Commerce – Page 262 – NewzIntel.com

MIL-OSI Security: Delaware Woman Admits Role in COVID-19 Relief Program Fraud Scheme

Source: Office of United States Attorneys

CAMDEN, N.J. – A Delaware woman admitted to conspiring to obtain more than $1 million of federal Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL), U.S. Attorney Alina Habba announced.

Adrienne Ponzo, 50, of Bear, Delaware, pleaded guilty before U.S. District Judge Karen M. Williams to one count of wire fraud conspiracy.

According to documents filed in this case and statements made in court:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted in March 2020 and was designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP). The CARES Act also authorized the U.S. Small Business Administration (SBA) to provide Economic Injury Disaster Loans (EIDLs) of up to $2 million to eligible small businesses that were experiencing substantial financial disruption due to the COVID-19 pandemic.

To obtain a PPP or EIDL loan, a qualifying small business was required to submit an application and provide information on its operations, including the number of employees and revenues or expenses. In addition, businesses generally had to provide supporting documentation such as tax returns and bank statements.

Adrienne Ponzo conspired with others to defraud the SBA and the PPP program. Ponzo’s co-conspirators recruited individuals who owned companies with little or no operations and introduced them to Ponzo. Ponzo prepared fraudulent PPP and EIDL applications for these businesses and caused them to be electronically submitted to the SBA and PPP lenders. Ponzo prepared fraudulent bank statements and tax returns for companies that did not have them. Ponzo received a portion of the loan proceeds for her role in the scheme. 14 loans totaling nearly $1,500,000 were part of the scheme.

The count of wire fraud conspiracy is punishable by a maximum of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.

Sentencing is scheduled for August 26, 2025.

U.S. Attorney Habba credited special agents of the Federal Deposit Insurance Corporation – Office of the Inspector General, under the direction of Patricia Tarasca, Special Agent-in-Charge, New York Regional Office; special agents of the FBI’s South Jersey Resident Agency, under the direction of Special Agent in Charge Wayne Jacobs in Philadelphia; special agents of the Social Security Administration, Office of the Inspector General, Boston New York Field Division, under the direction of Special Agent in Charge Amy Connelly; and special agents of the U.S. Department of Labor, Office of Inspector General, Northeast Region, under the direction of Special Agent in Charge Jonathan Mellone, with the investigation leading to this guilty plea.

The government is represented by Assistant U.S. Attorneys Daniel A. Friedman and Attorney-in-Charge Jason M. Richardson of the U.S. Attorney’s Office’s Criminal Division in Camden.

The charges and allegations contained in the indictment are merely accusations, and the defendant is considered innocent unless proven guilty.

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Defense counsel:

Troy A. Archie, Esq., Cinnaminson, New Jersey

MIL Security OSI –

April 17, 2025

MIL-OSI Submissions: Annual inflation at 2.5 percent in March 2025 – Stats NZ media and information release: Consumers price index: March 2025 quarter

Source: Statistics New Zealand

Annual inflation at 2.5 percent in March 2025 – 17 April 2025 – Aotearoa New Zealand’s consumers price index (CPI) increased 2.5 percent in the 12 months to the March 2025 quarter, according to figures released by Stats NZ today.

The 2.5 percent increase follows a 2.2 percent annual increase to the December 2024 quarter.

“The annual inflation rate is within the Reserve Bank of New Zealand’s target band of 1 to 3 percent for the third consecutive quarter,” prices and deflators spokesperson Nicola Growden said.

Between the June 2021 and June 2024 quarters, annual inflation was above the target band.

Files:

MIL OSI –

April 17, 2025

MIL-OSI Submissions: Meal kits, cruises, and smart watches added to CPI basket in latest update – Stats NZ media and information release: Consumers price index review: 2024

Source: Statistics New Zealand

Meal kits, cruises, and smart watches added to CPI basket in latest update – 17 April 2025 – People are spending more on delivered meal kits and smart watches, but less on older technology such as DVDs, home telephone line rentals, and national toll calls, Stats NZ said today.

Following changes in what New Zealand households typically spend their money on, the consumers price index (CPI) basket of goods and services has been updated. The CPI basket is used to measure inflation.

“Changing spending patterns and consumer tastes mean it’s important to update the CPI basket so it remains relevant and reflects New Zealand society,” consumer prices spokesperson Nicola Growden said.

Delivered meal kits and cruises have been added to the basket from this quarter.

Files:

MIL OSI –

April 17, 2025

MIL-OSI USA: As Washington Considers Tax Cuts for Millionaires and Billionaires, Senator Reverend Warnock Calls for Tax Breaks for Working and Middle-Class Families in Capitol Hill Rally

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

As Washington Considers Tax Cuts for Millionaires and Billionaires, Senator Reverend Warnock Calls for Tax Breaks for Working and Middle-Class Families in Capitol Hill Rally

Senator Reverend Warnock joined a crowd of hundreds at the “Say NO to Tax Breaks for Billionaires & Corporations” rally

Senator Reverend Warnock: “Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. [Washington Republicans] want to give a tax cut to millionaires and billionaires”

Watch Senator Reverend Warnock’s rally remarks HERE

Washington, D.C. – Last week, U.S. Senator Reverend Raphael Warnock (D-GA) spoke in front of a crowd of hundreds about the need for Congress to provide a tax break to working and middle-class families during the “Say NO to Tax Breaks for Billionaires & Corporations” rally on Capitol Hill.

“Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. [Washington Republicans] want to give a tax cut to millionaires and billionaires […] You’re not trying to cut taxes, you’re not trying to cut waste and fraud and abuse, because if you were trying to cut waste and fraud and abuse, I know an unelected billionaire who’s received $40 billion in federal aid and support and loans, I know where you can find some waste and fraud and abuse,” said Senator Warnock.

As a new voice on the Senate Finance committee, Senator Warnock is committed to championing tax policies that support working families and put more money back into the pockets of middle-class families. In 2021, Senator Warnock fought to secure the Expanded Child Tax Credit as part of the American Rescue Plan. Senator Warnock recently introduced the American Family Act, which would nearly double the Child Tax Credit (CTC) from its current amount and help working moms and dads in a moment where the cost of groceries, housing, and child care is on the rise.

A transcript of Senator Warnock’s remarks during the rally can be found below:

“I just want to say thank you for coming to Washington, D.C. Give yourselves a round of applause just for being here. Mama said, ‘Half a life is showing up’. And I cannot stress to you enough how important it is and how impactful it is for you to show up.”

“Politicians – whether they are Republicans, Democrats or Independents – when you show up, they pay attention. When you call our offices, we pay attention. When you write letters, we pay attention. And when you have the unmitigated audacity to come here and remind the folks over there that that’s not their house, it’s the People’s House, it makes a huge difference. You keep showing up, and I promise you that I and my colleagues are going to keep showing up for you.”

“Give my brother Ben Ray Luján a big round of applause. He and I are both alumni of Head Start., and I probably don’t have to tell you that in the United States Senate, which historically has been a place for the sons of American aristocracy, and I do mean sons, because that weren’t many women, you’re not going to run into many United States Senators who are alums of Head Start. But that’s a program that gives poor children a chance. It inspires them, exposes them to literature and reading and a love of learning, because all children are naturally curious, and if you bump into a child who doesn’t have that, believe me, something or somebody stole it from them. The trauma of being poor [can]rob them of the natural intellectual curiosity about the world that all children have.”

“I’ve got a word for you. God raises up genius and brilliance and talent all over the world, on all sides of town, on both sides of the railroad track. God is an equal opportunity employer, and it makes sense to invest in children because we don’t know what they’re going to contribute.”

“So the folk who want to run roughshod over Head Start don’t get it, and the reason why so many of them don’t get it is not simply because they were born rich. I’m not going to hate on anybody because they were born rich because I didn’t decide to be born poor. But you ought to at least spend enough time with ordinary people so you don’t end up saying dumb things. Like [as Commerce Secretary Lutnick remarked] if my mother-in-law misses one social security check, big deal. Of course, it’s no big deal to her. Her son-in-law is a billionaire. That’s not my story. That’s not the story of the people who are in this crowd.”

“In the words of that great prophet, that poet, Kendrick Lamar, they not like us.”

“We need people in government who, regardless of their background and where they were born, are sensitive to the concerns of ordinary people, hard-working Americans, for people that so many in our government, over the last 40 years, most of my life, have been busy maligning, criminalizing poor people for being poor. That’s why we’re in this mess. That’s why they’re obsessed with giving a tax cut to those who don’t need it, while taking resources away from those who need it so desperately just to survive.”

“And so here’s the thing, here’s the thing that all of us apparently have in common: we all like tax cuts. Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. They want to give a tax cut to millionaires and billionaires, and they’ve been engaged over the last few weeks in creating a lot of theater, tragic theater that has implications for people’s ability to actually live: firing federal workers and making them the enemy, firing folks at the CDC, closing down Social Security offices across Georgia and across our country, and announcing that they were going to do it on the DOGE website. And when I called them out for it, they were at least a little bit embarrassing, because they took it off their website and acted like they didn’t say it. But my staff took screenshots of that website. Yes, you said it. We know what you said, and we know what you are trying to do. You’re not trying to cut taxes, you’re not trying to cut waste and fraud and abuse, because if you were trying to cut waste and fraud and abuse, I know an unelected billionaire who’s received $40 billion in federal aid and support and loans, I know where you can find some waste and fraud and abuse, and his name is Elon Musk!”

“So all of this is a distraction, because Donald Trump is just trying to pay off his friends, trying to pay off millionaires and billionaires. I’m not mad at you because you have money. I just believe that strong hearted bear the infirmities of the weak. I just believe that we are all in this together. The pandemic taught us that, right that we were in a deadly pandemic. We didn’t have the vaccine at the time, it’s an airborne disease. That means that if my neighbor got sick. Even though she was sick, I was potentially in peril because it’s an airborne disease. The pandemic taught us that we didn’t already know that that doesn’t make my neighbor my enemy because she’s sick, that just means that it is in my enlightened self-interest to make sure that she has what she needs, that she has a mask, that she has a vaccine.”

“In other words, my neighbor’s health care coverage is good for my health. It is good for all of us, for everybody to have healthcare. It is good for all of us, no matter how much money you have for children in Georgia to have Medicaid. So that’s what this fight is all about.”

“So keep showing up. Keep fighting the good fight. Keep raising your voice, because this is not about the people who have power. We’ve proven in America over and over again that it’s really about the power in the people, and when the people raise their voices, when the people show up, the people can make a difference!”

“Do you believe that?”

“Are you ready to make some noise?”

“Are you ready to show up?”

“Are you ready to fight for our children?”

“Are you ready to defend Social Security?”

“Are you ready to defend Medicaid?”

“Let do this work y’all!”

“The budget is not just a fiscal document, it’s a moral document. Budget is not just dollars and cents, it’s good morals and common sense. Show me your budget and I’ll show you who you think matters and who you think is dispensable. Show me your budget and I’ll show you what you think about children, what you think about workers, and what you think made America great, and if this budget that they are trying to pass were an EKG, it would suggest that the Congress has a heart problem and is in need of moral surgery. So let’s get the room ready. I know you may not be surgeons, but just help us get the room ready, because the Congress needs an operation, and it’s the people who bring about the change.”

“So you keep showing up over and over again. Don’t give it to those who are trying to weaponize despair. Don’t believe them when they want to convince you that he’s already a king. We have no king! This is the United States of America, and we’re not about to roll over to somebody who wants to be an oligarch.”

“I’m going to stand up for my children. Are you going to stand up for yours? I’m going to stand up for my mother who needs her Social Security. I’m going to stand up for everybody’s children, so that my children are alright. So let’s stand together. Let’s work together. Let’s vote together. Let’s fight together. Let’s pray together. Let’s stay together. Don’t give in to the demagogues. Don’t give in to the division. We rise together.”

“God bless all of you, keep the faith and keep looking up.”

MIL OSI USA News –

April 17, 2025

MIL-OSI New Zealand: Worker’s six-metre fall prompts industry call-out

Source: Worksafe New Zealand

17 April 2025

As winter creeps closer, WorkSafe New Zealand is reminding businesses to take heed of the risks when workers are operating at height.

The consequences have been laid bare at the sentencing of a Wellington business, whose worker was critically injured in April 2023 when he fell six metres from a slippery, unsafe rooftop.

38-year-old Josh Bowles had only been in his job for two months and had no experience or training in working at height when he fell from a commercial rooftop in central Wellington. He spent six months in hospital recovering from a traumatic brain injury and multiple broken bones. The father of five still lives with continuous pain, and has been unable to work since the fall.

The scene on Hopper Street in central Wellington where Josh Bowles was left critically injured in 2023.

A WorkSafe investigation found there was only limited edge protection to the roofline. In its absence, a harness system should have been used to keep workers safe but was not. Regardless, Mr Bowles had no formal training on use of a harness or roof-anchors.

The business, Prowash, did not properly manage the risks of working in rainy conditions on a new iron roof with cleaning product on it. Prowash was unable to provide WorkSafe with any policies, or risk/hazard identification and control process, to prove it had a safe system of work in place.

“This was a preventable fall which has permanently impacted a young father’s quality of life and job prospects,” says WorkSafe principal inspector, Paul Budd.

“Falls from height are a well-known risk and there is no excuse for not putting proper protections in place – especially in bad weather. If the work needs to be postponed until conditions are more favourable, then do so.

“The best controls are those that don’t require active judgement by a worker. This includes solutions such as edge protection or scaffolding. If a worker slips or missteps, as we saw in this case, there is a physical barrier between themselves and the ground below,” says Paul Budd.

Businesses must manage their risks and where they don’t WorkSafe will take action. This is part of WorkSafe’s role to influence businesses to meet their responsibilities and keep people healthy and safe.

Read the good practice guidelines for working on roofs

Background

Prowash Wellington Limited was sentenced at Wellington District Court on 15 April 2025
A fine of $40,000 was imposed, and reparations of $77,456 ordered
Prowash was charged under sections 36(1)(a), 48(1) and (2)(c) of the Health and Safety at Work Act 2015
- Being a person conducting a business or undertaking (PCBU), having a duty to ensure, so far as reasonably practicable, the health and safety of workers who work for the PCBU, including Joshua Bowles, while the workers are at work, namely while carrying out work on the roof of 258 Taranaki Street, Wellington, did fail to comply with that duty, and that failure exposed workers to a risk of death or serious injury from a fall from height.
The maximum penalty is a fine not exceeding $1.5 million.

Media contact details

For more information you can contact our Media Team using our media request form. Alternatively:

Email: media@worksafe.govt.nz

MIL OSI New Zealand News –

April 17, 2025

MIL-OSI USA: Federal Judge Finds a Virginia Man Guilty of Child Pornography Offenses

Source: US State of North Dakota

Yesterday, a district court judge convicted a Virginia man, who worked for the Department of Commerce, of possessing and receiving child sexual abuse material (CSAM).

According to court documents and evidence presented at trial, Rafferty Daniel Kelly, 40, of Alexandria, worked for the U.S. Patent and Trademark Office. In March 2022, a federal CSAM investigation involving an internet-based peer-to-peer file sharing service, a program used by the defendant to obtain CSAM, led federal agents to execute a search warrant at Kelly’s home, where they seized multiple devices. A review of those devices revealed that, over a period of at least two years, Kelly had downloaded and stored over 50,000 images of CSAM and child erotica, including images of infants and prepubescent children. Kelly also possessed a handbook on how to groom children.

At the end of the bench trial yesterday, the Honorable Michael S. Nachmanoff found Kelly guilty of one count of receipt of child pornography and one count of possession of child pornography. The defendant is scheduled to be sentenced on July 24 and faces a mandatory minimum penalty of five years in prison and a maximum penalty of 40 years in prison. Judge Nachmanoff will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, United States Attorney Erik S. Siebert for the Eastern District of Virginia, and Special Agent in Charge Sean Ryan of the FBI Washington Field Office’s Criminal and Cyber Division made the announcement.

Trial Attorney Nadia Prinz of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Vanessa Strobbe for the Eastern District of Virginia are prosecuting the case.

This case was investigated by the FBI Washington Field Office’s Child Exploitation and Human Trafficking Task Force. The task force is composed of FBI agents, along with other federal agents and detectives from northern Virginia and the District of Columbia. The task force is charged with investigating and bringing federal charges against individuals engaged in the exploitation of children and those engaged in human trafficking.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

MIL OSI USA News –

April 17, 2025

MIL-OSI Security: Federal Judge Finds a Virginia Man Guilty of Child Pornography Offenses

Source: United States Attorneys General 13

Yesterday, a district court judge convicted a Virginia man, who worked for the Department of Commerce, of possessing and receiving child sexual abuse material (CSAM).

According to court documents and evidence presented at trial, Rafferty Daniel Kelly, 40, of Alexandria, worked for the U.S. Patent and Trademark Office. In March 2022, a federal CSAM investigation involving an internet-based peer-to-peer file sharing service, a program used by the defendant to obtain CSAM, led federal agents to execute a search warrant at Kelly’s home, where they seized multiple devices. A review of those devices revealed that, over a period of at least two years, Kelly had downloaded and stored over 50,000 images of CSAM and child erotica, including images of infants and prepubescent children. Kelly also possessed a handbook on how to groom children.

At the end of the bench trial yesterday, the Honorable Michael S. Nachmanoff found Kelly guilty of one count of receipt of child pornography and one count of possession of child pornography. The defendant is scheduled to be sentenced on July 24 and faces a mandatory minimum penalty of five years in prison and a maximum penalty of 40 years in prison. Judge Nachmanoff will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, United States Attorney Erik S. Siebert for the Eastern District of Virginia, and Special Agent in Charge Sean Ryan of the FBI Washington Field Office’s Criminal and Cyber Division made the announcement.

Trial Attorney Nadia Prinz of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Vanessa Strobbe for the Eastern District of Virginia are prosecuting the case.

This case was investigated by the FBI Washington Field Office’s Child Exploitation and Human Trafficking Task Force. The task force is composed of FBI agents, along with other federal agents and detectives from northern Virginia and the District of Columbia. The task force is charged with investigating and bringing federal charges against individuals engaged in the exploitation of children and those engaged in human trafficking.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

MIL Security OSI –

April 17, 2025

MIL-OSI USA: Unleashing American Energy: Rep. Pfluger Hosts EPA Regional Administrator and Rep. Fedorchak in Midland

Source: United States House of Representatives – Congressman August Pfluger (TX-11)

Unleashing American Energy: Rep. Pfluger Hosts EPA Regional Administrator and Rep. Fedorchak in Midland

Midland, April 16, 2025

MIDLAND, TX—Congressman August Pfluger (TX-11) hosted U.S. Environmental Protection Agency (EPA) Regional Administrator Scott Mason, and Congresswoman Julie Fedorchak (ND-At-large), a fellow member of the House Energy and Commerce Committee, in the Permian Basin for an oil and gas site visit and roundtable with producers, local leaders, stakeholders, and EPA officials.

Following the site visit and producer roundtable, Rep. Pfluger also hosted a press conference to update the media on the efforts of the Trump Administration, Congress, and the EPA to cut the burdensome red tape the Biden Administration had previously imposed on the Permian Basin.

Photos from the day are available for broadcast and distribution HERE.

“Everything we do depends on energy dominance and the ability to produce affordable, reliable energy, and with President Trump back in office, the future of American energy has never been brighter,” said Rep. Pfluger. “It was an honor to bring everyone together today in Midland—the city that anchors the most important region, equipped and ready to solve many of the critical issues facing our nation. American energy dominance must be at the center of our national security strategy. This is why Congress will continue to work alongside the Trump administration and the EPA to ensure an energy future that embraces all forms of domestic production and recognizes the strategic importance of the Permian Basin.”

“During my visit to the Permian Basin today, I heard over and over from energy companies of all sizes that they want common-sense regulations for emissions and wastewater,” said EPA Regional Administrator Scott Mason. “I look forward to working toward that goal, and appreciate Representative Pfluger’s leadership on these issues.”

“The Permian Basin is key to America’s energy security, and visiting the region with Rep. Pfluger offered a valuable up-close perspective on the shared challenges our energy producers face. Much like in North Dakota, innovation and growth are being held back by one-size-fits-all federal regulations that lack common sense,” said Rep. Fedorchak. “It was encouraging to hear from EPA Region 6 Administrator Scott Mason, who assured us that the Trump administration’s EPA is committed to providing the certainty and clarity needed to unleash American energy. I appreciated the West Texas hospitality and look forward to showing him North Dakota’s energy leadership soon.”

Check out these stories highlighting the day:

Congressman August Pfluger brought together Environmental Protection Agency (EPA) officials and members of the House Energy and Commerce Committee to discuss the challenges and opportunities oil and gas producers are facing today.

Federal energy and environmental policy leaders visited the Permian Basin to see oil and gas operations up close and hear directly from the people shaping the region’s energy future.

Read the full story and watch coverage of the press conference here.

Several government officials met with local groups and organizations at the Petroleum Club of Midland on Tuesday to discuss federal oil and gas regulations.

Headed by U.S. Rep. August Pfluger, the group also consisted of Mayor Lori Blong, Environmental Protection Agency (EPA) Regional Administrator Scott Mason, U.S. Rep. Julie Fedorchak of North Dakota and key members of several Permian Basin trade organizations.

