NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Commerce

  • MIL-OSI United Kingdom: Export bars placed on two paintings by 18th century artist Agostino Brunias

    Source: United Kingdom – Government Statements

    Press release

    Export bars placed on two paintings by 18th century artist Agostino Brunias

    Temporary export bars have been placed on two paintings by 18th century Italian artist Agostino Brunias

    • Export bars have been placed on the paintings to allow time for a UK gallery or institution to acquire them

    Export bars have been placed on two paintings of the island of St Vincent by 18th century artist Agostino Brunias. 

    Both paintings depict the island through the lens of the British Empire, with one showing the signing of a treaty and the other a representation of Indigenous life. 

    The Minister’s decision follows the advice of the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest.

    The Committee found that ‘Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent’ met the first and third Waverley criteria for its connection with our history and national life. In addition, the Committee found that ‘A family of Charaibes in the Island of St Vincent’ met the third Waverley criterion for its significance to the study of the history of slavery and colonialism. 

    The decision on the export licence applications for both paintings will be deferred for a period ending on 15 July 2025 inclusive. At the end of the first deferral period owners will have a consideration period of 15 Business Days to consider any offer(s) to purchase one or both the paintings.

    Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent is set at the recommended price of £240,000 (plus VAT of £8,000). The second deferral period will commence following the signing of an Option Agreement and will last for three months.

    A family of Charaibes in the Island of St Vincent is set at the recommended price of £180,000 (plus VAT of £6,000). The second deferral period will commence following the signing of an Option Agreement and will last for three months.

    Notes to editors

    1. Organisations or individuals interested in purchasing one or both the paintings should contact the RCEWA on 02072680534 or rcewa@artscouncil.org.uk.
    2. The Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest is an independent body, serviced by Arts Council England (ACE), which advises the Secretary of State for  Culture, Media and Sport on whether a cultural object, intended for export, is of national importance under specified criteria.

    Details: A family of Charaibes in the Island of St Vincent 

    1. Details of the ITEM are as follows: A family of Charaibes in the Island of St Vincent, c.1773, oil on canvas, by Agostino Brunias (c.1730 – 2 April 1796), 56 x 61 cm.; 22 x 24 in.
    2. Provenance: Commissioned by Sir William Young, 1st Bt (1725–1788), Governor of Dominica; By descent to his son, Sir William Young, F.R.S. (1749–1815), Governor of Tobago; Anonymous sale, Paris, Hotel Drouot, 9 March 1951, lot 74 (as one of a pair); Private collection, France; Anonymous sale, Christie’s, London, 25 September 2003, lot 424; Where acquired by the mother of the present owners.

    Details: Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent

    1. Details of the ITEM are as follows: Sir William Young Conducting a Treaty with the Black Caribs on the Island of St Vincent, 1773, oil on canvas, by Agostino Brunias (c.1730 – 2 April 1796), 56 x 61 cm.; 22 x 24 in.
    2. Provenance: Commissioned by Sir William Young, 1st Bt (1725–1788), Governor of Dominica; By descent to his son, Sir William Young, F.R.S. (1749–1815), Governor of Tobago; Anonymous sale, Paris, Hotel Drouot, 9 March 1951, lot 74 (as one of a pair); Private collection, France; Anonymous sale, London, Christie’s, 25 September 2003, lot 425 (where titled ‘Pacification of the Maroon Negros in the Island of Jamaica’); Where acquired by the mother of the present owners.

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 16 April 2025

    MIL OSI United Kingdom –

    April 17, 2025

  • MIL-OSI: Fortinet Releases its 2024 Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., April 16, 2025 (GLOBE NEWSWIRE) — News Summary

    Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today released its 2024 Sustainability Report, outlining the company’s approach, key commitments, and progress on the sustainability topics that matter most to the company and its stakeholders.

    “As digital transformation accelerates, cybersecurity is more critical than ever to safeguarding businesses, the global economy and society at large,” said Michael Xie, Founder, President and CTO at Fortinet. “Fortinet is committed to having our products, services, and people contribute to building a more secure and sustainable society–from improving the environmental impact of our products through energy efficiency and more sustainable packaging, to our commitment to closing the cybersecurity skills gap by training 1 million individuals by 2026. We are proud of the progress we’ve made and remain committed to integrating sustainability across all aspects of our operations.”

    As cybersecurity continues to play a leading role in enabling a sustainable digital future, Fortinet remains committed to protecting people, businesses, and communities worldwide while operating responsibly and minimizing its environmental footprint.

    Highlights from the Fortinet 2024 Sustainability Report include:

    • Driving innovation and responsible technology to secure the digital world: With nearly 1,400 patents issued and more than 450 pending, Fortinet continues to pioneer AI-powered security solutions, collaborating with organizations such as University of California (UC) Berkeley, the World Economic Forum, and the Cybersecurity and Infrastructure Security Agency (CISA) to advance AI use in cybersecurity. In 2024, Fortinet also became one of the early signatory of CISA’s Secure by Design pledge, reinforcing its commitment to security at every stage of the product lifecycle.
    • Strengthening global efforts to combat cybercrime: In 2024, Fortinet deepened its engagement with numerous global organizations dedicated to halting cybercrime, supporting major initiatives such as INTERPOL’s Operation Serengeti and the World Economic Forum Cybercrime Atlas Project. These collaborative efforts in 2024 contributed to over 1,000 arrests, the dismantling of 134,000+ malicious networks, and the recovering of $44 million USD.
    • Accelerating climate action with near-term, science-based targets: In 2024, Fortinet’s near-term greenhouse gas emissions reduction targets were validated by the Science Based Targets initiative. These climate near-term targets include scopes 1 and 2 emissions, aligned with a 1.5°C trajectory to limit global warming, as well as scope 3 targets focused on supplier and customer engagement to drive emission reductions across the value chain.
    • Improving product energy efficiency and sustainable packaging: In 2024, Fortinet introduced new FortiGate models that are, on average, 61% more energy efficient than previous generations. Additionally, the company expanded its efforts to minimize environmental impact by launching 22 FSC-certified packaging models, prioritizing plastic-free packaging across 86 top-selling products, and avoiding 387 metric tons of CO2e emissions, including 77 metric tons of plastic reduction.
    • Addressing the cybersecurity skills gap and expanding access to education: Since 2022, Fortinet has trained more than 630,000 individuals in cybersecurity through the Fortinet Training Institute initiatives. In 2024, Fortinet joined the European Commission’s Cybersecurity Skills Academy, committing to train 75,000 people in the EU by 2027. Fortinet also contributed to the World Economic Forum’s 2024 Strategic Cybersecurity Talent Framework, helping to shape global best practices for sustainable cybersecurity talent development.
    • Upholding strong business ethics and information security practices: In 2024, 100% of Fortinet’s top contract manufacturers (covering 90% of spend) and distributors completed business ethics and compliance training. Fortinet expanded its ISO 27001/17/18 certifications and its SOC2 Type II examinations, achieving 81 information security certifications and examinations strengthening data protection and privacy measures.

    Industry Recognition for Responsible Business Practices
    Fortinet’s continued progress in sustainability and responsible business practices has been recognized through multiple industry accolades, including:

    • Inclusion in the 2024 Dow Jones Best-in-Class World and North America Indices for the third consecutive year, reflecting its leadership in corporate responsibility.
    • An improved CDP Climate Change rating, moving from a B- to a B score, reflecting strengthened climate action and transparency.
    • Recognition as a 2024 “Best Company to Work For” by Glassdoor and a “Great Place to Work,” underscoring Fortinet’s commitment to fostering a workplace where everyone can thrive.
    • Recognized as No. 7 on Forbes’ Most Trusted Companies in America 2025 list—and the most trusted U.S.-based cybersecurity company.

    Fortinet’s 2024 Sustainability Report references the Task Force on Climate-related Financial Disclosures (TCFD), the Global Reporting Initiative (GRI) Standards, Sustainability Accountability Standards Board (SASB) Standards and the United Nations Sustainable Development Goals (UN SDGs). The report details Fortinet’s progress and metrics across the following eight priority issues: innovation and responsible technology; cybercrime disruption; climate change; product environmental impacts; inclusion and belonging; cybersecurity skills gap; business ethics; and information security and data privacy.

    Additional Resources

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

    Media Contact: Investor Contact: Analyst Contact:
    Stephanie Lira
    Fortinet, Inc.
    408-235-7700
    pr@fortinet.com     		 Aaron Ovadia
    Fortinet, Inc.
    408-235-7700
    investors@fortinet.com    		 Brian Greenberg
    Fortinet, Inc.
    408-235-7700
    analystrelations@fortinet.com

    The MIL Network –

    April 17, 2025

  • MIL-OSI: FFB Bancorp Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.

    First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:

    • Pre-tax, pre-provision income increased 10% to $12.01 million.
    • Net income increased 4% to $8.10 million.
    • Return on average equity (“ROAE”) was 18.83%.
    • Return on average assets (“ROAA”) was 2.14%.
    • Net interest margin expanded 20 basis points to 5.35% from 5.15%.
    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 21% to $28.48 million.
    • Total assets increased 12% to $1.56 billion.
    • Total portfolio of loans increased 18% to $1.09 billion.
    • Total deposits increased 10% to $1.32 billion.
    • Shareholder equity increased 26% to $174.71 million.
    • Book value per common share increased 27% to $55.52.
    • The Company’s tangible common equity ratio was 11.20%, while the Bank’s regulatory leverage capital ratio was 14.66%, and the total risk-based capital ratio was 21.09% at March 31, 2025.

    “In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics,” said Steve Miller, President & CEO. “The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program.”

    “During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward.”

    Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:

    Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.

    Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor’s degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.

    Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor’s degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.

    “We are delighted to welcome Linda and Miles to our Company’s Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success,” said Mark Saleh, Chairman of the Boards. “Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders’ equity at March 31, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended March 31, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.

    Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. “The increase in net interest income compared to prior year was primarily driven by loan portfolio growth,” said Bhavneet Gill, Chief Financial Officer. “We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024.”

    The Company’s net interest margin (“NIM”) increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. “Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter,” noted Gill.

    The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.

    Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.

    Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. “These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes (in thousands)
    Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    ISO Partner Sponsorship $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365   $ 3,763,289  
    FFB Payments- Sub-ISO Merchants   21,551     22,950     24,661     24,414     19,370  
    FFB Payments – Direct Merchants   97,095     91,133     64,512     76,059     77,349  
    Total volume $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838   $ 3,860,008  
    Merchant ISO Processing Revenues (in thousands)
    Source of Revenue Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenue*:          
    ISO Partner Sponsorship $ 2,410   $ 2,535   $ 2,284   $ 2,156   $ 2,183  
               
    Gross Revenue:          
    FFB Payments- Sub-ISO Merchants   745     764     810     795     672  
    FFB Payments – Direct Merchants   4,709     4,262     2,476     3,117     3,213  
        5,454     5,026     3,286     3,912     3,885  
    Gross Expense:          
    FFB Payments- Sub-ISO Merchants   616     638     723     675     518  
    FFB Payments – Direct Merchants   2,558     2,511     1,766     1,989     1,842  
        3,174     3,149     2,489     2,664     2,360  
    Net Revenue:          
    FFB Payments- Sub-ISO Merchants   129     126     87     120     154  
    FFB Payments – Direct Merchants   2,151     1,751     710     1,128     1,371  
    FFB Payments Net Revenue   2,280     1,877     797     1,248     1,525  
    Net Merchant Services Income: $ 4,690   $ 4,412   $ 3,081   $ 3,404   $ 3,708  
     
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
     

    Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.

    There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.

    Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.

    Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order,” said Miller.

    Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.

    Balance Sheet Review

    Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.

    The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.

    Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.

    The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.

    Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company’s investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.

    Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.

    Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at March 31, 2025:

    Liquidity Source (in thousands) March 31, 2025 December 31, 2024
         
    Cash and cash equivalents $ 103,071   $ 63,415  
    Unpledged investment securities, fair value   104,732     118,957  
    FHLB advance capacity   338,036     304,077  
                 
    Federal Reserve discount window capacity   130,590     166,475  
    Correspondent bank unsecured lines of credit   70,000     91,500  
      $ 746,429   $ 744,424  
     

    The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.

    Shareholders’ equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.

    Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Delinquent accruing loans 30-59 days $ 16,147   $ 1,386   $ 17,533  
    Delinquent accruing loans 60-89 days   218     1,319     1,537  
    Delinquent accruing loans 90+ days   —     46     46  
    Total delinquent accruing loans $ 16,365   $ 2,751   $ 19,116  
           
    Non-Accrual Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Loans on non-accrual $ 15,366   $ —   $ 15,366  
    Non-accrual loans with SBA guarantees   11,371     —     11,371  
    Net Bank exposure to non-accrual loans $ 3,995   $ —   $ 3,995  
     

    There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.

    “We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans.”

    “We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 18% from a year ago with commercial real estate (“CRE”) loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands) CRE Office Exposure of March 31, 2025
    Region Owner-Occupied Non-Owner Occupied Total
    Central Valley $ 27,314   $ 13,544   $ 40,858  
    Southern California   2,271     352     2,623  
    Other California   4,492     3,948     8,440  
    Total California   34,077     17,844     51,921  
    Out of California   —     527     527  
    Total CRE Office $ 34,077   $ 18,371   $ 52,448  
     

    The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios For the Quarter Ended:
    March 31, 2025   December 31, 2024   March 31, 2024
    BALANCE SHEET- ENDING BALANCES:          
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Total portfolio loans   1,092,441       1,071,079       926,781  
    Investment securities   313,826       322,186       328,906  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Shareholders equity, net   174,711       168,392       138,716  
               
    INCOME STATEMENT DATA          
    Operating revenue   28,476       28,247       23,610  
    Operating expense   16,467       13,270       12,701  
    Pre-tax, pre-provision income   12,009       14,977       10,909  
    Net income after tax   8,098       9,718       7,790  
               
    SHARE DATA          
    Basic earnings per share $ 2.56     $ 3.06     $ 2.46  
    Fully diluted EPS $ 2.55     $ 3.05     $ 2.46  
    Book value per common share $ 55.52     $ 53.02     $ 43.69  
    Common shares outstanding   3,146,727       3,175,817       3,175,048  
    Fully diluted shares   3,175,178       3,189,949       3,170,981  
    FFBB – Stock price $ 76.50     $ 97.97     $ 82.99  
               
    RATIOS          
    Return on average assets   2.14 %     2.53 %     2.32 %
    Return on average equity   18.83 %     23.11 %     23.27 %
    Efficiency ratio   57.83 %     46.19 %     52.96 %
    Adjusted efficiency ratio   52.54 %     39.57 %     47.82 %
    Yield on earning assets   6.31 %     6.24 %     6.15 %
    Yield on investment securities   4.36 %     4.34 %     4.47 %
    Yield on portfolio loans   6.81 %     6.95 %     6.68 %
    Cost to fund earning assets   0.96 %     1.00 %     1.00 %
    Cost of interest-bearing deposits   2.60 %     2.69 %     2.57 %
    Net Interest Margin   5.35 %     5.24 %     5.15 %
    Equity to assets   11.20 %     11.20 %     9.94 %
    Net loan to deposit ratio   82.74 %     83.39 %     77.20 %
    Full time equivalent employees   175       168       147  
               
    BALANCE SHEET- AVERAGES          
    Total assets   1,531,573       1,529,439       1,347,625  
    Total portfolio loans   1,076,848       1,038,215       925,561  
    Investment securities   325,699       333,135       315,820  
    Total deposits   1,300,550       1,299,069       1,149,117  
    Shareholders equity, net   174,410       167,268       134,621  
                           
    Consolidated Balance Sheet (unaudited) March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    ASSETS          
    Cash and due from banks $ 83,033     $ 43,905     $ 37,360  
    Interest bearing deposits in banks   20,038       19,510       53,556  
    CDs in other banks   1,724       1,723       1,693  
    Investment securities   313,826       322,186       328,906  
    Loans held for sale   —       —       —  
               
    Construction & land development   12,649       26,522       77,318  
    Residential RE 1-4 family   17,146       16,846       16,114  
    Commercial real estate   696,625       669,285       545,358  
    Agriculture   104,616       90,017       63,281  
    Commercial and industrial   260,063       267,948       224,551  
    Consumer and other   1,342       461       159  
    Portfolio loans   1,092,441       1,071,079       926,781  
    Deferred fees & discounts   (3,946 )     (4,200 )     (4,181 )
    Allowance for credit losses   (12,913 )     (11,834 )     (10,407 )
    Loans, net   1,075,582       1,055,045       912,193  
               
    Non-marketable equity investments   8,890       8,891       7,357  
    Cash value of life insurance   12,496       12,402       12,119  
    Accrued interest and other assets   44,787       40,466       41,911  
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
               
    LIABILITIES AND EQUITY          
    Non-interest bearing deposits $ 825,404     $ 828,508     $ 751,636  
    Interest checking   109,555       62,034       54,659  
    Savings   54,686       55,219       52,090  
    Money market   218,940       212,322       220,559  
    Certificates of deposits   111,796       126,294       121,585  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Short-term borrowings   10,000       —       —  
    Long-term debt   38,046       38,007       39,638  
    Other liabilities   17,238       13,352       16,212  
    Total liabilities   1,385,665       1,335,736       1,256,379  
               
    Common stock   35,693       38,436       36,910  
    Retained earnings   156,235       148,138       121,780  
    Accumulated other comprehensive loss   (17,217 )     (18,182 )     (19,974 )
    Shareholders’ equity   174,711       168,392       138,716  
    Total liabilities and shareholders’ equity $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Consolidated Income Statement (unaudited) Quarter ended:
    (in thousands) March 31, 2025   December 31, 2024   March 31, 2024
               
    INTEREST INCOME:          
    Loan interest income $ 18,069   $ 18,131     $ 15,372  
    Investment income   3,499     3,631       3,512  
    Int. on fed funds & CDs in other banks   574     504       255  
    Dividends from non-marketable equity   132     137       129  
    Total interest income   22,274     22,403       19,268  
               
