Category: Commerce

MIL-OSI Global: Companies will still face pressure to manage for climate change, even as government rolls back US climate policy

Source: The Conversation – USA – By Ethan I. Thorpe, Fellow at Private Climate Governance Lab, Vanderbilt University

Amazon partnered with Dominion Energy to build solar farms in Virginia to power its cloud-computing service. Drew Angerer/Getty Images

As the federal government moves to eliminate U.S. climate rules, companies still face pressure to be better stewards of the planet from their customers, investors, employees, local communities, lenders, insurers, global trading partners and many states.

Each of those groups knows it will face increasing costs from rising temperatures and extreme weather if corporations don’t rein in their greenhouse gas emissions.

Many companies will find that returning to past polluting ways isn’t in their best interest. Over 60% of chief financial officers surveyed by global management firm Kearney in December 2024 signaled that they intended to invest at least 2% of their revenue in sustainability in 2025.

These companies may maintain a low profile about climate change while the Trump administration is in power, but they have strong financial incentives to continue to reduce their emissions and their own climate risks.

We study private environmental governance – the ways companies and organizations work outside government to improve the nation’s sustainability and reduce environmental damage. Our work finds that, in this polarized era, addressing climate and sustainability challenges is not just a matter of government action. That’s because a lot of climate and sustainability progress is underway in the private sector.

Sustainability matters to companies’ bottom lines

Businesses have used climate and sustainability initiatives for years to make their operations and supply chains more efficient and to reduce their long-term costs.

When McDonald’s faced public pressure to reduce waste in the late 1980s, the company teamed up with the Environmental Defense Fund to analyze the problem. It was able to reduce its waste by 30% over the following decade, saving the company US$6 million a year. This early risk-taking by McDonald’s opened the door for other environmental groups to help businesses understand how to reduce their environmental impact, including emissions, while boosting the companies’ profitability.

The shipping company Maersk expects to cut emissions and boost productivity at the same time with better logistics and low-emissions ships like this one, which runs on methanol.
Axel Heimken/picture alliance via Getty Images

Maersk, the logistics giant responsible for nearly a quarter of global shipping, has responded to pressure from its corporate customers with a plan to reduce carbon emissions by one-third from 2022 to 2030 and reach net-zero emissions by 2045. It expects the combination of low-emissions vessels and a more efficient delivery network with hubs and shuttles to help meet its climate goals while increasing productivity.

Companies have also helped drive the expansion of renewable energy, motivated by the competitive economics of renewables and business opportunities. Facebook’s parent company Meta and Google invested nearly $2 billion in projects to provide renewable energy in the Tennessee Valley Authority service area, even though no government required them to do so. And major companies continued
signing renewable energy power purchase agreements in 2025.

Microsoft and Amazon are responding to massive new power demand by trying to locate data centers near existing nuclear power plants for cleaner energy supplies.

Thousands of companies report emissions via private systems

Another sign of companies’ continuing commitment to sustainability is how many of them measure and report their greenhouse gas emissions even when governments do not require them to do so.

Nearly 25,000 companies representing two-thirds of total global market capitalization and 85% of the S&P 500 report their emissions to the nonprofit CDP. Disclosing emissions is like keeping a fitness journal with a personal trainer. It helps a company track its progress and plan for future financial and environmental risks. More than 12,500 small- and medium-size companies also disclosed emissions to CDP in 2024.

Many of these companies were initially motivated by pressure from environmental groups or corporate customers. Today, they have more reason to continue paying attention to emissions.

California has its own formal reporting requirements designed to encourage companies to reduce their greenhouse gas emissions. And other states are considering setting climate disclosure rules. The Trump administration has promised to challenge them, and announced that it also plans to cut federal greenhouse gas reporting standards, but companies will likely still face reporting rules in the future.

The European Union also approved reporting requirements. It delayed their start date in April 2025 to give companies more time to comply.

Cleaner supply chains can also be more efficient

Managing supply chains with climate and environmental risks in mind can also help businesses increase their efficiency and reduce the risk that climate change will disrupt their operations.

The supply chain is the largest source of the average company’s emissions and may be particularly vulnerable to climate shocks. A storm can easily disrupt vital production or shipping, and droughts or heat waves can damage crops, stop work and increase costs. Companies estimate climate-related supply chain risks at $162 billion, nearly three times the cost of mitigating those risks. Many companies therefore have incentives to reduce emissions and their exposure to related hazards.

Nearly 80% of the largest companies across seven global economic sectors had set environmental requirements for suppliers within their value chains as of 2023. These requirements include reporting carbon emissions, reducing emissions and using sustainable forestry practices.

Walmart eliminated 1 billion tons of carbon emissions from its supply chain in less than seven years by sharing its expertise with suppliers and working with them to reduce their emissions. Walmart’s global director of sustainable retail noted in 2024 that the effort made its suppliers more efficient, too.

Keeping employees and customers happy

Companies also face pressure from average people − both employees and customers.

More than two-thirds of Americans support action to address climate change. Even companies that are not consumer-facing need retail customer and employee support. Pro-climate actions have been found to improve employee and customer loyalty.

The outdoor clothing company Patagonia ranked third out of over 300 brands in a 2024 customer experience survey, in part because of its reputation for sustainable practices. Many of the over 10,000 respondents cited the company’s sustainable practices as the leading reason for their support.

Many companies also face pressure from lenders and insurers who want to reduce climate risks to their own bottom lines. Dozens of insurers have committed to ending or restricting underwriting for new fossil fuel projects. Others use incentives, such as lower premiums for companies that reduce emissions or invest in climate adaptation.

Climate change may accelerate the current 5% to 7% annual increase in insured losses, according to estimates from insurer Swiss Re. That has led some insurance leaders to recommend insurance companies take bigger steps to reduce emissions through their investments and policy underwriting.

Private climate governance can help buy time

Media attention and interest group advocacy is often focused on government actions, but decisions made in boardrooms and through initiatives with nonprofits have created an important kind of private climate governance.

As companies respond to their own economic risks and incentives, they help buy time to avoid the worst impacts of climate change until the political system recognizes the financial risks posed to the entire country.

Zdravka Tzankova receives funding from the National Science Foundation.

Ethan I. Thorpe and Michael Vandenbergh do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Companies will still face pressure to manage for climate change, even as government rolls back US climate policy – https://theconversation.com/companies-will-still-face-pressure-to-manage-for-climate-change-even-as-government-rolls-back-us-climate-policy-251580

MIL OSI – Global Reports –

April 12, 2025
MIL-OSI Russia: You have the floor, Eduard Tiktinsky: Polytechnic graduate wishes students to surpass themselves

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Over the year and a half of the existence of the discussion club “You have the floor!” many interesting people have become its guests. But it is especially pleasant when such a guest is not just a successful and bright person, but also a graduate of the Polytechnic University. So, the eleventh hero of the project was the founder and chairman of the board of directors of the RBI Group Eduard Tiktinsky.

Eduard Saulevich graduated from the economics department of the Leningrad Polytechnic Institute and the advanced courses in economics and privatization of the European Bank for Reconstruction and Development. His company is engaged in development activities in the field of residential and commercial construction. More than 80 projects have been implemented.

Eduard Tiktinsky is an honorary builder of Russia, recipient of the Order of Merit in Construction, member of the Board of Trustees of the World Club of Petersburgers, initiator and ideological inspirer of the social project for talented youth “School of Leaders of the Future”, holder of the title “Expert of the Year” in the nominations “Expert in Business and Innovation” (2017) and “Expert in Education” (2021). In 2024, he entered the top 50 most famous people in St. Petersburg according to Sobaka.ru magazine. According to the Person 2024 rating from RQ Index and Urban, he is the first in management efficiency among CEOs of development companies in Russia.

At the meeting at the Polytechnic, Eduard Tiktinsky thanked the organizers for the opportunity to speak to students and emphasized that his goal was not to limit himself to a simple dialogue, but to convey to the audience truly valuable knowledge that could help them in the future.

This is what Eduard Tiktinsky said.

On the influence of parents

— My parents gave me a lot of freedom of choice and independence. From an early age I understood that I had to rely on myself, and I started earning money at 19. My parents also gave me a good education: I studied at an English school, then, until the 8th grade, at an English boarding school in Pushkin, and the 9th and 10th grades — at a good physics and mathematics school. As a child, I didn’t say that I would be an entrepreneur, because there was no such profession in the USSR, but I dreamed of becoming a lawyer, it seemed to me that it was such a competitive independent profession.

About student life at the Polytechnic

— When I was studying, it was a completely different era. Interesting, with a lot of challenges. It implied a lot of opportunities and an empty market that was slowly filling up, and the window of opportunity was slowly closing. So I will honestly say that I spent little time at the Polytechnic. Only in the first year, and then I came to take exams. And at the same time I studied at advanced training courses held by the European Bank for Reconstruction and Development, it was a high level and a powerful impetus.

And now times have changed, and the university years seem extremely important to me. For you, student years are a period of establishing social connections, refining some hypotheses, an opportunity to try and figure out what you want. Plus an element of a carefree life.

About starting a business in the 90s

— The vast majority of entrepreneurs who started their activities in the late 80s — early 90s will not tell you that it was a difficult period. It was a romantic period, a time of a free market, weak competition, where many things had to be built from scratch: inventing new schemes, literally creating industries — it was an interesting challenge. And the most difficult thing — and nothing has changed here today — is to go through your own crises. Everyone faces them, but if you are an entrepreneur, then your crises, as a rule, concern not only you, but also your business and the people you are responsible for. My crises were difficult, but useful, they gave the greatest impetus for further development. When you cope with this, you seem to be renewed, you become a little — or not a little — a different person.

On how to choose your path

— I am often asked: how to determine what to do in the future? I used to answer that you need to get to know yourself as early as possible, understand how you are structured, where your strengths are, where your weaknesses are — developmental books, various courses, psychology can help with this. And once we answered this question together with the outstanding world entrepreneur Len Blavatnik, and he said: you need to try a lot. He spoke about his experience, and he is also right. I had no forks or doubts about which path to choose, but if they are, then you need to try a lot.

On the difficulties of development activities in a museum city

— Now that we have dozens of cultural heritage sites behind us, there are no such difficulties. In our work, we need to be open, tell people about our completed projects — this creates trust and the opportunity to have a constructive dialogue with urban conservationists. I think that “urban conservationist” is a good word, for example, Mikhail Borisovich Piotrovsky is an urban conservationist, he and the “World Club of Petersburgers” helped us a lot when we were restoring the Levashovsky Bakery and building our Futurist facility on Barochnaya Street and Levashovsky Prospekt. But it can be difficult to negotiate with those people who only call themselves urban conservationists: they often do not accept any arguments, they simply implement their request for aimless social activity. But we love our city, what we do is our life’s work, this is why we came to this world.

About digital products and artificial intelligence

— For the development business, AI projects are still secondary things. But we don’t realize how quickly the world will change. As a physicist friend of mine used to say: At bifurcation points, all events happen much faster. We are at such a point now, and if we talk about key industries, then in the “robotics and artificial intelligence” bundle, the world will change very soon and very much. We still need to “pump up the muscle”, track everything that appears, and teach people to use these tools.

About a place of power and living life to the fullest

— My place of power now is the Central Park of Culture and Leisure. I hold meetings with colleagues and friends there, we walk and discuss things. Another place of power is the dacha. Whatever you do, it is important to live a full life: diverse, complex, multi-component. A person can achieve unrealistically great success by doing only one thing. But will such a person be happy? I have big doubts. It is very important to devote time to loved ones, communicate with friends, attend cultural events, play sports — this is what I call living to the fullest.

About sources of inspiration and energy

— I get my inspiration from the fact that I love my job very much. I try to do only what I like, what gives me strength and energy. And I am proud of what we do, although we are far from perfect. We measure customer loyalty, the willingness to recommend us, at six stages: buying an apartment, waiting, moving in, renovation, living up to five years, and living after five years. And at the living stage, the loyalty index drops because various everyday difficulties arise. And we get upset if something is not good enough, we try to improve: in the Futurist house, some residents are unhappy with the size of the gym, in our next house “MIR” the gym will be twice as big.

On the solution to the problem of the “gray belt” of St. Petersburg

— The “Grey Belt” is a serious conceptual project. There should be an understanding of how much the enterprises there can be modernized, how environmentally neutral they are, whether they can be left in a residential area. And if so, then that’s great, because we need short “transport shoulders”, we don’t need people to go one way in the morning, and then drive kilometers in the other direction in the evening, get stuck in traffic jams. Housing, production, and recreation areas need to be connected.

On the “excellent strategy” of real estate sales, or how the company plans to stand out from other developers

— I like your expression “excellent strategy”. Our strategy as premium developers is an outstanding product and outstanding service. When you come to us to buy an apartment, in our sales department you find yourself in an atmosphere of beauty, exquisite aromas, jazz music. You are treated to craft coffee and an exclusive dessert. One of our regular customers recently came to us again to buy an apartment, and he was offered a cheesecake, and he remembered that a year ago he was treated to some unforgettable golden eclairs. And he was a little upset that they were not available today. Then colleagues contacted the manufacturer of these eclairs, found out that they were no longer making them, but somehow agreed to make us a few as an exception. And they delivered a box of golden eclairs to the client in the evening. This is what I call outstanding service. Doing everything for the client and a little more, exceeding expectations.

At the end of the meeting, Eduard Tiktinsky was traditionally presented with a branded Lepota project T-shirt with number 11. Now we have a full football team, joked the host of the meeting, the head of the news portal department, Evgeny Gusev. And on the second T-shirt, which remained at the Polytechnic, the hero of the evening left an autograph and, apparently inspired by the last question, the following wish: “Become better than yesterday.”

Photo archive

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

MIL OSI Russia News –

April 12, 2025
MIL-OSI China: Over 100 mln new home appliances sold in China amid trade-in policy support

Source: People’s Republic of China – State Council News

BEIJING, April 11 — China has seen about 100.35 million new home appliances sold under its consumer goods trade-in program, the Ministry of Commerce said Friday.

China expanded the range of subsidized appliances from eight categories to 12 categories, and increased the number of air conditioners that can be subsidized to three per person this year, the ministry said.

Local governments have also beefed up efforts to streamline the program. More than 7,000 consumption-boosting activities for home appliances have already been organized, with nearly 30,000 more planned for the year.

The ministry said that it will guide local departments to further strengthen their work, optimize the operation process, and promote the policy of replacing old home appliances with new ones to achieve better results.

MIL OSI China News –

April 12, 2025
MIL-OSI: Apollo Funds Commit up to $400 Million for New Commercial Solar Partnership with Summit Ridge Energy

Source: GlobeNewswire (MIL-OSI)

NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Summit Ridge Energy, LLC (“Summit Ridge Energy” or “Summit Ridge”), one of the nation’s leading commercial solar companies, today announced that Apollo-managed funds (the “Apollo Funds”) have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois.

Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge.

Apollo Partner Corinne Still said, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”

“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,” said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billionⁱ of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.

^{____________________
i} As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Summit Ridge Energy   

As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.

Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.

Contacts

For Apollo:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

For Summit Ridge Energy:

Media

347-723-7231

press@srenergy.com

Business Development

business@srenergy.com

The MIL Network –

April 12, 2025
MIL-OSI: ThriveCart Launches Custom-Built Stripe Connect+ and Innovative Pro+ Platform Features
Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) — ThriveCart is thrilled to announce Stripe Connect+, its new custom-built integration with Stripe, which brings a new era of advanced payment processing to many of ThriveCart’s 60,000 + course creators, coaches, and online business owners.

Officially available from April 16, 2025, Stripe Connect+ powers ThriveCart Pro+ features for the leading no-code sales platform, affiliate engine and Learning Management System (LMS), to deliver flexible and scalable checkout experiences that increase conversions, digital sales, and revenue.

Stripe Connect+

Stripe Connect+ introduces cutting-edge checkout capabilities that extend beyond those of previous Stripe Legacy and Stripe Enhanced setups. Its new authentication flows and advanced 3D Secure configuration ensure users’ global compliance and security across diverse transaction scenarios.

Stripe Connect+ supports 100+ payment methods, including Amazon Pay, Revolut Pay, Zip, TWINT, and Swish. The Stripe Dashboard’s rules engine allows entrepreneurs to customize and localize the payment methods displayed at checkout, based on transaction size, currency, or buyer location.

Stripe Connect+ also enables innovative cryptocurrency payments in USDC for ThriveCart Pro+ users. Cryptocurrency payments are proven to uplift sales by 7% on average.