Read the full story here.

Congressman August Pfluger returned to the energy capital of West Texas on Tuesday to lead a roundtable discussion on oil and gas policy.

Pfluger was joined by EPA Regional Administrator Scott Mason and North Dakota Congresswoman Julie Fedorchak for a site visit and stakeholder meeting in Midland.

Read the full story and watch coverage of the press conference here.

Joined by a congresswoman from North Dakota and the regional director of the U.S. Environmental Agency, Congressman August Pfluger said Tuesday that the Permian Basin has reached “a new era” of working with the federal regulatory agencies that beleaguered them during the Biden administration.

Read the full story here.

Representative August Pfluger visited the Permian Basin this afternoon alongside U.S. Environmental Protection Agency Regional Administrator Scott Mason, Congresswoman Julie Fedorchak (ND-At-large), as well as local oil and gas companies, and Midland Mayor Lori Blong.

During the visit, all parties toured a Diamondback Energy oil rig, where they were shown the latest technology being used in its production. Following the tour, the leaders spoke about options to keep regulations at a minimum while also looking to keep oil operations as safe and clean as possible.

Read the full story and watch coverage of the press conference here.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: SBA Offers Relief to Louisiana Businesses, Nonprofits and Residents Affected by March Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Louisiana businesses, nonprofits and residents who sustained physical damages and economic losses from severe storms and flooding which occurred March 29–April 2. The SBA issued a disaster declaration in response to a request received from Gov. Jeff Landry on April 15.

The disaster declaration covers the Louisiana parishes of Acadia, Evangeline, Jefferson Davis, Lafayette, St. Landry and Vermilion.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”

SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP)organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

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

Beginning Thursday, April 17, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center (DLOC) in Acadia Parish to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.

At the DLOC, individuals can connect directly with SBA specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.

The DLOC’s hours of operations are listed below.

ACADIA PARISH
Disaster Loan Outreach Center
City of Rayne – The Green Room
318 Gossen Memorial Dr.
Rayne, LA 70578

Opens at 12 p.m. Thursday, April 17

Mondays – Fridays, 9 a.m. – 6 p.m.

Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters, with terms up to 30 years. Interest does not begin to 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 physical damage applications is June 16. The deadline to return economic injury applications is Jan. 16, 2026.

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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, 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 –

April 17, 2025

MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.47 Per Diluted Common Share

Source: GlobeNewswire (MIL-OSI)

SPRINGFIELD, Mo., April 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, today reported that preliminary earnings for the three months ended March 31, 2025, were $1.47 per diluted common share ($17.2 million net income) compared to $1.13 per diluted common share ($13.4 million net income) for the three months ended March 31, 2024.

For the quarter ended March 31, 2025, annualized return on average common equity was 11.30%, annualized return on average assets was 1.15%, and annualized net interest margin was 3.57%, compared to 9.36%, 0.93% and 3.32%, respectively, for the quarter ended March 31, 2024.

First Quarter 2025 Key Results:

Net Interest Income: Net interest income for the first quarter of 2025 increased $4.5 million (or approximately 10.1%) to $49.3 million compared to $44.8 million for the first quarter of 2024, largely driven by higher interest income on loans and lower interest expense on deposit accounts. Annualized net interest margin was 3.57% for the quarter ended March 31, 2025, compared to 3.32% for the quarter ended March 31, 2024, and 3.49% for the quarter ended December 31, 2024. During the quarter ended March 31, 2025, the Company recorded additional interest income of $744,000 related to recoveries on cash-basis loans and other assets, positively affecting net interest income and net interest margin.
Asset Quality: Non-performing assets and potential problem loans totaled $17.0 million at March 31, 2025, an increase of $342,000 from $16.6 million at December 31, 2024. At March 31, 2025, non-performing assets were $9.5 million (0.16% of total assets), a decrease of $48,000 from $9.6 million (0.16% of total assets) at December 31, 2024.
Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.17 billion and $370.5 million, respectively, at March 31, 2025. In addition, at March 31, 2025, the Company had unpledged securities with a market value totaling $337.4 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
Capital: The Company’s capital position remained strong as of March 31, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2025, the Company’s Tier 1 Leverage Ratio was 11.3%, Common Equity Tier 1 Capital Ratio was 12.4%, Tier 1 Capital Ratio was 12.9%, and Total Capital Ratio was 15.6%. The Company’s tangible common equity to tangible assets ratio was 10.1% at March 31, 2025.
Significant Item: In the quarter ended March 31, 2025, the Company received an annual marketing and card expense reimbursement for qualifying expenditures from its debit card brand provider of $433,000, which offset marketing and advertising costs that included this branding.
Stock Purchase Authorization: In April 2025, the Company’s Board of Directors approved a new stock repurchase program of up to one million additional shares of the Company’s common stock, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares, which were approximately 270,000 shares at March 31, 2025.

Selected Financial Data:

	Three Months Ended
		March 31,			March 31,		December 31,
		2025			2024		2024
		(Dollars in thousands, except per share data)

Net interest income	$	49,334		$	44,816	$	49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043

Net income	$	17,160		$	13,407	$	14,922

Earnings per diluted common share	$	1.47		$	1.13	$	1.27

Joseph W. Turner, President and CEO of Great Southern, commented, “Our first-quarter 2025 results reflect the strength of our underlying strategy and our ability to adapt with discipline amid ongoing economic and financial sector challenges. Our core banking fundamentals remain sound, with quarterly profitability strengthened by higher interest income, disciplined expense management, and favorable contributions from interest income recoveries and an expense reimbursement. We reported net income of $17.2 million, or $1.47 per diluted common share, for the first quarter of 2025, compared to $13.4 million, or $1.13 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter was primarily driven by strong growth in net interest income, which rose $4.5 million, or 10.1%, supported by increases in both loan yields and average loan balances. Additionally, a negative provision for losses on unfunded commitments of $348,000 in the first quarter of 2025, compared to a combined provision of $630,000 in the prior year quarter, contributed significantly to the improvement in profitability.”

He noted, “Despite external economic pressures, our core operations remained strong. Total interest income for the first quarter of 2025 was $80.2 million, reflecting higher earning asset levels and loan yields. Net interest income for the quarter remained healthy at $49.3 million, supported by disciplined asset-liability management and a deliberate strategy to control funding costs through management of our funding mix and duration amid persistent deposit competition. Importantly, we saw no material deterioration in our core non-time deposit balances, reflecting customer stability and the durability of our franchise.”

Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.99 billion at March 31, 2025, and a loan portfolio that has been carefully managed in terms of both growth and risk composition. We continue to emphasize prudent lending practices, focusing on relationship-based lending and credit quality rather than volume. Our allowance for credit losses stood at $64.7 million at March 31, 2025, representing 1.36% of total loans. Our non-performing assets remained at minimal levels consistent with previous quarters, underscoring the strength of our underwriting standards and ongoing credit monitoring.”

He further noted, “On the expense side, we continued to demonstrate operating discipline. Noninterest expense totaled $34.8 million for the first quarter of 2025, flat from the prior-year first quarter despite inflationary pressures, with reductions in legal and professional fees offsetting modest increases in salaries, occupancy, and technology investments. Noninterest income totaled $6.6 million for the first quarter of 2025, which was generally consistent with the prior-year first quarter.”

Turner continued, “As we look ahead, our priorities remain unchanged. We will continue to manage costs tightly, safeguard credit quality, and strive to optimize our funding mix to ensure long-term financial stability. At March 31, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.1% and approximately $2 billion of secured available lines and on-balance sheet liquid assets, providing us with ample flexibility to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the first quarter of 2025 we repurchased nearly 175,000 shares of our common stock.”

“Great Southern’s Q1 2025 results underscore the consistency of our business model and our track record of delivering sustainable returns, supported by strong core fundamentals and disciplined execution. We remain focused on long-term value creation and are confident in our ability to navigate the current environment while continuing to serve our customers, communities, and shareholders,” Turner concluded.

NET INTEREST INCOME

	Three Months Ended
		March 31,		March 31,	December 31,

		2025		2024		2024
		(Dollars in thousands)
Interest Income	$	80,243	$	77,390	$	82,585
Interest Expense		30,909		32,574		33,051
Net Interest Income	$	49,334	$	44,816	$	49,534

Net interest margin		3.57%		3.32%		3.49%
Average interest-earning assets to average interest-bearing liabilities		125.5%		127.4%		127.0%

Net interest income for the first quarter of 2025 increased $4.5 million to $49.3 million, compared to $44.8 million for the first quarter of 2024. This increase in net interest income was driven primarily by higher loan interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits. Net interest margin was 3.57% in the first quarter of 2025, compared to 3.32% in the same period of 2024 and 3.49% in the fourth quarter of 2024. The additional interest income items outlined above, under “First Quarter 2025 Key Results – Net Interest Income,” contributed 5 basis points to net interest margin in the first quarter of 2025. Compared to the 2024 first quarter, the average yield on loans increased 10 basis points, the average yield on investment securities increased 33 basis points and the average yield on other interest earning assets decreased 99 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 29 basis points, 40 basis points and 67 basis points, respectively, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The average interest rate spread was 3.00% for the three months ended March 31, 2025, compared to 2.66% for the three months ended March 31, 2024, and 2.87% for the three months ended December 31, 2024.

The average rates paid on deposits and borrowings decreased compared to the prior-year first quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year first quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the first quarter of 2024, the average yield on loans increased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

The following table presents the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

	Three Months Ended
		March 31,			March 31,			December 31,
		2025			2024			2024
		(In thousands)
Terminated interest rate swaps	$	2,003		$	2,025		$	2,047
Active interest rate swaps		(1,742	)		(4,653	)		(2,116	)
Increase (decrease) to interest income	$	261		$	(2,628	)	$	(69	)

The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the original termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. In 2025, the Company anticipates recording approximately $2.0 million in interest income from the terminated swap in each of the first three quarters, after which no further interest income will be realized.

The Company’s net interest income in the first quarter of 2025 increased 10.1% compared to net interest income in the first quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at the prevailing higher market rates. Market rates for time deposits for much of 2024 remained elevated, but have recently declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in 2025. As of March 31, 2025, time deposit maturities over the next 12 months were as follows: within three months — $669 million, with a weighted-average rate of 4.10%; within three to six months — $495 million, with a weighted-average rate of 3.74%; and within six to twelve months — $133 million, with a weighted-average rate of 3.23%. Based on time deposit market rates in March 2025, replacement rates for these maturing time deposits are likely to be approximately 3.50-4.00%.

NON-INTEREST INCOME

For the quarter ended March 31, 2025, non-interest income decreased $216,000 to $6.6 million when compared to the quarter ended March 31, 2024. None of the components of non-interest income experienced increases or decreases exceeding $200,000 in comparing the two periods.

NON-INTEREST EXPENSE

For the quarter ended March 31, 2025, non-interest expense increased $400,000 to $34.8 million when compared to the quarter ended March 31, 2024, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $694,000, or 8.9%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $322,000 in the first quarter of 2025 compared to the first quarter of 2024. Parking lot maintenance expenses, primarily related to above normal snow removal activity, collectively increased by $232,000 in the first quarter of 2025 compared to the first quarter of 2024.
Salaries and employee benefits: Salaries and employee benefits increased $473,000, or 2.4%, from the prior-year quarter. Much of this increase related to normal annual merit increases in various lending and operations areas.
Legal, audit and other professional fees: Legal, audit and other professional fees decreased $687,000 from the prior-year quarter, to $1.0 million. In the quarter ended March 31, 2024, the Company expensed a total of $929,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, with no such costs expensed in the quarter ended March 31, 2025.

The Company’s efficiency ratio for the quarter ended March 31, 2025, was 62.27% compared to 66.68% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.34% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. Average assets for the three months ended March 31, 2025, increased $200.2 million, or 3.5%, compared to the three months ended March 31, 2024, primarily due to growth in average balances of net loans receivable and investment securities.

INCOME TAXES

For the three months ended March 31, 2025 and 2024, the Company’s effective tax rate was 20.0% and 19.1%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

CAPITAL

	March 31,		December 31,
	2025		2024
Consolidated Regulatory Capital Ratios	(Preliminary)
Tier 1 Leverage Ratio	11.3	%	11.4	%
Common Equity Tier 1 Capital Ratio	12.4	%	12.3	%
Tier 1 Capital Ratio	12.9	%	12.8	%
Total Capital Ratio	15.6	%	15.4	%
Tangible Common Equity Ratio	10.1	%	9.9	%

As of March 31, 2025, total stockholders’ equity was $613.3 million, representing 10.2% of total assets and a book value of $53.03 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $13.7 million increase in stockholders’ equity was primarily driven by $17.2 million in net income and a $1.2 million increase from stock option exercises, partially offset by $4.6 million in cash dividends declared on the Company’s common stock and $10.2 million in common stock repurchases.

Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $44.1 million (net of taxes) at March 31, 2025, also increased stockholders’ equity by $10.2 million during the quarter. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps.

The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $20.6 million and $24.7 million at March 31, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at March 31, 2025, they would have decreased total stockholder’s equity at that date by $15.6 million. This amount was equal to 2.5% of total stockholders’ equity of $613.3 million at March 31, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

In November 2022, the Company’s Board of Directors authorized the purchase of an additional one million shares of the Company’s common stock. As of March 31, 2025, approximately 270,000 shares remained available in this stock repurchase authorization.

In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

During the three months ended March 31, 2025, the Company repurchased 173,344 shares of its common stock at an average price of $58.38, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.8 million.

LIQUIDITY AND DEPOSITS

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

At March 31, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

	March 31, 2025
Federal Home Loan Bank line	$1,172.6 million
Federal Reserve Bank line	370.5 million
Cash and cash equivalents	217.2 million
Unpledged securities – Available-for-sale	312.9 million
Unpledged securities – Held-to-maturity	24.5 million

During the three months ended March 31, 2025, the Company’s total deposits increased $152.5 million. Interest-bearing checking balances increased $33.5 million (1.5%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $9.7 million (1.2%). Time deposits generated through the Company’s banking center and corporate services networks decreased $14.1 million (1.8%). Brokered deposits increased $123.3 million (16.0%) through a variety of sources.

At March 31, 2025, the Company had the following deposit balances:

	March 31, 2025
Interest-bearing checking	$2,248.3 million
Non-interest-bearing checking	852.7 million
Time deposits	761.7 million
Brokered deposits	895.4 million

At March 31, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $683.9 million (14% of total deposits).

LOANS

Total net loans, excluding mortgage loans held for sale, were generally flat at $4.69 billion at March 31, 2025 compared to December 31, 2024. Increases in other residential (multi-family) loans of $43.2 million and construction loans of $29.1 million were offset by decreases in commercial real estate loans and one- to four-family residential loans of $54.4 million and $10.3 million, respectively.

The pipeline of unfunded loan commitments decreased in the first quarter of 2025, primarily due to a decline related to construction loans. The unfunded portion of construction loans remained significant, notwithstanding this decline.

For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

		March 31, 2025		December 31, 2024		December 31, 2023		December 31, 2022
Closed non-construction loans with unused available lines
Secured by real estate (one- to four-family)	$	211,119	$	205,599	$	203,964	$	199,182
Secured by real estate (not one- to four-family)		—		—		—		—
Not secured by real estate – commercial business		106,211		106,621		82,435		104,452

Closed construction loans with unused available lines
Secured by real estate (one-to four-family)		96,807		94,501		101,545		100,669
Secured by real estate (not one-to four-family)		657,828		703,947		719,039		1,444,450

Loan commitments not closed
Secured by real estate (one-to four-family)		19,264		14,373		12,347		16,819
Secured by real estate (not one-to four-family)		50,296		53,660		48,153		157,645
Not secured by real estate – commercial business		18,484		22,884		11,763		50,145

	$	1,160,009	$	1,201,585	$	1,179,246	$	2,073,362

PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

During the quarter ended March 31, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net charge-offs were $56,000 for the three months ended March 31, 2025, compared to net charge-offs of $83,000 during the same period in the prior year. Additionally, for the quarter ended March 31, 2025, the Company recorded a negative provision for losses on unfunded commitments of $348,000, compared to a provision expense of $130,000 for the same period in 2024.

The Bank’s allowance for credit losses as a percentage of total loans was 1.36% at March 31, 2025, consistent with 1.36% at December 31, 2024. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at March 31, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

ASSET QUALITY

At March 31, 2025, non-performing assets were $9.5 million, a decrease of $48,000 from $9.6 million at December 31, 2024. Non-performing assets as a percentage of total assets were 0.16% at both March 31, 2025 and December 31, 2024.

Activity in the non-performing loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Non- Performing		Removed from Non- Performing		Transfers to Potential Problem Loans		Transfers to Foreclosed Assets and Repossessions			Charge- Offs			Payments			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Subdivision construction		—		—		—		—		—			—			—			—
Land development		464		—		—		—		—			—			(96	)		368
Commercial construction		—		—		—		—		—			—			—			—
One- to four-family residential		2,631		473		—		—		—			—			(28	)		3,076
Other residential (multi-family)		—		—		—		—		—			—			—			—
Commercial real estate		77		—		—		—		(77	)		—			—			—
Commercial business		384		—		—		—		—			(135	)		(249	)		—
Consumer		17		24		—		—		—			—			(3	)		38
Total non-performing loans	$	3,573	$	497	$	—	$	—	$	(77	)	$	(135	)	$	(376	)	$	3,482

Compared to December 31, 2024, non-performing loans decreased $91,000.
The non-performing one- to four-family residential category consisted of nine loans at March 31, 2025, two of which were added during the current quarter.
The largest relationship in the one- to four-family residential category totaled $884,000 at March 31, 2025, was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Buffalo, N.Y. area.
The land development category consisted of one loan added in 2024. This loan is collateralized by improved commercial land in the Omaha, Neb. area.

Activity in the potential problem loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Potential Problem		Removed from Potential Problem			Transfers to Non- Performing		Transfers to Foreclosed Assets and Repossessions		Charge- Offs			Loan Advances (Payments)			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—		$	—		$	—
Subdivision construction		—		—		—			—		—		—			—			—
Land development		—		—		—			—		—		—			—			—
Commercial construction		—		—		—			—		—		—			—			—
One- to four-family residential		1,202		1,099		(151	)		—		—		(9	)		(13	)		2,128
Other residential (multi-family)		—		—		—			—		—		—			—			—
Commercial real estate		4,331		—		—			—		—		—			(18	)		4,313
Commercial business		—		—		—			—		—		—			—			—
Consumer		1,529		138		(642	)		—		—		—			(14	)		1,011
Total potential problem loans	$	7,062	$	1,237	$	(793	)	$	—	$	—	$	(9	)	$	(45	)	$	7,452

Compared to December 31, 2024, potential problem loans increased $390,000.
At March 31, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
At March 31, 2025, the one- to four-family residential category consisted of 12 loans, one of which was added to potential problem loans during the current quarter and one of which was transferred from the consumer category (the loan was drawn on a home equity line of credit) during the current quarter.
The largest relationship in the one- to four-family category, mentioned above as the loan transferred from the consumer category, totaled $966,000 and is collateralized by a single-family residential property in the Orlando, Fla. area.
At March 31, 2025, the consumer category of potential problem loans consisted of 16 loans, six of which were added during the current quarter.
The largest loan in the consumer category is a home equity loan totaling $748,000 related to the nursing care facility relationship, noted above.

Activity in the foreclosed assets and repossessions categories during the quarter ended March 31, 2025 was as follows:

		Beginning Balance, January 1		Additions		ORE and Repossession Sales			Capitalized Costs		ORE and Repossession Write-Downs		Ending Balance, March 31
		(In thousands)

One-to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—
Subdivision construction		—		—		—			—		—		—
Land development		—		—		—			—		—		—
Commercial construction		—		—		—			—		—		—
One- to four-family residential		—		—		—			—		—		—
Other residential (multi-family)		—		—		—			—		—		—
Commercial real estate		5,960		76		—			—		—		6,036
Commercial business		—		—		—			—		—		—
Consumer		33		2		(35	)		—		—		—
Total foreclosed assets and repossessions	$	5,993	$	78	$	(35	)	$	—	$	—	$	6,036

Compared to December 31, 2024, foreclosed assets increased $43,000.
The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the current quarter.
The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

BUSINESS INITIATIVES

During the quarter ended March 31, 2025, no material changes occurred regarding the status of the litigation and the agreement in principle between Great Southern and its third-party vendor involving a previously proposed new core banking platform. No assurance can be given as to when or whether final agreements will be executed and a full settlement of the matter will be achieved.

Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

During the quarter ended March 31, 2025, the Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

In March 2025, the Company began construction of a new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location. The new construction, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools balanced with customer convenience. Construction is expected to be completed in the fourth quarter of 2025. During construction, customers are being served by a temporary facility on the property. The Company has 11 other banking centers and an Express Center in Springfield.

2025 Annual Meeting of Stockholders

The Company announced that its 2025 Annual Meeting of Stockholders will be held at 10 a.m. Central Time on May 7, 2025, and will be held in a virtual format. Stockholders will be able to attend the Annual Meeting via a live webcast. Holders of record of Great Southern Bancorp, Inc. common stock at the close of business on the record date, March 4, 2025, may vote during the live webcast of the Annual Meeting or by proxy. Please see the Company’s Notice of Annual Meeting and Proxy Statement available on the Company’s website,
www.GreatSouthernBank.com (click “About” then “Investor Relations”) for additional information about the virtual meeting.

