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  • MIL-OSI: NANO Nuclear Energy to Support Advanced Engineering Solutions and City University of New York on DOE SBIR Phase I Project Application for Microreactor Cooling and Smart Monitoring Technologies

    Source: GlobeNewswire (MIL-OSI)

    Project Would Investigate Advanced Decay Heat Removal Methods and a Smart Alarming System for Microreactor Transportation

    New York, N.Y., March 03, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced its support of a U.S. Department of Energy (DOE) Small Business Innovation Research (SBIR) Phase I application for a project in collaboration with the City University of New York – City College (CCNY) and Advanced Engineering Solutions LLC of Jersey City, New Jersey (AES). AES is headed by Dinesh Kalaga, Ph.D., a chemical engineer with experience on DOE funded projects, who would serve as the principal investigator of the project.

    The project, titled “Investigation of Microreactor Cooling and Development of a Smart Alarming System for Reactor Pressure Vessel Surface Temperature Monitoring,” is part of DOE’s Funding Opportunity Announcement and aims to develop advanced cooling techniques and monitoring systems for microreactor transport safety.

    Assuming SBIR Phase I approval and funding, the project will evaluate advanced Heat Pipes (HPs), Thermoelectric Cooling Modules, and Smart Alarming Systems as innovative solutions for managing decay heat during nuclear microreactor transportation. These technologies have the potential to evolve into a Type B-certified transport container with an integrated cooling system, ensuring the safe and efficient transportation of nuclear microreactors (including NANO Nuclear’s ZEUS microreactor in development) in compliance with U.S. Department of Transportation (DOT) regulations.

    Figure 1 – NANO Nuclear Energy Inc. supports City University of New York and Advanced Engineering Solutions on for Microreactor Cooling and Smart Monitoring Technologies Supports For DOE SBIR Phase I Project

    “Our support of AES and CCNY represents an important step forward in addressing one of the most significant challenges facing microreactor deployment—the safe and efficient removal of decay heat during transport,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “By leveraging advanced heat pipe technologies and smart monitoring systems, we aim to develop a first-of-its-kind transport system that will significantly enhance microreactor safety and regulatory compliance. As the microreactor industry continues to grow, solving transportation challenges is crucial to ensuring ultimate widespread deployment. NANO Nuclear’s involvement in this potential DOE-funded initiative reflects our dedication to advancing safe, efficient, and scalable microreactor technologies.”

    If funding from DOE is approved, the SBIR Phase I project will focus on:

    • Developing a Thermal Management System for microreactor transport containers using advanced Heat Pipes (HPs) and Thermoelectric Cooling Modules to remove decay heat passively and actively.
    • Creating a Smart Alarming System utilizing real-time monitoring sensors and computer vision technology to detect anomalies in temperature and pressure, enabling operators to take immediate corrective action.
    • Designing and testing a scaled-down prototype system at CCNY’s Thermal-Hydraulics Laboratory to validate performance and regulatory compliance.

    “This project aligns perfectly with our mission to pioneer the next generation of nuclear energy solutions, including those related to reactor transportation,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “A robust and regulatory-compliant transport system is essential for unlocking the full potential of microreactors. By working with AES and CCNY, we are taking proactive steps to ensure microreactors can be safely delivered to locations where they are needed most.”

    Microreactors are represent the cutting edge of innovation in nuclear energy, designed to provide clean, resilient power in remote locations, military bases, disaster relief operations, data centers and other industrial applications. However, once shut down, microreactors continue to generate decay heat, necessitating an advanced cooling system to prevent overheating during transport. By advancing the thermal management and monitoring technologies needed for microreactor transportation, the project will contribute to overcoming key deployment barriers, helping to accelerate the commercialization of microreactors. The successful completion of Phase I will pave the way for a Phase II expansion, where NANO Nuclear may actively collaborate with AES and CCNY in further development, including a full-scale prototype and real-world testing.

    “This collaboration with NANO Nuclear, CCNY and AES brings together leading research and industry expertise to tackle one of the most pressing issues in microreactor deployment,” said Dr. Carlos O. Maidana, Ph.D., NANO Nuclear’s Head of Thermal Hydraulics and Space Program. “Our approach integrates passive and active cooling technologies, ensuring that microreactors meet strict transportation safety requirements while maintaining operational reliability.”

    NANO Nuclear Energy’s suite of energy systems includes several next-generation microreactors in development. To support these technologies, NANO Nuclear is also leading efforts in domestic HALEU (High-Assay Low-Enriched Uranium) fuel development through its subsidiary, HALEU Energy Fuel Inc., ensuring a secure and sustainable fuel supply for microreactors. NANO Nuclear will continue to engage with government agencies, national laboratories, and industry leaders to drive innovation in nuclear energy solutions and is committed to developing innovative reactor technologies and infrastructure that support the necessary transition to clean nuclear energy solutions.

    About NANO Nuclear Energy, Inc.

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

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

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

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

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

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

    For further NANO Nuclear information, please contact:

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

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

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    Cautionary Note Regarding Forward Looking Statements

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

    Attachment

    The MIL Network –

  • MIL-OSI: LIS Technologies Inc. (“LIST”) Awarded AFWERX SBIR Phase I

    Source: GlobeNewswire (MIL-OSI)

    LIST wins contract to conduct feasibility study on enriching uranium to empower Department of the Air Force’s global operations 

    Oak Ridge, Tennessee, March 03, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST”) announces it has been selected by AFWERX for a SBIR Phase I contract focused on enhancing our Chemical Reaction by Isotope Selective Laser Activation (C.R.I.S.L.A) technology to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now as of January 15th, 2025, LIST will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.

    Quote From Company Leadership

    “LIS Technologies is proud to support the Air Force with transformative solutions that enhance Uranium supply chain resilience and maintain America’s technological and strategic superiority.” – Chairman, Jay Yu.

    “This AFWERX Phase I award validates LIS Technologies’ CRISLA innovation as a critical tool for strengthening the U.S. industrial base and advancing national security through cutting-edge isotope separation technology to secure America’s Uranium supply chain.” -C.E.O., Christo Liebenberg.

    “The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    In 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    About AFRL

    The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.

    About AFWERX

    As the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,200 new contracts worth more than $4.7 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit afwerx.com.

    Company Press Contact:
    For more information please visit: LaserIsTech.com
    For further information, please contact:
    Email: info@laseristech.com
    Telephone: 800-388-5492
    Follow us on X Platform
    Follow us on LinkedIn

    The MIL Network –

  • MIL-OSI: Synchronoss Unveils Capsyl Cloud at MWC Barcelona – A Turn-Key Personal Cloud Solution for Global Operators

    Source: GlobeNewswire (MIL-OSI)

    Empowering Mobile Operators and Service Providers to
    Rapidly Launch and Monetize Consumer Cloud Services

    BRIDGEWATER, N.J., March 03, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a global leader in personal cloud solutions, today introduced Capsyl Cloud™, a new turn-key personal cloud platform designed for mobile operators and broadband service providers worldwide. Capsyl Cloud expands Synchronoss’s cloud portfolio, enabling service providers to launch secure, scalable, and revenue-generating personal cloud services with minimal deployment time.

    Synchronoss will showcase live demonstrations of Capsyl Cloud at MWC Barcelona in Executive Suite [3A19EX], providing a first-hand look at how operators can rapidly deploy and monetize branded cloud services.

    Capsyl Cloud is a secure, cross-platform personal cloud solution that allows users to store, manage, and protect their digital content across all devices—including photos, videos, documents, audio, contacts, and messages. With seamless integration across smartphones, tablets, laptops, and desktops, Capsyl Cloud provides a consistent, hassle-free user experience.

    Capsyl Cloud goes beyond storage—it leverages AI-powered tools to enhance how users organize, relive, and optimize their digital memories. Advanced AI capabilities include:

    • Memories – AI-curated memories that automatically surface meaningful photos and videos.
    • Intelligent Search & Organization – AI powered categorization and metadata tagging for effortless content discovery.
    • Content Cleanup & Space Saver – Detects duplicates, blurry images, and redundant files to free up storage.
    • Genius AI Tools – Enhances images, upscales resolution, restores color, and applies dynamic visual effects.

    By integrating these AI-driven capabilities, Capsyl Cloud offers a smarter, more compelling personal cloud experience—helping users engage with their memories in new ways.

    Capsyl Cloud has been refined through extensive beta testing since 2022, leveraging the proven technology, scalability, and infrastructure of Synchronoss Personal Cloud—the trusted white-label cloud solution used by service providers, supporting over 11 million users worldwide.

    A turn-key platform, Capsyl Cloud requires minimal capital expenditure, allowing service providers to easily deploy a proven, feature-rich, and highly scalable personal cloud solution. It significantly accelerates time to market to introduce a personal cloud solution as a complement to other voice, data, and value-added services. Capsyl Cloud also offers the flexibility to deploy and monetize personal cloud services through tiered storage plans, bundles, freemium and premium offerings.

    “Mobile operators worldwide are looking for new ways to differentiate, drive revenue, and enhance customer loyalty,” said Jeff Miller, President and CEO of Synchronoss. “Capsyl Cloud provides a powerful, turn-key solution that allows service providers to rapidly launch premium personal cloud services—without the burden of heavy infrastructure investment. As digital content consumption accelerates, we’re excited to help operators capture this growing demand and deliver a seamless, secure cloud experience for users to protect and relive their most treasured moments.”

    Telkomsel, Indonesia’s largest mobile network operator, is the first to deploy Capsyl Cloud, making this solution available to millions of Telkomsel’s prepaid and post-paid subscribers. Lesley Simpson, VP Digital Lifestyle at Telkomsel, stated, “Telkomsel is always striving to provide a range of cloud solutions that make our customers’ daily lives easier. With Capsyl Cloud Storage by Synchronoss, customers can store and manage their photos, videos, and other important content more securely and conveniently. We hope this service will be a practical solution for those who want to ensure their precious memories are well-preserved and can be easily shared at any time.”

    Following Telkomsel’s successful deployment, Synchronoss anticipates strong demand for Capsyl Cloud in Southeast Asia, particularly in Indonesia, the Philippines, Thailand, and Vietnam. Operators in these regions are actively seeking revenue-generating cloud services to increase ARPU, reduce churn, and strengthen customer engagement.

    Capsyl Cloud adheres to the highest industry standards for data security, privacy, and compliance, ensuring that user content remains protected and accessible across devices.

    Learn More:

    Capsyl Cloud on Synchronoss: www.synchronoss.com/capsyl
    Official Capsyl Website: www.capsyl.com

    Follow Capsyl Cloud on Social Media:

    Instagram: Capsyl_Cloud
    LinkedIn: Capsyl Showcase
    TikTok: @CapsylCloud
    Capsyl Indonesia: Capsyl Indonesia Portal

    About Synchronoss

    Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement using artificial intelligence (AI), machine learning and other advanced features, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

    Media Relations Contact:
    Domenick Cilea
    Springboard
    dcilea@springboardpr.com

    Investor Relations Contact:
    Brian Denyeau / Ryan Gardella
    ICR INC.
    brian.denyeau@icrinc.com
    ryan.gardella@icrinc.com

    The MIL Network –

  • MIL-OSI: Airship AI Reports Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    2024 Net Revenue of $23.1 Million, an 87% Increase over FY 2023 Net Revenue of $12.3 Million

    No Debt on Balance Sheet Following Conversion of $2.8 million in Senior Secured Convertible Notes

    New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

    REDMOND, Wash., March 03, 2025 (GLOBE NEWSWIRE) —  Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the quarter and year ended December 31, 2024.

    FY 2024 Financial Highlights

    • Net revenues were $23.1 million.
    • Gross profit was $10.5 million.
    • Gross margin was 45.7%.
    • Operating loss was $3.5 million, which reflected increased stock-based compensation and transactions costs related to the merger and overall sales levels.

    FY 2024 Financial Highlights

    • Dramatic Revenue Growth: In 2024, Airship AI delivered 87% year-over-year (“YoY”) revenue growth, growing from $12.3 million to $23.1 million. Revenue growth was driven mainly by increased sales to federal government customers, with multiple large awards for cloud-based Acropolis offerings and edge-based Outpost AI appliances.
    • Steady Gross Profit Margin: Full year gross profit as of December 31, 2024 was $10.5 million, flat YoY, primarily due to the continued high percentages of third-party hardware sales as part of turn-key solutions bundled by Airship AI with Outpost AI included. The Company is already seeing the value of these seeding opportunities in awarded business as well as pipeline opportunity growth.
    • Significant Operational Improvements: Full year operating loss as of December 31, 2024 was $3.5 million as compared to a $6.6 million loss in 2024. Numerous one-time charges were incurred in 2024, resulting from transaction costs associated with the transition to a public company, conversion of a senior secured promissory note, and partial payments to the founders for previous advances.
    • Strengthened Balance Sheet: Cash and cash equivalents as of December 31, 2024, was $11.4 million, along with $1.2 million in accounts receivable. With the conversion of issued senior secured convertible promissory notes of $2.8 million, Airship AI enters 2025 with no debt on the balance sheet.

    Q4 2024 & Subsequent Operational Highlights

    • Backlog as of December 31, 2024 was $5.5 million, including orders received late in the second half of 2024 that are expected to be delivered and invoiced across Q1 and Q2 of 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
    • Total validated pipeline at the year-end of 2024 was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. The pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
    • Due to the sensitive nature of many customers and deployment use cases, the Company is often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most awards are executed on closed or restricted contract vehicles, which further limits the sharing of information that might otherwise be available.
    • Multiple large contracts awarded throughout and/or subsequent to the quarter include but are not limited to:
      • $4.0 million firm-fixed price contract for an agency within the U.S. Department of Homeland Security (“DHS”), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging the Company’s edge IoT appliance, Outpost AI.
      • $1.2 million firm-fixed price support and maintenance contract for our existing deployment of Acropolis Enterprise Video and Data Management Platform supporting a Fortune 100 Transportation and E-Commerce company’ global operations.
      • Follow-on seven-figure one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.
    • We began deploying new infrastructure supporting mission critical requirements along the U.S. southern border; follow-on work to our successful completion of a congressionally driven pilot opportunity earlier in the year. This follow-on work is in support of our single-largest opportunity, valued at more than $50 million over the next four (4) years. Estimated total contract value is conservatively based on data points from published market research, including size and scope, and pricing approved via awarded procurement efforts.
    • Completed $8.0 million at-the-market public offering with net proceeds to the Company of $7.0 million after deducting placement agent fees and offering expenses.
    • Hired new members of the team, at the C-Suite level and below, and promoted key members of the team to increasingly higher levels of strategic responsibility within the Company. Airship AI expects additional hires in 2025 in the sales and product development teams.
    • Launched a new routes-to-market strategy targeting business partners and resellers that are looking for differentiated alternatives in new verticals (for Airship AI) as well as partners that can help us scale more rapidly within existing verticals.
    • Put in place a marketing and branding campaign for 2025. This bifurcated plan is hyper focused on creating brand awareness in several new targeted verticals through a combination of partner and industry events, enabling partners to monetize that awareness through expanded routes to market.
    • We participated in JIFX, or Joint Interagency Field Exercise, an invite only event led by the Naval Post-Graduate School. The JIFX team leads experimentation in alternative methods to enable rapid technological development by cultivating a community of interest and hosting broadly scoped quarterly collaborative field events which enable the Department of Defense (“DoD”), the U.S. government, and allied stakeholders to identify, influence, and accelerate early-stage technology development that address national and collective security challenges.
    • We participated in TIDE, or Technology Innovation Discovery Event, an invite only DoD sponsored event that aims to help innovative small businesses and non-traditional DoD performers showcase new hardware and software technologies that can significantly improve existing software or meet new challenges in support of the National Defense Strategy.
    • We were a primary sponsor of and participant in UTAC, the premier unmanned aerial and robotic systems tactical event for Police, Public Safety, Government, and Defense agencies. UTAC is a fully immersive training event where public safety, government, enterprise, and defense operators gather to learn best practices, establish procedures, and gain experience with the latest innovations in unmanned aerial, ground, and maritime systems along augmenting technical solutions.

