NewzIntel.com

Category: Commerce

  • MIL-OSI USA News: Establishing the United States Investment Accelerator

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section 1.  Purpose.  The United States is the most powerful economy in the world, but slow, complex, and burdensome American regulatory processes at every stage of a company’s development and operation make significant domestic and foreign investment harder than necessary.  Regulations hamper investment, permitting, and site selection, and numerous overlapping Federal, State, and local legal regimes with complex and often duplicative requirements significantly delay construction.  It is in the interest of the American people that the Federal Government dramatically expand its assistance to companies seeking to invest and build in the United States.

    Sec. 2.  Policy.  It is the policy of the United States to modernize its processes to attract substantial domestic and foreign investment in the United States and to actively assist those building here for the benefit of our Nation’s economic prosperity to unleash investment from our small businesses to the largest companies.

    Sec. 3.  The United States Investment Accelerator.  (a)  Within 30 days of the date of this order, the Secretary of Commerce, in coordination with the Secretary of the Treasury and the Assistant to the President for Economic Policy, shall establish within the Department of Commerce an office named the United States Investment Accelerator (Investment Accelerator).  The Investment Accelerator shall facilitate and accelerate investments above $1 billion in the United States by assisting investors as they navigate United States Government regulatory processes efficiently, reduce regulatory burdens where consistent with applicable law, increase access to and use of our national resources where appropriate and consistent with applicable law, facilitate research collaborations with our national labs, and work with State governments in all 50 States to reduce regulatory barriers to, and increase, domestic and foreign investment in the United States. 
    (b)  The Investment Accelerator shall be headed by an Executive Director and staffed with legal, transactional, operational, and support staff as directed by the Secretary of Commerce.  The Investment Accelerator shall be responsible for the CHIPS Program Office within the Department of Commerce, which shall focus on delivering the benefit of the bargain for taxpayers by negotiating much better deals than those of the previous administration.
    (c)  The Investment Accelerator shall identify any existing mechanisms, exceptions, and opportunities in Federal law that can be used to assist foreign and domestic investors, consistent with the protection of national security. 

    Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                   DONALD J. TRUMP

    THE WHITE HOUSE,
        March 31, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: President Pro Tempore John F. Kennedy Celebrates Full Passage of Third-Party Litigation Financing Legislation

    Source: US State of Georgia

    ATLANTA (March 31, 2025) — Today, Senate Bill 69, the “Georgia Courts Access and Consumer Protection Act,” achieved final passage after both the House and Senate Chambers agreed to changes made to the legislation. Authored by Senate President Pro Tempore John F. Kennedy (R–Macon), SB 69 would require a business offering Third-Party Litigation Financing (TPLF) to register with the state to promote greater transparency through the litigation process.

    “Alongside Senate Bill 68, our comprehensive tort reform legislation, SB 69 specifically cracks down on predatory litigation financers who seek to take advantage of unwary Georgia consumers,” said Sen. Kennedy. “This billion-dollar industry also includes foreign-affiliated financers, who have undue influence on our courts and act against the best interest of Georgians. With SB 69, we are banning these foreign entities from operating in the state, upholding the integrity of our legal system against bad actors and increasing oversight of financiers to improve consumer protections. Our adversaries have no place in our civil justice system, and by keeping these new registration documents open to the public, we are better equipped to hold this industry accountable.”

    Sen. Kennedy carried SB 69 on behalf of Governor Brian P. Kemp, who emphasized that tort reform was his top priority for the 2025 Legislative Session. Having passed both the Senate and the House, Senate Bill 69 now proceeds to the Governor’s desk to be signed into law.

    For more information about the legislation, read it here.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP ANNOUNCES UPDATE TO ITS EXECUTIVE LEADERSHIP TEAM

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, March 31, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, today announced an update to its executive leadership team. On March 27, 2025, the Boards of Directors of Southern Missouri Bancorp, Inc. (the “Company”) and its wholly-owned bank subsidiary, Southern Bank (the “Bank”) appointed Justin G. Cox to the newly-created position of Chief Banking Officer, to be effective as of May 1, 2025. Mr. Cox currently serves as the west region’s Regional President for the Company and the Bank, and he will remain an Executive Vice President of the Company and the Bank.

    The Board of Directors is implementing this change after assessing recommendations included in a recent process improvement project conducted for Southern Bank by a community banking consulting firm for the purposes of improving customer engagement, team member satisfaction, and organizational profitability. “We believe this structure will improve our organization, as we align our customer engagement leadership under a single executive who will devote his full attention to ensuring that business development and customer experience efforts are consistently performed well across our organization,” noted Chairman Greg A. Steffens.

    “Justin has been successful over many years with Southern Bank, leading our west region team as it has grown our loan and deposit business there. That background provides an excellent basis for him to take on this new role. Our team and our customers can look forward to a better-unified customer engagement process with his new role,” added President and Chief Administrative Officer Matthew T. Funke.

    Mr. Cox has 22 years of experience in the banking industry, including 15 years with the Company. After joining Southern Bank as a lending officer in 2010, he advanced quickly to leadership roles of Community Bank President and later, Regional President. Mr. Cox holds a Bachelor of Science degree in Business Administration-Marketing & Management from Southwest Baptist University, Bolivar, Missouri.

    Southern Missouri Bancorp, Inc., is a Missouri corporation organized in 1994 to become the parent company of Southern Bank. Southern Bank was originally chartered in 1887 as a mutually-owned Missouri savings and loan association. In 2004, the Bank converted from a Missouri-chartered stock savings bank to become a Missouri-chartered trust company with banking powers. Southern Bank operates 67 locations in Missouri, Arkansas, Illinois, and Kansas. The Company holds total assets of approximately $4.9 billion, including loans, net of the allowance for credit losses, of $4.0 billion, and deposits of $4.2 billion. The Company’s common stock is quoted under the ticker “SMBC” on the NASDAQ Global Market.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: SCHUMER REVEALS: THIS WEEK CONGRESS WILL TAKE FINAL VOTE TO RAISE ‘JUNK’ BANK FEES—STARTING WITH OVERDRAFT FEES—FROM $5 TO $35, COSTING CONSUMERS HUNDREDS; CHAIRS OF HOUSE FINANCE & SENATE BANKING…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Exposes Final Leg Of Quiet Plan In House Financial Services & Senate Banking To Overturn CFPB Rule Limiting Excessive Bank Fees, That Would Cost New York Households More—Because Most Upstate NY Residents Have Bank Account 
    Plan To Overturn CFPB Overdraft Fee Rule Would Allow Banks To Extract $5 Billion In Excessive Fees – But, WORSE, Would Open Door To Even More Fees Across NY; Schumer Announces Full Opposition, Urges NY House Republicans To Vote “NO” On Tuesday 
    Schumer: Quiet Plan To Side With Big Banks Over Families Could Mean A Waterfall Of Fees That Would Drown New Yorkers With More Costs
    Amidst the anti-consumer, pro-big bank effort to dismantle the Consumer Financial Protection Bureau (CFPB), U.S. Senator Chuck Schumer revealed and exposed the FINAL leg of Congressional Republicans’ quiet plan to raise Americans’ bank fees, that will drive up unwanted fees for millions of Upstate New Yorkers. Schumer explained that Congressional Republicans will try to seal the deal to protect financial special interests with a vote on Tuesday when the House will vote to overturn the Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule that caps most big bank overdraft fees at just $5.
    “Republicans’ quiet plan to side with big banks against the little guy and working families could mean a waterfall of fees for Upstate New Yorkers already struggling to make ends meet,” said Senator Schumer. “Working families have been ripped off by abusive bank fees and practices in the past, and the CFPB’s rule is about protecting hard-working families, not charging them more. So I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people’s pockets and out of the hands of big predatory banks. If the Republicans let this one fee fly, a waterfall of fees will follow, and it is New Yorkers that will feel the brunt.”
    Schumer railed against this effort because it could hurt middle-class New Yorkers the hardest, given the number of consumer bank accounts in New York, which is higher than the national average. The rule would save upwards of $5 billion in excessive overdraft fees that millions of households pay. Overturning the rule, as proposed by the Republicans, would cost households an average of at least $225 each year, but MUCH more in New York, Schumer emphasized. Schumer said that some banks take billions of dollars a year from families and seniors that can least afford it. He said the banks don’t need to charge fees like this and that this effort to let fees run wild will open the door to even more excessive bank fees across Upstate New York.
    Schumer announced his opposition and is sounding the alarm on the clandestine pro-big bank GOP plan. Schumer said that the CFPB’s overdraft fee rule is designed to protect regular people from being ripped off by predatory bank fees. He urged the House Republicans to reject overturning the CFPB’s overdraft rule and to protect hard-working families instead of taking their hard-earned money to benefit big banks quietly and behind their backs.
    Last month, House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping overdraft fees, and the Senate GOP green-lit it last week. 
    The rule caps most bank overdraft fees at just $5, down from the typical $35 charge per transaction, according to National Consumer Law Center (NCLC). With these fees, banks take billions of dollars a year from families that can least afford it, and the Republican chairmen are moving to give big banks this ability, Schumer explained. Banks, which are already profitable, don’t need to charge these fees and some banks, including Capitol One and Citibank, have completely eliminated overdraft fees and they continue to cover overdrafts. However, other banks take about $1 billion a year in overdraft and nonsufficient funds (NSF) fees, and Wells Fargo is one of the biggest offenders.
    The CFPB’s overdraft fee rule stops predatory practices that allow the biggest banks to earn billions in profits from the most vulnerable families and seniors. The rule doesn’t stop big banks from covering overdrafts—it caps fees for “overdraft coverage” at $5 or the bank’s costs. Banks can still offer overdraft lines of credit without any price cap, though they are required to provide the same annual percentage rate (APR) pricing disclosure that credit cards provide and to give people adequate time to repay, NCLC explained. 
    Schumer explained how the rule helps everyone—especially New York families as New York is more ‘banked’ compared to other states. Schumer explained that by lowering most big bank overdraft fees from $35 to $5, consumers save $5 billion per year, reducing manipulative practices, and increasing transparency and fair competition, according to economists.
    “Now that the word is out on Tuesday’s vote, you’ll see the banks, lobbyists, and the people that want to protect the banks’ ability to charge excessive fees start to scramble, and devise a plan to defend it. But it’s indefensible. Who is for excessive bank fees?” Schumer said. “Show me a politician that wants to run an ad on increasing all your bank fees. I am blowing the lid on this disastrous plan and so what happens next? Watch them try to run away from this issue, while siding with big banks over working families and the middle class.”
    Schumer warned that other fee increases and gaps in consumer protection could soon follow with:
    ATM fees 
    Minimum balance fees for checking and savings accounts
    Outlandish cashier’s check fees
    Notary fees 
    Account “inactivity” fees
    The removal of $8 cap on credit card late fees
    No more Fair Credit Reporting (excluding medical bills from consumers credit score)
    Selling consumer data without consent
    No regulator for consumers to report predatory products
    The New York Federal Reserve Bank’s Credit Insecurity Index may shed light on the number of people with access to mainstream financial services, such as a bank account, who will possibly be exposed to higher fees if Congressional Republicans wipe away this protection. An Upstate New York county-by-county breakdown of percentage of New Yorkers with credit and Credit Insecurity Index Scores for 2023 can be found below:

    Capital Region

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Albany County

    77.4%

    22.6%

    Columbia County

    77.9%

    22.1%

    Greene County

    74.0%

    26.0%

    Rensselaer County

    78.9%

    21.1%

    Saratoga County

    88.8%

    11.2%

    Schenectady County

    81.3%

    18.7%

    Schoharie County

    73.7%

    26.3%

    Warren County

    82.4%

    17.6%

    Washington County

    72.2%

    27.8%

    Western New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cattaraugus County

    75.4%

    24.6%

    Chautauqua County

    76.2%

    23.8%

    Erie County

    80.0%

    20.0%

    Niagara County

    83.2%

    16.8%

    Rochester-Finger Lakes

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Genesee County

    82.5%

    17.5%

    Livingston County

    76.3%

    23.7%

    Monroe County

    82.1%

    17.9%

    Ontario County

    82.6%

    17.4%

    Orleans County

    70.2%

    29.8%

    Seneca County

    76.0%

    24.0%

    Wayne County

    84.4%

    15.6%

    Wyoming County

    78.6%

    21.4%

    Yates County

    69.5%

    30.5%

    Central New York

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Cayuga County

    75.5%

    24.5%

    Cortland County

    69.5%

    30.5%

    Madison County

    79.5%

    20.5%

    Onondaga County

    81.1%

    18.9%

    Oswego County

    79.1%

    20.9%

    Hudson Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Dutchess County

    82.30%

    17.7%

    Orange County

    81.50%

    18.5%

    Putnam County

    90.10%

    9.9%

    Rockland County

    86.80%

    13.2%

    Sullivan County

    70.10%

    29.9%

    Ulster County

    78.40%

    21.6%

    Westchester County

    85.00%

    15.0%

    Southern Tier

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Allegany County

    65.3%

    34.7%

    Broome County

    74.0%

    26.0%

    Chemung County

    77.2%

    22.8%

    Chenango County

    78.7%

    21.3%

    Delaware County

    73.0%

    27.0%

    Otsego County

    70.85%

    29.15%

    Schuyler County

    77.95%

    22.05%

    Steuben County

    81.2%

    18.8%

    Tioga County

    83.2%

    16.8%

    Tompkins County

    69.6%

    30.4%

    North Country

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Clinton County

    74.8%

    25.2%

    Franklin County

    76.8%

    23.2%

    Hamilton County

    85.3%

    14.7%

    Jefferson County

    74.5%

    25.5%

    Lewis County

    78.3%

    21.7%

    St. Lawrence County

    70.9%

    29.1%

    Essex County

    75.05%

    24.95%

    Mohawk Valley

    County

    Percentage With Credit

    Credit Insecurity Index Score

    Fulton County

    79.1%

    20.9%

    Herkimer County

    80.7%

    19.3%

    Montgomery County

    74.5%

    25.5%

    Oneida County

    75.4%

    24.6%

    MIL OSI USA News –

  • MIL-OSI Canada: Protecting private career college students

    In recent years, there has been significant growth in Alberta’s private career college sector, with increases in student complaints, student enrolment and financial assistance applications being observed at some private career colleges. Alberta’s government is taking action to protect students by holding private career colleges accountable if they are not following legislative requirements or failing to meet their licensing obligations.

    The new Private Career College Registry will increase transparency about any compliance action taken against a private career college and will let prospective students search for actions taken against a school they are interested in attending.

    “Private career colleges play an important role in Alberta’s adult learning system, and they offer a diversity of learning approaches and vocational training. Unfortunately, there are also some bad actors, and it is our responsibility to ensure students are not taken advantage of and are spending their hard-earned money on high-quality educational experiences.”

    Rajan Sawhney, Minister of Advanced Education

    The Private Career College Registry offers a comprehensive list of all licensed vocational training programs in the province, providing key details like program names and duration, cost, location and licence status. The licence status of each program is clearly highlighted with indicators for active, stop order or suspended.

    Advanced Education can take a range of compliance actions under the Private Vocational Training Act, including issuing compliance orders that require specific steps to be taken. Stop orders are issued when serious non-compliance with legislation, regulation or licensing policies are found. Stop orders place restrictions on private career college operations, which may range from a prohibition on enrolling new students to temporarily ceasing operations while the stop order is in place. In more severe cases, licence suspension or cancellation may restrict colleges from offering any training programs at all.

    “A searchable online registry is a welcome change that can help improve student outcomes. This change makes it easier for students to find out if a college is breaking the rules. Students need transparent information on private career college costs and performance to make informed decisions on the schools and programs to attend.”

    Jeff Loomis, executive director, Momentum

    As part of ongoing efforts to ensure quality and compliance, Advanced Education has increased oversight and inspections of Alberta’s private career colleges, with a focus on colleges that have unusually high enrolment. Since June 2024, Advanced Education has issued compliance orders against 15 inspected institutions:

    • Aug. 20, 2024: Nova Career College
    • Oct. 10, 2024: QCOM College of Technology (QCT)
    • Oct. 23, 2024: ERP College
    • Nov.14, 2024: Alexander Brookes College
    • Nov. 25, 2024: City College of Management
    • Dec. 2, 2024: Glenbow College
    • Dec. 6, 2024: Rosewood College
    • Dec. 6, 2024: Aquinas College
    • Dec. 20, 2024: ONE Beauty Academy – Edmonton
    • Dec. 20, 2024: ONE Beauty Academy – Medicine Hat
    • Dec. 23, 2024: Cypress College
    • Feb. 26, 2025: Prairie Western College
    • March 5, 2025: Global College of Business & Technology
    • March 7, 2025: Alberta Paramount College

    Advanced Education has also revoked the private vocational training licence of Ambber & Salma College of Esthetics & Spa, effective Sept. 11, 2024. Ambber & Salma College of Esthetics & Spa has filed an application for judicial review of this decision. Advanced Education has also revoked the private vocational training licence of Capstone Edge College, effective Oct. 16, 2024.