Earnings Conference Call

The Company will host a conference call on Thursday, April 17, 2025, at 2:00 p.m. Central Time to discuss first quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI2135774c93e14b34ad13657bf45a7dd2.

About Great Southern Bancorp, Inc.

Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

www.GreatSouthernBank.com

Forward-Looking Statements

When used in this press release and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three months ended March 31, 2025 and 2024, and the three months ended December 31, 2024, are not necessarily indicative of the results of operations which may be expected for any future period.


		March 31,		December 31,
		2025		2024
Selected Financial Condition Data:	(In thousands)

Total assets	$	5,993,842	$	5,981,628
Loans receivable, gross		4,761,378		4,761,848
Allowance for credit losses		64,704		64,760
Other real estate owned, net		6,036		5,993
Available-for-sale securities, at fair value		535,914		533,373
Held-to-maturity securities, at amortized cost		185,853		187,433
Deposits		4,758,046		4,605,549
Total borrowings		535,953		679,341
Total stockholders’ equity		613,293		599,568
Non-performing assets		9,518		9,566

		Three Months Ended					Three Months Ended
		March 31,					December 31,
		2025			2024		2024
		(In thousands)
Selected Operating Data:
Interest income	$	80,243		$	77,390	$	82,585
Interest expense		30,909			32,574		33,051
Net interest income		49,334			44,816		49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043
Net income	$	17,160		$	13,407	$	14,922

	At or For the Three Months Ended				At or For the Three Months Ended
	March 31,				December 31,
	2025		2024		2024
	(Dollars in thousands, except per share data)
Per Common Share:
Net income (fully diluted)	$	1.47	$	1.13	$	1.27
Book value	$	53.03	$	48.31	$	51.14

Earnings Performance Ratios:
Annualized return on average assets		1.15%		0.93%		1.00%
Annualized return on average common stockholders’ equity		11.30%		9.36%		9.76%
Net interest margin		3.57%		3.32%		3.49%
Average interest rate spread		3.00%		2.66%		2.87%
Efficiency ratio		62.27%		66.68%		65.43%
Non-interest expense to average total assets		2.34%		2.39%		2.46%

Asset Quality Ratios:
Allowance for credit losses to period-end loans		1.36%		1.40%		1.36%
Non-performing assets to period-end assets		0.16%		0.37%		0.16%
Non-performing loans to period-end loans		0.07%		0.46%		0.07%
Annualized net charge-offs to average loans		0.00%		0.01%		0.01%


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except number of shares)

		March 31, 2025			December 31, 2024

Assets
Cash	$	106,336		$	109,366
Interest-bearing deposits in other financial institutions		110,845			86,390
Cash and cash equivalents		217,181			195,756

Available-for-sale securities		535,914			533,373
Held-to-maturity securities		185,853			187,433
Mortgage loans held for sale		6,857			6,937
Loans receivable, net of allowance for credit losses of $64,704 – March 2025; $64,760 – December 2024		4,690,636			4,690,393
Interest receivable		21,504			20,430
Prepaid expenses and other assets		132,930			136,594
Other real estate owned and repossessions, net		6,036			5,993
Premises and equipment, net		132,165			132,466
Goodwill and other intangible assets		9,985			10,094
Federal Home Loan Bank stock and other interest-earning assets		25,813			28,392
Current and deferred income taxes		28,968			33,767

Total Assets	$	5,993,842		$	5,981,628

Liabilities and Stockholders’ Equity
Liabilities
Deposits	$	4,758,046		$	4,605,549
Securities sold under reverse repurchase agreements with customers		75,322			64,444
Short-term borrowings		359,907			514,247
Subordinated debentures issued to capital trust		25,774			25,774
Subordinated notes		74,950			74,876
Accrued interest payable		5,416			12,761
Advances from borrowers for taxes and insurance		7,451			5,272
Accounts payable and accrued expenses		65,528			70,634
Liability for unfunded commitments		8,155			8,503
Total Liabilities		5,380,549			5,382,060

Stockholders’ Equity
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2025 and December 2024 -0- shares		—			—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2025 – 11,565,211 shares; December 2024 – 11,723,548 shares		116			117
Additional paid-in capital		51,076			50,336
Retained earnings		606,239			603,477
Accumulated other comprehensive loss		(44,138	)		(54,362	)
Total Stockholders’ Equity		613,293			599,568

Total Liabilities and Stockholders’ Equity	$	5,993,842		$	5,981,628


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share data)

		Three Months Ended						Three Months Ended
		March 31,						December 31,
		2025			2024			2024
Interest Income
Loans	$	73,071		$	71,076		$	75,380
Investment securities and other		7,172			6,314			7,205
		80,243			77,390			82,585
Interest Expense
Deposits		24,600			27,637			25,799
Securities sold under reverse repurchase agreements		371			333			295
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		4,450			3,044			5,417
Subordinated debentures issued to capital trust		382			454			434
Subordinated notes		1,106			1,106			1,106
		30,909			32,574			33,051

Net Interest Income		49,334			44,816			49,534
Provision for Credit Losses on Loans		—			500			—
Provision (Credit) for Unfunded Commitments		(348	)		130			1,556
Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments		49,682			44,186			47,978

Noninterest Income
Commissions		262			381			217
Overdraft and Insufficient funds fees		1,215			1,289			1,314
POS and ATM fee income and service charges		3,234			3,183			3,348
Net gains on loan sales		601			677			899
Late charges and fees on loans		243			167			132
Loss on derivative interest rate products		(24	)		(13	)		(1	)
Other income		1,059			1,122			1,025
		6,590			6,806			6,934

Noninterest Expense
Salaries and employee benefits		20,129			19,656			19,509
Net occupancy and equipment expense		8,533			7,839			8,300
Postage		931			807			884
Insurance		1,165			1,144			1,163
Advertising		290			350			955
Office supplies and printing		266			267			273
Telephone		706			721			697
Legal, audit and other professional fees		1,038			1,725			1,001
Expense (income) on other real estate and repossessions		(70	)		61			(114	)
Acquired intangible asset amortization		108			108			108
Other operating expenses		1,726			1,744			4,171
		34,822			34,422			36,947

Income Before Income Taxes		21,450			16,570			17,965
Provision for Income Taxes		4,290			3,163			3,043

Net Income	$	17,160		$	13,407		$	14,922

Earnings Per Common Share
Basic	$	1.47		$	1.14		$	1.27
Diluted	$	1.47		$	1.13		$	1.27

Dividends Declared Per Common Share	$	0.40		$	0.40		$	0.40

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $970,000 and $1.2 million for the three months ended March 31, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

	March 31, 2025			Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
				Average				Yield/			Average				Yield/
	Yield/Rate			Balance			Interest	Rate			Balance			Interest	Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.18	%	$	830,615		$	8,568	4.18	%	$	889,969		$	8,697	3.93	%
Other residential	6.86			1,546,209			26,450	6.94			959,975			16,858	7.06
Commercial real estate	6.12			1,510,432			23,015	6.18			1,499,641			22,768	6.11
Construction	7.08			490,586			8,652	7.15			856,571			15,844	7.44
Commercial business	6.03			211,791			3,822	7.32			286,074			4,609	6.48
Other loans	6.41			166,424			2,564	6.25			173,636			2,300	5.33

Total loans receivable	6.13			4,756,057			73,071	6.23			4,665,866			71,076	6.13

Investment securities	3.12			738,122			6,074	3.34			669,680			5,010	3.01
Other interest-earning assets	4.33			105,286			1,098	4.23			100,503			1,304	5.22

Total interest-earning assets	5.73			5,599,465			80,243	5.81			5,436,049			77,390	5.73
Non-interest-earning assets:
Cash and cash equivalents				100,558							90,474
Other non-earning assets				262,490							235,817
Total assets			$	5,962,513						$	5,762,340

Interest-bearing liabilities:
Interest-bearing demand and savings	1.37		$	2,221,475			7,797	1.42		$	2,223,780			9,482	1.71
Time deposits	3.47			772,054			6,714	3.53			937,720			9,165	3.93
Brokered deposits	4.46			892,611			10,089	4.58			688,820			8,990	5.25
Total deposits	2.49			3,886,140			24,600	2.57			3,850,320			27,637	2.89
Securities sold under reverse repurchase agreements	2.09			82,400			371	1.83			74,468			333	1.80
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	4.53			392,646			4,450	4.60			241,591			3,044	5.07
Subordinated debentures issued to capital trust	6.15			25,774			382	6.01			25,774			454	7.08
Subordinated notes	5.90			74,919			1,106	5.99			74,619			1,106	5.96

Total interest-bearing liabilities	2.73			4,461,879			30,909	2.81			4,266,772			32,574	3.07
Non-interest-bearing liabilities:
Demand deposits				821,759							854,849
Other liabilities				71,360							67,879
Total liabilities				5,354,998							5,189,500
Stockholders’ equity				607,515							572,840
Total liabilities and stockholders’ equity			$	5,962,513						$	5,762,340

Net interest income:						$	49,334						$	44,816
Interest rate spread	3.00	%						3.00	%						2.66	%
Net interest margin*								3.57	%						3.32	%
Average interest-earning assets to average interest-bearing liabilities				125.5	%						127.4	%

*Defined as the Company’s net interest income divided by average total interest-earning assets.

NON-GAAP FINANCIAL MEASURES

This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial information includes the tangible common equity to tangible assets ratio.

In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

		March 31,			December 31,
		2025			2024
		(Dollars in thousands)

Common equity at period end	$	613,293		$	599,568
Less: Intangible assets at period end		9,985			10,094
Tangible common equity at period end (a)	$	603,308		$	589,474

Total assets at period end	$	5,993,842		$	5,981,628
Less: Intangible assets at period end		9,985			10,094
Tangible assets at period end (b)	$	5,983,857		$	5,971,534

Tangible common equity to tangible assets (a) / (b)		10.08	%		9.87	%

CONTACT:

Jeff Tryka, CFA,
Investor Relations,
(616) 233-0500
GSBC@lambert.com

The MIL Network –

April 17, 2025

MIL-OSI: Bigstack Opportunities I Inc. Enters Into Definitive Agreement For Qualifying Transaction

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (“Bigstack”) (TSXV: STAK.P), a capital pool company as defined under the policies of the TSX Venture Exchange (the “TSXV” or the “Exchange”), is pleased to announce that, further to the non-binding letter of intent dated November 3, 2024 between Bigstack and Reeflex Coil Solutions Inc. (“Reeflex”) and its press releases dated November 4, 2024 and January 17, 2025, it has entered into a business combination agreement dated April 14, 2025 (the “Business Combination Agreement”) with Reeflex and 2704122 Alberta Ltd., a wholly-owned subsidiary of Bigstack (“Subco”). Reeflex and all of the shareholders (the “Coil Shareholders”) of Coil Solutions Inc. (“Coil”) have entered into a share purchase agreement dated April 14, 2025 (the “Share Purchase Agreement”).

Terms of the Transaction

The Business Combination Agreement provides for a three-cornered amalgamation (the “Business Combination”), whereby (i) Reeflex will amalgamate with Subco under the Business Corporations Act (Alberta), (ii) all of the issued and outstanding common shares in the capital of Reeflex (the “Reeflex Shares”) immediately prior to the Business Combination will be cancelled and, in consideration therefor, the holders thereof (the “Reeflex Shareholders”) will receive one common share in the capital of Bigstack (“Bigstack Share”) on the basis of one Reeflex Share for one Bigstack Share at a deemed price of $0.10 per Bigstack Share and (iii) the amalgamated corporation (the “Amalco”) will be a wholly-owned subsidiary of Bigstack, all on the terms and conditions of the Business Combination Agreement.

Prior to the completion of the Business Combination, pursuant to the Share Purchase Agreement, it is intended that Reeflex will purchase all of the issued and outstanding shares in the capital of Coil (the “Acquisition” and, together with the Business Combination, the “Transaction”) from the Coil Shareholders for aggregate consideration of $5.8 million, subject to a post-closing working capital adjustment, which is expected to be paid and satisfied by way of (i) Reeflex issuing secured non-interest bearing promissory notes to each Coil Shareholder with an aggregate principal amount equal to $1,700,000 that are to be fully paid within 5 business days of the closing of the Acquisition, (ii) Reeflex issuing secured promissory notes to each Coil Shareholder with an aggregate principal amount equal to $2,300,000 that bear interest at the prime rate published by the Bank of Canada from time to time and are paid down monthly and to be fully paid on the fifth anniversary of the closing of the Acquisition and (iii) Reeflex issuing an aggregate of 18,000,000 Reeflex Shares to the Coil Shareholders at a deemed price of $0.10 per Reeflex Share, all upon the terms and conditions of the Share Purchase Agreement.

After giving effect to the Transaction, the Reeflex Shareholders will collectively exercise control over Bigstack, Bigstack will wholly-own Amalco and Amalco will wholly-own Coil. Bigstack, as it exists upon completion of the Transaction (the “Resulting Issuer”), is expected to continue the business of Coil.

It is anticipated that all convertible securities of Bigstack will be exercised prior to completion of the Transaction; however, if any warrants to purchase common shares of Bigstack remain outstanding following the completion of the Transaction, they shall continue to be exercisable for common shares of the Resulting Issuer in accordance with their terms. It is anticipated that Bigstack will change its name to “Reeflex Solutions Inc.” on or immediately prior to the completion of the Transaction.

Immediately prior to the closing of the Transaction, it is anticipated that (i) assuming completion of the anticipated exercise of all convertible securities of Bigstack, there will be 10,662,000 Bigstack Shares issued and outstanding and (ii) holders of Reeflex Shares will hold 36,239,500 Reeflex Shares. Therefore, immediately following the closing of the Transaction, it is anticipated that there will be 46,901,500 common shares of the Resulting Issuer issued and outstanding.

Bigstack anticipates that the Transaction will constitute its Qualifying Transaction pursuant to Policy 2.4 – Capital Pool Companies of the Exchange (the “CPC Policy”), as such term is defined in the policies of the Exchange, and it is expected that Bigstack will be a Tier 2 Industrial Issuer on the Exchange upon completion of the Transaction.

The proposed Transaction is not a “Non-Arm’s Length Qualifying Transaction” as such term is defined in the CPC Policy. No Non-Arm’s Length Party to Bigstack (as such term is defined in the CPC Policy) (a) has any direct or indirect beneficial interest in Reeflex or Coil, or (b) is an insider of Reeflex or Coil. There is no relationship between or among a Non-Arm’s Length Party to Bigstack and a Non-Arm’s Length Party to the Qualifying Transaction (as such terms are defined in the CPC Policy). It is not expected that the Transaction will be subject to approval by the shareholders of Bigstack.

Completion of the Transaction is subject to a number of conditions, including but not limited to, the satisfaction of all conditions provided for in the Business Combination Agreement, which will include representations, warranties, covenants and conditions customary for a transaction of this nature, and the receipt of all necessary regulatory, corporate and third party approvals, including TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Business and History of Reeflex

Reeflex is a privately-held corporation incorporated under the Business Corporations Act (Alberta) on June 14, 2024. Its head and registered offices are located in Calgary. Reeflex currently has no business operations or assets other than cash and a management team that has been working on the Transaction and the proposed going public structure for the past year.

Business and History of Coil

Founded in 2007 in Redcliff, Alberta, Coil specializes in innovative drilling products and services for the global oil and gas industry. In 2010, Coil expanded its operations, opening a second facility in Calgary, Alberta, introducing a line of downhole fracking tools and venturing into custom tool design. In 2012, Coil launched its coil tubing injector line. In 2013, Coil opened a third facility in Red Deer, Alberta. In 2014, Coil developed two distinct models of, and manufactured, its first full coil tubing units. In 2016, Coil expanded sales to Asia, Africa, Australia, North America, South America and Europe. In 2017, Coil designed and built the largest free-standing mast unit in the world. In 2022, Coil established a dedicated manufacturing division in Calgary, Alberta, operating under its tradename, Ranglar, for injectors and mobile equipment. In 2024, Coil completed a reorganization with its shareholders, which resulted in the conversion of preferred shares and debt into common shares. Today, Coil continues to focus on coiled tubing solutions and downhole tools, offering a comprehensive range of services including rentals, sales, training, testing and consulting. With 41 employees, Coil has developed patented products that are distributed worldwide, including a key distributor in Germany and more than 60 active clients.

The following tables set out selected financial information of Coil for the periods indicated therein:

	Financial Year ended 2024 (audited) ($)	Financial Year ended 2023 (audited) ($)
Total revenues	14,265,524	14,069,331
Income from continuing operations	1,750,495	2,193,603
Net income or loss, in total	1,089,024	1,554,716
Total assets	9,969,946	11,752,788
Total long term financial liabilities	735,009	1,006,362
Cash dividends	NIL	111,736

Concurrent Financing

In advance of the Transaction, Reeflex completed a non-brokered private placement of 4,139,500 subscription receipts (each, a “Subscription Receipt”) at a price of $0.20 per Subscription Receipt, for aggregate gross proceeds of $827,900 (the “Concurrent Financing”).

The gross proceeds resulting from the Concurrent Financing are (and will continue to be) held by Marrelli Trust Company Limited as subscription receipt and escrow agent until certain escrow release conditions are satisfied, including the completion of the Acquisition and the receipt of written confirmation from the TSX Venture Exchange that all conditions precedent to the Transaction have been satisfied (collectively, the “Escrow Release Conditions”). Upon satisfaction of the Escrow Release Conditions, and prior to the completion of the Transaction, the gross proceeds from the Concurrent Financing will be released from escrow and each Subscription Receipt will automatically convert into one Reeflex Share. In connection with the Concurrent Financing, Reeflex has paid to registered dealers and such other persons permitted under applicable securities laws who act as finders for the Concurrent Offering a finder’s fee an aggregate of $21,336, representing 7% of the gross proceeds resulting from subscriptions that were introduced to Reeflex by the finder. Except for the foregoing, it is not expected that any finder’s fee or commission will be payable in connection with the Transaction.

Reeflex intends to use the proceeds of the Concurrent Financing for general corporate and working capital purposes.

Resulting Issuer

The Parties expect that the Resulting Issuer following from the Transaction will carry on the existing business of Coil and be an industrial issuer focused on providing coiled tubing and downhole tool solutions to the oil and gas industry. See “Terms of the Transaction” above for details concerning the expected corporate structure of the Resulting Issuer upon completion of the Transaction.

Upon completion of the Transaction, the Parties expect that the board of directors of the Resulting Issuer will consist of the following four (4) directors, of whom three (3) will be independent. John Babic will not be independent as he will be the President and Chief Executive Officer of the Resulting Issuer.

John Babic – Proposed President, Chief Executive Officer and Director of Resulting Issuer

John Babic is an accomplished executive with nearly 40 years of experience in the oil and gas sector, covering upstream, downstream, and manufacturing operations. He currently serves as the President and CEO of 1175317 Alberta Ltd., an investment and real estate holding company.

Throughout his career, Mr. Babic has held several senior executive positions, including CEO of Reeflex Coil Solutions Inc. and CEO and Director of various public companies such as Dalmac Energy Inc., an oilfield transportation and services company; Raydan Manufacturing Inc., a manufacturer specializing in heavy-duty transportation suspension systems; Hyduke Energy Services Inc., a manufacturer of oilfield equipment, including drilling and service rigs; and Sawtooth Resources Inc., an oil and gas exploration and production company.

In addition, Mr. Babic has served for 7 years as a Director of Edmonton Economic Development Corporation, contributing to the city’s economic growth and development initiatives.

Mr. Babic holds both a Bachelor of Arts and Bachelor of Commerce degree from the University of Alberta.

Shawn Szydlowski – Proposed Director of Resulting Issuer

Shawn Szydlowski is a seasoned business leader with over 30 years of experience in corporate management, entrepreneurship, and financial oversight. As the founder of Care For A Ride, established in 2009, Mr. Szydlowski built a successful business focused on providing safe, reliable transportation for seniors, enabling them to maintain independence and quality of life.

His career also includes 15 years with Dalmac Energy, where he held key roles such as Interim CFO and Chairman of the Audit Committee. Mr. Szydlowski played a crucial role in navigating the company through complex financial challenges, ensuring regulatory compliance, and fostering sustainable growth. Additionally, he brings 20 years of experience in corporate sales and account management, where he consistently drove strategic results, earning the President’s Club Award for three consecutive years.

Eric Szustak – Proposed Director of Resulting Issuer

Mr. Szustak is currently the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack. He is a Chartered Professional Accountant and Chartered Accountant with over 35 years’ experience in financial services, business development, marketing, accounting, and as Chief Financial Officer of various reporting issuers. Mr. Szustak is currently Chairman and Corporate Secretary of Quinsam Capital Corporation, which is a public merchant bank listed on the CSE, a director of Copper Road Resources Inc., a mining company listed on the TSXV, and a director of Nevada Organic Phosphate Inc., a fertilizer company listed on the CSE. Mr. Szustak’s previous experience also includes 14 years with three national brokerage firms: Midland Walwyn, Merril Lynch and BMO Nesbitt Burns, in various positions, including private client wealth groups, management and securities compliance. Mr. Szustak will be Chair of the Audit Committee of the Resulting Issuer in addition to his general duties as a director of the Resulting Issuer. Mr. Szustak will devote such percentage of his working time to the affairs of the Resulting Issuer as is required to fulfill his duties to the same.

Derrek Dobko – Proposed Director of Resulting Issuer

Derrek Dobko is a seasoned financial officer with over 20 years of experience in the oilfield service, manufacturing, and transportation industries. He has held senior finance positions in both public and private companies, showcasing his expertise in financial management and reporting.

As controller of Raydan Manufacturing, Mr. Dobko was responsible for the company’s financial reporting in accordance with IFRS and the preparation of all financial information required under TSXV reporting standards. His career also includes senior accounting roles at Peak Energy Services, Alta-Fab Structures, and his current position with NTS Amega Canada.

Additionally, Mr. Dobko has gained valuable operational experience in the transportation sector, particularly in managing financial operations for Liquids in Motion, a mid-sized trucking company. He holds a Bachelor of Commerce from the University of Alberta and is a Certified Professional Accountant (CPA), with a designation from CPA Alberta.

Upon completion of the Transaction, the following persons are also expected to constitute insiders of the Resulting Issuer:

Trevor Conway – Proposed Chief Financial Officer and Secretary of Resulting Issuer

Trevor Conway is an accomplished mid-market investment banking professional with extensive transaction experience across various industry sectors, including energy. He previously served as CFO of Reconciliation Energy Transition Inc., a Calgary-based energy transition project development company and as Special Advisor to BluMaple Capital Partners, a Calgary-based private equity firm focused on low-carbon energy innovators.

Prior to these roles, Mr. Conway was the Managing Director and Head of Energy Investment Banking at iA Capital Markets, a division of iA Private Wealth and part of iA Financial Group, a leading Canadian financial institution.

Mr. Conway holds an MBA from the Ivey Business School at Western University, a BA (Special) in Economics from the University of Alberta, and a Sustainable Investment Professional Certificate (SIPC) from the John Molson Executive Centre at Concordia University. He is also a former Fellow of the Canadian Securities Institute (FCSI).

In addition to his professional work, Mr. Conway has contributed to several industry and community initiatives. He has served on the National & Local Advisory Committee of the TSX Venture Exchange and was Past Director and Governor of the Canadian Energy Executive Association.

George Wu – Proposed Director of Amalco

George Wu is a distinguished financial executive with a proven track record in leading complex financial strategies and driving portfolio success. With extensive expertise in bank debt, structured finance, fixed income, and equity analysis, he excels in portfolio management and strategic financial planning. His leadership has successfully optimized portfolios, resulting in a 20% increase in returns over the past three years.

Known for his exceptional relationship-building skills, Mr. Wu has effectively engaged as a financial strategist with c-suite executives and diverse stakeholders. He holds a CFA, MBA, and B.Sc. (Honours Program) and currently serves as Portfolio Manager and Chief Compliance Officer at a leading independent portfolio management firm in Edmonton, ensuring top-tier financial stewardship and compliance.

In addition to his professional accomplishments, Mr. Wu mentors commerce undergraduates through the University of Alberta’s PRIME Program, contributing to the development of future leaders in investment management. Mr. Wu and his family have called Edmonton home since 2000, where they enjoy a multilingual household speaking English, French, and Mandarin Chinese.

Cecil Hassard – Proposed Director of Amalco

Mr. Cecil Hassard is an accomplished entrepreneur and business leader with a proven track record of driving innovation and operational excellence in the oil and gas industry. In 2007, he co-founded Coil which has grown to become a global provider of high-quality products and innovative solutions for the energy sector. He further diversified the company’s offerings by introducing the “Ranglar” division, based in Calgary, Alberta, which manufactures custom mobile equipment for industries such as oil and gas, mining, and more.

Under his leadership, Coil has established a strong presence in Canada and the United States, and in serving clients worldwide. He broadened Coil’s capabilities with the “Ranglar” division, enabling tailored solutions to a broader range of industries with specialized equipment. He has driven advancements in operational efficiency and provided cutting-edge solutions for the energy sector. Mr. Cecil Hassard’s entrepreneurial vision has established Coil as a dynamic and influential leader in the global oil and gas industry.

Bryan Hassard – Proposed Chief Operating Officer of Coil

Mr. Bryan Hassard is an accomplished business leader and co-founder of Coil, established in 2007. He serves as the Vice President of Manufacturing and a director of Coil, playing a critical role in the company’s operations and strategic direction.

Mr. Bryan Hassard’s leadership has been instrumental in expanding Coil’s sales from Canada to the United States and globally, enhancing the company’s ability to serve the oil and gas industry on a broader scale utilizing distributors in different areas. As Vice President of Manufacturing, he oversees production processes, ensuring high-quality standards and operational efficiency. Mr. Bryan Hassard’s dedication to innovation and excellence has significantly contributed to the growth and success of Coil.

Sponsorship

Sponsorship of a qualifying transaction of a capital pool company is required by the TSXV unless an exemption from the sponsorship requirement is available. Bigstack has applied for a waiver from the sponsorship requirements. There is no assurance that the Bigstack will be able to obtain such a waiver.

Trading Halt

Trading in the Bigstack Shares was halted, as previously disclosed in Bigstack’s press release dated November 4, 2024, and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

Further updates with respect to the Transaction may be provided as the Transaction proceeds.

Overview of Bigstack

Bigstack is a “capital pool company” under the policies of the Exchange and it is intended that the Transaction will constitute the “Qualifying Transaction” of Bigstack, as such term is defined in CPC Policy. The Bigstack Shares are currently listed on the Exchange and Bigstack is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. Bigstack was incorporated under the Business Corporations Act (Ontario) on November 25, 2020.

Additional Information

All information contained in this press release with respect to Reeflex and Coil was provided by Reeflex and Coil, respectively, to Bigstack for inclusion herein. Bigstack and its directors and officers have not independently verified such information and have relied exclusively on Reeflex and Coil for any information concerning Reeflex and Coil.

Forward Looking Information

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction and its constituents steps, including the Acquisition and the Business Combination (including the completion, structure, terms and timing thereof), the binding definitive agreements relating to the Transaction, including in respect of the Acquisition, the expected capital structure and expected shareholders of, and the expected size of their shareholdings in, the Resulting Issuer, the expected corporate structure of the Resulting Issuer and its subsidiaries, if any, the future financial performance of the Resulting Issuer or any of the parties, the Concurrent Financing, including the amount expected to be raised thereunder, any finder’s fees or commissions payable in relation to the same, and expected use of proceeds therefrom, the Subscription Receipts and Escrow Release Conditions, the expected composition of the board of directors and management of the Resulting Issuer and its subsidiaries, if any, TSXV sponsorship requirements and any exemptions therefrom, the issuance of additional press releases describing the Transaction, the trading of the Bigstack Shares on the TSXV and the holding of shareholder meetings in connection with the Transaction. Although Bigstack believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; inability to complete the Concurrent Financing on the terms described herein or at all; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction and related transactions will be completed on the terms set out in the Letter of Intent and other agreements among the Parties or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bigstack disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

Bigstack Opportunities I Inc.

For further information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack.

Eric Szustak
President, CEO, CFO, Corporate Secretary and Director
Email: eszustak@jbrlimited.com
Telephone: (905) 330-7948

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

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The MIL Network –

April 17, 2025

MIL-OSI USA: 04.16.2025 Chairmen Cruz and Babin Lead State Delegation in Support of Relocating NASA HQ to Texas

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – Today, U.S. Senate Commerce, Science, and Transportation Committee Chairman Ted Cruz (R-Texas) and U.S. House Science, Space, and Technology Committee Chairman Brian Babin (R-Texas-36) led a bicameral coalition of federal lawmakers representing Texas communities in sending a letter to President Trump urging his administration to move the headquarters for the National Aeronautics and Space Administration (NASA) from Washington, D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas. The lease for NASA’s current DC office expires in 2028.
In the letter, the lawmakers argue that NASA is disconnected from the day-to-day work of its centers and hindered by bureaucratic micromanagement in Washington, D.C. Houston is well suited for NASA’s headquarters because of JSC’s substantial involvement in nearly everything that makes America a leader in space exploration. JSC maintains the largest NASA workforce, accommodates extensive research and development partnerships, and houses Mission Control, the NASA astronaut corps, and the Lunar Sample Laboratory Facility.
Additionally, Texas boasts a strong business environment, low government regulation, a robust commercial space sector, and a cost of living that is less than half of the Washington, D.C. area. Moving the NASA headquarters to Texas will create more jobs, save taxpayer dollars, and reinvigorate America’s space agency.
Joining Sen. Cruz and Rep. Babin in sending the letter are Sen. John Cornyn and Reps. Jodey Arrington, John Carter, Michael Cloud, Dan Crenshaw, Monica De La Cruz, Jake Ellzey, Pat Fallon, Brandon Gill, Craig Goldman, Tony Gonzales, Lance Gooden, Wesley Hunt, Ronny Jackson, Morgan Luttrell, Michael McCaul, Nathaniel Moran, Troy E. Nehls, August Pfluger, Chip Roy, Keith Self, Pete Sessions, Beth Van Duyne, Randy Weber, and Roger Williams.
As the lawmakers wrote:
“From its founding in 1958, the National Aeronautics and Space Administration (NASA) has a storied history of exploring new frontiers, making transformational discoveries, and reaching far into the great beyond. However, as NASA’s leadership has languished in our nation’s capital, the core missions of this critical agency are more divided than ever before. This seismic disconnect between NASA’s headquarters and its missions has opened the door to bureaucratic micromanagement and an erosion of centers’ interdependence. For NASA to return to its core mission of excellence in exploration, its headquarters should be located at a place where NASA’s most critical missions are and where transformational leadership from the ground up can be provided. In 2028 the lease for NASA’s current headquarters building in Washington, D.C. expires. We write to urge you to use this opportunity to reinvigorate our national space agency and move NASA’s headquarters from Washington D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas.
“Perhaps no city is more closely linked to America’s space program than ‘Space City.’ Some of the first words spoken on the surface of the moon called out to Houston which is home to numerous aerospace businesses. JSC in particular is the largest home of the NASA workforce, with more than 12,000 employees across its 1,620-acre facility and supporting more than 52,000 public and private jobs. As the pinnacle of human spaceflight development, Houston is home to Mission Control, the NASA astronaut corps, the Lunar Sample Laboratory Facility, commercial space agreements, and extensive research and development partnerships. JSC plays a role in nearly everything that makes America a leader in space exploration.
“Houston is particularly well suited for NASA’s headquarters due in part to the unique strengths of the city and the state. Texas is the eighth largest economy in the world, with low government regulation and a strong business environment. Houston boasts a cost of living that is less than half that of the Washington, D.C. area ; three ‘R1: Doctoral Universities’ producing the high caliber professionals necessary for human spaceflight; and two major commercial service airports for easy connectivity around the country. In contrast, NASA’s current headquarters in Washington, D.C. is disconnected from the NASA centers across the country and thus much of the day-to-day work. Consolidating greater and greater levels of work and authority in Washington, D.C. has been a decades-long trend, resulting in decision making funneled up to bureaucrats at headquarters rather than empowering scientists and astronauts across the centers. This strategy has separated decision makers from the actual workforce and stands antithetical to NASA’s core function.
“Relatedly, for the United States to reach the surface of Mars, NASA must rely on a robust commercial space sector. Towards that end, no state offers greater economic and geographic benefits than Texas. The Lone Star State is home to more than 2,000 aerospace, aviation, and defense-related companies, with 18 of the 20 largest aerospace companies based in Texas. Notably, SpaceX relocated their entire company to Texas, establishing the town of Starbase, Texas, to develop, test, and launch SpaceX vehicles. Similarly, Blue Origin develops engines and rockets in West Texas, leading a new generation of spaceflight, and conducts its commercial sub-orbital flights there. Firefly Aerospace, in Cedar Park, recently sent photos of Earth from its Blue Ghost lunar lander on its voyage to explore the surface of the moon. Axiom Space, based in Houston, is building the next generation spacesuit for NASA and a commercial space station to succeed the International Space Station. In addition, the State of Texas recently stood up the Texas Space Commission to promote innovation in space operations and commercial aerospace and to attract commercial space ventures to the state. These are just a few of the ways Texas aerospace companies, projects, and institutions are transforming our nation’s leadership in the space economy.
“A central location among NASA’s centers and the geographical center of the United States, Houston offers the ideal location for NASA to return to its core mission of space exploration and to do so at a substantially lower operating cost than in Washington, D.C. Therefore, we strongly encourage you to stand shoulder-to-shoulder with the great servants of NASA — who are focused on recommitting America’s space agency to its roots and exploring the final frontier — by relocating NASA’s headquarters from Washington, D.C. to the Johnson Space Center.”
Read the full text of the letter HERE.

MIL OSI USA News –

April 17, 2025

MIL-OSI Economics: AI-powered deception: Emerging fraud threats and countermeasures

Source: Microsoft

Headline: AI-powered deception: Emerging fraud threats and countermeasures

Introduction | Security snapshot | Threat briefing
Defending against attacks | Expert profile

Microsoft maintains a continuous effort to protect its platforms and customers from fraud and abuse. From blocking imposters on Microsoft Azure and adding anti-scam features to Microsoft Edge, to fighting tech support fraud with new features in Windows Quick Assist, this edition of Cyber Signals takes you inside the work underway and important milestones achieved that protect customers.

We are all defenders. 

Between April 2024 and April 2025, Microsoft:

Thwarted $4 billion in fraud attempts.
Rejected 49,000 fraudulent partnership enrollments.
Blocked about 1.6 million bot signup attempts per hour.

The evolution of AI-enhanced cyber scams

AI has started to lower the technical bar for fraud and cybercrime actors looking for their own productivity tools, making it easier and cheaper to generate believable content for cyberattacks at an increasingly rapid rate. AI software used in fraud attempts runs the gamut, from legitimate apps misused for malicious purposes to more fraud-oriented tools used by bad actors in the cybercrime underground.

AI tools can scan and scrape the web for company information, helping cyberattackers build detailed profiles of employees or other targets to create highly convincing social engineering lures. In some cases, bad actors are luring victims into increasingly complex fraud schemes using fake AI-enhanced product reviews and AI-generated storefronts, where scammers create entire websites and e-commerce brands, complete with fake business histories and customer testimonials. By using deepfakes, voice cloning, phishing emails, and authentic-looking fake websites, threat actors seek to appear legitimate at wider scale.

According to the Microsoft Anti-Fraud Team, AI-powered fraud attacks are happening globally, with much of the activity coming from China and Europe, specifically Germany due in part to Germany’s status as one of the largest e-commerce and online services markets in the European Union (EU). The larger a digital marketplace in any region, the more likely a proportional degree of attempted fraud will take place.

E-commerce fraud

Fraudulent e-commerce websites can be set up in minutes using AI and other tools requiring minimal technical knowledge. Previously, it would take threat actors days or weeks to stand up convincing websites. These fraudulent websites often mimic legitimate sites, making it challenging for consumers to identify them as fake.

Using AI-generated product descriptions, images, and customer reviews, customers are duped into believing they are interacting with a genuine merchant, exploiting consumer trust in familiar brands.

AI-powered customer service chatbots add another layer of deception by convincingly interacting with customers. These bots can delay chargebacks by stalling customers with scripted excuses and manipulating complaints with AI-generated responses that make scam sites appear professional.

In a multipronged approach, Microsoft has implemented robust defenses across our products and services to protect customers from AI-powered fraud. Microsoft Defender for Cloud provides comprehensive threat protection for Azure resources, including vulnerability assessments and threat detection for virtual machines, container images, and endpoints.

Microsoft Edge features website typo protection and domain impersonation protection using deep learning technology to help users avoid fraudulent websites. Edge has also implemented a machine learning-based Scareware Blocker to identify and block potential scam pages and deceptive pop-up screens with alarming warnings claiming a computer has been compromised. These attacks try to frighten users into calling fraudulent support numbers or downloading harmful software.

Job and employment fraud

The rapid advancement of generative AI has made it easier for scammers to create fake listings on various job platforms. They generate fake profiles with stolen credentials, fake job postings with auto-generated descriptions, and AI-powered email campaigns to phish job seekers. AI-powered interviews and automated emails enhance the credibility of job scams, making it harder for job seekers to identify fraudulent offers.

To prevent this, job platforms should introduce multifactor authentication for employer accounts to make it harder for bad actors to take over legitimate hirers’ listings and use available fraud-detection technologies to catch suspicious content.

Fraudsters often ask for personal information, such as resumes or even bank account details, under the guise of verifying the applicant’s information. Unsolicited text and email messages offering employment opportunities that promise high pay for minimal qualifications are typically an indicator of fraud.

Employment offers that include requests for payment, offers that seem too good to be true, unsolicited offers or interview requests over text message, and a lack of formal communication platforms can all be indicators of fraud.

Tech support scams

Tech support scams are a type of fraud where scammers trick victims into unnecessary technical support services to fix a device or software problems that don’t exist. The scammers may then gain remote access to a computer—which lets them access all information stored on it, and on any network connected to it or install malware that gives them access to the computer and sensitive data.

Tech support scams are a case where elevated fraud risks exist, even if AI does not play a role. For example, in mid-April 2024, Microsoft Threat Intelligence observed the financially motivated and ransomware-focused cybercriminal group Storm-1811 abusing Windows Quick Assist software by posing as IT support. Microsoft did not observe AI used in these attacks; Storm-1811 instead impersonated legitimate organizations through voice phishing (vishing) as a form of social engineering, convincing victims to grant them device access through Quick Assist.

Quick Assist is a tool that enables users to share their Windows or macOS device with another person over a remote connection. Tech support scammers often pretend to be legitimate IT support from well-known companies and use social engineering tactics to gain the trust of their targets. They then attempt to employ tools like Quick Assist to connect to the target’s device.

Quick Assist and Microsoft are not compromised in these cyberattack scenarios; however, the abuse of legitimate software presents risk Microsoft is focused on mitigating. Informed by Microsoft’s understanding of evolving cyberattack techniques, the company’s anti-fraud and product teams work closely together to improve transparency for users and enhance fraud detection techniques.

The Storm-1811 cyberattacks highlight the capability of social engineering to circumvent security defenses. Social engineering involves collecting relevant information about targeted victims and arranging it into credible lures delivered through phone, email, text, or other mediums. Various AI tools can quickly find, organize, and generate information, thus acting as productivity tools for cyberattackers. Although AI is a new development, enduring measures to counter social engineering attacks remain highly effective. These include increasing employee awareness of legitimate helpdesk contact and support procedures, and applying Zero Trust principles to enforce least privilege across employee accounts and devices, thereby limiting the impact of any compromised assets while they are being addressed.

Microsoft has taken action to mitigate attacks by Storm-1811 and other groups by suspending identified accounts and tenants associated with inauthentic behavior. If you receive an unsolicited tech support offer, it is likely a scam. Always reach out to trusted sources for tech support. If scammers claim to be from Microsoft, we encourage you to report it directly to us at https://www.microsoft.com/reportascam.

Building on the Secure Future Initiative (SFI), Microsoft is taking a proactive approach to ensuring our products and services are “Fraud-resistant by Design.” In January 2025, a new fraud prevention policy was introduced: Microsoft product teams must now perform fraud prevention assessments and implement fraud controls as part of their design process.

Recommendations

Strengthen employer authentication: Fraudsters often hijack legitimate company profiles or create fake recruiters to deceive job seekers. To prevent this, job platforms should introduce multifactor authentication and Verified ID as part of Microsoft Entra ID for employer accounts, making it harder for unauthorized users to gain control.
Monitor for AI-based recruitment scams: Companies should deploy deepfake detection algorithms to identify AI-generated interviews where facial expressions and speech patterns may not align naturally.
Be cautious of websites and job listings that seem too good to be true: Verify the legitimacy of websites by checking for secure connections (https) and using tools like Microsoft Edge’s typo protection.
Avoid providing personal information or payment details to unverified sources: Look for red flags in job listings, such as requests for payment or communication through informal platforms like text messages, WhatsApp, nonbusiness Gmail accounts, or requests to contact someone on a personal device for more information.

Using Microsoft’s security signal to combat fraud

Microsoft is actively working to stop fraud attempts using AI and other technologies by evolving large-scale detection models based on AI, such as machine learning, to play defense by learning from and mitigating fraud attempts. Machine learning is the process that helps a computer learn without direct instruction using algorithms to discover patterns in large datasets. Those patterns are then used to create a comprehensive AI model, allowing for predictions with high accuracy.

We have developed in-product safety controls that warn users about potential malicious activity and integrate rapid detection and prevention of new types of attacks.

Our fraud team has developed domain impersonation protection using deep-learning technology at the domain creation stage, to help protect against fraudulent e-commerce websites and fake job listings. Microsoft Edge has incorporated website typo protection, and we have developed AI-powered fake job detection systems for LinkedIn.

Microsoft Defender Smartscreen is a cloud-based security feature that aims to prevent unsafe browsing habits by analyzing websites, files, and applications based on their reputation and behavior. It is integrated into Windows and the Edge browser to help protect users from phishing attacks, malicious websites, and potentially harmful downloads.

Furthermore, Microsoft’s Digital Crimes Unit (DCU) partners with others in the private and public sector to disrupt the malicious infrastructure used by criminals perpetuating cyber-enabled fraud. The team’s longstanding collaboration with law enforcement around the world to respond to tech support fraud has resulted in hundreds of arrests and increasingly severe prison sentences worldwide. The DCU is applying key learnings from past actions to disrupt those who seek to abuse generative AI technology for malicious or fraudulent purposes.

Quick Assist features and remote help combat tech support fraud

To help combat tech support fraud, we have incorporated warning messages to alert users about possible tech support scams in Quick Assist before they grant access to someone approaching them purporting to be an authorized IT department or other support resource.

Windows users must read and click the box to acknowledge the security risk of granting remote access to the device.

Microsoft has significantly enhanced Quick Assist protection for Windows users by leveraging its security signal. In response to tech support scams and other threats, Microsoft now blocks an average of 4,415 suspicious Quick Assist connection attempts daily, accounting for approximately 5.46% of global connection attempts. These blocks target connections exhibiting suspicious attributes, such as associations with malicious actors or unverified connections.

Microsoft’s continual focus on advancing Quick Assist safeguards seeks to counter adaptive cybercriminals, who previously targeted individuals opportunistically with fraudulent connection attempts, but more recently have sought to target enterprises with more organized cybercrime campaigns that Microsoft’s actions have helped disrupt.

Our Digital Fingerprinting capability, which leverages AI and machine learning, drives these safeguards by providing fraud and risk signals to detect fraudulent activity. If our risk signals detect a possible scam, the Quick Assist session is automatically ended. Digital Fingerprinting works by collecting various signals to detect and prevent fraud.

For enterprises combating tech support fraud, Remote Help is another valuable resource for employees. Remote Help is designed for internal use within an organization and includes features that make it ideal for enterprises.

By reducing scams and fraud, Microsoft aims to enhance the overall security of its products and protect its users from malicious activities.

Consumer protection tips

Fraudsters exploit psychological triggers such as urgency, scarcity, and trust in social proof. Consumers should be cautious of:

Impulse buying—Scammers create a sense of urgency with “limited-time” deals and countdown timers.
Trusting fake social proof—AI generates fake reviews, influencer endorsements, and testimonials to appear legitimate.
Clicking on ads without verification—Many scam sites spread through AI-optimized social media ads. Consumers should cross-check domain names and reviews before purchasing.
Ignoring payment security—Avoid direct bank transfers or cryptocurrency payments, which lack fraud protections.

Job seekers should verify employer legitimacy, be on the lookout for common job scam red flags, and avoid sharing personal or financial information with unverified employers.

Verify employer legitimacy—Cross-check company details on LinkedIn, Glassdoor, and official websites to verify legitimacy.
Notice common job scam red flags—If a job requires upfront payments for training materials, certifications, or background checks, it is likely a scam. Unrealistic salaries or no-experience-required remote positions should be approached with skepticism. Emails from free domains (such as johndoehr@gmail.com instead of hr@company.com) are also typically indicators of fraudulent activity.
Be cautious of AI-generated interviews and communications—If a video interview seems unnatural, with lip-syncing delays, robotic speech, or odd facial expressions, it could be deepfake technology at work. Job seekers should always verify recruiter credentials through the company’s official website before engaging in any further discussions.
Avoid sharing personal or financial information—Under no circumstances should you provide a Social Security number, banking details, or passwords to an unverified employer.

Microsoft is also a member of the Global Anti-Scam Alliance (GASA), which aims to bring governments, law enforcement, consumer protection organizations, financial authorities and providers, brand protection agencies, social media, internet service providers, and cybersecurity companies together to share knowledge and protect consumers from getting scammed.

Recommendations

Remote Help: Microsoft recommends using Remote Help instead of Quick Assist for internal tech support. Remote Help is designed for internal use within an organization and incorporates several features designed to enhance security and minimize the risk of tech support hacks. It is engineered to be used only within an organization’s tenant, providing a safer alternative to Quick Assist.
Digital Fingerprinting: This identifies malicious behaviors and ties them back to specific individuals. This helps in monitoring and preventing unauthorized access.
Blocking full control requests: Quick Assist now includes warnings and requires users to check a box acknowledging the security implications of sharing their screen. This adds a layer of helpful “security friction” by prompting users who may be multitasking or preoccupied to pause to complete an authorization step.

Kelly Bissell: A cybersecurity pioneer combating fraud in the new era of AI

Kelly Bissell’s journey into cybersecurity began unexpectedly in 1990. Initially working in computer science, Kelly was involved in building software for healthcare patient accounting and operating systems at Medaphis and Bellsouth, now AT&T.

His interest in cybersecurity was sparked when he noticed someone logged into a phone switch attempting to get free long-distance calls and traced the intruder back to Romania. This incident marked the beginning of Kelly’s career in cybersecurity.

“I stayed in cybersecurity hunting for bad actors, integrating security controls for hundreds of companies, and helping shape the NIST security frameworks and regulations such as FFIEC, PCI, NERC-CIP,” he explains.

Currently, Kelly is Corporate Vice President of Anti-Fraud and Product Abuse within Microsoft Security. Microsoft’s fraud team employs machine learning and AI to build better detection code and understand fraud operations. They use AI-powered solutions to detect and prevent cyberthreats, leveraging advanced fraud detection frameworks that continuously learn and evolve.

“Cybercrime is a trillion-dollar problem, and it’s been going up every year for the past 30 years. I think we have an opportunity today to adopt AI faster so we can detect and close the gap of exposure quickly. Now we have AI that can make a difference at scale and help us build security and fraud protections into our products much faster.”

Previously Kelly managed the Microsoft Detection and Response Team (DART) and created the Global Hunting, Oversight, and Strategic Triage (GHOST) team that detected and responded to attackers such as Storm-0558 and Midnight Blizzard.

Prior to Microsoft, during his time at Accenture and Deloitte, Kelly collaborated with companies and worked extensively with government agencies like the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation, where he helped build security systems inside their operations.

His time as Chief Information Security Officer (CISO) at a bank exposed him to addressing both cybersecurity and fraud, leading to his involvement in shaping regulatory guidelines to protect banks and eventually Microsoft.

Kelly has also played a significant role in shaping regulations around the National Institute of Standards and Technology (NIST) and Payment Card Industry (PCI) compliance, which helps ensure the security of businesses’ credit card transactions, among others.

Internationally, Kelly played a crucial role in helping establish agencies and improve cybersecurity measures. As a consultant in London, he helped stand up the United Kingdom’s National Cyber Security Centre (NCSC), which is part of the Government Communications Headquarters (GCHQ), the equivalent of CISA. Kelly’s efforts in content moderation with several social media companies, including YouTube, were instrumental in removing harmful content.

That’s why he’s excited about Microsoft’s partnership with GASA. GASA brings together governments, law enforcement, consumer protection organizations, financial authorities, internet service providers, cybersecurity companies, and others to share knowledge and define joint actions to protect consumers from getting scammed.

“If I protect Microsoft, that’s good, but it’s not sufficient. In the same way, if Apple does their thing, and Google does their thing, but if we’re not working together, we’ve all missed the bigger opportunity. We must share cybercrime information with each other and educate the public. If we can have a three-pronged approach of tech companies building security and fraud protection into their products, public awareness, and sharing cybercrime and fraudster information with law enforcement, I think we can make a big difference,” he says.

Next steps with Microsoft Security

To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.

Methodology: Microsoft platforms and services, including Azure, Microsoft Defender for Office, Microsoft Threat Intelligence, and Microsoft Digital Crimes Unit (DCU), provided anonymized data on threat actor activity and trends. Additionally, Microsoft Entra ID provided anonymized data on threat activity, such as malicious email accounts, phishing emails, and attacker movement within networks. Additional insights are from the daily security signals gained across Microsoft, including the cloud, endpoints, the intelligent edge, and telemetry from Microsoft platforms and services. The $4 billion figure represents an aggregated total of fraud and scam attempts against Microsoft and our customers in consumer and enterprise segments (in 12 months).

MIL OSI Economics –

April 17, 2025

MIL-OSI: Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

Source: GlobeNewswire (MIL-OSI)

CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	54.91%	49.74%	49.49%	52.59%	52.45%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	56.58%	56.57%	57.35%	55.54%	54.75%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)⁽¹⁾	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)⁽¹⁾	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)⁽¹⁾	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.56	$0.50	$0.50	$0.52	$0.49
Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)⁽¹⁾	13.15	12.68	12.67	12.08	11.79

⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million⁽¹⁾ and $0.56 per share⁽¹⁾, respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

For the Three Months Ended March 31, 2025
(in thousands)	Texas			Arkansas			Centennial CFG			Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	444		$	474		$	—		$	53		$	2,479		$	8		$	3,458
Recoveries		(6,514	)		(228	)		(658	)		(3	)		(117	)		(2	)		(7,522	)
Net (recoveries) charge-offs	$	(6,070	)	$	246		$	(658	)	$	50		$	2,362		$	6		$	(4,064	)

For the Three Months Ended December 31, 2024
(in thousands)	Texas			Arkansas			Centennial CFG		Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	47,774		$	2,108		$	1,973	$	1,457		$	637		$	10		$	53,959
Recoveries		(174	)		(181	)		—		(15	)		(193	)		(2	)		(565	)
Net charge-offs	$	47,600		$	1,927		$	1,973	$	1,442		$	444		$	8		$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,494	18,448	7,390	5,537	38,778	206	93,853
Loans 90+ days past due	4,134	538	—	—	362	—	5,034
Total non-performing loans	27,628	18,986	7,390	5,537	39,140	206	98,887

Foreclosed assets held for sale	13,924	757	22,775	—	5,951	—	43,407
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	13,987	757	22,775	—	5,951	—	43,470
Total non-performing assets	41,615	19,743	30,165	5,537	45,091	206	142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15⁽¹⁾ at March 31, 2025, compared to $12.68⁽¹⁾ at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: h ttps://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625


Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
ASSETS
Cash and due from banks	$	319,747		$	281,063		$	265,408		$	229,209		$	205,262
Interest-bearing deposits with other banks		975,983			629,284			752,269			829,507			969,996
Cash and cash equivalents		1,295,730			910,347			1,017,677			1,058,716			1,175,258
Federal funds sold		6,275			3,725			6,425			—			5,200
Investment securities – available-for-sale, net of allowance for credit losses		3,003,320			3,072,639			3,270,620			3,344,539			3,400,884
Investment securities – held-to-maturity, net of allowance for credit losses		1,269,896			1,275,204			1,277,090			1,278,853			1,280,586
Total investment securities		4,273,216			4,347,843			4,547,710			4,623,392			4,681,470
Loans receivable		14,952,116			14,764,500			14,823,979			14,781,457			14,513,673
Allowance for credit losses		(279,944	)		(275,880	)		(312,574	)		(295,856	)		(290,294	)
Loans receivable, net		14,672,172			14,488,620			14,511,405			14,485,601			14,223,379
Bank premises and equipment, net		384,843			386,322			388,776			383,691			389,618
Foreclosed assets held for sale		39,680			43,407			43,040			41,347			30,650
Cash value of life insurance		221,621			219,786			219,353			218,198			215,424
Accrued interest receivable		115,983			120,129			118,871			120,984			119,029
Deferred tax asset, net		170,120			186,697			176,629			195,041			202,882
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		38,280			40,327			42,395			44,490			46,630
Other assets		376,030			345,292			352,583			350,192			347,928
Total assets	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	4,079,289		$	4,006,115		$	3,937,168		$	4,068,302		$	4,115,603
Savings and interest-bearing transaction accounts		11,586,106			11,347,850			10,966,426			11,150,516			11,047,258
Time deposits		1,876,096			1,792,332			1,802,116			1,736,985			1,703,269
Total deposits		17,541,491			17,146,297			16,705,710			16,955,803			16,866,130
Securities sold under agreements to repurchase		161,401			162,350			179,416			137,996			176,107
FHLB and other borrowed funds		600,500			600,750			1,300,750			1,301,050			1,301,050
Accrued interest payable and other liabilities		207,154			181,080			238,058			230,011			241,345
Subordinated debentures		439,102			439,246			439,394			439,542			439,688
Total liabilities		18,949,648			18,529,723			18,863,328			19,064,402			19,024,320

Stockholders’ equity
Common stock		1,982			1,989			1,989			1,997			2,008
Capital surplus		2,246,312			2,272,794			2,272,100			2,295,893			2,326,824
Retained earnings		2,018,801			1,942,350			1,880,562			1,819,412			1,753,994
Accumulated other comprehensive loss		(224,540	)		(256,108	)		(194,862	)		(261,799	)		(271,425	)
Total stockholders’ equity		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Total liabilities and stockholders’ equity	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended															Three Months Ended
(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Interest income:
Loans	$	270,784		$	278,409		$	281,977		$	274,324		$	265,294		$	270,784		$	265,294
Investment securities
Taxable		27,433			28,943			31,006			32,587			33,229			27,433			33,229
Tax-exempt		7,650			7,704			7,704			7,769			7,803			7,650			7,803
Deposits – other banks		6,620			7,585			12,096			12,564			10,528			6,620			10,528
Federal funds sold		55			73			62			59			61			55			61
Total interest income		312,542			322,714			332,845			327,303			316,915			312,542			316,915
Interest expense:
Interest on deposits		86,786			90,564			97,785			95,741			92,548			86,786			92,548
Federal funds purchased		—			—			1			—			—			—			—
FHLB and other borrowed funds		5,902			9,541			14,383			14,255			14,276			5,902			14,276
Securities sold under agreements to repurchase		1,074			1,346			1,335			1,363			1,404			1,074			1,404
Subordinated debentures		4,124			4,121			4,121			4,122			4,097			4,124			4,097
Total interest expense		97,886			105,572			117,625			115,481			112,325			97,886			112,325
Net interest income		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Provision for credit losses on loans		—			16,700			18,200			8,000			5,500			—			5,500
Provision for (recovery of) credit losses on unfunded commitments		—			—			1,000			—			(1,000	)		—			(1,000	)
(Recovery of) provision for credit losses on investment securities		—			—			(330	)		—			—			—			—
Total credit loss expense		—			16,700			18,870			8,000			4,500			—			4,500
Net interest income after credit loss expense		214,656			200,442			196,350			203,822			200,090			214,656			200,090
Non-interest income:
Service charges on deposit accounts		9,650			9,935			9,888			9,714			9,686			9,650			9,686
Other service charges and fees		10,689			11,651			10,490			10,679			10,189			10,689			10,189
Trust fees		4,760			4,526			4,403			4,722			5,066			4,760			5,066
Mortgage lending income		3,599			3,518			4,437			4,276			3,558			3,599			3,558
Insurance commissions		535			483			595			565			508			535			508
Increase in cash value of life insurance		1,842			1,215			1,161			1,279			1,195			1,842			1,195
Dividends from FHLB, FRB, FNBB & other		2,718			2,820			2,637			2,998			3,007			2,718			3,007
Gain on SBA loans		288			218			145			56			198			288			198
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
(Loss) gain on OREO, net		(376	)		(2,423	)		85			49			17			(376	)		17
Fair value adjustment for marketable securities		442			850			1,392			(274	)		1,003			442			1,003
Other income		11,442			8,403			7,514			6,658			7,380			11,442			7,380
Total non-interest income		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense:
Salaries and employee benefits		61,855			60,824			58,861			60,427			60,910			61,855			60,910
Occupancy and equipment		14,425			14,526			14,546			14,408			14,551			14,425			14,551
Data processing expense		8,558			9,324			9,088			8,935			9,147			8,558			9,147
Other operating expenses		28,090			27,536			27,550			29,415			26,888			28,090			26,888
Total non-interest expense		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Income before income taxes		147,154			129,454			129,084			133,411			130,393			147,154			130,393
Income tax expense		31,945			28,890			29,046			31,881			30,284			31,945			30,284
Net income	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
PER SHARE DATA
Diluted earnings per common share	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.56			0.50			0.50			0.52			0.49			0.56			0.49
Basic earnings per common share		0.58			0.51			0.50			0.51			0.50			0.58			0.50
Dividends per share – common		0.195			0.195			0.195			0.18			0.18			0.195			0.18
Book value per common share		20.40			19.92			19.91			19.30			18.98			20.40			18.98
Tangible book value per common share (non-GAAP)⁽¹⁾		13.15			12.68			12.67			12.08			11.79			13.15			11.79

STOCK INFORMATION
Average common shares outstanding		198,657			198,863			199,380			200,319			201,210			198,657			201,210
Average diluted shares outstanding		198,852			198,973			199,461			200,465			201,390			198,852			201,390
End of period common shares outstanding		198,206			198,882			198,879			199,746			200,797			198,206			200,797

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%
Return on average common equity (ROE)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024

Efficiency ratio		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Net interest margin – FTE (NIM)		4.44	%		4.39	%		4.28	%		4.27	%		4.13	%		4.44	%		4.13	%
Fully taxable equivalent adjustment	$	2,534		$	2,398		$	2,616		$	2,628		$	892		$	2,534		$	892
Total revenue (net)		260,082			258,364			257,999			254,596			246,389			260,082			246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		147,154			146,154			147,954			141,411			134,893			147,154			134,893
PPNR, as adjusted (non-GAAP)⁽¹⁾		142,821			145,209			146,562			141,886			133,728			142,821			133,728
Pre-tax net income to total revenue (net)		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%
Total purchase accounting accretion	$	1,378		$	1,610		$	1,878		$	1,873		$	2,772		$	1,378		$	2,772
Average purchase accounting loan discounts		17,493			19,090			20,832			22,788			24,820			17,493			24,820

OTHER OPERATING EXPENSES
Advertising	$	1,928		$	1,941		$	1,810		$	1,692		$	1,654		$	1,928		$	1,654
Amortization of intangibles		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Electronic banking expense		3,055			3,307			3,569			3,412			3,156			3,055			3,156
Directors’ fees		452			356			362			423			498			452			498
Due from bank service charges		281			271			302			282			276			281			276
FDIC and state assessment		3,387			3,216			3,360			5,494			3,318			3,387			3,318
Insurance		999			900			926			905			903			999			903
Legal and accounting		3,641			2,361			1,902			2,617			2,081			3,641			2,081
Other professional fees		1,947			1,736			2,062			2,108			2,236			1,947			2,236
Operating supplies		711			711			673			613			683			711			683
Postage		503			518			522			497			523			503			523
Telephone		436			438			455			444			470			436			470
Other expense		8,703			9,713			9,512			8,788			8,950			8,703			8,950
Total other operating expenses	$	28,090		$	27,536		$	27,550		$	29,415		$	26,888		$	28,090		$	26,888

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits		85.24	%		86.11	%		88.74	%		87.18	%		86.05	%
Common equity to assets		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925		$	5,616,965
Construction/land development		2,735,760			2,736,214			2,741,419			2,511,817			2,330,555
Agricultural		335,437			336,993			335,965			345,461			337,618
Residential real estate loans
Residential 1-4 family		1,947,872			1,956,489			1,932,352			1,910,143			1,899,974
Multifamily residential		576,089			496,484			482,648			509,091			415,926
Total real estate		11,183,839			10,952,960			10,988,920			10,876,437			10,601,038
Consumer		1,227,745			1,234,361			1,219,197			1,189,386			1,163,228
Commercial and industrial		2,045,036			2,022,775			2,084,667			2,242,072			2,284,775
Agricultural		314,323			367,251			352,963			314,600			278,609
Other		181,173			187,153			178,232			158,962			186,023
Loans receivable	$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457		$	14,513,673

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	275,880		$	312,574		$	295,856		$	290,294		$	288,234
Loans charged off		3,458			53,959			2,001			3,098			3,978
Recoveries of loans previously charged off		7,522			565			519			660			538
Net loans (recovered) charged off		(4,064	)		53,394			1,482			2,438			3,440
Provision for credit losses – loans		—			16,700			18,200			8,000			5,500
Balance, end of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294

Net (recoveries) charge-offs to average total loans		(0.11	)%		1.44	%		0.04	%		0.07	%		0.10	%
Allowance for credit losses to total loans		1.87	%		1.87	%		2.11	%		2.00	%		2.00	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	86,383		$	93,853		$	95,747		$	78,090		$	67,055
Loans past due 90 days or more		3,264			5,034			5,356			8,251			12,928
Total non-performing loans		89,647			98,887			101,103			86,341			79,983
Other non-performing assets
Foreclosed assets held for sale, net		39,680			43,407			43,040			41,347			30,650
Other non-performing assets		63			63			63			63			63
Total other non-performing assets		39,743			43,470			43,103			41,410			30,713
Total non-performing assets	$	129,390		$	142,357		$	144,206		$	127,751		$	110,696