    INTEREST EXPENSE:          
    Int. on deposits   2,891     3,115       2,518  
    Int. on short-term borrowings   31     12       149  
    Int. on long-term debt   451     464       464  
    Total interest expense   3,373     3,591       3,131  
    Net interest income   18,901     18,812       16,137  
    PROVISION FOR CREDIT LOSSES   1,164     1,671       378  
    Net interest income after provision   17,737     17,141       15,759  
               
    NON-INTEREST INCOME:          
    Total deposit fee income   849     856       796  
    Debit / credit card interchange income   191     196       167  
    Merchant services income   7,864     7,562       6,068  
    Gain on sale of loans   261     929       451  
    Loss (gain) on sale of investments   —     (482 )     (373 )
    Other operating income   410     374       364  
    Total non-interest income   9,575     9,435       7,473  
               
    NON-INTEREST EXPENSE:          
    Salaries & employee benefits   8,056     5,177       6,582  
    Occupancy expense   353     411       383  
    Merchant services operating expense   3,174     3,149       2,360  
    Other operating expense   4,884     4,533       3,376  
    Total non-interest expense   16,467     13,270       12,701  
               
    Income before provision for income tax   10,845     13,306       10,531  
    PROVISION FOR INCOME TAXES   2,747     3,588       2,741  
    Net income $ 8,098   $ 9,718     $ 7,790  
    ASSET QUALITY March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    Delinquent accruing loans 30-60 days $ 17,533     $ 4,886     $ 3,220  
    Delinquent accruing loans 60-90 days   1,537       2,449       1,950  
    Delinquent accruing loans 90+ days   46       987       1,332  
    Total delinquent accruing loans $ 19,116     $ 8,322     $ 6,502  
               
    Loans on non-accrual $ 15,366     $ 9,894     $ 7,156  
    Other real estate owned   —       —       —  
    Nonperforming assets $ 15,366     $ 9,894     $ 7,156  
               
    Delinquent 30-60 / Total Loans   1.60 %     0.46 %     0.35 %
    Delinquent 60-90 / Total Loans   0.14 %     0.23 %     0.21 %
    Delinquent 90+ / Total Loans   — %     0.09 %     0.14 %
    Delinquent Loans / Total Loans   1.75 %     0.78 %     0.70 %
    Non-accrual / Total Loans   1.41 %     0.92 %     0.77 %
    Nonperforming assets to total assets   0.98 %     0.66 %     0.51 %
               
    Year-to-date charge-off activity          
    Charge-offs $ 167     $ 1,287     $ —  
    Recoveries   —       35       4  
    Net charge-offs (recoveries) $ 167     $ 1,252     $ (4 )
    Annualized net loan losses to average loans   0.06 %     0.12 %     — %
               
    CREDIT LOSS RESERVE RATIOS:          
    Allowance for credit losses $ 12,913     $ 11,834     $ 10,407  
               
    Total loans $ 1,092,441     $ 1,071,079     $ 926,781  
    Purchased govt. guaranteed loans $ 16,081     $ 16,323     $ 19,642  
    Originated govt. guaranteed loans $ 45,285     $ 42,737     $ 38,228  
               
    ACL / Total loans   1.18 %     1.10 %     1.12 %
    ACL / Loans less 100% govt. gte. loans (purchased)   1.20 %     1.12 %     1.15 %
    ACL / Loans less all govt. guaranteed loans   1.25 %     1.17 %     1.20 %
    ACL / Total assets   0.83 %     0.79 %     0.75 %
    SELECT FINANCIAL TREND INFORMATION For the Quarter Ended:
    March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Mar. 31, 2024
    BALANCE SHEET- PERIOD END          
    Total assets $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723   $ 1,395,095  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,092,441     1,071,079     998,222     969,764     926,781  
    Investment securities   313,826     322,186     345,428     345,491     328,906  
               
    Non-interest bearing deposits   825,404     828,508     826,708     731,030     751,636  
    Interest bearing deposits   494,977     455,869     460,241     437,927     448,893  
    Total deposits   1,320,381     1,284,377     1,286,949     1,168,957     1,200,529  
    Short-term borrowings   10,000     —     —     68,000     —  
    Long-term debt   38,046     38,007     37,967     39,678     39,638  
               
    Total equity   191,928     186,574     176,350     167,286     158,690  
    Accumulated other comprehensive loss   (17,217 )   (18,182 )   (12,715 )   (18,646 )   (19,974 )
    Shareholders’ equity   174,711     168,392     163,635     148,640     138,716  
               
    QUARTERLY INCOME STATEMENT          
    Interest income $ 22,274   $ 22,403   $ 21,404   $ 20,887   $ 19,268  
    Interest expense   3,373     3,591     3,617     3,581     3,131  
    Net interest income   18,901     18,812     17,787     17,306     16,137  
    Non-interest income   9,575     9,435     7,616     7,423     7,473  
    Gross revenue   28,476     28,247     25,403     24,729     23,610  
               
    Provision for credit losses   1,164     1,671     762     291     378  
               
    Non-interest expense   16,467     13,270     12,735     13,285     12,701  
    Net income before tax   10,845     13,306     11,906     11,153     10,531  
    Tax provision   2,747     3,588     3,343     3,077     2,741  
    Net income after tax   8,098     9,718     8,563     8,076     7,790  
               
    BALANCE SHEET- AVERAGE BALANCE          
    Total assets $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255   $ 1,347,604  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,076,848     1,038,215     982,152     954,871     925,561  
    Investment securities   325,699     333,135     343,096     334,416     315,820  
               
    Non-interest bearing deposits   850,426     838,748     822,200     758,977     755,603  
    Interest bearing deposits   450,124     460,321     432,143     440,147     393,514  
    Total deposits   1,300,550     1,299,069     1,254,343     1,199,124     1,149,117  
    Short-term borrowings   2,856     951     —     10,053     9,562  
    Long-term debt   38,028     37,989     39,479     39,660     39,620  
               
    Shareholders’ equity   174,410     167,268     161,363     141,881     134,621  
                                   

    Contact: Steve Miller – President & CEO
    Bhavneet Gill – EVP & CFO
    (559) 439-0200

    The MIL Network –

    April 17, 2025

  • MIL-OSI: MiddleGround Capital Hires Private Equity Industry Veteran Jonathan La as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Ky., April 16, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has hired Jonathan La as Chief Financial Officer. He reports to Christopher Speight, Partner, and works in MiddleGround’s New York office. He began the position in February 2025.

    In this role, Jonathan is responsible for all aspects of the firm’s financial operations, as well as for accurate and timely financial reporting. Additionally, he leads the Accounting and Fund Accounting teams for all of MiddleGround’s U.S. and European offices. Jonathan joins MiddleGround Capital with 25 years of experience in the private equity industry, including serving for 17 years at Monomoy Capital Partners as Director of Finance. He was involved in all aspects of financial planning, treasury functions and tax structuring, and implemented new ERP and budgeting systems to increase efficiency and reporting capabilities.

    “Having worked with Jonathan for many years at Monomoy, I can say that MiddleGround is very fortunate to have such an experienced financial expert on board,” said John Stewart, Founding and Managing Partner of MiddleGround. “His expertise in middle market private investment accounting practices is second to none, and his help in building efficient reporting structures and processes will be a great asset for our stakeholders.”

    Prior to Monomoy, Jonathan worked at Evercore Partners, where he helped transition the books and records of the private equity funds in-house for IPOs. Before that, he was at BISYS, a private equity fund administrator, managing various private equity funds, fund of funds and hedge funds clients. He began his career at Deloitte & Touche LLP in their private equity audit practice.

    “MiddleGround’s focus on continual improvement and operational excellence across its platform investments makes it a true innovator in the private equity space,” said Jonathan. “I’m very excited to help further those efforts from a financial, accounting, and tax perspective.”

    Jonathan graduated from Bernard M. Baruch College with a Bachelor of Business Administration in Accounting, and is a CPA.

    About MiddleGround Capital
    MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.85 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

    MiddleGround Capital Media Contacts
    Doug Allen/Maya Hanowitz
    Dukas Linden Public Relations
    MiddleGround@dlpr.com
    +1 (646) 722-6530

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Zoom Workplace for Frontline now available to improve on-shift communications and work management for frontline workers

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., April 16, 2025 (GLOBE NEWSWIRE) — Today, Zoom Communications, Inc. (NASDAQ: ZM), announced the launch of Zoom Workplace for Frontline, a purpose-built mobile-first solution that unlocks agentic Zoom AI Companion skills for all frontline workers and managers with paid Zoom accounts. Zoom Workplace for Frontline is designed to streamline on-shift communications and work management tools to help frontline workers—ranging from retail and manufacturing to healthcare and first responders—get more done, do better work, and strengthen relationships.

    “Our mission of delivering an AI-first open work platform isn’t just limited to knowledge workers; we’re also thinking about how we can address the needs of frontline workers, who represent over 80% of the global workforce,” said Smita Hashim, chief product officer at Zoom. “Zoom Workplace for Frontline empowers frontline workers to stay connected, access critical information on the go, and streamline daily tasks – ultimately fostering a more engaged, productive, and connected workforce.”

    Key features of Zoom Workplace for Frontline include:

    On-shift communications:

    • Real-time activity feed on Zoom’s mobile app: Enables workers to access critical shift communications and resources, and tasks at hand to get the job done quickly.
    • Auto-generated on-shift chat groups: Instantly connects employees, clearly identifying on-floor workers and managers, and removes the tedious task of manually creating new chats for every shift.
    • Push-to-talk functionality: Enables seamless real-time voice communication at the push of a button.

    Work management capabilities:

    • Shift swapping: Allows employees to request and manage shift swaps directly from their mobile devices.
    • Task management: Streamlines work assignments and progress tracking for improved efficiency with Zoom Tasks.
    • Shift summaries: Provides an overview of key conversations, pending tasks, and other important updates for the incoming shift. Enables shift managers to have oversight on shift progress, attendance, and task reports.

    Zoom AI Companion:

    • Automatic shift reporting: AI-generated shift discussion summaries, attendance reports, and task reports expedite shift handoffs.
    • Smart, natural search: Access information trained on knowledge bases.
    • Automatic translation: Chat messages in the user’s preferred supported language.

    To learn more about Zoom’s commitment to frontline workers, click here.

    About Zoom

    Zoom’s mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion that empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ: ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Zoom Public Relations
    Bridget Moriarty
    press@zoom.us

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Plumas Bancorp Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

    Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

    Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

    Balance sheet Highlights
    March 31, 2025 compared to March 31, 2024

    • Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
    • Total deposits increased by $73 million, or 5.6% to $1.4 billion.
    • Borrowings decreased by $105 million, or 87.5% to $15 million.
    • Total equity increased by $26 million, or 16.2% to $187.6 million.
    • Book value per share increased by $4.29, or 15.7% to $31.68.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, “The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

    Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

    Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

    Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

    On March 31, 2025, approximately 77% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

    Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

    During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

    Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   March 31, 2025     March 31, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   250       900  
    Losses charged to allowance   (312 )     (680 )
    Recoveries   185       70  
    Balance, end of period $ 13,319     $ 13,157  
    Reserve for Unfunded
    Commitments    		  

    March 31, 2025

    		      

    March 31, 2024
    Balance, beginning of period $ 620     $ 799  
    Provision charged to operations   –       (79 )
    Balance, end of period $ 620     $ 720  


    Bank Term Funding Program (BTFP)

    At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

    Shareholders’ Equity

    Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

    Net Interest Income and Net Interest Margin

    Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

    Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

    Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

    Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

    Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts – $770 thousand and savings deposits – $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

    Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

    Non-Interest Income/Expense

    During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

    During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS  
    (In thousands)
    (Unaudited)
      As of March 31,      
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 87,327   $ 128,231   $ (40,904)   (31.9)%
    Investment securities 447,293   447,445   (152)   (0.0)%
    Loans, net of allowance for credit losses 1,000,651   966,141   34,510   3.6%
    Premises and equipment, net 12,349   12,960   (611)   (4.7)%
    Right-of-use assets 24,003   25,295   (1,292)   (5.1)%
    Bank owned life insurance 16,628   16,206   422   2.6%
    Real estate acquired through foreclosure 91   357   (266)   (74.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 39,448   38,196   1,252   3.3%
    Total assets $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,373,061   $ 1,299,688   $ 73,373   5.6%
    Lease liabilities 24,523   25,424   (901)   (3.5)%
    Accrued interest payable and other liabilities 33,105   33,730   (625)   (1.9)%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,445,689   1,478,842   (33,153)   (2.2)%
    Common stock 29,454   28,492   962   3.4%
    Retained earnings 179,411   156,414   22,997   14.7%
    Accumulated other comprehensive loss, net (21,262)   (23,415)   2,153   9.2%
    Shareholders’ equity 187,603   161,491   26,112   16.2%
    Total liabilities and shareholders’ equity $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED MARCH 31, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,590   $ 20,026   $ 564   2.8%
    Interest expense 2,051   2,569   (518)   -20.2%
    Net interest income before provision for credit losses 18,539   17,457   1,082   6.2%
    Provision for credit losses 250   821   (571)   (69.5)%
    Net interest income after provision for credit losses 18,289   16,636   1,653   9.9%
    Non-interest income 3,213   2,140   1,073   50.1%
    Non-interest expense 11,466   10,397   1,069   10.3%
    Income before income taxes 10,036   8,379   1,657   19.8%
    Provision for income taxes 2,856   2,125   731   34.4%
    Net income $ 7,180   $ 6,254   $ 926   14.8%
                   
    Basic earnings per share $ 1.21   $ 1.06   $ 0.15   14.2%
    Diluted earnings per share $ 1.20   $ 1.05   $ 0.15   14.3%
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
    (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Year Ended
      3/31/2025   12/31/2024     3/31/2024     12/31/2024   12/31/2023
    EARNINGS PER SHARE                        
    Basic earnings per share $ 1.21     $ 1.31     $ 1.06     $ 4.85     $ 5.08  
    Diluted earnings per share $ 1.20     $ 1.29     $ 1.05     $ 4.80     $ 5.02  
    Weighted average shares outstanding   5,911       5,900       5,887       5,895       5,863  
    Weighted average diluted shares outstanding   6,002       5,995       5,946       5,968       5,934  
    Cash dividends paid per share 1 $ 0.30     $ 0.27     $ 0.27     $ 1.08     $ 1.00  
                             
    PERFORMANCE RATIOS (annualized for the three months)                
    Return on average assets   1.79 %     1.87 %     1.55 %     1.74 %     1.88 %
    Return on average equity   16.0 %     17.1 %     16.4 %     17.2 %     23.4 %
    Yield on earning assets   5.50 %     5.50 %     5.30 %     5.49 %     5.03 %
    Rate paid on interest-bearing liabilities   1.14 %     1.27 %     1.33 %     1.39 %     0.67 %
    Net interest margin   4.95 %     4.90 %     4.62 %     4.79 %     4.71 %
    Noninterest income to average assets   0.80 %     0.53 %     0.53 %     0.53 %     0.68 %
    Noninterest expense to average assets   2.85 %     2.57 %     2.57 %     2.56 %     2.36 %
    Efficiency ratio 2   52.7 %     50.4 %     53.1 %     51.3 %     46.6 %
                       
      3/31/2025   3/31/2024   12/31/2024   12/31/2023   12/31/2022
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 13,319   $ 13,157   $ 13,196   $ 12,867     $ 10,717  
    Allowance for credit losses as a percentage of total loans   1.32     1.35     1.30     1.34 %     1.18 %
    Nonperforming loans $ 3,686   $ 5,610   $ 4,105   $ 4,820     $ 1,172  
    Nonperforming assets $ 3,787   $ 6,000   $ 4,307   $ 5,315     $ 1,190  
    Nonperforming loans as a percentage of total loans   0.36     0.57     0.40     0.50 %     0.13 %
    Nonperforming assets as a percentage of total assets   0.23     0.37     0.27     0.33 %     0.07 %
    Year-to-date net charge-offs $ 127   $ 610   $ 1,046   $ 954     $ 935  
    Year-to-date net charge-offs as a percentage of average   0.05     0.25     0.11     0.10 %     0.11 %
    loans (annualized)        
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,922     5,896     5,903     5,872       5,850  
    Shareholders’ equity $ 187,603   $ 161,491   $ 177,899   $ 147,317     $ 119,004  
    Book value per common share $ 31.68   $ 27.39   $ 30.14   $ 25.09     $ 20.34  
    Tangible common equity3 $ 181,354   $ 155,048   $ 171,606   $ 140,823     $ 112,273  
    Tangible book value per common share4 $ 30.62   $ 26.30   $ 29.07   $ 23.98     $ 19.19  
    Tangible common equity to total assets   11.1     9.5     10.6     8.7 %     6.9 %
    Gross loans to deposits   73.6     75.1     74.1     71.9 %     62.6 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.3     11.0     11.9     10.8 %     9.2 %
    Common Equity Tier 1 Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Tier 1 Risk-Based Capital Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Total Risk-Based Capital Ratio   19.0     17.4     18.5     16.9 %     15.7 %
     
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                           
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                           
      For the Three Months Ended   For the Three Months Ended
      3/31/2025   3/31/2024
      Average       Yield/   Average       Yield/
      Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                      
    Loans (2) (3) $ 1,011,968   $ 15,396   6.17 %   $ 964,132   $ 14,592   6.09 %
    Investment securities   369,126     3,927   4.31 %     371,792     3,605   3.90 %
    Non-taxable investment securities (1)   74,883     583   3.16 %     108,175     791   2.94 %
    Interest-bearing deposits   61,409     684   4.52 %     75,005     1,038   5.57 %
    Total interest-earning assets   1,517,386     20,590   5.50 %     1,519,104     20,026   5.30 %
    Cash and due from banks   26,477             26,586        
    Other assets   86,335             80,508        
    Total assets $ 1,630,198           $ 1,626,198        
                           