    Capital Markets Update:

    • Participated at the 13th Annual ROTH Technology Conference and the Benchmark 13th Annual Discovery One-on-One Conference.
    • Benchmark Company initiated coverage of Airship AI on November 13, 2024, with a Buy rating and price target of $6.

    2025 Outlook

    • 2025 net revenues of approximately $30 million, reflecting 30% revenue growth YoY, supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
    • Positive cash flow from business operations for the full year.
    • Expand AI offerings at the edge running on our Outpost AI platform and announce new offerings running at the datacenter level or in the cloud that increase customer operational efficiency using existing sources of data.
    • Continued innovation across our core Acropolis software platform supporting new workflows for on-premises and cloud-based deployments in highly secure operational environments.
    • Announce new offerings around our Digital Evidence Management System (DEMS) called Evidence Discovery Server (EDS) supporting stand-alone operations as well as integrations with other leading DEMS platforms.
    • Continue the digital transformation of our back-office operations to improve supply chain management and production-based process efficiencies to help drive continued margin expansion.
    • Launch new AI based offerings supporting partner engagement, training, and support as part of our larger strategy to provide differentiated offerings to those existing and to be recruited business partners and resellers.
    • Targeted focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

    Management Commentary

    “The past year has been an exciting journey as we completed our first full year as a public company amid significant shifts in domestic and global economic, social, and political landscapes,” said Paul Allen, President of Airship AI. “With this dynamic backdrop, we set ambitious goals for 2024, focusing on substantial revenue growth and strengthening our balance sheet to position the business for positive cash flow operations. The great news is that we made meaningful progress on both the top and bottom lines. We delivered 87% year-over-year revenue growth of $23.1 million at a gross margin of 46%. We ended the year with $11.4 million in cash and cash equivalents and $1.2 million in accounts receivable.

    “Our recently completed capital raise has significantly enhanced our ability to execute many of the anticipated large transactions in our pipeline, particularly those involving substantial up-front costs of goods sold. The capital raise has also enabled us to expand our sales, business development, and partner marketing capabilities by bringing in specialized industry expertise and experience in managing these large-scale defense programs. We have already made progress toward this objective with the addition of several high-caliber team members, and we are in the process of bringing on even more talent to further strengthen our capabilities.

    “As we entered 2025, we have a new administration in place that has stressed from day one that the focus is going to be on securing the border and strengthening public safety and security across the homeland. While the safety of the homeland has and should always be a bi-partisan issue, the approach to how it is done varies. The new administration has made clear many of its policies and approaches to this problem already, with technology itself and technology-based solutions playing a key role in most if not all of them. Specifically, the January 20th Secure Our Borders Executive Order states that the United States will establish a physical wall and other barriers monitored and supported by adequate personnel and technology.

    “To that point, we remain under the cloud of Continuing Resolution, which affects the whole of government to fund its ability to execute daily, at least beyond that which it was approved to do so the prior year. While the budget to fund this and other related activities is being addressed, we remain engaged with our customers already focused on these challenges, engagement which includes already funded efforts or those which are already budgeted.

    “While we are heavily focused on the agencies directly tasked to solve these challenges, we also have a larger existing business with other agencies and commercial customers that we remain focused on as well. These customers are involved daily in similarly protecting the homeland, ranging from countering the illegal trafficking of narcotics with a focus on fentanyl, protecting critical infrastructure such as courthouses, office buildings, and sensitive sites, and enforcing the laws of the land on the streets of mainstream America.

    “With the work we have already done, and the relationships we have established, we believe we are well positioned in 2025 and for the next several years to be an integral part of providing a solution for a well-defined and challenging problem that impacts every one of our shareholders.

    “Lastly, we look forward to seeing some of you at our upcoming Analyst Technology Showcase on Friday, March 14, 2025, in Dripping Springs, Texas,” concluded Mr. Allen.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein 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. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “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, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these 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 it 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.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    As of December 31, 2024 and 2023
        December
    31, 2024    		     December
    31, 2023    		  
    ASSETS            
                 
    CURRENT ASSETS:            
    Cash and cash equivalents   $ 11,414,830     $ 3,124,413  
    Accounts receivable, net of allowance for credit losses of $0     1,226,757       1,648,904  
    Prepaid expenses and other     17,883       18,368  
    Income tax receivable     –       7,230  
    Total current assets     12,659,470       4,798,915  
                     
    PROPERTY AND EQUIPMENT, NET     –       1,861  
                     
    OTHER ASSETS                
    Other assets     165,960       182,333  
    Operating lease right of use asset     882,024       1,104,804  
                     
    TOTAL ASSETS   $ 13,707,454     $ 6,087,913  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                     
    CURRENT LIABILITIES:                
    Accounts payable – trade   $ 759,480     $ 2,908,472  
    Advances from founders     1,300,000       1,750,000  
    Accrued expenses     51,649       200,531  
    Senior Secured Convertible Promissory Notes     –       2,825,366  
    Current portion of operating lease liability     305,178       174,876  
    Deferred revenue- current portion     3,238,483       4,008,654  
    Total current liabilities     5,654,790       11,867,899  
                     
    NON-CURRENT LIABILITIES:                
    Operating lease liability, net of current portion     638,525       943,702  
    Warrant liability     34,180,618       667,985  
    Earnout liability     23,304,808       5,133,428  
    Deferred revenue- non-current     2,951,850       4,962,126  
    Total liabilities     66,730,591       23,575,140  
                     
    COMMITMENTS AND CONTINGENCIES (Note 9)                
                     
    STOCKHOLDERS’ DEFICIT:                
    Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023     –       –  
    Common stock – $0.0001 par value, 200,000,000 shares authorized, 30,588,413 and 22,812,048 shares issued and outstanding as of December 31, 2024 and 2023     3,056       2,281  
    Additional paid in capital     21,918,867       –  
    Accumulated deficit     (74,941,590 )     (17,476,700 )
    Accumulated other comprehensive loss     (3,470 )     (12,808 )
    Total stockholders’ deficit     (53,023,137 )     (17,487,227 )
                     
    TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT   $ 13,707,454     $ 6,087,913  
    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
    For the years ended December 31, 2024 and 2023
        Year Ended     Yar Ended  
        December
    31, 2024    		     December
    31, 2023    		  
    NET REVENUES:            
    Product   $ 18,716,196     $ 7,439,045  
    Post contract support     4,334,017       4,692,487  
    Other services     –       168,052  
     Revenues     23,050,213       12,299,584  
    COST OF NET REVENUES:                
    Cost of Sales     10,843,766       4,767,159  
    Post contract support     1,679,692       1,681,267  
    Other services     –       86,841  
     Cost of revenue     12,523,458       6,535,267  
    GROSS PROFIT     10,526,755       5,764,317  
    RESEARCH AND DEVELOPMENT EXPENSES     2,804,894       2,729,492  
    SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     11,226,974       9,675,190  
    TOTAL OPERATING EXPENSES     14,031,868       12,404,682  
    OPERATING LOSS     (3,505,113 )     (6,640,365 )
    OTHER (EXPENSE) INCOME:                
    (Loss) gain from change in fair value of earnout liability     (18,171,380 )     21,976,349  
    (Loss) gain from change in fair value of warrant liability     (33,512,633 )     1,341,120  
    Loss from change in fair value of convertible debt     (141,636 )     (240,784 )
    Loss on note conversion     (1,144,676 )     –  
    Interest expense, net     (1,003,096 )     (55,685 )
    Other income (expense)     13,644       (9,501 )
    Total other (expense) income, net     (53,959,777 )     23,011,499  
                     
    (LOSS) INCOME BEFORE PROVISON FOR INCOME TAXES     (57,464,890 )     16,371,134  
                     
    Provision for income taxes     –       –  
                     
    NET (LOSS) INCOME     (57,464,890 )     16,371,134  
                     
    OTHER COMPREHENSIVE INCOME (LOSS)                
    Foreign currency translation income (loss), net     9,338       (2,702 )
                     
    TOTAL COMPREHENSIVE (LOSS) INCOME   $ (57,455,552 )   $ 16,368,432  
                     
    NET (LOSS) INCOME PER SHARE:                
    Basic   $ (2.34 )   $ 1.20  
    Diluted   $ (2.34 )   $ 0.80  
                     
    Weighted average shares of common stock outstanding                
    Basic     24,585,955       13,671,376  
    Diluted     24,585,955       20,390,663  
    AIRSHIP AI HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended December 31, 2024 and 2023
        Year Ended     Year Ended  
        December
    31, 2024    		     December
    31, 2023    		  
                 
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net loss   $ (57,464,890 )   $ 16,371,134  
    Adjustments to reconcile net loss to net cash used in operating activities                
    Depreciation and amortization     1,861       14,879  
    Stock-based compensation     1,078,344       715,727  
    Stock-based compensation- warrants     284,478       2,136,115  
    Amortization of operating lease right of  use asset     222,780       596,556  
    Accelerated amortization of ROU asset – lease termination     –       265,130  
    Gain from lease termination     –       (344,093 )
    Issuance of common stock for services     198,500       –  
    Noncash interest expense     1,008,419       –  
    Loss (gain) from change in fair value of warrant liability     33,512,633       (1,341,120 )
    Loss (gain) from change in fair value of earnout liability     18,171,380       (21,976,349 )
    Loss from change in fair value of convertible note     141,636       240,784  
    Loss on note conversion     1,144,676       –  
    Non cash interest, net     –       65,487  
    Changes in operating assets and liabilities:                
    Accounts receivable     422,147       (943,152 )
    Prepaid expenses and other     485       (2,329 )
    Other assets     16,373       (182,333 )
    Operating lease liability     (174,875 )     (531,621 )
    Payroll and income tax receivable     7,230       960,383  
    Accounts payable – trade and accrued expenses     (2,294,698 )     666,136  
    Deferred revenue     (2,780,447 )     (2,667 )
    NET CASH USED IN OPERATING ACTIVITIES     (6,503,968 )     (3,291,333 )
                     
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Issuance of common stock and warrants for offering, net     7,290,000       –  
    Proceeds from convertible promissory note     –       2,584,582  
    Proceeds from warrant exercise, net     7,704,540       –  
    Advances from founders, net     (450,000 )     1,150,000  
    Proceeds from reverse recapitalization     –       2,809,792  
    Proceeds from stock option exercises     240,507       –  
    Repayment of small business loan and line of credit     –       (424,540 )
                     
    NET CASH PROVIDED BY FINANCING ACTIVITIES     14,785,047       6,119,834  
                     
    NET INCREASE IN CASH AND CASH EQUIVALENTS     8,281,079       2,828,501  
                     
    Effect from exchange rate on cash     9,338       (2,702 )
                     
    CASH AND CASH EQUIVALENTS, beginning of period     3,124,413       298,614  
                     
    CASH AND CASH EQUIVALENTS, end of period   $ 11,414,830     $ 3,124,413  
                     
    Supplemental disclosures of cash flow information:                
    Interest paid   $ 11,913     $ 21,438  
    Taxes paid   $ 2,410     $ 17,247  
                     
    Noncash investing and financing                
    Elimination of advances to founders in connection with contribution of Zeppelin by shareholders   $ –     $ 1,100,000  
    Elimination of payables to founders in connection with contribution of Zeppelin by shareholders   $ –     $ 1,100,000  
    Issuance of common stock for debt interest payment   $ 1,008,442     $ –  
    Issuance of common stock for debt conversion   $ 4,114,831     $ –  
    Recognition of warrant liability   $ –     $ 15,418  
    Recognition of right-of-use asset   $ –     $ 1,162,152  
    Recognition of operating lease liability   $ –     $ 1,162,152  
    Noncash activity related to Merger-                
    Recognition of warrant liability   $ –     $ 2,009,105  
    Recognition of earnout liability   $ –     $ 27,109,777  
    Recognition of accounts payable   $ –     $ 1,500,000  

    The MIL Network –

  • MIL-OSI: First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank

    Source: GlobeNewswire (MIL-OSI)

    CHAMPAIGN, Il. and LEAWOOD, Kan., March 03, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced today the completion of its acquisition by merger of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, effective March 1, 2025. The transaction was previously jointly announced on August 27, 2024.

    Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2025. At the time of the bank merger, CrossFirst Bank’s banking centers will become branches of Busey Bank and operate under the Busey brand, creating a premier full-service commercial bank serving clients from 77 locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care. The holding company will be headquartered in Leawood, Kansas in the Kansas City metro area, which is central to the combined footprint. Busey Bank’s headquarters will remain in Champaign, Illinois.

    The combination extends Busey’s regional operating model into high-growth metro markets—bolstering its commercial banking relationships and offering additional opportunities to grow its wealth management business and payment technology solutions subsidiary, FirsTech, Inc.

    “This is a transformational partnership that advances our organization and will ultimately benefit each of our Pillars—associates, customers, communities and shareholders,” said Van Dukeman, Chairman and CEO of Busey and Chairman of Busey Bank. “Over the past few years, we have been keenly focused on maintaining Busey’s fortress balance sheet—featuring exceptional credit quality, strong liquidity, excess capital and diversified revenue streams buttressed by our wealth management and payments processing businesses—to be well positioned to capitalize on a financially and strategically compelling opportunity of size and scale. This is that opportunity and we look forward to fully integrating our banks while leveraging the talent, expertise, increased scale and market presence to benefit our Pillars.”

    “Taking our organization to new heights, this partnership combines our growing commercial bank with the power of Busey’s core deposit franchise, exceptional wealth management platform and the impressive payment tech solutions at FirsTech, Inc.,” said Mike Maddox, former CrossFirst CEO, President and Director who now serves as Vice Chairman and President of Busey and President and CEO of Busey Bank. “We firmly believe our strong metro market footprint, commercial focus and growth potential will help elevate the combined company to be a leading regional banking institution throughout the Midwest and Southwestern regions of the U.S. We look forward to building upon the strong legacy of outstanding service and community engagement that both organizations have developed to create even more opportunities for our teams and clients.”

    Board of Directors
    Effective immediately, Busey and Busey Bank will be governed by a Board of Directors comprised of 13 directors, eight from Busey or Busey Bank and five from CrossFirst:

    • Van Dukeman, Chairman and CEO
    • Mike Maddox, Vice Chairman and President
    • Rod Brenneman, Lead Independent Director
    • Stan Bradshaw
    • Steve Caple
    • Michael Cassens
    • Jennifer Grigsby
    • Karen Jensen
    • Fred Kenney
    • Steve King
    • Kevin Rauckman
    • Scott Wehrli
    • Tiffany White

    Transaction Details
    Under the terms of the merger agreement, at the effective time of the merger on March 1, 2025, each share of CrossFirst’s common stock was converted into the right to receive 0.6675 of a share of Busey common stock, with CrossFirst shareholders receiving cash in lieu of fractional shares. Former CrossFirst common shareholders are eligible to receive Busey’s ongoing dividends as declared. With the transaction now complete, former CrossFirst shareholders own approximately 36.5% of the combined company, on a fully-diluted basis.

    Shares of CrossFirst common stock ceased trading after the closing of the NASDAQ stock market on February 28, 2025. The combined company’s common shares will continue trading on the NASDAQ under the “BUSE” ticker symbol.

    About First Busey Corporation
    As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was a $12.05 billion financial holding company headquartered in Champaign, Illinois.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com. CrossFirst Bank—also a wholly-owned bank subsidiary of First Busey Corporation as of March 1, 2025—had total assets of $7.7 billion as of December 31, 2024, and is a full-service financial institution with locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico.

    Through its Wealth Management division, Busey Bank provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey Bank’s Wealth Management services can be found at busey.com/wealthmanagement.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc., specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the first time, Busey Bank was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey Bank was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey Bank is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    For more information about us, visit busey.com.

    First Busey Corporation Contacts
    For Financials:                         
    Scott Phillips, Interim CFO                    
    First Busey Corporation            
    (239) 689-7167                        
    scott.phillips@busey.com              		 For Media:
    Amy L. Randolph, EVP & COO
    First Busey Corporation
    (217) 365-4049
    amy.randolph@busey.com

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.

    These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under the “Special Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” sections of Busey’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports Busey files with the U.S. Securities and Exchange Commission (the “SEC”).

    Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.

    You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.

    The MIL Network –

  • MIL-OSI: Encore Capital Group to Meet with Investors and Present at the Raymond James 46th Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 03, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (Nasdaq:ECPG), an international specialty finance company, announced today that Encore management will be meeting with investors at the Raymond James 46th Annual Institutional Investors Conference on Tuesday, March 4, 2025. In addition, Ashish Masih, Encore’s President and Chief Executive Officer, will be making a presentation at the conference at 11:00am Eastern time on the same day. A link to the live webcast and a copy of the presentation will be available in the Investor Events & Presentations section of the company’s website at encorecapital.com/investor-events-presentations.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at encorecapital.com.

    Contact:

    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    The MIL Network –

  • MIL-OSI: ClearScale and Matilda Cloud Partner to Accelerate VMware Migration on AWS

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 03, 2025 (GLOBE NEWSWIRE) — ClearScale, an AWS Premier Consulting Partner, is pleased to announce a new strategic partnership with Matilda Cloud to deliver comprehensive VMware migration assessments and streamlined migration solutions leveraging AWS — delivered through AI-powered tools designed to simplify and automate the migration of VMware-based workloads to AWS. Matilda Cloud is recognized as the preferred tool for VMware assessments by AWS and is an AWS-certified migration partner making it an invaluable resource for customers migrating from on-premises systems to the cloud.  

    ClearScale is an industry leading professional services company and an all-in AWS Premier Tier Services Partner helping business leaders create clear business value at speed and scale. We combine our expertise in workload migrations, cloud-native systems integration, strategic consulting, modernization, application development, data, and AI to empower leaders in solving their most critical business challenges and positioning their organizations for growth.

    “ClearScale’s expertise in accelerating customer’s time to value in moving from Broadcom/VMware with Matilda Cloud’s advanced migration tools, creates an accelerated and frictionless path for customers moving to AWS,” said ClearScale CEO Jimmy Chui. “This partnership allows us to rapidly forge a migration path for our clients to help them achieve their business objectives while achieving cost savings, improved security and greater flexibility.”

    “Partnering with ClearScale allows us to deliver a seamless VMware-to-AWS migration experience for customers,” stated Viren Balar, Chief Revenue and Growth Officer at Matilda Cloud. “By combining ClearScale’s deep cloud expertise with Matilda Cloud’s AI-powered insights, we are streamlining migrations and ensuring businesses can modernize with confidence, efficiency, and speed.”

    Key Features and Benefits:

    • VMware Discovery: Use AWS approved Matilda Cloud tools to perform comprehensive VMware discovery, assessing applications, environments, dependencies, and migration priorities.
    • Customized Migration Wave Planning: Tailored migration strategies focus on cost, security, architecture, and timing.
    • Business Case Development: A robust business case for each project helps secure necessary funding, supporting smooth migrations aligned with customer goals.
    • Automated Migration Execution: With Matilda Cloud’s automation capabilities, ClearScale can deliver faster, more efficient migrations.
    • End-to-End Managed Services: Post-migration support and managed services ensure sustained efficiency and performance.

    Matilda Cloud’s integration into the AWS Marketplace provides added convenience and transparency for clients. Pricing for this service is customized to meet specific needs, and inquiries can be directed to ClearScale for a Private Offer.

    About ClearScale

    ClearScale, an all-in AWS Premier Tier Services Partner, delivers award-winning experience and expertise across AWS industries and competencies, empowering leaders to solve their most critical business challenges and position their organizations for growth. Our core service areas include AWS Migration & Modernization, Cloud-Native Application Development, Infrastructure & DevOps Modernization, Data Modernization & Analytics, Application Modernization, Artificial Intelligence & MLOps, and Generative AI.

    About Matilda Cloud

    Matilda Cloud creates agile and secure cloud solutions engineered to transform the cloud journey for organizations globally. With a suite of tools designed for cloud discovery, assessment, migration, and optimization, Matilda Cloud leverages AI and automation to minimize human effort and maximize efficiency, driving enterprises towards intelligent and secure cloud optimization tailored to their specific business needs.

    Contact:
    Kevin Wolf
    kevin@tgprllc.com

    The MIL Network –

  • MIL-OSI: PayPal launches its biggest online sales event in Australia, PayPal Frenzy

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, March 03, 2025 (GLOBE NEWSWIRE) — Bargain hunting Aussies can get ready to grab some fabulous discounts, with PayPal today announcing its biggest online sales event in Australia to date, PayPal Frenzy, with deals from more than 200 leading brands.

    PayPal, Australia’s most trusted way to pay onlinei, is partnering with Click Frenzy, to launch a seven-day online sale event, which will offer customers deals of up to 80% off, across leading fashion, beauty, home and tech brands.

    Deal hunters can dive in from 7pm (AEDT) on Tuesday, 4 March and keep an eye on the PayPal Australia and Click Frenzy Instagram channels for new offers until midnight, 10 March.

    PayPal lets shoppers spread out the cost of their purchases over 4 instalments, with PayPal Pay in 4 offering no late fees or interest charges. In fact, half (48%) of Australian buy now, pay later (BNPL) users say they’ve now switched to PayPal Pay in 4 because it has no late fees.ii

    PayPal’s Head of Consumer Marketing, Caitlin Hoey, said: “In a climate where Aussies are having to watch their hip pockets, sales can be a great tactic to spread your money further. This year we’re excited to expand PayPal Frenzy across fashion, electronics, home goods, travel, sport, home/interiors and even something for our furry friends.

    “Additionally, you’ve got the flexibility to pay later with PayPal Pay in 4 – letting you score unmissable deals using four easy instalments with no late fees or interest.

    “With research showing two-thirds of Aussie BNPL customers use BNPL to spread out the cost of larger purchases and more than half to manage cost of living pressures or their budget, PayPal Pay in 4 gives Australian consumers the payment flexibility and choice they’re looking for.” ii

    Payment methods can matter as much as discounts, with 38% of Australians having abandoned an online purchase because their favourite payment method wasn’t available and research indicating that PayPal is Australia’s most preferred and most-trusted online payment method.ii

    PayPal Frenzy is thrilled to welcome some of the biggest brands including Chemist Warehouse, The Iconic, Temu, Webjet and over 200 more.

    Here is just a sneak peak of what shoppers can expect:

    • Chemist Warehouse – up to 1/2 price off RRP on Vitamins & Supplements
    • The Iconic
      • 25% off on Women’s, Men’s & Kid’s
      • Up To 25% off on Sports, Beauty & Home
      • 40% Dresses and Sandals
      • 30% Women’s Footwear
    • Temu – Up to 30% off for new users
    • Webjet – $50 off Domestic Flight bookings when you check-out with PayPal Pay in 4
    • Sennheiser – 50% off storewide
    • Petbarn – Members save up to 40%
    • Manning Cartell – Dresses from $90 and up to 80% off.
    • Decathlon – Save up to 50% Sports Equipment (online only)
    • FILA – Up to 70% sitewide

    During PayPal Frenzy, 300 lucky shoppers will have the chance to win a share of $120,000 through PayPal’s social media giveaway.iii Simply checkout with PayPal Pay in 4 during the sale event and follow the steps to enter via the PayPalAU Instagram account.

    For all the amazing deals, follow PayPal Australia on Instagram (PayPalAU) and visit PayPal Frenzy.

    PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.  For more information, visit https://about.pypl.com/ and https://investor.pypl.com/. 

    PayPal Australia was established in 2005 and has more than 9.5 million active Australian customer accounts. PayPal enables Australian consumers and businesses to easily and securely send, receive, and manage their money. The PayPal service is provided by PayPal Australia Pty Limited (ABN 93 111 195 389) which holds an Australian Financial Services Licence number 304962. PayPal credit services including PayPal Pay in 4 are provided by PayPal Credit Pty Limited (ACN 600 629 258). For more information visit PayPal Australia Newsroom for more information and follow us on Instagram or Facebook. 

    Established in 2012, Click Frenzy has partnered with 1000s of Australia’s biggest retailers to bring Aussie consumers the best deals and exclusive offers to one centralised location.

    Media Contact:
    For all media enquiries, interviews, or images, please contact Edelman Australia on 0432 159 901/ 0459 431 732 paypalAU@edelman.com / Agent99 PR on 0402 420 247 zarah@agent99pr.com.  

    References:

    i.   PayPal has been awarded Most Trusted Payments Brand 2024 – Roy Morgan Most Trusted Brand Awards 2024.
    ii.  PayPal Australia eCommerce Index 2025. Research conducted by Fifth Quadrant, commissioned by PayPal Australia. Online survey of 1.022 Consumers.
    iii. Terms & Conditions and eligibility rules apply. For competition T&Cs see the PayPal Australia Newsroom for full PayPal Pay in 4 and competition terms see PayPal.com/au.

    The MIL Network –

  • MIL-OSI Economics: Samsung India Launches Galaxy A56 5G, Galaxy A36 5G Featuring Awesome Intelligence, All-New Design and Enhanced Durability

    Source: Samsung

    Akshay Rao, General Manager, and Aditya Babbar, Vice President, MX Business, Samsung India at the launch of Galaxy A56 5G and Galaxy A36 5G
     
    Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy A56 5G and Galaxy A36 5G with Awesome Intelligence, featuring amazing search and visual experiences to reimagine creativity. Sporting an all-new design language, the new Galaxy A series smartphones also feature enhanced durability and performance, along with robust security and privacy protection.
     
    Awesome Intelligence
    Awesome Intelligence is available on Galaxy A56 5G and Galaxy A36 5G, enabling democratization of AI for Indian consumers. Awesome Intelligence, a comprehensive mobile AI suite, brings advanced AI features including Galaxy’s fan-favourite AI features. Google’s enhanced Circle to Search makes it easier than ever to search and discover from the phone’s screen. With the recent enhancements to Circle to Search, users can also instantly search the songs they hear without switching apps. Whether it’s a song playing on social media from their phone or music that’s playing from speakers near them, just long press the navigation bar to activate Circle to Search, then tap the music button to identify the song name and artist.
     
    Awesome Intelligence also features a range of intelligent Visual editing features like Auto Trim, Best Face, Instant Slo-mo and many others. Auto-Trim and Best face are flagship-level AI features that are now getting democratized with Galaxy A56 5G. The new smartphones also come with Object Eraser, allowing users to remove unwanted distractions from photos. Moreover, Filters enables custom filter creation by extracting colours and styles from existing photos for users to apply for a unique and personalized effect depending on mood and taste.
     
    Awesome Design
    Galaxy A56 5G and Galaxy A36 5G come with an all-new design language which now forms the benchmark for Galaxy A series. The new design language features a Linear Floating Camera Module and a ‘Radiance’ inspired colour theme. Galaxy A56 5G and Galaxy A36 5G are the slimmest ever Galaxy A series devices with just 7.4mm thickness.
     
    Awesome Display
    Galaxy A56 5G and Galaxy A36 5G feature a larger display created for a high-quality, immersive viewing experience. Both devices feature a 6.7-inch FHD+ Super AMOLED display with brightness levels reaching up to 1200 nits. New stereo speakers further enhance the experience with rich, balanced sound.
     
    Awesome Camera
    Galaxy A56 5G and Galaxy A36 5G smartphones take the camera experience to a new level with a powerful triple-camera system featuring a 50MP main lens and 10-bit HDR front lens recording on Galaxy A56 5G and Galaxy A36 5G for bright and crisp selfies. Galaxy A56 5G comes with a 12MP ultra-wide lens and brings enhancements to Nightography, with Low Noise Mode making its way to the 12MP selfie camera along with additional wide camera support to capture stunning content in low-light settings.
     
    Awesome Performance
    Both models also deliver enhanced performance for seamless multi-tasking. Galaxy A56 5G is powered by the Exynos 1580 chipset and Galaxy A36 5G runs on the Snapdragon® 6 Gen 3 Mobile Platform. A larger vapor chamber in both devices helps sustain performance, ensuring smooth gameplay and video playback.
     
    Awesome Battery
    With a 5,000mAh battery, Galaxy A56 5G and Galaxy A36 5G are designed to keep up with users’ daily routines. Galaxy A56 5G and Galaxy A36 5G support 45W charging power and Super-Fast Charge 2.0 technology, delivering faster charging for extended use.
     
    Awesome Durability
     
    Galaxy A36 5G and Galaxy A56 5G feature an IP67 dust and water resistance rating. Additionally, an advanced Corning® Gorilla Victus+ Glass adds a layer of durability against scratches and cracks. Moreover, with six generations of Android OS and six years of security updates, the new Galaxy A series reinforces its focus on software longevity. These updates add additional support towards optimizing the devices’ lifecycle, ensuring users can enjoy a smooth and reliable experience for years to come.
     
    Awesome Security and Privacy
    Thanks to the integration of One UI 7 on the Galaxy A series for the first time, Samsung is further supporting robust security and privacy. With Samsung Knox Vault, the Galaxy A series provides an extra, fortified layer of device safety, transparency and user choice – ensuring sensitive data always stays protected. Equipped with the latest One UI 7 security and privacy features, Galaxy A series users benefit from holistic protection — including enhancements in Theft Detection, More Security Settings and other features.
     
    Variants, Price, Colours and Offers
    As part of the launch offers, customers purchasing Galaxy A56 5G and Galaxy A36 5G will get a free storage upgrade worth INR 3000, making it an awesome deal. Customers will get the 12GB 256GB variant at the price of the 8GB 256GB variant and the 8GB 256 GB variant at the price of the 8GB 128GB variant at no extra cost.
     

    Galaxy A56 5G

    Memory
    Price
    Net Effective Price
    Launch Offer
    Colours
    12GB 256GB
    INR 47,999
    INR 44,999
    Get 12GB 256GB variant at the price of 8GB 256GB variant
    Awesome Olive, Awesome Lightgray, Awesome Graphite
    8GB 256GB
    INR 44,999
    INR 41,999
    Get 8GB 256GB variant at the price of 8GB 128GB variant
    8GB 128GB
    INR 41,999
    INR 41,999
    NA
     

    Galaxy A36 5G

    Memory
    Price
    Net Effective Price
    Launch Offer
    Colours
    12GB 256GB
    INR 38,999
    INR 35,999
    Get 12GB 256GB variant at the price of 8GB 256GB variant
    Awesome Black, Awesome Lavender, Awesome White
    8GB 256GB
    INR 35,999
    INR 32,999
    Get 8GB 256GB variant at the price of 8GB 128GB variant
    8GB 128GB
    INR 32,999
    INR 32,999
    NA
     
     
    Galaxy A56 5G will be available in Awesome Olive, Awesome Lightgray and Awesome Graphite colours while Galaxy A36 5G will be available in Awesome Lavender, Awesome Black and Awesome White.
     
    Additional Offers
    Apart from the primary storage upgrade offer, consumers can also get Samsung Care+ one-year screen protection at just INR 999, against the original price of INR 2,999. Customers can also avail up to 18 months no cost EMI on Galaxy A56 5G and up to 16 months no cost EMI on Galaxy A36 5G. Additionally, customers will get an Amazon voucher up to INR 400 on using Samsung Wallet for select transactions.
     
    Availability
    Galaxy A56 and Galaxy A36 are now available for purchase via Samsung.com, across Samsung exclusive and partner stores, and other online platforms.

    MIL OSI Economics –

  • MIL-OSI: Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

    Source: GlobeNewswire (MIL-OSI)

    – GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(1.80) –
    – DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.03) –
    – DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.23 –
    – DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 7.1%    –
    – DECLARED A QUARTERLY CASH DIVIDEND OF $0.125 PER SHARE OF COMMON STOCK AND OPERATING PARTNERSHIP UNIT FOR THE QUARTER ENDING MARCH 31, 2025 –

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2024 and declared dividends for the quarter ending March 31, 2025.

    “The fourth quarter closes out a year of mixed results. On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments. Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Entering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio. While this reduces our book value per share in the short term, we believe it provides a path to recovery in our net interest margin through the accelerated resolution of our non-performing loans to generate liquidity for reinvestment in higher-yielding new originations. Additionally, we have adjusted our dividend to $0.125 per share to align with anticipated cash earnings to preserve capital for reinvestment and share repurchases with potential upward bias co-incident with the recovery in earnings. We believe these actions will enable the Company to resume growth in both book value per share and the dividend as we move forward.”

    Fourth Quarter Highlights

    • LMM commercial real estate originations of $436 million
    • Small Business Lending (“SBL”) loan originations of $348 million, including $315 million of Small Business Administration 7(a) loans
    • Book value of $10.61 per share of common stock as of December 31, 2024
    • Entered into a definitive merger agreement to acquire United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
    • Acquired approximately 5.8 million shares of the Company’s common stock at an average price of $7.35 per share as part of stock repurchase program
    • Issued $130 million in aggregate principal amount of 9.00% Senior Unsecured Notes due 2029

    Full Year Highlights

    • GAAP Loss per common share from continuing operations of $(2.52)
    • Distributable earnings per common share before realized losses of $0.97
    • Distributable return on average stockholders’ equity before realized losses of 7.5%
    • Total LMM and SBL originations of $2.4 billion, including $1.1 billion of Small Business Administration 7(a) loans
    • Sold $7.6 billion in mortgage servicing rights in connection with the disposition of its residential mortgage banking segment
    • Completed the acquisitions of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan product, and Funding Circle USA, Inc., an online lending platform that originates and services small business loans
    • Acquired approximately 10.3 million shares of the Company’s common stock at an average price of $7.95 per share as part of stock repurchase program

    Subsequent Events

    • On January 16, 2025, the Board approved a new stock repurchase program authorizing the repurchase of up to $150 million of the Company’s common stock
    • On February 21, 2025, ReadyCap Holdings, LLC, a taxable REIT subsidiary of the Company, closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes

    Dividends

    • The Company announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025, to shareholders of record as of the close of business on March 31, 2025
    • Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”)
    • The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on April 15, 2025, to Series C Preferred stockholders of record as of the close of business on March 31, 2025
    • The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on April 30, 2025, to Series E Preferred stockholders of record as of the close of business on March 31, 2025

    Use of Non-GAAP Financial Information

    In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

    The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

    In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

    In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

    To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

    The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

    (in thousands) Three Months Ended
    December 31, 2024    		 Year Ended
    December 31, 2024
    Net Loss $ (314,751 ) $ (430,398 )
    Reconciling items:    
    Unrealized loss on MSR – discontinued operations   33,175     40,394  
    Unrealized gain on joint ventures   (5,015 )   (3,503 )
    Increase in CECL reserve   277,277     272,964  
    Increase (decrease) in valuation allowance   (31,229 )   124,878  
    Non-recurring REO impairment   31,175     55,686  
    Non-cash compensation   2,826     8,510  
    Unrealized loss on preferred equity, at fair value   15,613     15,613  
    Merger transaction costs and other non-recurring expenses   6,579     17,432  
    Bargain purchase gain   —     (13,859 )
    Realized losses on sale of investments   51,688     183,718  
    Total reconciling items $ 382,089   $ 701,833  
    Income tax adjustments   (22,825 )   (89,504 )
    Distributable earnings before realized losses $ 44,513   $ 181,931  
    Realized losses on sale of investments, net of tax   (44,246 )   (153,571 )
    Distributable earnings $ 267   $ 28,360  
    Less: Distributable earnings attributable to non-controlling interests   3,113     8,167  
    Less: Income attributable to participating shares   2,248     9,125  
    Distributable earnings attributable to common stockholders $ (5,094 ) $ 11,068  
    Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted $ 0.23   $ 0.97  
    Distributable earnings per common share – basic and diluted $ (0.03 ) $ 0.07  

    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Monday, March 3, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2024. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877-407-0792
    International: 1-201-689-8263

    Conference Call Playback:

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Replay Pin #: 13750356

    The playback can be accessed through March 17, 2025.

    Safe Harbor Statement

    This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    Additional information can be found on the Company’s website at www.readycapital.com.

    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (in thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and cash equivalents $ 143,803     $ 138,532  
    Restricted cash   30,560       30,063  
    Loans, net (including $3,533 and $9,348 held at fair value)   3,378,149       4,020,160  
    Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)   241,626       81,599  
    Mortgage-backed securities   31,006       27,436  
    Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)   161,561       133,321  
    Derivative instruments   7,963       2,404  
    Servicing rights   128,440       102,837  
    Real estate owned, held for sale   193,437       252,949  
    Other assets   362,486       300,175  
    Assets of consolidated VIEs   5,175,295       6,897,145  
    Assets held for sale   287,595       454,596  
    Total Assets $ 10,141,921     $ 12,441,217  
    Liabilities      
    Secured borrowings   2,035,176       2,102,075  
    Securitized debt obligations of consolidated VIEs, net   3,580,513       5,068,453  
    Senior secured notes, net   437,847       345,127  
    Corporate debt, net   895,265       764,908  
    Guaranteed loan financing   691,118       844,540  
    Contingent consideration   573       7,628  
    Derivative instruments   352       212  
    Dividends payable   43,168       54,289  
    Loan participations sold   95,578       62,944  
    Due to third parties   1,442       3,641  
    Accounts payable and other accrued liabilities   188,051       207,481  
    Liabilities held for sale   228,735       333,157  
    Total Liabilities $ 8,197,818     $ 9,794,455  
    Preferred stock Series C, liquidation preference $25.00 per share   8,361       8,361  
           
    Commitments & contingencies      
           
    Stockholders’ Equity      
    Preferred stock Series E, liquidation preference $25.00 per share   111,378       111,378  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 162,792,372 and 172,276,105 shares issued and outstanding, respectively   17       17  
    Additional paid-in capital   2,250,291       2,321,989  
    Retained earnings (deficit)   (505,089 )     124,413  
    Accumulated other comprehensive loss   (18,552 )     (17,860 )
    Total Ready Capital Corporation equity   1,838,045       2,539,937  
    Non-controlling interests   97,697       98,464  
    Total Stockholders’ Equity $ 1,935,742     $ 2,638,401  
    Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 10,141,921     $ 12,441,217  
    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share data) Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
    Interest income $ 203,965     $ 896,975  
    Interest expense   (153,911 )     (696,455 )
    Net interest income before provision for loan losses $ 50,054     $ 200,520  
    Provision for loan losses   (285,008 )     (292,759 )
    Net interest income after provision for loan losses $ (234,954 )   $ (92,239 )
    Non-interest income      
    Net realized gain (loss) on financial instruments and real estate owned   (10,934 )     (54,000 )
    Net unrealized gain (loss) on financial instruments   (17,025 )     (14,991 )
    Valuation allowance, loans held for sale   31,229       (124,878 )
    Servicing income, net of amortization and impairment of $7,756 and $21,972   4,112       16,556  
    Gain on bargain purchase   —       13,859  
    Income on unconsolidated joint ventures   6,065       10,886  
    Other income   13,557       50,803  
    Total non-interest income (expense) $ 27,004     $ (101,765 )
    Non-interest expense      
    Employee compensation and benefits   (23,320 )     (82,522 )
    Allocated employee compensation and benefits from related party   (3,350 )     (11,387 )
    Professional fees   (7,557 )     (26,887 )
    Management fees – related party   (5,518 )     (24,862 )
    Loan servicing expense   (12,749 )     (46,656 )
    Transaction related expenses   (4,878 )     (10,118 )
    Impairment on real estate   (29,876 )     (56,503 )
    Other operating expenses   (19,637 )     (63,572 )
    Total non-interest expense $ (106,885 )   $ (322,507 )
    Loss from continuing operations before benefit for income taxes   (314,835 )     (516,511 )
    Income tax benefit   17,318       104,512  
    Net loss from continuing operations $ (297,517 )   $ (411,999 )
    Discontinued operations      
    Loss from discontinued operations before benefit for income taxes   (22,978 )     (24,532 )
    Income tax benefit   5,744       6,133  
    Net loss from discontinued operations $ (17,234 )   $ (18,399 )
    Net loss $ (314,751 )   $ (430,398 )
    Less: Dividends on preferred stock   1,999       7,996  
    Less: Net income attributable to non-controlling interest   1,389       5,357  
    Net loss attributable to Ready Capital Corporation $ (318,139 )   $ (443,751 )
           
    Earnings per common share from continuing operations – basic $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – basic $ (0.10 )   $ (0.11 )
    Total earnings per common share – basic $ (1.90 )   $ (2.63 )
           
    Earnings per common share from continuing operations – diluted $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – diluted $ (0.10 )   $ (0.11 )
    Total earnings per common share – diluted $ (1.90 )   $ (2.63 )
           
    Weighted-average shares outstanding      
    Basic   167,434,683       169,107,477  
    Diluted   168,845,426       170,472,273  
           
    Dividends declared per share of common stock $ 0.25     $ 1.10  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Three Months Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 170,292     $ 33,673     $ —     $ 203,965  
    Interest expense   (131,128 )     (22,783 )     —       (153,911 )
    Net interest income before provision for loan losses $ 39,164     $ 10,890     $ —     $ 50,054  
    Provision for loan losses   (279,483 )     (5,525 )     —       (285,008 )
    Net interest income after provision for loan losses $ (240,319 )   $ 5,365     $ —     $ (234,954 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (33,206 )     22,272       —       (10,934 )
    Net unrealized gain (loss) on financial instruments   (19,629 )     2,604       —       (17,025 )
    Valuation allowance, loans held for sale   31,229       —       —       31,229  
    Servicing income, net   1,761       2,351       —       4,112  
    Income on unconsolidated joint ventures   6,065       —       —       6,065  
    Other income   2,279       9,155       2,123       13,557  
    Total non-interest income (loss) $ (11,501 )   $ 36,382     $ 2,123     $ 27,004  
    Non-interest expense              
    Employee compensation and benefits   (4,741 )     (14,564 )     (4,015 )     (23,320 )
    Allocated employee compensation and benefits from related party   (335 )     —       (3,015 )     (3,350 )
    Professional fees   (1,639 )     (3,210 )     (2,708 )     (7,557 )
    Management fees – related party   —       —       (5,518 )     (5,518 )
    Loan servicing expense   (11,592 )     (1,157 )     —       (12,749 )
    Transaction related expenses   —       —       (4,878 )     (4,878 )
    Impairment on real estate   (29,876 )     —       —       (29,876 )
    Other operating expenses   (4,257 )     (12,215 )     (3,165 )     (19,637 )
    Total non-interest expense $ (52,440 )   $ (31,146 )   $ (23,299 )   $ (106,885 )
    Income (loss) before provision for income taxes $ (304,260 )   $ 10,601     $ (21,176 )   $ (314,835 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Year Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 766,354     $ 130,621     $ —     $ 896,975  
    Interest expense   (598,846 )     (97,609 )     —       (696,455 )
    Net interest income before provision for loan losses $ 167,508     $ 33,012     $ —     $ 200,520  
    Provision for loan losses   (283,800 )     (8,959 )     —       (292,759 )
    Net interest income after provision for loan losses $ (116,292 )   $ 24,053     $ —     $ (92,239 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (132,746 )     78,746       —       (54,000 )
    Net unrealized gain (loss) on financial instruments   (20,588 )     5,597       —       (14,991 )
    Valuation allowance, loans held for sale   (124,878 )     —       —       (124,878 )
    Servicing income, net   5,759       10,797       —       16,556  
    Gain on bargain purchase   —       —       13,859       13,859  
    Income on unconsolidated joint ventures   10,876       10       —       10,886  
    Other income   22,605       23,424       4,774       50,803  
    Total non-interest income (loss) $ (238,972 )   $ 118,574     $ 18,633     $ (101,765 )
    Non-interest expense              
    Employee compensation and benefits   (25,821 )     (46,036 )     (10,665 )     (82,522 )
    Allocated employee compensation and benefits from related party   (1,139 )     —       (10,248 )     (11,387 )
    Professional fees   (4,963 )     (12,681 )     (9,243 )     (26,887 )
    Management fees – related party   —       —       (24,862 )     (24,862 )
    Loan servicing expense   (44,667 )     (1,989 )     —       (46,656 )
    Transaction related expenses   —       —       (10,118 )     (10,118 )
    Impairment on real estate   (56,428 )     (75 )     —       (56,503 )
    Other operating expenses   (15,212 )     (36,108 )     (12,252 )     (63,572 )
    Total non-interest expense $ (148,230 )   $ (96,889 )   $ (77,388 )   $ (322,507 )
    Income (loss) before provision for income taxes $ (503,494 )   $ 45,738     $ (58,755 )   $ (516,511 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  

    The MIL Network –

  • MIL-OSI: Wearable Devices to Showcase the World’s First Neural Sensing Wristband at MWC Barcelona 2025

    Source: GlobeNewswire (MIL-OSI)

    The Company will demonstrate its newly launched Mudra Link across multiple operating systems alongside the Mudra Dev-Kit, with a strong focus on Extended Reality (XR) and smart glasses applications

    Yokneam Illit, Israel, March 03, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced its participation at MWC Barcelona 2025 (“MWC 2025”), the world’s leading event for mobile technology and connectivity. The Company will showcase its latest advancements in neural gesture input technology, emphasizing the role of Mudra Link, the world’s first neural sensing wristband, in XR and Smart Glasses control, alongside the Mudra Band for Apple Watch. Wearable Devices will be exhibiting at Hall 5 – 5E61, from Monday, March 3 to Thursday, March 6, 2025.

    At MWC 2025, Wearable Devices invites attendees to experience the Mudra Link, the first neural gesture control wristband that enables seamless interaction across Android, macOS, and Windows devices using simple gestures like tap, swipe, pinch, and drag. With Mudra Link, users can control mobile devices, apps, and computers on any OS, offering an intuitive and touch-free user experience. More importantly, Mudra Link introduces new capabilities for controlling Smart Glasses and XR applications, allowing users to interact with augmented and virtual reality environments using natural hand gestures without the need for external controllers. This latest offering represents a major step in expanding neural gesture control beyond the Apple ecosystem, bringing Wearable Devices’ technology to a broader consumer audience.

    Alongside the Mudra Link, the Company will present a new Mudra Dev-Kit program (the “MDK Program”). The MDK Program is tailor-made for enterprises looking to both explore, build proof of concepts and pilots before deciding on the final neural band product experience. The MDK Program also includes onsite support and training of technical and marketing teams, sample code, a hands-on demo day covering multiple uses cases. The MDK Program accelerates time to market and boost visibility for the final product, and builds confidence in using the Company’s latest new and novel technology.

    Offir Remez, Executive Vice President of Business Development at Wearable Devices, stated, “MWC 2025 is a premier event for mobile technology, and we are excited to demonstrate how our AI-powered neural gesture control technology is revolutionizing user interactions. With the launch of the Mudra Link, we are expanding beyond Apple and bringing our technology to a wider audience across multiple platforms. Most significantly, our focus on XR and Smart Glasses opens new doors for intuitive user experiences in digital and virtual environments. We see strong interest from both consumers and industry partners and we are looking forward to seeing co-branded products shipped in volume soon.”

    Asher Dahan, Chief Executive Officer of Wearable Devices, added, “Our vision is to redefine the way users interact with technology, and our participation at MWC 2025 is a pivotal moment for us. The introduction of Mudra Link marks a major milestone, as it allows us to offer a universal neural control solution that integrates seamlessly across platforms, particularly for the emerging XR and Smart Glasses industry. Combined with the continued success of the Mudra Band for Apple Watch, we are driving the future of AI-powered, touchless interaction for consumers worldwide.”

    To book a meeting with our team and learn how you can integrate Mudra technology into your products and solutions, please fill out the form at this link.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our devices and technology; the potential of neural gesture control technology to redefine user interactions; and the interest from both consumers and industry partners in our technology and devices. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
     IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI United Kingdom: Government to take over redress for convicted postmasters from Post Office

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government to take over redress for convicted postmasters from Post Office

    All postmasters who have had their convictions overturned will now have their conviction claims administered by the government

    • Government to manage redress for postmasters who have had convictions overturned by the Courts to ensure it is delivered promptly and sensitively
    • The Post Office will cease to be involved in the redress for postmasters with overturned convictions following calls from campaigners and postmasters
    • Redress for victims of Horizon scandal has more than doubled under this government, delivering on a key manifesto commitment

    All postmasters who have had their convictions overturned, whether by a court or legislation last year, will now have their conviction claims administered by the government, completely taking them out of the hands of the Post Office – fulfilling a key request from those impacted by the scandal.  

    After a three-month transitional period, the Department for Business and Trade’s Horizon Convictions Redress Scheme (HCRS) will broaden its scope to take on responsibility for redress for postmasters who have had their convictions overturned by the Courts. These are currently dealt with by the Post Office through their Overturned Convictions scheme. This is something that postmasters, campaigners, and Parliamentarians, including the Business and Trade Select Committee, have all called for.  

    Postmasters have suffered a huge amount. While the government can’t fully put right what they have been through, it can make sure the compensation process works better for them by listening to their grievances and acting upon them where possible to ensure postmasters are treated with dignity and respect. Today, this means ending the difficulty of dealing with the organisation which upended so many of their lives.   

    The delivery of redress for victims of the Post office Horizon scandal is a key government manifesto commitment, with a commitment of £1.8 billion to ensure all postmasters receive the justice and financial redress they deserve. 

    Post Office Minister Gareth Thomas said:

    My priority upon coming into office was to speed up the delivery of compensation to the victims of the Horizon scandal. We have made significant progress, and we are now moving to ensure there is a quick transfer of schemes from the Post Office to the Department. 

    In the meantime, I encourage all those eligible to apply for redress under the Overturned Convictions scheme and continue to progress their claims with the Post Office until the transfer date.

    The Department for Business and Trade will formally take over on 3 June 2025. The three-month transitional period between now and then will allow for the smooth transfer of active claims from one scheme to the other, ensuring there is no gap in service for postmasters who have claims in the system. 

    As of 31 January, approximately £663 million has been paid to over 4,300 claimants, which has more than doubled since the end of June 2024. 

    Today’s announcement is the latest in a series of government actions to address the Post Office Horizon Scandal, including:  

    • launching the Horizon Convictions Redress Scheme (HCRS) for postmasters whose horizon-related convictions were quashed by Parliament. This scheme has made 364 interim payments to eligible claimants and has fully settled 208 claims, paying out a total of £156 million;    

    • on the HCRS, committing to provide first offers on receipt of detailed claims within 40 working days in 90% of cases;  

    • beginning payments of a £75,000 fixed offer for those postmasters in the Horizon Shortfall Scheme (HSS) who want to accept it: approximately £171 million has been paid in award top-ups and £75,000 awards;  

    • publishing our response to the consultant’s report into the Post Office Capture software (predecessor to Horizon) and have committed to offering redress to all non-convicted postmasters who fell victim to flaws in Capture software;   

    • announcing an independent appeals process for the HSS to provide individuals with a chance to have their claims reassessed through a DBT-run process. We expect the first cases will be ready for submission in the Spring;  

    • confirmed the Horizon Compensation Advisory Board in place.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    Source: United Kingdom – Executive Government & Departments

    News story

    SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    SLC announces 12 new Glasgow apprenticeships during Scottish Apprenticeship Week

    To mark Scottish Apprenticeship Week (3-7 March), the Student Loans Company (SLC) has announced it is recruiting 12 new apprentices in Glasgow.

    Applications for the Student Finance Officer (SFO) Apprenticeships are now open, and successful candidates will be based in the Hillington office within the Customer Operations team.

    The 12–18-month programme will start on 30th June and is being delivered in conjunction with education provider, Babbington. Apprentices will work towards will work towards a SCQF level 6 in Business and Administration.

    SLC supports students across the UK to invest in their futures and unlock their potential by administering loans and grants to students in universities and colleges across the UK. The new SFO apprentices will be at the heart of this operation, supporting customers through their student finance journeys and helping to process around 1.5million applications each year.

    Jackie Currie, Executive Director of Customer Operations at SLC said: “It’s fantastic to be launching our latest apprentice search during Scottish Apprenticeship Week. The theme for the week is ‘Made for Business’ and I’m proud of the role that SLC plays in developing the talent of the future, through our apprenticeship programmes. 

    “I’m looking forward to welcoming our new apprentices to the Customer Operations Team this summer and would urge people across Glasgow and the surrounding area to apply. It’s a fantastic opportunity to work and gain experience within a large public sector organisation and achieve a recognised qualification at the same time.”

    SLC currently has 29 apprentices working across all areas of the organisation, with many former apprentices continuing to progress their careers with SLC after completing their qualification.

    For more information and to apply, please visit https://www.civil-service-careers.gov.uk/student-loans-company-hub/.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Next Hydrogen Solutions Inc. Announces Changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, March 03, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (TSXV: NXH, OTC: NXHSF) (“Next Hydrogen” or the “Company”), announced today the appointment of Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta will fill the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025.

    Ms. Mehta is VP of Business Development for Jenner Renewable Consulting. For the past 22 years Ms. Mehta has played a pivotal role in the growth of renewable energy, leading technical reviews, due diligence, and development for over 2,500 megawatts of wind and solar energy projects across North and South America. She served on the Board of Directors of the Canadian Wind Energy Association (CanWEA) from 2008 to 2015, becoming Chairperson in 2011, where she was instrumental in advancing Canada’s wind energy sector.

    “As Next Hydrogen accelerates its position as a large-scale green hydrogen solution provider, we are excited to welcome Adarsh to our board,” said Allan MacKensie, Chairperson of Next Hydrogen. “Her extensive experience in renewable energy, project development, and industry advocacy will be invaluable as we scale our technology and commercialization efforts.”

    “I am thrilled to join Next Hydrogen at such a transformative time,” said Adarsh Mehta. “Green hydrogen is a critical pillar in the global transition to clean energy, and Next Hydrogen is well-positioned to be a leader in this space. I look forward to contributing to the company’s growth and impact.”

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

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

    Notice regarding forward-looking statements:

    Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this press release are based on the current expectations of management of Next Hydrogen. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting Next Hydrogen, including risks regarding the industry in which Next Hydrogen operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company’s management’s discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR Plus) under Next Hydrogen’s profile at www.sedarplus.ca. Although the Company has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be taken as guaranteed. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

    The MIL Network –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI United Kingdom: Investigators help ensure jail time for former Brookside actor

    Source: City of York

    A total of 23 years in prison for a former Brookside actor and his associates has been awarded this afternoon.

    Former Brookside actor Philip Foster and 8 associates have today (28 February 2025) been sentenced for their part in a £13.6 million fraud that ran for over 8 years.

    The sentences handed down at Sheffield Crown Court today are the result of an over 6-year investigation by National Trading Standards, whose work uncovered an extensive network of sham modelling agencies that cruelly exploited the dreams of aspiring young models and their parents.

    Foster was the ringleader of the operation. He orchestrated the fraud from Spain, using a network of associates based in England who operated a string of sham modelling agencies and photography studios in cities across the country, including London, Manchester, Leeds, Bristol, Coventry, and Nottingham.

    More than 6,000 victims were deceived by the group – mainly young people and mothers – who ended up parting with substantial amounts of money under the false promise of securing paid modelling work.

    The fraud worked by setting up a photographic studio in the area and running a social media advertising campaign. People who responded were given the false impression that a model agency was interested in them, with emails telling them they had potential. Victims were then invited to a ‘free’ test shoot at the photographic studio, which turned out to be a ruse to try to extort money out of them.

    At the test shoot, victims were given a studio experience, handed glossy brochures and told how successful other people had been. They would then be told that they passed their studio test and that modelling agencies were interested, but they needed to purchase their portfolio photographs from the studio in order to join an agency and become an agency model.

    Victims were duped by the group who, between them, gave a good impression of running successful model businesses and lied to them about their potential. Millions of pounds were taken from aspiring models, with some coerced into financing the upfront payment through credit deals arranged by the fraudsters or taking out expensive payday loans.

    Instead, victims received poor quality digital photographs that stood no real chance of landing them professional jobs. Virtually none of the victims received any paid modelling work.

    The sham agencies were often dissolved after short periods, rebranded repeatedly to avoid detection, and paid no tax. Money from the scam was laundered through UK bank accounts before being transferred to Spain or carried in cash on commercial flights by co-conspirators.

    The investigation traced substantial sums to Foster, who lived in luxury abroad and purchased high-end watches and cars with the proceeds of the fraud. The investigation heard how many victims, left financially and emotionally devastated, described feeling humiliated and betrayed. Some experienced lasting distress that affected their confidence, wellbeing and their ability to trust others.

    The sentences, which were handed down today in the absence of Philip Foster, who is currently living in Spain, are as follows:

    • Philip Foster, aged 49, Edificio Marina Mariola, Marbella, Spain, sentenced to 8.5 years for conspiracies to defraud
    • Michael Foster, aged 27, Snowdon Lane, Liverpool, sentenced to 3.5 years for conspiracy to defraud
    • Paul Evans, aged 39, no known address, sentenced to 3.5 years for offences related to money laundering
    • Jamie Peters, aged 52, Pentland Place, Warrington, sentenced to 24 months, suspended for 2 years, for conspiracy to defraud
    • Lisa Foster, aged 42, Manchester Road, Astley, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Emily Newall, aged 29, Bolton Road, Kearsley, Greater Manchester, sentenced to 10 months, suspended for 12 months, for conspiracy to defraud
    • Atif Qadar, aged 44, Larkswood Drive, Crowthorne, sentenced to 12 months, suspended for 12 months, for conspiracy to defraud
    • Paul Fleury, aged 57, Manchester Road, Swinton, Manchester, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Aslihan Foster aged 39, Tredington Road, Coventry, sentenced to 18 months, suspended for 12 months, for an offence related to money laundering

    Today’s sentencing follows over 6 years of investigative work by the National Trading Standards eCrime Team, hosted by North Yorkshire Council and City of York Council, including forensic analysis of financial transactions, thousands of consumer complaints, and witness testimony from victims. The team was supported by the National Trading Standards South West Regional Investigations Team, hosted by Bristol City Council.

    Judge Dixon, said: 

    The business worked on the basis of greed taking what they could where they could. Some people were so convinced by the level of deception that they took out payday loans, which gives a clear indication as to how manipulative and cynical the fraud was. It was horrible, despicable, dishonest behaviour and every single one of you deserves to go to prison. 

    “The officers have carried out an exceptional job to bring these defendants to justice. It was not straightforward or easy. This investigation was conducted with particular skill.  A commendation should be made on the basis of the skill deployed.”

    Lord Bichard, Chair of the National Trading Standards, said:

    Foster’s cruel exploits left thousands of victims in serious debt, causing lasting emotional distress and significant financial pressures.

    “Today’s sentences are an important reminder to would-be criminals that Trading Standards officers across the country are determined to clamp down on fraud, protecting victims and bringing criminals to justice.

    “I would encourage anyone who has been a victim of similar scams to report it to the Citizens Advice Consumer Service on 0808 223 1133.”

    Councillor Jenny Kent, Executive Member with responsibility for Trading Standards at City of York Council, said:

    Today’s sentencing follows years of highly effective trading standards investigative work. Mr Foster and his associates made millions by exploiting the hopes of young people, leaving a trail of broken dreams and financial hardship. I urge everyone to question any modelling contract which demands money up front, and hope that the young people and families affected can now move on to a brighter future, whichever path they choose.”

    North Yorkshire Council’s executive member Councillor Greg White, whose responsibilities include Trading Standards, said:

    Foster and his fellow scammers cruelly exploited young hopefuls trying to break into one of the most competitive industries. In some cases, parents borrowed money or sacrificed savings, believing they were investing in their children’s futures.

    “I urge anyone searching online for modelling opportunities to remember that legitimate agencies don’t ask for money upfront, it’s often only scam agencies who push expensive photoshoots as a pre-requisite to getting work.”

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Asian Development Blog: Multi-Stakeholder Solutions Needed for Women Entrepreneurs in South Asia

    Source: Asia Development Bank

    Gender-inclusive entrepreneurship in South Asia remains hindered by financial, social, and structural barriers. A holistic approach—combining access to finance, business development services, and multi-stakeholder partnerships—can accelerate women’s entrepreneurship and foster inclusive growth.

    While gender-inclusive entrepreneurship is a significant enabler of economic growth, only 18% of firms in South Asia are owned by women, compared to 34% globally. Women in the region lack capital and finance, as well as opportunities to access business networks and effectively market products and services. They have limited engagement in trade activities and with innovative solutions. 

    These challenges are compounded by structural barriers, such as social and customary norms and disproportionate household and care responsibilities that limit women’s opportunities as entrepreneurs and hinder their economic participation. 

    The following approaches, which should be tailored to distinct contexts, cultures, and levels of development, can help boost women’s entrepreneurship in South Asia:

    Create an inclusive business ecosystem: Accelerating women’s entrepreneurship in South Asia, a region with complexities and inequalities intertwined, requires development of an ecosystem of inclusive interventions and investments, policies, private sector engagement, and promoting resources that give women access to capital, skills, innovation, services and new markets.

    Access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Addressing only one issue in the chain of challenges cannot produce a sustainable effect; rather, adopting a holistic approach that creates an enabling environment by explicitly addressing constraints of women and promoting women’s entrepreneurship through specific actions is essential for long-term strategic changes that can support inclusive economic growth and development in South Asia. 

    Providing access to finance for women can be life changing: Limited financial resources confine women to smaller-scale business operations at the micro level in countries such as Sri Lanka, Bhutan, and Bangladesh. Challenges related to capital are often rooted in gender biases, lack of tailored financial products, absence of collateral, and limited understanding of financial institutions.

    Applying innovations in finance, more targeted approaches, including for women in more vulnerable positions, can help overcome the barriers related to social norms, mobility, and control of resources and assets. While 65% of women-led small and medium enterprises in developing countries are unserved financially, access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Providing targeting approaches and giving access to finance has been done in Bangladesh, India, Sri Lanka, Nepal, and Bhutan and has helped women to expand and grow their businesses. Targeting women as clients has a business case as well, offering opportunities for the private sector to capitalize on this important segment by providing tailored financial products and services.

    Offer comprehensive business development services: Because women-owned enterprises are under-financed and under-resourced in South Asia, offering non-financial services can be a driver of business growth. Business development services, such as mentoring, financial advisory, legal support, skills training, and accessing new markets and networks can be key drivers for women entrepreneurs in Bangladesh, Maldives, Sri Lanka, and other South Asian countries. 

    Providing tailored services for women in start-ups is equally important as challenges at this stage are intertwined with a lack of confidence, social norms, and expectations towards women with limited resources. While also facing other forms of discrimination (particularly, in India and Nepal), supplying women with these services can lead to more equitable access to non-financial resources and significant economic growth on local and regional levels. 

    Leverage multi-stakeholder partnerships: Development partners, governments, and private sector companies – all can play role in advancing women’s entrepreneurship in South Asia. Gender-inclusive investments by development partners, improving policy frameworks by governments, and fostering bold actions by the private sector through targeted investments and financial products can all address the gender divide in entrepreneurship. Moreover, partnerships across stakeholders can only enhance these actions. 

    The path to advancing women’s entrepreneurship and engagement of stakeholders needs to be deepened to also address often discriminatory underlying social norms and practices that hold women back. This is particularly so in South Asia, where gender disparities are intertwined with religion, caste, ethnicity, and other social exclusions that exacerbate gender inequalities.

    MIL OSI Economics –

  • MIL-OSI USA: Disaster Recovery Centers Open in Knott and Floyd Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Knott and Floyd Counties

    Disaster Recovery Centers Open in Knott and Floyd Counties

    FRANKFORT, Ky — Disaster Recovery Centers will open in Knott and Floyd counties today, March 2, in areas affected by the February floods. Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 14, 2025, and continuing.   KNOTT COUNTYKnott County Sports Complex, 450 Kenny Champion Lp #8765, Leburn, Ky 41831FLOYD COUNTYFloyd County Board of Education, 442 KY-550, Eastern, Ky 41622Disaster Recovery Centers operate from 7 a.m. to 7 p.m. ET Monday through Saturday and 1 to 7 p.m. ET on Sundays, unless otherwise noted. FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. The deadline to apply for federal assistance is April 25, 2025.Other centers are open in the following locations:PIKE COUNTYPike Public Library, 126 Lee Ave, Pikeville, Ky 41501Belfry Public Library, 24371 US-119 North, Belfry, Ky 41514PERRY COUNTYHazard Community College, 1 Old Community College Dr, Hazard, Ky 41701MARTIN COUNTYMartin County Library, 180 E Main St., Inez, Ky 41224Additional Disaster Recovery Centers will open across the Commonwealth disaster area in the coming days. In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will be available at the recovery centers to assist survivors.You do not need to visit a center to apply with FEMAIf you are unable to visit the center, there are other ways to apply: you can apply online at DisasterAssistance.gov, by calling 800-621-3362, or by using the FEMA mobile app. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.When you apply, you will need to provide:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.The first step to receive FEMA assistance is to apply. There are four ways to apply: call the toll-free FEMA Helpline at 800-621-3362, visit DisasterAssistance.gov, download the FEMA App or visit a Disaster Recovery Center. The phone line is open daily from 7 a.m. to midnight ET, and help is available in most languages. The deadline to apply for assistance for flooding is April 25, 2025. For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4.
    sarah.cleary
    Sun, 03/02/2025 – 15:50

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Martin County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Martin County

    Disaster Recovery Center Opens in Martin County

    FRANKFORT, Ky — A Disaster Recovery Center will open in Martin County today, March 1, in areas affected by the February floods. Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 14, 2025, and continuing.   MARTIN COUNTYMartin County Library, 180 E Main St., Inez, Ky 41224Disaster Recovery Centers operate from 7 a.m. to 7 p.m. ET Monday through Saturday and 1 to 7 p.m. ET on Sundays, unless otherwise noted. FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. The deadline to apply for federal assistance is April 25, 2025.Other centers are open in the following locations:PIKE COUNTYPike Public Library, 126 Lee Ave, Pikeville, Ky 41501Belfry Public Library, 24371 US-119 North, Belfry, Ky 41514PERRY COUNTYHazard Community College, 1 Old Community College Dr, Hazard, Ky 41701Additional Disaster Recovery Centers will open across the Commonwealth disaster area in the coming days. In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will be available at the recovery centers to assist survivors.You do not need to visit a center to apply with FEMAIf you are unable to visit the center, there are other ways to apply: you can apply online at DisasterAssistance.gov, by calling 800-621-3362, or by using the FEMA mobile app. If you use a relay service, such as Video Relay (VRS), captioned telephone or other service, give FEMA the number for that service.When you apply, you will need to provide:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.The first step to receive FEMA assistance is to apply. There are four ways to apply: call the toll-free FEMA Helpline at 800-621-3362, visit DisasterAssistance.gov, download the FEMA App or visit a Disaster Recovery Center. The phone line is open daily from 7 a.m. to midnight ET, and help is available in most languages. The deadline to apply for assistance for flooding is April 25, 2025. For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4. 
    sarah.cleary
    Sat, 03/01/2025 – 12:23

    MIL OSI USA News –

  • MIL-OSI USA: FDA Roundup: February 28, 2025

    Source: US Food and Drug Administration

    For Immediate Release:
    February 28, 2025

    Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency:

    On Thursday, the FDA approved Odactra to include use in individuals 5 through 11 years of age to treat house dust mite induced nasal inflammation (allergic rhinitis), with or without eye inflammation (conjunctivitis). Odactra is an allergen extract immunotherapy that is administered under the tongue (sublingual) and had been approved for use in individuals 12 through 65 years of age. The prescribing information includes a boxed warning to inform that Odactra can cause severe allergic reactions that may be life-threatening. As with other FDA-approved allergen extracts administered sublingually, patients receiving Odactra should be prescribed epinephrine.
    On Monday, the FDA updated the outbreak advisory: Outbreak Investigation of Listeria monocytogenes: Frozen Supplemental Shakes (February 2025) to include that Lyons Magnus LLC recalled 4 oz. Lyons ReadyCare and Sysco Imperial Frozen Supplemental Shakes. As of February 24, 2025, a total of 38 people infected with the outbreak strain of Listeria monocytogenes have been reported from 21 states. Of the 38 people for whom information is available, 37 people have been hospitalized, and 12 deaths have been reported.
    On Monday, the FDA cleared Tandem Diabetes Care, Inc.’s Control-IQ+ technology, an interoperable automated glycemic controller (iAGC) that is a software-only, prescription use, device. The device is intended for use with compatible integrated continuous glucose monitors (iCGM) and alternate controller enabled (ACE) pumps to automatically increase, decrease, and suspend delivery of basal insulin based on iCGM readings and predicted glucose values. It can also deliver certain insulin doses (correction boluses) necessary when the glucose value is predicted to exceed a predefined target, which is typically calculated based on carbohydrate intake, exercise, and sleep schedule.  This clearance allows the device to be used for the management of type 1 diabetes in individuals two years and older and for the management of type 2 diabetes in individuals 18 years and older, where the prior version was only for type 1 diabetes. This is the latest example of the FDA’s ongoing commitment to help advance the development of products that can improve the management of diabetes.
    On Friday, February 21, the FDA approved for marketing a software update to Medtronic Inc.’s Activa, Percept and SenSight Deep Brain Stimulation Therapy System, an implantable device that delivers low-intensity electrical pulses to nerve centers in the brain as part of deep brain stimulator (DBS) therapy for Parkinson’s Disease (PD). This first-of-its-kind software update will provide the user with an option for adaptive deep brain stimulation (aDBS), which individualizes the DBS therapy by adjusting the stimulation level based on detected brain signals surrounding the DBS electrode of the implant. The new programming option is intended to reduce some of the symptoms in patients diagnosed with levodopa-responsive PD, specifically those with symptoms not been adequately controlled with medicine for at least four years.

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    MIL OSI USA News –

  • MIL-OSI USA: What they are saying: Governor Newsom’s latest economic investments will help bolster LA firestorm recovery

    Source: US State of California 2

    Feb 28, 2025

    What you need to know: Local community leaders are praising Governor Newsom’s announcement this week of new financial investments to help boost LA’s economic recovery, as well as the launch of California’s Economic Blueprint and the Los Angeles County Jobs First Regional Plan.

    LOS ANGELES – This week, Governor Newsom announced $24 million in investments towards the economic recovery of Los Angeles following January’s devastating firestorms. The announcement came during the seventh stop of the Governor’s statewide Jobs First tour, where the Governor received the Los Angeles Regional Plan — a community-driven strategy to leverage the innovation, social infrastructure, and LA-area industries — and debuted the statewide California Jobs First Economic Blueprint.

    Funds announced will strengthen infrastructure, and provide support for small business and workers in the LA region, including disaster response: 

    • $10 million in partnership with LA Rises, Maersk and APM Terminals to the LA Region Small Business Relief Fund, a grant program run by the City and County of LA that will provide direct financial support to businesses and nonprofits in fire-impacted communities. This is the first investment by LA Rises, the unified recovery effort launched by the Governor in January and led by Dodgers Chairman Mark Walter, business leader and basketball legend Earvin “Magic” Johnson, and Casey Wasserman.
    • $3 million toward the Los Angeles Jobs First Collaborative in their recovery efforts for the region, including for the launch of public-facing campaigns to promote small business support and additional capacity for near-term business and economic recovery. 
    • $11 million toward High Road Training Partnerships with workforce training organizations based in Los Angeles. 

    Here’s what leaders in the Los Angeles community are saying:

    State leaders 

    Senator Sasha Renée Pérez (D – Pasadena): “The Governor’s Jobs First Economic Blueprint will create good-paying jobs in regions across the state, and reduce barriers for students to access job opportunities through career education. In addition, the plan contains funding to help small businesses recover from the Los Angeles County wildfires that devastated the Altadena and Pasadena region in my district. The recovery will take ongoing support. This Blueprint is an important component that will help brighten our state’s future.”

    Assemblymember Mike Fong (D-Alhambra): “Cultivating one of the best economies in the world starts with our communities.  Governor Newsom’s economic plan is reflective of statewide and regional needs, while utilizing work-based learning opportunities in connection to the state’s upcoming Master Plan for Career Education. Our Los Angeles community was devastated by the fires in our region, and I look forward to working with the Governor on a recovery plan which draws on our higher education institutions to rebuild and strengthen our local and statewide economies.”

    Los Angeles County 

    Kathryn Barger, Los Angeles County Chair and Supervisor for the Fifth District: “I appreciate Governor Newsom‘s plan to invest in our local workforce. Our local economy will greatly benefit from investments that focus on local implementation as Los Angeles County recovers and rebuilds. Strengthening our workforce is key to long-term resilience, and I look forward to seeing these investments create lasting opportunities for our residents.”

    Hilda L. Solis, Los Angeles County Chair Pro Tem and Supervisor for the First District: “Across Los Angeles County, residents have been experiencing job loss by the wildfires in Pacific Palisades and Altadena, including nannies, in-home health workers, landscapers, actors, stagehands, and many others who work in these areas. This week’s announcement, which includes $10 million in funding to the LA Regional Small Business Fund, will be crucial in accelerating economic recovery and providing relief to our impacted families. I am deeply grateful to the Governor for his demonstrated commitment to our relief efforts and look forward to continuing to implement California Jobs First locally. Together, we will ensure an equitable recovery for all Angelenos.”

    Lindsey Horvath, Los Angeles County Supervisor for the Third District: “More support is on the way for small businesses and workers impacted by the Palisades and Eaton fires thanks to this $10 million investment from Governor Newsom that will bolster LA County’s Small Business and Worker Relief Funds. Los Angeles County and our State partners, with support from philanthropy, are marshalling unprecedented financial resources to help fire-affected communities fill gaps in monthly expenses and heal. We thank Governor Newsom for his continued support.”

    City leaders

    Karen Bass, Mayor of Los Angeles: “Thank you Governor Newsom, for your continued support through LA’s unprecedented recovery. As we make urgent progress months faster than expected to get residents back home, we also need to ensure that small businesses have the support they need and deserve while navigating through this devastating time. Together, we will get residents home as quickly and as safely as possible, and we will give the Los Angeles workforce the support they deserve. We are grateful for your partnership as we continue our urgent recovery work.”

    Vinh T. Ngo, Mayor of Monterey Park: “We are very excited to see the new economic jobs plan laid out by Governor Newsom that will have direct benefit not just the wildfire impacted areas but all of California. I’m proud that the Governor chose the City of Monterey Park to make this critical announcement this week.”  

    Victoria Knapp, Chair of the Altadena Town Council: “As Chair of the Altadena Town Council, I want to express our deep gratitude to Governor Newsom for his leadership and steadfast commitment to the region since the early days of this disaster. His administration’s continued support has been a lifeline for our communities as we navigate the long road to recovery. This much-needed infusion of aid will be critical in helping our small businesses rebuild, creating new job opportunities, and ensuring our local workforce has access to the training needed to thrive in high-growth industries. With this investment, we are not just restoring what was lost—we are building a more resilient and prosperous future for Altadena and the entire Los Angeles region.”

    Business Leaders 

    Stephen Cheung, President and CEO of the Los Angeles County Economic Development Corporation: “We applaud Governor Newsom and the State of California for their leadership in supporting Los Angeles County’s economic recovery. The $3 million investment in the California Jobs First initiative will strengthen our efforts to create quality jobs and economic opportunities for local communities, especially those most impacted by economic challenges. Additionally, the $10 million in small business relief funding will provide critical support to the backbone of our economy—our small businesses—helping them rebuild, innovate, and thrive. LAEDC is committed to working with our partners across the region to ensure these investments drive inclusive and sustainable economic growth for all Angelenos.”

    Maria Salinas, President and CEO of the LA Area Chamber of Commerce: “Governor Newsom’s announcement marks an exciting step forward in realizing California Jobs First—turning a bold vision into local impact. By investing in key industry sectors and aligning workforce development with economic priorities, this initiative will create accessible, good-paying jobs and drive sustainable growth across our communities. We are proud of the vision set forth in this economic blueprint and the additional investment to help Los Angeles recover and rebuild. This ensures our region continues to lead in innovation, opportunity, and economic resilience.”

    Tracy Hernandez, CEO of BizFed & New California Coalition: “Governor Newsom took talk to action this week delivering much needed real time funding to super charge the LA firestorm rebuilding process and accelerate the vital long term economic resiliency of our state.”

    Alysia Bell, President of UNITE-LA: “Governor Newsom’s leadership drives California’s progress and elevates the triple bottom line: economy, equity, and environment. UNITE-LA, a nonprofit intermediary committed to equitable economic mobility, applauds the state’s continued investment in innovation and regional collaboration, essential for Los Angeles’ wildfire recovery.”

    Judy Matthews, President of the Altadena Chamber of Commerce: “As President of the Altadena Chamber of Commerce, I want to express my strong support for Governor Newsom’s announcement of the California Jobs First Economic Blueprint and its potential impact on Southern California. The focus on job apprenticeship programs and support for small businesses including home-base affected by the fires will generate significant employment opportunities and drive economic growth in our Altadena community. By investing in workforce development and entrepreneurship, these initiatives will create a more resilient economy and attract investments that will revitalize our community and strengthen our local economy.”

    Read more about California’s response to the LA firestorms and support to help speed the recovery and rebuilding of Los Angeles here. For the latest information, resources, and services, visit ca.gov/LAfires. 

    Press Releases, Recent News

    Recent news

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step…

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    Feb 27, 2025

    News SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces executive staff transitions with appointments of Nani Coloretti, Ann Patterson

    Source: US State of California 2

    Feb 28, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step down, has agreed to extend her public service as Senior Counselor to the Governor, primarily supporting the administration’s recovery initiatives for Los Angeles.

    “I am profoundly grateful for Ann’s guidance over these last six years — helping me navigate some of the most meaningful, as well as the most challenging, moments of my governorship.

    “Ann was ready to take the next step, but her willingness to stay to help us transition during LA’s recovery speaks volumes about her dedication to California.

    “During this transition, I am thrilled to welcome Nani as she steps into this critical role. Nani’s decades of experience navigating complex policy issues at all levels of government make her uniquely qualified to lead our cabinet in continuing to deliver bold solutions to improve the health, well-being, and safety of all Californians.” 

    Governor Gavin Newsom

    Coloretti previously held the position of Deputy Director of the Office of Management and Budget under President Joe Biden, where she helped manage the nation’s nearly $7 trillion federal budget and implement key initiatives across all areas of government. She has also held senior leadership roles at the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury and played a pivotal role in establishing the Consumer Financial Protection Bureau.

    During her tenure as Cabinet Secretary, Patterson guided California through historic challenges, including the state’s response to multiple natural disasters and the COVID-19 pandemic. She played a pivotal role in advancing nearly all of Governor Newsom’s efforts, including PAGA reform, historic laws protecting ratepayers and wildfire survivors, establishing the world’s largest aerial wildfire-fighting fleet, improving public safety through the California Model, and implementing universal free school meals for all kids in California.

    Nani Coloretti, of Sacramento, has been appointed Cabinet Secretary in the Office of Governor Gavin Newsom. Coloretti has been Senior Counselor in the Office of Governor Gavin Newsom since 2025. Coloretti was Deputy Director at the United States Office of Management and Budget from 2022 to 2025. She was Senior Vice President for Business and Financial Strategy at The Urban Institute from 2017 to 2022. Coloretti was Deputy Secretary at the United States Department of Housing and Urban Development from 2014 to 2017. She served in multiple roles at the United States Department of the Treasury from 2009 to 2014, including Assistant Secretary for Management, Acting Chief Operating Officer for the Consumer Financial Protection Bureau, and Deputy Assistant Secretary of Management and Budget. Coloretti was San Francisco Budget Director in the Office of Mayor Gavin Newsom from 2006 to 2009. She served in multiple roles in the Office of Mayor Gavin Newsom from 2005 to 2006, including Policy Director and Deputy Policy Director. Coloretti earned a Master of Public Policy degree from University of California, Berkeley and a Bachelor of Arts degree in Economics and Communications from University of Pennsylvania. This position does not require Senate confirmation, and the salary is $235,344. Coloretti is a Democrat.

    Ann Patterson, of Sacramento, has been appointed Senior Counselor at the Office of Governor Gavin Newsom. Patterson has been Cabinet Secretary at the Office of Governor Gavin Newsom since 2022 and has served in multiple roles in the Office of Governor Newsom since 2019, including Legal Affairs Secretary and Chief Deputy Legal Affairs Secretary. Patterson was a Partner at Orrick, Herrington, and Sutcliffe from 2005 to 2018. This position does not require Senate confirmation, and the compensation is $235,344. Patterson is a Democrat.

    Press Releases, Recent News

    Recent news

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    Feb 27, 2025

    News SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum…

    Feb 26, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    MIL OSI USA News –

  • MIL-OSI Economics: Verizon announces strategic partnership with Accenture to help organizations tackle emerging cybersecurity threats

    Source: Verizon

    Headline: Verizon announces strategic partnership with Accenture to help organizations tackle emerging cybersecurity threats

    What you need to know:

    • Verizon Business and Accenture will help customers across all industries and businesses of all sizes become cyber resilient.
    • New advanced services will help companies identify security vulnerabilities and detect, respond to and recover from cyberattacks and will be integrated with Verizon’s portfolio of network solutions. 
    • The partnership will focus on the most pressing areas of risk: identity and access management (IAM), managed extended detection and response (MxDR) and cyber risk services.

    NEW YORK – To address the rapidly evolving cybersecurity landscape, Verizon Business and Accenture today announced a strategic partnership to accelerate the development and delivery of advanced cybersecurity solutions. The agreement aims to help businesses of all sizes mitigate a range of growing threats, from data breaches to phishing attacks to social engineering and beyond.

    Combining both companies’ strengths in cybersecurity and networking, the partnership will begin by offering new as-a-service capabilities including Identity and Access Management (IAM)1, Managed Extended Detection and Response (MxDR)2, as well as cyber risk services. Following this initial phase, the partnership will concentrate on co-innovating new solutions.

    “Cybersecurity is a top priority for businesses. With our decades of experience in this area, Verizon is committed to offering solutions that protect our customers and keep their data secure,” said Kyle Malady, CEO of Verizon Business. “We are seeing evolving demands from our customers and we are building out new cybersecurity capabilities. Partnering with Accenture will be key to scaling our capabilities and delivering new and innovative products to address our customers’ most pressing needs.”

    “The security landscape is growing more complex, driven by emerging technologies, geopolitical uncertainty, global data and cyber security regulations, supply chain risks, and a cyber skills gap. Businesses must prioritize resilience to stay ahead of evolving threats,” said Manish Sharma, CEO – Americas, Accenture. “Our solutions, coupled with Verizon’s core network services and deep security expertise will enable businesses to better protect their data and operations against cyber-attacks.”

    “Verizon’s targeted emphasis on security services offerings, combined with its collaboration with Accenture, enables both companies to effectively address the increasing demand for comprehensive cybersecurity solutions” noted Craig Robinson, IDC Research Vice President, Security & Trust. “This initiative will improve Verizon Business’s competitive edge and align its offerings with current market trends and customer needs”

    For more information, visit the Verizon & Accenture Partnership page.

    1 Identity and Access Management (IAM) is a security and business discipline that includes multiple technologies and business processes to help the right people or machines to access the right assets at the right time for the right reasons, while keeping unauthorized access and fraud at bay.

    2 Managed Extended Detection and Response (MXDR) delivers unified security incident detection and automated response capabilities for security infrastructure managed by a third-party security provider. MXDRs integrate threat intelligence and telemetry data (from multiple sources) with security analytics to provide contextualization and correlation of security alerts; they must also include native sensors.

    MIL OSI Economics –

  • MIL-OSI: GPTBots.ai and Qatar Science & Technology Park Strengthen Collaboration to Drive AI Innovation in the Middle East

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 03, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, continues to strengthen its collaboration with Qatar Science & Technology Park (QSTP), member of Qatar Foundation. QSTP is Qatar’s premier hub for technology development, innovation and entrepreneurship in the MENA region. This partnership, built on a shared vision of advancing artificial intelligence, has taken on new significance with the recent integration of DeepSeek, a revolutionary AI model that is reshaping the global AI landscape, into GPTBots.ai.

    A Partnership Rooted in Vision and Innovation

    Under the leadership of Dr. Jack Lau, President of QSTP, the park has established itself as a dynamic hub for technological innovation and collaboration. With a strong focus on bridging technology and academia, QSTP has cultivated an environment that supports the development and scaling of transformative solutions across sectors such as artificial intelligence, healthcare, energy and environment.

    “QSTP is committed to empowering businesses to leverage advanced technologies to address the region’s unique challenges,” said Dr. Lau. “The integration of DeepSeek into GPTBots.ai’s platform is a significant step forward, making AI more accessible and tailored for Middle Eastern enterprises. By fostering such collaborations, we aim to drive sustainable growth and position the region as a global hub for technological innovation.”

    DeepSeek Integration: A Game-Changer for Middle Eastern Enterprises

    The recent integration of DeepSeek into GPTBots.ai’s no-code AI platform marks a significant milestone in the partnership. DeepSeek’s cost-effective and efficient capabilities provide Middle Eastern enterprises with unprecedented opportunities to leverage AI for localized and industry-specific applications.

    Key benefits for regional businesses include:

    Affordability: DeepSeek’s lower development costs make AI adoption more accessible to businesses of all sizes.

    Localization: Tailored solutions optimized for Arabic and Gulf dialects, addressing a critical gap in the region’s AI landscape.

    Scalability: Seamless integration with GPTBots.ai’s platform enables rapid deployment of AI applications across industries such as government services, healthcare, and finance.

    Jerry Yin, Vice President of GPTBots.ai, emphasized the value of this integration:

    “DeepSeek’s affordability and efficiency, combined with GPTBots.ai’s no-code platform, create a powerful tool for Middle Eastern businesses to innovate and grow. Our partnership with QSTP provides the foundation for delivering these solutions at scale, ensuring that enterprises in the region can fully capitalize on the potential of AI.”

    GPTBots.ai and QSTP: A Proven Track Record of Success

    This strengthened collaboration builds on a history of impactful initiatives between GPTBots.ai and QSTP. In the past, GPTBots.ai partnered with QSTP-incubated startup sKora Tech to revolutionize AI applications in the sports industry. The partnership resulted in groundbreaking advancements, including personalized growth pathways for athletes and AI-driven sports management solutions.

    The renewed focus on collaboration aims to replicate and expand such success stories across other industries, fostering innovation and economic growth in the Middle East.

    A Vision for the Future

    As the Middle East continues its journey toward becoming a global hub for AI innovation, GPTBots.ai and QSTP remain committed to driving this transformation. By combining QSTP’s visionary leadership and GPTBots.ai’s cutting-edge technology, the partnership is poised to deliver solutions that address the region’s most pressing challenges while unlocking new opportunities for growth.

    “Our collaboration with QSTP is built on a shared belief in the transformative power of AI,” said Jerry Yin. “Together, we are creating a future where AI is not just accessible but also impactful, enabling businesses across the Middle East to thrive in an increasingly digital world.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited 
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Philanthropic endeavour should not be driven by philosophy of commodification and commercialisation, emphasises the Vice-President

    Source: Government of India (2)

    Philanthropic endeavour should not be driven by philosophy of commodification and commercialisation, emphasises the Vice-President

    Education is the concurrent responsibility of the government and the private sector-VP

    Destruction of Nalanda by Khilji wasn’t merely architectural, but represented the systemic erasure of centuries of knowledge-VP

    VP addresses 75th Anniversary Celebration of KPB Hinduja College in Mumbai

    Posted On: 01 MAR 2025 8:02PM by PIB Delhi

    The Vice-President, Shri Jagdeep Dhankhar today stated that, “ Philanthropic endeavour should not be driven by philosophy of commodification and commercialisation. Our health and education sectors are being plagued by these……..Corporate leaders should view investment in education beyond philanthropy. It is investment in our present, investment in our future and to put it straightway, it is investment for development of industry, business and trade”.

    Delivering his address as Chief guest at the ceremony marking 75 years of K.P.B Hinduja College of Commerce in Mumbai, Maharashtra today , Shri Dhankhar stated,  “ Education is the most impactful, transformative mechanism because it brings about equality. It cuts into inequities, it affords level playing field. It creates genius by discovering the genius through the path of education. Our framers of the Constitution were very wise men. They put education in the concurrent list. Those of you who are not lawyers, by concurrent list means it is a joint concern of the state and the union”.

    Urging the industry and corporate leaders to contribute to education, Shri Dhankhar stated, “ I would appeal from this platform, a platform where I have witnessed that by way of philanthropy, it is giving back to the society. It is concurrent responsibility of the government and the private sector. Those in industry, trade, business and commerce must come forward and take initiative. I appeal the country’s private sector to rise to this occasion and accord the highest priority to education”.

    “Many in the audience will bear me out that endowments of some of the universities in the US are in billions of dollars. What is there in this country that we do not have this culture? In the West, anyone walking out of an institute stands committed to make some fiscal contribution. Quantum is never important”, he added.

    Reflecting on the legacy of institutions like Nalanda, Shri Dhankhar underlined, “We had glorified institutions, Odantapuri, Takshila, Vikramshila, Somapura, Nalanda, Vallabhi…..scholars came from every nook and corner of the globe to get knowledge, give knowledge and share knowledge. Thirst of knowledge was satisfied. But then what happened about twelve hundred years ago! Nalanda, ancient India’s intellectual jewel. It housed ten thousand students and two thousand teachers, nine-storey building and what happened, 1193? Bakhtiyar Khilji, reckless destroyer of our culture, our academic institution, the premises were set to fire. For months, fire consumed vast libraries, turning hundreds and thousands of irreplaceable manuscripts on mathematics, medicine, and philosophy to ash. This vandalized devastation wasn’t merely architectural, but represented the systemic erasure of centuries of knowledge”.

    Dr. Sudesh Dhankhar, spouse of the Vice-President, Shri C.P. Radhakrishnan, Governor of Maharashtra, Shri Ashok P. Hinduja, Chairman of Hinduja Group and other dignitaries were also present on the occasion.

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    JK/RC/SM

    (Release ID: 2107404) Visitor Counter : 18

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of Commerce & Industry Shri Piyush Goyal emphasises mutual funds industry’s role in India’s growth at AMFI Summit 2025

    Source: Government of India (2)

    Union Minister of Commerce & Industry Shri Piyush Goyal emphasises mutual funds industry’s role in India’s growth at AMFI Summit 2025

    Shri Goyal urges industry to safeguard small investors and minimise market volatility

    Domestic investors will shape India’s future, not Foreign Institutional Investors: Shri Goyal

    Posted On: 01 MAR 2025 8:12PM by PIB Delhi

    The mutual funds industry has played a pivotal role in India’s growth story by encouraging financial literacy and taking innovative financial ideas to the industry and the investors. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his address as a Chief Guest at the Association of Mutual Funds in India (AMFI) Mutual Fund Summit 2025 today in Mumbai

    The Minister further complimented the domestic investors for filling the gap created by the foreign institutional investors (FIIs) post-Covid. “Collective investment methods like SIPs along with domestic investors supported the market. They helped in spreading financial awareness and financial products to every part of the country, he said.

    Highlighting the importance of safeguarding the importance of small investors and other key stakeholders, Shri Goyal urged the industry leaders to reflect on ways to minimise volatility in the stock market. Large fund inflows, compulsions of the market to deploy capital, fear among investors on missing out on attractive stocks brought crises among investors during rightsizing. There has been a lot of misinformation flow about the unending ability of the market to go on a one-way street, he noted, and described the unpredictability of the stock market as a wakeup call for the industry and its small investors. 

    AMFI should also become conscious of its duties by isolating misguided investors from the rest. Companies with mettle have maintained reasonable prices at the stock market during recent turbulence, he noted. He said that duties and responsibilities of the industry towards the market are larger than the profitable returns investors enjoy in the short term. He also added that government spending and private capex are showing signs of comeback.  

    Elaborating on the responsibilities of the mutual funds industry towards its investors, the Minister urged the participants to be more diligent in cautioning investors from taking risks. He hoped that initiatives as such will spur India’s growth story for the next 22 years. Shri Goyal urged the industry to support and handhold investors, look at financial inclusion as a collective responsibility and take up financial education as its duty.

    Shri Goyal asserted that assets under management (AUM) in the mutual funds industry at nearly Rs 70 lakh crore and soon to be Rs 100 lakh crore will dominate the market and domestic investors will determine India’s future not the foreign institutional investors. He also highlighted the need for the industry as wealth creators to have a fair and organised market.

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    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2107410) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English rendering of PM’s address at post-budget webinar on agriculture and rural prosperity

    Source: Government of India

    Posted On: 01 MAR 2025 3:55PM by PIB Delhi

    Namaskar!

    After the budget, your presence in the budget-related webinar is very important. Thank you all for joining this program. This year’s budget was the first full budget of the third term of our government. This budget not only shows continuity in our policies, but also shows a new expansion in the vision of a developed India. The inputs and suggestions given by all of you stakeholders before the budget were very useful while preparing the budget. Now in implementing this budget more effectively, in getting the best and quickest outcome, in making all the decisions and policies effective, your role has increased further.

    Friends, 

    India’s resolve to move towards the goal of a developed India is very clear. We are all together engaged in building such an India where farmers are prosperous and empowered. Our endeavour is to ensure that no farmer is left behind and every farmer is encouraged to move forward. We have given a place of pride to our Annadatas, considering agriculture as the first engine of development. We are moving together towards two major goals, first- development of the agriculture sector and second- prosperity of our villages.

    Friends, 

    The PM Kisan Nidhi Yojana was implemented 6 years ago. Under this scheme, farmers have received almost 4 lakh crore rupees so far. This amount has been directly transferred to the accounts of nearly 11 crore farmers. With this financial assistance of 6 thousand rupees annually, the rural economy is getting strengthened. We have created a farmer-centric digital infrastructure so that the benefits of this scheme can reach farmers across the country. That is, there is no scope for any middleman to enter or leakage in this, a no-cut company. This is an example of the fact that if experts and visionary people like you cooperate, then the scheme succeeds as soon as possible and gives better results. With your contribution, any scheme can be implemented with full strength and transparency. I would like to appreciate your cooperation in this and your active cooperation always. Now it is necessary that we work together and speedily to implement the announcements of this year’s budget. In this also we will get your cooperation as before, but we should get more cooperation and more comprehensive cooperation in every sector. 

    Friends, 

    As you now know, today India’s agricultural production is at a record level. The agricultural production which was around 265 million tonnes 10-11 years ago has now increased to more than 330 million tonnes. Similarly, the production related to horticulture has increased to more than 350 million tonnes. This is the result of our government’s seed to market approach. Agricultural reforms, empowerment of farmers and strong value chain have made this possible. Now we have to reach even bigger targets by making full use of the agricultural potential of the country. In this direction, we have announced the PM Dhan Dhanya Krishi Yojana in the budget, this is a very important scheme for me. Under this, the focus will be on the development of the 100 districts with the lowest agricultural productivity in the country. You all have seen the results of the Aspirational District program on many parameters of development. These districts are getting a lot of benefits of collaboration, governance and healthy competition, and convergence. I would like all of you to study the results obtained from such districts and learn from their learnings and take the PM Dhan Dhanya Krishi Yojana forward at a very fast pace in these 100 districts. This will help in increasing the income of farmers in these 100 districts.

    Friends, 

    In the last few years, due to our efforts, the production of pulses has increased in the country, and I also congratulate the farmers for this. But, still 20 percent of our domestic consumption is dependent on foreign countries, on imports. That means we have to increase our pulses production. We have achieved self-sufficiency in gram and moong. But we have to work more rapidly to increase the production of tur, urad and masoor. To speed up the production of pulses, it is necessary to maintain the supply of improved seeds and promote hybrid varieties. For this, all of you will have to focus on solving challenges like climate change, market uncertainty, and price fluctuations.

    Friends, 

    In the last decade, ICAR has used modern tools and cutting-edge technologies in the breeding program. This has led to the development of more than 2900 new varieties in various crops including cereals, oilseeds, pulses, fodder, sugarcane between 2014 and 2024. You have to ensure that the farmers of our country get these new varieties at affordable rates. We also have to ensure that the farmers’ yield is not affected by the fluctuations of the weather. You know that this time in the budget, it has been announced to start a national mission for high yielding seeds. I would especially like to tell the people from the private sector who are present in this program to definitely focus on the dissemination of these seeds. To ensure that these seeds reach small farmers, they will have to be made a part of the seed chain, and it is our job to decide how to become one.

    Friends, 

    You all are seeing that today people have become very aware about nutrition. Therefore, in view of the increasing demand for horticulture, dairy and fishery products, a lot of investment has been made in these sectors. Many programs are being run to increase the production of fruits and vegetables. The formation of Makhana Board in Bihar has also been announced. I urge all of you stakeholders to find new ways to spread diverse nutritional foods. Such nutritional foods should reach every corner of the country and the global market.

    Friends, 

    In 2019, we launched the PM Matsya Sampada Yojana. This was an important step towards strengthening the value chain of this sector, creating infrastructure and modernizing it. This helped in improving production, productivity and post-harvest management in the field of fisheries. In the past years, investment in this sector was also increased through many schemes, the results of which are in front of us today. Today fish production has doubled, our exports have also doubled. Our effort is to promote sustainable fisheries from the Indian Exclusive Economic Zone and the open sea. An action plan will be prepared for this. I would like all of you to brainstorm on ideas that promote Ease of Doing Business in this sector and start working on them as soon as possible. Along with this, we will also have to ensure the protection of the interests of our traditional fishermen.

    Friends, 

    Our government is committed to making the rural economy prosperous. Under the Pradhan Mantri Awas Yojana-Gramin, crores of poor people are being given houses, property owners have got ‘Record of Rights’ through the Swamitva Yojana. We have increased the economic strength of self-help groups and have increased help to them. Small farmers and businessmen have benefited from the Pradhan Mantri Gram Sadak Yojana. We have set a target of making 3 crore Lakhpati Didis. Due to our efforts, more than 1.25 crore sisters have become Lakhpati Didis. The announcement of rural prosperity and development programs in this budget has created the possibility of many new employment opportunities. Investment in skilling and technology is creating new opportunities. All of you must discuss these topics on how to make the ongoing schemes more effective. Your suggestions and contributions in this direction will definitely yield positive results. Only with the active participation of all of us, villages will be empowered, rural families will be empowered. And I am confident that this webinar will be truly about implementing the budget as soon as possible, in the shortest possible time, and in the best possible manner, and that too with the cooperation and suggestions of all of you. Now it should not happen that in this webinar there is a discussion about making a new budget. Now this budget has been made, now this scheme has come. Now our entire focus should be on action. What are the difficulties in action, what are the shortcomings, what kind of changes are needed, we must pay attention to that. Only then will this webinar be fruitful. Otherwise, if we discuss today the budget that is going to come after a year, then we will not get the benefit of what has happened now. And that is why I request all of you that with the budget that has come, we have to achieve the targets in a year, and in that, not the government alone, but all the stakeholders of this sector should move in one direction, with one opinion, with one goal. With this one expectation, I thank you very much to all of you.

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong to host Green Week in September

    Source: Hong Kong Government special administrative region

    Hong Kong to host Green Week in September
    Hong Kong to host Green Week in September
    *****************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     Hong Kong will host the second Hong Kong Green Week from September 8 to 12.           The theme of this year is “Forging a Sustainable Future Together”. The week-long event will cover a wide array of sustainability-related topics, providing stakeholders from various regions and sectors with a platform for dialogue and collaboration.           During the week, the Hong Kong Monetary Authority (HKMA) and the International Finance Corporation will co-host the anchor event, Climate Business Forum: Asia Pacific 2025. The Forum will bring together speakers at the forefront of sustainable business and finance for a deep dive into the region’s transition to low-carbon, resilient and inclusive growth. The HKMA will also co-ordinate other events such as conferences, roundtables, workshops and networking events hosted by international organisations, financial institutions, corporates, industry associations, academic institutions and others.  Event details will be announced in due course.

     
    Ends/Monday, March 3, 2025Issued at HKT 14:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Modi Govt. promoting and acknowledging Grassroots Innovators for the First Time in India: Union Minister Dr. Jitendra Singh

    Source: Government of India

    Modi Govt. promoting and acknowledging Grassroots Innovators for the First Time in India: Union Minister Dr. Jitendra Singh

    Unsung Heroes Get Their Due Recognition as Padma Awards Become the ‘People’s Padma’ Under PM Modi’s Vision

    Emphasized Prime Minister Modi’s commitment to ‘Virasat Bhi aur Vikas Bhi,’ integrating India’s exclusive traditional knowledge with cutting-edge technology.

    Stressed that innovations originating in remote villages will be scaled up, ensuring equal opportunities and resources as available in urban areas.

    Breaking Barriers: Private Participation highlights Dr. Singh

    Posted On: 02 MAR 2025 6:27PM by PIB Delhi

    NEW DELHI, March 2: The Modi government is promoting and acknowledging grassroots innovators for the first time in India, said Union Minister Dr. Jitendra Singh.

    Addressing the Silver Jubilee celebration of the National Innovation Foundation (NIF) an autonomous institute under Department of Science and Technology, Government of India. of India via virtual mode, Dr. Jitendra Singh emphasized Prime Minister Modi’s commitment to ‘Virasat Bhi aur Vikas Bhi,’ integrating India’s exclusive traditional knowledge with cutting-edge technology. Dr. Jitendra Singh also released a postal stamp, followed by a Magazine titled ‘Innovation frontline’ and a coffee table book.

    Highlighting the critical role of rural innovation in India’s economy, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, Minister of State in the Prime Minister’s Office, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances, and Pensions, Dr. Jitendra Singh stressed that innovations originating in remote villages will be scaled up, ensuring equal opportunities and resources as available in urban areas.

    He applauded India’s transformation from the ‘Fragile Five’ to the ‘First Five’ and its soon-to-be fourth place in the global economy. He called for a scientific approach to harnessing underexplored sectors, including those in the rural areas, that were neglected under previous regimes.

    Dr. Jitendra Singh also recalled PM Modi’s clarion call to celebrate National Science Day with a festive fervour, as mentioned in last week’s ‘Mann Ki Baat’ program. He described it as unprecedented for a Prime Minister to extend such patronage to science and technology.

    Expressing his delight after speaking to the Padma Awardees who fostered innovation, Dr. Jitendra Singh questioned the long delay in recognizing these unsung heroes, many of whom began their work as early as the 1990s. He credited PM Modi for transforming the Padma Awards into ‘People’s Padma’ in the truest sense.

    The Minister highlighted the Micro Venture Innovation Fund (MVIF)—a pioneering initiative by NIF with SIDBI that has provided necessary risk capital to 238 innovation-based enterprise projects. Calling it a novel initiative, he debunked the myth that only elite scientists with fancy degrees can drive innovation and startups. He cited the success of the Lavender Revolution, backed by CSIR-IIIM Jammu, and the Floriculture Revolution, driven by CSIR-IHBT Palampur.

    ‘India’s Techade’ Vision: Affordable and Globally Appealing Technology, Dr. Singh reiterated that India’s technology is inherently affordable and cost-effective, making it globally appealing. Celebrating NIF’s 25-year journey, he announced that 713 patents have been granted in India and 5 in the USA, underscoring NIF’s role in fostering grassroots innovations. He also highlighted that NIF was one of the early institutions in India to host a Technology Business Incubator (TBI), now known as NIF Incubation and Entrepreneurship Council (NIFientreC). Over 25 grassroots startups and several hundred enterprises, some with ₹10+ crore annual turnover, are thriving under its support, creating rural employment opportunities.

    The S&T Minister emphasized that under PM Modi’s visionary leadership, India has unlocked the space sector for private participation. He also noted that, for the first time, the nuclear energy sector has been opened to private players, as announced in the recent budget.

    Building Viksit Bharat @ 2047 Dr. Singh called upon all innovators to contribute towards making India a ‘Viksit Bharat’ by 2047. Concluding his address, he described NIF’s 25-year journey as a testament to inclusivity, shaping India’s innovation landscape by successfully identifying, supporting, and disseminating grassroots innovations—reaching even the most remote border villages.

    “With science and technology thriving under PM Modi’s leadership, these are indeed the best times for innovation and research in India” concludes Minister Dr. Singh.

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    NKR/PSM

    (Release ID: 2107585) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Central Warehousing Corporation celebrates 69th Foundation Day

    Source: Government of India

    Posted On: 02 MAR 2025 4:28PM by PIB Delhi

    With Centre’s focus on infrastructure development, warehousing and logistics sector is seen as a key driver of economic growth: Union Food Minister Shri Pralhad Joshi

    Government of India aims to cut logistics costs with National Logistics Policy and PM Gati Shakti initiatives: Shri Joshi

    With the rapid expansion of e-commerce and the government’s focus on infrastructure development, the warehousing and logistics sector is seen as a key driver of economic growth. This was stated by Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi on the 69th Foundation Day of the Central Warehousing Corporation (CWC) today in New Delhi. Recognising its pivotal role in India’s logistics and supply chain infrastructure since its inception in 1957, he further commended the corporation’s efforts in operational efficiency, transparency, and accountability through integration of digital initiatives.

    Shri Joshi emphasised CWC’s crucial role in government initiatives such as Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA), ensuring efficient warehousing, handling, and transportation of essential commodities, including food grains, pulses, cotton, and groundnuts.

    Underlining the government’s commitment to reducing logistics costs, the Minister said, “With the launch of the National Logistics Policy (NLP) and the PM Gati Shakti Programme, we aim to bring down logistics costs from the existing 13-14% to global standards of around 8%. CWC, as a leading warehousing organization, is poised to support these objectives through modern infrastructure development and efficiency enhancements.”

    Speaking on the occasion, the Minister highlighted CWC’s transformation from a conventional warehousing entity to a dynamic logistics service provider, stating, “CWC has evolved into a symbol of efficiency, innovation, and reliability, with an extensive network of over 700 warehouses and an operational storage capacity of 148.29 lakh metric tonnes.”

    Reflecting on India’s historical legacy in warehousing, Shri Joshi remarked, “India has a rich history of storage solutions, dating back to the Indus Valley Civilization and Patliputra in the Mauryan and Gupta empires. Today, modern technology-driven warehousing has revolutionized the sector, with India’s warehousing market expected to grow at a remarkable 15% CAGR, reaching $35 billion by 2027.” The Minister acknowledged CWC’s significant contribution to infrastructure development and stated that CWC has expanded its storage capacity by an additional 21.65 lakh square feet in FY 2023-24 with a record capital expenditure of ₹613 crore. He added that its e-commerce capacity has grown twelvefold since 2021 to approximately 80 lakh square feet in 2025.

    He praised the asset monetization of CWC’s assets at 18 locations mobilizing an investment of ₹ 820 crores under the asset monetization plan. Under the Atmanirbhar Bharat Mission, CWC shall aim is to foster self-reliance by having an efficient and substantial supply chain by encouraging the private sector participation, investment in technology advancement and creating a conducive environment.

    Union Ministers of State for Consumer Affairs, Food and Public Distribution Shri B.L. Verma and Smt. Nimuben Jayantibhai Bambhaniya also graced the event.

    Both Ministers during their address reiterated CWC’s commitment towards ensuring food security of the nation by enabling seamless storage supply. Noting the decision undertaken by Hon’ble Prime Minister, Shri Narendra Modi to raise the Minimum Support Price (MSP) for all mandated Rabi crops for the 2025-26 marketing season, they underscored the government’s efforts for the welfare of farmers.

    The event commenced with a presentation on the overview of CWC performance by Shri Santosh Sinha, Managing Director, CWC. He emphasized upon the modernization of conventional warehouses in Tier-I and Tier-II cities, development of cold storage facility under PPP model and emphasizing on leveraging partnership with stakeholders. CWC has added new capacities with more than 120 lakhs sq ft capacity hired during 2024-25, storage of 70 Lakhs Cotton Bales and 1.90 crore bags of groundnut in the current season. On account of superior performance and consistent team efforts, the Corporation has been recently awarded ‘Navratna Status’ during April, 2024.

     

     

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    Abhishek Dayal/Nihi Sharma/Asmitabha Manna

    (Release ID: 2107547) Visitor Counter : 53

    MIL OSI Asia Pacific News –