    In addition to inspections, in 2024, Advanced Education completed audits of four Alberta private career colleges. These audits resulted in determinations under both the Student Financial Assistance Act and Private Vocational Training Act. The following private career colleges are no longer designated as eligible institutions for student aid, and they have Private Vocational Training Act compliance orders in place:

    • June 14, 2024: AGA Academy
    • June 26, 2024: Capstone Edge College
    • Sept. 12, 2024: Hamptons College
    • Sept. 30, 2024: Peerless Training Institute
    • Oct. 16, 2024: Capstone Edge College

    Alberta’s government is committed to protecting the investment students make in their education and supporting the integrity of the private career college sector.

    Quick facts

    • Alberta’s government regulates private career colleges across the province, ensuring compliance with the Private Vocational Training Act, regulations, and licensing policies.
    • For general inquiries or compliance concerns, contact [email protected].

    Related information

    • Private Career Colleges Registry
    • Private Vocational Training Act
    • Student Financial Assistance Act

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Health and Energy – Rising power costs puts health at risk

    Source: Asthma and Respiratory Foundation

    With a hike in power prices and cooler nights on the way, energy poverty is about to become more widespread in New Zealand.
    Energy poverty – where a household is not able to afford power to provide a healthy home – it can pose serious health risks, especially for those living with respiratory conditions such as asthma and COPD.
    Asthma and Respiratory Foundation Chief Executive Letitia Harding says she is deeply saddened that so many New Zealanders are in this position.
    “Cold, damp homes significantly worsen respiratory conditions such as asthma and COPD, leading to more hospital visits and poorer health outcomes overall.
    “It’s heartbreaking that people have to choose between heating their home and protecting their health.”
    From today, April 1, the average household power bill will increase by about $10 per month.
    Many families are already facing desperate choices, with Consumer NZ estimating that last year, 140,000 households had to take out a loan to pay their electricity bills, and 38,000 households were disconnected because they couldn’t pay their electricity bill at least once.
    Energy poverty is not just a financial issue but a public health crisis, Ms Harding says.
    “The health system is spending over $38 million per year treating illnesses linked to cold, damp housing.
    “Poor indoor air quality and inadequate heating contribute to respiratory flare-ups, infections, and hospital admissions,” she says.
    “Māori and Pacific communities, who are overrepresented in low-income households, are disproportionately affected.”
    Phil Squire, Fair Energy Manager at Toast Electric (New Zealand’s only not-for-profit electricity supplier), says that while insulation and heat pump products can make housing in Aotearoa warmer and healthier, people need to feel confident about using heating without feeling worried about unforeseen power costs.
    “The reality is, without access to affordable power, Kiwis in low-income situations are reluctant to turn on any heating for fear of unexpectedly high energy bills.”
    The optimal healthy temperature for a home is 18-21 degrees, Mr Squire says.
    “So at Toast we do everything we can to help whānau feel educated on how to use their heating efficiently, feel confident to turn it on, and ensure their home has adequate insulation and other items like lined curtains and draught stopping to keep that heat in.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business groups call for publication of council voting records – BusinessNZ

    Source: BusinessNZ

    As councils consider their spending and rates decisions for the coming year, and as October’s local authority elections draw closer, business groups are calling for greater transparency on how councillors vote.
    “It is time for councils to make it easier to show how their elected members vote at each meeting so the public can make an informed choice at the elections on who should – or should not – get their vote,” said Matt Cowley, Chair of the Local Government Business Forum, a group of business organisations that have a vital interest in the activities of local government.
    “Over the past two years local government rates have been rising at an eye watering pace. Rates increased by 9.6% for the year to December 2023 and by 12.0% for the year to December 2024. These were the biggest increases in decades.
    “Councils across the country are now considering their spending and rates for the upcoming 2025/26 year. Some are consulting on their plans, but others will simply adopt their rates increase at a council meeting. More double-digit increases seem likely, despite overall inflation being only around 2%.
    “The transparency around council decisions is murky. Although council meetings are mostly open to the public and decisions are recorded, including votes, it is not easy to understand how individual councillors voted on the issues put to them. Media coverage of council business has become patchy as struggling news outlets scale back on their reporting. Councils like to play down division so they rarely if ever note dissenting votes in their media statements.
    “For the public it is mostly only by sifting through meeting reports and minutes that they can work things out. That takes understanding of council processes and considerable patience navigating council websites and finding the relevant parts of reports that are sometimes hundreds of pages long. You really have to know what to look for.
    “This makes it very hard for people to understand what positions councillors have been taking, which is bad for democracy. It is likely to contribute to low voter turnout at local elections and risks capture by council bureaucrats and by highly motivated interest groups.
    “It shouldn’t be this hard. In fact, there is a council that shows what is possible.
    “In February Wellington City Council launched new functionality to its website to make it easier to locate information around voting records and meeting data. In 2024 the project won an award for Web, Digital and Communications Project of the Year at the Association of Local Government information Management. Other councils should look at how they can take this approach.
    “That might take a while, so in the meantime when councils adopt their rates for the coming year, their media statements should clearly state who voted for and who voted against the projects that drove the rates increases.
    “We also hope councils will explore AI tools to evidence the truth of councillor statements against their voting actions.
    “These initiatives should help ensure the public is in the most informed position to decide who to vote for or not vote for,” Mr Cowley concluded.
    About the Local Government Business Forum
    The Local Government Business Forum comprises organisations that have a vital interest in the activities of local government. Its members include Business New Zealand, Federated Farmers of New Zealand, New Zealand Forest Owners Association, New Zealand Initiative, New Zealand Business Chamber, the Retirement Villages Association of New Zealand and Infrastructure New Zealand. It was established in 1994 to promote greater efficiency in local government and to contribute to debate on policy issues affecting it.
    The Forum’s members are each significant representatives of ratepayers in their own right but the Forum’s perspective is to advance community welfare through the advocacy of sound public policy. We believe that local government can best serve the interests of the community and ratepayers by focusing on the efficient provision of public goods at a local level.
    The Local Government Forum advocates policies that create a positive economic environment. Recognising the significant role of local government in private investment decisions, the Forum regularly produces publications addressing crucial issues relating to the performance of local government and legislative developments in that sector.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy efficiency will help homes, businesses temper electricity bill shocks starting today

    Source: Ecobulb

    Homes and businesses must relook at energy efficiency as a way to minimise electricity bill shocks from April 1, an energy efficiency expert says.

    “Power prices are headed in one direction – up – as Transpower and lines companies from today  start increasing their network charges to fund improved capacity and resilience of their networks,” said Chris Mardon, managing director of Ecobulb.
     
    Electricity retailers will be passing on larger lines’ charges along with other increases, such as the higher cost of generation.
     
    Dr Mardon said a typical power bill in Wellington will increase 12 percent or $24 a month tomorrow, from $2,296 a year to $2,580 a year[1].
     
    “This is considerably higher than the Commerce Commission estimate that Wellington bills would rise on average $6 a month[2] excluding GST.
     
    “While $6 might be the increase for the lines’ component of the bill, the total bill is what people care about, and the bottom-line is considerably higher.”
     
    “As the weather cools, and people start using more power at higher prices, they’ll be wondering what they can do about it. One option is to invest in more efficient appliances such as LEDs, efficient shower heads and heat pump water heaters, which benefit homes and businesses wanting to save money,” Dr Mardon said.
     
    Many New Zealand households could save over $1,000 a year by switching out key household appliances for more efficient options.
     
    One of the positive changes from April 1 is the possibility for lines companies to spend money on supporting energy efficiency, which is a regulatory objective under the Commerce Act.
     
    “We’ll be watching closely to see when, where and how much lines companies allocate their $91.9[3] million of funding to support energy efficiency.”
     
    Meanwhile customers should be looking at their own options to reduce their power consumption through energy efficiency.
     
    “Rolling out various low-cost energy saving measures to 1.5 million New Zealand homes could save kiwis $1 billion a year in power, with a four-month payback based on energy savings,” Dr Mardon said.

    [1] A customer using 7,200 kWh a year; lines charge increasing to $1.50/day from $1.20 a day, variable charge increasing to 23.57 c/kWh from 21.66 c/kWh.  GST then added.
    [2] Default-price-quality-paths-for-electricity-distribution-businesses-from-1-April-2025-Final-decision-Reasons-paper-20-November-2024.pdf page 109
    [3] EDB-DPP4-Final-decision-Reasons-paper-Attachment-D-Innovation-and-section-54Q-incentives-16-December-2024.pdf page 13

    MIL OSI New Zealand News –

  • MIL-OSI USA: Durbin, Duckworth, Kelly Introduce Legislation To Increase Employment Opportunities

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    March 31, 2025

    WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), U.S. Senator Tammy Duckworth (D-IL), and U.S. Representative Robin Kelly (D-IL-02) reintroduced two bills to expand and increase access to employment opportunities for underserved youth. The Helping to Encourage Real Opportunity (HERO) for Youth Act and the Assisting in Developing (AID) Youth Employment Act will increase federal resources for communities seeking to create or grow employment programs and provide tax incentives to businesses and employers to hire and retain youth from economically distressed areas.

    “To invest in our future, we must invest in the next generation.  Increasing youth employment opportunities can address poverty and crime across Illinois while setting up our state’s youngest residents for a brighter future,” said Durbin.  “Congresswoman Kelly, Senator Duckworth, and I are reintroducing the HERO for Youth Act and the AID Youth Employment Act to boost federal resources for youth employment programs and incentivize businesses to hire, retain, and mentor youth.”

    “Far too many young Americans live in neighborhoods that lack good job opportunities and struggle with all-too-commonplace violence and danger,” said Duckworth.  “It doesn’t have to be that way, but it’s not going to get better unless we work together to do something about it. I’m so proud to join Senator Durbin and Congresswoman Kelly to reintroduce these bills that would help open up new economic opportunities for every American, no matter where they live or what community they grew up in.”

    “Our youth is our future,” said Kelly.  “I’m proud to partner with Senators Durbin and Duckworth once again to introduce two pieces of legislation that will invest in economic opportunities for our youth.  Better job options can help break a cycle of poverty and address roadblocks that prevent young people from reaching their full potential.”

    For many young people, lack of job experience is a prohibitive disadvantage for potential employers, which perpetuates vicious cycles of unemployment and poverty in their communities, further limiting potential for further economic growth.  In 2022, 13 percent of youth between the ages of 18-24 were neither employed nor in school, and Native American, Native Hawaiian and other Pacific Islander, and Black youth, as well as youth with disabilities, were disproportionately impacted.  Barriers to employment at a young age have devastating consequences on the long-term employment prospects of opportunity youth, including lower lifetime earnings, higher rates of incarceration, and opioid addiction. 

    There is clear evidence of a correlation in communities where high rates of poverty, gun violence, and chronic unemployment among youth are prevalent.  A 2017 study found that among youth participating in Chicago’s youth summer employment program, violent crime arrests decreased by nearly 33 percent.  Providing employment opportunity to youth can have a considerable impact in lowering recidivism and violent crime among youth while improving their long-term health, and economic and educational outcomes. 

    When youth are provided a pathway to employment and the workforce, employers benefit too because they are able to train and hire skilled workers.  It is estimated that between 2022 and 2032, there will be an average of 20 skilled roles with job openings for every one new worker. 

    The HERO for Youth Act would encourage the business community to become a partner in addressing youth unemployment by hiring underserved youth who reside in communities with high rates of poverty. Specifically, the bill would provide a Work Opportunity Tax Credit (WOTC) of up to $2,400 for businesses that hire and train youth ages 16 to 24 who are out of school and out of work and youth ages 16 to 21 that are currently in foster care or have aged out of the system. The legislation would expand the summer youth program under WOTC, which provides a tax credit to businesses that hire for summer employment youth ages 16 to 17 who are enrolled in school and live in highly distressed rural and urban communities known as Empowerment Zones, by doubling the amount of the credit to $2,400 and expanding the program to include year-round employment.

    The AID Youth Employment Act will make it easier for local governments and community organizations to apply directly for federal funding to create and expand summer and year-round employment programs for young people.  The legislation would establish a five-year competitive grant program for youth summer employment that also incorporate access to trauma-informed mentorship as well as job coaches.  The program would provide planning grants of up to $250,000 for 12 months or implementation grants of up to $6 million over three years.

    The HERO for Youth Act has been endorsed by National Grocers Association, National Small Business Association, National Recreation and Park Association, National Association of Convenience Stores, National Youth Employment Coalition, Young Invincibles, Food Industry Association, Youth Guidance, and Critical Labor Coalition.

    The AID Youth Employment Act has been endorsed by Young Invincibles, Youth Guidance, and Chicago Urban League.

    A one-pager for the HERO for Youth Act can be found here.

    A one-pager for the AID Youth Employment Act can be found here.

    -30-

    MIL OSI USA News –

  • MIL-OSI Submissions: Africa’s Business Heroes Launches 2025 Call for Applications, Building on Unprecedented Momentum

    SOURCE: Africa’s Business Heroes (ABH)

    Beyond funding, ABH finalists gain unparalleled media exposure and access to an exclusive network of Africa’s top business leaders, investors and fellow entrepreneurs
    KIGALI, Rwanda, March 31, 2025/ — Following the success of its 6th Summit and Grand Finale held in Kigali, Africa’s Business Heroes (ABH)  (www.AfricaBusinessHeroes.org) – the Jack Ma Foundation’s flagship philanthropic initiative in Africa – is proud to announce the launch of its 2025 Call for Applications. This year, ABH is building on its momentum to deepen its impact across the continent by actively encouraging applications from typically underrepresented regions in entrepreneurship competitions, including Francophone and Central Africa.
    In 2024, ABH saw a historic level of diversity:

    39% of applicants were women, with 60% of the Top 10 finalists being female entrepreneurs.
    For the first time, a Top 10 finalist hailed from the Democratic Republic of Congo (DRC) – a powerful milestone for Central Africa.
    And in another first, a Francophone entrepreneur – Henri Ousmane Gueye from Senegal – won the Grand Prize, marking a major moment for Francophone Africa.

    Now in its 7th edition, ABH continues its mission to spotlight and support exceptional African entrepreneurs who are creating positive impact in their communities.

    Why Apply? Unmatched Benefits for African Entrepreneurs

    Winning a spot among the ABH finalists unlocks the resources and support needed to elevate a business. The Top 10 finalists share $1.5 million in grant funding, with the grand prize winner receiving $300,000, the first runner-up $250,000, and the second runner-up $150,000. The remaining finalists each secure $100,000, plus an additional $100,000 for global immersion training.

    Beyond funding, ABH finalists gain unparalleled media exposure and access to an exclusive network of Africa’s top business leaders, investors and fellow entrepreneurs. This community enables high-level networking and collaboration as well as mentorship and strategic insights to help scale their ventures.

    Throughout the competition, they also receive valuable feedback from seasoned professionals, strengthening their business acumen, storytelling and long-term growth trajectory.

    A Testament to Resilience and Perseverance

    ABH Managing Director for Africa, Zahra Baitie-Boateng, emphasized the resilience needed to succeed in entrepreneurship, highlighting two standout examples from the 2024 competition. “Henri Ousmane Gueye from Senegal won the Grand Prize on his third attempt, and Alexander Odhiambo from Kenya, our second runner-up, applied twice before reaching the Top 10. Their journeys are a powerful reminder that success at ABH isn’t just about taking home the prize. It’s about resilience – the courage to keep showing up, to learn, to grow and to keep believing in your vision even when the odds are tough. That’s the true spirit of entrepreneurship, and exactly what ABH celebrates.”

    Eligibility Criteria

    ABH welcomes applications from entrepreneurs across all sectors and African countries. To qualify, applicants must be the founder or co-founder of a business that is registered, headquartered, and primarily operating in Africa. They must be African citizens or direct descendants and have at least three years of revenue with proven market traction.

    Application Process

    The ABH competition offers valuable learning opportunities at every stage. Judges rigorously review applications in the first round, selecting the Top 50 based on merit. These finalists then face in-depth interviews with seasoned business leaders, who assess their potential and narrow the pool to the Top 20.

    Following due diligence on the Top 20, they are announced and advance to the Semi-Final, where they pitch in person to a distinguished panel. Judges then select the Top 10, who compete in the Grand Finale’s live pitch competition to determine the winners of the $1.5 million grant funding.

    How to Apply

    Entrepreneurs eager to seize this opportunity can begin their journey by registering (https://apo-opa.co/4lc6DNy) an ABH account and confirming their eligibility. The application requires them to articulate their personal vision, business model and future plans, alongside submitting a reference and a video introduction. Aspiring business leaders across Africa are invited to take this bold step toward funding, mentorship and unparalleled exposure.

    About Africa’s Business Heroes:
    The Africa’s Business Heroes prize competition is the flagship philanthropic initiative spearheaded by the Jack Ma Foundation aimed at supporting and inspiring the next generation of African entrepreneurs across all sectors who are building a more sustainable and inclusive economy for the future of the continent. Over a 10-year period, ABH will recognize 100 African entrepreneurs and commit to allocating grant funding, training programs, and support for the development of an entrepreneurial ecosystem. Each year, the ABH prize competition and show features 10 Finalists as they pitch their business to win a share of US$1.5 million in grant money. Jack Ma, founder of Alibaba Group and the Jack Ma Foundation, created the prize after he made his first trip to Africa in 2017 and was inspired by the energy and entrepreneurial potential of the young people he met with there.

    MIL OSI – Submitted News –

  • MIL-OSI Australia: Luxury car tax rate and thresholds

    Source:

    Luxury car tax rate

    Cars with a luxury car tax (LCT) value over the LCT threshold attract an LCT rate of 33%. You only pay LCT on the amount that is over the threshold.

    For the LCT rate before 3 October 2008, refer to A New Tax System (Luxury Car Tax Imposition – General) Act 1999.

    Luxury car tax thresholds

    The following table lists the LCT thresholds for the financial year the car was imported, acquired or sold.

    If you import or sell a car with a GST-inclusive value above these LCT thresholds, you must pay LCT except in certain circumstances. In general, the LCT value of a car includes the value of any parts, accessories or attachments you supplied, or imported, at the same time as the car.

    From 1 July 2025, as part of the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2025External Link, which amended A New Tax System (Luxury Car Tax) Act 1999:

    • the definition of a fuel-efficient vehicle will change
    • indexation rates applying to the thresholds for fuel-efficient vehicles and other vehicles will be aligned.
    LCT thresholds

    Financial year

    Fuel-efficient vehicles

    Other vehicles

    2024–25

    $91,387

    $80,567

    2023–24

    $89,332

    $76,950

    2022–23

    $84,916

    $71,849

    2021–22

    $79,659

    $69,152

    2020–21

    $77,565

    $68,740

    2019–20

    $75,526

    $67,525

    2018–19

    $75,526

    $66,331

    2017–18

    $75,526

    $65,094

    2016–17

    $75,526

    $64,132

    2015–16

    $75,375

    $63,184

    2014–15

    $75,375

    $61,884

    2013–14

    $75,375

    $60,316

    2012–13

    $75,375

    $59,133

    The indexation factor for the 2024–25 financial year for:

    • fuel-efficient vehicles is 1.023
    • other vehicles is 1.047.

    Find out what defines a fuel-efficient car prior to, and from, 1 July 2025.

    MIL OSI News –

  • MIL-OSI: Order.co Selects Avalara to Automate and Simplify Sales Tax Compliance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Order.co, the world’s leading B2B Ecommerce Platform, today announced it has selected Avalara’s leading tax compliance automation technology to simplify sales tax compliance for its customers. With the adoption of Avalara’s proven compliance solutions, Order.co customers can now register their exemption status once and apply exemptions to eligible purchases across all vendors at the time of purchase. 

    Order.co’s choice of Avalara aligns with its commitment to reducing administrative burdens, streamlining procurement tasks, and minimizing the manual errors associated with repetitive back-office workflows for its customers. With Avalara and Order.co’s capabilities working in tandem, businesses can eliminate the time-consuming process of contacting each vendor involved in a given order to submit tax exemption requests.

    “Proper tax compliance can be tedious. Order.co has integrated with Avalara to help remove that burden and ensure our customers can focus their time and effort on growing their business,” said Alec Stonitsch, VP of Product at Order.co. “Now, our customers can easily manage exemptions, eliminate repetitive vendor requests, and maintain tax accuracy with every purchase.”

    “Avalara’s mission since our founding centers on delivering value and delighting customers – and it’s always satisfying to witness customers like Order.co growing, thriving, and providing solutions to their own customers’ complex needs,” said Liz Armbruester, EVP, Customer and Compliance Operations at Avalara. “As Order.co works diligently to provide a simplified, fully automated end-to-end procurement platform to businesses seeking innovative and efficient digital tools, implementing Avalara’s tax compliance technology helps customers reduce risk, improve accuracy, and devote personnel to more valuable business building tasks. We’re pleased to play a role in the ongoing success of Order.co’s platform offering.”

    Key Benefits of Order.co + Avalara

    More accurate tax calculations: With Avalara, the process of calculating taxes for each location, product category, and type of spend is executed automatically. Order.co customers can now capture tax values at the time of purchase to reduce the need for manual adjustments and eliminate errors – and gain granular control of tax exemptions with the ability to toggle between exempt and non-exempt status on products. 

    Streamlined exemption management: With Avalara integrated into the Order.co platform, customers can register their business’s tax exemption status once, and watch it automatically apply across all eligible purchases and vendors. In addition, fully tax-exempt organizations can now make purchases through the Order.co platform.

    Comprehensive reporting and tax compliance: Customers can now leverage Order.co’s new capabilities for in-depth reporting to easily calculate tax obligations, in addition to collecting, storing, and documenting relevant tax information to mitigate sales tax liability and minimize the amount owed during audits. Users can access product categories to aid in tax coding and ensure teams can run comprehensive analytics. 

    About Avalara 

    Avalara makes tax compliance faster, easier, and more accurate, reliable, and valuable for 41,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.

    About Order.co

    Order.co simplifies business buying by combining the ease of online shopping with the sophistication of world-class purchase order and AP automation. The result? Businesses cut costs and complexity with every order. Hundreds of companies, like WeWork and Hugo Boss, leverage Order.co to centralize purchase-to-pay workflows, scale operations, and save an average of 5% on products. Order.co has raised $50M in funding from industry-leading investors like MIT, Stage 2 Capital, Rally Ventures, 645 Ventures, and more.

    Media Contact

    Allison Reich
    Senior Manager of Brand, Content & Enablement
    Allison.reich@order.co

    The MIL Network –

  • MIL-OSI USA: ICE San Diego, multiagency case results in 4 defendants charged after warrant served in El Cajon

    Source: US Immigration and Customs Enforcement

    SAN DIEGO – John Washburn, general manager of San Diego Powder & Protective Coatings in El Cajon, and three employees, made their first appearances in federal court March 28 to face immigration charges stemming from a search warrant that was served by federal agents at the property March 27. This case is being investigated by U.S. Immigration and Customs Enforcement with significant assistance from multiple law enforcement agencies.

    Washburn, along with employees Gilver Martinez-Juanta, Miguel Angel Leal-Sanchez and Fernando Casas-Gamboa, were arrested March 27. Washburn was charged with conspiracy to harbor aliens; the employees were charged with using false documents to work in the United States.

    According to the complaint, Washburn employed undocumented workers and allowed them to live in the company’s warehouse. The three charged employees allegedly provided a false attestation regarding their immigration status to secure employment at the business.

    U.S. Magistrate Judge Barbara L. Major set bond for Washburn at $5,000 and ordered him and the other defendants to appear in court for a preliminary hearing on April 8, at 9:30 a.m.

    Assisting agencies in this investigation include: the Department of Homeland Security, Office of Inspector General; General Services Administration, Office of Inspector General; United States Border Patrol; U.S. Customs and Border Protection; Naval Criminal Investigative Service; Small Business Administration, Office of Inspector General; Drug Enforcement Administration, San Diego Field Division, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.

    These cases are being prosecuted by Assistant U.S. Attorneys Henry F.B. Beshar and Michael A. Deshong.

    MIL OSI USA News –

  • MIL-OSI Economics: Expanding Copilot+ PC experiences across AMD, Intel and Snapdragon powered devices

    Source: Microsoft

    Headline: Expanding Copilot+ PC experiences across AMD, Intel and Snapdragon powered devices

    Last year, we introduced Copilot+ PCs — the fastest, most intelligent and secure Windows PCs ever created. Since then, our Copilot+ PC portfolio has continued to evolve with the introduction of new silicon, devices and AI experiences.

    .

    By merging cutting-edge hardware with accessible, intelligent software, these updates are not just adapting to customers’ needs but empowering them to achieve more.

    Expanding accessibility features

    At the core of Windows is the commitment to accessibility and inclusiveness for users, including individuals with vision, hearing, mobility and cognitive disabilities. Today, we’re excited to announce groundbreaking updates that will revolutionize the way you interact with your Copilot+ PC.

    Live Captions: Now available on Copilot+ PCs powered by AMD and Intel, Live Captions offers real-time translations in English for audio and video content during virtual meetings, podcasts or video playback. This feature, which previously launched on Snapdragon X Series Copilot+ PCs, is also rolling out in Simplified Chinese, with support for AMD- and Intel-powered devices coming soon.

    Translation for video and audio subtitles into English from 40+ languages and 27 languages into Chinese (Simplified). See aka.ms/copilotpluspcs for additional details.

    Voice Access: With this update, users of Voice Access .

    Unleashing creativity with AI-enabled features

    We are thrilled to announce that our AI-enabled creativity features, previously available on Snapdragon X Series Copilot+ PCs, will now be available on AMD- and Intel-powered devices.

    Cocreator in Paint: This feature, now available to Copilot PCs powered by AMD and Intel, is designed to make artistic creation and image refinement more intuitive and approachable. Cocreator empowers users with enhanced drawing and editing capabilities, allowing them to bring their ideas to life by combining text-based prompts with freehand drawing, enabling the creation of intricate designs, personalized visuals or professional-grade artwork. Whether you are simply exploring your creativity or looking for versatile tools, Cocreator transforms Paint into a comprehensive platform for creative expression.

    Restyle Image and Image Creator in Photos: Get ready to unleash your creativity with these new incredible features! Restyle Image allows you to transform photos into stunning artistic interpretations, such as oil paintings, sketches or modern art styles, with just a few clicks. Meanwhile, Image Creator lets you bring written ideas to life by creating visuals based on detailed prompts, making it perfect for crafting personalized artwork, marketing materials or even storytelling illustrations. Whether you’re a casual user or a professional, these tools offer unparalleled creative freedom and are designed to help you explore your creativity with ease.

    To access these features, ensure that Microsoft Paint and Photos applications are updated to the latest versions available in the Microsoft Store.

    Optimized for English text prompts and require a Microsoft account and internet connection to access cloud services that help ensure the responsible use of AI. See aka.ms/copilotpluspcs for additional details.

    Copilot+ PC experiences

    Some of these innovative experiences for Copilot+ PCs are available via the March 2025 Windows non-security preview update (which requires the November 2024 non-security preview update). Over the next month, we will gradually roll out these features via the Windows controlled feature rollout (CFR) to consumers.

    Copilot+ PC experiences vary by device and region and may require updates continuing to roll out through 2025; timing varies. See aka.ms/copilotpluspcs for additional details.

    Consumers with Copilot+ PCs who would like to be among the first to experience these new enhancements can simply go to Settings > Windows Update and turn on “Get the latest updates as soon as they’re available.” Then select “Check for updates” to download and install the March non-security preview release.

    Ensure that Microsoft Paint and Photos applications are updated to the latest versions available in the Microsoft Store.

    Looking ahead

    Copilot+ PCs are not just a glimpse into the future of personal computing; they are the future. These cutting-edge devices empower Windows users with unique AI experiences that are only possible on a Copilot+ PC. As the pace of advancement accelerates with AI, we remain steadfast in our commitment to delivering innovative and differentiated experiences that make getting things done on your PC faster, simpler and more personalized.

    If you have a Copilot+ PC, you can start accessing these exciting features today through the latest Windows Update, or the Microsoft Store.

    For a full list of features available via the latest Windows Update, learn more here.

    And for organizations looking to take advantage of the latest improvements and features for Windows 11 and Copilot + PCs, check out our announcements on the IT Pro Blog.

    MIL OSI Economics –

  • MIL-OSI USA: Ranking Members Mfume and Connolly Demand Answers from Postal Board of Governors on Sudden Departure of Postmaster General Louis DeJoy and Shady DOGE Agreement

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, D.C. —Today, Rep. Kweisi Mfume, Ranking Member of the Subcommittee on Government Operations, and Rep. Gerald E. Connolly, Ranking Member of the Committee on Oversight and Government Reform, sent a letter to Amber F. McReynolds, Chair of the United States Postal Service’s Board of Governors (the Governors), escalating Congress’s concerns that DOGE is attempting to actively undermine the stability and integrity of the Postal Service.  In their letter, the Ranking Members call for an immediate briefing from the Chair and Vice Chair of the Governors after the sudden departure of former Postmaster General Louis DeJoy directly after he signed an agreement with DOGE through the General Services Administration to assess operational activities and drive down costs.

    “We write regarding significant recent developments within the U.S. Postal Service (Postal Service) that call into question this public institution’s stability, integrity, and independence.  These concerns include repeated calls by President Trump and senior public officials to reorganize the Postal Service, a back-room agreement with Department of Government Efficiency (DOGE) representatives, and the sudden resignation of Postmaster General Louis DeJoy.  We respectfully request that the chair and vice chair of the U.S. Postal Service Board of Governors (the Governors) provide an immediate briefing on Postal Service operations and activities since January 20, 2025, including the Postmaster General’s agreement with DOGE and the General Services Administration (GSA) and the Postmaster General’s sudden departure thereafter,” wrote the Ranking Members. 

    In their letter, the Ranking Members outline a timeline of the Trump-Musk Administration’s concerning actions at the Postal Service: 

    • On March 24, 2025, the Washington Post reported that “[r]ecent tension between DeJoy and the Trump administration over the work of the U.S. DOGE Service contributed to the White House’s antipathy toward the mail chief.”  The reporting highlighted that the former Postmaster General “refused to give [DOGE officials] broad access to agency systems, according to four people familiar with the interactions.”
    • On March 13, 2025, Members of Congress learned that Postmaster General DeJoy signed agreements with “DOGE representatives” from GSA to assist the Postal Service in “identifying and achieving further efficiencies.”
    • On February 20, 2025, further reporting indicated that President Trump was preparing to fire the bipartisan Postal Board of Governors and unlawfully “merge” the Postal Service into the Commerce Department, “potentially throwing the 250-year-old mail provider and trillions of dollars of e-commerce transactions into turmoil.”
    • On December 14, 2024, the Washington Post reported that President Trump was considering actions to privatize the Postal Service.  

    “Based on the chaos left in DOGE’s wake, we have reason to believe that any DOGE effort to restructure the Postal Service could have a detrimental effect on the American people—jeopardizing the timely delivery of life-saving medications, mail-in ballots, important financial documents, and personal letters, especially in rural or less-profitable areas that the private sector does not serve,” concluded the Ranking Members.

    In his final public statement as Postmaster General, Mr. DeJoy highlighted that the Governors are working to appoint a permanent successor.  While the President seeks to consolidate power into the executive branch, federal law defines the Postal Service as an independent agency and requires the Postal Board of Governors—not the President—to appoint the Postmaster General.

    Click here to read the letter to the Board of Governors Chair Amber F. McReynolds.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Florida Hurricane Recovery DR-4834-FL RU-033

    Source: US Federal Emergency Management Agency

    Headline: Florida Hurricane Recovery DR-4834-FL RU-033

    Florida Hurricane Recovery DR-4834-FL RU-033

    Florida Hurricane Recovery   Marc  31, 2025 (Distributed on Mondays) Key MessagesMore than 1,100 FEMA staff are on the ground in Florida to help survivors recover from Hurricanes Milton, Helene and Debby

     FEMA will continue to process applications, receive and manage appeals, conduct inspections and assist applicants and local officials with questions and information about recovery programs

    FEMA may call Floridians who applied for disaster assistance from unknown phone numbers

    It is important to answer these calls

    Survivors should return any missed phone calls

    Survivors who applied for FEMA assistance should continue to stay in touch with the agency to update their application

    Missing or outdated information could result in delays

    Homeowners and renters can update their contact information online at DisasterAssistance

    gov,by using the FEMA App or by phone at 800-621-3362

     Lines are open every day and help is available in most languages

    Hazard Mitigation Community Education Outreach FEMA Mitigation staff are onsite at big box stores to help homeowners learn ways to build back stronger against future storms

    These specialists can offer free improvement tips and proven methods for rebuilding in a way that can lessen damage from future disasters

    Insurance specialists are also available to answer NFIP questions

    As of March 31, the state of Florida has removed more than 36 million cubic yards of debris

    FEMA specialists will be available from March 27 through April 5 from 8:00 a

    m

    to 4:30 p

    m

    ET, Monday – Friday and on Saturday from 8:00 a

    m

    to 2:30 p

    m

    ET, at the following location:Charlotte County: Home Depot, 12621 McCall Road, Port Charlotte, FL 33981FEMA specialists will be available from March 31 through April 12 from 8:00 a

    m

    to 4:30 p

    m

    ET, Monday – Friday and on Saturday from 8:00 a

    m

    to 2:30 p

    m

    ET, at the following location:Lee County: Lowe’s, 285 SW 25th Lane, Cape Coral, FL 33914Debris RemovalAppealsSurvivors who applied for FEMA assistance will receive a decision letter in the mail or via email

    If survivors disagree with the decision about their eligibility, they can appeal within 60 days from the date on that letter

      If survivors have questions about their letter or how to appeal, they can call the FEMA Helpline at 800-621-3362

     FraudWe encourage survivors to be aware of fraud and scams and report any suspicious activity to local authorities

    For more information, visit: Be Alert to Fraud After Florida Hurricanes | FEMA

    govIndividual AssistanceAs of March 31, FEMA has approved a total of more than $1

    5 billion to help Floridians with losses from Milton, Helene and Debby, including: $734

    3 million approved for Hurricane Milton $753

    7 million approved for Hurricane Helene $56

    8 million approved for Hurricane DebbyFEMA may provide financial assistance to help displaced survivors rent temporary housing

     FEMA Rental Assistance is intended to cover the monthly rent amount, which may include a security deposit, at a place other than a damaged home

    The rental can be near the survivor’s job, home, school and place of worship

    The assistance may include essential utilities such as gas, oil, trash, sewer, electricity, and water, but not cable or Internet

    Public AssistanceFEMA has obligated over $1 billion in Public Assistance funds to aid Florida’s recovery from Hurricane Milton

     In just over two months from the date Hurricane Milton was presidentially declared, Public Assistance was able to obligate more than $1 billion to the state of Florida – something that has never been done before in Florida

    This rapid response highlights the partnership with the State of Florida to aid local governments’ efforts to help communities recover

    Milton: Category A (Debris) total obligated: $338,280,729      Milton: Category B (Emergency Protective Measures) total obligated: $647,677,699Helene: Category A (Debris) total obligated: $86,995,225       Helene: Category B (Emergency Protective Measures) total obligated: $348,183,066National Flood Insurance ProgramAs of March 31, NFIP has paid $6

    6 billion in claims to 60,884 claimants from Milton, Helene and Debby

    NFIP Information available online at https://www

    floodsmart

    gov/

    U

    S

     Small Business AdministrationDR-4806DR-4828DR-4834Applications: 1,949Applications: 21,361Applications: 44,612Dollars Approved: $39,401,071Dollars Approved: $758,941,081Dollars Approved: $672,442,659Additional ResourcesActivate Hope: Displaced survivors can apply for State Non-Congregate Sheltering by visiting the Activate Hope website at hopeflorida

    com and filling out the Assistance Request Form or by calling the Hope Florida support line at 833-GET-HOPE (833-438-4673)

    Florida 211: Whether it’s a natural or human-caused disaster, a mental health issue, searching for job training or a food pantry, Florida 211 connects people to help, with a caring human on the other end of the phone

    It’s a go-to, 24/7 free resource that can connect you with a wide range of social services and resources, including food, housing, utilities payment assistance, health care, transportation, childcare, employment opportunities, mental health crises, disaster information and assistance, and more

    FDEM Statewide Debris Dashboard: Debris Survey Results (Milton)

    Clean & Sanitize: FEMA may be able to provide up to $300 in one-time financial assistance to help with cleanup

     Clean and Sanitize Assistance | FEMA

    gov

    Multi-Agency Resource Centers: Florida Division of Emergency Management and local communities are operating these centers to assist residents with storm recovery

    FEMA specialists are available at most centers

     U

    S

    Department of Agriculture/Farm Services Agency: emergency_disaster_designation_declaration_process-factsheet

    pdf  FEMA & Citizenship: You or a member of your household must be U

    S

    citizen, non-U

    S

    citizen national or qualified non-citizen to qualify for FEMA assistance

    FEMA Rumor Response: Know what’s true and what isn’t

     Hurricane Rumor Response | FEMA

    govSmall Business Hurricane Recovery Grant Program FAQs | U

    S

    Chamber of Commerce FoundationMental health resources for Floridians For help with cleanup: Call 833-GET HOPETips for Mold CleanupFlorida Division of Emergency Management Updates: floridadisaster

    org/disaster-updates/storm-updates/Disaster Legal Hotline: 833-514-2940 
    lindsay

    tozer
    Mon, 03/31/2025 – 18:04

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Announces Six Appointments to Various Boards and Commissions, Fills One County Office Vacancy

    Source: US State of Missouri

    MARCH 31, 2025

    Jefferson City — Today, Governor Mike Kehoe announced six appointments to various boards and commissions and the appointment of the Andrew County Circuit Clerk.

    Tannah Buhman, of St. Joseph, was appointed as the Andrew County Circuit Clerk.

    Ms. Buhman is currently serving as the interim circuit clerk for the Andrew County Circuit Court having been appointed by the Presiding Judge after a year as deputy court clerk. She previously worked as a patient care representative for Mosaic Life Care in St. Joseph, Missouri, and holds certifications as a Certified Nurse Assistant and Certified Medication Technician.

    Paul Fitzwater, of Potosi, was appointed to the Missouri Sentencing Advisory Commission.

    Mr. Fitzwater currently serves as a member of the Board of Probation and Parole and is a former state representative for Iron, Washington, Wayne, and Reynolds counties. Before entering public service, he owned and operated Fitzwater and Son Concrete Contracting. Fitzwater is also a retired teacher and coach with nearly 30 years of experience in education. He is an active member of several organizations including the National Rifle Association and the Chamber of Commerce. Mr. Fitzwater earned his bachelor’s degree in education from Tarkio College.

    Matthew Haase, of Kansas City, was appointed to the Jackson County Sports Complex Authority.

    Mr. Haase is currently the director of strategic relations for Kansas City University, having previously served as the senior director of external relations at the University of Missouri-Kansas City. Haas dedicated 18 years to public service under the leadership of former U.S. Senator Roy Blunt as a senior legislative assistant in his congressional office and later as a state director in his Senate office. He was appointed to the 16th Circuit Judicial Commission by Governor Parson and currently serves on the Local Investment Commission. Mr. Haase earned his Bachelor of Science in Economics from Missouri State University in Springfield.

    Steven Oslica, of St. Louis, was appointed to the Missouri Community Service Commission.

    Mr. Oslica is a business consultant based in St. Louis. He previously served as executive director of the Hawthorn Foundation for Missouri, which helps to fund the sitting governor’s economic development priorities and assists in improving state operation efficiencies. His career includes over 30 years in oil and gas construction materials as a global marketing director for Pittsburgh Corning Corporation and the director of international business for H.B. Fuller. Osclica currently serves on the Board of Trustees for Culver-Stockton College and Board of Advisors for Love the Lou. Mr. Oslica earned his bachelor’s degree in history and political science from Culver-Stockton College.  

    Victor Pasley, of Columbia, was reappointed to the Lincoln University Board of Curators.

    Mr. Pasley retired from Xerox Corporation in 2010 after a 32-year career as a member of its executive team. Prior to his corporate career, he worked as an instructor and assistant principal in Elgin Public Schools and served as a Captain in the United States Army, including a tour of duty in Vietnam. He has served on the Lincoln University Board of Curators since 2019. Mr. Pasley earned a Bachelor of Science in Education from Lincoln University, a Master of Science in Education from Northern Illinois University, and completed the Professional Management Development Program at Harvard Business School.

    Richard Popp, of Tebbetts, was reappointed to the Lincoln University Board of Curators.

    Mr. Popp is a retired Executive Vice President of Central Bank, where he was employed for 37 years. He is a member of the Missouri Bar Association and Jefferson City Chamber of Commerce. Mr. Popp has served as a member of the Lincoln University Board of Curators for six years. He holds two degrees from the University of Missouri: accounting and plant science. He also earned his Juris Doctor from Harvard Law School in 1977.

    John M. Raines, of Senath, was appointed to the University of Missouri Board of Curators.

    Mr. Raines’ leadership in agriculture and food spans nearly four decades, most recently retiring as president of TELUS Ag & Consumer Goods. Prior to TELUS, Raines served as the chief commercial officer at The Climate Corporation, now part of Bayer, a leading global provider of agricultural products. Raines serves on the board of directors for several companies including FMC Corporation, Sydenstricker Nobbe Partners, and TPNB Bank, as well as the advisory board for the University of Missouri Fisher Delta Research, Extension and Education Center. He earned a Bachelor of Science in Agriculture from the University of Missouri in Columbia.

    ###

    MIL OSI USA News –

  • MIL-OSI: AleAnna, Inc. Reports Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Series of Milestones, Including Public Listing, Were Achieved in 2024; Longanesi First Gas Production Has Been Achieved

    Fiscal Year 2024 and Recent Company Highlights:

    • Gas production at Longanesi has commenced as of March 13, 2025
    • Between March 2024 and July 2024, AleAnna successfully completed three separate strategic acquisitions of renewable natural gas (“RNG”) plant projects in Italy for aggregate consideration of approximately $9.7 million, which generated $1.4 million in electricity production revenue in 2024
    • On December 13, 2024, AleAnna completed its de-SPAC transaction and became publicly traded on Nasdaq under the ticker symbol “ANNA”
    • AleAnna ended fiscal year 2024 with approximately $28.3 million in cash and cash equivalents

    DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — AleAnna, Inc. (“AleAnna” or the “Company”) (NASDAQ: ANNA) today reported results for fiscal year 2024. Fiscal year 2024 was a transformative year for the Company, highlighted by the successful completion of our de-SPAC public listing transaction. AleAnna also launched its RNG asset acquisition program to expand the Company’s renewable energy portfolio. At year-end, AleAnna had $28.3 million in cash and cash equivalents, providing a solid foundation to advance its strategic initiatives.

    More recently, in March 2025, AleAnna and its operating partner Padana reached a major milestone with the commencement of production at the Longanesi field, marking a significant step forward for the Company.

    Management Commentary

    Marco Brun, Chief Executive Officer, reflected on AleAnna’s milestone year and recent achievements: “2024 was a pivotal year for AleAnna as we successfully completed our de-SPAC transaction and became a publicly traded company. We also strengthened our position in Italy’s renewable natural gas sector with strategic acquisitions and secured a long-term gas sales agreement with Shell Energy Europe.

    “As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy. We remain committed to driving sustainable energy development while delivering value to our shareholders.”

    About AleAnna

    AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and fourteen new natural gas exploration projects planned this decade, AleAnna plays a pivotal role in Italy’s energy transition. Italy’s extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna’s commitment to sustainability. AleAnna’s RNG projects’ portfolio includes three plants under development and almost 100 projects representing approximately €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

    Forward-Looking Statements

    The information included herein 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. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on AleAnna’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna’s control. AleAnna’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under “Risk Factors” in AleAnna’s definitive proxy statement/prospectus filed by AleAnna with the SEC on November 21, 2024, as well as general economic conditions; AleAnna’s need for additional capital; risks associated with the growth of AleAnna’s business; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna’s expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC’s website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

    Investor Relations Contact
    Bill Dirks
    wkdirks@aleannagroup.com

    Website
    https://www.aleannainc.com/

    ALEANNA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

      For the Year Ended December 31,  
      2024     2023  
               
    Revenues $ 1,420,030     $ –  
               
    Operating expenses:          
    Cost of revenues $ 1,043,174     $ –  
    General and administrative   6,264,087       5,634,150  
    Depreciation   133,516       –  
    Accretion of asset retirement obligation   133,239       133,239  
    Business Combination transaction expenses   8,398,653       –  
    Total operating expenses   15,972,669       5,767,389  
               
    Operating loss   (14,552,639 )     (5,767,389 )
               
    Other income (expense):          
    Interest and other income (expense)   1,948,281       (102,041 )
    Change in fair value of derivative liability   173,177       708,869  
    Total other income (expense)   2,121,458       606,828  
    Net loss $ (12,431,181 )   $ (5,160,561 )
    Deemed dividend to Class 1 Preferred Units redemption value   (155,423,177 )     (53,219,200 )
    Net loss attributable to noncontrolling interests   87,511       –  
    Net loss attributable to Class A Common stockholders or holders of Common Member Units $ (167,766,847 )   $ (58,379,761 )
               
    Other comprehensive income (loss)          
    Currency translation adjustment   (1,548,154 )     218,908  
    Comprehensive loss   (13,979,335 )     (4,941,653 )
    Comprehensive loss attributable to noncontrolling interests   87,511       –  
    Total comprehensive loss attributable to Class A Common stockholders $ (13,891,824 )   $ (4,941,653 )
               
    Weighted average shares of Class A Common Stock outstanding, basic and diluted   38,286,170       31,643,646  
    Net loss per share of Class A Common Stock, basic and diluted $ (4.38 )   $ (1.84 )

    ALEANNA, INC.
    CONSOLIDATED BALANCE SHEETS
    AS OF DECEMBER 31, 2024 AND 2023

      December 31, 2024     December 31, 2023  
    ASSETS          
    Current Assets:          
    Cash and cash equivalents $ 28,330,159     $ 6,759,265  
    Accounts receivable   1,225,297       –  
    Prepaid expenses and other assets   1,666,155       27,485  
    Total Current Assets   31,221,611       6,786,750  
               
    Non-current assets:          
    Natural gas and other properties, successful efforts method   33,979,014       22,480,830  
    Renewable natural gas properties, net of accumulated depreciation of $132,094   9,296,039       –  
    Value-added tax refund receivable   6,845,030       4,425,353  
    Operating lease right-of-use assets   1,744,897       –  
    Total Non-current Assets   51,864,980       26,906,183  
    Total Assets $ 83,086,591     $ 33,692,933  
               
    LIABILITIES AND EQUITY          
    Current Liabilities:          
    Accounts payable and accrued expenses $ 2,204,208     $ 1,053,819  
    Related party payables   –       525,276  
    Lease liability, short-term   163,865       –  
    Derivative liability, at fair value   –       173,177  
    Total Current Liabilities   2,368,073       1,752,272  
               
    Non-current Liabilities:          
    Asset retirement obligation   4,375,919       4,242,680  
    Lease liability, long-term   1,579,443       –  
    Contingent consideration liability, long-term   24,994,315       26,482,682  
    Total Non-current Liabilities   30,949,677       30,725,362  
    Total Liabilities   33,317,750       32,477,634  
               
    Commitments and Contingencies (Note 6)          
               
    Temporary Equity:          
    Class 1 Preferred Units, no par value, 43,611 units authorized, issued and outstanding; liquidation preference $152,637,776 as of December 31, 2023   –       152,464,599  
               
    Stockholders’ and Members’ Equity:          
    Class A Common Stock, par value $0.0001 per share, 150,000,000 shares authorized, 40,560,433 shares issued and outstanding as of December 31, 2024   4,056       –  
    Class C Common Stock, par value $0.0001 per share, 70,000,000 shares authorized, 25,994,400 shares issued and outstanding as of December 31, 2024   2,599       –  
    Additional paid-in capital   226,722,424       –  
    Accumulated other comprehensive loss   (5,803,378 )     (4,859,933 )
    Accumulated deficit   (191,047,953 )     (146,389,367 )
    Noncontrolling interest   19,891,093       –  
    Total Equity (Deficit)   49,768,841       (151,249,300 )
    Total Liabilities and Equity $ 83,086,591     $ 33,692,933  
               

    The MIL Network –

  • MIL-OSI: Binah Capital Group Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Grew Total Revenue 8% Year-over-Year to $45 Million in the Fourth Quarter 2024 –

    – Assets Under Management (“AuM”) Increased 13% Year-over-Year to $27 Billion –

    – GAAP Net Loss of $1.1 Million in the Fourth Quarter –

    – Grew Adjusted EBITDA*43% Year-Over-Year to $2.0 Million in the Fourth Quarter –

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, Inc. (“Binah”, “Binah Capital” or the “Company”) (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, today announced results for the quarter and year ended December 31, 2024.

    “As we celebrate the one-year anniversary of our successful public listing, we’re pleased to deliver our 2024 fourth quarter results,” stated Craig Gould, Chief Executive Officer of Binah Capital Group. “Beyond our solid financial performance, we’ve accomplished several key milestones over the past year: closing of the business combination, forming Binah Capital Group, Inc. and listing on the NASDAQ, successful recruiting efforts, significantly reducing our cost of funding through the successful refinancing of our senior credit facility at favorable terms, and maintaining a mature and stable business despite ongoing market volatility.”

    “Looking ahead, we are off to a strong start in 2025, with a robust acquisition and recruiting pipeline. We continue to uncover many significant opportunities to onboard additional new businesses as we execute on our external growth strategy. Moreover, our hybrid-friendly business model, coupled with the favorable market for opportunities in our sector, we believe positions us well to deliver profitable, long-term growth as we work to create significant value for our shareholders.”

    ________________________________
    *Non-GAAP Financial Measures. Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in the judgement of management significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. See the section captioned the “Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.

    Fourth Quarter 2024 Key Highlights Compared to Prior Year Period

    • Total advisory and brokerage assets in the fourth quarter grew 13% year-over-year to $27 billion.
    • Total revenue increased 8% year-over-year to $45 million.
    • Gross profit of $8.5 million, compared to $9.0 million in the prior year period.
    • Total operating expenses were $9.6 million, compared to $7.8 million in the prior-year period. The change in operating expenses was primarily due to costs related to the re-financing of senior credit facility and public company operating expenses incurred in the fourth quarter but not incurred in the prior year.
    • GAAP net loss of $1.1 million, compared to GAAP net loss of $1.1 million in the prior year.
    • Adjusted EBITDA* grew 43% year-over-year to $2.0 million, which was primarily attributable to revenue growth, partially offset by higher expenses.

    Full Year 2024 Key Highlights Compared to 2023

    • Total revenue rose 1% year-over-year to $169 million.
    • Gross profit increased 1% year-over-year to $32 million.
    • Total operating expenses were $35 million, compared to $31 million in the prior-year. The change was primarily driven by costs related to the successful business combination, refinancing and public company related costs occurred in 2024 but were not incurred in 2023.
    • GAAP net loss of $5.3 million, compared to GAAP net income of $0.6 million in the prior year.
    • Adjusted EBITDA* of $6.3 million, compared to Adjusted EBITDA of $8.4 million in the prior year.
    • Further optimized the balance sheet through the successful refinance of its $20.0 million senior notes at more favorable terms than the prior facility.

    Liquidity and Capital

    The Company had cash and cash equivalents of $8 million and outstanding long-term debt of $25 million, as of December 31, 2024.

    _______________
    * See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

    About Binah Capital Group

    Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

    For more, please visit: www.binahcap.com

    Contact:

    Binah Capital Investor Relations
    ir@binahcap.com

    Binah Capital Public Relations
    media@binahcap.com

    Non-GAAP Financial Measure

    EBITDA and Adjusted EBITDA are non-GAAP financial measures, defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. The principal limitations of EBITDA and Adjusted EBITDA are that they exclude certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA and Adjusted EBITDA are subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA and Adjusted EBITDA. A reconciliation of Adjusted EBITDA to Net income attributable to Binah Capital, the most directly comparable GAAP measure, and Adjusted EBITDA to EBITDA appears below.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Binah. Forward-looking statements include, but are not limited to statements regarding: Binah’s financial and operational outlook; Binah’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Binah’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

    While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah’s control environment, including the identification of control deficiencies.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Binah with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Binah cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Binah assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Binah does not give any assurance that it will achieve its expectations.

    Binah Capital Group Consolidated Balance Sheet

     
    BINAH CAPITAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    DECEMBER 31, 2024 AND 2023
     
    (in thousands, except share amounts)
                   
        2024   2023
    ASSETS              
    Assets:              
    Cash, cash equivalents and restricted cash   $ 8,486     $ 7,621  
    Receivables, net:              
    Commissions receivable     9,198       8,220  
    Due from clearing broker     873       631  
    Other     938       1,587  
    Property and equipment, net     599       974  
    Right of use assets     3,730       4,332  
    Intangible assets, net     1,021       1,580  
    Goodwill     39,839       39,839  
    Other assets     1,993       2,626  
                   
    TOTAL ASSETS   $ 66,677     $ 67,410  
                   
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
                   
    Liabilities:              
    Accounts payable, accrued expenses and other liabilities   $ 10,208     $ 9,082  
    Commissions payable     11,468       10,676  
    Operating lease liabilities     3,820       4,381  
    Notes payable, net of unamortized debt issuance costs of $739 and $645 as of December 31, 2024 and 2023, respectively     19,561       20,822  
    Promissory notes-affiliates     5,442       12,177  
    Due to members     —       5,169  
                   
    TOTAL LIABILITIES     50,499       62,307  
                   
    Mezzanine Equity:              
    Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,555,000 shares outstanding at December 31, 2024     14,947       —  
    Stockholders’ Equity and Members’ Equity:              
    Series B Convertible Preferred Stock, par value $0.0001, 500,000 shares authorized, 150,000 shares outstanding at December 31, 2024     1,500       —  
    Common stock, $0.0001 par value, 55,000,000 authorized, 16,602,460 issued and outstanding at December 31, 2024     —       —  
    Additional paid-in-capital     22,984       —  
    Accumulated deficit     (23,253 )     —  
    Members’ Equity attributed to Legacy BMS Management Services LLC     —       5,103  
    Total Stockholders’ Equity, Mezzanine Equity and Members’ Equity Attributable to BMS Management Services LLC     16,178       5,103  
                   
    TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY   $ 66,677     $ 67,410  
                     

    Binah Capital Group Consolidated Statement of Operations

     
    BINAH CAPITAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
    (in thousands, except per share amounts)
                 
        2024   2023
    Revenues:            
    Revenue from Contracts with Customers:            
    Commissions   $ 139,452     $ 138,191  
    Advisory fees     24,939       21,668  
    Total Revenue from Contracts with Customers     164,391       159,859  
    Interest and other income     4,512       8,096  
                 
    Total revenues     168,903       167,955  
                 
    Expenses:            
    Commissions and fees     136,932       136,169  
    Employee compensation and benefits     15,544       13,385  
    Rent and occupancy     1,150       1,189  
    Professional fees     6,971       4,709  
    Technology fees     1,292       2,457  
    Interest     4,026       5,119  
    Depreciation and amortization     1,019       1,216  
    Other     5,116       3,225  
                 
    Total expenses     172,050       167,469  
                 
    (Loss) income before provision for income taxes     (3,147 )     486  
                 
    Provision (benefit) for income taxes     1,415       (85 )
                 
    Net (loss) income   $ (4,562 )   $ 571  
                 
    Net income attributable to Legacy BMS Management Services LLC members     730       —  
                 
    Net loss attributable to Binah Capital Group, Inc.   $ (5,292 )     —  
                 
    Net loss per share basic and diluted   $ (0.32 )     —  
                 
    Weighted average shares basic and diluted     16,593       —  
                     

    Binah Capital Group Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

    EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus non-recurring costs related to our business combination as well as re-financing the senior credit facility costs. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP.

    Below is a reconciliation of net income to EBITDA and EBITDA to Adjusted EBITDA for the periods presented (in millions):

        For the Years Ended December 31,
    EBITDA Reconciliation   2024   2023
    Net (loss) income   $ (4.6 )   $ 0.6  
    Interest expense     4.0       5.1  
    (Benefit) Provision for income taxes     1.4       (0.1 )
    Depreciation and amortization     1.0       1.2  
    EBITDA   $ 1.9     $ 6.8  
    Business combination and re-financing costs     4.4       1.6  
    Adjusted EBITDA   $ 6.3     $ 8.4  
                     

    The MIL Network –

  • MIL-OSI Economics: WTO members make progress in revitalizing trade and development work

    Source: WTO

    Headline: WTO members make progress in revitalizing trade and development work

    Members examined special and differential treatment provisions across WTO agreements based on an analysis by the WTO Secretariat. Welcoming insights from the WTO Secretariat, members called for further examining other provisions. It was noted that special and differential treatment provisions were an integral part of WTO rules designed to help developing economies participate more fully in global trade.
    Members also continued debating the relevant WTO rules under which the Gulf Cooperation Council (GCC) Customs Union could be considered. They welcomed the WTO Secretariat’s note on this issue and will continue exploring how to consider this trading arrangement.
    The WTO’s Institute for Training and Technical Cooperation provided an update on the financial situation of the Global Trust Fund, which finances WTO-led training programmes for government officials from developing economies to help them participate in international trade. It also talked about preparations for the next technical assistance plan for 2026 and 2027. Members called for innovative solutions for the delivery of technical assistance and said they would consider exploring additional support depending on needs expressed by beneficiaries.
    Members also continued debating the relevant WTO rules under which the Gulf Cooperation Council (GCC) Customs Union could be considered. They welcomed the WTO Secretariat’s note on this issue and will continue exploring ways of considering this trading arrangement.
    The WTO’s LDC Group updated members on their request to resume preparations for the duty-free and quota-free market access for LDCs report. The objective is to facilitate the annual review of the steps members are taking to provide LDCs with market access free of duties and quotas. Members noted that consultations are ongoing with interested delegations to find a way forward.
    The Committee on Trade and Development considered two requests from India on improving the functioning of the Committee and on the Work Programme on Electronic Commerce. Members will continue informal consultations on these requests.
    Members also considered the Economic Complementarity Agreement between Argentina and Mexico based on the WTO Secretariat’s factual presentation.
    Members elected Ambassador Mzukisi Qobo of South Africa as the chair of the Committee on Trade and Development and re-elected Ambassador Ib Petersen (Denmark) as chair of the Sub-Committee on Least- Developed Countries.
    Small economies
    Members welcomed the WTO Secretariat report entitled “Challenges and opportunities for small economies in using e-commerce and digital ecosystem to drive competitiveness” on 27 March.
    “Many small and vulnerable economies still face high costs to access the internet, inadequate digital infrastructure and gaps in digital literacy, all of which hinder their ability to participate effectively in the global digital economy,” said Ana Libertad Guzman Villeda from Guatemala, which coordinates the Small, Vulnerable Economies. “Addressing these challenges requires targeted investments, capacity-building initiatives and policies that foster inclusive digital transformation,” she added.
    United Nations Conference on Trade and Development (UNCTAD) highlighted its work to support small economies in building their digital capacities, including several key initiatives ranging from implementation of national single windows for customs processes to upgrading e-commerce laws. The role of UNCTAD’s eTrade Reform Tracker in supporting developing economies with their e-commerce strategies was underscored. Members also drew attention to expanding coverage of UNCTAD’s eTrade Readiness Assessments, which provide a snapshot of the e-commerce ecosystem in developing economies.

    Share

    MIL OSI Economics –

  • MIL-OSI USA: Congresswoman Maxine Waters and Senator Elizabeth Warren Call for Investigation of Commerce Secretary Lutnick

    Source: United States House of Representatives – Representative Jenniffer González-Colón (Puerto Rico)

    Washington, D.C – Yesterday, Congresswoman Maxine Waters (CA-43) and Senator Elizabeth Warren (D-MA) sent a letter to the U.S. Office of Government Ethics demanding an ethics investigation into Commerce Secretary Lutnick for potentially violating federal ethics laws. This letter comes on the heels of Secretary Lutnick urging Fox News viewers to purchase Tesla Stock.

    Executive Branch employees are barred from using their public position for their own private gain. In the letter, the lawmakers highlighted several ways that Secretary Lutnick potentially violated the law. Cantor Fitzgerald is Secretary Lutnick’s family firm, and it has hundreds of millions of dollars in Tesla stock.

    “Perhaps more concerning, Cantor Fitzgerald upgraded Tesla stock to a “buy” rating the same day Mr. Lutnick urged the public to buy shares in the company. Mr. Lutnick’s apparent attempt to manipulate Tesla’s share price in a manner potentially benefiting his family’s and friend’s financial position could violate applicable ethics law,” wrote the lawmakers. 

    The lawmakers conclude that ethics officials at the Commerce Department should investigate and take any appropriate disciplinary action against Secretary Lutnick.

    Read the full letter here.

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: CFS announces food safety report for February

    Source: Hong Kong Government special administrative region

    The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (March 31) released the findings of its food safety report for last month. The results of about 4 200 food samples tested (including food items purchased online) were found to be satisfactory except for three unsatisfactory samples that were announced earlier. The overall satisfactory rate was 99.9 per cent.

    A CFS spokesman said about 1 000 food samples were collected for microbiological tests, and about 3 200 samples were taken for chemical and radiation level tests.

    The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.

    The samples comprised about 1 500 samples of vegetables and fruit and their products; about 300 samples of cereals, grains and their products; about 500 samples of meat and poultry and their products; about 600 samples of milk, milk products and frozen confections; about 500 samples of aquatic and related products; and about 800 samples of other food commodities (including beverages, bakery products and snacks).

    The three unsatisfactory samples comprised a Kudzu sample and a frozen snake meat sample detected with metallic contaminants exceeding the legal limit, and a fresh beef sample found to contain sulphur dioxide. 

    The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.

    The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.

    Separately, in response to the Japanese Government’s discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to Youth Development Commission

    Source: Hong Kong Government special administrative region

    The Government announced today (March 31) the reappointment of Mr Kenneth Leung Yuk-wai as Vice-Chairman of the Youth Development Commission (YDC) and the reappointments of 13 non-official members as well as appointments of 15 new non-official members, including five new non-official members appointed through the Member Self-recommendation Scheme for Youth, for a term of two years with effect from April 1, 2025.
     
    The Chief Secretary for Administration and Chairman of the YDC, Mr Chan Kwok-ki, said, “The YDC has been working closely with the Government to promote cross-bureau and interdepartmental collaborations to facilitate the healthy and all-round development of young people. The YDC will continue to follow through on the guiding principles of the Youth Development Blueprint to actively implement various schemes covering different areas such as youth exchanges and internships, entrepreneurship, life planning and positive thinking. I look forward to working together with all members of the new-term YDC to nurture a new generation of young people with an affection for our country and Hong Kong, and who are equipped with a global perspective, an aspiring mind-set and positive thinking.”
     
    Mr Chan also thanked the 12 outgoing members for their contribution to the YDC.
     
    The membership of the YDC with effect from April 1, 2025, is as follows:
     
    Chairman
    ——–
    Chief Secretary for Administration
     
    Vice-Chairman
    ——–
    Mr Kenneth Leung Yuk-wai
     
    Non-official members
    ——–
    Ms Chan Wing-man
    Ms Jenny Chan Yan-yee
    Mr Duncan Chiu
    Mr Albert Chuang Ka-pun
    Mr Conrad Ho
    Ms Vivian Kong Man-wai
    Mr Rex Lai Tat-shing
    Ms Amy Lam Cheuk-yin
    Mr Lawrence Lam Chi-bun
    Dr Lam Ho-yi   
    Mr Chris Lam Ka-tat
    Dr Kevin Lau Chung-hang
    Ms Charlotte Lau Hei-lam
    Mr Victor Lau Ngai
    Ms Dana Lau Sing-she
    Ms Janet Lee Ching-yee
    Mr Jacky Lee Chiu-yu
    Ms Natalie Leung Hoi-ching
    Mr John Li Zhong
    Mr Wilson Lung
    Mr Justin Ng Hin-ching
    Mr Victor Pang Wing-seng
    Mr Nicklaus Pannu-yuon
    Ms Beatrice Sun Long-ching
    Mr Patrick Tsang On-yip
    Mr Calvin Tse Hoi-fat
    Mr Tsui Ho-yin
    Ms Grace Yu Ho-wun
     
    Ex-officio members
    ——–
    Secretary for Commerce and Economic Development
    Secretary for Culture, Sports and Tourism
    Secretary for Education
    Secretary for Health
    Secretary for Home and Youth Affairs
    Secretary for Housing
    Secretary for Innovation, Technology and Industry
    Secretary for Labour and Welfare
    Secretary for Security

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for February 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (March 31).

         The value of total retail sales in February 2025, provisionally estimated at $29.4 billion, decreased by 13.0% compared with the same month in 2024. The revised estimate of the value of total retail sales in January 2025 decreased by 3.1% compared with a year earlier. For the first two months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.8% compared with the same period in 2024.

         Of the total retail sales value in February 2025, online sales accounted for 7.8%. The value of online retail sales in that month, provisionally estimated at $2.3 billion, decreased by 7.3% compared with the same month in 2024. The revised estimate of online retail sales in January 2025 increased by 2.8% compared with a year earlier.  For the first two months of 2025 taken together, it was provisionally estimated that the value of online retail sales decreased by 2.4% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in February 2025 decreased by 15.0% compared with a year earlier. The revised estimate of the volume of total retail sales in January 2025 decreased by 5.1% compared with a year earlier. For the first two months of 2025 taken together, the provisional estimate of the total retail sales decreased by 9.9% in volume compared with the same period in 2024.

         In interpreting these figures, it should be noted that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Chinese New Year. Consumer spending in the local market normally attains a seasonal high before the Festival. As the Chinese New Year fell on January 29 this year but on February 10 last year, it is more appropriate to analyse the retail sales figures for January and February taken together in making year-on-year comparison.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing the combined total sales for January and February 2025 with the same period a year earlier, the value of sales of other consumer goods not elsewhere classified decreased by 2.0%. This was followed by sales of jewellery, watches and clocks, and valuable gifts (-15.8% in value); commodities in supermarkets (-4.4%); wearing apparel (-5.4%); electrical goods and other consumer durable goods not elsewhere classified (-5.3%); commodities in department stores (-9.9%); fuels (-8.5%); motor vehicles and parts (-49.9%); footwear, allied products and other clothing accessories (-12.3%); books, newspapers, stationery and gifts (-10.9%); furniture and fixtures (-25.6%); Chinese drugs and herbs (-9.1%); and optical shops (-7.6%).

         On the other hand, the value of sales of food, alcoholic drinks and tobacco increased by 0.7% in the first two months of 2025 over the same period a year earlier.  This was followed by sales of medicines and cosmetics (+0.6% in value).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 2.0% in the three months ending February 2025 compared with the preceding three-month period, while the provisional estimate of the volume of total retail sales decreased by 4.0%.

    Commentary

         A government spokesman said that the value of total retail sales increased further in February 2025 over the preceding month on a seasonally adjusted comparison. The year-on-year decline in the value of total retail sales in February 2025 widened, partly due to the earlier arrival of Chinese New Year in late January this year as compared to mid-February last year.  Taking the first two months of 2025 together to remove this effect, the value of total retail sales saw a narrower decline on a year-on-year basis than December 2024. 

         Looking ahead, the spokesman said that the various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, the SAR Government’s proactive efforts to promote tourism and mega events, and the sustained increases in employment earnings in local labour market, would benefit the retail sector, though it would continue to face challenge from the change in consumption patterns of visitors and residents.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for January 2025 as well as the provisional figures for February 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first two months of 2025 taken together are also shown.

         Table 2 presents the revised figures on value of online retail sales for January 2025 as well as the provisional figures for February 2025. The provisional figures on year-on-year changes for the first two months of 2025 taken together are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for January 2025 as well as the provisional figures for February 2025. The provisional figures on year-on-year changes for the first two months of 2025 taken together are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents.  Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; E-mail : mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Answer to a written question – Obstacle to competition in France’s outlying territories: upholding EU law in the face of the high cost of living – P-000461/2025(ASW)

    Source: European Parliament

    Commission Regulations[1] concerning European Business Statistics define how Member States transmit Structural Business Statistics data (SBS) to Eurostat.

    Eurostat receives data for Martinique and French Guiana but not New Caledonia[2]. Validation procedures and quality checks apply to such data whatever their origin. Currently Eurostat has no special observations regarding the quality of SBS and Business Demographics data for Martinique and French Guiana.

    The Commission Notice on cooperation within the Network of Competition Authorities[3] indicates that national competition authorities are generally considered to be well placed to deal with competition matters, if the conduct at issue is implemented within its territory and has substantial, direct, actual or foreseeable effects on competition mainly within its territory[4].

    The Commission invites the Honourable Members to contact the French Competition Authority, which has long made the competitive situation in overseas territories the focus of its action[5].

    Moreover, the French Competition Authority can apply French law provisions which are aimed specifically at addressing possible restrictions to competition and the consequences thereof in overseas territories[6].

    In accordance with the Court’s settled case-law, the concept of abuse of a dominant position is an objective concept[7] to be assessed on a case-by-case basis. The Commission cannot therefore answer the question.

    • [1] Commission Regulation 2019/2152 (‘EBS Regulation’) and Regulation (EU) 2020/1197 (‘EBS General Implementing Act’).
    • [2] See https://ec.europa.eu/eurostat/databrowser/bookmark/21a2f3ed-34c1-4248-9ead-f0b330ec3bf2?lang=en and https://ec.europa.eu/eurostat/databrowser/bookmark/6161b543-46a2-4b97-8a85-c6735d7ac9a9?lang=en
    • [3] Commission Notice on cooperation within the Network of Competition Authorities, OJ C 101, 27.4.2004, p. 43-53, available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A52004XC0427%2802%29
    • [4] Commission Notice on cooperation within the Network of Competition Authorities, OJ C 101, 27.4.2004, p. 43-53, paras. 8-10.
    • [5] See, for a recent example, French Competition Authority, press release of 18 February 2025, available at: https://www.autoritedelaconcurrence.fr/fr/communiques-de-presse/saisie-par-le-gouvernement-lautorite-rendra-un-avis-sur-les-marges-des
    • [6] See, for example, Article L.752-27 of the French Commercial Code.
    • [7] See for example judgment of the Court of 25 March 2021, Deutsche Telekom AG v European Commission, C-152/19P, EU:C:2021:238, para. 41.
    Last updated: 31 March 2025

    MIL OSI Europe News –

  • MIL-OSI: SAML Announces Strategic Review and Operational Streamlining of Public Safety Businesses and Shareholder Meeting Date.

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, March 31, 2025 (GLOBE NEWSWIRE) — Samsara Luggage Inc. (OTC: SAML), a publicly traded company focused on acquiring and growing businesses in the public safety sector, today announced the streamlining of its operations to enhance efficiency and position the company for future growth. Additionally, the company is completing feasibility studies, due diligence, and/or contract negotiations on several potential acquisitions and growth initiatives.

    SAML currently operates seven public safety subsidiaries across the United States and the United Arab Emirates, along with an industrial electric vehicle (EV) business in Serbia. These businesses are undergoing efficiency and cost-reduction initiatives to better align resources and optimize cash flow while building a robust management team to support the company’s uplisting ambitions.

    Like many OTC companies, the company has faced challenges raising capital over the past two years, significantly affecting the growth and operations of its operating companies and its parent company, Ilustrato Pictures International Inc. (“ILUS”). However, ILUS believes it has a clear path to significant capital access during the next quarter. It’s anticipated that SAML will benefit greatly from improved investment, cash flow, and liquidity, allowing it to revitalize the cash-starved subsidiaries and reignite its growth and acquisition plans.

    Streamlining the Public Safety Division

    In 2024, SAML faced challenges scaling its public safety division due to the business’s capital-intensive nature and limited access to growth capital. To address these challenges, the company has implemented operational improvements to enhance cost efficiency and plans to advance previously delayed product certifications.

    “There is no beating around the bush. The last 18 months in the ERT businesses have been extremely tough, with limited access to working capital. However, we expect those days are rapidly ending as the parent company anticipates being in a stronger position to assist with working capital. We remain committed to advancing our public safety ERT businesses and positioning the company for an uplisting alongside simultaneous M&A activities. I’m expecting an exciting time, with lots of hard work bringing our visions to reality, but we are ready,” said Nicolas Link, Interim CEO of SAML.

    SAML is exploring non-cash-intensive acquisitions that can add scale and enhance the company’s market presence to supplement organic growth.

    Revitalizing the Industrial Electric Vehicle Business

    SAML’s Eraptor division, which focuses on industrial electric vehicles, will also receive renewed focus in 2025. Resource constraints in 2024 led to stalled production and R&D activities. Management aims to resume production and enhance R&D efforts to capitalize on the growing demand for innovative industrial EV solutions.

    The Eraptor business is strategically aligned with SAML’s public safety operations, sharing a similar customer base and target markets. This alignment offers opportunities for cross-sector synergies and market penetration.

    Exploring opportunities

    Over the past 36 months, the world has changed considerably in almost all areas, including but not limited to governments, costs, inflation, financing, access to capital, technology, geopolitics, energy demands, defense, remote working, and nearly every aspect of daily life. These changes have drastically altered global dynamics. For this reason, we will explore opportunities that will add value to shareholders and generate positive cash flow, focusing on areas that align with our management skill set.

    Corporate Updates

    SAML also provides the following updates regarding its corporate structure and leadership. The company had previously filed for a name change to Emergency Response Technologies Inc. and a new trading symbol (RESQ). Although the application was initially declined due to a lender relationship, the company has since resolved the matter. Management expects to refile an application after its audited 2024 financials are completed.

    Mr. John-Paul Backwell has stepped down as CEO and a Director of the Company to devote his efforts to developing Nasdaq-listed Fusion Fuel Green Plc (Nasdaq: HTOO), a corporation in which SAML’s parent entity, ILUS, maintains a substantial shareholding. Mr. Nicolas Link will temporarily assume the duties of CEO while the company recruits a new permanent CEO and Mr. Backwell will remain as an advisor to the company.

    “We will undoubtedly miss John Paul Backwell’s involvement in ERT, but he remains a part of our extended ILUS family. He remains an advisor to ERT while focusing primarily on the HTOO business. I want to thank JP for his incredible sacrifice and commitment to the ERT business and to the group, for that matter. We are actively recruiting for a CEO to lead the SAML business into the next stage,” said Nicolas Link, Chairman and Interim CEO.

    SAML notifies shareholders that it will file an NT 10-K and will file its financials late for a number of reasons, including but not limited to the following:

    • Addressing several SEC comments on its previous filings and disclosures, many of which are technical accounting issues, with numerous comments dating back to a period before our takeover.
    • There have been a number of changes within the group, including acquisitions, mergers, and share swaps. All of these have a knock-on effect in terms of accounting and consolidation that can only be completed once the subsidiaries have been audited and can be consolidated. We are mindful that we want to file the 2024 financials and any prior amendments correctly, providing a clean runway for upcoming registrations across the group. We have engaged consultants to assist with this, who have been working on it for several months.
    • In 2024, we changed auditors across the group, who are re-auditing the entire two-year period and can only complete their audits sequentially as the group finishes each part.
    • We also underwent software integration across the companies of an integrated ERP system, which naturally took time.
    • To prevent this scenario from happening again, we have hired additional accounting resources, highly experienced specialists in management within this area, and consultants with extensive PCAOB and SEC experience to ensure that we are accurate going forward.

    The team is working diligently to complete the filing as soon as possible. Management thanks shareholders for their patience and assures them that the delay is not due to any legal problems. Instead, it is for continued improvement and to address previously raised regulatory comments, allowing for smoother registration processes in the future.

    SAML will hold its annual shareholder meeting on June 20, 2025, as part of the broader ILUS group shareholder meeting, with further information to be published in due course.

    More information on the company’s progress can be found in the links below:
    Website: https://ert-international.com
    X: @ERT_ILUS
    Email: info@ert-international.com
    Source: SAML
    Related Links: https://ert-international.com

    Forward-Looking Statement

    Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission (“SEC”) has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, considering the SEC’s guidance, we encourage investors, the media, and others interested in our company to review the information we post on social & media channels.

    SOURCE: Samsara Luggage Inc.

    The MIL Network –

  • MIL-OSI: Helport AI Reports First Half Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Half Fiscal Year 2025 Revenue up 13.1% to $16.4 Million Period over Period

    Accelerating Enterprise AI Adoption Fuels Market Expansion, Unlocking New Opportunities in AI-Powered Customer Engagement

    Management to Host Conference Call Today, March 31, 2025 at 4:30 PM ET

    SINGAPORE and SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”), an AI technology company serving enterprise clients with intelligent customer communication software and services, today announced financial results for the six months ended December 31, 2024.

    First Half Fiscal Year 2025 Highlights

    • Average monthly subscribed seats were 6,469 for the six months ended December 31, 2024, representing an increase of 29.1% from 5,011 in the same period of 2023.
    • Revenue for the six months ended December 31, 2024, was $16.4 million, representing an increase of 13.1% from $14.5 million in the six months ended December 31, 2023, driven by increased enterprise adoption of AI-driven solutions.
    • Gross profit for the first half of fiscal year 2025 was $9.0 million, representing a decrease of 7.7% from $9.7 million in the first half of fiscal year 2024, as a result of continued investment in AI infrastructure and product innovation.
    • Net income was $1.1 million in the first half of fiscal year 2025, compared to $6.2 million in the first half of fiscal year 2024, representing a decrease of 82.9%, as a result of our increased investments in R&D, public company regulatory compliance costs, and global expansion expenses.
    • Net cash provided by operating activities was $3.9 million for the six months ended December 31, 2024, supporting business expansion and strategic initiatives.
    • As of December 31, 2024, there were 37,132,968 ordinary shares and 18,845,000 warrants issued and outstanding. 

    Subsequent Operational Milestones

    • As of December 2024, Helport AI Assist software is officially approved and available on Google Cloud Marketplace, allowing businesses across sectors to access Helport’s AI-driven software.
    • Successful rollout of partnership with Google by delivering AI-driven software and services to one of its US west coast government accounts. First phase completed with further collaboration underway.
    • In December 2024, Helport AI formed a strategic partnership with a US wholesale mortgage lender to offer Helport AI Assist software to its network of over 100,000 loan officers nationwide.
    • Opened new office in the Philippines in January 2025, establishing a ‘Global Center of Excellence’ to drive artificial intelligence operations and service offerings in the business process outsourcing (BPO) industry. In less than three months, headcount has grown to more than 100 workers, reflecting strong demand from customers in the region.
    • Appointed Amy Fong as President, Director, and Interim Chief Financial Officer, bringing over 25 years of experience as a seasoned professional across multiple industries, including banking, private equity, management consulting, and the not-for-profit sector.
    • Progress in the debt collection space since January 2025, having secured partnerships with three consumer financing companies in Southeast Asia, two of which are publicly listed in the U.S.
    • Since February 2025, the Company has signed partnerships with seven U.S. insurance agencies to pilot Helport AI Assist software.
    • Company to host “Investor/Analyst Day” at its North America HQ in San Diego in Q2 of 2025.

    Outlook for Second Half Fiscal Year 2025 & Beyond:

    • Revenue Growth: Accelerating revenue materialization from a robust pipeline of customers in our core sectors of insurance, mortgage sales, BPO call centers, consumer financing, and government services. Driving further expansion in the U.S. and Southeast Asia through enterprise partnerships and focused execution in these core industries.
    • Profitability & Cost Optimization: Improving AI training efficiency and cloud infrastructure to enhance margins over time.
    • AI+BPO Monetization: Expanding in-house AI + human service delivery model to facilitate new customer acquisition and rapid proof of concept. Leveraging this software plus service offering to efficiently scale user base and revenue generation across global markets.
    • Continued R&D Innovation: Investing in AI capabilities, including voice cloning, multilingual automation, and industry-specific integrations.

    Management Commentary

    “The first half of fiscal year 2025 delivered revenue growth of 13.1%, which was driven by continued enterprise adoption of AI-powered software, technology improvements, and the scaling of our international sales and operations teams,” said Guanghai Li, Chief Executive Officer of Helport AI. “During this time, we made significant investments in product development, cloud infrastructure, and international expansion, which temporarily impacted gross margins and profitability. However, we believe that these investments are essential to scaling our platform and expanding into new markets, and we maintained profitability despite these investments. Moreover, we have seen our enterprise customers increasingly leverage our AI-powered BPO solutions to drive cost efficiencies and improve customer engagement, helping differentiate ourselves as a market leader in the AI-driven customer contact space.”

    “On the technology front, our products are now comprehensively integrated with large language models (LLMs), which has been shown to enhance their ability to digest raw, unstructured information and provide smart, domain-specific applications for our growing customer base. We have also built new industry-specific knowledge bases, achieving major milestones for the Company across key sectors. Demonstrating this ability to penetrate new industries where we see vast growth potential, we have partnered with U.S.-based LendSure Mortgage Corp. (“LendSure”), a wholesale lender with a network of over 100,000 loan officers, as well as with seven insurance agencies across multiple US states. These scalable seeds represent early traction across multiple industry sectors, each of which represents significant market opportunities.”

    “Operationally, we continued to make strategic investments in our team and infrastructure to strengthen and expand our capabilities and global reach. We have established offices in the Philippines and the U.S. and are in the process of opening additional offices in North America and Southeast Asia to execute on both existing and potential demand in these regions. We also welcomed Amy Fong as President, Director, and Interim CFO. Amy is a seasoned executive who is now overseeing our finance functions, leading strategy across capital markets, partner and customer development, and global operations.”

    “Looking ahead to the second half of fiscal year 2025, we are building on our foundation and doubling down on strategic initiatives to accelerate revenue growth and enhance profitability. We are deepening penetration in what we anticipate will be high-growth markets, specifically North America and Southeast Asia. As demonstrated with our recent customer acquisitions across mortgage, insurance, and debt collection, we are tailoring our AI-powered solutions for industry-specific needs, aiming to expand adoption among BPOs, financial services, and public sector industries. We are driving monetization and acceleration of our AI+BPO offering, which has seen noteworthy demand in new segments such as consumer financing, which we expect will allow us to capture greater market share in AI-driven customer engagement solutions.”

    “We will continue to prioritize R&D investments and building next-generation AI products that further differentiate Helport AI in the market. We are also focusing on cost efficiencies, including optimizing AI training costs and cloud infrastructure, and improving unit economics per deployment, to strengthen profitability and deliver long-term value to our shareholders,” concluded Li.

    Financial Review for the Six Months Ended December 31, 2024 and 2023

    Revenue

    During the six months ended December 31, 2024 and 2023, all of our revenue was derived from AI services. Revenue increased by approximately US$1.9 million, or 13.1%, from US$14.5 million for the six months ended December 31, 2023 to US$16.4 million for the six months ended December 31, 2024. The increase was primarily attributable to the average monthly subscribed seats, which grew from 5,011 for the six months ended December 31, 2023 to 6,469 for the six months ended December 31, 2024. The growth was driven by (i) our efforts in continuous optimization and development in our service offerings and software platform, (ii) our abilities to improve overall cost performance for customers in their business management process, and (iii) the growing demand for AI software in the professional technology services market. During the first half of FY2025, the Company entered the U.S. market and secured several customers, demonstrating initial business traction and expansion potential.

    Cost of Revenue

    Cost of revenue primarily consists of amortization of software, payments to a third-party service provider for outsourced operations, as well as cloud infrastructure costs. Cost of revenue related to AI services increased by approximately US$2.6 million, or 55.2%, from US$4.8 million for the six months ended December 31, 2023 to US$7.4 million for the six months ended December 31, 2024, mainly due to the corresponding rise in outsourced operation costs as revenue increased. The growth rate of cost of revenue is proportionally higher than that of revenue, primarily due to investments required to serve new markets and customers. These investments enable us to enhance our product and service offerings with differentiated, competitive technology—particularly through the development of industry-specific application scenarios. These tailored solutions are essential for entering new sectors such as insurance, mortgage sales, and government services, as well as for localizing our platform to meet the regulatory and operational demands of new geographic regions like North America and Southeast Asia.

    Gross Profit

    As a result of the foregoing, we recorded gross profit of US$9.0 million and US$9.7 million for the six months ended December 31, 2024 and 2023, respectively. This reduction of gross profit margin from 67.0% to 54.6% is the result of the aforementioned elevated amortization costs from software R&D, increased outsourcing operation fees, and expanded cloud infrastructure, which we believe are necessary for our future growth and profitability.

    Selling and Marketing Expenses

    Our selling and marketing expenses increased by 953.0% from US$50,214 for the six months ended December 31, 2023 to US$528,746 for the six months ended December 31, 2024, which was mainly due to (i) the increase of payroll expenses of US$303,050, primarily driven by the establishment and ramp-up of dedicated sales and marketing teams in our U.S. subsidiary; and (ii) the increase of share-based compensation expense of US$121,800, resulting from share grants under the Company’s 2024 Equity Incentive Plan. The U.S. team expansion is part of our broader international growth strategy, aimed at strengthening our presence in North America—a key strategic market. As part of this effort, we significantly expanded our U.S. office presence, increasing headcount to support go-to-market execution, client onboarding, business development, and marketing in the region. In February 2024, we established the U.S. team, and by December 2024, it had expanded to twenty-two staff, among whom eight were engaged in selling and marketing activities.

    General and Administrative Expenses

    Our general and administrative expenses increased by 125.2% from US$2.0 million for the six months ended December 31, 2023 to US$4.6 million for the six months ended December 31, 2024, which was primarily attributable to: (i) an increase of US$1.5 million in professional service fees such as advisory fees, audit fees and legal fees for overseas listing; (ii) an increase of US$0.4 million in insurance expenses; (iii) an increase of US$0.2 million in payroll expenses resulting from the expansion of the management team’s headcount; and (iv) an increase of US$0.2 million in withholding tax incurred from 10% withholding tax on AI services provided to our customers in China.

    Research and Development Expenses

    Our research and development expenses increased by US$1.3 million from US$78.8 thousand for the six months ended December 31, 2023 to US$1.4 million for the six months ended December 31, 2024. The increase was attributable to an additional US$0.8 million in AI training service fees and US$0.3 million in product development fees incurred during the six months ended December 31, 2024, allowing us to better differentiate and diversify our product and services offerings with competitive technologies, especially as they relate to the development of industry-specific application scenarios.

    Financial Expenses, net

    Our financial expenses, net increased from US$19,162 for the six months ended December 31, 2023 to US$312,437 for the six months ended December 31, 2024, primarily due to an increase in foreign exchange loss of US$266,669 and the increase in interest expenses accrued for convertible promissory notes and the loan from a third party of US$22,139.

    Income Tax Expenses

    As a result of our operating income position for the six months ended December 31, 2024 and 2023, we incurred income tax expenses of US$0.7 million and US$1.3 million for the six months ended December 31, 2024 and 2023, respectively.

    Net Income

    As a result of the foregoing, our net income decreased by US$5.1 million, or 82.9%, from US$6.2 million for the six months ended December 31, 2023 to US$1.1 million for the six months ended December 31, 2024. The decrease in net income was mainly due to a US$2.6 million increase in general and administrative expenses, a US$1.4 million increase in research and development expenses, and a US$0.7 million decrease in gross profit.

    Liquidity and Capital Resources

    Cash was $0.9 million as of December 31, 2024, as compared to $0.1 million on December 31, 2023. We had a positive working capital of $7.6 million and $10.6 million as of December 31, 2024 and June 30, 2024, respectively. Our liquidity is based on our ability to enhance our operating cash flow position and obtain financing from equity and debt investors to fund our general operations and capital expenditure. Our ability to further enhance our liquidity depends on management’s ability to execute our business plan successfully, which includes optimizing accounts receivable collection and striking a balance between revenue growth and investments in R&D activities.

    Use of Non-GAAP Financial Measures

    We consider adjusted net income, a non-GAAP financial measure, as a supplemental measure to review and assess our operating performance. We define adjusted net income for a specific period as net income in the same period excluding share-based compensation expenses and changes in fair value of warrant liabilities.

    We present this non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Accordingly, we believe that adjusted net income helps identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that are included in net income and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. We also believe that the use of the non-GAAP financial measure facilitates investors’ assessment of our operating performance, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision making.

    The non-GAAP financial measure should not be considered in isolation from or construed as an alternative to its most directly comparable financial measure prepared in accordance with GAAP. Investors are encouraged to review the historical non-GAAP financial measure in reconciliation to its most directly comparable GAAP financial measure. As the non-GAAP financial measure has material limitations as an analytical metric and may not be calculated in the same manner by all companies, such measure may not be comparable to other similarly titled measure used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measure as a substitute for, or superior to, its most directly comparable financial measure prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    The following table reconciles our adjusted net income for the periods indicated to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is net income.

      For the six months ended
    December 31,
      2024   2023
    Net income $ 1,066,894   $ 6,243,606
    Add:          
    Share-based compensation expenses   223,933     –
    Change in fair value of warrant liabilities   336,136     –
    Total $ 1,626,963   $ 6,243,606


    First Half Fiscal Year 2025 Financial Results Conference Call

    Guanghai Li, Chief Executive Officer, and Amy Fong, President and Interim Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    Date: Monday, March 31, 2025
    Time: 4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time
    Toll-free dial-in number: 1-800-274-8461
    International dial-in number: 1-203-518-9814
    Conference ID (Required for Entry): HELPORT

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

    The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1712485&tp_key=f52524cadf and via the investor relations section of the Company’s website here.

    A replay of the webcast will be available after 9:30 p.m. Eastern Time through July 1, 2025.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 11158521


    About Helport AI Limited

    We are a global AI technology company serving enterprise clients with intelligent customer communication software and services. Our proprietary software offering, Helport AI Assist (“AI Assist”), is a real-time, AI-driven “co-pilot” providing intelligent guidance for customer contact professionals across business settings. In addition, we provide AI+BPO (Business Process Outsourcing) services to facilitate customer engagement, helping clients grow sales, improve customer service, and reduce operational costs.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, HPAI’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on HPAI’s current expectations and projections about future events that HPAI believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions, although not all forward-looking statements contain these identifying words. HPAI undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although HPAI believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and HPAI cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in HPAI’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    For more information, please contact:

    Helport AI Investor Relations:
    Website: https://ir.helport.ai  
    Email: ir@helport.ai

    External Investor Relations Contact:
    Chris Tyson 
    Executive Vice President
    MZ North America
    Direct: 949-491-8235
    HPAI@mzgroup.us  
    www.mzgroup.us

    HELPORT AI LIMITED
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in and U.S. dollars (“US$”), except share data)
     
      As of December 31,   As of June 30,
      2024   2024
      (unaudited)    
    Cash $ 852,463   $ 2,581,086
    Accounts receivable   22,016,884     21,313,735
    Deferred offering costs   –     817,871
    Prepaid expenses and other receivables   2,027,167     41,966
    Total current assets   24,896,514     24,754,658
               
    Intangible assets, net   8,592,817     2,425,694
    Right-of-use assets, net   762,644     –
    Total non-current asset   9,355,461     2,425,694
    Total assets $ 34,251,975   $ 27,180,352
               
    Accounts payable $ 3,280,565   $ 284,067
    Income tax payable   2,508,021     2,724,998
    Amount due to related parties   536,538     965,776
    Convertible promissory notes   –     4,889,074
    Warrant liabilities   4,782,915     –
    Accrued expenses and other liabilities   5,684,775     5,263,239
    Lease liabilities, current   110,832     –
    Deferred tax liabilities   332,626     –
    Total current liabilities   17,236,272     14,127,154
               
    Lease liabilities, non-current   687,093     –
    Total non-current liabilities   687,093     –
    Total liabilities   17,923,365     14,127,154
               
    Commitments and contingencies          
               
    Ordinary shares (US$0.0001 par value per share; 500,000,000 authorized as of December 31, 2024 and June 30, 2024, respectively; 37,132,968 and 30,280,768 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively)*   3,713     3,028
    Additional paid-in capital*   2,212,361     4,528
    Retained earnings   14,112,536     13,045,642
    Shareholders’ equity   16,328,610     13,053,198
    Total liabilities and shareholders’ equity $ 34,251,975   $ 27,180,352
               
    *Par value of ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.
    HELPORT AI LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (Amounts in and U.S. dollars (“US$”), except share data)
     
      For the six months ended December 31,
      2024   2023
      (unaudited)   (unaudited)
    Revenue $ 16,406,402     $ 14,506,363  
    Cost of revenue   (7,440,338 )     (4,793,021 )
    Gross profit   8,966,064       9,713,342  
               
    Selling expenses   (528,746 )     (50,214 )
    General and administrative expenses   (4,598,484 )     (2,042,289 )
    Research and development expenses   (1,448,115 )     (78,757 )
    Total operating expenses   (6,575,345 )     (2,171,260 )
               
    Income from operation   2,390,719       7,542,082  
               
    Financial expenses, net   (312,437 )     (19,162 )
    Change in fair value of warrant liabilities   (336,136 )     –  
    Income before income tax expense   1,742,146       7,522,920  
    Income tax expense   (675,252 )     (1,279,314 )
    Net income $ 1,066,894     $ 6,243,606  
               
    Total comprehensive income $ 1,066,894     $ 6,243,606  
               
    Earnings per ordinary share          
    Basic   0.03       0.21  
    Diluted   0.03       0.21  
    Weighted average number of ordinary shares outstanding*          
    Basic   35,990,935       30,280,768  
    Diluted   35,990,935       30,280,768  
     
    *Share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 1 to the unaudited condensed consolidated financial statements.
    HELPORT AI LIMITED
    UNAUDITED CONDENSED CONDOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in and U.S. dollars (“US$”), except share data)
     
      For the six months ended December 31,
      2024   2023
      (unaudited)   (unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net income $ 1,066,894     $ 6,243,606  
    Adjustments to reconcile net income to net cash provided by operating activities:          
    Amortization of intangible assets   1,957,877       1,166,667  
    Amortization of right-of-use assets   36,806       –  
    Share-based compensation   223,933       –  
    Change in fair value of warrant liabilities   336,136       –  
    Changes in operating assets and liabilities:          
    Accounts receivable   (703,149 )     (5,809,454 )
    Prepaid expenses and other receivables   1,028,346       (57,896 )
    Accounts payable   2,996,498       1,654,223  
    Amount due to related parties   –       10,800  
    Accrued expenses and other liabilities   (3,196,882 )     1,939,154  
    Income tax payable   (216,977 )     1,279,315  
    Deferred tax liabilities   332,626       –  
    Lease liabilities   (10,810 )     –  
    Net cash provided by operating activities   3,851,298       6,426,415  
               
    CASH FLOWS FORM INVESTING ACTIVITY          
    Purchase of intangible assets   (8,125,000 )     (7,000,000 )
    Net cash used in investing activity   (8,125,000 )     (7,000,000 )
               
    CASH FLOWS FORM FINANCING ACTIVITIES          
    Deferred offering costs   (213,052 )     (467,465 )
    Loan from a third party   –       954,909  
    Repayment of loans from a third party   (199,582 )     –  
    Repayment of loans from related parties   (429,238 )     (5,143 )
    Cash inflow from reverse recapitalization   1,136,951       –  
    Proceeds from PIPE investments   2,600,000       –  
    Repayment of sponsor loans   (350,000 )     –  
    Net cash provided by financing activities   2,545,079       482,301  
               
    Effect of exchange rate changes   –       (130 )
               
    Net change in cash   (1,728,623 )     (91,414 )
    Cash at the beginning of the period   2,581,086       142,401  
    Cash at the end of the period $ 852,463     $ 50,987  
               
    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
    Recognition of right-of use assets and lease liabilities $ 799,450     $ –  

    The MIL Network –

  • MIL-OSI: Open Lending Announces Leadership Changes

    Source: GlobeNewswire (MIL-OSI)

    Board Chair Jessica Buss Appointed Chief Executive Officer

    Charles “Chuck” Jehl will Continue to Serve as Interim Chief Financial Officer and a Member of the Board of Directors

    Michelle Glasl Appointed Chief Operating Officer

    AUSTIN, Texas, March 31, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today announced that its Board of Directors (the “Board”) has appointed Jessica Buss as Chief Executive Officer, effective immediately. Chuck Jehl will continue to serve as Interim Chief Financial Officer and as a member of the Board. The Board also has appointed Michelle Glasl as Chief Operating Officer. The Board is conducting a comprehensive search process to identify a permanent Chief Financial Officer.

    “We are thrilled to announce Jessica as our new CEO,” said Thomas Hegge, a member of the Board. “Her extensive experience in the insurance industry will be instrumental in ensuring a seamless and profitable collaboration between Open Lending, our insurance carrier partners, and our automotive lending partners. Our focus remains on enhancing loan performance, minimizing potential loan defaults, and improving our underwriting processes to more accurately price insurance premiums for the risk. We remain committed to serving our near and non-prime consumers alongside our valued partners.”

    “We are grateful that Chuck stepped in to lead Open Lending through a challenging and volatile period for our Company and industry,” added Mr. Hegge. “He is passing the baton to Jessica to continue to execute our strategic plan and usher in the next phase of growth. Meanwhile, Chuck will continue to support Open Lending during this transitionary period as Interim Chief Financial Officer and a valued member of the Board.

    “In addition to serving on Open Lending’s Board for the last five years, Jessica brings decades of executive experience in the insurance industry,” said Mr. Jehl. “She understands the opportunities and challenges of our industry, and I believe she will continue our legacy of serving our underserved near- and non-prime consumers.”

    “I’d like to thank Chuck for his many contributions in various executive leadership roles at Open Lending since 2020, including taking the Company public,” said Ms. Buss. “He has been a critical part of the management team, and I am looking forward to continuing to work with him as a member of our Board.

    Jessica Buss previously served as the CEO of Argo Group International Holdings, Ltd. a subsidiary of Brookfield Reinsurance Ltd (NYSE, TSX: BNRE), a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. She was previously the president, U.S. insurance, of Argo prior to its acquisition by Brookfield Re. Prior to joining Argo, she was President and CEO of GuideOne Insurance Company and, prior to that, she was senior vice president – Commercial and Specialty Lines at State Auto Insurance Companies. Jessica held several other positions during her tenure at State Auto, including chief operating officer and chief financial officer of the company’s specialty subsidiary, and senior vice president of Specialty. Prior to joining State Auto, Jessica was a member of a three-person team that raised the capital for the formation and start-up operations of Rockhill Holdings, a niche property and casualty business that was purchased by State Auto in 2009. She was also CFO for Citizens Property Insurance Corporation. In 2016, Jessica was named one of Insurance Business’ Elite Women of the Year. Jessica earned her bachelor’s degree in accounting from the University of Wisconsin and her Master of Business Administration from the University of Florida.

    Michele Glasl also joins Open Lending from Argo Group, where she has served as Head of Operations since 2022. As Head of Operations, she oversaw information technology, security, operations and communications. Glasl previously served as SVP of Strategy and Business Development at Argo Group. Prior to that, she served as Chief Information Officer at GuideOne Insurance from June 2017 to June 2022. She previously served as Vice President of Technology at State Auto from February 2009 to June 2017. Ms. Glasl holds a Bachelor of Science degree from the University of Wisconsin – Milwaukee.

    Board Changes
    Jessica Buss will continue to serve as Chairman of the Board but will no longer be a member of the nominating and corporate governance and audit committees of the Board. Thomas Hegge will join the audit committee. Chuck Jehl will continue to serve as a member of the Board.

    About Open Lending
    Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Forward-Looking Statements
    This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements related to the benefits of any leadership transition and future strategic plans. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, market, political and business conditions; applicable taxes, inflation, supply chain disruptions including global hostilities and responses thereto, interest rates and the regulatory environment; the outcome of judicial proceedings to which Open Lending may become a party; and other risks discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Contact:
    Investors
    openlending@icrinc.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Annualized Recurring Revenue (“ARR”) of $836 million Grew 48% year-over-year
    Revenue of $238 million Grew 29% year-over-year
    ShareFile Integration Underway

    BURLINGTON, Mass., March 31, 2025 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2025.

    First Quarter 2025 Highlights:

    • Revenue and non-GAAP revenue of $238 million increased 29% year-over-year on an actual and 30% on a constant currency basis.
    • Annualized Recurring Revenue (“ARR”) of $836 million increased 48% year-over-year on a constant currency basis.
    • Operating margin was 14% and non-GAAP operating margin was 39%.
    • Diluted earnings per share was $0.24 compared to $0.51 in the same quarter last year, a decrease of 53%. 
    • Non-GAAP diluted earnings per share was $1.31 compared to $1.25 in the same quarter last year, an increase of 5%.

    “We’re extremely pleased with our excellent Q1 results,” said Yogesh Gupta, CEO of Progress. “We are ahead, or on plan, with all our ShareFile integration milestones, which are providing significant contributions to ARR and revenues, as well as expense savings. Our solid performance on the top line was again driven by our product portfolio across the board, with our data platform and infrastructure management products having a particularly solid quarter. Our Net Retention Rate again surpassed 100%, which reflects the resiliency of our business and the strength of our customer relationships. Operationally, our first quarter was solid by every metric, and I am extremely proud of our team for their dedication and relentless commitment to our customers.”

    Additional financial highlights included:

      Three Months Ended
      GAAP   Non-GAAP
    (In thousands, except percentages and per share amounts) February 28, 2025   February 29, 2024   % Change   February 28, 2025   February 29, 2024   % Change
    Revenue $ 238,015     $ 184,685       29 %   $ 238,015     $ 184,685       29 %
    Income from operations $ 32,426     $ 35,006       (7 )%   $ 93,595     $ 76,756       22 %
    Operating margin   14 %     19 %     (500) bps       39 %     42 %     (300) bps  
    Net income $ 10,946     $ 22,639       (52 )%   $ 58,995     $ 55,928       5 %
    Diluted earnings per share $ 0.24     $ 0.51       (53 )%   $ 1.31     $ 1.25       5 %
    Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP) $ 68,947     $ 70,504       (2 )%   $ 73,211     $ 72,204       1 %
                        $ 87,954   $ 78,079     13 %
                                           

    See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

    Other fiscal first quarter 2025 metrics and recent results included:

    • Cash and cash equivalents were $124.2 million at the end of the quarter.
    • Days sales outstanding was 48 days compared to 50 days in the fiscal first quarter of 2024 and 67 days in the fiscal fourth quarter of 2024.

    “We’re off to a very strong start for FY25, as our Q1 results demonstrate. Revenues at the high end of guidance reflect steady demand; expenses remain well-controlled; cash flow was again strong; and our bottom-line results and raised EPS guidance reflect numerous positives,” said Anthony Folger, CFO of Progress. “Beyond excellent financial performance, we repurchased $30 million of Progress shares and accelerated repayment of the revolving credit line used to partially finance the ShareFile acquisition, paying down $30 million during Q1. The ShareFile integration is tracking well, and we expect to complete the integration by year-end.”

    2025 Business Outlook

    Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal second quarter ending May 31, 2025:

      Updated FY 2025 Guidance
    (March 31, 2025)    		   Prior FY 2025 Guidance
    (January 21, 2025)
    (In millions, except percentages and per share amounts) GAAP   Non-GAAP   GAAP   Non-GAAP
    Revenue $958 – $970     $958 – $970     $958 – $970     $958 – $970  
    Diluted earnings per share $1.19 – $1.35     $5.25 – $5.37     $1.08 – $1.23     $5.00 – $5.12  
    Operating margin 14% – 15 %   38 %   14% – 15 %   37% – 38 %
    Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP) $216 – $228     $226 – $238     $216 – $228     $225 – $237  
        $283 – $294       $282 – $294  
    Effective tax rate 19 %   20 %   21 %   20 %
                           
      Q2 2025 Guidance
    (In millions, except per share amounts) GAAP   Non-GAAP
    Revenue $235 – $241     $235 – $241  
    Diluted earnings per share $0.24 – $0.30     $1.28 – $1.34  
               

    Based on current exchange rates, the expected negative currency translation impact on our:

    • Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.8 million on revenue.
    • Fiscal Q2 2025 business outlook compared to 2024 exchange rates is approximately $0.1 million on revenue.

    Based on current exchange rates, the currency translation impact is expected to be immaterial on our GAAP and non-GAAP diluted earnings per share for both fiscal year 2025 and Q2 2025.

    To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

    Conference Call

    Progress will hold a conference call to review its financial results for the fiscal first quarter of 2025 at 5:00 p.m. ET on Monday, March 31, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIb86bb577ced14b9fa67069eb761f36a9. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bt5rgqn7. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

    About Progress

    Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

    Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

    Investor Contact:   Press Contact:
    Michael Micciche   Jeff Young
    Progress Software   Progress Software
    +1 781 850 8450   +1 781 280 4000
    Investor-Relations@progress.com   PR@progress.com
         

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended
    (In thousands, except per share data) February 28, 2025   February 29, 2024   % Change
    Revenue:          
    Software licenses $ 58,445     $ 64,100       (9 )%
    Maintenance, SaaS, and professional services   179,570       120,585       49 %
    Total revenue   238,015       184,685       29 %
    Costs of revenue:          
    Cost of software licenses   2,925       2,731       7 %
    Cost of maintenance, SaaS, and professional services   32,884       22,219       48 %
    Amortization of acquired intangibles   10,422       7,859       33 %
    Total costs of revenue   46,231       32,809       41 %
    Gross profit   191,784       151,876       26 %
    Operating expenses:          
    Sales and marketing   51,296       39,111       31 %
    Product development   46,375       34,988       33 %
    General and administrative   25,623       21,344       20 %
    Amortization of acquired intangibles   25,808       17,389       48 %
    Cyber vulnerability response expenses, net   737       987       (25 )%
    Restructuring expenses   7,029       2,349       199 %
    Acquisition-related expenses   2,490       702       255 %
    Total operating expenses   159,358       116,870       36 %
    Income from operations   32,426       35,006       (7 )%
    Other expense, net   (19,124 )     (7,399 )     158 %
    Income before income taxes   13,302       27,607       (52 )%
    Provision for income taxes   2,356       4,968       (53 )%
    Net income $ 10,946     $ 22,639       (52 )%
                   
    Earnings per share:              
    Basic $ 0.25     $ 0.52       (52 )%
    Diluted $ 0.24     $ 0.51       (53 )%
    Weighted average shares outstanding:              
    Basic   43,256       43,802       (1 )%
    Diluted   44,887       44,826       — %
                   
    Cash dividends declared per common share $ —     $ 0.175       (100 )%
                       
    Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
    Cost of revenue $ 1,195     $ 986       21 %
    Sales and marketing   3,032       2,312       31 %
    Product development   4,410       3,665       20 %
    General and administrative   6,046       5,501       10 %
    Total $ 14,683     $ 12,464       18 %
                           

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)

    (In thousands) February 28, 2025   November 30, 2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 124,161     $ 118,077  
    Accounts receivable, net   126,366       163,575  
    Unbilled receivables   35,454       34,672  
    Other current assets   54,694       52,489  
    Total current assets   340,675       368,813  
    Property and equipment, net   13,233       13,746  
    Goodwill and intangible assets, net   1,980,181       2,015,748  
    Right-of-use lease assets   28,308       30,894  
    Long-term unbilled receivables   30,416       28,893  
    Other assets   69,605       68,872  
    Total assets $ 2,462,418     $ 2,526,966  
    Liabilities and shareholders’ equity      
    Current liabilities:      
    Accounts payable and other current liabilities $ 90,768     $ 113,801  
    Short-term operating lease liabilities   8,975       9,202  
    Short-term deferred revenue, net   328,798       332,142  
    Total current liabilities   428,541       455,145  
    Long-term debt, net   700,000       730,000  
    Convertible senior notes, net   797,277       796,267  
    Long-term operating lease liabilities   24,260       26,259  
    Long-term deferred revenue, net   71,508       72,270  
    Other long-term liabilities   8,985       8,237  
    Stockholders’ equity:      
    Common stock and additional paid-in capital   353,469       354,592  
    Retained earnings   78,378       84,196  
    Total stockholders’ equity   431,847       438,788  
    Total liabilities and stockholders’ equity $ 2,462,418     $ 2,526,966  
                   

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)  

      Three Months Ended
    (In thousands) February 28, 2025   February 29, 2024
    Cash flows from operating activities:      
    Net income $ 10,946     $ 22,639  
    Depreciation and amortization   39,209       27,544  
    Stock-based compensation   14,683       12,464  
    Other non-cash adjustments   3,070       1,327  
    Changes in operating assets and liabilities   1,039       6,530  
    Net cash flows from operating activities   68,947       70,504  
    Capital expenditures   (1,290 )     (309 )
    Repurchases of common stock, net of issuances   (23,870 )     (14,917 )
    Dividend equivalent and dividend payments to stockholders   (359 )     (8,171 )
    Payments for acquisitions   (1,195 )     —  
    Principal payment on term loan and repayment of revolving line of credit   (30,000 )     (33,437 )
    Other   (6,149 )     (7,406 )
    Net change in cash and cash equivalents   6,084       6,264  
    Cash and cash equivalents, beginning of period   118,077       126,958  
    Cash and cash equivalents, end of period $ 124,161     $ 133,222  
                   

    RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
    (Unaudited)

      Three Months Ended
    (In thousands, except per share data) February 28, 2025   February 29, 2024
    Adjusted income from operations:      
    GAAP income from operations $ 32,426     $ 35,006  
    Amortization of acquired intangibles   36,230       25,248  
    Stock-based compensation   14,683       12,464  
    Restructuring expenses   7,029       2,349  
    Acquisition-related expenses   2,490       702  
    Cyber vulnerability response expenses, net   737       987  
    Non-GAAP income from operations $ 93,595     $ 76,756  
           
    Adjusted net income:      
    GAAP net income $ 10,946     $ 22,639  
    Amortization of acquired intangibles   36,230       25,248  
    Stock-based compensation   14,683       12,464  
    Restructuring expenses   7,029       2,349  
    Acquisition-related expenses   2,490       702  
    Cyber vulnerability response expenses, net   737       987  
    Provision for income taxes   (13,120 )     (8,461 )
    Non-GAAP net income $ 58,995     $ 55,928  
           
    Adjusted diluted earnings per share:      
    GAAP diluted earnings per share $ 0.24     $ 0.51  
    Amortization of acquired intangibles   0.80       0.56  
    Stock-based compensation   0.32       0.28  
    Restructuring expenses   0.16       0.05  
    Acquisition-related expenses   0.06       0.02  
    Cyber vulnerability response expenses, net   0.02       0.02  
    Provision for income taxes   (0.29 )     (0.19 )
    Non-GAAP diluted earnings per share $ 1.31     $ 1.25  
           
    Non-GAAP weighted avg shares outstanding – diluted   44,887       44,826  
           

    OTHER NON-GAAP FINANCIAL MEASURES
    (Unaudited)

    Adjusted Free Cash Flow and Unlevered Free Cash Flow          
      Three Months Ended
    (In thousands) February 28, 2025   February 29, 2024   % Change
    Cash flows from operations $ 68,947     $ 70,504       (2 )%
    Purchases of property and equipment   (1,290 )     (309 )     317 %
    Free cash flow   67,657       70,195       (4 )%
    Add back: restructuring payments   5,554       2,009       176 %
    Adjusted free cash flow $ 73,211     $ 72,204       1 %
    Add back: tax-effected interest expense   14,743       5,875       151 %
    Unlevered free cash flow $ 87,954     $ 78,079       13 %
                           

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
      Fiscal Year Ending November 30, 2025
    (In millions) Low   High
    GAAP income from operations $ 137.2     $ 145.7  
    GAAP operating margins   14 %     15 %
    Acquisition-related expense   6.0       6.0  
    Restructuring expense   9.4       9.4  
    Stock-based compensation   62.8       62.8  
    Amortization of acquired intangibles   144.9       144.9  
    Cyber vulnerability response expenses, net   4.2       4.2  
    Total adjustments(1)   227.3       227.3  
    Non-GAAP income from operations $ 364.5     $ 373.0  
    Non-GAAP operating margin   38 %     38 %
    (1)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
     
    Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
      Fiscal Year Ending November 30, 2025
    (In millions, except per share data) Low   High
    GAAP net income $ 53.2     $ 60.9  
    Adjustments (from previous table)   227.3       227.3  
    Income tax adjustment(2)   (46.1 )     (46.2 )
    Non-GAAP net income $ 234.4     $ 242.0  
           
    GAAP diluted earnings per share $ 1.19     $ 1.35  
    Non-GAAP diluted earnings per share $ 5.25     $ 5.37  
           
    Diluted weighted average shares outstanding   44.7       45.1  
             
             
    2 Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:
        Fiscal Year Ending November 30, 2025
        Low   High
    Non-GAAP income from operations   $ 364.5     $ 373.0  
    Other (expense) income     (71.5 )     (70.5 )
    Non-GAAP income from continuing operations before income taxes     293.0       302.5  
    Non-GAAP net income     234.4       242.0  
    Tax provision   $ 58.6     $ 60.5  
    Non-GAAP tax rate     20 %     20 %
                     

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2025 GUIDANCE
    (Unaudited)

    Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
      Fiscal Year Ending November 30, 2025
    (In millions) Low   High
    Cash flows from operations (GAAP) $ 216     $ 228  
    Purchases of property and equipment   (7 )     (7 )
    Add back: restructuring payments   17       17  
    Adjusted free cash flow (non-GAAP)   226       238  
    Add back: tax-effected interest expense   57       56  
    Unlevered free cash flow (non-GAAP) $ 283     $ 294  
                   

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q2 2025 GUIDANCE
    (Unaudited)

    Q2 2025 Non-GAAP Earnings per Share Guidance
      Three Months Ending May 31, 2025
      Low   High
    GAAP diluted earnings per share $ 0.24     $ 0.30  
    Acquisition-related expense   0.04       0.04  
    Restructuring expense   0.03       0.03  
    Stock-based compensation   0.38       0.38  
    Amortization of acquired intangibles   0.83       0.83  
    Cyber vulnerability response expenses, net   0.01       0.01  
    Total adjustments(1)   1.29       1.29  
    Income tax adjustment   (0.25 )     (0.25 )
    Non-GAAP diluted earnings per share $ 1.28     $ 1.34  
    (1)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
                   

    Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

    Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affords a view of our operating results that may be more easily compared to our peer companies, and (iv) enables investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior and proposed acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

    In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

    • Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
    • Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
    • Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
    • Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
    • Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
    • Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

    In the noted fiscal periods, we also present the following liquidity measures:

    • Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

    In the noted fiscal periods, we also present the following select performance metrics:

    • Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.

      We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

      For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

      Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

      The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

      ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

    • Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

    Note Regarding Forward-Looking Statements

    This press release contains statements that are “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. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; and (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

    The MIL Network –

  • MIL-OSI USA: Governor Stein Encourages Employers to Apply for HIRE Vets Medallion Program

    Source: US State of North Carolina

    Headline: Governor Stein Encourages Employers to Apply for HIRE Vets Medallion Program

    Governor Stein Encourages Employers to Apply for HIRE Vets Medallion Program
    lsaito

    Raleigh, NC

    Governor Josh Stein and North Carolina Department of Commerce Secretary Lee Lilley are encouraging North Carolina employers to hire veterans and to apply for recognition with a HIRE Vets Medallion Award, an official program of the U.S. Department of Labor.

    The application period runs through April 30, 2025.

    “North Carolina is home to approximately 700,000 veterans, who bring great skills and experience to our state’s workforce,” said Governor Stein. “The HIRE Vets program recognizes companies for their support for our nation’s heroes, cementing North Carolina’s position as the most military-friendly state.”

    HIRE Vets medallions are the only federal-level veterans’ employment awards that recognize an organization’s commitment to veteran hiring, retention and professional development. In 2024, 28 North Carolina employers received a HIRE Vets Medallion Award.

    The N.C. Department of Commerce pioneered a first-of-its-kind online feature that highlights North Carolina employers that have received the HIRE Vets medallion award on the state’s NCWorks job search site and on the NCWorks Veterans Portal, located at veterans.ncworks.gov. This tool helps veterans more easily find jobs that the recognized companies are currently advertising.

    “North Carolina’s military community is one of our state’s strategic assets, and we applaud the many employers who recognize the talent, value and unique perspective that our veterans provide,” said N.C. Department of Commerce Secretary Lee Lilley. “By recruiting and training veterans for meaningful employment opportunities, companies assist in the transition to civilian life and honor the sacrifice of military service.”

    “Veterans and their families enrich North Carolina communities and provide a ready and skilled workforce that is second to none,” said Secretary Jocelyn Mitnaul Mallette of the NC Department of Military and Veterans Affairs (NC DMVA). “Transitioning from active-duty military to Veteran status is easier when Veterans and employers engage and connect. The economic impact is significant, but the security of supporting your family with meaningful employment is something beyond measure. We appreciate the HIRE Vets Medallion program and all it does to inspire, create, and encourage employment opportunities for our Veterans.”

    The HIRE Vets Medallion Award is based on several criteria, ranging from veteran hiring and retention to providing veteran-specific resources, leadership programming, dedicated human resources, and compensation and tuition assistance programs – with requirements varying for large, medium, and small employers. There is a fee to apply for the HIRE Vets Medallion Program, which is used to cover the costs associated with carrying out the HIRE Vets Act. The fee for large employers is $495 per applicant, the fee for medium employers is $190 per applicant, and the fee for small employers is $90 per applicant.

    One of the many North Carolina employers recognized by the program is the nonprofit Asheville Buncombe Community Christian Ministries (ABCCM), the parent organization of Veterans Services of the Carolinas. Founded in 1969 through the collaboration of local churches, ABCCM works with community organizations to offer free assistance to veterans and their families.

    “At ABCCM Veterans Services of the Carolinas, we are deeply committed to empowering and supporting our nation’s Veterans as they transition into meaningful careers,” said Jessica Rice, Managing Director for Veterans Services of the Carolinas. “We are honored to be a three-time recipient of this award, recognizing the immense value Veterans bring to our organization. Their unique skills and experiences not only enhance our team but also allow them to connect on a deeper level with both their Veteran coworkers and the Veterans we serve. Together, we can ensure that those who have served our country receive the opportunities, support, and respect they deserve.”

    The Department of Commerce, working in close partnership with the U.S. Department of Labor, has 50 NCWorks Veterans Services professionals (all of whom are veterans themselves). Their primary mission is to help veterans find good jobs and training opportunities. These professionals are located across the state at local NCWorks Career Centers, which serve veterans and other jobseekers, while also helping employers meet their talent needs. The department also partners with North Carolina For Military Employment (NC4ME) on special hiring events.

    To learn more and apply for the HIRE Vets Medallion Award Program, go to www.HireVets.gov.

    Employers and veterans may also visit or contact an NCWorks Career Center for assistance. Contact information for each career center is found at www.NCWorks.gov.

    NCWorks Veterans Services are supported by the Jobs for Veterans State Grant from the Veterans’ Employment and Training Service (VETS) of the U.S. Department of Labor as part of an award to North Carolina totaling $5,703,016, with 0% financed from non-governmental sources. 

    Mar 31, 2025

    MIL OSI USA News –