    Interest-bearing liabilities:                      
    Money market deposits   279,184     1,145   1.66 %     211,183     375   0.71 %
    Savings deposits   323,449     206   0.26 %     335,565     180   0.22 %
    Time deposits   88,386     545   2.50 %     91,501     631   2.77 %
    Total deposits   691,019     1,896   1.11 %     638,249     1,186   0.75 %
    Borrowings   15,000     145   3.92 %     114,342     1,367   4.81 %
    Other interest-bearing liabilities   21,190     10   0.19 %     21,713     16   0.30 %
    Total interest-bearing liabilities   727,209     2,051   1.14 %     774,304     2,569   1.33 %
    Non-interest-bearing deposits   682,495             673,789        
    Other liabilities   38,096             24,440        
    Shareholders’ equity   182,398             153,665        
    Total liabilities & equity $ 1,630,198           $ 1,626,198        
    Cost of funding interest-earning assets (4)         0.55 %           0.68 %
    Net interest income and margin (5)     $ 18,539   4.95 %       $ 17,457   4.62 %
                           
    (1) Not computed on a tax-equivalent basis.                      
    (2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts   705     715       (10 )   (1.4 )%
    Interchange income $ 690   $ 739       (49 )   (6.6 )%
    Loan servicing fees   186     213       (27 )   (12.7 )%
    FHLB Dividends   137     137       –     – %
    Earnings on life insurance policies   109     96       13     13.5 %
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Loss on sale of investment securities   –     (19,826 )     19,826     100.0 %
    Other   1,386     212       1,174     553.8 %
    Total non-interest income $ 3,213   $ 2,140     $ 1,073     50.1 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,880   $ 5,366     $ 514     9.6 %
    Occupancy and equipment   2,014     1,690       324     19.2 %
    Outside service fees   1,263     1,132       131     11.6 %
    Merger and acquisition expenses   569     –       569     100.0 %
    Advertising and shareholder relations   262     244       18     7.4 %
    Professional fees   229     439       (210 )   (47.8 )%
    Armored car and courier   217     203       14     6.9 %
    Deposit insurance   182     187       (5 )   (2.7 )%
    Telephone and data communication   174     222       (48 )   (21.6 )%
    Director compensation and expense   167     167       –     – %
    Business development   167     153       14     9.2 %
    Loan collection expenses   72     104       (32 )   (30.8 )%
    Amortization of Core Deposit Intangible   44     51       (7 )   (13.7 )%
    Other   226     439       (213 )   (48.5 )%
    Total non-interest expense $ 11,466   $ 10,397     $ 1,069     10.3 %
                   
    PLUMAS BANCORP  
    SELECTED FINANCIAL INFORMATION  
     (Dollars in thousands)  
    (Unaudited)  
                     
    The following table shows the distribution of loans by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Commercial $ 77,745   7.7 %   $ 82,136   8.4 %  
    Agricultural   112,018   11.1 %     123,239   12.6 %  
    Real estate – residential   11,606   1.1 %     11,872   1.2 %  
    Real estate – commercial   660,926   65.4 %     562,870   57.7 %  
    Real estate – construction & land   46,730   4.6 %     64,547   6.6 %  
    Equity Lines of Credit   38,634   3.8 %     37,196   3.8 %  
    Auto   58,295   5.8 %     89,399   9.2 %  
    Other   4,769   0.5 %     4,953   0.5 %  
    Total Gross Loans $ 1,010,723   100 %   $ 976,212   100 %  
                     
       
    The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/25   3/31/25   3/31/24   3/31/24  
    Owner occupied $ 295,593   44.7 %   $ 194,954   34.6 %  
    Investor   365,333   55.3 %     367,916   65.4 %  
    Total real estate – commercial $ 660,926   100 %   $ 562,870   100 %  
                     
                     
    The following table shows the distribution of deposits by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Deposits in Each     Deposits in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Deposits   of Period   Total Deposits  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Non-interest bearing $ 676,461   49.3 %   $ 665,975   51.2 %  
    Money Market   290,125   21.1 %     214,257   16.5 %  
    Savings   323,496   23.6 %     328,781   25.3 %  
    Time   82,979   6.0 %     90,675   7.0 %  
    Total Deposits $ 1,373,061   100 %   $ 1,299,688   100 %  
                     

    The MIL Network –

    April 17, 2025

  • MIL-OSI United Kingdom: Portsmouth nurtures trade partnerships with Canada

    Source: City of Portsmouth

    The city of Portsmouth recently hosted a significant visit from Jason Guidry, Director of Trade and International Partnerships from Halifax Partnership Canada, along with a large delegation of Canadian businesses. This four-day event, held from 7 to 10 April aimed to foster new business relationships and explore collaborative opportunities between Portsmouth and Halifax, Nova Scotia.

    The visit commenced with an event hosted by Maritime UK Solent at the Portsmouth Historic Dockyard, bringing together over 70 Solent-based and Canadian businesses. This gathering provided a platform for sharing maritime business opportunities.

    Following on from the first day, Jason Guidry then had personal meetings with 14 Portsmouth businesses across the city who were interested in diversifying their supply chain by finding trading partners and new markets and customers in Canada.

    The discussions focused on expanding opportunities in data and digital services, life sciences, satellite applications and maritime. Additionally, both sister cities are keen to explore partnerships between naval bases and ports, visitor economy links, and best practices in clean technology and sustainability.

    Jason Guidry, Director of Trade and International Partnerships at Halifax Partnership said:

    “Strengthening ties between Portsmouth and Halifax opens the door to new and expanded business, trade, investment, and supply chain opportunities and partnerships that will accelerate business and economic growth in both our regions.”

    Councillor Steve Pitt Leader of Portsmouth City Council with responsibilities for Economic Development commented on the visit, saying:

    “In a changing world, international cooperation is vital. We are seizing every opportunity to help our businesses grow and strengthen our local economy.

    Welcoming the Canadians highlighted a real potential to further develop significant partnerships for our businesses and visitor economy.”

    The business who took advantage of the opportunity included Visitor Chat Ltd, Sirius Analysis, Red Penquin, Metaverse VR, SI Digital, Mary Rose, Exposure Analytics Ltd, Nova Systems, CTS Europe Ltd (recent winner of Global Business of the Year at the Portsmouth Business Awards), Solent Sky Services, Velocetec, Houlder, Space South Central and Qinetiq.  These meetings were held at various locations across the city, including Lakeside North Harbour, Portsdown Technology Park, and Dunsbury Park.

    This visit marks a notable step in the ongoing partnership between Portsmouth and Halifax Nova Scotia which became sister cities in 2023. The formal agreement signed between the two cities aims to expand opportunities for businesses and foster economic growth through international collaboration.

    For more information about Portsmouth businesses visit investportsmouth.co.uk

    Image: From L to R: Jason Guidry with Ella  Vandenberghe  and Abbie-Rose Smith from Visitor Chat Ltd

    MIL OSI United Kingdom –

    April 17, 2025

  • MIL-OSI USA: Gov. Kemp: CRH to Expand Metro Atlanta Footprint

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that CRH, the leading provider of building materials solutions, plans to create more than 300 new jobs in metro Atlanta and invest $1.7 million in a new Finance & Accounting Shared Services Center (SSC) in Fulton County. The new SSC will support CRH’s Americas Materials Solutions business that is also headquartered in Atlanta.

    “CRH’s latest investment in Georgia is more proof that our state’s collaborative approach to economic development works for both prospective job creators and those already operating in our state,” said Governor Brian Kemp. “As we continue to foster a business-friendly environment, these investments create high-quality jobs for hardworking Georgians. We look forward to CRH’s continued success in the No. 1 state for business.”

    CRH’s Americas Materials Solutions business provides aggregates, asphalt, paving, ready mixed concrete, and construction services and is the leading integrated building materials solutions provider in North America.

    “It is an exciting time for CRH’s Americas Materials Solutions business as we support our ongoing growth by establishing a world-class Finance & Accounting Shared Services Center in metro Atlanta. The new SSC will enable further integration of our finance and accounting operations, creating additional efficiencies that will help CRH deliver better for our customers across North America,” said Rob Dinkins, Chief Financial Officer, CRH Americas Materials Solutions. “Access to leading talent, infrastructure, and support from the State and local community made it clear that this location would be a key enabler for the project’s success.”

    The new Shared Services Center (SSC) will be located at 1120 Sanctuary Parkway in Roswell. Hiring for roles is currently underway, including in finance and accounting, with plans for the facility to be fully staffed by 2029. To learn more about CRH, including where interested individuals can apply for jobs, visit www.crhamericas.com/careers.

    “Roswell provides an ideal environment for companies like CRH to flourish, and their decision to expand their operations here is a testament to the strength of our community and our dedication to economic growth,” said Roswell Mayor Kurt Wilson. “Our city is not only a prime destination for businesses but also a thriving home for families, thanks to our top-tier schools, safe neighborhoods, scenic parks, and strong sense of community. We are proud to welcome CRH to Roswell and look forward to all of the opportunities they will bring to our city.”

    “We’re excited to welcome CRH’s expansion in Fulton County,” said Chairman Robb Pitts, Fulton County Board of Commissioners. “This multimillion-dollar investment, creating more than 300 jobs, highlights our skilled workforce and innovation-driven ecosystem, cementing Fulton County as a top destination for tech leaders.”

    “CRH has chosen a great location to make a significant investment,” said Katie Kirkpatrick, President and CEO of the Metro Atlanta Chamber. “Many global businesses find success with shared service hubs in metro Atlanta, thanks in part to our large and growing talent pool in finance and technology. With operations in 28 countries, CRH’s presence in Metro Atlanta underscores our region’s international diversity and strong global appeal.” 

    Assistant Director of Statewide Projects Elizabeth McLean represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this project in partnership with the City of Roswell, Select Fulton, Metro Atlanta Chamber, and Georgia Power.

    “Once the new Shared Services Center is at full operations, CRH will employ more than 1,400 people in Georgia,” said GDEcD Commissioner Wilson. “Georgia’s universities and colleges, along with metro Atlanta’s appeal to young talent, gives companies a leg up in hiring for long-term jobs. Congratulations to CRH for its continued investment in Georgia, and thank you to the partners who have built a community where talent wants to live and work.”

    About CRH

    CRH is the leading provider of building materials solutions that build, connect, and improve our world. Employing c.79,800 people at c.3,816 operating locations in 28 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction, and outdoor living solutions, CRH’s unique offering of materials, products, and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE. For more information visit: www.crh.com.

    MIL OSI USA News –

    April 17, 2025

  • MIL-OSI: NANO Nuclear Energy Launches Recruitment Drive to Build Full-Scale KRONOS MMR Reactors

    Source: GlobeNewswire (MIL-OSI)

    NANO Nuclear Aims to Expand Engineering and Project Development Team to Support U.S. and Canadian KRONOS MMR Energy System Reactor Construction and Licensing Efforts

    New York, N.Y., April 16, 2025 (GLOBE NEWSWIRE) — Nano Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or the “Company”) is launching a recruitment initiative focused on the Midwest region to support its ambitious plans to construct, demonstrate and gain regulatory approval for full-scale KRONOS MMR Energy Systems in both the United States and Canada.

    NANO Nuclear’s plans to extend its technical and project execution team are critical in the Company’s transition from design to ultimate commercial deployment of the proprietary, stationary KRONOS microreactor. In tandem with upcoming geological characterization work at the University of Illinois Urbana-Champaign (UIUC) site, this workforce build-out will consolidate the expertise and provide the personnel necessary to complete the construction permit application and begin construction of the first KRONOS prototype on the UIUC campus shortly thereafter.

    Rendering of the KRONOS MMRTMEnergy System

    “As we prepare to break ground on the KRONOS reactor prototype at UIUC, it’s time to scale our team to match our vision,” said James Walker, Chief Executive Officer of NANO Nuclear. “This is a call to the best and brightest in nuclear and energy innovation in the Midwest region—we’re building a reactor, and we need you on the team.”

    Now Hiring Across All Core Disciplines

    NANO Nuclear is actively recruiting top talent across a variety of critical disciplines for the KRONOS MMR project. Open positions include:

    • Nuclear Engineers – Fuel & materials, reactor physics, thermal hydraulics, safety, and licensing
    • Mechanical Engineers – design, structural, CAD, balance of plant
    • Electrical Engineers – Instrumentation & control (I&C), power electronics, transmission
    • Civil Engineers & Geotechnical Experts – Site layout, structural foundations, drilling operations
    • Project Managers & Construction Specialists – Full-cycle oversight from permitting through commissioning
    • QA/QC Professionals – Nuclear-grade standards, documentation, and supplier oversight
    • Licensing & Regulatory Affairs Experts – NRC and CNSC compliance and filings
    • Skilled Technicians – Fabrication, assembly, testing, and field support

    Applicants with previous experience in nuclear R&D, DOE national labs, SMR or MMR programs, or international reactor development are especially encouraged to apply.

    “Our collaboration with UIUC will be a critical operations hub for our KRONOS reactor development effort,” said Jay Yu, Founder, Chairman and President of NANO Nuclear. “It will house the growing team that’s building not only our U.S. research reactor, but also laying the foundation for our demonstration reactor deployment in Canada, which will open the path for eventual commercial rollout in both the U.S. and Canada.”

    Canadian Reactor Construction Also in Focus

    In parallel with the UIUC research reactor, Nano Nuclear is actively preparing to construct a KRONOS demonstration reactor in Canada, where it will enter the licensing process under Canadian Nuclear Safety Commission (CNSC) oversight. The effort will establish a second fully licensed KRONOS unit, positioning NANO Nuclear to efficiently move its microreactor technology through construction, demonstration, regulatory licensing and eventual commercialization across North America.

    “Canada represents an incredible opportunity for clean, reliable microreactor deployment,” added Florent Heidet, Chief Technology Officer and Head of Reactor Development of NANO Nuclear. “By expanding our team and bringing additional talents onboard, we ensure we have the capacity to deliver simultaneous full-scale projects in two countries, each with independent regulatory pathways and future market potential.”

    Join the Team Shaping the Future of Nuclear Energy

    NANO Nuclear is a company that doesn’t just imagine the future—it’s engineering it, constructing it and moving towards regulatory licensing for it. With multiple microreactor project in progress, fuel qualification methodology already accepted by the NRC, and strategic partnerships underway, NANO Nuclear is one of the most active and ambitious advanced nuclear developers in the world.

    “This recruitment drive is about finding those who want to be part of history,” said James Walker, Chief Executive Officer of NANO Nuclear. “If you want to help build the next generation of nuclear reactors from the ground up—this is your chance.”

    How to Apply

    Interested candidates can view open positions, including details regarding salary ranges and benefit offerings, and apply directly at:

    https://nanonuclearenergy.com/careers

    For inquiries, please contact:
    Email: careers@nanonuclearenergy.com
    Business Tel: (212) 634-9206

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statement relate to the NANO Nuclear’s recruitment drive and its development, demonstration, licensing and commercial plans, each as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE, the Canadian Nuclear Safety Commission (CNSC) and the U.S. Nuclear Regulatory Commission (NRC), and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    • NANO Nuclear Energy Inc.

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Rocket Software Celebrates 35 Years of Innovation in IT Modernization

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., April 16, 2025 (GLOBE NEWSWIRE) — Rocket Software, a global technology leader in modernization software, is celebrating 35 years of innovation, growth, and excellence. Trusted by 43 of the Fortune 50, Rocket Software has grown from a start-up focused on enabling IBM solutions into a global enterprise driving the modernization efforts of over 12,500 customers and 750 partners. Founded in 1990 by Andy Youniss and Johan Magnusson Gedda, the company now proudly employs more than 3,200 employees worldwide. Over the decades, the company has modernized billions of lines of code, transformed countless databases, and helped organizations unlock the true potential of their IT infrastructure.

    “Rocket Software has been a catalyst for modernization—and we’re just getting started,” said Milan Shetti, president and CEO of Rocket Software. “We remain committed to bold innovation, empowering our global customers to solve complex IT challenges while modernizing without disruption. Our momentum is unstoppable, and we’re shaping the future of digital transformation. A heartfelt thank you to our incredible Rocketeers for their dedication over the past 35 years. Their hard work and passion are the foundation of our success, and together, we’ll continue to push the boundaries of innovation.”

    A Legacy of Innovation and Growth
    Over the last few years, the company has expanded its global partner program to include leading global system integrators, value-added resellers, and cloud service providers. While the company continues to grow its partner ecosystem, its relationship with IBM has deepened over 35 years. As a longtime IBM partner, the company has worked closely to enhance enterprise modernization solutions, helping businesses optimize their mission-critical IBM systems, ensuring seamless operations and future-ready innovation.

    “AI is fundamentally changing the mainframe experience, empowering developers, operations staff and business users,” said Skyla Loomis, General Manager, IBM Z Software. “IBM Z is built on a foundation of performance, resiliency and trust at the core to help clients create value from their mission-critical applications and data. Congratulations to Rocket Software on this anniversary. We look forward to innovating new AI use cases together that help our mutual clients take full advantage the newly released IBM z17.”

    Rocket Software has spent more than three decades modernizing IT infrastructure, applications, and data for some of the world’s most essential businesses. Building on this legacy, the company continues to drive innovation by helping organizations integrate with hybrid cloud environments, strengthen security, and unlock the power of metadata for AI and analytics-driven decision-making.

    Since its founding, the company has acquired many organizations, including Aldon, ASG Technologies, D3, Key Resources, Shadow, and Zephyr, strengthening its solutions and teams to better serve mission-critical industries such as banking, healthcare, manufacturing, and government. In 2024, the company completed the $2.275 billion acquisition of OpenText’s Application Modernization and Connectivity (AMC) business.

    A Culture of Excellence and Community Commitment
    The company’s success is driven by a strong culture, grounded in its core values of Empathy, Humanity, Trust, and Love. In line with its commitment to developing future software developers, the company established the NextGen Academy, a six-month program offering its employees the opportunity to take on full-time engineering roles. This program provides employees with valuable hands-on experience and mentorship from industry experts.

    To celebrate 35 years of growth, the company is hosting a Community Day on April 16. This initiative, which began over two decades ago, provides employees with dedicated time off to volunteer and create a positive impact in their communities. In recent years, its employees have donated thousands of hours to philanthropic projects around the world.

    Looking ahead, the company remains focused on its mission to help organizations modernize without disruption—today, tomorrow, and for many years to come.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    About Rocket Software
    Rocket Software is a global technology leader in modernization and a partner of choice that empowers the world’s leading businesses on their modernization journeys, spanning core systems to the cloud. Trusted by over 12,500 customers and 750 partners, and with more than 3,200 global employees, Rocket Software enables customers to maximize their data, applications, and infrastructure to deliver critical services that power our modern world. Rocket Software is a privately held U.S. corporation headquartered in the Boston area with centers of excellence strategically located throughout North America, Europe, Asia and Australia. Rocket Software is a portfolio company of Bain Capital Private Equity. Follow Rocket Software on LinkedIn and X or visit www.RocketSoftware.com.

    IBM is a trademark of International Business Machines Corporation.

    Media Contact
    Lacey Darrow
    ldarrow@rocketsoftware.com

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Biz2Credit Small Business Earnings Report Finds SMB Earnings Continue to Rise in March 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) — Biz2Credit’s monthly Small Business Earnings Report for March 2025 found that average monthly earnings were up to $38,600, an increase of $1,500 from February’s number. This continued rise in earnings is a welcome sign amidst the recent uncertainty within the stock market.

    Key Findings for March 2025

    • Average Monthly Earnings: $38,600. (Feb. 2025: $37,100 – an increase of $1,500)
    • Average Monthly Revenue: $531,900. (Feb. 2025: $627,900 – a decrease of $96,000)
    • Average Monthly Expenses: $493,300. (Feb. 2025: $590,800 – a decrease of $97,500)

    A year ago (March 2024), average revenues were $692,900, while average expenses were $651,200. Average earnings were $41,700, a figure that is $3,100 more than the average earnings in March 2025.

    “Although average revenues were down, expenses declined by an even wider margin, and the net result was higher earnings for small businesses in March,” said Rohit Arora, CEO and co-founder of Biz2Credit.

    “Right now, there is uncertainty for small business owners because of the tariffs that President Trump announced on ‘Liberation Day’ and ambiguity whether they will remain. Higher tariffs will mean higher prices, since businesses will pass the cost onto consumers,” added Arora, one of the nation’s leading experts in small business finance. “We don’t yet know which countries will negotiate and which ones will retaliate. Small business owners are preparing for higher costs, and that will impact their bottom lines.”

    The Biz2Credit Small Business Earnings Report summarizes primary data of companies that applied for funding each month. It assesses the financial health of small businesses by analyzing primary data provided directly by small to midsized firms in the U.S. as part of the application process on Biz2Credit’s award-winning digital funding platform. The report provides one of the most up-to-date readings on the financial health of small businesses currently available. Click here to review the Small Business Earnings Report.

    Methodology
    Biz2Credit examines a number of small business financial metrics in the Small Business Earnings Report, including annual revenue, operating expenses, age of business, credit score, approval rate, and funding rate. Data is drawn from over 100,000 completed financing applications submitted to Biz2Credit’s online small business funding platform between Jan. 2022 and Mar. 2025. (The numbers were extracted from non-PPP loan applications.)

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $10 billion in small business financing. The company is expanding its industry-leading Biz2X technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com, LinkedIn, Instagram, Facebook, and X (formerly Twitter).

    Editor’s Note: A spreadsheet of three years’ worth of earnings data is available upon request.

    Media Contact: Brett Holzhauer, (818) 326-1109, brett.holzhauer@biz2credit.com

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Dayforce to Announce First Quarter 2025 Financial Results on May 7th and Participate in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE:DAY) (TSX:DAY), a global human capital management (HCM) leader that makes work life better, announced today the date for the release of its first quarter 2025 earnings and its participation at upcoming investor conferences.

    First Quarter 2025 Earnings Date

    Dayforce will release first quarter 2025 financial results before the open of regular market trading on Wednesday, May 7, 2025.

    The company will host a live webcast and conference call at 8:00 a.m. Eastern Time on May 7, 2025 to discuss the aforementioned financial results. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    Upcoming Investor Conferences

    Members of Dayforce management will participate in the following investor conferences:

    • The J.P. Morgan Global Technology, Media and Communications Conference at the Westin Boston Seaport District Hotel in Boston, Massachusetts on Tuesday, May 13, 2025.
    • The Baird Global Consumer, Technology and Services Conference at the InterContinental New York Barclay in New York City on Tuesday, June 3, 2025.
    • The BMO Virtual Software Conference on Monday, June 9, 2025.
    • The Mizuho Technology Conference at the Conrad New York Downtown in New York City on Tuesday, June 10, 2025.

    A live webcast and replay of the presentations will be available through the Dayforce Investor Relations website. Management will also be available for one-on-one and small group meetings with investors.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

    Source: Dayforce, Inc.

    For more information, contact:

    David Niederman
    Investor Relations
    1-844-829-9499
    investors@dayforce.com

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Questor Announces December 31, 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) announced today its financial and operating results for the fourth quarter and year ended December 31, 2024.  

    Questor’s audited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024 are available on the Company’s website at www.questortech.com/quarterly-reports and at www.sedarplus.ca.

    Unless otherwise noted, all financial figures are presented in Canadian dollars, prepared in accordance with International Financial Reporting Standards and are unaudited for the three months ended December 31, 2024.

    FOURTH QUARTER AND 2024 CONSOLIDATED FINANCIAL RESULTS

      Three months ended December 31,   Twelve months ended December 31,  
    For the 2024   2023   2024   2023  
    (Stated in CDN $)        
    Revenue 1,775,892   1,445,128   4,520,580   7,190,871  
    Gross profit 595,405   738,031   1,233,410   2,730,907  
    Adjusted EBITA(1) 5,246   152,543   (1,450,452)   488,787  
    Loss for the period (1,041,393)   (891,982)   (3,233,997)   (4,806,412)  
    Loss per share – basic and diluted (0.04)   (0.03)   (0.12)   (0.17)  
             
    As at         December 31, 2024     December 31, 2023  
    (Stated in CDN $)        
    Working capital(2)     7,570,934   11,844,178  
    Total assets     24,090,332   27,125,820  
    Total equity     21,110,076   24,357,652  

    (1)Non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section at the end of this MD&A.
    (2)Working capital is defined as total current assets less total current liabilities.

    Revenue for the three and twelve months ended December 31, 2024 was $1.8 million and $4.5 million compared to $1.4 million and $7.2 million for the same periods in 2023. The reduction was mainly attributed to a strategic shift in Questor’s business focus towards the international market. Questor’s USA sales team was hired in the second half of 2024 with a focus on rebuilding rental and sales revenue lost primarily due to merger and acquisition activity combined with regulatory changes in the space over the past few years. The revenue focus is primarily in the Permian basin, Colorado, North Dakota, New Mexico and Wyoming. The company is exploring potential rental opportunities in Mexico, with rental activities set to begin in Q1 2025. While short-term results were impacted by the change in our client base combined with regulatory changes, our refreshed focus on global markets with opportunities to eliminate methane and VOC emissions will position the Company for stronger, more diversified and ultimately more sustainable growth in the long term. As at the date of this press release, the Company has secured $4.5 million of committed equipment sales revenue, expected to be fulfilled in the first half of 2025.

    Gross profit as a percentage of revenue for the three and twelve months ended December 31, 2024 was 34 percent and 27 percent compared to 51 percent and 38 percent for the same periods in 2023. The reduction for the twelve and three months ended December 31, 2024 compared to the prior periods is mainly due to a lower revenue, where the Company continues to incur fixed costs and due to the revenue and sales mix. Additionally, 2024 cost of sales expense benefited from the absence of a $0.2 million valuation allowance for slow-moving inventory, which was recognized in 2023.

    Adjusted EBITDA for the three and twelve months ended December 31, 2024 was nil and negative $1.5 million, compared to positive $0.2 million and $0.5 million for the same periods in 2023. The reduction in Adjusted EBITDA is mainly due to lower revenue, where the Company continues to incur operational and administrative fixed costs.

    The Company continues to have a strong financial position at December 31, 2024 including cash and cash equivalents of $5.3 million, $1.7 million of highly liquid short-term investments, and working capital of $7.6 million.

    2024 HIGHLIGHTS AND SUBSEQUENT EVENTS

    In the fourth quarter of 2024, Questor received the final payment of $1,393,246 for the milestone one of the Waste Heat to Power project from Sustainable Development Technology Canada (“SDTC”).

    The construction of the 1500kW waste heat to power prototype neared completion in Q4, with final testing underway in Q1 2025. Commissioning is scheduled to begin in Q2 2025. Meanwhile, Questor has advanced negotiations and preparations for the prototype’s field demonstration, with the field deployment expected in the second half of 2025.

    On February 9, 2024, Questor commenced Normal Course Issuer Bid (“NCIB”) allowing Questor to purchase a maximum of 1,400,000 common shares over the 12-month period for cancellation. NCIB is effective until the earliest of (i) February 7, 2025, (ii) the Company purchasing the maximum of 1,400,000 Shares, and (iii) the Company terminating the NCIB. In connection with the current NCIB, Questor entered into an automatic share purchase plan (“ASPP”) with its designated broker to enable the purchase of shares during blackout periods during which the Company would not ordinarily be permitted to purchase shares. Purchases under the ASPP during those periods are determined by the designated broker in its sole discretion based on the purchasing parameters set by Questor in accordance with the rules of the TSX Venture Exchange, applicable securities laws and the terms of the ASPP. Outside of the periods noted above, purchases under the current NCIB are completed at Questor’s discretion. As of December 31, 2024 under the current NCIB and the instructions in place with the broker, Questor purchased for cancellation of 671,500 shares for the weighted average of $0.48. Subsequent to the year-end, the Company’s NCIB expired and was formally concluded on February 7, 2025. As a result of the NCIB, which was active from February 9, 2024 to February 7, 2025, the Company repurchased and cancelled a total of 731,500 shares at a weighted average price of $0.47 per share.

    In the first quarter of 2025, Questor announced a $0.9 million purchase order to supply clean combustion solutions for managing railcar vapours at Caltrax Inc.’s Calgary facility. During the same period, the company also secured a $2.4 million contract in Iraq, marking the second unit supplied in the MENA region for a leading global exploration and production company focused on reducing flaring and methane emissions.

    PRESIDENT’S MESSAGE

    The global regulatory landscape for emissions is rapidly evolving, with increasing pressure from regulators, courts, investors, and the public to reduce flaring and venting in industrial operations. As a result, Questor is seeing significant global interest in our technology solutions to help address these critical challenges.

    Flaring and venting not only waste valuable resources but also contribute significantly to air pollution. This practice releases methane, hydrocarbons, fine particulates (PM2.5), and volatile organic compounds (VOCs) such as benzene, toluene, ethylbenzene, xylene, formaldehyde, and acetaldehyde into the atmosphere. These harmful pollutants have been directly linked to higher cancer rates, respiratory diseases, and other chronic health conditions. Methane, in particular, is a climate “super pollutant” with 86 times the warming potential of carbon dioxide over 20 years. It is responsible for 30% of observed global warming to date, making it a key target for climate change mitigation.

    At Questor, we offer proven solutions to combat these challenges. Our ISO 14034-certified thermal oxidizer achieves a 99.99% combustion efficiency, ensuring that our clients can demonstrate compliance with emissions standards and eliminate the release of harmful pollutants. This clean combustion technology significantly reduces health risks in surrounding communities, including respiratory illnesses and cancers. Additionally, our organic Rankine cycle (ORC) repurposes heat from methane combustion, creating a revenue stream that offsets the costs of achieving net-zero carbon dioxide equivalent emissions.

    Many major oil and gas producers have pledged to reduce flaring, venting, and methane emissions while working toward net-zero goals. Questor’s innovative combination of clean combustion and waste heat-to-power technology enables our clients to meet these all these commitments at a net-zero cost.

    Questor’s multi-year strategy to intentionally diversify revenue streams globally has focussed on those jurisdictions that have created favorable conditions that have considered the environmental and social impacts of energy production and want to grow their future production in a sustainable manner. As an example, the Iraq contract awarded early 2025 in partnership with OilSERV was for TotalEnergies EP Ratawi Hub, as a part of the multi-energy Gas Growth Integrated Project (GGIP) operated by TotalEnergies. The GGIP is designed to enhance the development of Iraq’s natural resources to improve the country’s electricity supply. This 4-in-1 project comprises the recovery of gas that is currently flared at three oil fields in southern Iraq to supply electric power plants, the redevelopment of the Ratawi oil field, the construction of a 1 GWac (1.25GWp) solar farm and of a seawater treatment plant. The Questor Q5000 Unit will initially treat 2.1 MMSCFD of associated gas during the pilot phase. Subsequently, the unit will treat an additional 1.2 to 2 MMSCFD of low-pressure gas, maximizing the Q5000’s potential and reducing site GHG emissions in the frame of AGUP Phase 1 development. This is the second unit that TotalEnergies has purchased in the Middle East North Africa (MENA) region. TotalEnergies exemplifies the ideal partner for Questor’s solutions, utilizing our thermal oxidizer to reduce methane and VOC emissions, and the future potential of utilizing waste-heat in the GGIP and converting it to power with our 1.5MW Organic Rankin Cycle (ORC) generator.

    To accelerate global adoption, we have partnered with key industry leaders. In Iraq, we collaborate with OilSERV, a top-tier integrated oilfield services provider in the Middle East. In Nigeria, we are represented by Ar-Rahman Technical Services Nig. Limited. In Latin America, our partnership with Hoerbiger, an established multinational company with over 120 locations in 50 countries, further expands our reach. In Mexico, we work with JHJ and GSM Carso, leading service providers supplying units to Pemex. Over the past three years, we have built strong relationships with these partners, educating them on our technology and supporting them in client engagements. With a 25-year track record of eliminating flaring and venting, we are confident that Questor can set the standard for best practices in these regions.

    As global incentives for methane and VOC reduction continue to grow, Questor is uniquely positioned to help clients improve environmental performance while strengthening their community relations. We anticipate that both new and existing clients will view Questor as the ideal partner to accelerate the attainment of their environmental pledges—reducing emissions while simultaneously cutting costs and generating revenue.

    Finally, we acknowledge the evolving political and economic landscape and its potential impact on our operations. We have assessed the risks associated with tariffs and remain confident in our ability to adapt. With strategically positioned inventory in Canada and the United States and established supply chains across North America, Questor is well-prepared to navigate uncertainties. Our global partnerships further diversify our revenue streams, ensuring continued resilience and growth.  

    As we move forward, Questor remains committed to driving innovation, sustainability, and global leadership in emissions reduction.

    FORWARD LOOKING STATEMENTS

    Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. This news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at >99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 1920, 707 – 8th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Investor Relations Contact

    Aly Sumar – Chief Financial Officer

    investor@questortech.com

    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.

    This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Western Union Media Network Taps Magnite to Expand Advertising Capabilities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today announced an agreement with Western Union to support growth of the financial services company’s new Media Network business. In doing so, Magnite will provide Western Union with technology to buy media as an advertiser and monetize its owned media.

    To further increase direct access to streaming inventory, Western Union Media Network is the first commerce media company to leverage Magnite’s ClearLine solution. ClearLine puts clients in control of the ad buying process by allowing them to purchase premium streaming inventory directly from publishers, maximizing Western Union’s working media budget. Magnite reaches 92 million CTV households in the US, accounting for 9 out of 10 ad-supported CTV households in the country.

    Magnite enables advertisers to tap into Western Union Media Network’s owned media properties and first-party insights. With Magnite’s technology, Western Union Media Network is monetizing its owned media properties spanning web, mobile, and in-app environments, including westernunion.com and its iOS and Android applications, which reach over 15 million US customers.

    Using Magnite’s Curator Marketplaces for self-serve audience extension, Western Union Media Network is providing its customers access to a multicultural audience leveraging anonymized transaction data against Magnite inventory. As a result, advertisers and agencies can access Western Union’s unique data and Magnite’s premium inventory, benefiting from precise targeting and streamlined programmatic workflows.

    Additionally, Western Union and Magnite have signed a supply-path optimization (SPO) agreement to streamline Western Union’s access to curated, premium omnichannel inventory.

    “Magnite’s expansive technology and service offerings make them a versatile partner that can help address our desire to grow our business,” said Chris Hammer, Senior Vice President, Western Union. “We are excited to see this collaboration continue to grow as we scale our Media Network business.”

    “We’re proud to support Western Union Media Network’s entry into advertising by helping them activate efficiently on all fronts,” said Stephanie Reustle, Head of Commerce Media at Magnite. “It’s great to see the advanced technology we’ve built for publishers and advertisers providing value to clients in new fields. We’ve seen the firsthand benefits of bringing sellers and buyers closer together and helping commerce media brands integrate into the landscape will bring additional advantages for all.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Western Union
    The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones, and their communities. Our leading cross-border, cross-currency money movement, payments, and digital financial services empower consumers, businesses, financial institutions, and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

    Media Contact:

    Kar Yi Lim
    klim@magnite.com

    Investor Relations Contact:

    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

    April 17, 2025

  • MIL-OSI: Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) (“Onfolio” or the “Company”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the fourth quarter and full year ended December 31, 2024. The Company’s Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC’s website at www.sec.gov.

    Recent Corporate Highlights

    • Recorded $136,000 net income for Q4 2024
    • Completed the acquisition of Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.

    Fourth Quarter and Year End 2024 Financial Highlights

    • Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year period and vs. $2.01M in 3Q24
    • Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior year period and vs. $1.20M in 3Q24
    • Fourth quarter total operating expenses increased 20% to $2.01M vs. $1.67M in the prior year period and vs. $1.69M in 3Q24
    • Fourth quarter net profit to common shareholders improved by over $1M to a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a $0.57M loss in 3Q24
    • Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
    • Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
    • Gross profit grew 39% to $4.5M vs $3.24M in 2023
    • Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
    • Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
    • 2024 EPS grew 77% YOY to -$0.41 from -$1.84
    • Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23

    “The 4th Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments,” commented Onfolio CEO Dominic Wells.

    “We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4,” Wells continued.

    “Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even.”

    “Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals.”

    “We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have.”

    “As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025.”

    “We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025.”

    “As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability,” concluded Wells.

    About Onfolio Holdings

    Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.

    Forward-Looking Statements

    The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.

    Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1A “Risk Factors” in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    For investor inquiries:  
    investors@onfolio.com   

     
    Onfolio Holdings, Inc.
    Consolidated Balance Sheets
     
     
      December 31   December 31
      2024   2023
           
    Assets      
           
    Current Assets:      
    Cash $ 476,874     $ 982,261  
    Accounts receivable, net   755,804       90,070  
    Inventory   65,876       92,637  
    Prepaids and other current assets   138,007       111,097  
    Total Current Assets   1,436,561       1,276,065  
           
    Intangible assets   3,323,211       1,675,480  
    Goodwill   4,210,557       1,596,673  
    Fixed Assets   5,135       –  
    Due from related party   126,530       150,971  
    Investment in unconsolidated joint ventures, cost method   213,007       154,007  
    Investment in unconsolidated joint ventures, equity method   268,231       273,042  
    Other assets   9,465       –  
           
    Total Assets $ 9,592,697     $ 5,126,238  
    Liabilities and Stockholders Equity      
           
    Current Liabilities:      
    Accounts payable and other current liabilities $ 969,068     $ 493,816  
    Dividends payable   100,797       68,011  
    Notes payable, current   702,634       17,323  
    Notes Payable – Related Party, current   850,000       –  
    Contingent consideration   981,591       60,000  
    Deferred revenue   589,913       149,965  
    Total Current Liabilities   4,194,003       789,115  
           
    Notes payable   450,000       –  
    Notes payable – related parties   599,000       –  
    Due to joint ventures – long term   –       –  
    Total Liabilities   5,243,003       789,115  
           
    Commitments and Contingencies      
           
    Stockholders’ Equity:      
    Preferred stock, $0.001 per value, 5,000,000 shares authorized      
    Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 134,460 and 92,260 issued and outstanding at December 31, 2024 and 2023   134       93  
    Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at December 31, 2024 and 2023   5,128       5,108  
    Additional paid-in capital   22,316,751       21,107,311  
    Accumulated other comprehensive income   68,105       182,465  
    Accumulated deficit   (19,078,287 )     (16,957,854 )
    Total Onfolio Inc. stockholders equity   3,311,831       4,337,123  
    Non-Controlling Interests   1,037,863       –  
    Total Stockholders’ Equity   4,349,694       4,337,123  
           
    Total Liabilities and Stockholders’ Equity $ 9,592,697     $ 5,126,238  
           
    The accompanying notes are an integral part of these consolidated financial statements
           
       
    Onfolio Holdings, Inc.  
    Consolidated Statements of Operations  
       
                       
        For the Three Months Ended Dec 31,   For the Years Ended Dec 31,  
        2024   2023   2024   2023  
                       
                       
    Revenue, services   $ 2,024,308     $ 374,397     $ 4,660,069     $ 1,496,038    
    Revenue, product sales     512,496       890,501       3,202,008       3,743,948    
    Total Revenue     2,536,804       1,264,898       7,862,077       5,239,986    
                       
    Cost of revenue, services     1,059,161       186,039       2,609,061       837,888    
    Cost of revenue, product sales     118,208       242,527       708,139       1,159,267    
    Total cost of revenue     1,177,369       428,566       3,317,200       1,997,155    
                       
    Gross profit     1,359,435       836,332       4,544,877       3,242,831    
                       
    Operating expenses                  
    Selling, general and administrative     1,402,154       1,257,244       5,718,243       5,981,601    
    Professional fees     353,695       316,500       948,751       1,160,410    
    Acquisition costs     142,465       41,367       264,731       326,899    
    Impairement of goodwill and intangible assets     116,322       1,064,249       121,000       5,016,765    
    Total operating expenses     2,014,636       2,679,360       7,052,725       12,485,675    
                       
    Loss from operations     (655,201 )     (1,843,028 )     (2,507,848 )     (9,242,844 )  
                       
    Other income (expense)                  
    Equity method income (loss)     748       (1,731 )     (4,812 )     13,190    
    Dividend income     6,313       –       12,157       1,610    
    Interest income (expense), net     (41,103 )     6,052       (101,667 )     75,041    
    Other income     3,249       –       6,183       2,937    
    Gain on change in fair value of contingent consideration     368,464       –       368,464       –    
    Impairment of investments     –       –       –       –    
    Gain on sale of business     453,581       –       453,581       –    
    Total other income     791,252       4,321       733,906       92,778    
                       
    Loss before income taxes     136,051       (1,838,707 )     (1,773,942 )     (9,150,066 )  
                       
    Income tax (provision) benefit     –       –       –       –    
                       
    Net loss     136,051       (1,838,707 )     (1,773,942 )     (9,150,066 )  
                       
    Net loss attributable to noncontrolling interest     (2,224 )     –       7,737       –    
    Net loss attributable to Onfolio Holdings Inc.     133,827       (1,838,707 )     (1,766,205 )     (9,150,066 )  
                       
    Preferred Dividends     (100,395 )     (54,231 )     (354,228 )     (227,298 )  
    Net loss to common shareholders   $ 33,432     $ (1,892,938 )   $ (2,120,433 )   $ (9,377,364 )  
                       
    Net loss per common shareholder                  
    Basic and diluted   $ 0.01     $ (0.37 )   $ (0.41 )   $ (1.84 )  
                       
    Weighted average shares outstanding                  
    Basic and diluted     5,127,395       5,110,195       5,117,941       5,107,395    
                       
    The accompanying notes are an integral part of these consolidated financial statements  
                       
     
    Onfolio Holdings, Inc.
    Consolidated Statements of Stockholders’ Equity
    For the Years Ended December 31, 2024 and 2023
     
      Preferred Stock, $0.001 Par value   Common Stock, $0.001 Par Value   Additional   Accumulated   Accumulated Other   Non   Stockholders’
      Shares   Amount   Shares   Amount   Paid-In Capital   Deficit   Comprehensive Income   Controlling Interest   Equity
                                       
    Balance, December 31, 2022 69,660   $ 70   5,107,395   $ 5,108   $ 19,950,776   $ (7,580,490 )   $ 96,971   $ –     $ 12,472,435  
              –     –         –       –     –       –  
    Sale of preferred stock for cash 22,600     23   –     –     564,977     –       –     –       565,000  
    Stock-based compensation –     –   –     –     591,558     –       –     –       591,558  
    Preferred dividends –     –   –     –     –     (227,298 )     –     –       (227,298 )
    Foreign currency translation –     –   –     –     –     –       85,494     –       85,494  
    Net loss (restated) –     –   –     –     –     (9,150,066 )     –         (9,150,066 )
                                       
    Balance, December 31, 2023 (as restated) 92,260     93   5,107,395     5,108     21,107,311     (16,957,854 )     182,465     –       4,337,123  
              –     –         –       –     –       –  
    Acquisition of Business 41,400     41   –     –     1,094,959     –       –     1,066,000       2,161,000  
    Sale of preferred stock for cash 800     –   –     –     20,000     –       –     –       20,000  
    Stock-based compensation –     –   –     –     56,887     –       –     –       56,887  
    Partner Contributions                   24,654                 24,654  
    Common stock issued for exercise of options –     –   20,000     20     12,940     –       –     –       12,960  
    Preferred dividends –     –   –     –     –     (354,228 )     –     –       (354,228 )
    Foreign currency translation –     –   –     –     –     –       –         –  
    Distribution to non-controlling interest                               (20,400 )     (20,400 )
    Net loss –     –   –     –     –     (1,766,205 )     –     (7,737 )     (1,773,942 )
                                       
    Balance, December 31, 2024 134,460   $ 134   5,127,395   $ 5,128   $ 22,316,751   $ (19,078,287 )   $ 182,465   $ 1,037,863     $ 4,464,054  
                                       
    The accompanying notes are an integral part of these consolidated financial statements
                                       
     
    Onfolio Holdings, Inc.
    Consolidated Statements of Cash Flows
    For the Years Ended December 31, 2024 and 2023
     
           
      2024   2023
           
    Cash Flows from Operating Activities      
    Net loss $ (1,773,942 )   $ (9,150,066 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Stock-based compensation expense   56,887       591,558  
    Equity method loss (income)   4,812       (13,190 )
    Dividends received from equity method investment   –       20,474  
    Amortization of intangible assets   906,737       680,693  
    Impairment of intangible assets   121,000       5,016,765  
    Gain on sale of subsidiary   (453,581 )     –  
    Change in FV of contingent consideration   (368,464 )     –  
    Net change in:      
    Accounts receivable   (282,002 )     47,528  
    Inventory   26,761       12,492  
    Prepaids and other current assets   4,891       101,083  
    Accounts payable and other current liabilities   477,247       (56,638 )
    Due to joint ventures   24,441       (39,251 )
    Deferred revenue   86,850       36,714  
    Due to related parties   –       –  
           
    Net cash used in operating activities   (1,168,363 )     (2,751,838 )
           
    Cash Flows from Investing Activities      
    Cash paid to acquire businesses   (255,000 )     (850,000 )
    Cash received for sale of subisiary   780,000       –  
    Investments in joint ventures   (59,000 )     –  
    Investment in cryptocurrency   (15,000 )     –  
    Net cash used in investing activities   451,000       (850,000 )
           
    Cash Flows from Financing Activities      
    Proceeds from sale of Series A preferred stock   20,000       565,000  
    Proceeds from exercise of stock options   12,960       –  
    Payments of preferred dividends   (321,442 )     (213,691 )
    Distributions to non-controlling interest holders   (20,400 )     –  
    Proceeds from notes payable   881,650       –  
    Payments on note payables   (386,339 )     (68,959 )
    Payments on acquisition note payables   –       (2,439,000 )
    Proceeds from notes payable – related parties   200,000       –  
    Payments on note payables – related parties   (1,000 )     –  
    Payments on contigent consideration   (59,093 )     –  
           
    Net cash provided by financing activities   326,336       (2,156,650 )
           
    Effect of foreign currency translation   (114,360 )     39,627  
           
    Net Change in Cash   (505,387 )     (5,718,861 )
    Cash, Beginning of Period   982,261       6,701,122  
           
    Cash, End of Period   476,874     $ 982,261  
           
    Cash Paid For:      
    Income Taxes $ –     $ –  
    Interest $ 101,667     $ 68,938  
           
    Non-cash transactions:      
    Notes payable issued for asset acquisitions $ 1,490,000     $ –  
    Preferred stock issued for acquisitions $ 1,035,000     $ –  
    Contingent consideration issued for acquisitions $ 986,000     $ –  
    Common stock options issued for acquisitions $ 60,000     $ –  
    Non-controlling interest issued for acquisitions $ 1,066,000     $ –  
           
           
           
           
    The accompanying notes are an integral part of these consolidated financial statements
           

    The MIL Network –

    April 17, 2025

  • MIL-OSI: A New Milestone in Global Compliance: JZMOR Successfully Obtains U.S. MSB License

    Source: GlobeNewswire (MIL-OSI)

    GREENWOOD VILLAGE, Colo., April 16, 2025 (GLOBE NEWSWIRE) — Recently, JZMOR officially announced that it has successfully obtained the U.S. MSB (Money Services Business) license (Registration Number: 31000272354600), marking a significant milestone in the platform’s journey toward compliant operations and building user trust.

    The acquisition of the MSB license demonstrates the adherence by JZMOR to strict standards in fund management, regulatory requirements, and operational transparency, providing users with a more reliable digital asset trading environment.

    JZMOR CEO Marsh Noah stated: “Compliance is the core driving force behind the platform development. By strictly adhering to global regulatory requirements, we aim to create a truly open, fair, and secure financial ecosystem for our users. Obtaining the U.S. MSB license is an important step toward this vision and a profound commitment to earning user trust.”

    The U.S. MSB license is recognized as one of the most important compliance credentials in the global digital asset industry. Its application process involves rigorous reviews across multiple aspects. JZMOR, leveraging its strong technical capabilities and robust management systems, has successfully met these high standards, showcasing its exceptional ability in the field of international compliance.

    To strengthen its compliance capabilities, JZMOR has actively invested resources globally, implementing advanced real-time monitoring systems to ensure transaction transparency and introducing intelligent technologies to enhance the effectiveness of its anti-money laundering mechanisms. These cutting-edge compliance practices not only ensure the legality of transactions but also provide comprehensive protection for user asset security.

    The acquisition of the U.S. MSB license lays a solid compliance foundation for the JZMOR expansion into international markets and demonstrates the long-term vision of the platform for global operations. This achievement also provides valuable experience for the JZMOR compliance efforts in other countries and regions.

    The compliance journey of JZMOR is not only about its own development but also a positive contribution to the healthy growth of the industry. By continuously improving its compliance framework and innovating its service practices, JZMOR aims to drive the standardization of the industry and create more value for its users.

    “Compliance is a key direction for the development of the industry, and JZMOR is committed to driving this trend through concrete actions,” Marsh Noah concluded. “By adhering to our compliance philosophy, we will continue to write a new chapter in the JZMOR journey of compliant development.”

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41f673b6-a2ab-4c13-a036-858f9a0c551c

    The MIL Network –

    April 17, 2025

  • MIL-OSI Global: Pope Francis and Laudato Si’: an ecological turning point for the Catholic Church

    Source: The Conversation – France – By Bernard Laurent, Professeur, EM Lyon Business School

    In Laudato Si’, Pope Francis called for a radical break with consumerist lifestyles. Ricardo Perna/Shutterstock

    On May 24, 2015, Pope Francis signed his encyclical Laudato Si’ – “Praise be to you” in medieval Italian. This letter to Roman Catholic bishops was no half measure: it took many Catholics by surprise with its uncompromising conclusions and call for an in-depth transformation of our lifestyles. In France, it managed to bring together both conservative currents – such as the Courant pour un écologie humaine (Movement for a Human Ecology), created in 2013 – and more open-minded Catholic intellectuals such as Gaël Giraud, a Jesuit and author of Produire plus, polluer moins: l’impossible découplage? (Produce more, Pollute Less: the Impossible Decoupling?).

    The Pope was taking a cue from his predecessors. Benedict XVI, John Paul II and Paul VI had also expressed concern about the dramatic effects of an abusive exploitation of nature on humanity:

    “Man is suddenly becoming aware that by an ill-considered exploitation of nature he risks destroying it and becoming in his turn the victim of this degradation.”

    What does Pope Francis’s encyclical teach us? And how does it reflect the Catholic Church’s vision, and his own?


    A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

    The “green” pope

    In the text, Pope Francis describes a situation in which the environment is deteriorating rapidly:

    “There is […] pollution that affects everyone, caused by transport, industrial fumes, substances which contribute to the acidification of soil and water, fertilizers, insecticides, fungicides, herbicides and agrotoxins in general.” (§-20)

    The “green” pope published Laudato Si’ on June 18, 2015, a few months prior to the Paris climate conference. The aim was to raise public awareness around the challenges of global warming by creating a relational approach that included God, human beings and the Earth. It was the first time an encyclical had been devoted wholly to ecology.

    In it, the Pope voiced his concern about the effects of global warming:

    “Warming has effects on the carbon cycle. It creates a vicious circle which aggravates the situation even more, affecting the availability of essential resources like drinking water, energy and agricultural production in warmer regions, and leading to the extinction of part of the planet’s biodiversity.” (§-24)

    Criticizing a “technocratic paradigm”

    Since Pope Leo XIII’s Rerum Novarum, the various social encyclicals have consistently rejected the liberal idea of a society solely regulated by the smooth functioning of the market. The French sociologist of religion Émile Poulat summed up the Church’s position perfectly in 1977 in his book Église contre bourgeoisie. Introduction au devenir du catholicisme actuel, in which he writes that the Church “never agreed to abandon the running of the world to the blind laws of economics”.

    In 2015, Pope Francis rejected technical solutions that would not truly be useful, as well as the belief in the redeeming virtues of a self-regulating market. He accused “the technocratic paradigm” of dominating humankind by subordinating the economic and political spheres to its logic (§-101). His comments are reminiscent of the unjustly forgotten French Protestant philosopher Jacques Ellul and his idea of a limitless “self-propulsion” of technology, which has become the alpha and omega of our societies.

    For Jacques Ellul, technology is anything but neutral since it represents genuine power driven by its own movement.
    Wikimedia, CC BY-SA

    The pope’s charge against the supposed virtues of the market was spectacular. Among others, he criticized the following:

    • overconsumption in developed countries:

    “Since the market tends to promote extreme consumerism in an effort to sell its products, people can easily get caught up in a whirlwind of needless buying and spending.” (§-203);

    • the glorification of profit and a self-regulating market:

    “Some circles maintain that current economics and technology will solve all environmental problems.” (§-109);

    • the hypertrophy of speculative finance:

    “Politics must not be subject to the economy, nor should the economy be subject to the dictates of an efficiency-driven paradigm of technocracy.” (§-189);

    • the unequal distribution of wealth in the world:

    “In fact, the deterioration of the environment and of society affects the most vulnerable people on the planet: […] the gravest effects of all attacks on the environment are suffered by the poorest.” (§-48);

    • the unequal levels of development between countries, leading Francis to speak of an “ecological debt” owed by rich countries to the least developed ones. (§-51)

    Social justice and shrinking growth

    In Francis’s words, the goals of saving the planet and social justice go hand in hand. His approach is in keeping with the work of the [economist Louis-Joseph Lebret, a Dominican, who in 1941 founded the association Économie et humanisme. Father Lebret wanted to put the economy back at the service of humankind, and work with the least economically advanced countries by championing an approach based on the virtues of local communities and regional planning.

    Pope Francis, for his part, is calling for a radical break with the consumerist lifestyles of rich countries, while focusing on the development of the poorest nations. (§-93). In Laudato Si’, he also wrote that developed countries’ responses seemed insufficient because of the economic interests at stake (§-54).

    This brings us back to the principle of the universal destination of goods – the organizing principle of property defended by the Catholic Church’s social doctrine, which demands that goods be distributed in such a way as to enable every human being to live in dignity.

    In addition to encouraging the necessary technical adjustments and sober individual practices, Pope Francis is urging citizens in developed countries not to be content with half measures deemed largely insufficient. Instead, he is calling for people to make lifestyle changes in line with the logic of slowing growth. The aim is to enable developing countries to emerge from poverty, while sparing the environment.

    “Given the insatiable and irresponsible growth produced over many decades, we need also to think of containing growth by setting some reasonable limits and even retracing our steps before it is too late. […] That is why the time has come to accept decreased growth in some parts of the world, in order to provide resources for other places to experience healthy growth.” (§ -193)

    Nearly 10 years on, Laudato Si’ resonates fully with our concerns. In the United States, Vice President JD Vance and Secretary of State Marco Rubio, who both identify as Catholic, would be well advised to read it anew.

    Bernard Laurent is a member of the CFTC and of the IRES Scientific Council

    – ref. Pope Francis and Laudato Si’: an ecological turning point for the Catholic Church – https://theconversation.com/pope-francis-and-laudato-si-an-ecological-turning-point-for-the-catholic-church-253977

    MIL OSI – Global Reports –

    April 17, 2025

  • MIL-OSI China: New global headquarters for int’l commercial dispute resolution body opens in Beijing

    Source: China State Council Information Office

    The International Commercial Dispute Prevention and Settlement Organization (ICDPASO) has inaugurated its new global headquarters in Beijing, marking a milestone in its expansion as a key player in resolving cross-border commercial disputes.

    Established in October 2020 under the initiative of the China Council for the Promotion of International Trade (CCPIT), the ICDPASO is the first non-governmental international body integrating dispute prevention and settlement services for international commercial entities.

    At a high-level dialogue coinciding with the launch on Tuesday, CCPIT Chairman Ren Hongbin emphasized the organization’s growing relevance amid rising unilateralism, protectionism, and uncertainties in global commerce.

    The ICDPASO’s focus on dialogue and mediation has effectively aided businesses in resolving disputes while fostering international cooperation, said Huang Wei, vice director of the Legislative Affairs Commission of the National People’s Congress Standing Committee, highlighting its contributions to trade facilitation.

    Jointly founded by the China Chamber of International Commerce and industrial, commercial and legal service institutions from more than 40 countries and regions, the ICDPASO currently boasts 51 member institutions involving over 100 countries and regions, with its case resolution volume increasing by about 60 percent annually since inception.

    It has also issued guidelines for commercial mediation, arbitration, and investment dispute practices.

    MIL OSI China News –

    April 17, 2025

  • MIL-OSI Economics: Allen & Overy and White & Case top M&A legal advisers in Middle East & Africa region during Q1 2025, reveals GlobalData

    Source: GlobalData

    Allen & Overy and White & Case top M&A legal advisers in Middle East & Africa region during Q1 2025, reveals GlobalData

    Posted in Business Fundamentals

    Allen & Overy and White & Case were the top mergers and acquisitions (M&A) legal advisers in the Middle East & Africa region during the first quarter (Q1) of 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that Allen & Overy achieved the leading position in terms of value by advising on $2.8 billion worth of deals. Meanwhile, White & Case led in terms of volume by advising on four deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Allen & Overy and White & Case were the top advisers by value and volume in Q1 2024 and managed to retain their respective leadership positions in Q1 2025 as well. Despite suffering setbacks in terms of value and volume, respectively, in Q1 2025 compared to Q1 2024, Allen & Overy and White & Case were still ahead of their peers and managed to lead the pack.

    “White & Case, apart from leading by volume, also occupied the fourth position by value in Q1 2025. Similarly, While Allen & Overy, apart from leading by volume, also held the fourth position by value during Q1 2025.”

    Freshfields Bruckhaus Deringer occupied the second position in terms of value, by advising on $2.3 billion worth of deals, followed by Gibson, Dunn & Crutcher with $2.2 billion, White & Case with $1.8 billion and AS&H Clifford Chance with $906 million.

    Meanwhile, Baker McKenzie occupied the second position in terms of volume with three deals, followed by DLA Piper with three deals, Allen & Overy with two deals and Gibson, Dunn & Crutcher with two deals.

    MIL OSI Economics –

    April 17, 2025

  • MIL-OSI Economics: GPT-4.1 impresses influencers with coding prowess, surpassing GPT-4o, reveals GlobalData

    Source: GlobalData

    GPT-4.1 impresses influencers with coding prowess, surpassing GPT-4o, reveals GlobalData

    Posted in Business Fundamentals

    OpenAI emerged as a prominent subject of discussion among influencers in mid-April 2025, driven by the introduction of its GPT-4.1 model suite, comprising GPT-4.1, GPT-4.1-mini, and GPT-4.1-nano, specifically designed for developer applications. This rise to prominence was reinforced by the accompanying prompting guide and the models’ integration into platforms such as VS Code, GitHub Copilot, and Foundry. Influencers perceive this as a strategic effort by OpenAI to maintain its competitive edge against industry peers, including Google and Anthropic, particularly in light of its reported exploration of open-source initiatives, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencer sentiment is predominantly optimistic about GPT-4.1’s advancements, emphasizing its superior coding precision, enhanced instruction adherence, and expanded contextual understanding compared to earlier models. Several influencers assert that GPT-4.1 delivers performance surpassing that of GPT-4o, with some even claiming it outperforms GPT-4.5, which OpenAI recently announced it would phase out from its API. However, confusion and skepticism persist regarding OpenAI’s complex naming conventions, with some observers critiquing the numbering system as lacking clarity.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Thomas Dohmke, CEO at GitHub:

    “The next evolution of GPT GitHub Copilot is here. OpenAI GPT-4.1 is now available for all Copilot Plans, including Free, via the model picker in Visual Studio Code and http://GitHub.com chat (support in Visual Studio and JetBrains coming soon). It’s also up and running on GitHub Models, for all your model comparison needs. GPT-4.1 improves on GPT-4o’s coding accuracy, performance, and context awareness. It’s a strong choice for tasks that require speed, responsiveness, and general-purpose reasoning. And it’s ready for you to explore today.”

    1. Ethan Mollick, Associate Professor at The Wharton School:

    “Resisting the standard urge to tweet about OpenAI’s naming system given today’s new products are named 4.1, 4.1-mini, and 4.1-nano, given the existence of 4o, the upcoming o4, and the existing 4.5. Don’t worry, the numbering system is completely uninformative as to capabilities.”

    1. Aaron Levie, CEO at Box:

    “OpenAI just dropped GPT-4.1. It’s a huge jump over GPT-4o on basically every metric, and importantly document processing and data extraction from enterprise content. Box is now offering it in beta in the Box AI Studio, and will be rolling out to everyone shortly.”

    1. Tom Warren, Senior Editor at The Verge:

    “as I exclusively reported last week, OpenAI has just announced GPT-4.1, which it claims is better than GPT-4o “on just about every dimension.” I’m also expecting an o3 and o4 mini reveal, and other announcements later this week”

    1. Elvis S, Cofounder & CEO at DAIR.AI:

    “GPT-4.1 > GPT-4o OpenAI mentioned that GPT-4.1 is better than GPT-4o on every dimension and even beats GPT-4.5 in some tasks. The models can handle up to 1M content window (for the first time).”

    MIL OSI Economics –

    April 17, 2025

  • MIL-OSI Economics: RBC Capital Markets and UBS top M&A financial advisers in South & Central America region during Q1 2025, reveals GlobalData

    Source: GlobalData

    RBC Capital Markets and UBS top M&A financial advisers in South & Central America region during Q1 2025, reveals GlobalData

    Posted in Business Fundamentals

    RBC Capital Markets and UBS were the top mergers and acquisitions (M&A) financial advisers in the South & Central America region during the first quarter (Q1) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that RBC Capital Markets achieved the leading position in terms of value by advising on $1.7 billion worth of deals. Meanwhile, UBS led in terms of volume by advising on two deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “UBS was the top adviser by volume in Q1 2024 and managed to retain its leadership position by this metric in Q1 2025 as well. Apart from leading by volume, UBS also occupied second position by value in Q1 2025.

    “Meanwhile, RBC Capital Markets advised on just one deal in Q1 2025, but its billion-dollar* value significantly boosted the firm’s overall performance. As a result, the global investment bank witnessed a substantial surge in the total value of deals it advised on compared to Q1 2024. This propelled RBC Capital Markets from seventh place in Q1 2024 to the top spot by deal value in Q1 2025. In addition to leading by value, the firm also secured the third position by deal volume during the quarter.”

    UBS occupied the second position in terms of value, by advising on $269 million worth of deals, followed by Clairfield International with $240 million, Rand Merchant Bank with $240 million and DNB Bank with $40 million.

    Meanwhile, Pier Partners occupied the second position in terms of volume with two deals, followed by RBC Capital Markets with one deal, whereas Clairfield International and Rand Merchant Bank jointly occupied the fourth position with each of them advising on one deal.

    *Deal value ≥ $1 billion

    MIL OSI Economics –

    April 17, 2025

  • MIL-OSI Economics: Skadden, Arps, Slate, Meagher & Flom top M&A legal adviser in South & Central America region during Q1 2025, reveals GlobalData

    Source: GlobalData

    Skadden, Arps, Slate, Meagher & Flom top M&A legal adviser in South & Central America region during Q1 2025, reveals GlobalData

    Posted in Business Fundamentals

    Skadden, Arps, Slate, Meagher & Flom was the top mergers and acquisitions (M&A) legal adviser in the South & Central America region during the first quarter (Q1) of 2025 by both value and volume, according to the latest legal advisers league table by GlobalData, a leading data and analytics company

    An analysis of GlobalData’s Deals Database revealed that Skadden, Arps, Slate, Meagher & Flom achieved the leading position having advised on two deals worth $1.7 billion.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Skadden, Arps, Slate, Meagher & Flom recorded notable growth in both the volume and value of deals in Q1 2025 compared to the same period in 2024, leading to a significant improvement in its rankings. The firm jumped from 13th place by deal volume in Q1 2024 to claim the top position in Q1 2025. Similarly, its ranking by deal value also rose from seventh to first place over the same period.”

    Cleary Gottlieb Steen & Hamilton occupied the second position in terms of value, by advising on $1.2 billion worth of deals, followed by Squire Patton Boggs with $950 million whereas Edward Nathan Sonnenbergs Inc, Guerrero Olivos and Valdes y Cia jointly occupied the fourth position with each of them advising on $240 million worth of deals.

    Meanwhile, Perez Alati, Grondona, Benites, Arntsen & Martinez de Hoz and Wilson Sonsini Goodrich & Rosati jointly occupied the second position in terms of volume with each of them advising on two deals followed by Cleary Gottlieb Steen & Hamilton with one deals and Squire Patton Boggs with one deal.

    MIL OSI Economics –

    April 17, 2025

  • MIL-OSI Global: Pope Francis and Laudato Si’: looking back at an ecological turning point for the Catholic Church

    Source: The Conversation – France – By Bernard Laurent, Professeur, EM Lyon Business School

    In Laudato Si’, Pope Francis called for a radical break with consumerist lifestyles. Ricardo Perna/Shutterstock

    On May 24, 2015, Pope Francis signed his encyclical Laudato Si’ – “Praise be to you” in medieval Italian. This letter to Roman Catholic bishops was no half measure: it took many Catholics by surprise with its uncompromising conclusions and call for an in-depth transformation of our lifestyles. In France, it managed to bring together both conservative currents – such as the Courant pour un écologie humaine (Movement for a Human Ecology), created in 2013 – and more open-minded Catholic intellectuals such as Gaël Giraud, a Jesuit and author of Produire plus, polluer moins: l’impossible découplage? (Produce more, Pollute Less: the Impossible Decoupling?).

    The Pope was taking a cue from his predecessors. Benedict XVI, John Paul II and Paul VI had also expressed concern about the dramatic effects of an abusive exploitation of nature on humanity:

    “Man is suddenly becoming aware that by an ill-considered exploitation of nature he risks destroying it and becoming in his turn the victim of this degradation.”

    What does Pope Francis’s encyclical teach us? And how does it reflect the Catholic Church’s vision, and his own?


    A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

    The “green” pope

    In the text, Pope Francis describes a situation in which the environment is deteriorating rapidly:

    “There is […] pollution that affects everyone, caused by transport, industrial fumes, substances which contribute to the acidification of soil and water, fertilizers, insecticides, fungicides, herbicides and agrotoxins in general.” (§-20)

    The “green” pope published Laudato Si’ on June 18, 2015, a few months prior to the Paris climate conference. The aim was to raise public awareness around the challenges of global warming by creating a relational approach that included God, human beings and the Earth. It was the first time an encyclical had been devoted wholly to ecology.

    In it, the Pope voiced his concern about the effects of global warming:

    “Warming has effects on the carbon cycle. It creates a vicious circle which aggravates the situation even more, affecting the availability of essential resources like drinking water, energy and agricultural production in warmer regions, and leading to the extinction of part of the planet’s biodiversity.” (§-24)

    Criticizing a “technocratic paradigm”

    Since Pope Leo XIII’s Rerum Novarum, the various social encyclicals have consistently rejected the liberal idea of a society solely regulated by the smooth functioning of the market. The French sociologist of religion Émile Poulat summed up the Church’s position perfectly in 1977 in his book Église contre bourgeoisie. Introduction au devenir du catholicisme actuel, in which he writes that the Church “never agreed to abandon the running of the world to the blind laws of economics”.

    In 2015, Pope Francis rejected technical solutions that would not truly be useful, as well as the belief in the redeeming virtues of a self-regulating market. He accused “the technocratic paradigm” of dominating humankind by subordinating the economic and political spheres to its logic (§-101). His comments are reminiscent of the unjustly forgotten French Protestant philosopher Jacques Ellul and his idea of a limitless “self-propulsion” of technology, which has become the alpha and omega of our societies.

    For Jacques Ellul, technology is anything but neutral since it represents genuine power driven by its own movement.
    Wikimedia, CC BY-SA

    The pope’s charge against the supposed virtues of the market was spectacular. Among others, he criticized the following:

    • overconsumption in developed countries:

    “Since the market tends to promote extreme consumerism in an effort to sell its products, people can easily get caught up in a whirlwind of needless buying and spending.” (§-203);

    • the glorification of profit and a self-regulating market:

    “Some circles maintain that current economics and technology will solve all environmental problems.” (§-109);

    • the hypertrophy of speculative finance:

    “Politics must not be subject to the economy, nor should the economy be subject to the dictates of an efficiency-driven paradigm of technocracy.” (§-189);

    • the unequal distribution of wealth in the world:

    “In fact, the deterioration of the environment and of society affects the most vulnerable people on the planet: […] the gravest effects of all attacks on the environment are suffered by the poorest.” (§-48);

    • the unequal levels of development between countries, leading Francis to speak of an “ecological debt” owed by rich countries to the least developed ones. (§-51)

    Social justice and shrinking growth

    In Francis’s words, the goals of saving the planet and social justice go hand in hand. His approach is in keeping with the work of the [economist Louis-Joseph Lebret, a Dominican, who in 1941 founded the association Économie et humanisme. Father Lebret wanted to put the economy back at the service of humankind, and work with the least economically advanced countries by championing an approach based on the virtues of local communities and regional planning.

    Pope Francis, for his part, is calling for a radical break with the consumerist lifestyles of rich countries, while focusing on the development of the poorest nations. (§-93). In Laudato Si’, he also wrote that developed countries’ responses seemed insufficient because of the economic interests at stake (§-54).

    This brings us back to the principle of the universal destination of goods – the organizing principle of property defended by the Catholic Church’s social doctrine, which demands that goods be distributed in such a way as to enable every human being to live in dignity.

    In addition to encouraging the necessary technical adjustments and sober individual practices, Pope Francis is urging citizens in developed countries not to be content with half measures deemed largely insufficient. Instead, he is calling for people to make lifestyle changes in line with the logic of slowing growth. The aim is to enable developing countries to emerge from poverty, while sparing the environment.

    “Given the insatiable and irresponsible growth produced over many decades, we need also to think of containing growth by setting some reasonable limits and even retracing our steps before it is too late. […] That is why the time has come to accept decreased growth in some parts of the world, in order to provide resources for other places to experience healthy growth.” (§ -193)

    Nearly 10 years on, Laudato Si’ resonates fully with our concerns. In the United States, Vice President JD Vance and Secretary of State Marco Rubio, who both identify as Catholic, would be well advised to read it anew.

    Bernard Laurent is a member of the CFTC and of the IRES Scientific Council

    – ref. Pope Francis and Laudato Si’: looking back at an ecological turning point for the Catholic Church – https://theconversation.com/pope-francis-and-laudato-si-looking-back-at-an-ecological-turning-point-for-the-catholic-church-253977

    MIL OSI – Global Reports –

    April 17, 2025

  • MIL-OSI: Morning After Federal Election, Canada’s Top Innovation Leaders Converge at NACO Summit in Ottawa

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, April 16, 2025 (GLOBE NEWSWIRE) — The National Angel Capital Organization (NACO) will host its flagship NACO Summit 2025 on April 29–30 at Ottawa’s iconic National Arts Centre, directly across from Parliament Hill. This sold-out event gathers 500 of Canada’s leading investors, entrepreneurs, and senior innovation leaders at a pivotal moment—as the country welcomes a newly elected federal government.

    Kicking off the morning immediately after the federal election, this symbolic setting underscores the Summit’s role in shaping a bold vision for Canada’s economic future. The event convenes leaders representing the full spectrum of the country’s innovation economy—from globally scaled entrepreneurs to founders of high-growth companies in strategic sectors.

    “At this moment of national reflection, a new economic story is being written—one shaped by Canada’s builders, innovators, and investors,” said Claudio Rojas, CEO of NACO. “These bold leaders and job creators are gathering to chart the path toward a resilient, self-reliant, and globally competitive Canadian economy.”

    “The Summit serves as a premier forum for innovators, entrepreneurs, investors, and thought leaders to convene, exchange ideas, and share insights,” said Mark Sutcliffe, Mayor of Ottawa. “It provides unparalleled networking opportunities, connecting global investors directly with Canada’s tech leaders and high-growth startups. Events like the NACO Summit significantly enhance Ottawa’s—and Canada’s—position as a leading innovation economy.”

    Honouring Canada’s Builders, Entrepreneurs, and Risk-takers

    At the heart of the Summit is a celebration of those whose leadership and vision are shaping Canada’s innovation landscape toward a more transformative and innovation-driven future.

    The 2025 NACO Awards recognize outstanding contributions in three categories:

    • Canada’s Angel of the Year – a national honour recognizing an outstanding angel investor who has made a meaningful and lasting impact on Canada’s entrepreneurial ecosystem.
    • NACO Nation Builder Award – honouring leaders whose extraordinary contributions have significantly advanced Canada’s cultural, economic and innovation landscape.
    • Lifetime Achievement Award – recognizing decades-long commitment to mobilizing angel capital and strengthening Canada’s innovation infrastructure.

    Showcasing Canada’s Fastest Growing Companies

    NACO Summit will unveil the highly anticipated 2025 Moonshots Showcase, highlighting more than 20 of Canada’s most promising early-stage ventures, representing sectors that are essential to the economy of the future—including healthtech, artificial intelligence, cleantech, enterprise software, and frontier technologies. Collectively, these companies have raised over $122 million in early-stage funding with many actively pursuing Series A and B investment rounds.

    Interactive Roundtables with Canada’s Innovators and Entrepreneurs

    With Canada at an economic inflection point, interactive roundtables will tackle the country’s most urgent innovation challenges, including:

    • Resilience Through Risk Capital: Leveraging early-stage investment to build adaptive, resilient ventures that thrive amid market shifts.
    • Angel-to-VC Pipeline: Exploring how angel investment serves as a critical foundation for venture capital success and long-term innovation growth.
    • Regional Capital Gaps and Opportunities: Revealing new data and strategies to address funding disparities across Canadian regions.
    • Scaling Emerging Ecosystems: Actionable strategies for growing vibrant entrepreneurial communities beyond major urban centres.

    Fireside Interviews with Media Personalities and Thought Leaders

    Renowned media personalities Amanda Lang, Keshia Chanté, Takara Small, Douglas Soltys, Camila Gonzalez, Michael Curran, and others will moderate fireside chats and panel discussions, revealing bold ideas and fresh insights on innovation, economic resilience, and Canada’s evolving global role.

    Notable speakers at NACO Summit include:

    • Daniel Debow, angel investor, serial entrepreneur and founding member of Build Canada, an initiative committed to building a more prosperous nation.
    • Mike Serbinis, CEO and Co-Founder of League, a leading healthcare technology platform, and a serial entrepreneur with over $1 billion in successful exits.
    • Mark Miller, an angel investor and the Chief Operating Officer of Constellation Software, a TSX-listed company valued at CAD $96 billion.
    • Senia Rapisarda, Managing Director at HarbourVest, a global private-markets investment firm with USD $140 billion in assets.
    • Tabatha Bull, President and CEO of the Canadian Council for Indigenous Business.
    • Allen Lau, Operating Partner and Co-Founder of Two Small Fish Ventures, and Co-Founder of Wattpad, acquired in 2021 for USD $660 million.
    • Christiane Germain, Co-President and Co-Founder of Germain Hôtels, Canada’s pioneering boutique hotel company with 40 years of innovation leadership.
    • Geneviève Bouthillier, Executive Vice President at BDC Capital, Canada’s largest and most active venture investor, managing over CAD $6 billion.


    About National Angel Capital Organization (NACO)

    Established in 2002, NACO is Canada’s professional association representing over 4,000 angel investors, serving as the national umbrella for more than 100 member organizations—including angel groups, venture funds, incubators, and accelerators. Collectively, NACO members have invested more than CAD $1.66 billion into over 2,000 Canadian ventures.

    Angel investors are individuals or funds deploying capital at the earliest stages of growth. They include limited partners (LPs) investing in venture funds, family offices backing pre-seed and seed-stage ventures, and individuals investing directly or through angel groups.

    High-growth companies backed by angel investment that went on to achieve significant global scale include Slack (British Columbia), Verafin (Newfoundland and Labrador), Wealthsimple (Ontario), Hopper (Québec), and Jobber and Neo Financial (Alberta). Recent standouts include CoLab (NL) and 7shifts (Saskatchewan). These successes illustrate how angel investment drives Canada’s pipeline of innovative ventures, fueling future global success stories.

    Learn more at nacocanada.com

    For media inquiries, contact:
    Claudio Rojas, CEO, National Angel Capital Organization
    Email: media@nacocanada.com

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5b08d0f6-5bd3-4549-98bc-850c5518908f

    A video accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ca74a13c-cf87-46ce-9ca8-4108e44f6c5d

    The MIL Network –

    April 16, 2025

  • MIL-OSI: Kingsoft Cloud Announces Proposed Public Equity Offering and Concurrent Private Placement to Kingsoft Corporation

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, April 16, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced the commencement of an underwritten public offering (the “Public Offering”) of 18,500,000 of American depositary shares (the “ADSs”), each representing 15 ordinary shares of the Company, or a total of 277,500,000 ordinary shares (the “Firm Shares”). All ADSs will be offered by Kingsoft Cloud. Kingsoft Cloud expects to grant the underwriters a 30-day option to purchase additional ADSs. Investors have an option to receive ordinary shares of the Company to be traded on the HKEX (the “Shares”) in lieu of ADSs in this offering.

    Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering, which is subject to market and other conditions, and there can be no assurance as to whether or when the Public Offering may be completed.

    Concurrently with, and subject to, among other closing conditions, the completion of the Public Offering, the Company’s existing shareholder, Kingsoft Corporation Limited (“Kingsoft Corporation”) has agreed to purchase from the Company certain number of its ordinary shares at a price per share equal to the Public Offering price per ordinary shares, in a concurrent private placement (the “Concurrent Private Placement”). The number of shares to be purchased by Kingsoft Corporation equals 20% of the aggregate number of (i) the Firm Shares and (ii) the shares to be purchased in the Concurrent Private Placement, subject to certain adjustments. The Concurrent Private Placement to Kingsoft Corporation is being made pursuant to Regulation S of the Securities Act of 1933, as amended. The Concurrent Private Placement constitutes connected transactions within the meaning of the Listing Rules of The Stock Exchange of Hong Kong Limited and are subject to, among other conditions, (i) the approval by independent shareholders in a shareholder meeting the Company plans to convene, and (ii) the completion of the Public Offering.

    The Company plans to use the net proceeds from the Public Offering and the Concurrent Private Placement for (i) investments in upgrading and expanding infrastructure, (ii) investments in technology and product development, and (iii) general corporate and working capital purposes.

    The ADSs and ordinary shares are offered in the Public Offering pursuant to an automatic shelf registration statement on Form F-3 filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed Public Offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-866-718-1649 or by emailing prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; China International Capital Corporation Hong Kong Securities Limited, 29/F International Finance Center, No.1 Harbor View Street, Central, Hong Kong, by email at ecm_supernova_plus@cicc.com.cn; Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, or by phone at +852 22038166 or by email at asia.ecm.internal@list.db.com; HSBC Securities (USA) Inc. sales representative or by emailing ny.equity.syndicate@us.hsbc.com; or Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY, 10036, United States, or by telephone at +1 (800) 294-1322 or by email at dg.prospectus_requests@bofa.com.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to”, “could”, “potential” or other similar expressions. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; Kingsoft Cloud’s ability to monetize its customer base; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Kingsoft Cloud Holdings Limited

    Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

    For more information, please visit: http://ir.ksyun.com.
      
    For investor and media inquiries, please contact:

    Kingsoft Cloud Holdings Limited
    Nicole Shan
    Tel: +86 (10) 6292-7777 Ext. 6300
    Email: ksc-ir@kingsoft.com

    The MIL Network –

    April 16, 2025

  • MIL-OSI United Kingdom: Illegal dumping site closed as part of canalside housing regeneration plan

    Source: City of Stoke-on-Trent

    Published: Wednesday, 16th April 2025

    An unoccupied street in Shelton is being closed from next month following years of ongoing issues with anti-social behaviour and illegal dumping.

    An unoccupied street in Shelton is being closed from next month following years of ongoing issues with anti-social behaviour and illegal dumping.
     

    The closure of the vacant site at Pyenest Street comes into effect on Thursday, 1 May, with the aim to prevent illegal dumping, improve public safety and create a cleaner environment that encourages investment and growth.

    The road closure, which involves the installation of concrete barriers, will be in place until 1 May 2027.

    It is the next step in the regeneration of the brownfield site, which is earmarked for housing development under city council plans.
     

    Councillor Amjid Wazir OBE, cabinet member for city pride, enforcement and sustainability for Stoke-on-Trent City Council, said: “This area has been a magnet for illegal dumping for some time. It has also attracted anti-social behaviour. The area has so much potential to be a cleaner, greener and safer corner of the city.”
     

    A planning application was submitted by the council in March for a residential development on the site – for up to 141 homes – following an engagement exercise with local residents.
     

    Discussions are currently underway with developer Genr8 Consortium to look at taking the site forward, but other options may also be considered.
     

    The city council is also engaging with representatives of Homes England to explore financial grant support that will be essential to deliver the proposed scheme.
     

    Meanwhile, subject to appropriate consents being in place, demolition of some of the remaining canal-side buildings on the site will take place in the near future.
     

    Councillor Chris Robinson, cabinet member for housing and planning at Stoke-on-Trent City Council, said: “This site is one of a number of brownfield sites, and one of three in Shelton alone, that we are prioritising when it comes to developing new homes in the city.
     

    “In almost two years, we have made significant improvements to our housing stock as part of ongoing efforts to raise housing standards in the city.
     

    “Being able to deliver even more new homes in Stoke-on-Trent takes us one step closer to ensuring that everybody has the opportunity to live in a decent home.”
     

    Access for businesses will be maintained and alternative routes will be clearly signposted.
    Businesses impacted by the road closure will be contacted directly regarding alternative arrangements.
     

    MIL OSI United Kingdom –

    April 16, 2025

  • MIL-OSI Economics: 16 April 2025 EEF travelling session dedicated to scientific and educational partnership between the Russian Far East and Indonesia was held in Jakarta As part of the Russia–Indonesia Business Forum in Jakarta, the Eastern Economic Forum held a travelling session entitled ‘Expanding Business Interaction through the Mechanisms of Scientific and Educational Partnership between the Russian Far East and Indonesia’. It was devoted to the prospects for cooperation between the Far East and Indonesian regions in the educational sphere.

    Source: Eastern Economic Forum

    16 April 2025

    EEF travelling session dedicated to scientific and educational partnership between the Russian Far East and Indonesia was held in Jakarta

    As part of the Russia–Indonesia Business Forum in Jakarta, the Eastern Economic Forum held a travelling session entitled ‘Expanding Business Interaction through the Mechanisms of Scientific and Educational Partnership between the Russian Far East and Indonesia’. It was devoted to the prospects for cooperation between the Far East and Indonesian regions in the educational sphere.

    The panel discussion was attended by representatives of leading universities and specialized departments from Russia and Indonesia. The speakers included Ahmad Najib Burhani, Director General for Science and Technology at the Ministry of Higher Education, Science and Technology of the Republic of Indonesia; Tatachipta Dirgantara, Rector of the Bandung Institute of Technology; Evgeny Vlasov, Vice-Rector for International Relations of the Far Eastern Federal University (FEFU); Tri Andika Kurniawan, Vice-Chancellor of Bakri University; Yury Marfin, Rector of the Pacific State University (PSU);  Hamdi Muluk, Vice-Chancellor for Research and Innovation, University of Indonesia; Elena Kharisova, General Director of the Fund for Development of the Russky Innovation Science and Technology Centre. The moderator was Elvira Nurgalieva, Deputy Minister of the Russian Federation for the Development of the Far East and the Arctic.

    During her speech, Elvira Nurgalieva noted that the scientific and educational partnership between the Far Eastern Federal District as a region of the Russian Federation and the Republic of Indonesia is not just an exchange of knowledge, but a valuable practical tool for expanding business cooperation.

    “Implementing joint training programmes, launching new research projects, working to improve the quality of education – all this can create a basis for long-term economic cooperation. We attribute an important role in this process to the work of the Innovation Science and Technology Centre on Russky Island. We are creating a concentrate of science, technology, education and production at the ISTC, where comprehensive programmes will be implemented with government support to attract the best scientists, engineering teams, and specialists in various fields of science and technology, including world-class ones. ISTC will become an important platform for interaction with scientists from Asia-Pacific countries, in particular Indonesia,” noted Elvira Nurgalieva.

    In turn, Yuri Marfin noted that expert support for the development of the Far East and strengthening Russia’s influence in the Asia–Pacific region are tasks that are part of the PSU development programme.

    ‘That is why we prioritize the development of co-operation with representatives of the academic and business sectors of the Asia–Pacific Region. Universities can and should become a significant entry point to start a meaningful dialogue on cooperation in science and technology. To address these challenges, our university has been increasing the number of international students, including those from Indonesia, year after year. We have developed entrepreneurship training programmes for students and implement them both in Russia and in our partner universities in the Asia–Pacific region. We design joint business missions to exchange topical projects. The joint development of young people through university education in our countries, academic and cultural exchanges is the key to long-term and effective co-operation. We are making the greatest efforts in this direction,’ emphasized Yuri Marfin.

    Boris Korobets noted that FEFU has been a key partner in the development of Russian-Indonesian co-operation in science, education and new technologies for more than a decade.

    ‘We are joining forces with scientists from Indonesia to solve urgent problems in medicine, pharmaceuticals and biotechnology development. Today, FEFU is the largest scientific and educational hub in the Far East with a network of more than 200 partners in APR countries. Our university has 3,500 international students, and we plan to increase this number to 7,500 by 2030. The university has access to unique infrastructure for joint initiatives, including the Russky Island ISTC, which is a special economic zone with attractive tax preferences. Our technologies can make a significant contribution to Indonesia’s ambitious oil and gas targets, while our expertise in biodiversity monitoring will help with environmental projects for ocean conservation. The synergy of science, education and business that we are creating at FEFU will become a powerful platform for developing Russian-Indonesian co-operation and solving the global challenges of our countries,’ said Boris Korobets.

    ‘Bakrie University, part of the Bakrie Group ecosystem, is focused on addressing the challenge of ‘connectivity and alignment’ between industry needs and the higher education system. This is fulfilled through active engagement with industry. Currently 250 Bakrie Group companies support the university in the implementation of apprenticeship programmes. Bakrie University expresses its readiness to cooperate with Russian universities through internship programmes for students from Russia at Bakrie Group enterprises,’ said Vice Chancellor of Bakrie University Tri Andika Kurniawan.

    Igor Pavlov, First Deputy CEO of the Roscongress Foundation and Director of the Eastern Economic Forum, emphasized that international communication platforms are a working tool for establishing interstate cooperation in the Asia-Pacific region.

    ‘The Eastern Economic Forum demonstrates sustainable development dynamics, consistently strengthening its position as a global discussion platform for developing strategic solutions, including in the sphere of new technologies, education and science. As a new co-operation architecture is being formed, we are concentrating our efforts on deepening the international track. In this regard, we are actively co-operating with the Ministry for the Development of the Far East and the Arctic, demonstrating the EEF’s capabilities at international events. This allows us not only to scale the business agenda, but also to build long-term partnerships with Asia–Pacific countries,’ said Igor Pavlov.

    ‘Today’s meeting was a starting point for meaningful dialogue and joint work. The next session, a large-scale gathering of university rectors from Indonesia and Russia lies ahead. There we will continue to communicate on a more substantive plane, focusing on the development of joint educational and scientific programmes. Our countries have long-standing friendly relations, cultural proximity and mutual aspirations for development. Today, all rectors have demonstrated openness, interest and readiness for co-operation. I take this opportunity to invite all participants to join us at the Eastern Economic Forum, which is held annually in Vladivostok with the participation of the President of the Russian Federation. This is a great opportunity to get a closer look at the economic potential of the Far East, its development programmes, and the region’s key venues – namely, FEFU and the Russky Island Innovation Science and Technology Centre – as part of the Indonesian delegation,’ Elvira Nurgalieva summed up the Eastern Economic Forum’s outgoing session in Jakarta.

    The Russia–Indonesia Business Forum was held on 14 April in Jakarta as part of the 3rd meeting of the Russian-Indonesian Joint Commission on Trade, Economic and Technical Cooperation. The organizers were the Roscongress Foundation under the Roscongress International brand and the Indonesian Chamber of Commerce and Industry (KADIN).  The Forum was supported by the Ministry of Industry and Trade of the Russian Federation, the Ministry of Economic Development of the Russian Federation, the Ministry of Energy of the Russian Federation, the Ministry of the Russian Federation for the Development of the Far East and the Arctic, and the Russia–ASEAN Business Council. A multi-sectoral business mission organized by the Russian Export Center was also launched as part of the Business Forum. More than 30 companies from 12 regions are presenting their solutions to potential partners under the national brand ‘Made in Russia’ with the support of the REC.

    The EEF Business Forum session was part of the large-scale cultural and educational project ‘The Word about the Russian Heart’, dedicated to the 75th anniversary of diplomatic relations between Russia and Indonesia and the 100th anniversary of Rossotrudnichestvo. The discussion was organized by the Ministry of the Russian Federation for the Development of the Far East and the Arctic together with the Far East and Arctic Development Corporation (FEDC), the Roscongress Foundation, the Federal Agency for the Commonwealth of Independent States, Compatriots Living Abroad and International Humanitarian Cooperation (Rossotrudnichestvo), and the New City Creative Industries Centre.

     

    Read more

    MIL OSI Economics –

    April 16, 2025

  • MIL-OSI Asia-Pac: LCQ18: Supporting development and application of technologies by small and medium enterprises

    Source: Hong Kong Government special administrative region

    LCQ18: Supporting development and application of technologies by small and medium enterprises 
    Regarding the support for the development and application of technologies by the small and medium enterprises (SMEs), will the Government inform this Council: 

    Funding scheme(2) apart from the 15 funding schemes mentioned in (1)(a) to (o), whether the Government has other funding schemes to support SMEs in developing innovative technologies or applying technologies to enhance productivity, and whether it has evaluated the effectiveness of such schemes? 

    Reply:
     
    President,
     
    Having consulted the Transport and Logistics Bureau and the Commerce and Economic Development Bureau, my consolidated reply to the questions raised by the Hon Andrew Lam is as follows:

    CategoriesMIL-OSI

    Post navigation

    Funding schemeHKSTPC did not maintain relevant information.
     
      
     
     
     
      
     
      
     
     
     
     Relevant government bureaux and departments will continue to closely monitor the actual situation, promote and support SMEs to develop innovation and technology or adopt technologies to enhance productivity.
    Issued at HKT 15:20

    NNNN

    MIL OSI Asia Pacific News –

    April 16, 2025

  • MIL-OSI Asia-Pac: LCQ5: Work on attracting enterprises and investments

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Sunny Tan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 16):
     
    Question:
     
         There are views that the fruitful results of Invest Hong Kong (InvestHK) in attracting enterprises and investments last year demonstrate that overseas and Mainland enterprises have full confidence in Hong Kong. In this connection, will the Government inform this Council:
     
    (1) as InvestHK indicated last year that it would first focus on attracting medium-sized Mainland enterprises that had needs to go global to invest in Hong Kong, and it has been reported that the number of micro, small and medium-enterprises on the Mainland exceeds 52 million, of the authorities’ deployment for the aforesaid work;
     
    (2) as it has been reported that some enterprises face problems in aspects such as talents, supporting resources and financing in Hong Kong when establishing presence in Hong Kong, and the Secretary for Innovation, Technology and Industry has pointed out the need for the entire Government to be involved in resolving such problems, whether the authorities have conducted an in-depth study on the problems and difficulties encountered by Mainland enterprises when establishing presence in Hong Kong; if so, of the details; if not, the reasons for that;
     
    (3) as the 2024 Policy Address proposes that InvestHK and the Hong Kong Trade Development Council will set up a mechanism to provide one-stop, diversified professional advisory services for enterprises in Hong Kong looking to go global, whether the authorities have conducted a comparative analysis of the effectiveness of Mainland enterprises venturing overseas markets directly vis-a-vis doing so through Hong Kong, so as to grasp Hong Kong’s advantages; and
     
    (4) whether it will consider identifying the problems faced by Mainland enterprises venturing overseas markets when establishing presence in Hong Kong, and strengthening cross-departmental collaboration among various policy bureaux and government departments having regard to the needs of enterprises in terms of products, production, talents, as well as financial, legal, dispute resolution and other professional services relating to venturing overseas markets, so as to formulate targeted relief policies and helping measures, such as providing more targeted talent and fund matching services; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         According to the latest annual survey jointly conducted by Invest Hong Kong (InvestHK) and the Census and Statistics Department, the number of companies in Hong Kong with overseas or Mainland parent companies rose to 9 960 in 2024, reaching a record high. The number of start-ups in Hong Kong also increased to a record high of almost 4 700 in the same year.
     
         In 2024, InvestHK assisted 539 Mainland or overseas enterprises in establishing and expanding their businesses in Hong Kong, representing an increase of over 40 per cent as compared with the full year figure of 2023. On a pro-rata basis, the figure well exceeded the performance indicator as set out in the 2022 Policy Address by the Chief Executive. Among those 539 companies, 273 of them were from the Mainland.
     
         The above fruitful investment promotion results fully demonstrate InvestHK’s work achievements and that Mainland and overseas enterprises continue to have full confidence in Hong Kong despite geopolitical impact. Those enterprises have selected Hong Kong as their base to expand regional businesses in Asia so as to leverage the commercial values that Hong Kong could offer as a “super connector” and a “super value-adder” when assisting their global business expansion.
     
         In response to the Hon Sunny Tan’s question, our reply is as follows:
     
         The global trade landscape and geopolitics are rapidly changing, with parts of the supply chains shifting to the Global South and Belt and Road countries, while Mainland enterprises are also proactively establishing their presence abroad. According to statistics, there are currently more than 50 000 medium-sized manufacturing enterprises in the Pearl River Delta and the Yangtze River Delta alone, many of which involve overseas operations and have the need to go global with some of their manufacturing processes. Hong Kong’s rich experience in international trade and world-class professional services will be of assistance to such enterprises in seizing business opportunities when they plan to cope with the aforesaid changes.
     
         It was announced in the 2024-25 Budget that the Government’s goal was to develop Hong Kong into a multinational supply chain management centre. In his 2024 Policy Address, the Chief Executive further requested InvestHK and the Hong Kong Trade Development Council (HKTDC) to set up a high value-added supply chain services mechanism for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong for managing offshore trading and supply chain, and providing one-stop professional advisory services for enterprises in Hong Kong looking to go global. In December 2024, InvestHK and the HKTDC established the above mechanism. The two agencies are also proactively collaborating with relevant “Team Hong Kong” organisations, including the Hong Kong Export Credit Insurance Corporation (ECIC), the Hong Kong Productivity Council, etc., to jointly support those Mainland enterprises in Hong Kong to go global.
     
         Despite that those Mainland enterprises would need to react to the United States’ tariffs imposed on different regions by re-constructing their supply chain networks, Hong Kong’s rich experience in international trade and world-class professional services allow it to become the destination for international or regional headquarters of those enterprises to manage offshore trading and supply chain. The enterprises could also leverage Hong Kong as a springboard for their multinational business development. On the one hand, through its Dedicated Teams for Attracting Businesses and Talents based in the Mainland Offices, InvestHK is proactively organising activities under the theme of multinational supply chain, so as to actively reach out to more Mainland enterprises for investment promotion work. As at end-February 2025, InvestHK had organised and co-organised around 20 relevant investment promotion activities in various Mainland cities, including Hangzhou, Nanjing and Xiamen, etc. within around one year’s time. InvestHK will identify Mainland enterprises wishing to go global through various activities and attract them to use Hong Kong as a platform for them to develop overseas businesses and establish supply chain.
     
         On the other hand, the HKTDC is providing one-stop professional advisory services for enterprises in Hong Kong. Towards enterprises with plans of going global, the HKTDC will, through its overseas offices, render on-site support services. These include assisting enterprises in establishing connections with overseas markets and understanding overseas laws and regulations; providing market research covering various emerging markets such as the Middle East, Central Asia and Latin America; as well as providing information on various areas including environmental, social and governance (ESG), testing and certification and export credit risk management. Furthermore, in view that Hong Kong’s business sector possesses rich knowledge and profound experience in compliance, labour protection and environmental protection of overseas markets, the HKTDC facilitates collaboration between enterprises and different organisations and industry stakeholders to provide ESG training, etc. for Mainland enterprises seeking to expand their reach to overseas markets. This will help them build goodwill with business partners and expand their markets.
     
         Besides, the ECIC will provide credit insurance for export services relating to multinational supply chain so as to render more comprehensive support for enterprises seeking to go global. To assist Hong Kong exporters in expanding into Mainland and emerging markets, the ECIC has also increased the number of free buyer credit checks from 12 to 20.
     
         In fact, Hong Kong’s advantages for assisting Mainland enterprises to go global are very obvious and important. Apart from possessing quality talents who have rich experience in offshore trading and supply chain management and the relevant network, Hong Kong has the distinctive advantages of enjoying strong support of the motherland and being closely connected to the world, as well as plays the important roles as a “super connector” and a “super value-adder”, under “one country, two systems”. All these make Hong Kong a two-way springboard for Mainland enterprises to go global and for attracting overseas enterprises. Hong Kong’s institutional fundamentals, including the exercise of the common law system, independent Judiciary, a favourable business environment with efficient and transparent markets, a regulatory regime in line with international rules, a simple and low tax system, world-class professional services, and free flow of goods and factors of production including talents, capital and information, as well as key national strategies, including the National 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative, provide Hong Kong with unlimited opportunities and make it the only economy in the world where the global advantage and the China advantage come together.
     
         In addition, Hong Kong’s advantages and experiences especially meet the needs of small and medium enterprises from the Mainland (Mainland SMEs). Mainland SMEs’ demand for high value-added supply chain services is also consistent with InvestHK’s observations. During the past year, the Department noted at various investment promotion events that many Mainland SMEs had, upon understanding the aforementioned advantages of Hong Kong and the professional services it could offer, concurred that it would be far more effective and convenient for them to go global via Hong Kong instead of venturing overseas markets direct by themselves. They also expressed interest in establishing headquarters in Hong Kong for managing their offshore trading and supply chain. InvestHK and the HKTDC will provide these enterprises with one-stop supply chain advisory services and other relevant assistance through the high value-added supply chain services mechanism.
     
         To further step up co-ordination between bureaux and departments, with the support of the Financial Secretary, InvestHK set up an inter-departmental/agency referral mechanism led by the Director-General of Investment Promotion last year. By proactively collecting Mainland and overseas enterprises’ concerns and pain points when they plan to establish presence in Hong Kong, InvestHK reflects them to relevant bureaux, departments or agencies accordingly for exploring suitable solutions as appropriate. Since the establishment of the mechanism more than half a year ago, various issues have been successfully addressed to meet the needs of the trade, including opening of bank accounts, application and work arrangements for imported workers, application for use of vacant land, thereby facilitating Mainland and overseas enterprises to set up and expand their businesses in Hong Kong.
     
         Looking ahead, InvestHK will ride on the good momentum of 2024 and make every effort in attracting more Mainland and overseas enterprises to invest in Hong Kong, so as to continue to implement the performance indicator as set out in the 2022 Policy Address. At the same time, the Department will continue to work with relevant “Team Hong Kong” organisations to further enhance the high value-added supply chain services mechanism in order to attract and assist more Mainland enterprises looking to go global to come to Hong Kong and make good use of the city as a springboard to develop their multinational businesses. This will be conducive to Hong Kong’s economic development on the one hand, and facilitate the deepening of its international exchanges and co-operation on the other hand, thus responding to meet Premier Li Qiang’s expectations for Hong Kong, as set out in his work report this year, integrating into the overall national development while making contribution to the country.

    MIL OSI Asia Pacific News –

    April 16, 2025

  • MIL-OSI Asia-Pac: LCQ9: Promoting pet inclusivity and enhancing animal protection

    Source: Hong Kong Government special administrative region

    LCQ9: Promoting pet inclusivity and enhancing animal protection 
    Question:
     
         As regards promoting pet inclusivity and enhancing animal protection, will the Government inform this Council:
     
    (1) whether it has compiled statistics on the number of households keeping pets, as well as the respective numbers of dogs and cats which have been microchipped and licensed, in Hong Kong;
     
    (2) whether it has assessed the effectiveness of the Government’s promotion of public education on pet inclusivity (such as responsible pet ownership and prevention of cruelty to animals) in the past two years; if so, of the details; if not, the reasons for that;
     
    (3) given that the Food Business Regulation (Cap. 132X) currently prohibits dogs (except guide dogs) from entering food premises, and it is learnt that some shopping malls have successively allowed pets to enter their areas in recent years, whether the Government will consider implementing a pilot scheme to allow dogs to enter the food premises of such shopping malls, so as to provide actual experience and data for the purposes of reviewing the existing legislation and considering the relaxation of the restriction on the entry of dogs into food premises; if so, of the details; if not, the reasons for that;
     
    (4) as it is learnt that operators of some public transport services may decide at their discretion whether to allow passengers to board with pets, whether the Government will consider further relaxing the restriction to allow passengers to bring along their pets to use all public transport services, and formulating standard guidelines;
     
    (5) of the number of cases received by the Government in each of the past three years involving the fatal poisoning of dogs; among such cases, (i) the number of cases in which the suspects were successfully arrested, (ii) the penalties imposed on the convicted persons, and (iii) ‍the number of cases involving public facilities under the Leisure and Cultural Services Department; how the authorities will follow up cases of fatal poisoning of dogs, including whether they will consider installing cameras at the relevant locations to step up monitoring; and
     
    (6) as it has been reported that many cases of fatal poisoning of dogs are suspected of involving the use of pesticides such as rodenticides, whether the Government will consider amending the legislation to require members of the public to register their real names with the Government when purchasing pesticides, so as to prevent pesticides from being abused to poison and kill animals?
     
    Reply:
     
    President,
     
         Having consulted the Security Bureau, the Transport and Logistics Bureau and the Leisure and Cultural Services Department (LCSD), the reply to the question from the Hon Stanley Li is as follows:
     
    (1) According to the most recent Thematic Household Survey on the household keeping of dogs and cats conducted by the Census and Statistics Department in 2018, some 241 900 households in Hong Kong were keeping cats or dogs, representing 9.4 per cent of all households. A total of some 184 100 cats and 221 100 dogs were being kept.
     
         Under the Rabies Regulation (Cap. 421A), the keeper of a dog shall arrange his dog over the age of five months to be implanted with microchip and licensed. As at 2024, the number of dogs implanted with microchip and licensed was 158 663.
     
         Since the transmission of rabies through cats is relatively lower than that through dogs, the legislation does not require that cats shall be implanted with a microchip and licensed. To facilitate identification of owners and assist owners to find their cats that have gone astray, since April 2024, the Agriculture, Fisheries and Conservation Department (AFCD) has stipulated the Licence Conditions that cats put up for sale by animal traders should be obtained from approved sources and microchipped. The AFCD does not maintain the number of cats implanted with microchip.
     
    (2) The AFCD continues to promote the messages on animal welfare and responsible pet ownership through public education and publicity programmes, which include producing television promotional videos, establishing a thematic website on animal welfare and “Be a Responsible Pet Owner”, organising seminars in schools and residential estates, roving exhibitions, dog training courses, and pet adoption days, etc. The Department has also launched a series of “Duty of Care” publicity programmes, which include the production of a series of posts on social media platforms to share information on how to take proper care of animals and enhance the public’s understanding of the content and importance of “Duty of Care”. The AFCD includes questionnaires in some of its activities to evaluate their effectiveness, and the majority of participants have provided positive feedback. The Pet Adoption Day held in 2024 attracted over 10 000 attendees, demonstrating that the event was well received by the public.
     
         To enlist wider public support and participation in fighting against cruelty to animals, the Hong Kong Police Force (HKPF) has implemented the Animal Watchers Programme (the Programme) since 2021 with a view to agglomerating the strengths of animal lovers at the community level in four directions of education, publicity, intelligence-gathering and investigation, raising public awareness on prevention of cruelty to animals, encouraging the public to report in a timely manner as well as providing information and clues useful for investigations. The Programme covers large-scale activities across Hong Kong for different communities and age groups, through the “Animal CARE Corners”, encouraging schools to keep animals and enhance students’ pet care skills. The Police adopts a multifaceted approach in evaluating its effectiveness by a variety of indicators, including the numbers of cases reported and persons arrested as well as the level of overall public engagement. At present, most of the cases of cruelty to animals are reported by members of the public who voluntarily offer information for investigation. This shows that the Programme has a significant impact on enhancing police-community co-operation and raising public awareness of combatting cruelty to animals.
     
    (3) Society is divided on whether to allow pet dogs to enter food premises. The Government needs to take into account different factors when examining the relevant legislation, including public health, operating environment of food premises, and social acceptance. In particular, food premises in Hong Kong are generally cramped. It is necessary to consider the reaction of pet dogs in a crowded and cramped environment (possibly with different types of dogs), as well as the potential impact on other diners. The Environment and Ecology Bureau, together with the Food and Environmental Hygiene Department, is conducting research on practices and experiences in other places, and will carefully consider whether there is room for relaxing the relevant restrictions.
     
    (4) Generally speaking, public transport has high daily patronage and limited compartment spaces. When considering whether to allow passengers to travel with pets for public transport services, the operators shall consider and balance different factors, including the actual operating situation, space and carrying capacity of the compartments, reaction of the pets in the travelling environment, as well as the potential impact on other passengers. The actual circumstances of different public transport modes vary. The Government will maintain close communication with the public transport operators and remind them to listen to different views to ensure that their services can properly cater for and balance the needs of different passengers. Currently, some public transport operators, such as ferries and taxis, may decide at their discretion whether to allow passengers to board with pets. The MTR Corporation Limited will also implement a pilot scheme that allows passengers to bring along their pet cats and dogs to take the light rail in accordance with specific requirements and at specific periods.
     
    (5) Poisoning an animal causing unnecessary suffering is an offence under the Prevention of Cruelty to Animals Ordinance (Cap. 169). From 2022 to 2024, the number of reports on suspected cruelty to animals received by the HKPF and the AFCD, the number of persons arrested, and the relevant penalties imposed are tabulated at Annex. The Government does not maintain relevant breakdown of information on animal poisoning cases.
     
         The Police will continue to review locations across 18 districts with higher crime rate and greater pedestrian flow, and proportionally install CCTV in these areas with a view to combating crime. Moreover, the LCSD will review and adjust the number of CCTV cameras having regard to established guidelines and the actual security and operational needs of individual venue. In the event of suspected criminal activities, the LCSD will contact the Police and take appropriate follow-up actions in light of the actual circumstances.
     
    (6) Currently, the Pesticides Regulations (Cap. 133A) requires that all pesticide products must carry clear labels in both Chinese and English before being supplied or sold by licensed dealers. Any person using registered pesticides should thoroughly read and follow the instructions at the labels, and take all safety measures to protect the safety of the user and the public.
     
         To enhance public understanding of the safe use of pesticides, the AFCD has distributed and uploaded relevant leaflets and guidelines for the reference of the trades and the public, and has actively disseminated messages of proper use of pesticides through various ongoing education and publicity programmes, including reminding members of the public that they should exercise caution in the purchase and use of pesticides and follow the relevant safety guidelines, so as to minimise the potential risks to human health, animal welfare and the environment. Considering that real-name registration for the purchase of pesticides would cause inconvenience to members of the public in their daily purchases of these products, and that it is difficult for law enforcement officers to identify persons with the intention to poison animals through registration records of the purchasers, the introduction of a real-name registration scheme would not be particularly effective for the prevention of animal poisoning.
    Issued at HKT 14:35

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    April 16, 2025
←Previous Page
1 … 262 263 264 265 266 … 531
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress