    Lecturer in Government, Flinders University

    Despite being one of the most pressing concerns for young Australians, mental health did not get much airtime during the election campaign.

    This is striking given the evidence. According to the 2024 Australian Youth Barometer, 98% of young people aged 18–24 report feelings of anxiety or depression, and nearly 40% experience a diagnosable mental disorder in any given year. These aren’t fringe numbers, they are endemic.

    Labor has pledged $1 billion to expand access to free public mental health care, with a welcome focus on young people. But funding more services is only part of the solution.

    Experts argue that simply increasing the number of people given access to treatment and support won’t go far enough if those people only receive short term or fragmented care. A more meaningful step would be to double the number of free sessions available to people suffering complex mental health needs. Good care takes time, trust and continuity.

    More fundamentally, the current policy focus remains too clinical. By contrast, the most effective models for youth care are more holistic. Many young people grappling with mental illness are also dealing with unstable housing, drug use, educational disruption, or loneliness.

    Psychosocial supports such as social workers, peer mentors and housing liaisons, are essential to wraparound care. Yet, they remain underfunded.

    The new Medicare Mental Health Centres and Youth Specialist Care Centres, which were promised by Labor during the campaign, should not just offer more of the same. Policymakers must rethink the model entirely: multidisciplinary, community-driven, culturally safe, and youth-informed.

    They must also address why young men, who make up a majority of suicide deaths, are the least likely to seek help.

    Mental health policy should be local, flexible, and expansive. Right now, it still feels centralised, cautious, and underdone.

    Improving the mental health and wellbeing of all Australians, especially young people, would be a valuable way of ensuring the government doesn’t squander the time and space its been given by voters to do something truly valuable and reformative.

    The authors 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. Labor has the chance to do something big in its second term. What policy reforms should it take on? – https://theconversation.com/labor-has-the-chance-to-do-something-big-in-its-second-term-what-policy-reforms-should-it-take-on-255849

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Moolenaar, Obernolte, Goldman, Introduce LOCOMOTIVES Act to Stop California Regulations from Impacting Nation

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    Today, Congressmen John Moolenaar, Jay Obernolte (R-CA), and Craig Goldman (R-TX) introduced the LOCOMOTIVES Act to limit the State of California’s ability to place unsustainable regulations on trains crossing into the state. The legislation revises Section 209 of the Clean Air Act to close a loophole which allows the California Air Resources Board to request waivers from the Environmental Protection Agency which would require interstate trains to abide by environmental standards stricter than the federal government’s.  

    “Nearly every industry relies on railway to ship their goods and access markets across the world. Unfortunately, bureaucrats in California maintain the ability to supersede federal standards and institute policies that would keep vital parts of Michigan’s economy, including the agriculture and auto industries, from accessing global markets. The LOCOMOTIVES Act is a commonsense proposal that stops California’s policies from impacting our state, and the rest of the country,” said Moolenaar. 

    “California should not be hijacking national freight policy with unreasonable emissions mandates,” said Obernolte. “CARB’s proposed locomotive standards would have wreaked havoc on interstate commerce, driven up costs for American families, and crippled rail operations across the country. I’m thankful that, after sustained pressure, CARB recognized the consequences of its overreach and withdrew its request. I’m proud to support the LOCOMOTIVES Act to prevent these illogical actions in the future and protect the infrastructure that keeps our economy moving.” 

    “As railways continue to serve as a cost-effective and reliable means of transporting goods, California’s extreme green energy regulations will prevent most locomotives from operating within the state. I’m proud to co-sponsor Representative Moolenaar’s LOCOMOTIVES Act, which prevents states like California from imposing unnecessary restrictions that would disrupt Texas’ interstate commerce and drive-up costs for consumers. This bill is an important measure to standardize locomotive regulations across states and ensure that Texas remains a key hub for interstate trade,” said Goldman.  

    The LOCOMOTIVES Act is endorsed by the U.S. Chamber of Commerce, the Association of American Railroads, the American Short Line and Regional Railroad Association, the North American Millers Association, the Supply Chain Federation, and the National Grain and Feed Association.  

    “We applaud Congressman Moolenaar’s leadership in introducing legislation that would prevent the possibility of unworkable and infeasible state regulation of locomotives involved in interstate commerce. This bill would close a Clean Air Act loophole that could be used by a state to circumvent federal regulation of locomotives and create a de facto national rule that would risk the viability of small business freight railroads,” said Chuck Baker, President of the American Short Line and Regional Railroad Association. 

    “Railroads remain the most fuel-efficient way to move goods over land and continue to deliver reliably for the nation’s businesses and communities,” said AAR President and CEO Ian Jefferies. “Currently, there are no commercially viable zero-emissions locomotives available—despite claims made by the California Air Resources Board in its now-abandoned in-use locomotive rule. As the industry pursues scalable, alternative solutions, Rep. Moolenaar’s legislation would provide much-needed regulatory certainty and prevent an impractical and infeasible state mandate from disrupting the entire nation’s supply chain.”

    “Railroads are among the most fuel-efficient and environmentally responsible modes of freight transport. Subjecting them to a patchwork of state-level emissions standards  would not only disrupt the flow of goods, but also discourage investment in cleaner technologies by creating uncertainty,” said Sarah Wiltfong, Chief Policy and Advocacy Officer, the Supply Chain Federation.  “By reinforcing the federal government’s longstanding authority over mobile emissions on existing locomotives and their engines, the LOCOMOTIVE Act helps preserve regulatory consistency for a freight rail system that is critical to our supply chain and national economy.” 

    “Railroads are among the most fuel-efficient and environmentally responsible modes of freight transport. Subjecting them to a patchwork of state-level emissions standards  would not only disrupt the flow of goods, but also discourage investment in cleaner technologies by creating uncertainty,” said Sarah Wiltfong, Chief Policy and Advocacy Officer, the Supply Chain Federation.  “By reinforcing the federal government’s longstanding authority over mobile emissions on existing locomotives and their engines, the LOCOMOTIVES Act helps preserve regulatory consistency for a freight rail system that is critical to our supply chain and national economy.” 

    In 2023, the California Air Resources Board requested a waiver from the EPA, which would prohibit trains older than 23 years old operating from operating in the state unless it operates on a zero emissions configuration. The waiver was withdrawn last year, however, California is able to resubmit a similar request at any time. If California’s waiver request was granted, effectively two-thirds of all currently operating trains could not cross into the state, leaving them unable to access two of the largest ports in the country.  

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Ranking Members Markey, Velázquez Introduce Bicameral Legislation to Make Small Business Innovation Programs Permanent Ahead of September Expiration

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF) | One-Pager 

    Washington (May 1, 2025) – Senate Committee on Small Business and Entrepreneurship Ranking Member Edward J. Markey (D-Mass.) today introduced the SBIR/STTR Reauthorization Act of 2025, which would make permanent and expand the Small Business Innovation Research Program and the Small Business Technology Transfer Program (SBIR/STTR). House Committee on Small Business Ranking Member Nydia Velázquez (NY-07) is introducing companion legislation in the House.

    For over 40 years, the SBIR and STTR programs have delivered more than $70 billion in research and development (R&D) funding to over 30,000 small businesses nationwide, ushering in technological breakthroughs that have benefited everyday Americans across the country and strengthened our national security. The SBIR and STTR programs are set to expire on September 30, 2025, if they are not reauthorized by Congress.

    “Thanks in part to the SBIR/STTR programs, America has experienced a ‘golden age of innovation’ over the last forty years. And now, as Trump’s reckless tariffs threaten to decimate our most effective innovators–our small businesses–and the Administration slashes research dollars to institutions, it is even more urgent that we make the SBIR and STTR programs permanent,” said Ranking Member Markey. “These programs work because they prioritize merit and promote competition, and I am committed to ensuring that they retain their initial intent of fostering innovation in truly small businesses. I thank Ranking Member Velázquez for her partnership in promoting innovation through small businesses and providing certainty for these programs for decades to come.”

    “For over 40 years, SBIR and STTR have helped America’s small businesses lead the way in cutting-edge research and innovation,” said Ranking Member Velázquez. “At a time when the Trump administration is working to dismantle vital public programs, it is more important than ever to protect what works. This bill gives these programs the long-term support they need by providing stable funding, expanding access, and strengthening safeguards against foreign threats. I am proud to work with Ranking Member Markey to secure the future of these programs.”