Allowance for credit losses for loans to non-performing loans		312.27	%		278.99	%		309.16	%		342.66	%		362.94	%
Non-performing loans to total loans		0.60	%		0.67	%		0.68	%		0.58	%		0.55	%
Non-performing assets to total assets		0.56	%		0.63	%		0.63	%		0.56	%		0.48	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	643,959	$	7,585	4.69	%
Federal funds sold		5,091		55	4.38	%		6,068		73	4.79	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,291,472		28,943	3.50	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,154,384		9,980	3.44	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,798,953		278,531	7.49	%
Total interest-earning assets		19,826,038		315,076	6.45	%		19,894,836		325,112	6.50	%
Non-earning assets		2,722,797						2,670,241
Total assets	$	22,548,835					$	22,565,077

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,058,959	$	72,220	2.60	%
Time deposits		1,801,503		17,114	3.85	%		1,800,618		18,344	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,859,577		90,564	2.80	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		174,759		1,346	3.06	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		889,880		9,541	4.27	%
Subordinated debentures		439,173		4,124	3.81	%		439,319		4,121	3.73	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,363,535		105,572	2.92	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,024,433
Other liabilities		190,314						226,933
Total liabilities		18,571,164						18,614,901
Shareholders’ equity		3,977,671						3,950,176
Total liabilities and shareholders’ equity	$	22,548,835					$	22,565,077
Net interest spread					3.69	%					3.58	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	219,540	4.39	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	801,456	$	10,528	5.28	%
Federal funds sold		5,091		55	4.38	%		5,012		61	4.90	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,473,511		33,229	3.85	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,257,861		8,642	2.76	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,487,494		265,347	7.37	%
Total interest-earning assets		19,826,038		315,076	6.45	%		20,025,334		317,807	6.38	%
Non-earning assets		2,722,797						2,657,925
Total assets	$	22,548,835					$	22,683,259

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,038,910	$	75,597	2.75	%
Time deposits		1,801,503		17,114	3.85	%		1,685,193		16,951	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,724,103		92,548	2.93	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		172,024		1,404	3.28	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		1,301,091		14,276	4.41	%
Subordinated debentures		439,173		4,124	3.81	%		439,760		4,097	3.75	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,636,978		112,325	3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,017,659
Other liabilities		190,314						244,970
Total liabilities		18,571,164						18,899,607
Shareholders’ equity		3,977,671						3,783,652
Total liabilities and shareholders’ equity	$	22,548,835					$	22,683,259
Net interest spread					3.69	%					3.29	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	205,482	4.13	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Pre-tax adjustments
FDIC special assessment		—			—			—			2,260			—			—			—
BOLI death benefits		—			(95	)		—			—			(162	)		—			(162	)
Gain on sale of building		—			—			—			(2,059	)		—			—			—
Fair value adjustment for marketable securities		(442	)		(850	)		(1,392	)		274			(1,003	)		(442	)		(1,003	)
Special income from equity investment		(3,891	)		—			—			—			—			(3,891	)		—
Total pre-tax adjustments		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Tax-effect of adjustments		(1,059	)		(208	)		(348	)		119			(251	)		(1,059	)		(251	)
Deferred tax asset write-down		—			—			—			2,030			—			—			—
Total adjustments after-tax (B)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Earnings, as adjusted (C)	$	111,935		$	99,827		$	98,994		$	103,916		$	99,195		$	111,935		$	99,195

Average diluted shares outstanding (D)		198,852			198,973			199,461			200,465			201,390			198,852			201,390

GAAP diluted earnings per share: (A/D)	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Adjustments after-tax: (B/D)		(0.02	)		(0.01	)		0.00			0.01			(0.01	)		(0.02	)		(0.01	)
Diluted earnings per common share, as adjusted: (C/D)	$	0.56		$	0.50		$	0.50		$	0.52		$	0.49		$	0.56		$	0.49

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Amortization of intangibles (B)		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Amortization of intangibles after-tax (C)		1,547			1,563			1,572			1,605			1,605			1,547			1,605
Adjustments after-tax (D)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average assets (E)	22,548,835			22,565,077			22,893,784			22,875,949			22,683,259			22,548,835			22,683,259
Average goodwill & core deposit intangible (F)		1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity: (A/(D-E))		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Earnings excluding intangible amortization (B)		116,756			102,127			101,610			103,135			101,714			116,756			101,714
Adjustments after-tax (C)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average common equity (D)	3,977,671			3,950,176			3,889,712			3,805,800			3,783,652			3,977,671			3,783,652
Average goodwill & core deposits intangible (E)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Pre-tax net income to total revenue (net) (A/(B+C))		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,154		$	146,154		$	147,954		$	141,411		$	134,893		$	147,154		$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	142,821		$	145,209		$	146,562		$	141,886		$	133,728		$	142,821		$	133,728
P5_NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%

Pre-tax net income (A)	$	147,154		$	129,454		$	129,084		$	133,411		$	130,393		$	147,154		$	130,393
Net interest income (B)		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Non-interest income (C)		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense (D)		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Fully taxable equivalent adjustment (E)		2,534			2,398			2,616			2,628			892			2,534			892
Total pre-tax adjustments (F)		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Amortization of intangibles (G)		2,047			2,068			2,095			2,140			2,140			2,047			2,140

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	442		$	850		$	1,392		$	(274	)	$	1,003		$	442		$	1,003
(Loss) gain on OREO		(376	)		(2,423	)		85			49			17			(376	)		17
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
Special income from equity investment		3,891			—			—			—			—			3,891			—
BOLI death benefits		—			95			—			—			162			—			162
Total non-interest income adjustments (H)	$	3,794		$	(1,452	)	$	1,509		$	1,827		$	1,174		$	3,794		$	1,174

Non-interest expense:
FDIC special assessment		—			—			—			2,260			—			—			—
Total non-interest expense adjustments (I)	$	—		$	—		$	—		$	2,260		$	—		$	—		$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.40		$	19.92		$	19.91		$	19.30		$	18.98
Tangible book value per common share: ((A-C-D)/B)		13.15			12.68			12.67			12.08			11.79

Total stockholders’ equity (A)	$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503		$	3,811,401
End of period common shares outstanding (B)		198,206			198,882			198,879			199,746			200,797
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%

Total assets (A)	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721
Total stockholders’ equity (B)		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

The MIL Network –

April 17, 2025

MIL-OSI: Quorum Announces Q4 and Year End 2024 Results

Source: GlobeNewswire (MIL-OSI)

Adjusted EBITDA¹up 18% to $8.3 Million for 2024

Cash EBITDA²up 89% to $5.5 Million for 2024

CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the fourth quarter and fiscal year ended December 31, 2024. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

“The company achieved record Adjusted EBITDA of $8.3 million, an increase of 18% over the prior year, while revenue remained relatively consistent,” stated Maury Marks, President and CEO. “Our profitable growth strategy which commenced in 2023 delivered a Cash EBITDA margin of 14% in 2024. This improved profitability allowed us to strengthen our balance sheet by prepaying $4.8 million on our BDC Capital Facility reducing the balance from $9.1 million to $4.0 million. Our improved cash flow positions us to consider future strategic investment opportunities.”

“I would like to sincerely express my appreciation to our employees, whose commitment to Quorum was crucial to achieving our 2024 plan and strong annual results,” said Mr. Marks. “Their hard work is enhanced by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

Consolidated Results for Q4 2024 and Fiscal Year 2024

	Q4 2024	%Change	Q4 2023	2024	% Change	2023
Total Revenue	$10,008,563	1%	$9,920,932	$39,953,997	(1%)	$40,263,528
SaaS Revenue	$7,183,148	2%	$7,017,756	$28,839,189	2%	$28,191,238
BDC Revenue	$2,558,313	(1%)	$2,588,181	$9,973,810	(8%)	$10,880,534
Recurring Revenue	$9,741,461	1%	$9,605,937	$38,812,999	(1%)	$39,071,772
Gross Margin	$4,848,227	0%	$4,844,654	$19,810,340	3%	$19,262,519
Gross Margin %	48%		49%	50%		48%
Net Income (Loss) per Share	$0.003		$(0.014)	$0.035		$0.003
Net Income (Loss)	$244,754	123%	$(1,049,589)	$2,545,951	988%	$233,950
Adjusted EBITDA	$1,960,886	(6%)	$2,084,217	$8,309,000	18%	$7,036,468
Adjusted EBITDA Margin	20		21%	21%		17%
Cash EBITDA	$1,233,620	10%	$1,117,577	$5,457,906	89%	$2,889,317
Cash EBITDA Margin	12		11%	14%		1%

Fourth Quarter Results

Total revenue increased by 1% to $10.0 million in Q4 2024 compared to Q4 2023.
SaaS revenue increased by 2% to $7.2 million in Q4 2024 compared to Q4 2023.
BDC revenue decreased by 1% to $2.6 million in Q4 2024 compared to Q4 2023.
Gross margin remained consistent at $4.8 million in Q4 2024 compared to Q4 2023.
Adjusted EBITDA was $2.0 million in Q4 2024 compared to Q4 2023, a decrease of $0.1 million.
Cash EBITDA was $1.2 million in Q4 2024 compared to Q4 2023, an increase of $0.1 million.

Fiscal Year 2024 Results

Total revenue decreased by 1% to $40.0 million in 2024 compared to 2023.
SaaS revenue increased by 2% to $28.8 million in 2024 compared to 2023.
BDC revenue decreased by 8% to $10.0 million in 2024 compared to 2023.
Gross margin increased by 3% to $19.8 million in 2024 compared to 2023.
Adjusted EBITDA was $8.3 million in 2024 compared to 2023, an increase of $1.3 million.
Cash EBITDA was $5.5 million in 2024 compared to 2023, an increase of $2.6 million.

Quorum Q4 and Fiscal Year 2024 Results Conference Call Details and Investor Presentation

Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q4 and Fiscal Year 2024 Results at a conference call with concurrent audio webcast, scheduled for:

An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

About Quorum Information Technologies Inc.

Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue.
VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.

Contacts:

Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com

Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfoTech.com

Forward-Looking Information

This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

Quorum has filed its 2024 audited consolidated financial statements and notes thereto as at and for the year ended December 31, 2024, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

¹ Adjusted EBITDA (non-GAAP) – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees.

² Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.

PDF available: http://ml.globenewswire.com/Resource/Download/9cb6bc7a-48bf-443f-8038-d58e125d5e99

The MIL Network –

April 17, 2025

MIL-OSI: CBL International Limited Reports 2024 Full-Year Results: Revenue Soars 35.9% to $592.5 Million Amid Global Expansion

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, April 16, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced its annual financial results for the year ended December 31, 2024.

Financial Performance Overview

The company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

Due to challenging market conditions, the Company reported a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023, mainly attributed to a 25.5% decrease in gross profit to $5.37 million in 2024 from $7.21 million in 2023 and a 56.8% rise in operating expenses to $8.70 million in 2024 from $5.55 million in 2023. The Company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterized by intensified competition and pricing pressure. While this approach supported increased sales volume and market share, it also contributed to narrower profit margins.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses. The financial outcome reflects both the dynamic nature of the bunkering industry and the Company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalize.

Earnings per share (EPS) reflected this, decreasing to $(0.136) in 2024 from $0.045 in 2023. Cash and cash equivalents increased by 8.3% to $8.02 million as of December 31, 2024 from $7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

Bullish Outlook and Customer Loyalty Strategy

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty. While prudently evaluating the impact of the latest U.S. tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the Company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The Company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves.

Management Commentary and Future Outlook

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximize sales volume and explore sustainable offerings, even in these challenging times. Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The company is committed to driving operational efficiency and delivering sustainable growth.

Webcast Details

CBL International Limited (Nasdaq: BANL) cordially invites you to participate in a webcast to discuss its financial results for the year ended December 31, 2024.

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements

Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng Iris Au Yeung Email:	Tel: (852) 2864 4857 Tel: (852) 2114 4913 sprg_cbl@sprg.com.hk

The MIL Network –

April 17, 2025

MIL-OSI USA: Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

US Senate News:

Source: United States Senator for Washington Maria Cantwell

04.16.25

Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

Trump’s chaotic tariffs drive up costs for local companies and threatens to put them out of business; “Congress needs to get back in the game,” says Cantwell; her bipartisan bill would reassert Congressional role in U.S. trade policy

SEATTLE – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s tariffs-first trade policy.

“These businesses here today are reminding us what we already should know: that this kind of tariff policy disrupts an integrated economy, hurts small businesses, and basically disrupts what is an important opportunity for the United States to grow more jobs for the future,” said Sen. Cantwell. “Building alliances and [strengthening] our innovation economy is what we should be doing.”

“In my 32 years of designing and manufacturing KAVU has survived tough times, but nothing close to this,” said Barry Barr, CEO of KAVU. “Due to the extreme spikes in prices, we are expecting that many if not all of our 2,000 independent outdoor retailers … will cancel their orders, leaving us with no sales and at the precipice of shutting down.”

“I never thought geopolitics would get in the way of making delicious pizza, yet here were are,” said Joe Fugere, CEO of Tutta Bella. “People in the United States should not have to travel overseas to enjoy the religious experience of great Italian pizza. We can have it right here at home. But only if we’re smart about how we unlock access to the world’s best products.”

“Last month we brought in a container with a value of about $200,000, and we had to pay an extra $20,000 to bring that in with the 10% [tariff],” said Jeff Demir, COO of SwaddleDesigns. “This month we’re bringing in another container, that container will cost us an extra $40,000 because the China tariffs went from 10% to 20%. … We have a container that’s right now sitting in China ready to ship, that container would cost us $300,000 of extra tariffs given the 145% [tariff]. Obviously that container is going to stay in China and it’s not going to be brought over here. Our company will have to operate with the product that we have until this gets resolved.”

Also appearing at today’s event were: Northwest Seaport Alliance and Northwest Seaport Alliance Co-Chair and Port of Tacoma Commissioner John McCarthy; Port of Seattle Commissioner Sam Cho; Gordon Bluechel, CEO of Access Laser; Chris Stone, Deputy Director of the Washington State Wine Commission; Blas Alfaro, Partner at Fulcrum Coffee Roasters; and Molly Neitzel, CEO of Molly Moon’s.

Sen. Cantwell recently introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Since the introduction, Sen. Cantwell has appeared on CNN International, CNBC , CBS’s Face the Nation, MSNBC’s All In with Chris Hayes, MSNBC’s The Last Word with Lawrence O’Donnell, to discuss the bill.

Sen. Cantwell’s bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. Last week, a bipartisan House companion bill was introduced.

In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.

For the past three months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:

On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
In February, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
On March 27, he announced plans to impose a 25% tax on all imported sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, as well as some auto parts, beginning on April 2.
On March 29, President Trump said, “I couldn’t care less,” if automakers raise the price of cars in response to his tariffs.
On April 2, he announced a “National Economic Emergency,” and signed an executive order declaring a 10% minimum baseline tariff on all countries as well as additional tariffs on nearly 60 countries.
On April 7, he threatened to impose an additional 50% tariff on China.
On April 9, he announced a rollback of his April 2 tariffs down to the 10% baseline across the board, with the exception of China, which he increased to 125%.
On April 11, the administration announced that electronics, including smartphones and laptops, would be exempt from the 125% rate.

Video of today’s press conference is HERE; photos are HERE; video of Sen. Cantwell’s remarks is HERE; audio of Sen. Cantwell’s remarks is HERE; and a transcript of Sen. Cantwell’s remarks is HERE.

MIL OSI USA News –

April 17, 2025

MIL-OSI: BigCommerce to Announce First Quarter 2025 Financial Results on May 8, 2025

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, April 16, 2025 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands and retailers, today announced it will report its financial results for the first quarter ended March 31, 2025, before market open on Thursday, May 8, 2025.

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, May 8, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “BigCommerce conference call.” The live webcast of the conference call can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, May 15, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 2980116. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

The MIL Network –

April 17, 2025

MIL-OSI USA: State Privacy Regulators Assemble: Attorney General Bonta Announces Bipartisan Consortium of Privacy Regulators

Source: US State of California

Continues commitment to protecting Californians’ privacy rights

OAKLAND — California Attorney General Rob Bonta today announced an agreement of formal collaboration between six states and the California Privacy Protection Agency (CPPA) to promote collaboration and information sharing in the bipartisan effort to safeguard the privacy rights of consumers. Known as the Consortium of Privacy Regulators, the group regularly discusses developments in privacy law, shared priorities, and coordinates enforcement, as appropriate, based on the members’ common interest. In forming the Consortium of Privacy Regulators, Attorney General Bonta joins the CPPA and the attorneys general of Colorado, Connecticut, Delaware, Indiana, and Oregon.

“Data knows no borders — state and nationwide coordination is vital for protecting consumers’ rights, especially in our data-driven world,” said Attorney General Bonta. “Collaborating with partners across the country provides another tool in the toolbox for my office to tackle enforcement priorities and continue safeguarding the privacy rights of Californians.”

Privacy matters because when information or data falls into the wrong hands, it can harm people, businesses, and organizations, often financially. The risk of harm continues to grow as more consumers conduct essential tasks online, like banking, shopping, or managing medical care. Businesses that collect this personal information also create the risk of data breaches when they fail to safeguard it. Lapses in upholding privacy laws can threaten to disclose information like our financial condition, health status, and sensitive aspects of our personal lives. Anyone can become vulnerable.

California’s Landmark Privacy Law: The CCPA

The California Consumer Privacy Act (CCPA) secures increased privacy rights for California consumers, such as the right to know how businesses collect, share, and disclose their personal information. Businesses that are subject to the CCPA have specific responsibilities, including responding to consumer requests to exercise these rights and giving consumers certain notices explaining their privacy practices. Under the CCPA’s right to opt-out, businesses that sell personal data or share personal information for targeted advertising must permit consumers the right to opt-out. Exercising this right should be easy and involve minimal steps.

Our Recent Work to Protect Californians’ Privacy

Attorney General Bonta is committed to educating California consumers about their right to privacy and enforcing the nation’s toughest data privacy law.

Last month, Attorney General Bonta issued a consumer alert to customers of 23andMe, reminding Californians of their right to direct the deletion of their genetic data under the Genetic Information Privacy Act (GIPA) and the CCPA. Also last month, Attorney General Bonta announced an ongoing investigative sweep into the location data industry, which collect and share detailed data on consumers’ location. The risk posed by the widespread collection and sale of location data has become particularly relevant given federal threats to California’s immigrant communities, and to reproductive and gender-affirming healthcare. In January, Attorney General Bonta reminded Californians of their right to stop or “opt-out” of the sale and sharing of their personal information under the CCPA.

Attorney General Bonta has filed three enforcement actions involving alleged violations of the CCPA:

In 2022, he announced a settlement with Sephora resolving allegations that it failed to disclose to consumers that it was selling their personal information and failed to process opt-out requests via user-enabled global privacy controls in violation of the CCPA.
In 2023, he secured a settlement with DoorDash after it sold the personal information of its customers without providing notice or the opportunity to opt-out.
In 2024, he worked with local partners to secure a settlement with video game developer Tilting Point Media for violating state and federal privacy laws by illegally collecting and sharing children’s data.

For more information about the CCPA, visit www.oag.ca.gov/ccpa. To report a violation of the CCPA to the Attorney General, consumers can submit a complaint online at www.oag.ca.gov/report.

MIL OSI USA News –

April 17, 2025

MIL-Evening Report: With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis?

Source: The Conversation (Au and NZ) – By Lisa M. Katerina Asher, Doctoral Candidate, Business School, University of Sydney

JuSun/Getty Images

After almost three decades in New Zealand, loyalty programme Flybuys announced it would be closing in 2024. The company behind the scheme, Loyalty New Zealand, has since entered liquidation, leaving the future of one of Flybuys’ key assets uncertain.

That asset is a customer database containing sensitive personal information about millions of New Zealanders. So what happens to it matters.

Founded in 1996, some 2.9 million New Zealanders representing 74% of the nation’s households eventually signed up to Flybuys. Members collected points at affiliated retailers which they could then redeem through the Flybuys website.

But over the past decade, partners such as Air New Zealand, Mitre 10 and New World pulled out of the scheme to either join other loyalty programmes or start their own.

In May last year, Loyalty New Zealand announced it was closing Flybuys New Zealand and liquidators were called in to manage the company’s end. Flybuys Australia continues to operate, jointly owned by Coles Group and Wesfarmers (which owns retailers K-mart and Bunnings).

According to the first liquidator’s report from early April, Loyalty New Zealand is solvent. This means it is not bankrupt and can pay all debts in full.

Once creditors are paid, the remaining funds will go to shareholders – Z Energy, BNZ, IAG and Foodstuffs Ventures (NZ), a joint subsidiary of Foodstuffs North Island and Foodstuffs South Island.

However, the report is silent on Flybuys’ customer database. That data likely includes years of shopping histories, behavioural profiles and potentially sensitive demographic or inferred financial information.

When the end of Flybuys was announced, Loyalty New Zealand assured customers and retailers it would manage private data according to the New Zealand Privacy Act. But with the liquidation of the company, it is unclear what will now happen to this information.

While no one has publicly said the information will be sold, there is no assurance it will be deleted either. And the database is arguably Loyalty New Zealand’s most valuable, albeit intangible, asset. Unless liquidators explicitly commit to deletion, the data could potentially be transferred or sold.

Loyalty schemes such as Flybuys can gather a great deal of information on those who sign-up. That information can become a valuable – and potentially tradable – asset.
Zamrznuti tonovi/Shutterstock

Data ownership, privacy and sovereignty

The risks are far from theoretical. In March this year, DNA ancestry company 23andMe filed for bankruptcy. The genetic data held by the company was put up for sale as an asset, exposing users and their relatives to substantial privacy risks.

While privacy laws vary by country, the 23andMe case showed how personal data can make customers vulnerable. Flybuys’ data may not be genetic, but it is similarly rich, detailed and easily re-identifiable when combined with other datasets.

If sold or reused without proper controls or oversight, it might potentially expose former members to discriminatory insurance profiling, targeted scams, manipulative political advertising and algorithmic credit scoring.

In extreme cases, such data can be used to infer sensitive customer characteristics such as financial stress or health-related behaviours. This could lead to political profiling or surveillance captialism – the collection and commodification of personal data.

New Zealand’s Privacy Act 2020 is designed to protect personal information. If data is reused for purposes beyond its original intent, or transferred without proper consent, it may breach the law. But the act does not clearly prohibit the sale of data during a liquidation. Nor is it clear on how the rules could be enforced.

Australia’s Privacy Act 1988 offers even less protection. It allows companies to send personal data overseas if they take “reasonable steps” to ensure recipients follow similar privacy rules. This means Australian Flybuys’ data could be sent to countries such as the United States.

That is especially worrying given the power of US tech giants, which routinely collect, profile and monetise data with little oversight. In the wrong hands, Flybuys’ trove of shopping habits, preferences and behavioural patterns could be repurposed to build invasive consumer profiles without people’s knowledge or control.

Setting a global standard

If Flybuys New Zealand’s data is treated as an asset during the liquidation process, could set a precedent and shape future regulatory standards internationally.

We have seen this before. In November 2022, Deliveroo Australia entered voluntary administration, raising concerns about how it would handle its extensive customer data. Users were told they had six months to download their own information, but there was no clarity on whether the data would then be deleted, retained or sold.

This lack of transparency revealed a gap in Australia’s data protection laws during liquidation. While the ultimate fate of the data remains publicly unknown, experts have suggested it was transferred to Deliveroo’s UK-based parent company.

While Australia’s 1988 Privacy Act requires organisations to handle personal information responsibly, it does not clearly regulate the sale or transfer of data during insolvencies or liquidations. There is a legal grey area which leaves customers and consumers vulnerable, as their data could be treated as a tradable asset without their consent.

The need for ethical stewardship

Customer data accumulation is the product of a relationship built on trust that should end when the company and relationship does. Ethical stewardship demands deletion, not redistribution.

This aligns with global norms such as the “right to be forgotten” under the European Union’s General Data Protection Regulation.

When a company winds down, users should be clearly informed of their options: to retrieve their data, delete it or consent to its transfer. That decision should rest with the member or customer, not be made behind closed doors for potential financial gain.

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. With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis? – https://theconversation.com/with-the-end-of-flybuys-nz-what-happens-to-the-personal-data-of-nearly-3-million-kiwis-254568

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-OSI USA: Shaheen Raises Concerns About Defense Supply Chain Impacts of Administration’s Trade War, Demands Swift Response from Secretary Hegseth

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a top member of the U.S. Senate Armed Services Committee and Ranking Member of the U.S. Senate Foreign Relations Committee, sent a letter to U.S. Secretary of Defense Pete Hegseth detailing her concerns about the impact of President Trump’s trade war on America’s national defense and military readiness. Specifically, Shaheen expressed how the administration’s announced tariffs on imports from virtually every country in the world will increase prices for the U.S. Department of Defense’s (DOD) defense acquisitions – harming DOD’s purchasing power, weakening supply chains and raising costs on small businesses. Shaheen called on Secretary Hegseth to explain how DOD is addressing the threats to military readiness and preventing cost overruns no later than April 30.

Senator Shaheen wrote, in part: “In the short term, the announced tariffs alone will increase costs for U.S. defense industrial supply chain companies. […] In the long term, tariffs will drive up DOD’s contracting and procurement costs, limit DOD buying power and ultimately harm the warfighter and our military readiness.”

She continued: “Additionally, we are concerned about DOD’s ability to secure its own supply chains and fully assess how much of its industrial base is foreign-sourced. […] With the globalization of supply chains, these suppliers and their goods come from a wide array of places. Some foundational industrial supply chain sectors, like optical instruments, mechanical gears, welding equipment and printed circuit boards source a large part of their components from outside North America.”

Senator Shaheen concluded: “I request answers to the following questions no later than April 30, 2025: 1.) What critical imported supplies are currently subject to new tariffs this year? 2.) How do you calculate the monetary impact of tariffs on DOD contracts? 3.) How is DOD factoring increased costs due to tariffs into fixed-price contracts? 4.) What is the impact of increased costs due to tariffs on DOD’s purchasing power? 5.) Can DOD defense industrial base contractors continue to use Chapter 98 of the Harmonized Tariff Schedule to purchase critical materials without duties under all tariff actions this year? If not, which actions does this apply to?”

The full text of the letter can be found here and below.

Dear Secretary Hegseth:

I write out of concern regarding the impact of President Trump’s trade war on our defense industrial base (DIB) and military readiness. So far this year, new tariffs have been placed on imports from virtually every country in the world, including allies like Canada, the European Union and Japan, in addition to product-specific tariffs on aluminum, and more tariffs are expected. According to the Chamber of Commerce’s Defense and Aerospace Council, “prices will increase” for DOD’s defense acquisitions due to these tariffs, and I am concerned these increased costs will hurt both DOD’s purchasing power and small contractors.

As you may know, these tariffs would come on top of the pressing budgetary pressures highlighted by the Congressional Budget Office (CBO) in a November 2024 report on the Future Years Defense Program (FYDP) for Fiscal Year 2025. According to CBO, if the Department’s costs grow at rates consistent with CBO’s economic forecast (in areas such as compensation) or historical trends (in areas such as weapons acquisition), they would be about 4 percent higher from 2025 to 2029 and about 5 percent higher from 2025 to 2039. To accommodate those higher costs, CBO said the Department of Defense (DOD) would need to scale back its plans or request larger budgets than are anticipated in the 2025 FYDP.

Adding unexpected tariffs on top of the budgetary risks cited by CBO will place even more unnecessary burdens on the DIB. In the past decade, more than 40 percent of small businesses left the DIB supply chain, and over 15,000 U.S. suppliers are at risk of leaving the defense industrial supply chain in the next decade, according to the Government Accountability Office. In the short term, the announced tariffs alone will increase costs for U.S. defense industrial supply chain companies. DIB companies and their suppliers may be forced to absorb those costs which could drive more companies and jobs out of the defense industrial supply chain, stifling innovation. In the long term, tariffs will drive up DOD’s contracting and procurement costs, limit DOD buying power and ultimately harm the warfighter and our military readiness.

Moreover, without proper planning and thoughtful consideration of U.S. productive capacity, these tariffs have the potential to balloon the DOD budget far beyond CBO’s expected increases. According to a former Pentagon acquisition official, “[t]here’s going to be shortages of supplies… [s]ome potentially vital supplies are either going to cost a whole heck of a lot more than what they did or they’re just not going to be available.”

Additionally, we are concerned about DOD’s ability to secure its own supply chains and fully assess how much of its industrial base is foreign-sourced. The average American aerospace company relies on roughly 200 first tier suppliers. The second and third tiers have more than 12,000 companies. With the globalization of supply chains, these suppliers and their goods come from a wide array of places. Some foundational industrial supply chain sectors, like optical instruments, mechanical gears, welding equipment and printed circuit boards source a large part of their components from outside North America.

Lastly, Chapter 98 of the Harmonized Tariff Schedule typically allows for duty-free entry of material procured by authorized agencies and certified by the Commissioner of Customs. However, given the number of different tariff actions announced this year, it is unclear how widely Chapter 98 applies. Providing clarity on this front would help businesses throughout the defense supply chain.

Therefore, it is critical that the Department keep an account of these actions to prevent cost overruns. I request answers to the following questions no later than April 30, 2025:

What critical imported supplies are currently subject to new tariffs this year?

How do you calculate the monetary impact of tariffs on DOD contracts?

How is DOD factoring increased costs due to tariffs into fixed-price contracts?

What is the impact of increased costs due to tariffs on DOD’s purchasing power?

Can DOD defense industrial base contractors continue to use Chapter 98 of the Harmonized Tariff Schedule to purchase critical materials without duties under all tariff actions this year? If not, which actions does this apply to?

Thank you for your timely response to my questions.

Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Earlier this month, Shaheen took to the Senate floor to highlight the devastating impacts that President Trump’s tariffs and trade war will have on American families and the economy. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act which would limit the president’s ability to leverage sweeping tariffs that increase costs for American consumers and families. Her effort to pass this bill by unanimous consent was blocked by Senate Republicans. In recent months, Shaheen has traveled across the Granite State to visit businesses including Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple and American Calan Inc. to hear directly from Granite Staters impacted by the administration’s tariffs.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Luján Addresses Industry Leaders and Innovators at Energy, Technology & Environmental Business Association’s Forum

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

Santa Fe, N.M. – Today, U.S. Senator Ben Ray Luján (D-N.M.) delivered remarks at the Energy, Technology & Environmental Business Association’s New Mexico Federal Business Opportunities Forum to highlight federal investments in energy, innovation, and sustainability, as well as the success of New Mexico businesses in energy, technology, and environmental issues. Senator Luján specifically highlighted investments he helped secure for the National Labs located in New Mexico through the Inflation Reduction Act and efforts he championed in the CHIPS and Science Act to drive scientific innovation in underserved areas in rural New Mexico.

“New Mexico’s business owners, engineers, scientists, and advocates are helping drive innovation and economic growth right here at home and across the country,” said Senator Luján. “It was a privilege to join industry leaders today at the Energy, Technology & Environmental Business Association’s New Mexico Federal Business Opportunities Forum and recognize all the work that is happening to build a sustainable, competitive, and secure future. I have long fought to make sure New Mexico is front and center in every conversation about energy, innovation, and sustainability, and will continue to do so. I look forward to working together with these industry leaders, small businesses, and entrepreneurs to shape the future of innovation in New Mexico.”

The Energy, Technology & Environmental Business Association’s New Mexico Federal Business Forum connects industry leaders, small businesses, entrepreneurs, and federal partners to forge new partnerships, share knowledge, and shape the future of innovation in New Mexico.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Murphy, Blumenthal, Courtney, DeLauro, Hayes, 171 Colleagues Introduce Bicameral Legislation To Raise Minimum Wage To $17 By 2030, Benefitting Nearly 22 Million Americans

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

WASHINGTON—U.S. Senators Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, and Richard Blumenthal (D-Conn.), and U.S. Representatives Joe Courtney (D-Conn.-02), Rosa DeLauro (D-Conn.-03), and Jahana Hayes (D-Conn.-05) joined 171 members of Congress and 85 organizations from across the country in introducing the Raise the Wage Act of 2025. This bicameral legislation would ensure American workers make a living wage, drive economic growth, and reduce income inequality by raising the minimum wage to $17 for all workers and gradually eliminating subminimum wages for tipped workers, workers with disabilities, and youth workers. The minimum wage in Connecticut is $16.35 per hour.

“It’s shameful that there are millions of people in this country who work full-time jobs and yet they can’t afford rent or pay for their groceries. Raising the federal minimum wage to $17 would help 42,000 workers in Connecticut keep up with the cost of living, but it’s just a start. Our economy is failing working people, and I will keep fighting for a future where hard work gives everyone in this country a fair shot at the American Dream,” said Murphy.

“Low wages have impoverished workers in our country for too long. Raising the minimum wage would drive much-needed economic growth, reduce wealth inequality, and raise 22 million Americans across the country out of poverty. I’m proud to support the Raise the Wage Act and I urge my colleagues to do the same because working class Americans deserve economic security,” said Blumenthal.

“American workers have gone for more than a decade without a raise in the federal minimum wage,” said Courtney. “At a pitiful $7.25 an hour, the current federal minimum wage does not provide working people with a paycheck that meets the true cost of living. Increasing the minimum wage and indexing it to inflation will go a long way to helping 42,000 Connecticut workers meet their basic needs. ”

“Working-class Americans are struggling with the high cost of living, and Democrats are moving policies to put more money in their pockets right now,” said DeLauro. “The Raise the Wage Act would ensure the minimum wage is $17 for all workers, strengthening economic security for workers across America – including the 42,000 minimum wage earners in Connecticut. I am proud to join my colleagues in championing this critical legislation.”

“Connecticut has been ahead of the curve in providing workers with a livable wage,” said Hayes. “The benefits of raising the federal minimum wage would be far-reaching, as there has been no change since 2009 at the federal level. A person who works should be paid a living wage that meets their basic needs.”

Last year, nearly one in four workers in the U.S. made less than $17 per hour. The Raise the Wage Act of 2025 would raise the federal minimum wage to $17 over five years, eliminate the tipped subminimum wage over seven years, eliminate the subminimum wage for workers with disabilities over five years, and eliminate the subminimum wage for youth workers over seven years. According to analysis by the Economic Policy Institute (EPI), passing the Raise the Wage Act of 2025 would provide raises to over 22 million workers across the country by 2030.

In 2024, voters in Missouri and Alaska overwhelmingly voted to raise the minimum wage to $15 an hour. In 2022, voters in Nebraska voted to raise the minimum wage to $15 an hour. In 2020, Florida voted to raise the minimum wage to $15 an hour. As a result of inflation, $15 an hour a couple of years ago would be over $18 an hour today. Moreover, if the minimum wage had increased with worker productivity over the last 57 years, it would be over $23 an hour today, not $7.25 an hour.

Over the last 50 years, nearly $80 trillion in wealth has been redistributed from the bottom 90 percent of America to the top one percent. Today, the value of the current federal minimum wage – $7.25 per hour – is the lowest it has been since 1956 and has declined by over 32 percent since it was last increased in 2009. While approximately four million tipped workers in the U.S. depend on tips for as much as half of their income or more, the tipped sub-minimum wage has remained stagnant at just $2.13 per hour since 1991. The current median wage for at least 37,000 workers with disabilities is just $3.50 per hour.

Meanwhile, across every state in the country, a living wage for a worker in a family with two working adults and one child is greater than $17 per hour, according to the Economic Policy Institute’s (EPI) Family Budget Calculator. Many of these low-wage workers face persistent economic insecurity, struggling to put food on the table and afford basic necessities, including housing, health care, and childcare.

Black and Hispanic workers disproportionately feel the burden of these low wages as compared to their white counterparts, and that disparity is even worse for women of color. Nearly 40 percent of Hispanic women and 35 percent of Black women make less than $17 per hour.

U.S. Senators Bernie Sanders (I-Vt.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also cosponsored the legislation.

More than 85 organizations endorsed the Raise the Wage Act of 2025, including Service Employees International Union (SEIU), AFL-CIO, American Association of People with Disabilities (AAPD), American Federation of State, County and Municipal Employees (AFSCME), American Federation of Teachers (AFT), Autistic Self Advocacy Network (ASAN), Business for a Fair Minimum Wage, Communications Workers of America (CWA), Economic Policy Institute (EPI), Equal Pay Today, International Union of Painters and Allied Trades (IUPAT), National Domestic Workers Alliance (NDWA), National Education Association (NEA), National Employment Law Project (NELP), The National Partnership for Women & Families, National Women’s Law Center (NWLC), One Fair Wage, Oxfam America, Patriotic Millionaires, UNITE HERE, United Autoworkers (UAW), United Food and Commercial Workers (UFCW), United for Respect, and United Steelworkers (USW).

The full bill text is available HERE and a fact sheet is available HERE.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Murphy On TIME 100 Honoree Connecticut’s Josh Koskoff: The Lawyer Who Took On The Gun Industry— And Won

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

April 16, 2025

For almost two decades, the federal Protection of Lawful Commerce in Arms Act prevented gun manufacturers from being held accountable for their role in the uniquely American epidemic of gun violence. Josh Koskoff, a feisty, public-interest-minded lawyer in Connecticut, dared to challenge what was believed to be an impenetrable shield—and won.

When Josh agreed to help the families of Sandy Hook victims take on Remington, the company that manufactured and marketed the AR-15-style rifle used to murder 20 children and six adults in Newtown, Conn., he knew it would be an uphill battle. But in 2022, his novel approach won a $73?million settlement for the families.

Josh’s arguments—focused on corporate misconduct, not the Second Amendment—have become the model for holding the gun industry to account. In May, he filed lawsuits on behalf of Uvalde, Texas, families against gun manufacturer Daniel Defense, Meta, and Activision for their alleged roles in marketing AR-15-style rifles to a teenager who turned 18 just minutes before purchasing that rifle. No amount of money will bring back loved ones. But Josh gives the families he represents a real chance to seek justice.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Drugs

Source: US Food and Drug Administration

FDA regulates the safety and effectiveness of prescription and over-the-counter (OTC) drugs, and works to help communicate the benefits and risks associated with these products. Read these Consumer Updates to learn more.

Animal Welfare, Testing and Research of FDA-Regulated Products
Create and Keep a Medication List for Your Health
Know When and How to Use Antibiotics, and When to Skip Them
It’s a Good Time to Get Your Flu Vaccine
Skip the Antibacterial Soap; Use Plain Soap and Water
Tips to Stay Safe in the Sun: From Sunscreen to Sunglasses
Advisory Committees Give FDA Critical Advice and the Public a Voice
Ivermectin and COVID-19
Know Which Medication Is Right for Your Seasonal Allergies
Allergy Relief for Your Child
Some Medicines and Driving Don’t Mix
Taking Z-drugs for insomnia? Know the Risks
5 Medication Safety Tips for Older Adults
Don’t Overuse Acetaminophen
Know Your Treatment Options for COVID-19
Beware of Illegally Marketed Diabetes Treatments, Fraudulent Pharmacies
Treating Migraines: Ways to Fight the Pain with Medication
Prostate Cancer: Symptoms, Tests, and Treatment
Treating and Dealing with ADHD
Safely Treating Molluscum, a Common Skin Condition
Accidental Exposures to Fentanyl Patches Continue to Be Deadly to Children
What to Ask Your Doctor Before Taking Opioids
Apetamin – An Illegally Imported Weight Gain, Figure Augmentation Product
FDA Warns of Use of Selective Androgen Receptor Modulators (SARMs) Among Teens, Young Adults
Safely Using Hand Sanitizer
Access to Naloxone Can Save a Life During an Opioid Overdose
Manage Your Asthma: Know Your Triggers and Treatment Options
Products Marketed for Removing Moles and Other Skin Lesions Can Cause Injuries, Scarring
How to Buy Medicines Safely From an Online Pharmacy
Should Your Child Participate in a Clinical Trial?
Warning: Aspirin-Containing Antacid Medicines Can Cause Bleeding
A Recipe for Danger: Social Media Challenges Involving Medicines
Want to Quit Smoking? FDA-Approved and FDA-Cleared Cessation Products Can Help
Is It Really ‘FDA Approved?’
Caution Consumers: Honey-based or Honey-flavored Syrup Products May Pose Health Risk
Generic Drugs Undergo Rigorous FDA Review
Tianeptine Products Linked to Serious Harm, Overdoses, Death
FDA Pharmacists Help Consumers Use Medicines Safely
5 Things to Know about Delta-8 Tetrahydrocannabinol – Delta-8 THC
Older Therapies Aren’t Necessarily Better for Thyroid Hormone Replacement
Weight Loss, Male Enhancement and Other Products Sold Online or in Stores May Be Dangerous
Do Not Use: Black Salve is Dangerous and Called by Many Names
Safely Using Hand Sanitizer
Avoid Dangerous HCG Diet Products
Understanding the Regulatory Terminology of Potential Preventions and Treatments for COVID-19
Men With Breast Cancer Need More Treatment Options and Access to Genetic Counseling
What You Should Know About Using Cannabis, Including CBD, When Pregnant or Breastfeeding
What to Know About Products Containing Cannabis and CBD
Be Aware of Potentially Dangerous Products That Claim to Treat Autism
For Women: The FDA Gives Tips to Prevent Heart Disease
Safely Soothing Teething Pain and Sensory Needs in Babies and Older Children
Should You Give Kids Medicine for Coughs and Colds?
Ticks and Lyme Disease: Symptoms, Treatment, and Prevention
Where and How to Dispose of Unused Medicines
Biosimilars: More Treatment Choices and Innovation
Hurricane Season: Be Prepared
Treating and Preventing Head Lice
Should You Put Sunscreen on Infants? Not Usually
Grapefruit Juice and Some Drugs Don’t Mix
Caution: Bodybuilding Products Can Be Risky
Outsmarting Poison Ivy and Other Poisonous Plants
Products Claiming to “Cure” Cancer Are a Cruel Deception
Mixing Medications and Dietary Supplements Can Endanger Your Health

Content current as of:
02/03/2023

Regulated Product(s)

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Kentuckians Have Until April 25 to Apply for Assistance

Source: US Federal Emergency Management Agency

Headline: Kentuckians Have Until April 25 to Apply for Assistance

Kentuckians Have Until April 25 to Apply for Assistance

FRANKFORT, Ky

– FEMA is reminding the residents of Kentucky who were impacted by the February severe storms to apply for Disaster Assistance before the deadline of Friday, April 25

If applicants received a letter from FEMA and need to appeal, they have 60 days from the date of the letter to do so

How to Apply for FEMA AssistanceIf you live in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, or Woodford counties, and haven’t yet applied for FEMA assistance, you may still complete an application

Remember: the deadline to apply for FEMA assistance is Friday, April 25

You can visit a Disaster Recovery Center (DRC) to meet face to face with specialists from FEMA to get assistance filling out your application

The Small Business Administration (SBA) and other state and local agencies are also in DRCs to answer questions about disaster assistance and other recovery resources

You may also upload any documents needed for applications at the centers

If you are unable to visit a DRC, there are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

What Happens After I Apply?Once FEMA has reviewed your application and evaluated the results of the inspection and/or documentation submitted, you will get a letter explaining:Whether you are approved for assistance

How much assistance you will receive

How the assistance must be used

How to appeal FEMA’s decision if you do not agree with it

The letter will be sent to you by email or mail based on what you selected when you completed your application

Please read the letter in its entirety

If you were not initially approved for assistance, it may be due to something very simple like an additional document that is needed

If for any reason you do not agree with the initial decision, you can file an appeal

For an accessible video on how to apply for FEMA assistance, go to youtube

com/watch?v=WZGpWI2RCNw

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Wed, 04/16/2025 – 12:36

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Canadian Manufacturer to Invest $9.3 Million in High Point for First U.S. Manufacturing Operation

Source: US State of North Carolina

Headline: Canadian Manufacturer to Invest $9.3 Million in High Point for First U.S. Manufacturing Operation

Canadian Manufacturer to Invest $9.3 Million in High Point for First U.S. Manufacturing Operation
lsaito
Wed, 04/16/2025 – 14:17

Raleigh, NC

Today, Governor Josh Stein announced that Opsun Corporation, a manufacturer of structures for solar panels, will create 20 new jobs in Guilford County. The company will invest $9.3 million to build its first United States production facility in High Point.

“This announcement is yet another illustration of how much companies want to do business in North Carolina,” said Governor Josh Stein. “Our skilled workforce, commitment to sustainability, and convenient East Coast location continues to attract global manufacturers like Opsun Corporation. I am proud of North Carolina’s continued commitment to our clean energy economy, and I am excited to welcome Opsun to our state.”

Headquartered in Quebec City, Opsun Corporation designs and manufactures aluminum solar panel mounting structures for commercial, industrial, and residential markets. These high-quality mounts are engineered for durability, renewability, and energy optimization. As a third manufacturing site, Opsun’s new facility will increase efficiency, add more warehouse space, and triple the footprint of the current operations.

“We’re thrilled to open our first US-base factory in such a booming economic and strategic center” said François Gilles-Gagnon, President of Opsun Corporation. “This new facility will be a key to Opsun’s growth in the USA, and together with our North Carolina workforce and local suppliers, we will help drive the growth of solar installations across the state and throughout the United States. Opsun always sourced all components in North America and this new U.S. facility reinforces our commitment for domestically made, high performance solar mounting systems.”

“In addition to our manufacturing workforce of nearly 470,000 North Carolinians, our state is within a day’s drive of 170 million people,” said N.C. Commerce Secretary Lee Lilley. “As the fourth largest state for installed solar energy capacity, Opsun is a great addition to North Carolina’s clean energy supply chain and we’re confident that they will be in great company in Guilford County.”

While wages vary by position, the annual average salary for the new positions will be $63,015, exceeding Guilford County’s average of $60,195. These new jobs could potentially create an annual payroll impact of more than $1.2 million for the region.

A performance-based grant of $40,000 from the One North Carolina Fund will help the company locate in North Carolina. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require matching participation from local governments and any award is contingent upon that condition being met.

“These new jobs are a great addition to Guilford County and the entire state of North Carolina,” said N.C. Senate President Pro Tempore Phil Berger. “The manufacturing workforce and accessible talent in the region are second to none, and we know Opsun will have a prosperous future here.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, NC Carolina Core, Guilford Technical Community College, GuilfordWorks, Guilford County, Guilford County Economic Development Alliance, City of High Point, and Greensboro Chamber.

Apr 16, 2025

MIL OSI USA News –

April 17, 2025

MIL-OSI Asia-Pac: India’s Retail Inflation Hits Six-Year Low

Source: Government of India

Posted On: 16 APR 2025 5:39PM by PIB Delhi

2024-25 Retail Inflation Drops to 4.6%, March Sees YoY Dip to 3.34%

Introduction

Retail inflation in India, as measured by the Consumer Price Index (CPI), which reflects the cost of everyday goods and services, fell to a remarkable 4.6% in the fiscal year 2024-25, the lowest since 2018-19. This milestone highlights the effectiveness of the Reserve Bank of India’s pro-growth monetary policy, which has successfully balanced economic expansion with price stability. Notably, the year-on-year inflation rate for March 2025 dropped to 3.34%, a decline of 27 basis points from February 2025, marking the lowest monthly inflation rate since August 2019. These figures demonstrate a sustained effort to curb price rises while fostering economic growth.

The government’s strategic interventions have been pivotal in achieving this outcome. Key measures include bolstering buffer stocks of essential food items and releasing them periodically in open markets, alongside subsidised retail sales of staples like rice, wheat flour, pulses, and onions. Simplified import duties on critical food items, stricter stock limits to prevent hoarding, and reduced GST rates on essentials have further eased price pressures. Targeted subsidies, such as LPG support under the Pradhan Mantri Ujjwala Yojana and the Pradhan Mantri Garib Kalyan Anna Yojana, have protected vulnerable households from rising food grain costs, ensuring that the benefits of lower inflation reach those who need it most.

What is Consumer Price Index?

The Consumer Price Index (CPI) is one of the most important economic indicators used to measure changes in the general level of retail prices over time. It reflects how much households need to spend on a fixed basket of goods and services they typically consume, such as food, clothing, housing, and fuel. In India, the CPI is compiled by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) and is currently calculated using the base year 2012. By tracking the cost of this basket over time, the CPI shows how prices rise or fall, affecting the purchasing power of consumers and their overall welfare.

The CPI measures price changes by comparing the current cost of this fixed basket of goods and services to what it cost in a previous period. Since the contents of the basket are kept constant in terms of quantity and quality, any change in the index reflects only the change in prices. When prices increase, the CPI goes up, signalling inflation; when they fall, the CPI declines, indicating lower inflation or deflation.

Originally, CPI figures were developed to track changes in the cost of living for workers so that their wages could be adjusted in line with price movements. Over time, however, the CPI has evolved into a widely used macroeconomic tool. It is now a key benchmark for targeting inflation, monitoring price stability, and guiding monetary policy decisions by the Reserve Bank of India (RBI). It also serves as a deflator in the National Accounts to measure real economic growth.

In India, along with the general CPI (CPI–Combined), segment-specific indices are also published to cater to different population groups:

CPI (IW) – Consumer Price Index for Industrial Workers
CPI (AL) – Consumer Price Index for Agricultural Labourers
CPI (RL) – Consumer Price Index for Rural Labourers

These indices help in wage revisions, rural planning, and understanding inflation trends in specific segments of the population.

Key Highlights for March 2025

Food Inflation: The year-on-year food inflation based on the Consumer Food Price Index (CFPI) stood at 2.69% in March 2025, the lowest since November 2021. This marks a sharp decline of 106 basis points from the previous month.
Rural food inflation: 2.82%
Urban food inflation: 2.48%

Drivers of Decline: The overall moderation in food prices was led by a drop in inflation across key categories such as vegetables, eggs, pulses and products, meat and fish, cereals and products, and milk and products.

Rural Inflation: A notable fall was recorded in both headline and food inflation in rural areas.

Headline inflation fell from 3.79% in February to 3.25% in March
Food inflation dropped from 4.06% to 2.82%

Urban Inflation: Headline inflation in urban areas saw a marginal rise to 3.43% in March, up from 3.32% in February. However, food inflation declined significantly from 3.15% to 2.48%.
Housing Inflation: For the urban sector, housing inflation rose slightly to 3.03% in March 2025 from 2.91% in February.
Fuel & Light: Inflation in this category rebounded to 1.48% in March from -1.33% in February, covering both rural and urban areas.
Education Inflation: A moderate increase was noted in education-related inflation, rising to 3.98% from 3.83% the previous month.
Health Inflation: Prices in the health segment saw a mild rise, with inflation at 4.26% in March, up from 4.12% in February.
Transport & Communication: Inflation in this category increased to 3.30% in March 2025 compared to 2.93% in February.
Items with Highest Inflation: In March 2025, the top five items with the highest year-on-year inflation were coconut oil (56.81%), coconut (42.05%), gold (34.09%), silver (31.57%), and grapes (25.55%).
Items with Lowest Inflation: The items witnessing the steepest decline in prices were ginger (-38.11%), tomato (-34.96%), cauliflower (-25.99%), jeera (-25.86%), and garlic (-25.22%).

Retail Inflation Eases for Third Year in a Row

Retail inflation in India has followed a steady downward path over the past three financial years, falling from 6.7 percent in 2022–23 to 5.4 percent in 2023–24, and further to 4.6 percent in 2024–25. This consistent moderation highlights the combined impact of the Reserve Bank of India’s calibrated monetary policy and the Government of India’s focused interventions to ease supply-side constraints and stabilise prices of essential commodities. The declining trend has helped ease cost-of-living pressures and fostered a more stable environment for economic growth.

From High Prices to Stability: A Decade of Inflation Control

Between 2009–10 and 2013–14, India faced a prolonged period of high inflation, with the average annual rate remaining in double digits. Households across the country bore the brunt of steep increases in food and fuel prices, which eroded purchasing power and created a challenging environment for both consumers and businesses. Looking at a broader timeframe, the average annual inflation between 2004–05 and 2013–14 stood at 8.2 percent, reflecting a decade marked by considerable volatility in retail prices.

In sharp contrast, the ten-year period from 2015–16 to 2024–25 witnessed a marked decline in inflationary pressures, with the average rate coming down to 5 percent. This significant moderation reflects the sustained efforts of both the Government and the Reserve Bank of India to improve price stability through better supply-side management, fiscal prudence, and inflation-targeting monetary policy. The shift from a high-inflation era to a more stable pricing environment has provided greater certainty for consumers and strengthened the foundation for long-term economic growth.

Conclusion

In conclusion, the steady decline in retail inflation over recent years marks a crucial milestone in India’s economic journey, reflecting the success of coordinated efforts by the Government of India. From proactive monetary policies to targeted fiscal measures that safeguard consumers, especially the vulnerable, from volatile price swings, the approach has been both inclusive and effective. With inflation now at its lowest since 2018–19, India has not only reinforced macroeconomic stability but also created an enabling environment for sustainable growth. This trajectory underscores the country’s resilience and commitment to ensuring price stability without compromising on development goals.

References:

Click here to see PDF.

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Santosh Kumar/ Sarla Meena/ Saurabh Kalia

(Release ID: 2122148) Visitor Counter : 83

MIL OSI Asia Pacific News –

April 17, 2025

MIL-OSI USA: Governor Newsom files lawsuit to end President Trump’s tariffs

Source: US State of California 2

Apr 16, 2025

What you need to know: California today filed a lawsuit challenging President Trump’s authority to unilaterally enact tariffs, which have created economic chaos, driven up prices, and harmed the state, families, and businesses.

SACRAMENTO – Governor Gavin Newsom and California Attorney General Rob Bonta today filed a lawsuit in federal court challenging President Trump’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit argues that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the largest economy, manufacturing, and agriculture state in the nation.

These tariffs have disrupted supply chains, inflated costs for the state and Californians, and inflicted billions in damages on California’s economy, the fifth largest in the world.

“President Trump’s unlawful tariffs are wreaking chaos on California families, businesses, and our economy — driving up prices and threatening jobs. We’re standing up for American families who can’t afford to let the chaos continue.”

Governor Gavin Newsom

“The President’s chaotic and haphazard implementation of tariffs is not only deeply troubling, it’s illegal. As the fifth largest economy in the world, California understands global trade policy is not just a game. Californians are bracing for fallout from the impact of the President’s choices — from farmers in the Central Valley, to small businesses in Sacramento, and worried families at the kitchen table — this game the President is playing has very real consequences for Californians across our state. I am proud to go to bat alongside Governor Newsom to fight for California’s vibrant economy, businesses, and residents.”

Attorney General Rob Bonta

The lawsuit, filed in the United States District Court for the Northern District of California, requests the court to declare the tariffs imposed by President Trump void and enjoin their implementation.

The President lacks authority to enact unilateral tariffs

The lawsuit argues that President Trump lacks the authority to unilaterally impose tariffs against Mexico, China, and Canada or create an across-the-board 10% tariff. The President’s use of the International Economic Emergency Powers Act (IEEPA) to enact tariffs is unlawful and unprecedented.

The IEEPA gives the President authority to take certain actions if he declares a national emergency in response to a foreign national security, foreign policy, or economic threat. The law, which was enacted by Congress in 1977, specifies many different actions the President can take, but tariffs aren’t one of them. In fact, this is the first time a president has attempted to rely on this law to impose tariffs.

Supreme Court precedent

The lawsuit invokes the U.S. Supreme Court’s major questions doctrine, which holds that in novel matters of vast economic and political significance, federal agencies and the executive branch must have clear and specific authorization from Congress. In recent years, the Court has applied this standard to strike down major initiatives, including President Obama’s Clean Power Plan and President Biden’s student loan forgiveness program, ruling that novel executive actions with broad impacts on the national economy cannot rest on vague statutory authority.

It is difficult to imagine a more economically significant set of actions than the one Trump is taking on tariffs, which have inflicted hundreds of billions of dollars in economic losses on a whim, using a statute that doesn’t mention tariffs. The Court, applying this doctrine even-handedly, will find that such expansive action absent congressional approval is a clear violation of the law.

California is the backbone of the nation’s economy

California’s gross domestic product was $3.9 trillion in 2023, making it 50% bigger than the GDP of the nation’s next-largest state, Texas. The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians. The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.

The Golden State is global leader in two-way trade

California engaged in nearly $675 billion in two-way trade in 2024, supporting millions of jobs throughout the state. California’s economy and workers rely heavily on this trade activity, particularly with Mexico, Canada, and China – our top 3 trade partners. Over 40% of California imports come from these countries, totaling $203 billion of the more than $491 billion in goods imported by California in 2024. These countries are also our top three export destinations, buying nearly $67 billion in California exports, which was over one-third of the state’s $183 billion in exported goods in 2024.

Tariffs irreparably harm California businesses and consumers

As the largest economy in the nation, the largest agriculture state in the nation, and the largest U.S. trading partner, the harm of the tariffs on the state of California is immense. President Trump’s policies have already inflicted hundreds of billions of dollars in economic losses.

Tariffs have an outsized impact on California businesses, including its more than 60,000 small business exporters.

Standing up for California families and businesses

Governor Newsom has responded quickly to help reduce negative impacts from the Trump tariffs on California’s economy and maintain California’s strong partnerships worldwide. Today’s lawsuit follows the Governor’s recent announcement of California’s goal to create new strategic trade relationships with international partners aimed at strengthening shared economic resilience and protecting California’s manufacturers, workers, farmers, businesses, and supply chains. The Governor has also announced a new international campaign to help maintain the strong tourism partnership between California and Canada.

More opposition to President Trump’s tariffs

U.S. Senator Ted Cruz (R-Texas): “Listen, I love President Trump, I’m his strongest supporter, and I think he’s doing incredible things as president. But here’s one thing to understand, a tariff is a tax.”

U.S. Senator Rand Paul (R-Kentucky): “Every dollar collected in tariff revenue comes straight out of the pockets of American consumers.”

U.S. Senator Lisa Murkowski (R-Alaska): “And if the global implications of these tariffs have shown us nothing else, it’s that measures that are as important as these should be considered by the 535 elected individuals that are in tune with the American people, rather than vesting that with just one individual acting unilaterally.”

Ben Shapiro, political commentator: “The idea that this is inherently good and makes the American economy strong is wrongheaded; it is untrue…”

U.S. Chamber of Commerce: “What we have heard from business of all sizes, across all industries, from around the country is that these broad tariffs are a tax increase that will raise prices for American consumers and hurt the economy.”

National Retail Federation: “American consumers could lose between $46 billion and $78 billion in spending power each year if new tariffs on imports to the United States are implemented.”

The Wall Street Journal Editorial Board: “The dumbest trade war in history.”

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MIL OSI USA News –

April 17, 2025

MIL-OSI Asia-Pac: India poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC): Shri Piyush Goyal

Source: Government of India

India poised to become a trusted bridge of global connectivity through India-Middle East-Europe Economic Corridor (IMEC): Shri Piyush Goyal

IMEC to reduce logistics costs by up to 30% and transportation time by 40%, boosting global trade: Shri Goyal

Union Minister of Commerce and Industry Piyush Goyal addresses High-Level Roundtable on IMEC

Posted On: 16 APR 2025 10:52PM by PIB Delhi

Union Minister of Commerce and Industry, Shri Piyush Goyal addressed the India-Middle East-Europe Economic Corridor (IMEC) High-Level Roundtable on Connectivity and Economic Growth in New Delhi today.

Shri Goyal said that the IMEC is a powerful endorsement of the leadership and partnership of India and Middle East and East Europe a very forward and visionary concept that has caught the fancy of the world, he noted.

The Minister stated that IMEC is not merely a trade route, but a modern-day Silk Route — a partnership of equals — that fosters synergy, connectivity, and inclusive prosperity. “It will bring down logistics costs by up to 30%, reduce transportation time by 40%, and create seamless trade linkages across continents,” he said. “We will not only be linking trade; we will be linking civilizations and cultures — from Southeast Asia to the Gulf, from the Middle East to Central Europe.”

Highlighting its potential reach, Shri Goyal added that IMEC could even enhance connectivity to Africa through the Middle East. The corridor would include railways, roadways, energy pipelines, and clean energy infrastructure, including undersea cables. “India is already in discussions with Singapore on clean energy transmission. We are also engaged in dialogue with Saudi Arabia and the UAE,” he shared.

Shri Goyal underscored the corridor’s emphasis on sustainability and digital connectivity. “This initiative respects sovereignty and territorial integrity. It is not about dominance or creating economic unions. It is a partnership built on mutual trust, inclusivity and sustainability,” he said.

He further outlined five key suggestions as a way forward for the IMEC initiative. First, Shri Goyal stressed the importance of viewing IMEC through the lens of a Public-Private Partnership (PPP). He emphasized that leaving the initiative solely to the government would limit its efficiency and financial viability. Instead, he called for a collaborative model where the private sector leads, bringing to the table its real-world expertise, needs, and innovative capabilities. This approach, he noted, would ensure smarter and more cost-effective planning, as the private sector can propose solutions that reflect practical utility. It would also allow policymakers to think systematically while the private sector introduces flexibility and innovation, ensuring the corridor remains viable, efficient, and sustainable in its execution.

Second, he highlighted the need to focus on Regulatory Connectivity, going beyond just physical infrastructure. Shri Goyal advocated for greater alignment in trade processes, customs procedures, and paperwork among participating nations. He cited India’s ongoing regulatory collaboration with the UAE as an example and pointed out that successful implementation of the corridor would require seamless cross-border movement without excessive checkpoints. Interoperable systems, digitization, electric vehicle charging ecosystems, and synchronized regulations would be key to unlocking economies of scale. He suggested that common digital payment systems, such as India’s Unified Payments Interface (UPI), could serve as a model for enabling seamless financial transactions. With periodic settlement in globally accepted reserve currencies, such mechanisms could reduce transactional friction and banking costs. He proposed that such innovations, combined with virtual trade corridor frameworks like the India-UAE initiative, could be extended through IMEC. These would support broader agreements such as FTAs with GCC and EU countries and bolster joint work in green hydrogen, renewable energy, and supply chain resilience.

Third, Shri Goyal underlined the need for Innovative Financing Models to support both the development of the corridor and the trade it will generate. He called for active involvement of multilateral financial agencies and suggested exploring instruments like green bonds and the creation of long-term “IMEC Bonds”, to fund this transcontinental infrastructure in a sustainable and future-proof manner.

Fourth, he recommended active engagement with industry bodies and trade associations, asserting that their insights are essential for designing a corridor that aligns with the real needs of businesses. Such collaboration would help identify existing bottlenecks, promote best practices, and better integrate economies by removing trade frictions.

Lastly, Shri Goyal proposed bringing in Think Tanks and Academia to the visioning and design process. These institutions, he noted, bring creativity, research strength, and long-term thinking. Their involvement would support policy advocacy, contribute to out-of-the-box solutions, and assist in capacity-building efforts along the corridor. He called this a well-rounded package of five initiatives that could help IMEC evolve into a robust, viable, and inclusive project. Reiterating India’s clear and committed vision, he said the country is ready to act as a trusted, reliable bridge connecting regions and catalyzing global cooperation, under the guiding spirit of Vasudhaiva Kutumbakam — the world is one family.

***

Abhishek Dayal/ Nihi Sharma/ Ishita Biswas

(Release ID: 2122299) Visitor Counter : 52

MIL OSI Asia Pacific News –

April 17, 2025

Category: Commerce

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