ThriveCart Pro+

The following Pro+ features are now available, built on Stripe Connect+:
- Multiple Order Bumps that target potential customers at checkout, proven to increase sales by an average of 19% (AOV)
- Tax-Inclusive Pricing, shown to reduce cart abandonment and uplift global sales volume by 22%
- QR Code Checkout, enabling seamless sales during webinars, virtual and in-person events
- Recurring Revenue Upgrades, to streamline subscription management
- UTM Tracking for accurate lead attribution and ROI/ROAS analysis
- Product and Sales Business Intelligence (B.I.) Reporting with advanced filters. Access detailed performance insights measure the performance of subscriptions, coupons, funnels, and more.
- Bulk Invoice Downloads and filters to make tax reporting less taxing
ThriveCart will release further, powerful Stripe Connect+ and Pro+ features later this year on the upgraded platform..

About Thrivecart
ThriveCart is the leading sales platform for digital course creators, coaches, entrepreneurs, and online businesses looking to boost revenue, drive conversions, and scale audiences. ThriveCart powers over 60,000 businesses that have generated over $5 billion in lifetime sales.
Contact: Allison Wasz
Allison@thrivecart.com

The MIL Network –
April 11, 2025

MIL-OSI: Innventure Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Accelsius and AeroFlexx started generating revenue with expectations to grow in 2025

Founded fourth company, Refinity, to commercialize cost-effective conversion of mixed plastic wastes to petrochemical feedstocks in collaboration with The Dow Chemical Company

ORLANDO, Fla., April 11, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter and year ended December 31, 2024.

“2024 was a seminal year for Innventure, highlighted by commercial delivery of product for both Accelsius and AeroFlexx, the October close of our business combination and subsequent public listing, and the launch of our fourth operating company, Refinity, in mid-December.” said Bill Haskell, Innventure’s Chief Executive Officer. “Momentum has continued into 2025 and we expect even more exciting developments throughout the year as we continue our journey as a publicly traded technology commercialization platform.”

Conference Call and Webcast

A conference call to discuss these results has been scheduled for 11:00 a.m. ET on April 11, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.

Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BIf41bc3411b8f4b8c935d6895015728c1

After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.

About Innventure

Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

Non-GAAP Financial Measures

We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com

Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
investorrelations@innventure.com


Innventure, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share amounts)

	Successor			Predecessor
	December 31, 2024			December 31, 2023
Assets
Cash, cash equivalents and restricted cash	$	11,119		$	2,575
Accounts receivable		283			—
Due from related parties		4,536			2,602
Inventories		5,178			—
Prepaid expenses and other current assets		3,170			487
Total Current Assets		24,286			5,664
Investments		28,734			14,167
Property, plant and equipment, net		1,414			637
Intangible assets, net		182,153			—
Goodwill		667,936			—
Other assets		766			1,096
Total Assets	$	905,289		$	21,564
Liabilities and Stockholders’ Deficit
Accounts payable	$	3,248		$	93
Accrued employee benefits		9,273			3,779
Accrued expenses		2,477			1,009
Related party payables		—			347
Related party notes payable – current		14,000			1,000
Notes payable – current		625			912
Patent installment payable – current		1,225			775
Obligation to issue equity		4,158			—
Warrant liability		34,023			—
Other current liabilities		318			253
Total Current Liabilities		69,347			8,168
Notes payable, net of current portion		13,654			999
Convertible promissory note, net		—			1,120
Convertible promissory note due to related party, net		—			3,381
Embedded derivative liability		—			1,994
Earnout liability		14,752			—
Stock-based compensation liability		1,160			—
Patent installment payable, net of current		12,375			13,075
Deferred income taxes		27,893			—
Other liabilities		355			683
Total Liabilities		139,536			29,420
Commitments and Contingencies (Note 19)
Mezzanine Capital
Redeemable Class I Units, no par value, 1,000,000 units authorized, issued and outstanding as of December 31, 2023		—			2,912
Redeemable Class PCTA Units, no par value, 3,982,675 units authorized, issued and outstanding as of December 31, 2023		—			7,718
Stockholders’ Equity / Unitholders’ Deficit
Class B Preferred Units, no par value, 4,639,557 units authorized, and 4,109,961 units issued and outstanding as of December 31, 2023		—			38,122
Class B-1 Preferred Units, no par value, 2,600,000 units authorized, and 342,608 units issued and outstanding as of December 31, 2023		—			3,323
Class A Units, no par value, 10,975,000 units authorized, and 10,875,000 units issued and outstanding as of December 31, 2023		—			1,950
Class C Units, no par value, 1,585,125 units authorized, and 1,570,125 units issued and outstanding as of December 31, 2023		—			844
Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, and 1,102,000 shares issued and outstanding as of December 31, 2024		—			—
Common Stock, $0.0001 par value, 250,000,000 shares authorized, and 44,597,154 shares issued and outstanding as of December 31, 2024		4			—
Additional paid-in capital		502,865			—
Accumulated other comprehensive gain (loss)		909			—
Accumulated deficit		(78,802	)		(64,284	)
Total Innventure, Inc., Stockholders’ Equity/ Innventure LLC Unitholders’ Deficit		424,976			(20,045	)
Non-controlling interest		340,777			1,559
Total Stockholders’ Equity/ Unitholders’ Deficit		765,753			(18,486	)
Total Liabilities, Mezzanine Capital and Equity	$	905,289		$	21,564

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except share and per share amounts)

	Successor			Predecessor
	October 2, 2024 through December 31, 2024			January 1, 2024 through October 1, 2024			Year ended December 31, 2023
Revenue	$	456		$	764		$	1,117

Operating Expenses
Cost of sales		3,752			777			—
General and administrative		29,652			26,608			17,589
Sales and marketing		2,009			4,178			3,205
Research and development		5,340			5,978			4,001
Total Operating Expenses		40,753			37,541			24,795

Loss from Operations		(40,297	)		(36,777	)		(23,678	)

Non-operating (Expense) and Income
Interest expense, net		(1,132	)		(1,300	)		(1,224	)
Net gain (loss) from investments		—			11,547			(6,448	)
Net (loss) gain on investments – due to related parties		—			(468	)		232
Change in fair value of financial liabilities		(20,946	)		(478	)		766
Equity method investment (loss) income		(902	)		893			(632	)
Loss on conversion of promissory notes		—			(1,119	)		—
Write-off of loan commitment fee asset		(10,041	)		—			—
Miscellaneous other expense		(57	)		(64	)		—
Total Non-operating (Expense) Income		(33,078	)		9,011			(7,306	)
Loss before Income Taxes		(73,375	)		(27,766	)		(30,984	)
Income tax expense (benefit)		(2,742	)		432			—
Net Loss		(70,633	)		(28,198	)		(30,984	)
Less: net loss attributable to
Non-redeemable non-controlling interest		(8,339	)		(11,762	)		(139	)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders		(62,294	)		(16,436	)		(30,845	)

Basic and diluted loss per share	$	(1.42	)
Basic and diluted weighted average common shares		43,951,279

Other comprehensive income, net of taxes:
Unrealized gain on available-for-sale debt securities – related party		909			62			—
Total other comprehensive loss, net of taxes		909			62			—

Total comprehensive loss, net of taxes		(69,724	)		(28,136	)		(30,984	)
Less: comprehensive income attributable to
Non-redeemable non-controlling interest		(8,339	)		(11,762	)		(139	)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$	(61,385	)	$	(16,374	)	$	(30,845	)

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Consolidated Statements of Changes in Mezzanine Capital (Predecessor) (in thousands, except share and per share amounts)

	Class I Amount			Class PCTA Amount			Total
December 31, 2022	$	2,984		$	12,882		$	15,866
Proceeds from capital calls to unitholders		130			—			130
Accretion of redeemable units to redemption value		(202	)		(5,164	)		(5,366	)
December 31, 2023		2,912			7,718			10,630
Accretion of redeemable units to redemption value		1,565			10,385			11,950
October 1, 2024	$	4,477		$	18,103		$	22,580

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (in thousands, except share and per share amounts)

	Class B Preferred		Class B-1 Preferred		Class A		Class C		Accumulated Deficit			Accumulated OCI		Non-Controlling Interest			Total Unitholders’ Deficit
December 31, 2022 (Predecessor)	$	20,803	$	3,323	$	1,950	$	639	$	(38,564	)	$	—	$	656		$	(11,193	)
Net loss		—		—		—		—		(30,845	)		—		(139	)		(30,984	)
Non-controlling interest acquired		—		—		—		—		—			—		337			337
Issuance of units, net of issuance costs		17,319		—		—		—		—			—		—			17,319
Unit-based compensation		—		—		—		205		—			—		705			910
Distributions to unitholders		—		—		—		—		(241	)		—		—			(241	)
Accretion of redeemable units to redemption value		—		—		—		—		5,366			—		—			5,366
December 31, 2023 (Predecessor)		38,122		3,323		1,950		844		(64,284	)		—		1,559			(18,486	)
Net loss		—		—		—		—		(16,436	)		—		(11,762	)		(28,198	)
Other comprehensive loss, net of taxes		—		—		—		—		—			62		—			62
Units issued to non-controlling interest		—		—		—		—		—			—		13,921			13,921
Issuance of units, net of issuance costs		13,561		—		—		—		—			—		—			13,561
Unit-based compensation		—		—		—		137		—			—		919			1,056
Issuance of units to non-controlling interest in exchange of convertible promissory notes		—		—		—		—		—			—		8,443			8,443
Accretion of redeemable units to redemption value		—		—		—		—		(11,950	)		—		—			(11,950	)
October 1, 2024 (Predecessor)	$	51,683	$	3,323	$	1,950	$	981	$	(92,670	)	$	62	$	13,080		$	(21,591	)

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity (in thousands, except share and per share amounts)

	Series B Preferred Stock			Common Stock
	Shares	Amount		Shares		Amount		Additional Paid-In Capital			Accumulated Deficit			Accumulated OCI		Non-Controlling Interest			Total Stockholders’ Equity
October 2, 2024 (Successor)	—	$	—		—	$	—	$	11,342		$	(15,845	)	$	—	$	—		$	(4,503	)
Effect of acquisition of Innventure LLC	—		—		43,589,850		4		461,064			—			—		343,030			804,098
Reclassification of warrants from liability to equity	—		—		—		—		1,265			—			—		—			1,265
Issuance of common shares, net of issuance costs	—		—		160,000		—		2,083			—			—		—			2,083
Issuance of preferred shares, net of issuance costs	1,102,000		—		—		—		9,965			—			—		—			9,965
Issuance of common shares from warrant exercises	—		—		259,309		—		2,982			—			—		—			2,982
Net loss	—		—		—		—		—			(62,294	)		—		(8,339	)		(70,633	)
Other comprehensive gain, net of taxes	—		—		—		—		—			—			909		—			909
Non-controlling interest acquired	—		—		—		—		—			—			—		4,129			4,129
Distributions to Stockholders	—		—		—		—		—			(663	)		—		—			(663	)
Vesting of contingent at risk sponsor shares	—		—		587,995		—		—			—			—		—			—
Stock-based compensation	—		—		—		—		14,381			—			—		1,957			16,338
Accrued preferred dividends	—		—		—		—		(217	)		—			—		—			(217	)
December 31, 2024 (Successor)	1,102,000	$	—		44,597,154	$	4	$	502,865		$	(78,802	)	$	909	$	340,777		$	765,753

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Consolidated Statements of Cash Flows (in thousands, except share and per share amounts)

	Successor			Predecessor
	October 2, 2024 through December 31, 2024			January 1, 2024 through October 1, 2024			Year ended December 31, 2023
Cash Flows Used in Operating Activities
Net loss	$	(70,633	)	$	(28,198	)	$	(30,984	)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation		16,338			1,056			910
Interest income on debt securities – related party		(106	)		(110	)		—
Change in fair value of financial liabilities		20,946			478			(766	)
Change in fair value of payables due to related parties		—			468			(232	)
Write-off of loan commitment fee asset		10,041			—			—
Non-cash interest expense on notes payable		248			351			487
Net (gain) loss on investments		—			(11,547	)		6,448
Equity method investment gain (loss)		902			(893	)		632
Loss on conversion of promissory notes		—			1,119			—
Deferred income taxes		(2,760	)		432			—
Depreciation and amortization		5,455			146			8
Payment of patent installment		—			(250	)		—
Non-cash rent costs		63			185			192
Accrued unpaid interest on note payable		69			930			—
Changes in operating assets and liabilities:
Accounts receivable		(166	)		(117	)		—
Prepaid expenses and other current assets		(1,301	)		(1,353	)		(218	)
Inventory		(2,354	)		(2,824	)		—
Accounts payable		(11,211	)		6,013			9
Accrued employee benefits		1,656			3,838			3,181
Accrued expenses		(484	)		674			1,230
Stock-based compensation liability		1,160			—			—
Other current liabilities		(77	)		(146	)		(155	)
Obligation to issue equity		3,000			10,920			—
Other assets		—			(20	)		(218	)
Net Cash Used in Operating Activities		(29,214	)		(18,848	)		(19,476	)

Cash Flows Provided by (Used in) Investing Activities
Purchase of shares in equity method investee		—			—			(2,000	)
Contributions to equity method investee		—			—			(130	)
Investment in debt securities – equity method investee		—			(7,400	)		(2,600	)
Advances to equity method investee		(4,240	)		(135	)		—
Acquisition of property, plant and equipment		(266	)		(736	)		(645	)
Acquisition of intangible assets		(30	)		—			—
Acquisition of net assets, net of cash acquired, through business combination		16			—			—
Proceeds from sale of investments		—			2,314			708
Cash withdrawn from trust as a result of business combination		11,342			—			—
Net Cash Provided by (Used in) Investing Activities		6,822			(5,957	)		(4,667	)

Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs		15,383			13,122			16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs		4,169			13,859			337
Proceeds from the issuance of convertible promissory note		—			—			2,000
Proceeds from issuance of debt securities, net of issuance costs		19,455			—			—
Payment of debts		(250	)		(540	)		(65	)
Receipt of Capital from Class I Unitholder		—			—			130
Distributions to Stockholders		(663	)		—			(241	)
Proceeds from the issuance of promissory notes to related parties		—			12,000			1,004
Repayment of promissory note		(4,628	)		—			—
Cash Flows Provided by Financing Activities		33,466			38,441			19,174

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		11,074			13,636			(4,969	)
Cash, Cash Equivalents and Restricted Cash Beginning of period		45			2,575			7,544
Cash, Cash Equivalents and Restricted Cash End of period	$	11,119		$	16,211		$	2,575

See accompanying notes to consolidated financial statements.

	Successor		Predecessor
	October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024		Year ended December 31, 2023
Supplemental Cash Flow Information
Cash paid for interest	$	991	$	1,070	$	297
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value		—		11,950		5,366
Debt discount and embedded derivative upon issuance		—		—		1,119
Issuance of units to non-controlling interest in exchange of convertible promissory notes		—		7,324		—
Conversion of working capital loans to equity method investees into investments in debt securities – related party		—		2,600		—
Transfer of liability warrants to equity warrants in the Business Combination		1,265		—		—
Initial recognition of loan commitment fee		16,190		—		—
Transfer of loan commitment fee asset		6,694		—		—

See accompanying notes to consolidated financial statements.


Innventure, Inc. and Subsidiaries Non-GAAP Financial Measures (in thousands, except share and per share amounts)

	Successor		Predecessor			S/P Combined (Non-GAAP)			Predecessor
	Period from October 2, 2024 through December 31, 2024		Period from January 1, 2024 through October 1, 2024			Year ended December 31, 2024			Year ended December 31, 2023
Net Loss	(70,633	)		(28,198	)		(98,831	)		(30,984	)
Interest expense, net⁽¹⁾	11,173			1,300			12,473			1,224
Depreciation and amortization expense	5,455			146			5,601			8
Provision for income taxes	2,742			(432	)		2,310			—
EBITDA	(51,263	)		(27,184	)		(78,447	)		(29,752	)
Transaction and other related costs⁽²⁾	2,309			9,414			11,723			3,452
Change in fair value of financial liabilities⁽³⁾	20,946			478			21,424			(766	)
Stock based compensation⁽⁴⁾	16,338			1,056			17,394			910
Adjusted EBITDA	(11,670	)		(16,236	)		(27,906	)		(26,156	)

^{(1) Interest expense, net – For the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of $10,041 was written off in combined twelve months ended December 31, 2024 and has also been included in this adjustment. This amount is representative of the asset associated with the second and third tranches of the WTI facility. When it became known that we would not be able to draw on these subsequent tranches based on certain metrics contained within the WTI Facility agreement, we immediately wrote this asset off. For the Predecessor year ended December 31, 2023, this balance is comprised entirely of interest incurred on our various borrowing facilities.}
^{(2) Transaction and other related costs – For the combined twelve months ended December 31, 2024 and for the Predecessor year ended December 31, 2023 this is comprised entirely of consulting, legal, and other professional fees related to the business combination with Learn CW Investment Corporation (the “Business Combination”).}
^{(3) Change in fair value of financial liabilities – For the combined twelve months ended December 31, 2024 the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, change in fair value of the earnout liability, and the change in the fair value of the embedded derivative associated with convertible notes prior to extinguishment. For the Predecessor year ended December 31, 2023, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.}
^{(4) Stock based compensation – For the combined twelve months ended December 31, 2024 stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the Predecessor year ended December 31, 2023, stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.}

The MIL Network –

April 11, 2025

MIL-OSI Russia: Vladislav Rusanov: “Discipline and team spirit in football help to conquer academic heights”

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Today we are talking to Vladislav Rusanov, whose story is a vivid example of how one can successfully combine professional sports and studies. Vladislav is a second-year student of the master’s program at the Institute of Mechanics and Technology of St. Petersburg Polytechnic University in the direction of “Management. Project and Product Management in a Competitive Business Environment” and a professional football player, goalkeeper of the football club “Leon-Saturn”. He told us about his path in sports, his studies at the Polytechnic University and how he manages to maintain a balance between these two spheres. Read the interview in our traditional project “Persona”.

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

MIL OSI Russia News –

April 11, 2025
MIL-OSI: Ring Energy Provides Board of Directors Update

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, April 11, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided an update concerning its Board of Directors (the “Board”), including the retirement of Ms. Regina Roesener effective April 14, 2025 and the appointment of Ms. Carla Tharp to the Board effective April 14, 2025 who will serve as an independent Director.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “It has been a pleasure to work closely with Regina as a fellow Director. She joined our Board in 2019 and her financial markets and board governance experience was greatly valued. On behalf of the entire Board, I want to thank Regina for the strong strategic guidance and oversight she consistently provided in support of Ring’s stockholders, and we wish her all the best in retirement.”

About Ms. Carla Tharp

Ms. Tharp is the CEO of Apoyar Energy, an upstream oil and gas exploration and production company focused on international assets. She most recently served as President of C.T. Tharp & Co., an independent consulting firm concentrating on global acquisitions and divestitures. Ms. Tharp served in multiple key positions at APA Corporation (formerly Apache Corporation) from 2020 through 2023 leading multi-disciplinary teams, including as Vice President of New Business & Commercial, Vice President of Corporate Development, and Vice President of Reserves. Prior to Apache, she served as Managing Director of Energy Investment Banking at Raymond James Financial, Inc., as well as Director of Acquisitions and Divestitures at Citigroup Inc. and Lantana Energy Advisors. Ms. Tharp graduated from Texas A&M University with a Bachelor of Science in Petroleum Engineering before working as a reservoir engineer in transactions and reserves reporting, senior and mezzanine debt finance and in a private equity portfolio company. She is a licensed professional engineer in Texas and has held Series 79 and 63 FINRA licenses.

Mr. McKinney concluded, “We look forward to Carla’s contributions to the Board as she brings an extensive and impressive technical and financial background in the upstream oil and gas business that complements the skills and expertise of our other Directors. Her proven multi-decade track record of sourcing, evaluating, and executing significant organic and external value-enhancing opportunities will prove invaluable as Ring continues to execute its proven strategy designed to further position the Company for long-term success.”

ABOUT RING ENERGY, INC.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects, regarding the composition of the Company’s board of directors, and the expectation that Ms. Tharp will help Ring execute its strategy designed to further position the Company for long-term success. The forward-looking statements include the Company’s ability execute its proven strategy designed to further position the Company for long-term success. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

CONTACT INFORMATION

Al Petrie Advisors
Al Petrie, Senior Partner
Phone: 281-975-2146
Email: apetrie@ringenergy.com

The MIL Network –

April 11, 2025

MIL-OSI Asia-Pac: QUICK ESTIMATE OF INDEX OF INDUSTRIAL PRODUCTION AND USE-BASED INDEX FOR THE MONTH OF FEBRUARY 2025

Source: Government of India

Ministry of Statistics & Programme Implementation

QUICK ESTIMATE OF INDEX OF INDUSTRIAL PRODUCTION AND USE-BASED INDEX FOR THE MONTH OF FEBRUARY 2025

(BASE 2011-12=100)

Posted On: 11 APR 2025 4:00PM by PIB Delhi

The Quick Estimates of Index of Industrial Production (IIP) are released on 12^th of every month (or previous working day if 12^th is a holiday) with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

2. Key Highlights:

The IIP growth rate for the month of February 2025 is 2.9 percent which was 5.0 percent (Quick Estimate) in the month of January 2025.
The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of February 2025 are 1.6 percent, 2.9 percent and 3.6 percent respectively.
The Quick Estimates of IIP stands at 151.3 against 147.1 in February 2024. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February 2025 stand at 141.9, 148.6 and 194.0 respectively.
Within the manufacturing sector, 14 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in February 2025 over February 2024. The top three positive contributors for the month of February 2025 are – “Manufacture of basic metals” (5.8%), “Manufacture of motor vehicles, trailers and semi-trailers” (8.9%) and “Manufacture of other non-metallic mineral products” (8.0%).
In the industry group “Manufacture of basic metals”, item groups “Flat products of Alloy Steel “, “Pipes and tubes of Steel”, “Bars and Rods of Mild steel” have shown significant contribution in growth.
In the industry group “Manufacture of motor vehicles, trailers and semi-trailers”, item groups “Auto components/ spares and accessories”, “Axle”, “Commercial Vehicles, have shown significant contribution in growth.
In the industry group “Manufacture of other non-metallic mineral products” item groups “Cement- all types”, “Cement Clinkers”, “Pre-fabricated Concrete blocks (including RMC)” have shown significant contribution in growth.
As per the use base classification, the indices stand at 152.3 for Primary Goods, 115.5 for Capital Goods, 159.9 for Intermediate Goods and 191.3 for Infrastructure/ Construction Goods for the month of February 2025. Further, the indices for Consumer durables and Consumer non-durables stand at 126.5 and 146.7 respectively.
The corresponding growth rates of IIP as per Use-based classification in February 2025 over February 2024 are 2.8 percent in Primary goods, 8.2 percent in Capital goods, 1.5 percent in Intermediate goods, 6.6 percent in Infrastructure/ Construction Goods, 3.8 percent in Consumer durables and (-)2.1 percent in Consumer non-durables (Statement III). Based on use-based classification, top three positive contributors to the growth of IIP for the month of February 2025 are – Infrastructure/ construction goods, Primary goods, and Capital goods.
Monthly Indices and Growth Rate (in %) of IIP for the last 13 months

3. Along with the Quick Estimates of IIP for the month of February 2025, the indices for January 2025 have undergone the first revision and those for November 2024 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimates for February 2025, the first revision for January 2025 and the final revision for November 2024 have been compiled at weighted response rates of 89 percent, 94 percent and 95 percent respectively.

4. Details of Quick Estimates of the Index of Industrial Production for the month of February 2025 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 13 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.

5. Release of the Index for March 2025 will be on Monday, 28^th April 2025.

Note: –

This Press release (English and Hindi Version) is also available at the Ministry’s Website –http://www.mospi.gov.in.
Detailed information pertaining to IIP is available at https://mospi.gov.in/iip and https://esankhyiki.mospi.gov.in/

STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION – SECTORAL
(Base: 2011-12=100)
Month	Mining		Manufacturing		Electricity		General
	(14.372472)		(77.63321)		(7.994318)		(100)
	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25
Apr	122.6	130.9	138.8	144.6	192.3	212.0	140.7	148.0
May	128.1	136.5	143.1	150.4	201.6	229.3	145.6	154.7
Jun	122.3	134.9	141.6	146.6	205.2	222.8	143.9	151.0
Jul	111.9	116.1	142.1	148.8	204.0	220.2	142.7	149.8
Aug	111.9	107.1	144.4	146.1	220.5	212.3	145.8	145.8
Sep	111.5	111.7	141.5	147.2	205.9	206.9	142.3	146.9
Oct	127.4	128.5	142.1	148.4	203.8	207.8	144.9	150.3
Nov	131.3	133.8	139.3	147.0	176.3	184.1	141.1	148.1
Dec	139.5	143.2	151.6	156.8	181.6	192.8	152.3	157.7
Jan	144.3	150.7	150.8	159.5	197.1	201.9	153.6	161.6
Feb*	139.7	141.9	144.4	148.6	187.2	194.0	147.1	151.3
Mar	156.2		156.2		204.2		160.0
Average
Apr-Feb	126.4	130.5	143.6	149.5	197.8	207.6	145.5	151.4
Growth over the corresponding period of previous year
Jan	6.0	4.4	3.6	5.8	5.6	2.4	4.2	5.2
Feb*	8.1	1.6	4.9	2.9	7.6	3.6	5.6	2.9
Apr-Feb	8.2	3.2	5.4	4.1	6.9	5.0	6.0	4.1
* Figures for Feb 2025 are Quick Estimates.
NOTE : Indices for the months of Nov’24 and Jan’25 incorporate updated production data.

STATEMENT II: INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)
(Base: 2011-12=100)
Industry	Description	Weight	Index		Cumulative Index		Percentage growth
code			Feb’24	Feb’25*	Apr-Feb*		Feb’25*	Apr-Feb*
					2023-24	2024-25		2024-25
10	Manufacture of food products	5.302	151.9	142.6	133.8	130.8	-6.1	-2.2
11	Manufacture of beverages	1.035	120.0	114.8	109.7	112.5	-4.3	2.6
12	Manufacture of tobacco products	0.798	77.3	76.1	81.3	83.6	-1.6	2.8
13	Manufacture of textiles	3.291	104.1	106.6	107.6	108.9	2.4	1.2
14	Manufacture of wearing apparel	1.322	125.6	120.1	106.8	113.9	-4.4	6.6
15	Manufacture of leather and related products	0.502	96.8	87.7	94.9	91.9	-9.4	-3.2
16	Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	0.193	101.7	106.6	97.1	102.7	4.8	5.8
17	Manufacture of paper and paper products	0.872	79.2	72.0	79.1	78.3	-9.1	-1.0
18	Printing and reproduction of recorded media	0.680	88.8	81.2	89.1	84.3	-8.6	-5.4
19	Manufacture of coke and refined petroleum products	11.775	131.2	131.8	132.1	136.6	0.5	3.4
20	Manufacture of chemicals and chemical products	7.873	125.4	121.8	126.9	129.3	-2.9	1.9
21	Manufacture of pharmaceuticals, medicinal chemical and botanical products	4.981	205.6	212.0	234.1	232.0	3.1	-0.9
22	Manufacture of rubber and plastics products	2.422	110.3	115.2	108.4	113.4	4.4	4.6
23	Manufacture of other non-metallic mineral products	4.085	147.7	159.5	142.2	147.3	8.0	3.6
24	Manufacture of basic metals	12.804	213.2	225.6	212.4	226.3	5.8	6.5
25	Manufacture of fabricated metal products, except machinery and equipment	2.655	95.7	102.1	90.3	97.0	6.7	7.4
26	Manufacture of computer, electronic and optical products	1.570	125.8	139.1	120.5	130.0	10.6	7.9
27	Manufacture of electrical equipment	2.998	111.5	121.9	105.1	129.2	9.3	22.9
28	Manufacture of machinery and equipment n.e.c.	4.765	121.0	124.7	118.7	122.2	3.1	2.9
29	Manufacture of motor vehicles, trailers and semi-trailers	4.857	130.4	142.0	127.5	132.7	8.9	4.1
30	Manufacture of other transport equipment	1.776	145.8	157.8	141.9	161.0	8.2	13.5
31	Manufacture of furniture	0.131	227.7	240.8	183.5	226.5	5.8	23.4
32	Other manufacturing	0.941	76.4	71.6	84.9	80.7	-6.3	-4.9

05	Mining	14.372	139.7	141.9	126.4	130.5	1.6	3.2
10-32	Manufacturing	77.633	144.4	148.6	143.6	149.5	2.9	4.1
35	Electricity	7.994	187.2	194.0	197.8	207.6	3.6	5.0

	General Index	100.00	147.1	151.3	145.5	151.4	2.9	4.1
* Figures for Feb 2025 are Quick Estimates.

STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION – USE-BASED
(Base :2011-12=100)
	Primary goods		Capital goods		Intermediate goods		Infrastructure/ construction goods		Consumer durables		Consumer non-durables
Month	(34.048612)		(8.223043)		(17.221487)		(12.338363)		(12.839296)		(15.329199)
	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25	2023-24	2024-25
Apr	142.2	152.2	92.4	95.0	152.0	157.8	169.8	184.2	108.1	119.5	154.7	150.9
May	149.9	160.9	102.6	105.3	156.9	162.4	173.2	186.3	115.6	130.2	149.8	154.0
Jun	146.7	156.0	107.4	111.3	154.2	159.1	170.9	184.9	116.8	127.1	146.7	145.2
Jul	141.8	150.1	102.1	114.0	153.8	164.6	170.3	179.7	117.0	126.6	153.5	147.1
Aug	145.4	141.6	107.4	107.4	157.4	162.3	176.8	181.5	123.2	129.8	148.3	141.8
Sep	138.8	141.3	112.6	116.5	154.2	160.8	172.8	178.8	125.0	132.9	142.6	145.7
Oct	146.1	149.8	106.1	109.2	157.5	165.0	175.9	184.2	123.0	129.8	142.4	146.4
Nov	143.8	147.7	98.0	106.7	151.3	158.5	164.2	177.3	106.5	121.5	157.2	158.1
Dec	151.9	157.7	103.8	114.6	159.8	170.0	180.3	193.6	114.5	124.0	179.7	166.3
Jan	154.3	162.8	108.3	119.5	163.8	172.5	186.6	200.4	121.4	130.2	164.9	164.4
Feb*	148.2	152.3	106.7	115.5	157.6	159.9	179.5	191.3	121.9	126.5	149.9	146.7
Mar	163.1		131.6		169.2		195.2		129.9		155.2
Average
Apr-Feb	146.3	152.0	104.3	110.5	156.2	163.0	174.6	185.7	117.5	127.1	153.6	151.5
Growth over the corresponding period of previous year
Jan	2.9	5.5	3.2	10.3	5.3	5.3	5.5	7.4	11.6	7.2	0.3	-0.3
Feb*	5.9	2.8	1.7	8.2	8.6	1.5	8.3	6.6	12.6	3.8	-3.2	-2.1
Apr-Feb	6.5	3.9	6.2	5.9	5.2	4.4	10.0	6.4	3.0	8.2	4.0	-1.4
* Figures for Feb 2025 are Quick Estimates.
NOTE: Indices for the months of Nov’24 and Jan’25 incorporate updated production data.

STATEMENT IV: MONTHLY INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)
(Base: 2011-12=100)
Industry code	Description	Weight	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25
10	Manufacture of food products	5.3025	151.9	142.4	119.8	116.4	118.3	119.9	122.3	120.5	130.5	136.5	152.8	159.0	142.6
11	Manufacture of beverages	1.0354	120.0	124.2	123.8	136.4	125.2	112.9	100.3	101.8	102.7	99.4	104.3	115.4	114.8
12	Manufacture of tobacco products	0.7985	77.3	78.3	61.1	88.1	83.2	81.3	78.5	91.2	92.3	80.3	89.0	98.4	76.1
13	Manufacture of textiles	3.2913	104.1	106.9	105.3	107.0	106.2	109.1	109.4	109.3	111.1	106.2	113.9	113.7	106.6
14	Manufacture of wearing apparel	1.3225	125.6	143.0	105.1	123.6	122.6	111.7	112.5	103.7	104.0	110.3	119.1	120.2	120.1
15	Manufacture of leather and related products	0.5021	96.8	95.9	89.3	102.6	99.2	102.0	94.3	89.5	87.0	76.3	89.2	93.9	87.7
16	Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	0.1930	101.7	111.4	84.3	100.3	103.8	99.1	108.1	106.7	103.2	98.2	115.0	104.4	106.6
17	Manufacture of paper and paper products	0.8724	79.2	83.0	75.6	81.0	79.8	81.7	83.0	81.2	78.3	75.0	76.7	76.7	72.0
18	Printing and reproduction of recorded media	0.6798	88.8	91.6	82.1	91.9	85.3	84.4	83.3	84.7	78.0	82.6	90.0	83.3	81.2
19	Manufacture of coke and refined petroleum products	11.7749	131.2	142.4	135.4	140.7	132.2	140.9	130.8	128.8	132.8	135.6	147.4	146.3	131.8
20	Manufacture of chemicals and chemical products	7.8730	125.4	132.3	127.0	133.2	131.7	135.2	129.5	129.4	129.4	123.2	131.0	130.9	121.8
21	Manufacture of pharmaceuticals, medicinal chemical and botanical products	4.9810	205.6	228.0	244.4	245.0	218.8	224.7	212.6	222.9	216.9	251.4	258.6	244.3	212.0
22	Manufacture of rubber and plastics products	2.4222	110.3	116.3	108.9	112.4	114.5	116.9	115.5	117.6	116.6	103.6	107.0	118.7	115.2
23	Manufacture of other non-metallic mineral products	4.0853	147.7	165.4	148.7	149.1	154.1	136.3	139.8	137.6	144.3	136.7	151.9	162.7	159.5
24	Manufacture of basic metals	12.8043	213.2	232.1	220.7	225.9	219.2	223.7	225.6	219.7	228.2	222.0	237.0	242.2	225.6
25	Manufacture of fabricated metal products, except machinery and equipment	2.6549	95.7	115.0	85.0	97.8	89.5	93.7	92.8	99.5	100.2	95.2	106.9	104.2	102.1
26	Manufacture of computer, electronic and optical products	1.5704	125.8	134.7	114.2	136.5	134.8	130.9	146.6	146.7	124.2	115.9	115.1	126.2	139.1
27	Manufacture of electrical equipment	2.9983	111.5	124.7	110.4	122.7	136.8	131.8	127.7	128.1	125.9	121.1	163.8	131.4	121.9
28	Manufacture of machinery and equipment n.e.c.	4.7653	121.0	145.4	108.0	118.1	125.3	126.2	122.9	131.7	120.2	117.7	127.7	122.0	124.7
29	Manufacture of motor vehicles, trailers and semi-trailers	4.8573	130.4	130.5	126.5	134.4	128.9	133.5	129.2	132.6	133.4	134.4	116.3	148.3	142.0
30	Manufacture of other transport equipment	1.7763	145.8	175.7	140.3	153.2	153.4	155.0	156.4	189.0	184.5	159.4	142.2	180.0	157.8
31	Manufacture of furniture	0.1311	227.7	296.4	220.8	246.0	217.0	209.2	226.2	246.6	211.4	201.7	239.1	232.9	240.8
32	Other manufacturing	0.9415	76.4	90.0	96.5	72.5	74.6	83.3	86.9	99.5	91.8	57.0	77.8	76.7	71.6

5	Mining	14.3725	139.7	156.2	130.9	136.5	134.9	116.1	107.1	111.7	128.5	133.8	143.2	150.7	141.9
10-32	Manufacturing	77.6332	144.4	156.2	144.6	150.4	146.6	148.8	146.1	147.2	148.4	147.0	156.8	159.5	148.6
35	Electricity	7.9943	187.2	204.2	212.0	229.3	222.8	220.2	212.3	206.9	207.8	184.1	192.8	201.9	194.0

	General Index	100	147.1	160.0	148.0	154.7	151.0	149.8	145.8	146.9	150.3	148.1	157.7	161.6	151.3
Note: The figures December 2024, January 2025 and February 2025 are provisional

****

Samrat

(Release ID: 2120934)

MIL OSI Asia Pacific News –

April 11, 2025

MIL-OSI Asia-Pac: WAVES XR Creator Hackathon Winners Bring XR Innovation to Schools, Clinics, Homes, and Beyond

Source: Government of India

WAVES XR Creator Hackathon Winners Bring XR Innovation to Schools, Clinics, Homes, and Beyond

Five winning teams will showcase their XR projects at WAVE Summit

XR Innovators coming up in large numbers from Tier 2 and 3 cities

Posted On: 10 APR 2025 9:06PM by PIB Mumbai

Mumbai, 10 April 2025

From immersive science labs to cross-platform war games, India’s top eXtended Reality (XR) innovators are redefining how we learn, heal, shop, and travel! The winners of the XR Creator Hackathon, which is a part of Create in India Challenge (CIC) Season-1, launched as part of the World Audio Visual and Entertainment Summit (WAVES), organised by the Ministry of Information & Broadcasting in collaboration with Wavelaps, have been declared. The hackathon, aimed at accelerating India’s presence in immersive technology, had five thematic categories — healthcare-fitness & well-being, educational transformation, immersive tourism, digital media & entertainment, and e-commerce-retail transformation.

More than 2,200 participants from across India registered for the hackathon. After three rounds of evaluation, five teams have emerged as winners, representing a mix of students, professionals, and entrepreneurs from different cities and institutions. The winner announcement was done in a ‘Winners’ Ceremony’ which was organized virtually over a YouTube live stream.

A brief about the Winning Teams and their XR Projects

1) The winner in the theme, ‘Educational Transformation’ is the team XR Runners with their project ‘Eduscape XR’

The VR-based platform, developed by the students of IIT Kharagpur, EduscapeXR, allows students to perform realistic, immersive experiments in subjects like physics, chemistry, and biology using hand-tracking and AI-based feedback. It addresses the lack of laboratory infrastructure in many schools and colleges. “In many parts of the country, students study science without doing real experiments. We wanted to change that and our project aims to revolutionise education by providing STEM practicals on a virtual reality platform,” said Vedanta Hazra, who led the team with Sahil Patel and Shaurya Baranwal.

2) The Winner in the theme, ‘Healthcare, Fitness & Well-being’ is team Cognihab with their project ‘Cognihab’

Cognihab offers XR-powered rehabilitation solutions that support recovery from lazy eye, stroke, and anxiety. “We’re focused on outcomes in real medical settings and this hackathon helped us sharpen our approach and reach new stakeholders,” said team lead Rishab Kapur. Team members include Pintu Kumar and others with a background in XR-based health tech.

3) The winners of the theme ‘Immersive Tourism’ is the team LumeXR with their project is ‘Immersive Travel Guide’

LumeXR developed a mixed-reality tourism guide that allows users to explore destinations virtually. The experience includes a 3D map interface, drone-shot photogrammetry, and embedded video stories, making trip planning more engaging and efficient. The platform also enables tourism brands to offer XR-based previews that go beyond traditional brochures or videos. “This isn’t just a travel app — it’s immersive cultural storytelling, with the help of our project, users can now ‘feel’ a destination before booking it,” said LumeXR’s team lead, Savio.

4) The winners of the theme ‘E-Commerce & Retail Transformation’ theme is team ‘EMO’ with their project ‘Heaven Estate’

Heaven Estate lets homeowners visualize interior designs in AR and 3D before making real-world decisions. What sets it apart is the focus on user-designer collaboration — where verified interior designers upload visualizations that clients can preview in their own space. “We wanted to create a real bridge between homeowners and professionals,” said EMO’s team lead Utkarsh Rai, who built the project with Himanshu Mahto, Ashutosh Mishra, and Ishita Guar. The EMO team credits the mentorship phase of the hackathon for refining their design and user experience.

5) The winners of the theme ‘Digital Media & Entertainment’ is team Youth Buzz with their project ‘Immersive Warfare Simulator’

Youth Buzz created The Game of Dimensions, a multiplayer tactical war game playable across VR (virtual reality) headsets and mobile, offering an immersive gameplay. “We wanted to unify the gaming experience across platforms and realities,” said team lead, Mohit Kumar Sharma. His teammates include Anish Dombale, A Shivam Raj, and Yash Sadhukhan.

XR Innovators are coming up from Tier 2 and 3 cities

The hackathon saw participation from 66% Tier 2 and 3 cities, including Chengalpet, Manipal, and Veraval. The participants ranged from 17 to 35 years. Of the 40 finalist teams, 53% were students, 33% working professionals, and 14% self-employed entrepreneurs. Notably, 19% of the finalists were women — a strong indicator of growing gender diversity in XR innovation.

With support from Wavelaps, the Ministry of Information & Broadcasting, and the two leading XR communities, BharatXR and XDG, the finalists are now stepping onto the world stage — where ideas born in classrooms, hostels, and home studios may soon reach global users. While the winners have been declared, the XR Creator Hackathon isn’t over yet. All five teams are now preparing to showcase their projects at the WAVES Summit — a global media and entertainment event organised by the Ministry of Information and Broadcasting, scheduled from May 1–4, 2025, in Mumbai.

“The XR Creator Hackathon is not just nurturing innovation — it’s building the foundation for a new digital India. These solutions will redefine how we learn, heal, travel, and connect.” said Ashutosh Kumar, Founder & CEO of Wavelaps.

About WAVES

The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

Have questions? Find answers here

Stay updated with the latest announcements from PIB Team WAVES

Register for WAVES now.

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MIL OSI Asia Pacific News –

April 11, 2025
MIL-OSI United Kingdom: New site for economic growth shaping up nicely!

Source: City of Plymouth

The steel frames for the first purpose-built commercial units within the Plymouth and South Devon Freeport are now up and work is powering ahead on the site that is destined to be home to high growth industries.

The Council is delivering four units on a plot in Beaumont Way, Langage – one of three Freeport tax sites as part of the region’s continuing success story in the marine, defence, space, advanced manufacturing, engineering and clean energy sectors.

Devon Contractors, who have only been on site since December, are cracking on with the task to build the units which range in size from 750 square metres to just over 2,000 sqm.

These pictures show how far the work has come, with the roof cladding finished for three of the four units as well as creating the first internal floor within all units. External drainage work is almost complete and internal drainage progressing well.

The units will have workshop/production space inside with fully fitted offices at ground and first floor level (with lift access) and welfare facilities, including showers.

Each will have its own dedicated service yard, parking and EV charging pod and the units will be highly sustainable and incorporate technology to minimise carbon emissions and running costs, including solar photo-voltaic panels, increased levels of insulation, higher levels of natural daylight and ventilation and highly efficient heating systems. The units are being designed and built to BREEAM Excellent standards and Net Zero status.

Plymouth City Council Leader Tudor Evans said: “It’s great to see so much progress on this important site and it’s great to know that we are already getting a significant amount of enquiries from interested companies. They must be the right fit for the Freeport, but the signs are really encouraging!”

The development has been made possible thanks to a £4 million Freeport seed capital funding, match funded by Plymouth City Council. Once complete, it is expected to support around 138 full time jobs and associated long term spin off benefits, not to mention the construction and supply chain employment during the build period.

Devon Contractors are on target to finish the scheme in time for units to be ready to move into by Autumn 2025.

Nigel Whelan, Managing Director of Devon Contractors, said: “We’re making excellent progress on site at Langage and its a testament to the collaborative spirit across the board.

“Our supply chain, consultants, suppliers and the client team have all come together as one, working seamlessly to drive the project forward. This level of co-operation is what allows us to maintain momentum and deliver with confidence. We’re particularly excited to be launching our work placements schools projects next month – a great opportunity to engage the next generation and share in the future of construction.”

The Langage Tax Site is the largest of three tax sites for the Freeport and is on the edge of the existing Langage Business Park. It is strategically significant as it provides the space and opportunities to support sector growth plans and economic specialisation, underpinning the Freeport’s trade and investment objectives.

Eligible businesses that are part of the Freeport can take advantage of a range of tax and customs benefits and incentives to support growth, innovation and investment in the South West, including business rates relief, employer National Insurance contributions rate relief, stamp duty land tax relief, capital allowances, VAT and tariff benefits and simplified import procedures.

As this site is part of the Freeport designated tax site, eligible tenants must specialise in either marine, defence, space, advanced manufacturing, engineering or clean energy.

Interested parties should contact [email protected] or information about the Freeport contact [email protected]

www.plymouth.gov.uk/langage-south-beaumont-way

MIL OSI United Kingdom –

April 11, 2025
MIL-OSI Europe: Ministers Burke and Dillon announce new measures to support the transport sector
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

11th April 2025

The Minister for Enterprise, Tourism and Employment, Peter Burke, has signed regulations making changes to the employment permits system to address skills shortages in Ireland’s transport sector. The quota for car mechanics will increase by 200, the quota for HGV and Bus mechanics by 200, and the quota for vehicle body builders and repairers has increased by 50. The changes came into effect on Monday, 7 April.

Minister for Enterprise, Tourism and Employment, Peter Burke said:

“I am pleased to announce that I have increased quotas for Car mechanics and HGV/Bus mechanics by 200 employment permits each and Vehicle body builders and repairers by 50 permits. Car mechanics play a vital role in ensuring that Ireland’s private car fleet is safe for all road users. HGV/Bus mechanics and Vehicle body builders and repairers are both necessary to support the extension of our public transport services including the BusConnects program, which aims to provide a significant expansion of routes and increased 24-hour operations for public transport. The planned transition to alternative power vehicles will also require access to skilled mechanics. Ensuring that there is a sufficient workforce to maintain these new vehicles will play a vital role in the delivery of this program.”

Minister of State for Small Businesses and Retail, Alan Dillon said:

“The increase to these quotas will help us to secure additional skilled workers to help deliver our ambitious public transport goals, as well as improving the roadworthiness of the private car fleet. This measure will help to ensure the safety and reliability of both public transport and the private car fleet and help to ensure that we meet our public transport goals.”

Notes for editor

The Employment Permits System

Ireland’s policy is to promote the sourcing of labour and skills needs from within the workforce of Ireland, the European Union and other European Economic Area (EEA) states. Policy in relation to applications for employment permits remains focused on facilitating the recruitment from outside the EEA of skilled and highly skilled personnel, where the requisite skills cannot be met by normal recruitment or by training. Employment permit policy is part of the response to addressing skills deficits which exist and are likely to continue into the medium term, but it is not intended over the longer term to act as a substitute for meeting the challenge of up-skilling the State’s resident workforce, with an emphasis on the process of lifelong learning, and on maximising the potential of EEA nationals to fill our skills deficits.

The Occupations Lists

For the purposes of the employment permits system, occupations fall into three categories:
1. Occupations listed on the Critical Skills Occupations List are highly skilled professional roles that are in high demand and are not always available in the resident labour force. Occupations on this list are eligible for a Critical Skills Employment Permit (CSEP) and include roles such as medicine, ICT, sciences, finance, and business.
2. Occupations listed on the Ineligible Occupations List (IOL) are those with evidence suggesting there are sufficient Irish/EEA workers to fill such vacancies. Employment permits are not granted for these occupations. Some roles are removed from the IOL subject to quota, in order to sustainably integrate a new source of workers into the labour market and to test the labour market needs.
3. Every other job in the labour market, where an employer cannot find a worker, is eligible for an employment permit. For these occupations, the employer is required to undertake a Labour Market Needs Test and if no-one suitable applies for the job, the employer is free to apply for an employment permit. Occupations such as these may be skills of a more general nature and are eligible for a General Employment Permit (GEP).
ENDS

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MIL OSI Europe News –
April 11, 2025
MIL-Evening Report: Coalition plan to dump fuel efficiency penalties would make Australia a global outlier

Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

The Coalition has announced it would, if elected to government, weaken a scheme aimed at cutting car emissions.

The scheme, known as the New Vehicle Efficiency Standard (NVES), was introduced by the Albanese government and was due to take effect in July. It involved issuing penalties to automakers that breach an emissions ceiling on their total new car sales.

The new Coalition plan, announced this week, would see such penalties abolished.

But the penalties are crucial. Without penalties, automakers have limited incentive to supply fuel efficient, low or zero-CO₂ emitting vehicles to the Australian market.

If this plan became government policy, it would make Australia an international outlier – and put at risk Australia’s ability to meet its obligations under the Paris climate agreement.

An international outlier

More than 85% of the international car market is covered by fuel efficiency standards.

Without a robust New Vehicle Efficiency Standard scheme, complete with penalties for automakers that break the rules, Australia would join Russia in the tiny minority of developed countries without strong fuel efficiency standards for new vehicles.

Abolishing the penalties embedded in the scheme also risks making Australia the world’s dumping ground for inefficient vehicles.

That’s because the penalties embedded in the scheme are there to incentivise automakers to sell more efficient vehicles in Australia.

The current scheme, as it is, is not particularly punitive. Automakers that breach their cap of emissions are given up to two years to fix their mistakes before being issued with a financial penalty.

Weakening the scheme won’t help make it easier for Australians to buy fuel-efficient cars.

Decarbonising Australian roads

The 2015 Paris Agreement, to which Australia is a signatory, requires developed nations to decarbonise their transport by as much as 80% by 2050.

Carbon emissions from Australian transport accounts for 21.1% of the nation’s emissions (to June 2023).

It represents the third largest source of greenhouse gas emissions in Australia.

Without measures aimed at making cars more fuel efficient, Australia’s CO₂ emissions will continue to rise. It will be harder to meet our commitments under the Paris Agreement.

It’s regulation, not a tax

The Coalition, which is hoping to pick up votes in outer-ring suburbs, has called the penalties embedded in the New Vehicle Efficiency Standard scheme a “car tax”.

Liberal leader Peter Dutton said this week:

This is a tax on families who need a reliable car and small businesses trying to grow. Instead of making life easier, Labor is making it harder and more expensive […] We want cleaner, cheaper cars on Australian roads as we head towards net zero by 2050, but forcing unfair penalties on carmakers and consumers is not the answer.

But these penalties are not a tax; they are a form of regulation. Automakers that meet the rules wouldn’t have to pay penalties, under the current scheme.

If the goal is to reduce people’s hip-pocket pain at the bowser, the focus should be on ensuring Australians can buy fuel-efficient vehicles.

That means incentivising automakers to bring fuel-efficient vehicles to the Australian market. It also means avoiding any policy that encourages carmakers to see Australia as a dumping ground for gas-guzzling vehicles.

Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

– ref. Coalition plan to dump fuel efficiency penalties would make Australia a global outlier – https://theconversation.com/coalition-plan-to-dump-fuel-efficiency-penalties-would-make-australia-a-global-outlier-254386

MIL OSI Analysis – EveningReport.nz –

April 11, 2025
MIL-OSI USA: Duckworth, Klobuchar, Capito, Colleagues Press FAA on Recent System Outages

US Senate News:

Source: United States Senator for Illinois Tammy Duckworth
April 10, 2025
[WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Committee on Commerce, Science and Transportation (CST) and Ranking Member of the CST Aviation Subcommittee—joined U.S. Senators Amy Klobuchar (D-MN), Shelley Moore Capito (R-WV) and Jerry Moran (R-KS), along with U.S. Representatives Pete Stauber (R-MN-08) and Mark DeSaulnier (D-CA-10), in pressing Federal Aviation Administration (FAA) Acting Administrator Chris Rocheleau on the recent Notice to Airmen (NOTAM) system outages and the status of past-due upgrades to the system. In the letter, the lawmakers underscored the importance of modernizing this system to keep pilots and millions of passengers who fly every day safe.
“We write to you to request information on the recent temporary outages of the Notice to Airmen (NOTAM) system as well as an update on efforts to modernize the system,” said the lawmakers. “Pilots rely on the NOTAM system to remain aware of safety hazards on flight routes. This system is critical to the safety of the nearly 3 million passengers who fly over the U.S. every day.”
The bipartisan NOTAM Improvement Act, which was signed into law in 2023, requires the FAA to establish a task force to strengthen the resiliency and cybersecurity of the NOTAM system, which alerts pilots of safety and location hazards on flight routes. The law now required the FAA to upgrade the NOTAM system and create a backup system by September 2024. While the backup system was put in place in July 2024, the required upgrade of the primary system has not yet been completed.
Full text of the letter is available on Senator Duckworth’s website and below:
Dear Acting Administrator Rocheleau:
We write to you to request information on the recent temporary outages of the Notice to Airmen (NOTAM) system as well as an update on efforts to modernize the system.
Pilots rely on the NOTAM system to remain aware of safety hazards on flight routes. This system is critical to the safety of the nearly 3 million passengers who fly over the U.S. every day. That’s why, following the 2023 outage that led to 1,300 cancelled flights and nearly 10,000 delays, Congress passed our legislation, the NOTAM Improvement Act, to require the FAA to implement a modernized NOTAM system and backup system by September 30, 2024.
As you know, the primary NOTAM system experienced outages for several hours on February 1 and March 22. While we are pleased that the backup system is in place as of July 2024 and was successfully activated during that outage, we are concerned about the past due implementation of a modernized NOTAM system, as required by law.
To better understand the recent outages and FAA’s progress toward implementing an upgraded NOTAM system, we request the following information:
What caused the recent NOTAM outages? What steps is the FAA taking to mitigate future outages?
How quickly was the backup system activated during the outages? How effective was the backup system, including its performance in comparison to the primary system?
Please provide an update on the FAA’s implementation of the NOTAM Improvement Act, particularly the status of efforts to implement an upgraded NOTAM system.
Travelers deserve flights that are safe and on time. We urge you to ensure that a modernized NOTAM system is implemented in a timely manner. Thank you for your attention to this important matter.
-30-

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Golden votes against reckless, deficit-funded GOP budget resolution
Source: United States House of Representatives – Congressman Jared Golden (ME-02)

House-Senate ‘compromise’ contains health care cuts, lopsided tax breaks for the wealthy and trillions in new debt
WASHINGTON — Congressman Jared Golden (ME-02) voted today against the Senate Amendment to H. Con. Res. 14 — a compromise budget resolution for Fiscal Year 2025.

“You can’t build a good house with rotten wood. This compromise combines the House GOP’s plan to cut health care to pay for millionaires’ tax cuts with a Senate GOP plan to explode the deficit and enshrine accounting gimmicks that set a new low for fiscal instability. I see no way that combining these two bad plans will somehow yield a good one through the reconciliation process,” Golden said.

“There’s a better way forward: Congress could target tax cuts to working families, paid for by allowing the expiration of tax cuts for the very wealthy. We don’t need to take away anyone’s health care or pass trillions in new deficit spending to pass a budget that puts the middle class first,” Golden said.

The proposal on the floor today was a Senate amendment to the GOP budget resolution adopted by the House in February. As amended, the plan:
- allows for roughly $5.3 trillion in deficit-financed tax cuts, including $3.8 trillion to extend the 2017 Tax Cuts and Jobs Act (TCJA), which disproportionately benefitted the wealthy;
- uses an accounting gimmick known as the “current policy baseline” to artificially reduce the legislation’s price tag;
- instructions for the House Energy and Commerce Committee to cut $880 billion in spending — a target that will be impossible to reach without hundreds of billions in Medicaid cuts, according to the nonpartisan Congressional Budget Office.
- a $5 trillion debt limit increase; and
- more than $7 trillion in new debt, in total, over the next decade.
The elements of the House-Senate compromise budget resolution are stacked against working families: Roughly half the benefit of extending the full 2017 tax package would go to households with annual income over $450,000. The Treasury Department found that the plan would give an average annual tax break of more than $32,000 for those in the top 1 percent, while working families will only get a few hundred dollars in tax cuts per year.

Cuts to Medicaid would hurt families in the 2nd Congressional District. Medicaid provides health coverage to 236,000 people in CD2 — more than one-third of the population — according to KFF.

The national debt is currently roughly $29 trillion. Interest on the debt costs the federal government more every year than on national defense or Medicare. It is second only to Social Security as an annual line item in the federal budget.

###
MIL OSI USA News –
April 11, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 11, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 11, 2025.

Do Inuit languages really have many words for snow? The most interesting finds from our study of 616 languages
Source: The Conversation (Au and NZ) – By Charles Kemp, Professor, School of Psychological Sciences, The University of Melbourne Shutterstock Languages are windows into the worlds of the people who speak them – reflecting what they value and experience daily. So perhaps it’s no surprise different languages highlight different areas of vocabulary. Scholars have noted

Labor gains 5-point lead in a YouGov poll, taken during Trump tariff chaos
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne A national YouGov poll, conducted April 4–10 from a sample of 1,505, gave Labor a 52.5–47.5 lead, a 1.5-point gain for Labor since the March 28 to

Better cleaning of hospital equipment could cut patient infections by one-third – and save money
Source: The Conversation (Au and NZ) – By Brett Mitchell, Professor of Nursing and Health Services Research, University of Newcastle Annie Spratt/Unsplash Hospital-acquired infections are infections patients didn’t have when they were admitted to hospital. The most common include wound infections after surgery, urinary tract infections and pneumonia. These can have a big impact for

As more communities have to consider relocation, we explore what happens to the land after people leave
Source: The Conversation (Au and NZ) – By Christina Hanna, Senior Lecturer in Environmental Planning, University of Waikato Christina Hanna, CC BY-SA Once floodwaters subside, talk of planned retreat inevitably rises. Within Aotearoa New Zealand, several communities from north to south – including Kumeū, Kawatiri Westport and parts of Ōtepoti Dunedin – are considering future

Extinctions of Australian mammals have long been blamed on foxes and cats – but where’s the evidence?
Source: The Conversation (Au and NZ) – By Arian Wallach, Future Fellow in Ecology, Queensland University of Technology michael garner/Shutterstock In 1938, zoologist Ellis Le Geyt Troughton mourned that Australia’s “gentle and specialized creatures” were “unable to cope with changed conditions and introduced enemies”. The role of these “enemies” – namely, foxes and feral cats

Yes, government influences wages – but not just in the way you might think
Source: The Conversation (Au and NZ) – By David Peetz, Laurie Carmichael Distinguished Research Fellow at the Centre for Future Work, and Professor Emeritus, Griffith Business School, Griffith University doublelee/Shutterstock Can the government actually make a difference to the wages Australians earn? A lot of attention always falls on the government’s submission to the Fair

Sorry gamers, Nintendo’s hefty Switch 2 price tag signals the new normal – and it might still go up
Source: The Conversation (Au and NZ) – By Ben Egliston, Senior Lecturer in Digital Cultures, Australian Research Council DECRA Fellow, University of Sydney Last week, Nintendo announced the June 5 release of its long anticipated Switch 2. But the biggest talking point wasn’t the console’s launch titles or features. At US$449 in the United States,

A fair go for young Australians in this election? Voters are weighing up intergenerational inequity
Source: The Conversation (Au and NZ) – By Dan Woodman, TR Ashworth Professor in Sociology, The University of Melbourne Securing the welfare of future generations seems like solid grounds for judging policies and politicians, especially during an election campaign. Political legacies are on the line because the stakes are so high. There is a real

The Coalition prepares to soften Australia’s 2030 climate target, while reaffirming its commitment to the Paris Agreement
Source: The Conversation (Au and NZ) – By Tony Wood, Program Director, Energy, Grattan Institute The Coalition has been forced to reassert its commitment to the Paris climate agreement after its energy spokesman Ted O’Brien appeared to waver on the pledge on Thursday. O’Brien faced off against Climate Change and Energy Minister Chris Bowen at

Grattan on Friday: Will there be leadership changes on both sides of politics next parliamentary term?
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra When Jim Chalmers and Angus Taylor met for this week’s treasurers’ debate, the moderator observed that in three or six years they might be facing each other as prime minister and opposition leader. Election results trigger, or subsequently lead to,

‘Alarmist nonsense’: Labor and Coalition dismissed security risks over the Port of Darwin for years. What’s changed?
Source: The Conversation (Au and NZ) – By James Laurenceson, Director and Professor, Australia-China Relations Institute (UTS:ACRI), University of Technology Sydney Prime Minister Anthony Albanese and Opposition Leader Peter Dutton have both committed to stripping a Chinese company, Landbridge, of the lease to operate Darwin Port. Landbridge paid A$506 million for the 99-year lease from

This chart explains why Trump backflipped on tariffs. The economic damage would have been huge
Source: The Conversation (Au and NZ) – By James Giesecke, Professor, Centre of Policy Studies and the Impact Project, Victoria University The Trump administration has announced a 90-day pause on its plan to impose so-called “reciprocal” tariffs on nearly all US imports. But the pause does not extend to China, where import duties will rise

Big changes are planned for aged care in 2025. But you’d never know from the major parties
Source: The Conversation (Au and NZ) – By Hal Swerissen, Emeritus Professor of Public Health, La Trobe University Ground Picture/Shutterstock There has been little new in pre-election promises for Australia’s aged-care workers, providers or the 1.3 million people who use aged care. In March, Labor announced A$2.6 billion for another pay rise for aged-care nurses

Good boy or bad dog? Our 1 billion pet dogs do real environmental damage
Source: The Conversation (Au and NZ) – By Bill Bateman, Associate Professor, Behavioural Ecology, Curtin University William Edge/Shutterstock There are an estimated 1 billion domesticated dogs in the world. Most are owned animals – pets, companions or working animals who share their lives with humans. They are the most common large predator in the world.

A damning study of online abuse of female MPs shows urgent legal reform is needed
Source: The Conversation (Au and NZ) – By Cassandra Mudgway, Senior Lecturer in Law, University of Canterbury Media Whale Stock/Shutterstock Women MPs are increasingly targets of misogynistic, racist and sexual online abuse, but New Zealand’s legal framework to protect them is simply not fit for purpose. Recently released research found online threats of physical and

Fresh details emerge on Australia’s new climate migration visa for Tuvalu residents. An expert explains
Source: The Conversation (Au and NZ) – By Jane McAdam, Scientia Professor and ARC Laureate Fellow, Kaldor Centre for International Refugee Law, UNSW Sydney The details of a new visa enabling Tuvaluan citizens to permanently migrate to Australia were released this week. The visa was created as part of a bilateral treaty Australia and Tuvalu

ER Report: A Roundup of Significant Articles on EveningReport.nz for April 10, 2025
ER Report: Here is a summary of significant articles published on EveningReport.nz on April 10, 2025.

MIL OSI Analysis – EveningReport.nz –

April 11, 2025
MIL-OSI China: 5th China Int’l Consumer Products Expo under preparation in China’s Haikou

Source: People’s Republic of China – State Council News

5th China Int’l Consumer Products Expo under preparation in China’s Haikou

Updated: April 11, 2025 09:21 Xinhua

An exhibitor prepares for the upcoming fifth China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, April 10, 2025. The fifth China International Consumer Products Expo (CICPE), a key platform for global trade and consumption trends, will take place in Haikou, the capital city of south China’s Hainan Province, from April 13 to 18. [Photo/Xinhua]

Workers make preparation for the upcoming fifth China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, April 10, 2025. [Photo/Xinhua]

Workers place a mascot statue for the upcoming fifth China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, April 10, 2025. [Photo/Xinhua]

Exhibitors prepare for the upcoming fifth China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, April 10, 2025. [Photo/Xinhua]

An exhibitor prepares for the upcoming fifth China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, April 10, 2025. [Photo/Xinhua]

An aerial drone photo taken on April 10, 2025 shows a view of the Hainan International Convention and Exhibition Center, the main venue for the upcoming fifth China International Consumer Products Expo, in Haikou, south China’s Hainan Province. [Photo/Xinhua]

MIL OSI China News –

April 11, 2025
MIL-OSI USA: Senators Coons, Blunt Rochester, colleagues demand answers from the Trump administration regarding decision to cancel funding for Manufacturing Extension Partnership programs

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons and Lisa Blunt Rochester (both D-Del.) joined a letter to Trump Commerce Secretary Howard Lutnick, led by Senator Maria Cantwell (D-Wash.), Ranking Member of the Senate Commerce Committee, demanding answers regarding the administration’s decision to cancel funding for 10 National Institute of Standards and Technology Hollings Manufacturing Extension Partnership (MEP) Centers across the country. In addition to Senators Coons, Blunt Rochester, and Cantwell, Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Chris Van Hollen (D-Md.), Tammy Duckworth (D-Ill.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Jacky Rosen (D-Nev.), Ben Ray Luján (D-N.M.), Brian Schatz (D-Hawaii), Ron Wyden (D-Ore.), Gary Peters (D-Mich.) and Dick Durbin (D-Ill.) also signed on.

MEP Centers serve as a crucial bridge between small businesses and federal research facilities, providing businesses with key technologies and knowledge to improve manufacturing, make supply chains more efficient, and strengthen business practices. The affected centers in Delaware, Hawaii, Iowa, Kansas, Maine, Mississippi, Nevada, New Mexico, North Dakota and Wyoming have boosted the productivity and competitiveness of thousands of small American manufacturers across the country for decades. Delaware’s program has helped create or retain 423 jobs within the last year, and generate or maintain $34.3 million in sales and $42.5 million in new client investments.

“Small manufacturers rely on MEP Centers for essential support in adopting the latest advanced technologies, updating their cybersecurity, navigating supply chain challenges, and accessing workforce training—resources that are often out of reach for small businesses without this dedicated assistance,” the senators wrote. “These centers drive innovation, boost productivity, and create high-quality jobs, strengthening both local economies and America’s global competitiveness. Without this critical federal support, MEP Centers—especially those with the fewest resources, and those serving rural and underserved communities—will be at the greatest risk of closure.

Since 1988, the MEP has worked to strengthen and empower U.S. manufacturing through a nationwide network of MEP Centers. The MEP National Network is comprised of 51 MEP Centers located in all 50 states and Puerto Rico and over 1,450 trusted advisors and experts at more than 430 MEP service locations that provide any U.S. manufacturer with access to resources they need to succeed.

The economic impact of these centers has been substantial. A report by Summit Consulting and the Upjohn Institute found that the MEP program generated an economic and financial return ratio of more than 17:1 on the $175 million in funding invested by the federal government in FY2023. The study also determined that MEP Centers contributed to an overall increase of nearly 309,000 jobs nationwide.

The full letter can be read here and below.

Dear Secretary Lutnick,

We write to express our deep concern regarding the Department of Commerce’s recent decision to cancel future funding for ten National Institute of Standards and Technology (NIST) Hollings Manufacturing Extension Partnership (MEP) Centers in Delaware, Hawaii, Iowa, Kansas, Maine, Mississippi, Nevada, New Mexico, North Dakota, and Wyoming. This decision has raised widespread concern across the entire national network of MEP Centers, prompting fears about whether these initial cancellations are the first step in a broader effort to dismantle the program and eliminate federal funding for all 51 centers, with centers in Colorado, Connecticut, Illinois, Indiana, Maryland, Michigan, New York, New Hampshire, North Carolina, Oklahoma, Oregon, Tennessee, Texas, Virginia, Washington, and Wisconsin expected to be notified about their status shortly. Given the MEP program’s long-standing, bipartisan support in strengthening small and medium-sized American manufacturers, we share these concerns and urge you to provide clarity and certainty on your plans for the future of the MEP program.

According to the National Association of Manufacturers, 93% of manufacturers have fewer than 100 employees, while 75% have fewer than 20 employees.^[1] Small manufacturers rely on MEP Centers for essential support in adopting the latest advanced technologies, updating their cybersecurity, navigating supply chain challenges, and accessing workforce training—resources that are often out of reach for small businesses without this dedicated assistance. These centers drive innovation, boost productivity, and create high-quality jobs, strengthening both local economies and America’s global competitiveness. Without this critical federal support, MEP Centers—especially those with the fewest resources, and those serving rural and underserved communities—will be at the greatest risk of closure.

Dismantling this program would not only disrupt benefits for small businesses but also undermine decades of federal investment in domestic manufacturing resilience, which Congress prioritized in the MEP program in the Omnibus Trade and Competitiveness Act of 1988. Congress also reauthorized the MEP program in the CHIPS and Science Act of 2022. NIST was provided $175 million in Fiscal Year (FY) 2025 to fund the MEP Centers. In FY2024 alone, the MEP National Network resulted in $2.6 billion in cost savings, $15 billion in new and retained sales, $5 billion in new client investments, and over 108,000 jobs created or retained.^[2] Additionally, a report by Summit Consulting and the Upjohn Institute found that the MEP program generated a substantial economic and financial return ratio of more than 17:1 for the $175 million funding invested by the federal government in FY2023. The study also determined that MEP Center projects contributed to an overall increase of nearly 309,000 jobs across the United States.^[3]

Given these benefits and the funding in the FY 2025 Continuing Resolution, we request a full explanation of the rationale behind this funding decision and ask that you promptly reconsider. Additionally, we urge the Department of Commerce to provide Congress with an impact assessment detailing how this decision will affect manufacturers in the affected states and regions. This action has caused tremendous uncertainty for all MEP Centers and the thousands of American manufacturing companies and their workers. Therefore, to better understand your plans for renewals across other states in the future, we request a briefing on the way ahead for the overall MEP program prior to making any final non-renewal decisions by April 30, 2025.

Eliminating federal support for MEP Centers would hamper American small and medium-sized manufacturers. We urge you to take immediate action to protect the MEP program and the manufacturers that rely on it. We look forward to your response no later than April 30, 2025, and are ready to work with you to find solutions that maintain and enhance the MEP program’s ability to serve America’s manufacturing sector.

Sincerely,

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Senator Murray Hammers Trump and Republicans on Chaotic, Painful Trade War and Steep Tariffs Raising Costs on Families and Small Businesses in WA

US Senate News:

Source: United States Senator for Washington State Patty Murray
Murray: “Whatever Trump tweets today, he can reverse tomorrow. Whatever deal he may strike one minute, he may rip up the next… We, here in Congress—we are the off ramp, IF Republicans decide to be… I will not let Republicans off the hook for this.”
Even with his “pause,” Trump’s new tariff rates are the largest tax increase since 1968—and will cost American families more than $4,000 per year
ICYMI: Senator Murray, Commerce Director Nguyễn, WA Businesses and Agriculture Respond to Trump Tariffs Raising Costs on Americans, Tanking Economy
***WATCH HERE***
Washington, D.C. — Today,U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, took to the Senate floor to lay out how Trump’s chaotic trade war—which is sending the markets whipsawing back and forth every time he posts—is seriously threatening our economy, American businesses, families’ retirement savings, and so much else. Senator Murray hammered Republicans in Congress for their outright refusal to end President Trump’s trade war—which Congress has the power to do—and their willingness to hand over Congress’ Constitutionally-granted power to impose tariffs.
Murray also made clear that, while Trump may be retreating from some of his most extreme tariffs for now, his trade war is far from over—Trump is still taxing goods from every country, across the board, at 10 percent at least, and he is escalating his trade war with China, with 145 percent tariffs—which will mean higher prices and serious pain for families and small business across the country. Murray has been vocal about the need to out-compete China but warned that waging an all-out trade war with China on a whim will mean serious economic pain for consumers and small businesses across the country. China is the world’s second largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods from China, the second-most in imports to Washington state from any country aside from Canada. The economic fallout from Trump’s trade war will be felt especially in Washington state, one of the most trade-dependent states in the entire country.
Even with his “pause,” Trump’s new tariff rates are still the largest tax increase since 1968—and will cost American families more than $4,000 per year.
“When it comes to new tax breaks for billionaires Republicans they are going to work around the clock, stay through the night. But when it comes to stopping Trump’s trade war for good, when it comes to stopping a tax increase aimed squarely at working families, when it comes to stopping the complete uncertainty that is chipping away at confidence in our economy—most Republicans can’t be bothered,” Senator Murray said on the Senate floor today. “Never mind, that Trump is now pushing us into a recession and sending the markets whipsawing back and forth every time he tweets.”
“Trump may be retreating from some of his most outlandish tariffs, but make no mistake: his trade war is far from over,” Senator Murray continued. “The threat of even larger taxes—that American families simply cannot afford—is still like a time bomb, set to blow up our economy in 90 days. And if Congress does not defuse that economic bomb there is a real threat that it will blow up balance sheets for small businesses and farms, college savings accounts for our students, and your retirement savings—along with a lot more. […] Trump has no exit strategy. That much is already painfully clear. It was clear when he announced tariffs that were calculated using ridiculous math, it was clear when he repeatedly doubled down on these threats against our allies, and it was clearer than ever when he backtracked on the most absurd tax hikes. This does not have the hallmarks of a grand strategy—and it’s all the more reason Congress, us, needs to step in and put this mess to an end.”
Earlier this week, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Trump’s price hikes on working families are coming at the very same time that Republicans are forcing massive new tax cuts for billionaires through Congress via the reconciliation process, which only requires a simple majority to pass.
40 percent of jobs in Washington state are tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will be unlikely to be able to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
Senator Murray’s full remarks, as delivered on the Senate floor, are below and video is HERE:
“Thank you, Mr. President.
“When it comes to new tax breaks for billionaires Republicans they are going to work around the clock, stay through the night. But when it comes to stopping Trump’s trade war for good, when it comes to stopping a tax increase aimed squarely at working families, when it comes to stopping the complete uncertainty that is chipping away at confidence in our economy—most Republicans can’t be bothered.
“Never mind, that Trump is now pushing us into a recession and sending the markets whipsawing back and forth every time he tweets. Trump may be retreating from some of his most outlandish tariffs, but make no mistake, his trade war is far from over.
“First of all, he is still taxing goods from every country—across the board—at 10 percent at least. That means higher prices, and serious pain, for families and small businesses across our country. Not to mention, he is only escalating his boneheaded trade war with China with 145 percent tariffs!
“There is no question we are in fierce competition with China. I chaired a committee hearing focused on this. We need to be competing to win—but that is not what Trump is doing.
“Do my Republican colleagues understand it is not setting America up for success to launch an all-out trade war with the second largest economy in the world, on a whim?
“And while people might be temporarily relieved by a so-called pause on the even higher tariffs, the fact of the matter is that Trump is only delaying them.
“The threat of even larger taxes—that American families simply cannot afford—is still like a time bomb, set to blow up our economy in 90 days. And if Congress does not defuse that economic bomb there is a real threat that it will blow up balance sheets for small businesses and farms, college savings accounts for our students, and your retirement savings—along with a lot more.
“And—I have to emphasize—the uncertainty, the constant by-the-hour reversal of federal policy, that alone is already causing massive harm. How on earth are you supposed to build your business—if your costs skyrocket on a tweet? How are you supposed to plan for retirement—when the President is sending your 401k on a rollercoaster ride every time he is in a bad mood?
“How are we ever going to rebuild trust, trust, with our trading partners across the world when the message the United States is sending right now is that our trade relationships are built on sand and there is no logic to the tariffs the United States will impose.
“How are they supposed to feel good about negotiating with a country—where one man can totally burn down the economy and Congress will not lift a finger to stop him.
“Instead of building stronger trade agreements—Trump is pushing our partners away and pushing them towards striking deals with China and our other adversaries. And mark my words, this chaotic chapter is not over—as much as Republicans want to pretend otherwise.
“I have been hearing from small businesses who are in an absolute panic because of Trump’s tariff threats. Car dealerships are seeing sales plummet because Trump is sending prices higher, restaurants are trying to stock up on any goods they can because their ingredients are about to get more expensive, our growers are bracing for rising operating costs and retaliatory tariffs—and that is going to drive up prices at the grocery store.
“10 percent across-the-board tariffs are still bad enough to ruin families’ finances.
“And while Republicans are showing with their own actions that they couldn’t care more about shoveling trillions—yes, that is T—trillions—at billionaires, Trump has said, in his own words—that he, ‘couldn’t care less’ about the pain his tariffs are already causing for Americans. I’m not kidding—he actually said that about automobile tariffs.
“This is what happens when you only have billionaires in charge. Because, of course, Trump doesn’t care if car prices go up by a couple thousand dollars.
“Of course, Elon Musk doesn’t care if your groceries are getting more expensive, at the same time Republicans are cutting nutrition programs by the way.
“Of course, the richest people in the world don’t care if your nest egg is crushed, if your small business shutters, if your house gets foreclosed on, or your kid can’t go to college. Billionaires are going to be fine—after all, they are still getting a tax cut!
“But I wasn’t sent here to fight for the billionaires—actually none of us were. We are here to fight for families back home and they are already starting to get crushed by Trump’s tariffs.
“And they are bracing for impact if Trump doubles down in 90 days.
“Or who knows, maybe Trump changes his mind again tomorrow! It’s anyone’s guess at this point—which is by the way the problem here!
“And another thing—if this is about American manufacturing, tell us why are plants and new investments being cancelled? Why has Trump been freezing and outright cancelling grants we passed to support chips manufacturing, or clean energy, and more—killing American jobs.
“And let’s keep in mind, these tariffs affect building and construction too. Trump is actually making it more expensive to build factories in America. And don’t forget—President Trump is still promising more tariffs.
“He said this week, this week, he wants to put tariffs on medicine. Well, I got to tell you, one thing I have never heard—not in a single meeting, not once in my entire career as a Senator—is someone saying ‘Gee I really wish my prescriptions were more expensive.’
“Drug costs are out of control. Families are already skipping meals… or rationing doses. There are real stakes here—there is real damage already happening in this country because of Trump’s new taxes and his ongoing chaos. We here cannot ignore this harm, especially when the threat is still there.
“When you are putting out a fire, you don’t say ‘oh great, it’s smaller—job done!’ You keep going until the fire is put out.
“This fire, this fire is still raging. If we don’t act, folks back home are the ones who are going to get burned, and before too long—in 90 days—we could see even worse price increases come roaring back. Because let’s be real, Trump has no exit strategy. That much is already painfully clear.
“It was clear when he announced tariffs that were calculated using ridiculous math, it was clear when he repeatedly doubled down on these threats against our allies, and it was clearer than ever when he backtracked on the most absurd tax hikes.
“This does not have the hallmarks of a grand strategy—and it’s all the more reason Congress, us, needs to step in and put this mess to an end. Trump’s trade war is all pain and no plan.
“We could be passing legislation right here to reject this chaos. Here’s what everyone—my colleagues, my constituents, the markets around the world—all need to understand. This chaos will not be over for good unless we, here in congress, vote to end it. Because whatever Trump tweets today, he can reverse tomorrow. Whatever deal he may strike one minute, he may rip up the next. We know this about him. He proves it at every opportunity.
“We—here in Congress—we are the off ramp if Republicans decide to be. We are the check on Presidential power. We are the kill switch for Trump’s trade war. And by the way, we are about to be out of town for two weeks.
“I cannot understand why any Republican would want to leave this business unfinished, want to leave this economic time bomb ticking, want to hand over our constitutionally granted power to impose tariffs.
“But I can tell you, for the next two weeks, I am going to be going across my home state of Washington raising this alarm. I am going to be meeting with families, small businesses, people who are paying the cost of Trump’s new tax increase and who are going to see their world turned upside down if we do not take action to stop this from getting worse.
“And when we are back here in two weeks—you can bet your bottom dollar I will lift those stories up as high as I can, I will call for action as loud as I can, and I am going tokeep a bright and burning spotlight on all of the chaos Trump has caused, and I will keep the pressure on all of our colleagues—I will not let Republicans off the hook for this. We can put an end to this.
“The costs are just going to keep adding up. The carnage is just going to keep piling higher. How long do you want to wait?
“My vote—not one more second.”

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Senator Murray, Cantwell, and Rep. Larsen Reintroduce Legislation to Permanently Reauthorize Northwest Straits Commission

US Senate News:

Source: United States Senator for Washington State Patty Murray
Senator Murray has worked tirelessly to fund the Northwest Straits Commission every single year since 1998
Washington, D.C. — Today, Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation Committee and senior member of the Senate Finance Committee, and U.S. Representative Rick Larsen (D, WA-02), introduced the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025, legislation to permanently reauthorize the Northwest Straits Commission in the Puget Sound, and fund it at $10 million each fiscal year for the next six years, through Fiscal Year 2031. Joining Senator Murray, Senator Cantwell, and Rep. Larsen in introducing the legislation today was U.S. Representative Emily Randall (D, WA-06).
The Northwest Straits Commission is a community-led effort to restore marine habitats in the Northwest Straits region and address local threats to marine environments with projects such as restoring shellfish populations, protecting vulnerable ecosystems, and promoting growth for native water and shore-based plants. The Northwest Straits Commission provides funding, training, and support to seven county-based Marine Resources Committees (MRCs) and 15 Tribes. The Commission advises local officials on how to best carry out environmental projects and provides expertise to community organizations to help them be partners in their work by, for example, training volunteers to identify forage fish spawning sites. Senator Murray led the authorization of the Northwest Straits Commission in 1998 and has secured federal funding for the Commission every single year in the decades since.
“Ensuring our rich marine resources in the Northwest Straits stay healthy is critical not only for local communities and Tribes, but also for our economy in Washington state. That’s why I first established the Northwest Straits Commission in a bipartisan way back in 1998, and fight to secure funding for it every single year,” said Senator Murray. “The Commission remains a model for how successful investments in community-led restoration projects can be, and how vital they are for restoration work that help our marine habitats recover and thrive. I am excited to continue leading the charge to permanently authorize the Northwest Straits Commission with this legislation, which would also provide a strong and consistent funding stream for the Commission over the next decade—making sure partners on the ground can expand their efforts to protect our marine species and habitats and support our outdoor recreation economy. I’ll continue fighting every way I can to secure the federal funding necessary to protect our natural resources for generations to come.”
“The Northwest Straits Commission has an impressive track record of community-led, well-executed projects that protect Washington state’s environment,” said Rep. Larsen, the lead Democrat on the House Transportation & Infrastructure Committee. “I am proud to support the Commission as it brings together a diverse group of local, state, tribal and federal stakeholders to restore marine habitats and create good jobs in Northwest Washington. I look forward to working with Senator Murray, Senator Cantwell and Rep. Randall to pass this bill to reauthorize the Commission so it can continue its important work for decades to come.”
“The Northwest Straits bill is critical to supporting our robust coastal economy and fishing jobs, while preserving Washington’s coastal environment for generations to come,” Senator Cantwell said. “This legislation ensures we continue to support the health and sustainability of our diverse marine resources.”
“From abalone beds and oysters, to the rugged coastline that stretches for hundreds of miles, folks from Washington’s 6th District know there’s no place quite like home. The Northwest Straits Commission has been a lifeline for our communities, providing critical resources like the Marine Resources Committees in Jefferson and Clallam counties, and working alongside Tribes all across the state,” said Rep. Randall. “Their collaborative efforts to restore and protect our marine habitats are a testament to what makes this place so special. I’m proud to co-lead this legislation to reauthorize and continue the Commission’s important work so we can continue working together to safeguard the precious marine resources that make our community and our state one-of-a-kind.”
The Northwest Straits Commission is supported by a wide range of stakeholders, including state and federal agencies, elected leaders, and Tribal partners throughout the Puget Sound Region.
“I am continually amazed by how well the Northwest Straits Initiative builds successful partnerships and brings people together to protect and restore the marine resources of Washington’s Northwest Straits region. Using a bottom-up approach, the Initiative encourages people and communities to take positive action, often as volunteers, to conserve our marine waters and shorelines,” said Lucas Hart, Director of Northwest Straits Commission. “Last year, we worked with over 70 partners and generated more than 10,000 volunteer hours to implement a range of local and regional marine resource stewardship projects. Sen. Murray’s legislation to reauthorize the Initiative will help continue these critical partnerships and ongoing volunteer engagement.”
“The NWS Initiative connects across a wide range of partners to restore and recover Puget Sound ecosystems that support species like salmon and Dungeness crab. Achieving true restoration will require a collective effort, and the Initiative plays a key role by cultivating community-driven collaboration,” said Cecilia Gobin, Tribal Delegate to Northwest Straits Commission, and conservation policy analyst with the Northwest Indian Fisheries Commission. “This work is crucial to our region, which has a long history of relying on and enjoying marine resources. We are very happy to see Senator Murray moving forward with this reauthorization bill.”
“The Northwest Straits Initiative is a unique bottom-up approach to marine resource stewardship in north Puget Sound. The work benefits commercial fishing, aquaculture, rural businesses, and recreational boating that all rely on healthy marine waters,” said Jamie Stevens, Governor’s appointee to Northwest Straits Commission.
“Senator Murray has been a tireless advocate for Washington’s environment,” said Washington State Governor Bob Ferguson. “The Initiative brings together people representing different economic, recreational, and environmental interests to prevent derelict boats, restore native oysters, and control invasive green crab. The reauthorization bill will continue to help preserve Washington’s marine waters and shorelines for future generations.”
“I have had the privilege of working for and with Senator Murray to develop and support the Northwest Straits Initiative. It is exciting to see this vital preservation work continue for nearly three decades,” said Casey Sixkiller, Director of Washington State Department of Ecology. “The Initiative has stood the test of time by empowering and helping local people steward the marine resources in their backyards. It has been invaluable in helping restore forage fish for salmon and better understanding the value of vibrant kelp forests in Puget Sound. I am incredibly thankful to Senator Murray for championing this important legislation.”
“Since 1998, the Northwest Straits Initiative has been integral in working with communities across Puget Sound to restore marine resources,” said Alan Clark, Clallam County Marine Resources Committee. “By partnering with volunteers, Tribes, agencies, ports, and a variety of other partners, the Initiative has built a large network—from fishermen and Tribal biologists to educators and shellfish growers—working together to restore species like the Pinto abalone and promote stewardship through efforts like ‘Be Whale Wise.’ This growing community is the heart of lasting, effective marine conservation in our region.”
“In Jefferson County we look to our MRC as local experts on marine issues. Through MRCs, the NW Straits Initiative serves a vital role in shaping local and regional policies, including our Comprehensive Plans and Shoreline Master Programs, and have proven themselves to be creative and thoughtful leaders on behalf of our marine environment,” said Heidi Eisenhour, Jefferson County Commissioner.
“Eelgrass in the San Juans is struggling more than elsewhere in Puget Sound. We need to identify actions that preserve these critical habitats, but that also support a positive boating experience and provide for unhindered access to usual and accustomed treaty tribal fishing areas,” said Frances Robertson, San Juan Marine Resources Committee boater impact project lead. “Being recognized as a federal program highlights the important role of the Northwest Straits Initiative in uniting local communities, regional, (and transboundary) partners for marine conservation and restoration efforts that fosters a healthy and vibrant marine environment for all.”
“We have deeply benefited from our partnership with the Northwest Straits Initiative over the years,” said Jodie Toft, Executive Director of Puget Sound Restoration Fund. “While the focus of our shared work has been on shellfish and kelp restoration, the Initiative’s support of local engagement in marine resource stewardship is broader. Their efforts have been invaluable as we all work towards preserving recreational and economic opportunities in Puget Sound. We are excited to see Senator Murray’s leadership to reauthorize this important program and ensure long-term community engagement for the marine waters and people of this region.”
The Northwest Straits Commission was established following the bipartisan partnership of Senator Murray and former Congressman Jack Metcalf. Murray and Metcalf released a report in 1998 that laid the groundwork for the Northwest Straits Commission and its work protecting marine habitats, and later that year, Senator Murray successfully authorized the Northwest Straits Commission for a six-year period. Over the years, Senator Murray has helped secure tens of millions of dollars in federal funding for the Northwest Straits Commission’s restoration work and research—part of Senator Murray’s longtime, steadfast commitment to salmon recovery in the Pacific Northwest.
Last year, as Chair of the Senate Appropriations Committee, Senator Murray secured $1 million for the Northwest Straits Initiative through programmatic funding in the appropriations bills she wrote and passed into law in March 2024—this was the first time Northwest Straits received programmatic funding since the original authorization expired in 2004, and is significant in helping to ensure the Commission is funded long into the future. In the appropriations bills for Fiscal Years 2022 and 2023, Senator Murray secured a total of $6 million in Congressionally Directed Spending (CDS) funding for the Northwest Straits Commission; that funding was essential to the removal of the “Windjammer” sailboat that had been partially submerged near the Kukutali Preserve since 2009 on Swinomish Tribal tideland. Prior to the return of Congressionally Directed Spending in Fiscal Year 2022, Murray ensured the Northwest Straits Commission received annual funding through the EPA’s Puget Sound Geographic Program. Prior to that, Murray secured CDS funding for the Northwest Straits Commission after the original authorization for the Commission expired in 2004.
The text of the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 is HERE.

MIL OSI USA News –

April 11, 2025
MIL-OSI China: China’s commerce ministry to help exporters affected by US abuse of tariffs

Source: China State Council Information Office

China’s Ministry of Commerce will help foreign trade companies facing export challenges to tap into the domestic market, the ministry said on Thursday.

The United States has abused tariff measures on China, severely infringing upon China’s legitimate rights and interests, curbing bilateral trade and impacting Chinese foreign trade enterprises, said ministry spokesperson He Yongqian at a press conference.

China will focus on managing its affairs well and use its “certainty” to hedge against the “uncertainty” of the external environment, the spokesperson said.

She highlighted consumer goods trade-in programs, initiatives such as the Premium Foreign Trade Goods China Tour, and the integration of domestic and foreign trade as approaches for exporters to explore the domestic market.

China has continued to unleash its vast market potential, supported by policies aimed at stabilizing the economy and foreign trade, the spokesperson said, adding that China’s foreign trade is well-prepared to face various risks and challenges.

MIL OSI China News –

April 11, 2025
MIL-OSI USA: ICYMI: Lummis – Trump is ending Biden’s war on energy and one state is key to that strategy

US Senate News:

Source: United States Senator for Wyoming Cynthia Lummis
Washington, D.C. — Senator Cynthia Lummis (R-WY) this week published an op-ed highlighting how President Trump is ending President Biden’s war on energy, and how Wyoming is the key to that strategy.
Read the full op-ed here.
—-
SEN CYNTHIA LUMMIS: Trump is ending Biden’s war on energy and one state is key to that strategy
Fox NewsApril 9, 2025
I don’t have to tell you that Biden-era policies drained the pocketbooks of American families. But just how bad was it? Everything got more expensive. Food, consumer goods and especially energy. During President Joe Biden’s administration, energy prices increased by over 30% as a direct result of his disastrous anti-energy agenda.
But the Biden era is over, and that’s nowhere more apparent than in America’s energy outlook. President Donald Trump is reversing course and returning us to the Golden Age of American energy production. That’s great news for Wyoming and for America.
One big way the president is unleashing American energy is by removing costly regulatory hurdles. On day one, Trump declared a national energy emergency to spur domestic energy and critical mineral production and lower prices for all Americans. He reversed the Biden administration’s unconscionable decision to pause LNG export permits. He has opened up new federal lands and offshore locations for responsible leasing, and he has proposed permitting reforms. Under the leadership of EPA Administrator Lee Zeldin, the administration is protecting mining jobs out west and reversing the Biden administration’s assault on U.S. energy. ….
Trump has been an ally and friend of coal country. Unlike Democrats, who are still obsessively pushing their radical Green New Deal, Trump knows that intermittent wind and solar will not meet all of our energy needs in the era of cloud computing and artificial intelligence demands.
Trump, likewise, has been honest with the American people about the importance of baseload energy sources. And Wyoming knows that better than anyone, we’ve been America’s No. 1 coal producer since the 1980s, making ever cleaner baseload energy from coal a reality.
But Trump isn’t content to just stick with what we’ve always done. He wants to innovate. And so does Wyoming. We want to unleash our traditional energy sector while investing in new and exciting nuclear technology. Wyoming began construction on the first new-generation advanced reactor in Kemmerer last year. When completed, it will supply energy to 400,000 homes, creating 1,600 construction jobs and 250 high-paying permanent positions in the process.
Wyoming contains the largest uranium deposits in the country, presenting the opportunity to lead the way from mining to fabrication to energy production. America will not achieve Trump’s energy goals without nuclear energy, which means America will not achieve energy dominance without Wyoming. ….
The Biden administration’s full-scale assault on Wyoming energy will take years to undo, but I’m pleased that Trump and his administration are already making headway and bringing American energy back. ….
Our country is blessed with amazing natural resources that are critical to our economic and national security. We must use those resources. We must invest in our energy security. Wyoming is grateful that President Trump is delivering on his promise to Make American Energy Great Again.
U.S. Sen. Cynthia Lummis is a Republican from Wyoming who sits on the Senate Banking, Commerce, and Environment and Public Works committees.

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Sen. Markey and Rep. Castor Urge FTC to Open Investigation into New Allegations that Meta Violated COPPA

US Senate News:

Source: United States Senator for Massachusetts Ed Markey

New Petition and Whistleblower Statement Provide Evidence that Meta Knowingly Allowed Children to Use its VR Platform Horizon Worlds

Letter Text (PDF)

Washington (April 10, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, and Representative Kathy Castor (FL-14), a member of the House Energy and Commerce Committee, wrote today to Federal Trade Commission (FTC) Chairman Andrew Ferguson urging the FTC to open investigation into allegations – in a petition submitted by advocacy organization Fairplay – that Meta violated the Children’s Online Privacy Protection Act (COPPA). The petition contains significant evidence that Meta and its executives knew children were using Horizon Worlds, its virtual reality (VR) platform, and yet failed to obtain parental consent before collecting their personal information, as COPPA requires. Additionally, an accompanying sworn statement by a new Meta whistleblower further suggests Meta intentionally ignored child users on Horizon Worlds and disregarded its obligations under COPPA.

In the letter the lawmakers write, “The Fairplay petition raises serious and troubling allegations. According to the complaint, Meta has knowingly permitted large numbers of children under the age of 13 to access Horizon Worlds using standard adult accounts — accounts that do not require parental notice or consent and that permit extensive data collection.

The lawmakers continue, “As the authors of the Children and Teens’ Online Privacy Protection Act (COPPA 2.0), we take these allegations with the utmost seriousness. Congress originally passed COPPA to safeguard children’s privacy in the face of evolving technological threats. Although the original law needs an update to account for those new threats, Meta appears to have blatantly violated the COPPA requirements. The volume of personal information collected from children in VR — including body movements, facial expressions, voice recordings, eye tracking, and environmental data — renders these allegations especially concerning. Moreover, VR platforms do not merely present screen-based content, they envelop young users in highly interactive, sensory-rich worlds that can blur the boundary between virtual and physical experiences. For those reasons, the allegations in the Fairplay petition deserve urgent attention from the FTC.”

Senator Markey authored the Children’s Online Privacy Protection Act (COPPA) in 1998 and continuously fights for young people on online platforms. He and Senator Cassidy reintroduced their update to COPPA, the Children and Teens’ Online Privacy Protection Act (COPPA 2.0), in March 2025. In September 2024, the House Energy and Commerce Committee passed COPPA 2.0, co-led by Representative Castor, by a voice vote. In July 2024, the U.S. Senate passed the Kids Online Safety and Privacy Act, which included COPPA 2.0, by a 91-3 vote.

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Reed & Hagerty Renew Push to Reign in Abusive Mortgage “Trigger Leads” & Cut Down on Unwanted Spam Calls, Texts and Emails

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – In an effort to give prospective homebuyers more control over their personal information, U.S. Senators Jack Reed (D-RI) and Bill Hagerty (R-TN) reintroduced the Homebuyers Privacy Protection Act to dramatically reduce spam calls, texts, and emails from irresponsible players in the mortgage industry.

The bipartisan bill would crack down on the misuse of mortgage “trigger leads” – which occur when a consumer’s credit inquiry “triggers” the sale of their information to third-party lenders and businesses. When a mortgage lender runs a credit check during the process to buy a home, it appears on the consumer’s credit report. The major credit reporting bureaus (including Equifax, Experian and TransUnion) may then sell that information to other lenders or brokers, which then use it to contact consumers unprompted, often in a predatory manner, to solicit business.

According to the National Association of Mortgage Brokers (NAMB) president Jim Nabors: “It is not unusual for bank customers to receive 100+ misleading texts, phone calls and emails within the first 24 hours of applying for a mortgage and the passage of this bill will go a long way in relieving this burden to homebuyers.”

Prospective homebuyers who are bombarded by these kinds of solicitations typically have no idea their information was sold without their consent.

The Homebuyers Privacy Protection Act would limit the ability of credit reporting bureaus to sell trigger leads to mortgage brokers and lenders when the bureaus learn that a consumer has applied for a mortgage. This legislation would amend the Fair Credit Reporting Act (FCRA) to include specific restrictions on the use of trigger leads in the residential mortgage lending space, with very limited exceptions for institutions that a consumer currently knows and trusts.

“Buying a home is already a complex and stressful process. Consumers should not get needlessly ‘spammed’ with unsolicited, predatory offers just because they take a necessary step in the homebuying process. This bill would halt abusive trigger leads,” said Senator Reed, a senior member of the Banking, Housing, and Urban Affairs Committee. “The Homebuyers Privacy Protection Act will put consumers back in the driver’s seat and help cut down on the spam. It will help reduce predatory practices and provide much needed relief from unwanted industry calls, texts, and emails.”

“Unsolicited phone calls caused by trigger leads have become an intolerable nuisance to many Tennesseans,” said Senator Hagerty. “I’m pleased to join this bipartisan, bicameral legislation that will protect Americans’ data and help reduce endless spam calls.”

This bill would prohibit credit reporting bureaus from selling a trigger lead unless a mortgage broker or lender certifies to the bureau that they already have a deep financial relationship with the consumer, such as an existing mortgage loan or a deposit account. Trigger leads would also be permitted if a consumer affirmatively opts in to receiving them.

The Homebuyers Privacy Protection Act is supported by a broad coalition of consumer advocacy groups and financial trades, including the Mortgage Bankers Association, the Independent Community Bankers of America, the American Bankers Association, the National Association of Mortgage Brokers, the Broker Action Coalition, Community Home Lenders of America, the National Consumer Law Center (on behalf of its low-income clients), the Consumer Federation of America, Americans for Financial Reform, and others.

Last Congress, the bill garnered support from 42 cosponsors and passed the full U.S. Senate before stalling in the U.S. House of Representatives.

Identical bipartisan legislation is being introduced in the House by Congressman John Rose (R-TN-06) and Congressman Ritchie Torres (D-NY-15).

MIL OSI USA News –

April 11, 2025
MIL-OSI China: China urges fair dialogue, not threats, to resolve trade dispute with US

Source: China State Council Information Office

Pressure and threats from the United States will not resolve the ongoing China-U.S. trade dispute, China’s Ministry of Commerce said on Thursday, calling for a return to fair dialogue.

Ministry spokesperson He Yongqian told a press briefing that while China remains open to talks, any talks must be based on mutual respect and conducted on equal footing.

If the United States is bent on waging a trade war, China will fight to the end, the spokesperson said.

“Pressure, threats and blackmail are not the right way to deal with China. We hope that the two countries will meet each other halfway and work towards resolving differences through dialogue and consultation, guided by the principles of mutual respect, peaceful coexistence and win-win cooperation,” He said.

MIL OSI China News –

April 11, 2025
MIL-OSI USA: In Response to Warren Request, Education Department Watchdog Will Investigate Trump and DOGE’s Attempts to Gut Agency

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 10, 2025
Response from Education Department Inspector General (PDF)
Washington, D.C. – Following a request led by U.S. Senator Elizabeth Warren (D-Mass.), the Department of Education’s Acting Inspector General (IG) agreed to open an investigation into the Trump administration’s attempts to dismantle the Department of Education (ED). The investigation will cover how recent mass firings and buyouts for ED’s workforce affect the Department’s efficiency and effectiveness in serving students, teachers, and families across the country.
“This investigation will help reveal what’s at stake for those families. While Donald Trump and Elon Musk side with the billionaires, I will never stop fighting for our kids,” said Senator Warren in response to the investigation announcement.
In early March, ED fired nearly 50 percent of the Department’s staff. Just one week later, President Trump signed an executive order instructing Education Secretary Linda McMahon to take “all necessary steps to facilitate the closure of the Department of Education.” Soon after, the President also announced that he would move management of federal student loans to the Small Business Administration (SBA) and shift programs for students with disabilities to the Department of Health and Human Services (HHS).
“We will be conducting reviews…in order to identify the cumulative effect of staffing reductions…along with any actions that the Department should consider to help ensure productive and efficient operations following its workforce changes,” wrote the Acting Inspector General, René Roque. “We hope to begin issuing these reports in the summer of 2025, and we may identify additional work to be performed based on the results of our initial reviews.”
On March 27, 2025, Senator Warren led the call for this independent investigation into the Trump administration’s actions. Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Mazie Hirono (D-Hawaii), Jeff Merkley (D-Ore.), Jeanne Shaheen (D-N.H.), Richard Blumenthal (D-Conn.), Richard Durbin (D-Ill.), Alex Padilla (D-Calif.), Peter Welch (D-Vt.), Ron Wyden (D-Ore.), and Angela Alsobrooks (D-Md.) also joined the letter.
Last week, Senator Warren launched the Save Our Schools campaign to fight back against the Trump administration’s efforts to dismantle ED and highlight the consequences for every student and public school in America.
As part of the campaign, Senator Warren will amplify the real-life impacts of cuts to ED; lead investigations to hold the Trump administration accountable, including ED Secretary Linda McMahon and Elon Musk’s Department of Government Efficiency (DOGE); and bring students, teachers, parents, and unions into the fight to protect access to public education.

MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Rep. Larsen, Senator Murray, Senator Cantwell and Rep. Randall Reintroduce Legislation to Permanently Reauthorize Northwest Straits Commission

Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

Washington, D.C. — Today, U.S. Representative Rick Larsen (D, WA-02), along with Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and Maria Cantwell (D-WA), ranking member of the Senate Commerce, Science, and Transportation Committee and senior member of the Senate Finance Committee, introduced the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025, legislation to permanently reauthorize the Northwest Straits Commission in the Puget Sound, and fund it at $10 million each fiscal year for the next six years, through Fiscal Year 2031. Joining Senator Murray, Senator Cantwell, and Rep. Larsen in introducing the legislation today was U.S. Representative Emily Randall (D, WA-06).

The Northwest Straits Commission is a community-led effort to restore marine habitats in the Northwest Straits region and address local threats to marine environments with projects such as restoring shellfish populations, protecting vulnerable ecosystems, and promoting growth for native water and shore-based plants. The Northwest Straits Commission provides funding, training, and support to seven county-based Marine Resources Committees (MRCs) and 15 Tribes. The Commission advises local officials on how to best carry out environmental projects and provides expertise to community organizations to help them be partners in their work by, for example, training volunteers to identify forage fish spawning sites.

“The Northwest Straits Commission has an impressive track record of community-led, well-executed projects that protect Washington state’s environment,” said Rep. Larsen, the lead Democrat on the House Transportation & Infrastructure Committee. “I am proud to support the Commission as it brings together a diverse group of local, state, tribal and federal stakeholders to restore marine habitats and create good jobs in Northwest Washington. I look forward to working with Senator Murray, Senator Cantwell and Rep. Randall to pass this bill to reauthorize the Commission so it can continue its important work for decades to come.”

“Ensuring our rich marine resources in the Northwest Straits stay healthy is critical not only for local communities and Tribes, but also for our economy in Washington state. That’s why I first established the Northwest Straits Commission in a bipartisan way back in 1998, and fight to secure funding for it every single year,” said Senator Murray. “The Commission remains a model for how successful investments in community-led restoration projects can be, and how vital they are for restoration work that help our marine habitats recover and thrive. I am excited to continue leading the charge to permanently authorize the Northwest Straits Commission with this legislation, which would also provide a strong and consistent funding stream for the Commission over the next decade—making sure partners on the ground can expand their efforts to protect our marine species and habitats and support our outdoor recreation economy. I’ll continue fighting every way I can to secure the federal funding necessary to protect our natural resources for generations to come.”

“The Northwest Straits bill is critical to supporting our robust coastal economy and fishing jobs, while preserving Washington’s coastal environment for generations to come,” Senator Cantwell said. “This legislation ensures we continue to support the health and sustainability of our diverse marine resources.”

“From abalone beds and oysters, to the rugged coastline that stretches for hundreds of miles, folks from Washington’s 6th District know there’s no place quite like home. The Northwest Straits Commission has been a lifeline for our communities, providing critical resources like the Marine Resources Committees in Jefferson and Clallam counties, and working alongside Tribes all across the state,” said Rep. Randall. “Their collaborative efforts to restore and protect our marine habitats are a testament to what makes this place so special. I’m proud to co-lead this legislation to reauthorize and continue the Commission’s important work so we can continue working together to safeguard the precious marine resources that make our community and our state one-of-a-kind.”

The Northwest Straits Commission is supported by a wide range of stakeholders, including state and federal agencies, elected leaders, and Tribal partners throughout the Puget Sound Region. More information about this bill is available here. The text of the Northwest Straits Marine Conservation Initiative Reauthorization Act of 2025 is available here.

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MIL OSI USA News –

April 11, 2025
MIL-OSI USA: Ernst Applauds SBA Cracking Down on Fraud

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
Published: April 10, 2025
WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) applauded the Small Business Administration (SBA) for implementing strong, new protections to its loan application process to protect against fraudsters.
The changes come after an Ernst-requested investigation exposed that $5.4 billion in loans were given to individuals without Social Security numbers, including $312 million to individuals claiming to be children under the age of 11, as part of the more than $200 billion in fraud that plagued pandemic-era loan programs.
“Criminals have stolen hundreds of billions from taxpayers over the last few years because the SBA lacked basic safeguards,” said Ernst. “I am glad to see Administrator Loeffler continue to refocus the agency on its core mission of serving Main Street by ensuring that tax dollars designed to help small businesses actually do so, instead of getting stolen by criminals. I will keep working to hold con artists who stole from the SBA accountable and recoup every cent.”
Some of the commonsense measures taken by the SBA include citizenship verification, date of birth verification, and automatic fraud alerts for any applicant claiming to be younger than 18 years old or older than 115 years of age.
Background:
Ernst has relentlessly pursued COVID fraud to ensure criminals are held accountable.
After a shocking report revealed that the Biden SBA failed to pursue nearly two million individuals suspected of stealing pandemic aid, Ernst introduced the SBA Fraud Enforcement Extension Act to extend the statute of limitations to 10 years for key pandemic aid programs to ensure every bad actor who stole from taxpayers is caught.
In a comprehensive 2023 report, Ernst outlined the Biden SBA’s effort to discount the full extent of fraud and cast doubt on the legitimate estimates made by expert investigators.
Ernst’s tireless advocacy forced the Biden administration to eventually take action to recover billions in COVID aid in January 2024.
Last month, the Committee on Small Business and Entrepreneurship advanced Senators Todd Young (R-Ind.) and Ernst’s Assisting Small Businesses Not Fraudsters Act which prevents criminals convicted of defrauding the SBA from receiving future assistance from the agency.

MIL OSI USA News –

April 11, 2025
MIL-OSI: Currency Exchange International, Corp. Announces Referral Agreement with Continental Currency Exchange
Source: GlobeNewswire (MIL-OSI)
- Exchange Bank of Canada (“EBC” or the “Bank”) is to refer its wholesale business-to-business (B2B) banknote customers in Canada to Continental Currency Exchange, Ltd. (“CCE”), a wholly owned subsidiary of DUCA Financial Services Credit Union Ltd. (“DUCA”)
TORONTO, April 10, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX:CXI) (OTC:CURN), today announced a referral agreement has been entered into with CCE, one of Canada’s leading retailers of foreign exchange services. CCE operates 19 branch locations across Ontario and offers digital products, foreign exchange conversion services, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in over 120 currencies. CCE is a wholly owned subsidiary of DUCA, which was formed in 1954 and has grown from a single branch credit union in Toronto to 19 branches across the GTA and Central Ontario with over 93,000 Members and over $8.3 Billion in total assets including assets under management.

EBC will be referring its wholesale banknote customers in Canada, including financial institutions, to CCE. The referral of EBC’s banknote customers to CCE, an Ontario-based foreign exchange service provider, will mutually benefit all parties and stakeholders.

“We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI and EBC.

“CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale banknote customers that will add to our growing retail foreign exchange services business,” said Tom Robertson, CEO of CCE.

CXI’s long-term outlook remains positive due to the Company’s focus on its growing businesses in the U.S. in conjunction with expected cost savings and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued as originally announced on February 18, 2025. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

CXI is grateful to all of EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

INFOR Financial Inc. acted as financial advisor to CXI in connection with the referral agreement with Continental Currency Exchange.

About Currency Exchange International, Corp.

Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com.

The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, is currently in the process of discontinuing its operations in Canada.

About Continental Currency Exchange, Ltd.

Continental Currency Exchange, Ltd. is one of Canada’s leading retailers of foreign exchange services, with 19 branch locations across Ontario. The company offers foreign exchange conversion services, including international bill payments, online ordering, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in approximately 100 currencies, in addition to a growing suite of digital products. The company’s Privilege Program offers clients no service fees on all cash transactions, premium discounted exchange rates, and lower prices on services including money transfers and wires. For more information, visit www.continentalcurrency.ca.

Contact Information

For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.cxifx.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the merits of a referral agreement for customers and selected employees, the management of employee and customer transitions, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, an inability to implement the referral agreement for customers and selected employees on a basis which is beneficial to stakeholders, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

The MIL Network –
April 11, 2025
MIL-OSI USA: ICYMI: Tuberville Joins Kudlow to Discuss How President Trump’s Tariffs Strategy is Working for Alabama

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
“We got a lot of panicans here in the Capitol, but at the end of the day, President Trump holds the cards.”
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined Larry Kudlow on Fox Business to discuss how President Trump’s tariffs strategy is working for Alabama workers and farmers.
Read excerpts from the interview below or watch on YouTube or Rumble.

KUDLOW: “Alabama Senator, Mr. Tommy Tuberville. Senator Tuberville, welcome, sir. So, you hear Mr. Trump […] brought everyone to the table. You know, I was talking to Senator Blackburn and others. They didn’t go to the Chinese table. They went to the United States [of] America Donald Trump table. So, it looks like Trump’s Art of the Deal was correct all along, Senator Tuberville. What do you make of it?”
TUBERVILLE: “Well, exactly right, Larry. We got a lot of panicans here in the Capitol, but at the end of the day, President Trump holds the cards. All those cards are the American taxpayers, Larry. They’re behind President Trump. They understand what he’s trying to do. This is gonna be our last chance. We’ll never have a President like him again—simply for the fact that he knows what he’s doing. He’s a business guy, and he knows that we cannot continue to let China steal, defraud us, do everything possible to build their country up while we’re going south. We need to continue this. And again, we need to work with these people, you know, he’s got them standing in line at the White House. I’m sure that’s one of the reasons he has a 90-day pause [while] countries were just waiting to get in the door, but China’s not coming. I’m for just hammering China. Keep putting tariffs on them. Make them hurt because they are building right and left their military—one day they think they’re gonna take us on. We cannot allow that to happen, Larry. You know that.”
KUDLOW: “Well, I think one of the offshoots of the discussion with China for Mister Trump. Look, 125% tariff. China’s not gonna be able to sell into our market. But selling all their subsidized manufacturing stuff with cheap wages, that’s their whole economy. So, we are just cutting them off at the knees. I guess what I’m saying is, Trump has completely outfoxed Xi Jinping. Trump is the master of the chessboard, not Xi.”
TUBERVILLE: “Exactly. Larry, China sends daily 300 container ships that have thousands of containers on each ship, 300 a day to the United States of America with mostly junk. Okay? It should be made in the United States of America. Now they make some […] car parts and things like that. But at the end of the day, we can do that here. And President Trump knows we have to get manufacturing back. Bill Clinton [and] NAFTA almost put us under. I go through small towns, Larry, in Alabama, and manufacturing’s gone. Nobody lives there. The streets are closing down. If we don’t get it back now, it’ll never happen.”
KUDLOW: “What are your folks in Alabama saying about the trade deal and all the discussion that goes with it?”
TUBERVILLE: “Well, you got some car manufacturers that say, you know, ‘We got a problem,’ maybe a problem with powertrains coming in, you know, from some of the car dealers and manufacturers. But at the end of the day, the ones that I’m worried about, I’m worried about the bottom 50% of the people that actually work in this country, the people that make $50,000, $60,000 and below and our farmers. Larry, my god. If we don’t do something to help our farmers, it’s over. We lost 150,000 [farms] during the Biden administration. They’re having a terrible year this year with the weather—planting season is going on right now. They’re gonna have to replant [and] they’re gonna have a tough time even getting close to making a profit. So, he has to help with the commodity prices and President Trump will do that with these tariffs.”
KUDLOW: “You know, we made a deal with the phase one trade deal with China. They’re supposed to have purchased a lot of farm commodities, they never did. They broke the deal. So now the farmers are in trouble. What do you—do you want federal spending for the farmers? Subsidies for the farmers? Tax cuts? Tell me what you want.”
TUBERVILLE: “Well, what we did right before Christmas, Larry, they had a terrible last year, the year before that was really awful. Input costs under Biden were out of sight. You know, a cotton picker ten years ago was $600,000 dollars. Now it’s $1.5 million. It’s out of control. And it’s out of control because people across the world are taking advantage of us. We gave them $10 billion dollars—the farmers—right before Christmas to get a loan for this year’s crops. Now again, what did I just tell you, they planted their crops in the south, and they just got wiped out. We got 10, 15 inches of rain. And so, it’s gonna be tough on the farmers, but I’ll tell you they’re resilient. They’ll work hard. All we need to do is help them just a little bit, and they’ll be there.”
KUDLOW: “Yes, sir. Yes, sir. Senator Tommy Tuberville, thank you for your wisdom as always.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

April 11, 2025

Category: Commerce

Sustainability matters to companies’ bottom lines

Thousands of companies report emissions via private systems

Cleaner supply chains can also be more efficient

Keeping employees and customers happy

Private climate governance can help buy time

WAVES XR Creator Hackathon Winners Bring XR Innovation to Schools, Clinics, Homes, and BeyondFive winning teams will showcase their XR projects at WAVE Summit

An international outlier

Decarbonising Australian roads

It’s regulation, not a tax

House-Senate ‘compromise’ contains health care cuts, lopsided tax breaks for the wealthy and trillions in new debt

WAVES XR Creator Hackathon Winners Bring XR Innovation to Schools, Clinics, Homes, and Beyond

Five winning teams will showcase their XR projects at WAVE Summit