    Specifically, the SBIR and STTR Reauthorization Act of 2025 would:

    • Make permanent the SBIR and STTR programs. Permanently authorizing the SBIR and STTR programs would give both small businesses and government agencies the stability needed to continue their collaboration to spur innovation.
    • Maintain competitiveness of SBIR and STTR programs. The legislation maintains the program’s 40-year long practice of facilitating merit-based competition to determine which innovative small businesses receive awards. This legislation would place no caps or limits on small businesses or the number of awards they can receive to ensure unbridled innovation for America.
    • Increase research funding for small businesses and partnering research institutions. Agencies, over the course of 7 years, would be required to allocate at least 7 percent of their extramural R&D budgets to SBIR and 1 percent to STTR—up from 3.2 percent and 0.45 percent, respectively. 
    • Strengthen commercialization efforts. Agencies often fail to identify SBIR/STTR-funded technologies that demonstrate a solution to their needs, fueling a belief that many technologies simply do not showcase commercialization potential. Requiring agencies to designate a Technology Commercialization Official and undergo acquisition training would result in a greater number of SBIR/STTR technologies being commercialized by the federal government. 
    • Maintain bipartisan foreign due diligence efforts. The legislation extends the bipartisan due diligence program until 2030.   
    • Dismantle barriers to broaden participation. The time and resources required to develop an SBIR/STTR proposal can be a significant barrier to entry for many small businesses, particularly those who have limited resources. By reauthorizing the Federal and State Technology Partnership (FAST) Program and allowing agencies to use a portion of their SBIR/STTR funding to assist businesses in developing competitive proposals, the bill would help diversify the applicant pool and bring in new participants, including those from states that have historically received fewer awards. The bill also allows agencies to use a portion of their SBIR and STTR funding to establish internship and fellowship opportunities to spur innovation with a targeted effort to reach women and socially and economically disadvantaged individuals. 

    Massachusetts has the highest per-capita award rate of any state and is the second largest recipient of SBIR/STTR awards in the country, receiving more than 24,000 SBIR awards totaling $8.3 billion, and 2,000 STTR awards totaling over $720 million.

    “The Small Business Technology Council (SBTC) is pleased to offer its endorsement to the bicameral SBIR/STTR Reauthorization Act of 2025. The SBIR/STTR Reauthorization Act of 2025 will build on the successes of the programs, while maintaining what has made them successful in the first place. We particularly appreciate the SBIR/STTR programs being made permanent, a long-overdue step for programs that have proven their worth for over 40 years in the case of SBIR. Small businesses thrive on certainty and making these programs permanent sends a powerful message to small businesses that the government will continue to be a reliable partner and customer for them. SBTC also supports increasing the SBIR and STTR allocations, for the first time since 2011. These programs continue to provide an enormous return on the taxpayer investment, and deserve to a larger investment of Federal R&D expenditures,” said Jere Glover, Executive Director of Small Business Technology Council.

    “The New England Innovation Alliance, a coalition of small, disruptive innovation businesses located in Massachusetts and New Hampshire, strongly supports The SBIR and STTR Reauthorization Act of 2025 introduced by Senator Edward Markey, Ranking Member of the Senate Committee on Small Business and Entrepreneurship, and Representative Nydia Velázquez, Ranking Member of the House Small Business Committee,” said the New England Innovation Alliance. “The SBIR and STTR Reauthorization Act of 2025 would maintain the competitive, merit-based fundamentals of the programs to ensure the best technology is developed to keep America as the world leader. The measure appropriately recognizes that there should be no arbitrary award caps, submission limits, or forced graduation from programs.”

    “Startups in medical technology face a daunting timeline of development, FDA clearance, and coverage determination. The CMS process alone can take more than five years. As a result, the industry has seen private investment move to other sectors with quicker returns. SBIR grants fill a critical gap in early-stage capital for healthcare innovation, a key growth driver for the Commonwealth. MassMEDIC deeply appreciates Sen. Markey’s leadership, collaboration, and commitment to building upon the success of the SBIR program and enthusiastically endorses his SBIR and STTR Reauthorization Act of 2025,” said Brian Johnson, President of MassMEDIC.

    “VentureWell supports the strategic emphasis on entrepreneurial support in the SBIR/STTR Reauthorization Act of 2025, particularly the expansion of the I-Corps program. By recognizing that SBIR and STTR funding is essential—but not alone sufficient—for bridging the ‘valley of death’ between research and commercialization, this legislation rightly positions the federal government as a proactive partner in cultivating top-tier innovators and ensuring their work produces the maximum return on America’s investment in science,” said Phil Weilerstein, President and CEO of VentureWell.

    The legislation is also endorsed by the National Small Business Association (NSBA).

    Ranking Member Markey has been a longtime champion of the SBIR and STTR programs. In 2011, during his time serving in the House of Representatives, Ranking Member Markey played an integral role in SBIR and STTR’s reauthorization efforts. This reauthorization effort was the last time the program’s budget was increased significantly. Ranking Member Markey also introduced a reauthorization bill to improve the programs in 2019 and advocated on behalf of SBIR and STTR small businesses to the Trump administration during the COVID-19 pandemic.

    In March 2025, Ranking Member Markey attended a Senate Small Business and Entrepreneurship Committee hearing titled, “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century,” where his witness highlighted the success of the SBIR/STTR programs.

    MIL OSI USA News –

  • MIL-OSI USA: Markey, Ernst Celebrate American Spirit of Entrepreneurship During National Small Business Week

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (May 5, 2025) – U.S. Senate Committee on Small Business and Entrepreneurship Ranking Member Edward J. Markey (D-Mass.) and Chair Joni Ernst (R-Iowa) led 81 of their colleagues in declaring this week as “National Small Business Week” to recognize the innovators and job creators who power our economy.

    “This National Small Business Week, we celebrate the contributions of small businesses that create jobs, drive our local economies, and make up the fabric of our communities,” said Senator Markey. “By supporting local businesses and aspiring entrepreneurs, we make our communities and our country stronger. I’m committed to ensuring that our nation’s 34 million small businesses and the 722,500 small businesses in Massachusetts receive the tools and resources they need to compete and thrive.”

    “Small businesses are the lifeblood of Iowa’s economy, making up more than 99% of all businesses,” said Senator Ernst. “These shops mean so much more than the livelihoods they support and the jobs they create, they embody the American spirit and shape the culture of big cities and rural communities across America. These innovators drive our nation forward every day, I’m proud to recognize their tremendous contributions.”

    There are more than 34.7 million small businesses in America, accounting for more than 99.9% of all businesses and employing 45.9% of American workers, or about 59 million people.

    Click here to read the resolution.

    MIL OSI USA News –

  • MIL-OSI Africa: Transformation Fund to drive inclusive economic growth

    Source: South Africa News Agency

    Deputy President Paul Mashatile has lauded the launch of the Transformation Fund as a significant step towards inclusive economic growth and transformation in South Africa.

    The Deputy President was delivering a keynote address at a Business Breakfast Session and launch of the Transformation Fund at the Freedom Park Heritage Site and Museum in Pretoria on Monday. 

    “Today is an important and historic day for South Africa as it marks a key milestone in our journey towards economic transformation. We fully welcome the launch of the Transformation Fund, as it will serve as a strategic vehicle for businesses to embrace change, foster innovation, and drive growth. 

    “This fund will serve as a catalyst for financial support, guiding organisations through crucial transitions and enabling them to seize new opportunities that arise in the market,” the Deputy President said. 

    The Transformation Fund, which brings together both public and private sector contributions, aims to unlock the potential of Enterprise and Supplier Development (ESD) and the Equity Equivalent Investment Programme, with a strong emphasis on economic inclusion and participation by historically disadvantaged communities.

    “As enterprises seek improved access to capital and the need to remain competitive in this dynamic environment, I believe that the Transformation Fund will be invaluable. The proposed Transformation Fund will unleash Enterprise and Supplier Development’s (ESD’s) potency in driving economic inclusion and participation,” Deputy President Mashatile said. 

    He emphasised the centrality of the initiative within government’s economic agenda.

    “We are going to make sure that the Transformation Fund is at the centre of government, specifically the Presidency,” he said, adding that they will work with the Minister of Trade, Industry and Competition Parks Tau as well as key Economic Cluster Ministers to ensure that targets are met, especially in the procurement of goods and services.

    He noted that the National Treasury and Department of Women, Youth, and People with Disabilities have already collaborated to develop a framework. The focus now is to ensure speedy execution and equally implement the Preferential Procurement Policy Framework Act. 

    The Deputy President moved to recognise the involvement of the private sector in co-funding the initiative. 

    “It is commendable that the fund is anchored by private and public sector contributions to the Enterprise Supplier Development and Equity Equivalent Investment Programme obligations,” he said. 

    The centralised administration of the fund in partnership with business will help increase access to funding, especially for black-owned businesses operating in rural and township settings.

    “Funding will be allocated to various productive sectors of the economy, which includes, among others, services industry, tourism, and agriculture, thereby supporting majority black-owned entities. Technical support and market access will be prioritised to ensure sustainability through inclusive interventions,” he said. 

    The Deputy President underlined the long-term benefits of the fund, noting that it would foster resilience and adaptability in the face of economic challenges.

    Investing in a Transformation Fund signifies a commitment to progress and a dedication to long-term sustainability. “It will enable businesses to navigate challenges with resilience, adjust in response to changing dynamics, and establish themselves as adaptive leaders in their respective industries,” he said.

    Fighting corruption key to an inclusive economy

    The Deputy President made it clear that economic transformation cannot be achieved without tackling the scourge of corruption in both the public and private sectors.

    Corruption undermines small businesses by increasing costs, reducing profits, and creating instability.

    “To promote an inclusive economy, we must commit to addressing corruption by strengthening our institutions, fostering transparency and accountability, and promoting citizen engagement.

    “This includes developing and implementing robust anti-corruption frameworks, strengthening our criminal justice system, and encouraging public participation and oversight,” he said. 

    Access to finance for black businesses

    The Deputy President further stressed the need to find solutions pertaining to access to finance for Black businesses. 

    He emphasised that it was important to recognise that the funding deficits in South Africa are a contributing factor to the failure of small businesses. 

    Despite government intervention, such as Enterprise and Supplier Development, which is a critical component of the B-BBEE framework, he said there was still a need for additional measures to be taken to expand fund access to SMMEs. 

    “Loans are the most common financial instrument for micro, small, and medium-sized enterprises in South Africa, but they often have stringent underwriting standards, making them difficult for smaller businesses with limited collateral and financial records to secure. 

    “This is why we encourage small businesses seeking financial assistance to explore government funding programmes, and business support agencies such as the National Empowerment Fund, Small Enterprise Finance Agency and the Small Enterprise Development Agency,” the Deputy President said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Economics: Unlock what’s next: Microsoft at May 19-22 Red Hat Summit 2025

    Source: Microsoft

    Headline: Unlock what’s next: Microsoft at May 19-22 Red Hat Summit 2025

    Learn more about the solutions that Microsoft and Red Hat have to offer that drive technological advancements and empower organizations.

    As the tech world eagerly anticipates Red Hat Summit 2025, Microsoft is proud to announce its role as a platinum sponsor at the event. Red Hat Summit is a premier enterprise open source event for IT professionals to learn, collaborate, and innovate on technologies from the datacenter and public cloud to edge and beyond. This year, Microsoft’s collaboration with Red Hat promises to be a highlight, showcasing the power of partnership and the innovative solutions that arise from it. 

    Over the years, this partnership has achieved significant milestones, transforming the way businesses operate and deliver value to their customers. By combining Microsoft’s cloud expertise with Red Hat’s open-source leadership, we have created a synergy that drives technological advancements and empowers organizations to achieve more. 

    One of the key benefits of this partnership is the seamless integration of Red Hat technologies with Microsoft Azure. This integration provides customers with a robust and flexible platform to build, deploy, and manage their applications. Whether it’s modernizing legacy systems or developing new cloud-native applications, the combination of Azure and Red Hat offers a plethora of capabilities and support. For instance, Red Hat OpenShift on Azure enables organizations to run containerized applications with ease, leveraging the scalability and security of Azure. Additionally, Red Hat Enterprise Linux on Azure provides a reliable and secure operating system for mission-critical workloads.

    Build your next great app with free Azure services today >

    At Red Hat Summit 2025, attendees will have the opportunity to explore these technologies in depth. Microsoft and Red Hat will showcase new features and integrations that enhance the capabilities of Azure and Red Hat solutions. From improved performance to enhanced security, these advancements are designed to meet the evolving needs of businesses in today’s digital landscape. 

    • RHEL for WSL: Red Hat Enterprise Linux (RHEL) is now available for use with Windows Subsystem for Linux (WSL). WSL is a feature of Microsoft Windows that allows developers to run Linux distributions. With RHEL for WSL, developers can run a RHEL development environment on Windows without having to spin up a traditional virtual machine (VM). With a no-cost Red Hat Developer subscription, developers can download the latest release of RHEL as a WSL image during their install and easily run both Windows and RHEL at the same time on their Windows machine.
    • Azure Red Hat OpenShift: Microsoft and Red Hat are enhancing security with Confidential Containers on Azure Red Hat OpenShift, now in public preview. This feature offers hardware-level protection for workloads via memory encryption and secure execution environments, addressing compliance needs in sectors like healthcare and financial services. Managed identity for Azure Red Hat OpenShift is also in public preview, transitioning organizations from static service principals to dynamic, token-based credentials. This reduces operational complexity and security risks, facilitating container platform adoption in regulated environments. Azure Red Hat OpenShift has expanded to the Spain Central region with plans for the United Arab Emirates (UAE) Central and Microsoft Azure Government (MAG) regions by Q2 2025. Enhancements include OpenShift 4.16 support, enterprise-grade cluster-wide proxy, and Ddsv5 instance performance optimization. Additionally, OpenShift Virtualization on Azure Red Hat OpenShift is entering public preview, enabling customers to accelerate VM migration to Azure without refactoring while unifying management of VMs and containers on a single platform. 
    • RHEL landing zone: The Red Hat Enterprise Linux (RHEL) on Azure Landing Zone guide provides everything needed to deploy, manage, and scale RHEL instances using Azure-specific system images. Software lifecycle automation is simplified with Red Hat Satellite and Red Hat Satellite Capsule, ensuring timely updates and patches. Business Continuity and Disaster Recovery (BCDR) are enhanced through Azure’s on-demand capacity reservations, guaranteeing reliable availability in Azure regions. Optimized identity management infrastructure deployment minimizes latencies and eliminates replication failures.
    • Application awareness and wave planning in Azure Migrate: The new application-aware method sets the stage for grouping dependent resources into waves and provides technical and business insights for the entire application to help you decide on Azure targets and tooling. Migrate applications with dependent workloads, as one to collocate in Azure for optimal performance and cost. 
    • JBoss EAP on App Service: JBoss EAP on App Service is a jointly developed and supported managed solution from Red Hat and Microsoft for running enterprise Java applications with maximum productivity. We have recently made important changes to make JBoss EAP on App Service as cost-effective as possible. This includes a 60% plus license fee price reduction for Pay-As-You-Go plans, memory optimized SKUs, a free tier for a lower barrier to entry, the availability of JBoss EAP 8, as well as a soon-to-be-released ability to Bring-Your-Own-Subscription to App Service. 
    • JBoss EAP on Azure Virtual Machines: Robust solutions to run JBoss EAP on Azure Virtual Machines are now generally available (GA). The solutions are developed and supported by Red Hat and Microsoft. The solutions include templates available in the Azure Portal to automate most boilerplate resource provisioning tasks. The solutions also include JBoss EAP VM images published in the Azure Marketplace. 

    Customer success stories 

    The success of the Microsoft and Red Hat partnership is best demonstrated through the experiences of our customers. Organizations across various industries have leveraged Azure and Red Hat solutions to achieve remarkable results. For example, Teranet utilized Azure Red Hat OpenShift for a digital transformation, migrating mission-critical systems from on-premises to Azure. Outcomes included improved automation, enhanced customer confidence, and significant cost savings to the tune of CA5.6 million. 

    Western Sydney University adopted Red Hat Enterprise Linux on Azure to enhance the security and reliability of its critical systems. 

    By providing innovative solutions and exceptional support, we empower our customers to overcome challenges and drive business growth. 

    What to expect at Red Hat Summit 2025 

    Red Hat Summit 2025 promises to be an exciting event, with a wide range of sessions, workshops, and presentations. Microsoft will be actively involved, sharing insights and expertise on various topics. Attendees can look forward to exclusive announcements and product launches that will shape the future of technology. 

    This is a unique opportunity to connect with industry leaders and gain valuable insights into the latest trends and innovations. Our vision is to deliver cutting-edge solutions that enable organizations to thrive in the digital age. We remain committed to our customers, ensuring that they have access to the best technologies and support.

    Learn more about Red Hat on Azure

    Join us to explore the innovative solutions that Microsoft and Red Hat have to offer. Register now to attend the summit and engage with our experts to learn more about how our collaboration can benefit your organization. 

    Visit the Red Hat on Azure page to learn more about our offerings and join us at the Microsoft booth number 424 at Red Hat Summit 2025!

    MIL OSI Economics –

  • MIL-OSI USA: Press Release: Governor McKee, Congressional Delegation, RIDOT and QDC Break Ground on Route 4 ‘Missing Move’ Project

    Source: US State of Rhode Island

    Governor Dan McKee, Senators Jack Reed and Sheldon Whitehouse, Congressmen Seth Magaziner and Gabe Amo, Rhode Island Department of Transportation (RIDOT) Director Peter Alviti, Jr., and Quonset Development Corporation (QDC) Managing Director Steven King today joined with state and local officials to break ground on one of RIDOT’s newest projects, the I-95 “Missing Move” and Quonset Ramps Construction Project.

    This $144 million project has been in discussion for decades. It includes construction of two critical ramps that were never built when Route 4 was constructed in the 1960s and will afford direct highway connections between I-95 North and Route 4 South, and Route 4 North and I-95 South. The project also will make numerous improvements at and near the Quonset Business Park, the state’s largest industrial park.

    RIDOT was able to move forward with this project after receiving an $81 million federal Infrastructure for Rebuilding America (INFRA).

    “This project has been talked about for decades, and today, we’re finally turning words into action,” said Governor Dan McKee. “This crucial infrastructure investment will improve traffic flow and unlock economic potential at Quonset�one of our state’s major job creators. I want to thank Rhode Island’s congressional delegation and all of our partners for helping us move this project forward.”

    “This is a big win for drivers because it will improve efficiency, shorten commutes, and reduce congestion while also improving access for truck and freight operators approaching Quonset Business Park,” said Senator Reed. “This was a collaborative effort that builds upon decades of federal investment into Quonset. I was pleased to help lay the groundwork for this project by securing a $4-million planning grant in 2020.”

    “The INFRA Program I championed through the Environment and Public Works Committee and into law is supporting a slew of major infrastructure projects across Rhode Island,” said Senator Whitehouse, who worked to create the INFRA Program to help meet Rhode Island’s need for large-scale infrastructure investments. “Today’s INFRA Grant-funded groundbreaking will support continued economic growth at Quonset and finally add the missing move to go between Route 4 and I-95.”

    “By finally connecting Route 4 North to I-95 South, we will reduce congestion, improve safety, and make daily travel easier for tens of thousands of people every day,” said Congressman Magaziner. “I am pleased that we are able to deliver this meaningful federal funding for a local project like this and I am committed to continuing to fight for every federal dollar we can secure for Rhode Island.”

    “Today’s announcement will improve our transportation system to benefit Ocean State residents, businesses, and visitors alike. I’m proud to have worked with our delegation to secure $81 million in federal funding to support the “Missing Move” and Quonset Ramps Construction Project,” said Congressman Amo. “This investment in Rhode Island’s infrastructure will make life easier and safer for all those who travel through I-95 and Route 4.”

    “Once again our Congressional delegation put their shoulders into the federal grants process and helped Rhode Island get this funding so we can finally build these missing ramps,” Director Alviti said. “Their construction will reduce travel times, provide more efficient movement of freight traffic and alleviate congestion and delays, especially at the Division Street/South County Trail intersection which is overloaded with traffic that has had no choice but to use local roads to make certain connections between I-95 and Route 4.”

    “Quonset Business Park is known for its convenient network of land, sea, air and rail infrastructure. By better connecting Route 403 to the West Davisville portion of the Business Park, getting to and moving throughout Quonset will be easier than it has ever been before,” said QDC Managing Director King. “I offer my sincere thanks to our federal delegation for delivering the funding to alleviate local traffic and create a more convenient commuting experience for the nearly 15,000 people who come to work at the Business Park each day.”

    The project is divided into two main components. The first portion to be constructed includes three ramps on Route 403 in North Kingstown to connect the Quonset Business Park’s west Davisville district. The project also includes a new roundabout south of Route 403 at Compass Circle. The improvements will provide improved connectivity to all parts of the Business Park and add in ramps that were not included in the Route 403 reconstruction project in the late 2000s. These will be complete in summer 2026.

    The second component, which will begin construction in early 2026, includes the missing moves at the I-95/Route 4 interchange in Warwick. RIDOT will build a new flyover bridge to link Route 4 North to I-95 South. The ramp will use an existing right-of-way for an at-grade link between I-95 North and Route 4 South. The missing moves are expected to be done in summer 2027.

    To compensate for the missing ramps, RIDOT has made numerous adjustments to the traffic signals on Division Street and at its intersection with South County Trail (Route 2). As the area has continued to be developed, especially the growth at the nearby New England Institute of Technology campus, traffic and congestion has steadily increased. The Division Street/South County Trail intersection alone is the site of 60 crashes per year.

    RIDOT also will make safety improvements on I-95 South at the Route 2 interchange on the Warwick/West Warwick line. RIDOT will rebuild the entrance to the Route 2 South to I-95 South ramp so those traveling on Route 2 North can use it. With that ramp accommodating both northbound and southbound traffic on Route 2, RIDOT will permanently close the Route 2 North to I-95 South ramp, removing a weaving conflict on I-95 South.

    All these new ramps will give passenger vehicles, heavy trucks and other freight traffic freeway access without using local roads while reducing emissions from idling vehicles. The improved access also will make the Business Park more attractive to companies who wish to locate there.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings, and weather. Final completion of the entire project is expected in spring 2028.

    The Missing Move project is made possible by RhodeWorks. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst, Markey Celebrate American Spirit of Entrepreneurship During National Small Business Week

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    Published: May 5, 2025

    WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and Ranking Member Ed Markey (D-Mass.) led 81 of their colleagues in declaring this week as “National Small Business Week” to recognize the innovators and job creators who power our economy.
    “Small businesses are the lifeblood of Iowa’s economy, making up more than 99% of all businesses,” said Ernst. “These shops mean so much more than the livelihoods they support and the jobs they create, they embody the American spirit and shape the culture of big cities and rural communities across America. These innovators drive our nation forward every day, I’m proud to recognize their tremendous contributions.”
    “This National Small Business Week, we celebrate the contributions of small businesses that create jobs, drive our local economies, and make up the fabric of our communities,” said Markey. “By supporting local businesses and aspiring entrepreneurs, we make our communities and our country stronger. I’m committed to ensuring that our nation’s 34 million small businesses and the 722,500 small businesses in Massachusetts receive the tools and resources they need to compete and thrive.”
    There are more than 34.7 million small businesses in America, accounting for more than 99.9% of all businesses and employing 45.9% of American workers, or about 59 million people.
    Click here to read the resolution.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin, Colleagues Demand to Know Who Killed Minority Business Development Agency, Why & Where’s the Money Going?

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined her colleagues in demanding that Keith Sonderling, the purported Acting Under Secretary of Commerce for the Minority Business Development Agency (MBDA), promptly turn over key documents and information related to the dismantling of the agency and recent funding termination notices sent to all grantees by a member of Elon Musk’s DOGE, including Wisconsin’s office.
    “In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it ‘is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program,” wrote Baldwin and the lawmakers in a letter to Sonderling. “The termination notice further states that, ‘MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.’ … [T]he notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, nor the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.”
    Baldwin and the Senators questioned Sonderling about the notice terminating all MBDA grants, which was signed by Nate Cavanaugh, a member of Elon Musk’s DOGE and “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.”
    “This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MBDA grants on behalf of the Department,” Baldwin and the lawmakers continued. “Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?”
    This letter follows Baldwin demanding  Secretary Lutnick, on March 25 and April 17, answer questions about the gutting of MBDA despite his testimony before the Commerce Committee stating he would not support doing so.
    Senator Baldwin worked with Republicans to include the Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act (IIJA), making the MBDA permanent and increasing its funding authorization and reach. Baldwin then worked to bring a new Minority Business Development Center to Wisconsin, along with a $1.61 million grant to support its work assisting small businesses.
    The full letter is available here and below.
    Acting Under Secretary Sonderling:
    On March 25, 2025, and April 17, 2025, we sent letters to Secretary Howard Lutnick raising serious concerns about the apparent dismantling of the Minority Business Development Agency (MBDA), despite his testimony before the Senate Committee on Commerce, Science, and Transportation stating he would not support doing so. In our April 17 letter, we requested specific documents and information that would help address our outstanding questions and concerns regarding the MBDA. On April 24, 2025, we received a letter from the Department of Commerce (DOC) Acting Assistant Secretary for Legislative and Intergovernmental Affairs purporting to respond to our April 17 letter. This response, however, contained a mere three sentences related to the MBDA and failed to answer or meaningfully address any of our requests. Given Secretary Lutnick’s apparent disregard for our concerns about the Department’s actions against the MBDA, we are now requesting you provide documents and information related to this inquiry.
    Since our most recent letter, our offices have obtained information demonstrating that DOC has canceled all MBDA grants—further dismantling an agency Congress statutorily authorized, despite Secretary Lutnick’s testimony to the contrary. In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it “is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program.” The termination notice further states that, “MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.” Beyond these conclusory assertions, however, the notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.
    Raising further concerns, the termination notice was signed by Nate Cavanaugh—who we understand to be part of the so-called Department of Government Efficiency (DOGE)—and is signed “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.” Mr. Cavanaugh has reportedly been interviewing employees at the General Services Administration and overseeing efforts to dismantle another agency, the U.S. Institute of Peace. The termination notice indicates that Mr. Cavanaugh now has a DOC e-mail address. This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department. Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?
    Given the lack of responsiveness from the Department to date, we reiterate the requests raised in our April 17, 2025 letter, and request the following additional documents and information no later than May 14, 2025:
    A complete description of Mr. Cavanaugh’s position at DOC, including his title, job description, date(s) of employment, any salary, any benefits, supervisor, and direct reports. Please also identify all other federal e-mail addresses assigned to or used by Mr. Cavanaugh of which you are aware.
    Documents sufficient to show Mr. Cavanaugh’s delegated authority to execute termination notices to MBDA grantees.
    Documentation sufficient to show your appointment as Acting Under Secretary for Minority Business Development Agency and the date of such appointment.
    A complete description of your decision to delegate your authority to Mr. Cavanaugh for the purpose of terminating MBDA grants, including the extent to which Secretary Lutnick or any other senior DOC official was involved in making this decision.
    A complete description of the types of funded activities that are considered “consistent with the agency’s priorities” and “serve[] the interests of…the MBDA program.”
    A detailed explanation of how the MBDA intends to “repurpos[e] its funding allocations in a new direction in furtherance of the President’s agenda,” including any specific program or activity that has received or is expected to receive repurposed funding.

    MIL OSI USA News –

  • MIL-OSI: VERAXA Biotech Enters Co-discovery Alliance with OmniAb for a Novel Bispecific Antibody Drug Conjugate Program

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, SWITZERLAND, May 05, 2025 (GLOBE NEWSWIRE) — VERAXA Biotech AG (“VERAXA”), an emerging leader in designing novel cancer therapies and proposed de-SPAC acquisition target of Voyager Acquisition Corp. (NASDAQ: VACH, “Voyager”), announced today a co-discovery alliance with OmniAb, Inc. (NASDAQ: OABI, “OmniAb”) for the development of a novel bispecific antibody drug conjugate (“bsADC”) program targeting solid tumors. The collaboration brings together OmniAb’s suite of transgenic antibody discovery solutions with VERAXA’s proprietary antibody drug conjugate (“ADC”) linker technology and conjugation expertise to support next-generation therapeutic discovery.

    “This partnership brings together two highly complementary technologies to create a new class of bispecific ADCs,” commented Christoph Antz, Ph.D., CEO and Co-Founder of VERAXA. “Bispecific ADCs represent a powerful opportunity to address difficult-to-treat solid tumors, and this collaboration fits squarely within our mission to drive innovation through targeted partnerships. Strategic collaborations will continue to be a mainstay in VERAXA’s pipeline growth strategy, and today’s announcement marks the second major initiative within the past six months, following our first radiopharmaceutical alliance late last year. We look forward to advancing this discovery program alongside OmniAb and deliver novel therapeutic solutions for patients with significant unmet needs.”

    Under the terms of the agreement, VERAXA will initiate a novel bispecific antibody drug conjugate program addressing two attractive target molecules in cancer medicine. The Company will utilize OmniAb’s suite of transgenic antibody discovery solutions to source high-quality human antibody leads, which are naturally optimized through in vivo affinity maturation. VERAXA will subsequently establish the bsADC lead candidate by applying its proprietary linker technology and conjugation routine and will be responsible for preclinical validation. The resulting bsADC program will be jointly owned by both parties. Both parties will share any future revenues resulting from the program’s continued development, licensing and commercialization.

    About VERAXA Biotech

    At VERAXA, we are building a premier engine for the discovery and development of next-generation antibody-based therapeutics, including bispecific ADCs, bispecific T cell engagers and other innovative formats. Powered by a suite of transformative technologies and guided by rigorous quality-by-design principles, we are rapidly advancing our pipeline of ADCs and proprietary BiTAC formats into clinical development and beyond. VERAXA was founded on scientific breakthroughs made at the European Molecular Biology Laboratory, a world-renowned institution known for pioneering life science research and cutting-edge technologies. For more information, please visit www.veraxa.com.

    On April 22, 2025, VERAXA entered into a definitive business combination agreement (the “Business Combination Agreement”) with Voyager Acquisition Corp., a Cayman Islands exempted company and special purpose acquisition company targeting the healthcare sector (NASDAQ: VACH, “Voyager”). Upon closing of the Business Combination Agreement, VERAXA is expected to become a publicly traded company listed on NASDAQ.

    About Voyager Acquisition Corp.

    Voyager is a special purpose acquisition company with a bold mission: to revolutionize the healthcare sector through a merger, stock purchase, or business combination. Our team of experienced executives includes unparalleled expertise in investing, operations, and medical innovation, supported by a vast network of connections. With these strengths, we not only seek to drive success but commit to scaling companies to unprecedented heights in the healthcare industry. For more information, please visit https://www.voyageracq.com.

    Participants In the Solicitation

    Voyager, VERAXA, and their respective directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from Voyager’s stockholders with respect to the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of Voyager’s directors and officers in Voyager’s filings with the SEC, including, when filed with the SEC, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, amendments and supplements thereto, and other documents filed with the SEC. Such information with respect to VERAXA’s directors and executive officers will also be included in the proxy statement/prospectus. You may obtain free copies of these documents as described below under the heading “Additional Information and Where to Find It”.

    Non-Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Voyager or VERAXA, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Forward-Looking Statements

    This press release includes certain statements that may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, without limitation, statements about future events or Voyager’s or VERAXA’s future financial or operating performance. For example, statements regarding VERAXA’s anticipated growth and the anticipated growth and other metrics, statements regarding the benefits of the Business Combination, and the anticipated timing of the completion of the Business Combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology.

    These forward-looking statements regarding future events and the future results of Voyager and VERAXA are based on current expectations, estimates, forecasts, and projections about the industry in which VERAXA operates, as well as the beliefs and assumptions of Voyager’s management and VERAXA’s management. These forward-looking statements are only predictions and are subject to, without limitation, (i) known and unknown risks, including the risks and uncertainties indicated from time to time in the final prospectus of Voyager relating to its initial public offering filed with the SEC, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Voyager; (ii) uncertainties; (iii) assumptions; and (iv) other factors beyond Voyager’s or VERAXA’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, VERAXA’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Voyager and VERAXA therefore caution against relying on any of these forward-looking statements.

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Voyager and its management, VERAXA and its management, as the case may be, are inherently uncertain and are inherently subject to risks, variability and contingencies, many of which are beyond Voyager’s or VERAXA’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement and any subsequent definitive agreements with respect to the Business Combination; (ii) the outcome of any legal proceedings that may be instituted against Voyager, VERAXA, or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (iii) the inability to complete the Business Combination due to the failure to obtain consents and approvals of the shareholders of Voyager, to obtain financing to complete the Business Combination or to satisfy other conditions to closing, or delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Business Combination Agreement; (iv) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (v) projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, and the estimated implied enterprise value of VERAXA; (vi) VERAXA’s ability to scale and grow its business, and the advantages and expected growth of VERAXA; (vii) VERAXA’s ability to source and retain talent, the cash position of VERAXA following closing of the Business Combination; (viii) the ability to meet stock exchange listing standards in connection with, and following, the consummation of the Business Combination; (ix) the risk that the Business Combination disrupts current plans and operations of VERAXA as a result of the announcement and consummation of the Business Combination; (x) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of VERAXA to grow and manage growth profitably, maintain key relationships and retain its management and key employees; (xi) costs related to the Business Combination; (xii) changes in applicable laws, regulations, political and economic developments; (xiii) the possibility that VERAXA may be adversely affected by other economic, business and/or competitive factors; (xiv) VERAXA’s estimates of expenses and profitability; (xv) the failure to realize estimated shareholder redemptions, purchase price and other adjustments; and (xvi) other risks and uncertainties set forth in the filings by Voyager with the SEC. There may be additional risks that neither Voyager nor VERAXA presently know or that Voyager and VERAXA currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of Voyager or VERAXA speak only as of the date they are made. None of Voyager or VERAXA undertakes any obligation to update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

    Additional Information and Where to Find It

    In connection with the Business Combination Agreement, Voyager and/or VERAXA intend to file relevant materials with the SEC, including the Registration Statement, which will include a proxy statement/prospectus of Voyager, and will file other documents regarding the proposed transaction with the SEC. This communication is not intended to be, and is not, a substitute for the proxy statement/prospectus or any other document that Voyager has filed or may file with the SEC in connection with the proposed transaction. When available, the definitive proxy statement and other relevant materials for the proposed transaction will be mailed or made available to stockholders of Voyager as of a record date to be established for voting on the proposed transaction.

    Before making any voting or investment decision, investors and stockholders of Voyager are urged to carefully read, when they become available, the entire registration statement, the proxy statement/prospectus, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, and the documents incorporated by reference therein, because they will contain important information about Voyager, VERAXA, and the proposed transaction. Voyager’s investors and stockholders and other interested persons will also be able to obtain copies of the registration statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, other documents filed with the SEC that will be incorporated by reference therein, and all other relevant documents filed with the SEC by Voyager in connection with the Transaction, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Voyager at the address set forth below.

    Contact

    The MIL Network –

  • MIL-OSI Russia: Financial news: Number of complaints against insurers and brokers decreased, against banks and microfinance organizations increased: results of the first quarter

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    In January-March, the number of complaints to the Bank of Russia from consumers of financial services and investors increased by 23.6% compared to the same period last year. In total received almost 95 thousand complaints.

    The number of complaints about insurance issues has decreased by 44.6%. This is primarily due to the fact that the procedure for challenging the bonus-malus coefficient (KBM) has changed. This topic used to be the most common among complaints about MTPL. Now citizens can independently find out their KBM in their personal account on the website of the National Insurance Information System. If they do not agree with its value, they can also leave a request there to recalculate it. The number of complaints about accident and illness insurance and life insurance has also decreased.

    There were fewer complaints about professional participants in the securities market – by 27.5%, with the leaders in the decline being complaints from investors about difficulties in managing assets due to sanctions (a 4-fold reduction).

    In the segment of appeals related to non-state pension funds (NPF), complaints about people’s disagreement with the transition from the Social Fund of Russia to the NPF, as well as between NPFs, decreased by 31.4%.

    Complaints about the imposition of paid services when lending continue to decline. They have decreased by 42.2%, including due to the fact that since last year, lenders are required to inform borrowers about the services they have purchased along with the loan and notify them of the right to refuse them within 30 days.

    To combat fraudulent transactions, the Bank of Russia in July 2024 obliged bankssuspend suspicious transactions to prevent theft of funds. In this regard, in the first quarter of this year, compared to the same period in 2024, the number of citizens’ requests due to the suspension of remote banking services (RBS) has increased significantly. This contributed to the increase in the total number of complaints related to banks. Compared to the first quarter of 2024, their number has increased by 36.8%. At the same time, based on the results of reviewing the majority of requests regarding the blocking of RBS, banks confirmed its use for fraudulent purposes.

    Complaints about microfinance organizations (MFOs) have increased by more than 10%. Consumers complained about difficulties with returning money when refusing additional services and about loans being issued without their consent. There are also requests from MFO clients with a demand, formed under the influence of recommendations on social networks, to recalculate their debt.

    Preview photo: ImageBROKER / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24589

    MIL OSI Russia News –

  • MIL-OSI USA: Congressman Gonzalez Urges President Trump to Issue Disaster Declaration for South Texas

    Source: United States House of Representatives – Congressman Vicente Gonzalez (15th District of Texas)

    BROWNSVILLE, TEXAS – Today, Congressman Vicente Gonzalez (TX-34) sent a letter to President Trump and FEMA Acting Administrator Cameron Hamilton urging the administration to issue a Presidential Disaster Declaration for the Rio Grande Valley so that South Texans impacted by the March 2025 floods can receive essential federal assistance.  

    This letter follows Congressman Gonzalez’s letter to Texas Governor Greg Abbott on March 28, 2025, urging him to issue a disaster declaration, and the Governor’s letter to President Trump on April 17, 2025, requesting a Presidential Disaster Declaration. Nearly a month after the devastating floods, South Texans remain waiting for a determination and final decision from the Trump administration.  

    The letter reads: “Due to the damage, on March 28, 2025, I wrote to Governor Greg Abbott urging him to issue a disaster declaration for South Texas so that the affected counties could receive assistance: Cameron, Hidalgo, Starr, and Willacy counties.” 

    “As a result, on March 29, 2025, Governor Abbott issued a disaster declaration for the four affected counties. Over the last several weeks, members of the Texas Department of Emergency Management (TDEM), Small Business Administration (SBA), and local governments coordinated a Damage Assessment of the area. As of April 14, 2025, the Federal Emergency Management Agency (FEMA) confirmed the following damages to homes: 842 affected, 2,618 minor, 1,911 major, and 235 destroyed.”  

    “As time progresses and people recover, our communities will continue to confront the long-term damage that these floods left behind…As Congressman for the 34th Congressional District of Texas, I urge you to head Governor Abbott’s request to issue a Presidential Disaster Declaration for the Rio Grande Valley and the release Individual Assistance (IA) funds to allow affected communities to rebuild. South Texans need assistance and rely on their public officials to step up and help them. I look forward to working together for the betterment of all South Texans.” 

    Read the full letter here. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Pennsylvania Small Businesses and Private Nonprofits Affected by September Drought

    Source: United States Small Business Administration

    ATLANTA – The  U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP)organizations of the June 2 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning Sep. 24, 2024.

    The disaster declaration covers Greene, Fayette, and Washington counties in Pennsylvania as well as Marshall, Monongalia, and Wetzel in West Virginia.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to SBA no later than June 2, 2025.

    ###

    About the U.S. Small Business Administration  

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Banking: ICC leadership joins B20 South Africa task forces 

    Source: International Chamber of Commerce

    Headline: ICC leadership joins B20 South Africa task forces 

    Bolstering ICC’s engagement as an official B20 Network Partner, ICC representatives will lend expertise and leadership to co-chair the following B20 task forces: 

    Co-Chair, Finance and Infrastructure  
    John W.H. Denton AO, ICC Secretary General,   

    Industrial Transformation and Innovation  
    Shinta Kamdani, ICC Executive Board Vice-Chair, and Marjorie Yang, ICC Executive Board Member   

    Digital Transformation  
    Karan Bilimoria, Chair, ICC United Kingdom 

    The B20 is the official platform for the international business community to support the work of the G20 process. Since 2010, when the B20 was established, ICC has played a consistent and leading role in shaping the process, providing policy leadership and expertise, amplifying outcomes and supporting continuity, most recently as an official B20 Network Partner. 

    This year’s G20 Presidency is held by South Africa, marking the first time it has been led by an African nation. The B20 is hosted by Business Unity South Africa (BUSA).  

    The B20 Secretariat has convened the following eight task forces: 

    • Employment & Education 
    • Trade & Investment 
    • Energy Mix & Just Transition 
    • Digital Transformation 
    • Integrity & Compliance 
    • Finance & Infrastructure 
    • Sustainable Food Systems & Agriculture 
    • Industrial Transformation & Innovation. 

    Each of the eight task forces is chaired by a business leader from Africa and will produce a series of policy recommendations in line with the B20’s theme of Inclusive Growth and Prosperity through Global Cooperation. 

    Highlighting the unique agency of South Africa’s G20 Presidency and how ICC is working to support its success, ICC Secretary General John W.H. Denton AO, who participated in the B20 South Africa launch in Cape Town in February 2025, said: 

    “The G20 process in South Africa represents a unique opportunity to revitalise multilateralism in the current context. At ICC we are honoured to be B20 Network Partners once again, supporting all eight of the Task Forces this year. We look forward to working closely with the Secretariat to ensure the private sector is positioned as a true partner to these important discussions, leveraging our global network and policy insights.”  

    In addition to task force co-leadership roles, ICC B20 support includes the participation of 19 members of the ICC leadership across the eight task forces, policy support from the ICC Global Policy department, and network support from the ICC Agri-Food Initiative.

    MIL OSI Global Banks –

  • MIL-OSI: Coface : Coface records a good start to the year with net income of €62.1m, for an RoATE of 12.7%

    Source: GlobeNewswire (MIL-OSI)

    Coface records a good start to the year with net income of €62.1m, for an RoATE of 12.7%

    Paris, 5 May 2025 – 17.35

    • Turnover: €473m, up 2.0% at constant FX and perimeter
      • Trade credit insurance revenue up 1.2%; client activity also increased by 1.2%
      • Client retention back up at near-record (95.0%); pricing remained negative (-1.3%) in line with historical trends
      • Business information growing again double-digit (+14.7% at constant FX, +18.4% at current FX). Debt collection up +14.8%; factoring was down slightly by -0.7%
    • Net loss ratio at 39.1%, up by 3.3 ppts; net combined ratio at 68.7%, up by 5.6 ppts and stable compared to Q4-24
      • Gross loss ratio at 38.7%, up by 5.5 ppts with higher opening year reserving and reserve releases stable at a high level year on year
      • Net cost ratio increased 2.2 ppts to 29.5%, reflecting continued investments partially offset by better product mix
    • Net income (group share) at €62.1m, down by -9.2% compared to Q1-24
    • Annualised RoATE1at 12.7%

    Unless otherwise indicated, change comparisons refer to the results as at 31 March 2024

    Xavier Durand, Coface’s Chief Executive Officer, commented:
    “With a net income of €62.1m and an RoATE of 12.7%, Coface posted another quarter of solid results in a highly volatile environment. Shifting US policy on international trade is creating a high level of uncertainty, although its potential consequences are not yet visible. In this complicated environment for corporates, Coface remains very close to its clients and is maintaining a highly preventative stance in its risk portfolio which is well diversified across regions and sectors.
    In the medium term, depending on their actual implementation and level, the announced tariffs may have a negative impact on global trade volumes. We may also see prices increase in the United States and an adverse impact on certain industrial sectors and regions, likely leading to higher numbers of business failures.
    Thanks to its leading infrastructure, the quality of its information and its teams of internationally recognised experts, Coface is well positioned to support its clients in managing their risks.
    Against this backdrop, our strategy to invest in better understanding short-term risks and in the strengthening of our range of services (Business Information, Debt Collection) is more relevant than ever and resolutely pursued.”

    Key figures at 31 March 2025

    The Board of Directors of COFACE SA examined the summary consolidated financial statements for the first three months (non-audited) during its meeting on 5 May 2025. The Audit Committee at its meeting on 2 May 2025 also previously reviewed them.

    Income statement items in €m Q1-24 Q1-25 Variation % ex. FX*
    Insurance revenue 378.6 382.9 +1.1% +1.2%
    Other revenue 85.0 90.3 +6.2% +5.5%
    REVENUE 463.7 473.2 +2.1% +2.0%
    UNDERWRITING INCOME/LOSS AFTER REINSURANCE 100.3 85.4 (14.9)% (15.4)%
    Investment income, net of management expenses, excluding finance costs 17.9 10.4 (42.0)% (44.2)%
    Insurance Finance Expenses (11.4) (4.1) (63.6)% (61.6)%
    CURRENT OPERATING INCOME 106.8 91.6 (14.2)% (15.3)%
    Other operating income / expenses (0.1) (0.4) +438.8% +439.8%
    OPERATING INCOME 106.8 91.2 (14.5)% (15.6)%
    NET INCOME (GROUP SHARE) 68.4 62.1 (9.2)% (10.5)%
             
    Key ratios Q1-24 Q1-25 Variation
    Loss ratio net of reinsurance 35.8% 39.1% 3.4 ppts
    Cost ratio net of reinsurance 27.3% 29.5% 2.2 ppts
    COMBINED RATIO NET OF REINSURANCE 63.1% 68.7% 5.6 ppts
             
    Balance sheet items in €m 2024 Q1-25 Variation
    Total equity (group share) 2,193.6 2,234.0 +1.8%

    * Also excludes scope impact

    1.   Turnover

    Coface recorded consolidated turnover of €473.2m, up +2.0% at constant FX and perimeter compared to Q1-24. As reported (at current FX and perimeter), turnover rose +2.1%.

    Revenues from insurance activities (including Bonding and Single Risk) increased by +1.2% at constant FX and perimeter. Client retention returned to a level close to its record high at 95.0% in a still competitive market. New business totalled €37m, stable compared with Q1-24. This was driven by an increase in demand and growth investments, particularly in the mid-market segment.

    Growth in client activity was positive at 1.2%, marking a further improvement compared to the already positive previous quarter. However, this level reflects the economic environment that prevailed before the tariff announcements by the United States. The price effect remained negative at -1.3% in Q1-25, in line with last year and long-term trends.

    Turnover from non-insurance activities was up +7.5% compared to Q1-24. However, not all business lines enjoyed the same momentum. Factoring turnover fell by -0.7%, with Germany and Poland recording identical performance. Business Information turnover continued to grow, rising +14.8% (and +18.4% on a reported basis). Fee and commission income (debt collection commissions) increased +14.8% due to the increase in claims to be collected. Commissions were up +4.0%, exceeding growth in premium income.

    Total revenue – in €m
    (by country of invoicing)    		 Q1-24 Q1-25 Variation % ex. FX2
    Northern Europe 97.8 97.0 (0.8)% (0.8)%
    Western Europe 91.7 96.0 +4.7% +1.9%
    Central & Eastern Europe 45.1 42.3 (6.3)% (6.9)%
    Mediterranean & Africa 138.9 143.4 +3.2% +5.1%
    North America 42.6 43.5 +2.0% +1.5%
    Latin America 18.6 20.4 +9.7% +16.0%
    Asia-Pacific 28.9 30.7 +6.2% +2.7%
    Total Group 463.7 473.2 +2.1% +2.0%

    In Northern Europe, turnover was down by -0.8% at constant and current FX. The region continues to suffer from the weakness of the German economy. This slight decline was partially offset by growth in non-insurance activities. Factoring turnover was down -0.7% but services were up +17.8%.

    In Western Europe, turnover increased +1.9% at constant FX (+4.7% at current FX). The loss of several significant contracts was more than offset by growth in service activities.

    In Central and Eastern Europe, turnover fell -6.9% at constant FX (-6.3% at current FX) due to client activity, which continued to drag down credit insurance, and a significant contract that is now included in another region.

    In the Mediterranean and Africa region, which is driven by Italy and Spain, turnover rose +5.1% at constant FX and +3.2% at current FX on the back of robust sales in credit insurance and services and a generally stronger economic environment.

    In North America, turnover rose by +1.5% at constant FX and +2.0% on a reported basis. The region benefited from a slight improvement in client activity and higher retention.

    In Latin America, turnover increased +16.0% at constant FX and +9.7% at current FX. The region is benefiting from continued high inflation, which is benefiting client activity.

    In Asia-Pacific, turnover increased +2.7% at constant FX and +6.2% at current FX. The region is benefiting from high retention and a slight increase in client activity.

    2.   Result

    • Combined ratio

    The combined ratio net of reinsurance stood at 68.7% for Q1-25, an increase of 5.6 ppts year on year but flat compared to the previous quarter.

    (i)  Loss ratio

    The gross loss ratio stood at 38.7%, up 5.5 ppts compared to the previous year. This increase reflects the normalisation of the loss experience offset by high but stable reserve releases compared to the previous year. The number of mid-sized claims was below long-term trends but is increasing.

    The Group’s provisioning policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. Strict management of past claims enabled the Group to record 43.6 ppts of recoveries.

    The net loss ratio increased to 39.1%, up 3.3 ppts compared to Q1-24, with reinsurance absorbing part of the deterioration in the gross loss ratio.

    (ii)  Cost ratio

    Coface is pursuing a strict cost management policy while maintaining its investments, in line with the Power the Core strategic plan. In Q1-25, costs rose by +5.7% at constant FX and perimeter, and +5.9% at current FX.

    The cost ratio net of reinsurance was 29.5% in Q1-25, up 2.2 ppts year on year. This increase was mainly due to cost inflation (+1.4 ppt) and continued investment (+2.9 ppts). In contrast, the improved product mix (Business Information, Debt Collection and fee and commission income) had a positive effect of 2.6 ppts. The change in reinsurance commissions explains most of the remainder.

    • Financial result

    Net financial income was €10.4m in the first quarter. This amount includes an FX effect of -€12.4m, mostly due to the application of IAS 29 (Hyperinflation) mainly in Turkey for €4.5m.

    The portfolio’s current yield (i.e. excluding capital gains, depreciation and FX) was €24.9m. The accounting yield3, excluding capital gains and fair value effect, was 0.7% in Q1-25. The yield on new investments was 3.8%.

    Insurance Finance Expenses (IFE) stood at €4.1m for the first quarter. Outside of FX gains, the amount is very similar to that of previous quarters.

    • Operating income and net income

    Operating income amounted to €91.2m in Q1-25, down 14.5%.

    The effective tax rate was 23% for the quarter (vs. 27% in Q1-24).

    In total, net income (group share) was €62.1m, down 9.2% compared to the first quarter of 2024.

    3.   Shareholders’ equity

    At 31 March 2025, Group shareholders’ equity stood at €2,234.0m, up €40.4m or +1.8% (€2,193.6m at 31 December 2024).

    This increase is mainly due to positive net income of €62.1m and an FX effect.

    The annualised return on average tangible equity (RoATE) was 12.7% at 31 March 2025, down from the previous year, in line with the decline in net income.

    4.   Outlook

    Uncertainty about international economic policy is reaching a rarely seen levels. The United States announced the implementation of massive tariffs which vary depending on industrial sector and the imports’ country of origin. Implementation has been delayed in most cases to allow time for negotiations.

    Estimates of the long-term impact will have to wait until the tariffs actually implemented are more stable. In the short term, this uncertainty is delaying investment decisions and detracting from economic growth.

    This unprecedented complex environment validates the strategy and positioning adopted by Coface, which draws on its internationally recognised experts and industry leading data to support its clients as effectively as possible as the situation evolves. In the short term, Coface has stepped up communication with its clients and maintained its prevention actions at a high level, while continuing to invest in line with the Power the Core strategic plan. The workforce dedicated to services (Business Information and Debt Collection) currently stands at nearly 700 people.

    Conference call for financial analysts

    Coface’s Q1-2025 results will be discussed with financial analysts during the conference call on Monday 5 May at 18:00 (Paris time). Dial one of the following numbers:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/Investors/financial-results-and-reports

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures    		 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25   % %
    ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9   +1.1% +1.2%
    Other revenue 85.0 83.4 78.0 85.5 90.3   +6.2% +5.5%
    REVENUE 463.7 459.1 453.8 468.3 473.2   +2.1% +2.0%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 94.7 88.8 84.9 85.4   (14.9)% (15.4)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4   (42.0)% (44.2)%
    Insurance Finance Expenses (11.4) (6.7) (7.3) (17.1) (4.1)   (63.6)% (61.6)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6   (14.2)% (15.3)%
    Other operating income / expenses (0.1) (0.5) (2.6) (5.5) (0.4)   438.8% 439.8%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2   (14.5)% (15.6)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1   (9.2)% (10.5)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0%   (4.2) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures    		 Q1-24 H1-24 9M-24 2024 Q1-25   % %
    ex. FX*
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9   +1.1% +1.2%
    Other revenue 85.0 168.5 246.4 331.9 90.3   +6.2% +5.5%
    REVENUE 463.7 922.7 1,376.6 1,844.8 473.2   +2.1% +2.0%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 195.0 283.8 368.7 85.4   (14.9)% (15.4)%
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4   (42.0)% (44.2)%
    Insurance Finance Expenses (11.4) (18.1) (25.4) (42.5) (4.1)   (63.6)% (61.6)%
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6   (14.2)% (15.3)%
    Other operating income / expenses (0.1) (0.5) (3.1) (8.6) (0.4)   438.8% 439.8%
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2   (14.5)% (15.6)%
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1   (9.2)% (10.5)%
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0%   (4.2) ppt  

    * Also excludes scope impact

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    1 Return on average tangible equity
    2 Also excludes scope impact
    3 Book yield calculated on the average of the investment portfolio excluding non-consolidated subsidiaries.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: The Nizhny Novgorod Higher School of Economics has created simulators for government procurement

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Specialists Faculty of Law HSE University – Nizhny Novgorod and invited experts (Larisa Pakhomova and Anastasia Selchenok) have developed a series of dialogue simulators for training public procurement specialists. Users will be able to effectively practice skills in this area and go through complex procedures in a safe virtual environment.

    The Faculty of Law of the National Research University Higher School of Economics — Nizhny Novgorod has launched a series of dialogue simulators developed for training in the field of state and municipal procurement. This is a digital environment for practical mastery of complex procurement procedures under Federal Laws 44 and 223.

    Dialogue simulators allow users — representatives of customers, suppliers, contractors and performers — to go through realistic scenarios that simulate real processes. This approach helps to learn the theoretical foundations and immediately put the acquired knowledge into practice.

    The product is designed for public procurement specialists undergoing training at programs advanced training and professional retraining Center for Legal Support of Business, Public Procurement and Foreign Economic Activity HSE University – Nizhny Novgorod. The interactivity of the tool ensures high involvement of students, and the online format makes it possible to study at a convenient time and in any place.

    “We sought to create a modern and useful tool for training specialists working with public procurement. We believe that practice is the best way to learn, especially in the legal field, where the consequences of mistakes can be quite significant,” said Anastasia Loginova, head of the center and deputy dean of the faculty of law at the National Research University Higher School of Economics – Nizhny Novgorod.

    Currently, demo versions of simulators for testing knowledge of Federal Laws 44 and 223, allowing you to get acquainted with the functionality and evaluate the effectiveness of the methodology, are available free of charge.

    The dialogue simulator “Management of state and municipal purchases” allows you to practice practical skills in purchasing goods within the framework of 44-FZ And 223-FZ. It offers the user to consistently go through the path from entering the purchase into the plan-schedule to the announcement of the winner and electronic certification. The simulator also contains tasks on 344-FZ in various pre-written scenarios. Practicing skills on the simulator will help to avoid mistakes and, accordingly, liability for violations in the field of public procurement, will teach you to identify unscrupulous suppliers at the stage of submitting applications, and also to accurately calculate the amount of the application security in order to prevent the appeal procedure in the future.

    Passing the dialogue simulator «Tender specialist» will teach you how to correctly analyze procurement documentation, calculate the amount of costs for procurement support and costs for contract execution, as well as the full amount of financial costs. In practice, errors in such calculations can lead to undesirable consequences, including bankruptcy of the organization participating in the procurement, inclusion in the register of unscrupulous suppliers, or administrative liability.

    Also available Contract Managers Simulator, working under 44-FZ.

    Currently, the Faculty of Law of the National Research University Higher School of Economics – Nizhny Novgorod continues to develop the product, including creating simulators for legal practice.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: SBA Relief Still Available to Ohio Small Businesses and Private Nonprofits Affected by September Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Ohio of the June 2 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning Sept. 24, 2024. 

    The disaster declaration covers the Ohio counties of Adams, Brown, Butler, Clermont, Clinton, Coshocton, Guernsey, Hamilton, Highland, Holmes, Knox, Licking, Montgomery, Muskingum, Pike, Preble, Scioto, Tuscarawas and Warren and Dearborn, Franklin, and Union in Indiana as well as Boone, Bracken, Campbell, Kenton, Lewis, Mason, and Pendleton in Kentucky. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is June 2, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –