NewzIntel.com

Category: Commerce

  • MIL-OSI USA: Senator Peters Reintroduces Bipartisan Legislation to Improve Commercial Space Policy, Strengthen Industry Competitiveness

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 02.10.2025

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) reintroduced his Commercial Space Activity Advisory Committee Act to strengthen commercial space policy and promote industry competitiveness. Peters’ bipartisan legislation – which he introduced with U.S. Senator Roger Wicker (R-MS) – would establish a Commercial Space Activity Advisory Committee within the Office of Space Commerce. The bill would enable the advisory committee, made up of representatives with extensive experience in the commercial space industry from a variety of fields including space policy, engineering, and research, to share important insights into non-governmental space activity to help inform and shape federal policy and programs.   
    “The importance of the commercial space sector will only continue to grow as it plays a larger role in shaping the future of space exploration,” said Senator Peters. “That’s why I’m proud to lead this bipartisan legislation, which would provide our space industry leaders with a chance to help shape federal space policy and provide insight into how to stay competitive on a global scale.” 
    The Commercial Space Activity Advisory Committee would be comprised of 15 members who make recommendations on various priorities, including: 
    Identifying challenges relating to international obligations and export controls that affect the commercial space sector. 
    Addressing the need to access adequate, predictable, and reliable radio frequency spectrum. 
    Reviewing best practices for U.S. entities to avoid harmful environmental impacts to both earth and space. 
    Providing recommendations on matters related to space sector development and other activities the advisory committee considers necessary. 

    MIL OSI USA News –

  • MIL-OSI USA: Hassan, Cassidy Reintroduce Bill to Connect Individuals to The Workforce

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Bill Cassidy, M.D. (R-LA) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).

    “Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”

    “It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”

    “The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.

    The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.

    The Improve and Enhance the Work Opportunity Tax Credit Act would:

    • Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment. 
    • Increase the current credit percentage from 40% to 50% of qualified wages.
    • Add a second level of credit for employees who work 400 or more hours. 
    • Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.  

    The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.

    “The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.

    “The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association. 

    “America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.

    “FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.

    “The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

    MIL OSI USA News –

  • MIL-OSI Australia: Legislation passes to boost First Nations investment

    Source: Australian Treasurer

    The Albanese Labor Government has today updated the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) to support greater investment in First Nations businesses and communities.

    This reform will give Indigenous Business Australia (IBA) the ability to borrow and raise funds to pursue investment opportunities that drive First Nations economic empowerment.

    It will allow IBA to pursue co‑investment and partnership opportunities with government and private entities and will deliver benefits that make a real difference to First Nations people.

    This is about getting more money and more investment into more First Nations communities around the country.

    It delivers on the Prime Minister’s commitment at the Garma Festival in August 2024 to boost the investment, borrowing and lending power of IBA.

    Access to capital continues to be a significant barrier to First Nations economic development and empowerment, and, until now, IBA’s ability to support First Nations people has been restricted.

    By modernising the ATSI Act, IBA will have the flexibility needed to structure investments and partnerships that support and promote First Nations economic self‑determination.

    This will contribute to Closing the Gap Target 8, which focuses on strong economic participation.

    It also forms part of broader work Treasury is undertaking to establish a First Nations Economic Partnership, to help increase employment and training opportunities, and expand access to finance and capital for First Nations businesses. We invested $16.9 million in this work in the 2024–25 MYEFO.

    The amendments to the ATSI Act have been informed by extensive consultation with IBA over several years.

    They will support more First Nations people to start, grow and sustain businesses, purchase homes, and invest in commercial ventures.

    MIL OSI News –

  • MIL-OSI USA: SBA Relief Still Available to Kansas Small Businesses and Private Nonprofits Affected by May Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Kansas of the March 10, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began May 7, 2024.

    The disaster declaration includes the counties of Finney, Grant, Greeley, Hamilton, Haskell, Kearny, Morton, Stanton, Stevens and Wichita in Kansas, as well as Baca and Prowers in Colorado.

    Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 10.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Texas Small Businesses and Private Nonprofits Affected by Spring Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Texas of the deadline to apply for low interest federal disaster loans to offset economic losses caused by adverse weather conditions that occurred in March and May of 2024.

    The disaster declarations cover the counties listed below:

    Declaration Number

    Primary

    Counties

    Neighboring

    Counties

    Incident Type

    Incident Date

    Deadline
    20461 Lampasas Bell, Burnet, Coryell, Hamilton, Mills and San Saba Flooding, Excessive Rain and Flash Flood May 4-5, 2024 3/10/25
    20462 Hunt Collin, Delta, Fannin, Hopkins, Kaufman, Rains, Rockwall and Van Zandt Flooding and Excessive Rain Beginning March 11, 2024 3/10/25

    Under these declarations, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    By law, SBA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these declarations on July 9, 2024. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 10.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Relief Still Available to Idaho Private Nonprofits Affected by the April Storm

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP)organizations in Idaho of the March 10, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, flooding, landslides and mudslides that occurred April 14-15, 2024.

    The disaster declaration covers the counties of Idaho, Lewis and Shoshone.

    Under this declaration, PNPs that provide services of a governmental nature and suffered financial losses related to the disaster are eligible to apply for Economic Injury Disaster Loans (EIDL).

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    The loan amount can be up to $2 million with interest rates of 3.25%, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 10.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    Related programs: Disaster

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Idaho Small Businesses and Private Nonprofits Affected by May Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Idaho of the March 10, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began on May 1, 2024.

    The disaster declaration includes the counties of Benewah, Clearwater, Latah, Nez Perce and Shoshone in Idaho, as well as the county of Whitman in Washington.

    Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 10.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: News 02/10/2025 Blackburn, Baldwin Introduce Bipartisan Bill to Support Tennessee Small Dairy Businesses

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Tammy Baldwin (D-Wisc.) introduced the Dairy Business Innovation Act to strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities:

    “The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

    “My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

    DAIRY BUSINESS INNOVATION ACT:

    • The DBII program was created in the 2018 Farm Bill, establishing multiple dairy business and innovation centers to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.
    • Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:
      • Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
      • Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
      • Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.
    • The Dairy Business Innovation Act builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

    ENDORSEMENTS:

    The legislation is endorsed by the Tennessee Farm Bureau Federation, University of Tennessee Institute of Agriculture, National Milk Producers Federation, Organic Valley, and International Dairy Foods Association. 

    “Tennessee’s dairy farmers are an integral part of our rural economy and provide wholesome, nutritious milk products to consumers. We thank Senators Blackburn and Baldwin for filing the Dairy Business Innovation Initiative which will be a successful opportunity for dairy farmers to add value to their milk and increase on-farm profitability. Further investments into DBII can create increased opportunities for consumers to access local dairy products and support their regional agricultural economy.” – Eric Mayberry, President of the Tennessee Farm Bureau Federation 

    “We are grateful to Senators Blackburn and Baldwin for their support of the Dairy Business Innovation Act. It has had a historic impact on our Tennessee dairy industry and the development of the new Center for Dairy Advancement and Sustainability at the University of Tennessee. These resources will continue to help UTIA provide Real.Life.Solutions. to producers and processors across the region. Additionally, it has provided us with new partnership opportunities around the country.” – Dr. Keith Carver, Senior Vice Chancellor and Senior Vice President of the University of Tennessee Institute of Agriculture 

    “The Dairy Business Innovation Act continues to be a critical tool for dairy farms and processors across the Southeast region to overcome a history of low income, limited reinvestment into existing businesses, and high barriers to entry for new dairy businesses. As the program manager for the Southeast region, the University of Tennessee Institute of Agriculture (UTIA) strongly supports the continuation and expansion of this valuable assistance to producers, processors, and the allied industries impacted by them. Since 2021, over $17 million has been directly invested into 189 dairy businesses across the 12 states and 1 territory in our region. Within Tennessee, 40 awards totaling almost $3.4 million have supported existing dairy farmers, processors, and emerging value-added dairy ventures. The funding for administration and research around the dairy industry has resulted in 5 new dairy Extension positions across Tennessee, Kentucky, and North Carolina and has increased our understanding of consumer motivations around dairy. The new Center for Dairy Advancement and Sustainability at the University of Tennessee is a direct outcome of these grants, providing a unique hub of food, animal, economic, and consumer interaction to support the dairy industry.” – Dr. Elizabeth Eckelkamp, Southeast Dairy Business Innovation Initiative Program Director and Dairy Extension Specialist at the University of Tennessee Institute of Agriculture

    “We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward.” – Gregg Doud, President and CEO of National Milk Producers Federation 

    “Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry. Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.” – Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley

    “IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025.  The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products.” – Michael Dykes, D.V.M., President & CEO of International Dairy Foods Association

    MIL OSI USA News –

  • MIL-OSI USA: Relief Still Available to Michigan Small Businesses and Private Nonprofits Affected by Last January’s Drought

    Source: United States Small Business Administration

    The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Michigan of the March 10, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought and excessive heat that began on Jan. 1, 2024. 

    The declaration covers the counties of Cheboygan, Chippewa, Emmet, Luce, Mackinac and Schoolcraft.  

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.   

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than March 10, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Montana Small Businesses and Private Nonprofits Affected by May Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Montana of the March 10, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began on May 1, 2024.

    The disaster declaration includes the counties of Deer Lodge, Flathead, Granite, Jefferson, Lewis and Clark, Missoula, Powell and Ravalli.

    Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than March 10.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Bill to Expand Child Care Access Advances

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – The Senate Committee on Small Business and Entrepreneurship passed a bipartisan bill to increase the availability of child care for small business owners and working families.
    The Small Business Child Care Investment Act led by Chair Joni Ernst (R-Iowa) and Senator Jacky Rosen (D-Nev.) would allow non-profit child care providers, including religious organizations, to participate in the Small Business Administration (SBA) loan programs.
    “One of the biggest pressures on working families is access to high-quality, affordable child care,” said Ernst. “By advancing this bill, we are one step closer to clearing the red tape and expanding options, especially in rural communities. Not only will it drive down costs for Iowans, but it will strengthen the workforce and make it easier for small businesses to hire and retain capable staff.”
    “The lack of affordable, quality child care options is hurting hardworking Nevada families and forcing them to make tough financial choices,” said Rosen. “That’s why I’ve been working across the aisle to pass my bipartisan bill to help lower costs by increasing access to affordable child care in our state. This legislation will help nonprofits, community organizations, churches, synagogues, and others to set up or expand child care centers, and I’m glad to see it advance out of committee today.”
    The Small Business Child Care Investment Act would:

    Ensure that qualified non-profit providers have equal access to key SBA loan options that allow providers to invest in and expand their operations;
    Create local jobs and give working families more options for affordable and quality child care; and
    Protect religiously-affiliated non-profit providers’ access to the larger and more flexible loan programs like 7(a) and 504 that can be used for real estate, construction, remodeling, and other expenses critical to maintaining and expanding high-quality child care operations.

    Background:
    Ernst has been a strong advocate for increasing access to affordable, high-quality child care in Iowa. 
    On her annual River to River Tour, Ernst routinely visits child care centers to understand the needs of Iowans and bring their voices to Washington.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn Praises Trump Executive Order Blocking Unconstitutional ATF Rule

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    PALM BEACH, FL – U.S. Senator John Cornyn (R-TX) released the following statement on President Trump’s signing of an Executive Order safeguarding the Second Amendment that included language supporting Sen. Cornyn’s joint resolution of disapproval under the Congressional Review Act to strike down the Bureau of Alcohol, Tobacco, Firearms and Explosives’ (ATF) rule on the definition of “Engaged in the Business” as a Dealer in Firearms, which ignores the law and congressional intent and flagrantly violates the Constitution to try to require anyone who sells a firearm to register as a federal firearm licensee:
    “President Trump is working at a historic pace to enact his agenda, and this executive action to bolster the Second Amendment is the latest example. I appreciate his continued support for fighting back against the partisan interpretation of language relating to federal firearm licensees that we saw during the Biden administration, which nearly all of my Senate Republican colleagues joined me in denouncing last year.
    “I look forward to continuing to work alongside President Trump to ensure Americans’ Second Amendment rights are respected and to pass my concealed carry reciprocity bill as soon as possible.”

    MIL OSI USA News –

  • MIL-OSI: Astera Labs Announces Financial Results for the Fourth Quarter of Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $141.1 million, up 25% QoQ and up 179% YoY
    • Fiscal 2024 record revenue of $396.3 million, up 242% versus the prior year
    • Ramping across diverse set of customers and platforms with four product families in fiscal 2025

    SANTA CLARA, Calif., Feb. 10, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for cloud and AI infrastructure, today announced preliminary financial results for the fourth quarter and full fiscal year 2024, ended December 31, 2024.

    “Astera Labs delivered strong Q4 results, with revenue growing 25% versus the previous quarter, and capped off a stellar 2024 with 242% revenue growth year-over-year,” said Jitendra Mohan, Astera Labs’ Chief Executive Officer. “The revenue growth in 2024 was largely driven by Aries PCIe Retimer products, with Taurus Smart Cable Modules for Ethernet coming in strongly in Q4. We expect 2025 to be a breakout year as we enter a new phase of growth driven by revenue from all four of our product families to support a diverse set of customers and platforms. This includes our flagship Scorpio Fabric products for head-node PCIe connectivity and backend AI accelerator scale-up clustering.”

    Fourth Quarter of Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $141.1 million, up 25% sequentially and up 179% year-over-year
    • GAAP gross margin of 74.0%
    • GAAP operating income of $0.1 million
    • GAAP operating margin of 0.1%
    • GAAP net income of $24.7 million
    • GAAP diluted net earnings per share of $0.14

    Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 74.1%
    • Non-GAAP operating income of $48.4 million
    • Non-GAAP operating margin of 34.3%
    • Non-GAAP net income of $66.5 million
    • Non-GAAP diluted earnings per share of $0.37

    Full Year Fiscal 2024 Financial Highlights

    GAAP Financial Results:  

    • Revenue of $396.3 million, up 242% year-over-year
    • GAAP gross margin of 76.4%
    • GAAP operating loss of $116.1 million
    • GAAP operating margin of (29.3%)
    • GAAP net loss of $83.4 million
    • GAAP diluted net loss per share of $0.64

    Non-GAAP and Non-GAAP Financial Results (excluding the impact of stock-based compensation expense and the income tax effects of non-GAAP adjustments):

    • Non-GAAP gross margin of 76.6%
    • Non-GAAP operating income of $119.6 million
    • Non-GAAP operating margin of 30.2%
    • Non-GAAP net income of $143.3 million
    • Pro forma non-GAAP diluted earnings per share of $0.84

    Full Year Fiscal 2024 Business Highlights

    • Introduced new portfolio of Scorpio Smart Fabric Switches purpose-built for AI infrastructure at cloud-scale. The Scorpio Smart Fabric Switch family features two application-specific product lines with a multi-generational roadmap, including the P-Series for GPU-to-CPU/NIC/SSD PCIe Gen 6 connectivity and the X-Series for platform-specific, back-end AI accelerator clustering. Scorpio is currently shipping in pre-production quantities.
    • Joined the Ultra Accelerator Link Consortium as a promoting member on the Board of Directors. UALink technology will be used to enable efficient high-speed scale-up connectivity between AI accelerators within large and growing cluster sizes for AI workloads. Astera Labs is well positioned to quickly contribute to this new and compelling industry initiative to develop and advance UALink technology.
    • Demonstrated the industry’s first end-to-end PCIe optical connectivity link to provide extended reach for larger, disaggregated GPU clusters. PCIe over optics expands Astera Labs’ widely deployed and field-tested Aries family of Smart DSP retimers and Smart Cable Modules (SCMs) to deliver robust PCIe and CXL connectivity in chip-to-chip, box-to-box, and rack-to-rack topologies throughout the data center.
    • Expanded the widely deployed and field-tested Aries PCIe/CXL Smart DSP Retimer portfolio with the introduction and initial shipment of Aries 6 Retimers, the industry’s lowest power PCIe 6.x/CXL 3.x Retimer solution, to achieve higher bandwidth and extended reach across complex AI and compute topologies.
    • Shipped Aries PCIe/CXL Smart Cable Modules for Active Electrical Cable applications to enable multi-rack GPU clustering and low-latency memory fabric connectivity within AI infrastructure. The solution drives seven meters of reach over flexible copper cables to seamlessly and affordably interconnect clusters of GPUs across rack enclosures.
    • Showcased the first public demonstration of end-to-end interoperability between a PCIe 6.x Switch and a PCIe 6.x SSD at DesignCon 2025. The PCIe 6.x link-up was between an Astera Labs Scorpio P-Series Fabric Switch and Micron’s PCIe 6.x SSDs and showcased remarkable sequential read speeds exceeding 26GB/s.

    First Quarter of Fiscal 2025 Financial Outlook

    Based on current business trends and conditions, Astera Labs estimates the following:

    GAAP Financial Outlook:

    • Revenue within a range of $151 million to $155 million
    • GAAP gross margin of approximately 74%
    • GAAP operating expenses within a range of approximately $113 million to $114 million
    • GAAP tax expense of approximately $3 million
    • GAAP diluted earnings per share within a range of approximately $0.03 to $0.04 on weighted-average diluted shares outstanding of approximately 180 million

    Non-GAAP Financial Outlook (excluding the impact of approximately $47 million of stock-based compensation and including approximately $3 million of additional income taxes):

    • Non-GAAP gross margin of approximately 74%
    • Non-GAAP operating expenses within a range of approximately $66 million to $67 million
    • Non-GAAP tax rate of approximately 10%
    • Non-GAAP diluted earnings per share within a range of approximately $0.28 to $0.29 on non-GAAP weighted-average diluted shares outstanding of approximately 180 million

    Earnings Webcast and Conference Call
    Astera Labs will host a conference call to review its financial results for the fourth quarter and full year of fiscal 2024 and to discuss our financial outlook today at 1:30 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-800-715-9871 and using conference ID 5908687. The call will also be webcast and can be accessed at the Astera Labs website at https://ir.asteralabs.com/. The webcast will be recorded and available for replay on the company’s website for the next six months.

    Discussion of Non-GAAP Financial Measures
    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. A reconciliation of these non-GAAP measures to the closest GAAP measure can be found later in this release. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP diluted earnings (loss) per share, and non-GAAP weighted-average share count. We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons. By excluding certain items that may not be indicative of our recurring core operating results, we believe that, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP tax rate, non-GAAP net income (loss), non-GAAP pro forma diluted earnings (loss) per share, and non-GAAP pro forma weighted-average share count provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    No reconciliation is provided with respect to the forward-looking non-GAAP financial measures included in our non-GAAP financial outlook, as the GAAP measures are not accessible on a forward-looking basis. As a result, we cannot reliably predict all necessary components or their impact to reconcile such financial measures without unreasonable effort. The events necessitating a non-GAAP adjustment are inherently unpredictable and may have a significant impact on our future GAAP financial results.

    We adjust the following items from one or more of our non-GAAP financial measures:

    Stock-based compensation expense
    We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate non-cash stock-based compensation expense using a variety of valuation methodologies and subjective assumptions. Moreover, stock-based compensation expense is a non-cash charge that can vary significantly from period to period for reasons that are unrelated to our core operating performance, and therefore excluding this item provides investors and other users of our financial information with information that allows meaningful comparisons of our business performance across periods.

    Employer payroll taxes related to stock-based compensation resulting from our IPO
    We exclude employer payroll taxes related to the time-based vesting and net settlement of restricted stock units in connection with our initial public offering (the “IPO”), because this does not correlate to the operation of our business. We believe that excluding this item provides meaningful supplemental information regarding operational performance given the amount of employer payroll tax-related items on employee stock transactions was immaterial prior to our IPO.

    Income tax effect
    This represents the impact of the non-GAAP adjustments on an after-tax basis and one-off discrete tax adjustments that are unrelated to our core operating performance in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. This approach is designed to enhance investors’ ability to understand the impact of our non-GAAP tax expense on our current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments.

    Non-GAAP pro forma weighted-average shares to compute non-GAAP pro forma net income (loss) per share
    We present non-GAAP pro forma weighted-average shares, assuming our redeemable convertible preferred stock is converted from the beginning of each respective periods presented, to provide meaningful supplemental information regarding EPS trend on a consistent basis. All of our outstanding redeemable preferred stock converted into the equivalent number of shares of common stock in connection with our IPO.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements based on Astera Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “may”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Astera Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Astera Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, including for the first quarter of fiscal 2025, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products and anticipated results of those products for our customers, our competitive positioning, including to meet the connectivity market opportunity in the future and initiative to advance UALink technology, technological capabilities and plans, our plans to add R&D talent and strategic IP blocks, and macroeconomic trends in cloud and AI infrastructure. A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation: the competitive and cyclical nature of the semiconductor industry; the concentration of our customer base; the changes in demand for AI; the macroeconomic environment; risks that demand and the supply chain may be adversely affected, including by the imposition of tariffs by the United States and any corresponding retaliatory tariffs, changes in political policies, military conflict (such as between Russia/Ukraine and Israel/Hamas), terrorism, sanctions or other geopolitical events globally (including conflict between Taiwan and China); quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with managing international activities (including trade barriers, particularly with respect to China); absence of long-term commitments from customers; risks that Astera Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; stock price volatility; information technology risks, including cyber-attacks against Astera Labs’ products and its networks; and other risks and uncertainties that are detailed under the caption “Risk Factors” and elsewhere in our Annual Report on 10-K that will be filed with the Securities and Exchange Commission (the “SEC”) and in Quarterly Reports on Form 10-Q filed with the SEC and the other SEC filings and reports Astera Labs may make from time to time.  Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Astera Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    About Astera Labs
    Our PCIe, CXL and Ethernet semiconductor-based connectivity solutions are purpose-built to unleash the full potential of accelerated computing at cloud-scale. Inspired by trusted partnerships with hyperscalers and the data center ecosystem, we are an innovation leader of products that are customizable, interoperable, and reliable. Discover how we are transforming AI and modern data-driven applications at www.asteralabs.com.

     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands)
     
        December 31,
    2024    		   December 31,
    2023
    Assets        
    Current assets        
    Cash and cash equivalents   $ 79,551     $ 45,098  
    Marketable securities     834,750       104,215  
    Accounts receivable, net     38,811       8,335  
    Inventory     43,215       24,095  
    Prepaid expenses and other current assets     16,652       4,064  
    Total current assets     1,012,979       185,807  
    Property and equipment, net     35,651       4,712  
    Other assets     5,878       5,773  
    Total assets   $ 1,054,508     $ 196,292  
             
    Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
    Current liabilities        
    Accounts payable   $ 26,918     $ 6,337  
    Accrued expenses and other current liabilities     59,624       28,742  
    Total current liabilities     86,542       35,079  
    Other liabilities     3,167       3,787  
    Total liabilities     89,709       38,866  
    Commitments and contingencies        
    Redeemable convertible preferred stock     –       255,127  
    Stockholders’ equity (deficit)        
    Common stock     16       4  
    Additional paid-in capital     1,173,153       27,411  
    Accumulated other comprehensive income     426       259  
    Accumulated deficit     (208,796 )     (125,375 )
    Total stockholders’ equity (deficit)     964,799       (97,701 )
    Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)   $ 1,054,508     $ 196,292  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue   $ 141,096     $ 113,086     $ 50,514     $ 396,290     $ 115,794  
    Cost of revenue     36,648       25,209       11,489       93,591       35,967  
    Gross profit     104,448       87,877       39,025       302,699       79,827  
                         
    Operating expenses                    
    Research and development     56,524       50,659       19,654       200,830       73,407  
    Sales and marketing     22,818       23,248       4,995       123,652       19,992  
    General and administrative     24,962       22,866       5,356       94,283       15,925  
    Total operating expenses     104,304       96,773       30,005       418,765       109,324  
    Operating income (loss)     144       (8,896 )     9,020       (116,066 )     (29,497 )
    Interest income     10,558       10,912       1,674       34,288       6,549  
    Income (loss) before income taxes     10,702       2,016       10,694       (81,778 )     (22,948 )
    Income tax (benefit) provision     (14,011 )     9,609       (3,631 )     1,643       3,309  
    Net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
                         
    Net income (loss) per share attributable to common stockholders:        
    Basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders:                    
    Basic     159,895       156,831       38,627       131,262       37,131  
    Diluted     177,559       156,831       47,636       131,262       37,131  
     
    ASTERA LABS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Years Ended December 31,
          2024       2023  
    Cash flows from operating activities        
    Net loss   $ (83,421 )   $ (26,257 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities        
    Stock-based compensation     234,588       10,679  
    Depreciation     3,154       1,781  
    Non-cash operating lease expense     2,428       1,232  
    Warrants contra revenue     1,395       805  
    Inventory write-downs     168       10,343  
    Accretion of discounts on marketable securities     (8,341 )     (1,624 )
    Changes in operating assets and liabilities:        
    Accounts receivable, net     (30,480 )     2,386  
    Inventory     (19,287 )     (5,564 )
    Prepaid expenses and other assets     (13,031 )     (720 )
    Accounts payable     20,887       (4,264 )
    Accrued expenses and other liabilities     31,018       (167 )
    Operating lease liability     (2,402 )     (1,346 )
    Net cash provided by (used in) operating activities     136,676       (12,716 )
             
    Cash flows from investing activities        
    Purchases of property and equipment     (34,245 )     (2,761 )
    Purchases of marketable securities     (930,575 )     (126,225 )
    Sales and maturities of marketable securities     208,665       111,214  
    Other investing activities     (1,413 )     —  
    Net cash used in investing activities     (757,568 )     (17,772 )
             
    Cash flows from financing activities        
    Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions     672,198       —  
    Payment of deferred offering costs     (4,801 )     (1,407 )
    Proceeds from exercises of stock options     5,458       1,115  
    Proceeds from employee stock purchase plan     4,160       —  
    Tax withholding related to net share settlements of restricted stock units     (20,111 )     —  
    Repurchase of common stock upon termination     (1,066 )     (210 )
    Net cash provided by (used in) financing activities     655,838       (502 )
    Net increase (decrease) in cash, cash equivalents, and restricted cash     34,946       (30,990 )
    Cash, cash equivalents, and restricted cash        
    Beginning of the period     45,098       76,088  
    End of the period   $ 80,044     $ 45,098  
     
    ASTERA LABS, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
    (In thousands, except percentages and per share amounts)
     
        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    GAAP gross profit   $ 104,448     $ 87,877     $ 39,025     $ 302,699     $ 79,827  
    Stock-based compensation expense upon IPO (1)     —       —       —       516       —  
    Stock-based compensation expense     131       102       8       329       24  
    Non-GAAP gross profit   $ 104,579     $ 87,979     $ 39,033     $ 303,544     $ 79,851  
                         
    GAAP gross margin     74.0 %     77.7 %     77.3 %     76.4 %     68.9 %
    Stock-based compensation expense upon IPO (1)     —       —       —       0.1       —  
    Stock-based compensation expense     0.1       0.1       —       0.1       0.1  
    Non-GAAP gross margin     74.1 %     77.8 %     77.3 %     76.6 %     69.0 %
                         
    GAAP operating income (loss)   $ 144     $ (8,896 )   $ 9,020     $ (116,066 )   $ (29,497 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Non-GAAP operating income (loss)   $ 48,362     $ 36,639     $ 12,319     $ 119,594     $ (18,818 )
                         
    GAAP operating margin     0.1 %   (7.9)%     17.9 %   (29.3)%   (25.5)%
    Stock-based compensation expense upon IPO (1)     —       —       —       22.4       —  
    Stock-based compensation expense     34.2       40.3       6.5       36.8       9.2  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       0.3       —  
    Non-GAAP operating margin     34.3 %     32.4 %     24.4 %     30.2 %   (16.3)%
                         
    GAAP net income (loss)   $ 24,713     $ (7,593 )   $ 14,325     $ (83,421 )   $ (26,257 )
    Stock-based compensation expense upon IPO (1)     —       —       —       88,873       —  
    Stock-based compensation expense     48,218       45,535       3,299       145,715       10,679  
    Employer payroll tax related to stock-based compensation from IPO (2)     —       —       —       1,072       —  
    Income tax effect (3)     (6,439 )     2,340       —       (8,910 )     —  
    Non-GAAP net income (loss)   $ 66,492     $ 40,282     $ 17,624     $ 143,329     $ (15,578 )
                         
    Net income (loss) per share attributable to common stockholders:        
    GAAP – basic   $ 0.15     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    GAAP – diluted   $ 0.14     $ (0.05 )   $ —     $ (0.64 )   $ (0.71 )
    Non-GAAP pro forma – diluted   $ 0.37     $ 0.23     $ 0.12     $ 0.84     $ (0.12 )
                         
    Weighted average shares used to compute net income (loss) per share attributable to common stockholders:        
    GAAP – basic     159,895       156,831       38,627       131,262       37,131  
    GAAP – diluted     177,559       156,831       47,636       131,262       37,131  
    Non-GAAP pro forma – diluted (4)     177,559       173,832       138,527       168,913       128,022  

    ____________________

    (1) Stock-based compensation expense recognized in connection with the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (2) Employer payroll taxes related to the time-based vesting and settlement of RSUs, that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.

    (3) Income tax effect is calculated based on the tax laws in the jurisdictions in which we operate and is calculated to exclude the impact of stock-based compensation expense and one-off discrete tax adjustments that are unrelated to our core operating performance. For the three months ended December 31, 2024 and September 30, 2024, the non-GAAP tax benefit rate was 13% and tax expense rate of 15%, respectively. The adjustments for the three months ended December 31, 2023 were not material. For the years ended December 31, 2024, the non-GAAP tax expense rate was 7% compared to a tax benefit rate of 27% for the year ended December 31, 2023.

    (4) We present the non-GAAP pro forma weighted average shares to provide meaningful supplemental information of comparable shares for each periods presented. The non-GAAP pro forma weighted average shares is calculated as follows:

        Three Months Ended   Years Ended
        December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Shares used to compute GAAP net income (loss) per share attributable to common stockholders – diluted   177,559   156,831   47,636   131,262   37,131
    Weighted average effect of the assumed conversion of redeemable convertible preferred stock from the beginning of the periods   —   —   90,891   19,165   90,891
    Effect of dilutive equivalent shares   —   17,001   —   18,486   —
    Shares used to compute non-GAAP pro forma net income (loss) per share- diluted   177,559   173,832   138,527   168,913   128,022

      

     
    ASTERA LABS, INC.SUPPLEMENTAL FINANCIAL INFORMATIONSTOCK-BASED COMPENSATION EXPENSE (Unaudited)
    (In thousands)
     
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Cost of revenue $ 131   $ 102   $ 8   $ 845   $ 24
    Research and development   18,808     14,641     2,303     76,427     7,360
    Sales and marketing   14,671     16,200     681     95,887     2,067
    General and administrative   14,608     14,592     307     61,429     1,228
    Total stock-based compensation expense (1) $ 48,218   $ 45,535   $ 3,299   $ 234,588   $ 10,679

    ____________________

    (1) Stock-based compensation expense recognized during the year ended December 31, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with our IPO.


    IR CONTACT:     Leslie Green
    leslie.green@asteralabs.com

    The MIL Network –

  • MIL-OSI: SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Company delivers 96th consecutive quarter of topline growth

    Fourth quarter 2024 revenue grew 18% and recurring revenue grew 19% from the fourth quarter of 2023

    MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    Fourth Quarter 2024 Financial Highlights

    • Revenue was $170.9 million in the fourth quarter of 2024, compared to $145.0 million in the fourth quarter of 2023, reflecting 18% growth.
    • Recurring revenue grew 19% from the fourth quarter of 2023.
    • Net income was $17.6 million or $0.46 per diluted share, compared to net income of $19.0 million or $0.51 per diluted share in the fourth quarter of 2023.
    • Non-GAAP income per diluted share was $0.89, compared to non-GAAP income per diluted share of $0.75 in the fourth quarter of 2023.
    • Adjusted EBITDA for the fourth quarter of 2024 increased 18% to $49.6 million compared to the fourth quarter of 2023.

    Fiscal Year 2024 Financial Highlights

    • Revenue was $637.8 million for the year ended December 31, 2024, compared to $536.9 million for the year ended December 31, 2023, reflecting 19% growth.
    • Recurring revenue grew 20% from the year ended December 31, 2023.
    • Net income was $77.1 million or $2.04 per diluted share for the year ended December 31, 2024, compared to net income of $65.8 million or $1.76 per diluted share for the comparable period in 2023, reflecting 17% growth in year-over-year net income.
    • Non-GAAP income per diluted share was $3.48, compared to non-GAAP income per diluted share of $2.85 in the year ended December 31, 2023.
    • Adjusted EBITDA for the year ended December 31, 2024 increased 18% to $186.6 million compared to the year ended December 31, 2023.

    “We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”

    “We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.

    Guidance*

    First Quarter 2025 Guidance

    • Revenue is expected to be in the range of $178.5 million to $180.0 million, representing 19% to 20% year-over-year growth.
    • Net income per diluted share is expected to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of 38.7 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $0.82 to $0.84.
    • Adjusted EBITDA is expected to be in the range of $49.5 million to $50.5 million.
    • Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.4 million, and amortization expense is expected to be $9.2 million.

    Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $758.0 million to $763.0 million, representing 19% to 20% growth over 2024.
    • Net income per diluted share is expected to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of 38.9 million shares.
    • Non-GAAP income per diluted share is expected to be in the range of $3.78 to $3.84.
    • Adjusted EBITDA is expected to be in the range of $227.5 million to $231.0 million, representing 22% to 24% growth over 2024.
    • Non-cash, share-based compensation expense is expected to be $63.0 million, depreciation expense is expected to be $23.5 million, and amortization expense is expected to be $39.8 million.

    *Inclusive of the expected results of the Carbon6 acquisition

    The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

    Quarterly Conference Call

    To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries. 

    SPS-F

    Use of Non-GAAP Financial Measures

    To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

    Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

    These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

    Adjusted EBITDA Measures:

    Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.

    Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

    Non-GAAP Income Per Share Measure:

    Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

     
     
    SPS COMMERCE, INC.
    CONSOLIDATED BALANCE SHEETS
    (Unaudited; in thousands, except shares)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets      
    Cash and cash equivalents $         241,017     $         219,081  
    Short-term investments           —               56,359  
    Accounts receivable           56,214               50,160  
    Allowance for credit losses           (4,179 )             (3,320 )
    Accounts receivable, net           52,035               46,840  
    Deferred costs           65,342               62,403  
    Other assets           23,513               16,758  
    Total current assets           381,907               401,441  
    Property and equipment, net           37,547               36,043  
    Operating lease right-of-use assets           8,192               7,862  
    Goodwill           399,180               249,176  
    Intangible assets, net           181,294               107,344  
    Other assets      
    Deferred costs, non-current           20,572               20,347  
    Deferred income tax assets           505               505  
    Other assets, non-current           2,033               1,126  
    Total assets $         1,031,230     $         823,844  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $         8,577     $         7,420  
    Accrued compensation           47,160               41,588  
    Accrued expenses           12,108               8,014  
    Deferred revenue           74,256               69,187  
    Operating lease liabilities           4,583               4,460  
    Total current liabilities           146,684               130,669  
    Other liabilities      
    Deferred revenue, non-current           6,189               6,930  
    Operating lease liabilities, non-current           7,885               9,569  
    Deferred income tax liabilities           15,541               8,972  
    Other liabilities, non-current           241               229  
    Total liabilities           176,540               156,369  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock           40               39  
    Treasury stock           (99,748 )             (128,892 )
    Additional paid-in capital           627,982               537,061  
    Retained earnings           336,099               259,045  
    Accumulated other comprehensive gain (loss)           (9,683 )             222  
    Total stockholders’ equity           854,690               667,475  
    Total liabilities and stockholders’ equity $         1,031,230     $         823,844  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited; in thousands, except per share amounts)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024       2023       2024       2023  
    Revenues $         170,907     $         144,965     $         637,765     $         536,910  
    Cost of revenues           55,585               49,040               210,714               182,069  
    Gross profit           115,322               95,925               427,051               354,841  
    Operating expenses              
    Sales and marketing           39,220               33,214               148,920               122,936  
    Research and development           17,142               14,216               62,809               53,654  
    General and administrative           26,354               20,612               102,929               84,887  
    Amortization of intangible assets           7,862               4,998               23,510               16,116  
    Total operating expenses           90,578               73,040               338,168               277,593  
    Income from operations           24,744               22,885               88,883               77,248  
    Other income (expense), net           (373 )             3,456               10,593               8,315  
    Income before income taxes           24,371               26,341               99,476               85,563  
    Income tax expense           6,812               7,330               22,422               19,739  
    Net income $         17,559     $         19,011     $         77,054     $         65,824  
                   
    Net income per share              
    Basic $         0.47     $         0.52     $         2.07     $         1.80  
    Diluted $         0.46     $         0.51     $         2.04     $         1.76  
                   
    Weighted average common shares used to compute net income per share              
    Basic           37,646               36,831               37,306               36,646  
    Diluted           38,133               37,640               37,856               37,475  
     
    SPS COMMERCE, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited; in thousands)
     
      Twelve Months Ended
    December 31,
        2024       2023  
    Cash flows from operating activities      
    Net income $         77,054     $         65,824  
    Reconciliation of net income to net cash provided by operating activities      
    Deferred income taxes           (9,786 )             (10,079 )
    Depreciation and amortization of property and equipment           18,721               18,631  
    Amortization of intangible assets           23,510               16,116  
    Provision for credit losses           7,683               5,707  
    Stock-based compensation           54,557               45,508  
    Other, net           577               2,415  
    Changes in assets and liabilities, net of effects of acquisitions      
    Accounts receivable           (9,653 )             (11,949 )
    Deferred costs           (3,120 )             (10,724 )
    Other assets and liabilities           (7,313 )             1,834  
    Accounts payable           796               (3,947 )
    Accrued compensation           1,434               7,143  
    Accrued expenses           4,115               1,302  
    Deferred revenue           728               6,464  
    Operating leases           (1,905 )             (1,947 )
    Net cash provided by operating activities           157,398               132,298  
    Cash flows from investing activities      
    Purchases of property and equipment           (20,046 )             (19,761 )
    Purchases of investments           (85,759 )             (133,994 )
    Maturities of investments           143,275               131,331  
    Acquisition of businesses, net           (147,924 )             (70,218 )
    Net cash used in investing activities           (110,454 )             (92,642 )
    Cash flows from financing activities      
    Repurchases of common stock           (37,567 )             —  
    Net proceeds from exercise of options to purchase common stock           4,714               9,856  
    Net proceeds from employee stock purchase plan activity           9,827               8,114  
    Payments for contingent consideration           —               (2,000 )
    Net cash provided by (used in) financing activities           (23,026 )             15,970  
    Effect of foreign currency exchange rate changes           (1,982 )             562  
    Net increase in cash and cash equivalents           21,936               56,188  
    Cash and cash equivalents at beginning of period           219,081               162,893  
    Cash and cash equivalents at end of period $         241,017     $         219,081  
     
     
     
    SPS COMMERCE, INC.
    NON-GAAP RECONCILIATIONS
    (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)
    Adjusted EBITDA
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Income tax expense   6,812       7,330       22,422       19,739  
    Depreciation and amortization of property and equipment   4,711       4,667       18,721       18,631  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Investment income   (2,205 )     (2,287 )     (10,582 )     (7,660 )
    Other   86       28       1,064       1,198  
    Adjusted EBITDA $ 49,639     $ 41,957     $ 186,631     $ 157,630  
                   
    Adjusted EBITDA Margin
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
       2024    2023    2024    2023
    Revenue $ 170,907       $ 144,965       $ 637,765       $ 536,910    
                   
    Net income   17,559         19,011         77,054         65,824    
    Margin   10   %     13   %     12   %     12   %
                   
    Adjusted EBITDA   49,639         41,957         186,631         157,630    
    Adjusted EBITDA Margin   29   %     29   %     29   %     29   %
                   
    Non-GAAP Income per Share
      Three Months Ended   Twelve Months Ended
    December 31, December 31,
        2024       2023       2024       2023  
    Net income $ 17,559     $ 19,011     $ 77,054     $ 65,824  
    Stock-based compensation expense   12,293       9,411       54,557       45,508  
    Amortization of intangible assets   7,862       4,998       23,510       16,116  
    Realized (gain) loss from investments held and foreign currency impact on cash and investments   2,521       (1,201 )     (115 )     (1,726 )
    Other   86       28       1,064       1,198  
    Income tax effects of adjustments   (6,371 )     (3,906 )     (24,505 )     (19,983 )
    Non-GAAP income $ 33,950     $ 28,341     $ 131,565     $ 106,937  
                   
    Shares used to compute net income and non-GAAP income per share              
    Basic   37,646       36,831       37,306       36,646  
    Diluted   38,133       37,640       37,856       37,475  
                   
    Net income per share, basic $ 0.47     $ 0.52     $ 2.07     $ 1.80  
    Non-GAAP adjustments to net income per share, basic   0.43       0.25       1.46       1.12  
    Non-GAAP income per share, basic $ 0.90     $ 0.77     $ 3.53     $ 2.92  
                   
    Net income per share, diluted $ 0.46     $ 0.51     $ 2.04     $ 1.76  
    Non-GAAP adjustments to net income per share, diluted   0.43       0.24       1.44       1.09  
    Non-GAAP income per share, diluted $ 0.89     $ 0.75     $ 3.48     $ 2.85  
                   
    The annual per share amounts may not cross-sum due to rounding.
                   

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com
    415-217-4962

    The MIL Network –

  • MIL-OSI USA: Cassidy, Hassan Reintroduce Bill to Connect Individuals to The Workforce

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Maggie Hassan (D-NH) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).
    “It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”
    “Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”
    “The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.
    The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.
    The Improve and Enhance the Work Opportunity Tax Credit Act would:

    Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment. 
    Increase the current credit percentage from 40% to 50% of qualified wages.
    Add a second level of credit for employees who work 400 or more hours. 
    Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.  

    The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.
    “The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.
    “The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association. 
    “America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.
    “FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.
    “The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

    MIL OSI USA News –

  • MIL-OSI USA: Relief Remains Available to Mississippi Businesses Impacted by April Storms:

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Mississippi of the March 10 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes, and flooding that occurred April 8-11, 2024. 

    The disaster declaration covers the counties of Attala, Claiborne, Copiah, Hancock, Harrison, Hinds, Holmes, Humphreys, Jasper, Kemper, Lauderdale, Leake, Leflore, Madison, Neshoba, Newton, Pearl River, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Sunflower, Warren, Washington, and Winston in Mississippi, as well as St. Tammany Parish in Louisiana. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred. 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 10, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: One Month Left to Apply for Federal Disaster Assistance

    Source: US Federal Emergency Management Agency

    Headline: One Month Left to Apply for Federal Disaster Assistance

    One Month Left to Apply for Federal Disaster Assistance

    LOS ANGELES – Homeowners and renters who have incurred damage or losses from the Los Angeles County wildfires that began Jan. 7 have until Monday,March 10,  2025, to apply for FEMA Individual Assistance. The program provides financial and other assistance to eligible individuals and households to help meet their basic needs and supplement their wildfire recovery efforts. FEMA may reimburse eligible applicants for temporary housing, home repairs to their primary home, personal property losses, medical and dental expenses related to the disaster, childcare and other serious disaster-related needs not covered by insurance.Residents who have insurance need to file insurance claims for damage to their homes, personal property and vehicles before applying. FEMA assistance is not taxed and will not affect Social Security, Medicaid or other federal benefits. FEMA grants do not have to be repaid. Apply for FEMA Individual Assistance:Online at DisasterAssistance.gov (fastest option).On the FEMA App (available at the Apple App Store or Google Play).By phone on the FEMA Helpline at 800-621-3362. If you use a relay service, give FEMA your number for that service. Helpline operators speak many languages: press 2 for Spanish or press 3 for an interpreter who speaks your language. Lines are open from 7 a.m. to 10 p.m. 7 days a week. Visit a Disaster Recovery Center (DRC). To locate a DRC near you, visit the DRC Locator.For an American Sign Language video on how to apply, visit FEMA Accessible: Three Ways to Register for FEMA Disaster Assistance. After You ApplyIf you had damage and applied for FEMA assistance, you can expect a call, text or email from FEMA to schedule a home inspection to assess disaster damage. Please note phone calls from FEMA may come from an unfamiliar number. Inspectors will try to reach you multiple times but eventually will stop calling if you do not respond. You will learn FEMA’s decision on what benefits you may receive in a Determination Letter sent by email or U.S. Mail.FEMA may refer you to the U.S. Small Business Administration for a SBA low-interest disaster loan to help offset damage and losses caused by the wildfires. Disaster loans are available to renters, homeowners and businesses and are the largest source of federal disaster funding for people impacted by disasters. The deadline to apply with the SBA is also March 10, 2025. Do not wait for your FEMA Determination Letter to apply for a SBA loan. To apply visit sba.gov/disaster; call SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov for more information or to have a loan application mailed to you. For people who are deaf, hard of hearing or have a speech disability, dial 711 to access telecommunications relay services. You may also apply with the help of a SBA representative or submit your loan application at a Business Recovery Center. To find one, go to Appointment.sba.gov. Completed paper loan applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 
    barbara.murien…
    Mon, 02/10/2025 – 17:44

    MIL OSI USA News –

  • MIL-OSI USA: Mercer County, W.Va., Disaster Recovery Center extending operations additional week

    Source: US Federal Emergency Management Agency 2

    strong>CHARLESTON, W.Va. – While the deadline to apply for disaster assistance ended Friday, Feb. 7, 2025, the Mercer County FEMA Disaster Recovery Center in Princeton, W.Va., is extending its operations an additional week. The recovery center will remain open through Friday, Feb. 14, 2025, to allow applicants more time to speak face-to-face with staff about their applications.
    The Mercer County recovery center location and hours are as follows: 

    Princeton Disaster Recovery Center

    Lifeline Princeton Church of God
    250 Oakvale Road 
    Princeton, WV 24740
     
    Hours of operation:
    Monday to Thursday: 9 a.m. to 5 p.m.
    Friday: 9 a.m. to 12 noon

     
    DRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing.
    Another way for applicants to discuss their FEMA assistance is by phone at 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m., seven days a week. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. 
    Staff from the U.S. Small Business Administration (SBA) will also be available at the recovery center for homeowners, renters and business owners to answer questions about their physical disaster loans, and for business owners to inquire about their Economic Injury Disaster Loans (EIDLs). 
    Applicants can also call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay service.
    For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page, www.fema.gov/disaster/4851 and www.facebook.com/FEMA.
    ###
    FEMA’s mission is helping people before, during and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia.
    Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.
    Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).

    MIL OSI USA News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair Feb. 15 in Augusta

    Source: US Federal Emergency Management Agency 2

    EMA is hosting a Housing Resource Fair from 9 a.m. to 5 p.m., Saturday, Feb. 15, in Augusta at the following location:
    Henry Brigham Community Center
    2463 Golden Camp Rd. C, 
    Augusta, GA 30906
    The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  
    The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.
    Survivors will meet with local housing organizations, property owners and landlords, as well as gain information on the HEARTS Georgia Sheltering Program, and U.S. Small Business Administration (SBA) loans.
    The Housing Resource Fair is an opportunity for survivors to: 

    Explore affordable housing options and rental assistance programs.
    Meet with representatives from local housing organizations, landlords and property managers.
    Gain access to resources for displaced individuals and families.
    Learn about community partners that will provide educational funding resources to attendees. 

    For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair will give survivors that needed one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”
    Anyone who was affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend.

    MIL OSI USA News –

  • MIL-OSI Security: Two convicted in Eastern District of Texas COVID fraud scheme

    Source: Office of United States Attorneys

    SHERMAN, Texas – A Collin County man and a Floridian have been convicted of federal violations related to a COVID fraud scheme in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Cord Dean Newman, 47, of Homosassa, Florida, and Eric “Phoenix” Marascio, 53, of Allen, were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial before U.S. District Judge Jeremy D. Kernodle on February 6, 2025.

    According to information presented in court, Newman, a Hollywood stuntman, and Marascio, an author and baker, were convicted for their involvement in a multimillion-dollar loan fraud and money laundering conspiracy. The evidence at trial showed they were involved in a scheme to defraud lenders and the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by applying for and obtaining fraudulent PPP loans during the COVID-19 pandemic.  Once Newman and Marascio obtained the loans, they used the funds in a manner inconsistent with the program, including to invest in foreign exchange currency markets, to purchase vehicles, and for various other non-business-related expenditures.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a federal law enacted in March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP).  The Economic Injury Disaster Loan (EIDL) Program was an SBA program that provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters. 

    The defendants each face up to 20 years in federal prison at sentencing.  The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

    This case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigations.  This case is being prosecuted by Assistant U.S. Attorneys in the Eastern District of Texas.

    ###

    MIL Security OSI –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Market President for Toledo, OH & Birmingham, MI

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Market President of the Toledo, Ohio and Birmingham, Michigan markets.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: 
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Investor and Media Contact:
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –

  • MIL-OSI USA: Growing Colorado’s Leading Aerospace Industry: Gov. Polis Announces Digantara Expansion in Colorado Springs

    Source: US State of Colorado

    COLORADO SPRINGS – Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Digantara, a leading space surveillance and intelligence company specializing in space domain awareness, has selected Colorado Springs, Colorado, for expansion. 

    “I’m thrilled to welcome Digantara to Colorado, the best place to live, work, and do business. Digantara will bring 61 new, good-paying jobs while supporting safer space operations,” said Governor Polis. 

    Based in India, Digantara develops space surveillance systems designed to manage increasing orbital traffic and enhance space operations by delivering accurate and real-time orbital insights. The company’s systems pair constellations of cost-efficient nanosatellites in low earth orbit with precise modeling to enable the space industry to secure long-term spaceflight safety and build maps for space. 

    “Colorado is a leader in aerospace innovation, and we’re thrilled to welcome Digantara to our growing Aerospace community,” said Lt. Governor Dianne Primavera and co-chair of the Colorado Space Coalition. “With top research institutions, a skilled workforce, and strong industry partnerships, our state is the ideal place for companies shaping the future of space. We look forward to seeing Digantara’s impact on space sustainability and security.” 

    Digantara specializes in patented space-to-space tracking Optical and LiDAR systems. The company plans to establish a Satellite Assembly, Integration and Testing (AIT) facility in Colorado Springs to develop these payloads locally, catering to the Intelligence, Surveillance and Reconnaissance (ISR) needs of U.S. Government and Department of Defense agencies. 

    “Colorado stands at the heart of the US aerospace-defense ecosystem, making it the perfect base for Digantara. Here, we aim to collaborate with the US aerospace and defense community locally, advancing global space security through innovation and partnership. Our mission is clear: contribute to U.S. and its allies’ defense efforts and help ensure a safe, sustainable space for a secure future,” said Anirudh Sharma, CEO of Digantara. 

    Digantara champions space sustainability, with active advocacy in the Paris Peace Forum’s Net Zero Space Initiative and the UN Space Bridge Dialogue on Global Space Traffic Coordination. In Colorado Springs, the company plans to establish a U.S. base to pursue opportunities to collaborate with U.S. defense agencies on surveillance and defense initiatives. This includes a capital investment of $35 million. Proximity to talent and the opportunity to locate in a leading aerospace market were key considerations. 

    “Colorado is now home to 2,000 aerospace companies, an increase of 26% over the last five years. When companies like Digantara expand in our state, they continue to strengthen this key sector of our economy while advancing innovative new technologies that will be critical to space and space missions,” said OEDIT Executive Director Eve Lieberman. 

    Digantara expects to create 61 net new jobs at an average annual wage of $82,645, which is 130% of the average annual wage in El Paso County. The positions will include software engineers, systems engineers, business developers, human resources, and finance roles. 

    The Colorado Economic Development Commission approved up to $759,034 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Digantara, referred to as Project Diamond throughout the OEDIT review process, meeting net new job creation and salary requirements. The Colorado Springs City Council approved $198,225 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City’s Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support. Additionally, El Paso County approved $812,030 in incentives. 

    “We are thrilled to welcome Digantara as they open their first U.S. office right here in our Colorado Springs, Olympic City USA,” said Mayor Yemi Mobolade. “As a key player in space surveillance and intelligence, specializing in space domain awareness, they are a perfect fit for our growing ecosystem of tech, aerospace, space, and cybersecurity companies. This is yet another example of the exciting expansion we’re seeing in this critical sector, further solidifying Colorado Springs’ position at the forefront of space innovation.” 

    “El Paso County is proud to support Digantara, which enhances our region’s leadership in the aerospace and defense industries—sectors that drive our local economy and safeguard our national security. We are committed to supporting businesses that create jobs, invest in our workforce, and strengthen our local economy. This investment goes beyond a single project; it represents a commitment to the future of our region, reinforcing our position as a place where businesses can innovate, expand, and thrive,” said El Paso County Commissioner and Chair Carrie Geitner. 

    “Digantara’s expansion is a big win for Colorado Springs and the Pikes Peak region, boosting our space talent and reinforcing our reputation as a prominent force in national security and a top location for aerospace and defense investments,” said Johnna Reeder Kleymeyer, President & CEO of Colorado Springs Chamber & EDC. “With our strong and diverse economy, highly skilled workforce, and cutting-edge technologies, it’s clear that Colorado Springs is the ideal place for space companies to innovate and thrive.”

     In addition to Colorado, Digantara considered North Carolina, Texas and California for expansion. The company currently has 70 employees, none of whom are in Colorado. 

    About Colorado Office of Economic Development and International Trade 

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT. 

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Protecting consumers when making digital transactions and improving their awareness – E-002635/2024(ASW)

    Source: European Parliament

    Following the Digital Fairness Fitness Check report[1] published on 3 October 2024, the Commission will develop a Digital Fairness Act to address the identified consumer protection issues in the online environment, such as termination of subscription contracts, automatic renewal of subscriptions and conversion of free trials into paid subscriptions.

    The specific options will be developed and assessed in an impact assessment. The Commission services are currently preparing a public consultation and impact assessment, to be conducted in 2025, ahead of a possible legislative proposal.

    The Commission is also committed to improving awareness and understanding of the rights of European consumers through several initiatives.

    The ConsumerPro[2] initiative is a capacity-building project with training programmes covering a wide range of topics, aimed at making consumer organisations and other actors in consumer policy better-equipped to protect and assist consumers.

    The Consumer Education Hub[3] website is a repository of hundreds of educational materials and resources collected during two research studies carried out by the Commission in 2021-2022.

    They can be used by all actors working in consumer education/advice and awareness raising. In 2024, the Commission launched a call for proposals[4] to provide financial support to initiatives and projects aimed at improving consumer education and awareness raising. Proposals selected for EU funding will be announced in Q1 2025.

    • [1] https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13413-Digital-fairness-fitness-check-on-EU-consumer-law_en
    • [2] https://www.beuc.eu/consumer-pro-boosting-professionals-consumer-protection
    • [3] https://consumer-education.eu/
    • [4] https://eismea.ec.europa.eu/funding-opportunities/calls-proposals/call-proposals-action-grants-support-consumer-education-awareness-raising-and-local-advice-consumers_en
    Last updated: 10 February 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Israel Business & CEO Forums to Strengthen Bilateral Economic Ties

    India-Israel Business & CEO Forums to Strengthen Economic Cooperation High-Level Business Delegation Led by Israel’s Minister of Economy to Visit India

    Posted On: 10 FEB 2025 8:10PM by PIB Delhi

    India and Israel are set to deepen their economic and trade engagement with the India-Israel Business Forum and the India-Israel CEO Forum, both scheduled for February 11, 2025, in New Delhi. These forums will bring together top business leaders, policymakers, and industry stakeholders from both countries to explore new avenues of economic cooperation, technological collaboration, and investment opportunities.

    Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, and the Embassy of Israel, in partnership with the Confederation of Indian Industry (CII), is organizing the India-Israel Business Forum. The forum will focus on expanding trade relationships, fostering cross-sector collaborations, and identifying investment opportunities between Indian and Israeli businesses.

    A high-level Israeli business delegation, led by H.E. Nir M. Barkat, Minister of Economy and Industry, State of Israel, will participate in the forum. The delegation includes leading Israeli enterprises and representatives from sectors such as technology, manufacturing, healthcare, agri-tech, food processing, defense, homeland security, water management, logistics, and retail.

    The event will feature a ceremonial inaugural session, followed by panel discussions and B2B meetings, allowing Indian and Israeli business leaders to explore new opportunities for joint ventures, investments, and knowledge sharing. Representatives from the Government of India, the Government of Israel, and leading business organizations will participate in these discussions, focusing on sectoral growth and innovation-driven partnerships.

    India and Israel’s shared commitment to technological advancement, innovation, and entrepreneurship makes them natural economic allies. With India’s rise as a global manufacturing and technology hub, the forum will provide a strategic platform to strengthen business-to-business (B2B) and government-to-business (G2B) ties.

    Alongside the Business Forum, the Federation of Indian Chambers of Commerce & Industry (FICCI) will host the India-Israel CEO Forum, an exclusive gathering of top CEOs, senior executives, and policymakers from both nations.

    The CEO Forum will serve as a high-level platform for industry leaders to discuss investment opportunities, policy frameworks, and emerging business trends. The discussions will revolve around technology collaboration, research & development, innovation-driven growth, and trade diversification.

    Key focus areas for engagement between India and Israel include strengthening cooperation in technology and innovation, particularly in AI, digital transformation, and smart manufacturing. Defense and security partnerships will expand in areas like defense technology, cybersecurity, and homeland security solutions. Joint projects in clean energy and sustainability will promote renewable energy, water conservation, and green technologies. In healthcare and life sciences, collaborations will be enhanced in medical research, pharmaceutical trade, and biotech investments. Additionally, agriculture and food security will benefit from Israeli expertise in precision agriculture, drip irrigation, and sustainable farming solutions.

    India and Israel have witnessed steady growth in bilateral trade, which has diversified significantly beyond traditional sectors like diamonds and precious metals to include engineering goods, chemicals, electronics, defense, and agricultural products.

    Israeli investments in India have been expanding, with various Israeli companies operating in various sectors, including renewable energy, water technology, defense, and manufacturing. Similarly, Indian companies have made significant inroads into Israel, particularly in pharmaceuticals, IT, and infrastructure.

    The CEO Forum will provide a unique opportunity for business leaders to develop new partnerships, exchange insights, and explore pathways for expanding bilateral trade and investment flows.

    Both forums are in line with India and Israel’s long-term vision for economic growth and cooperation, highlighting the importance of strengthening business connections, policy discussions, and strategic partnerships. They will promote deeper engagement between Indian and Israeli industries, encourage foreign direct investment (FDI) and joint ventures, foster technology transfer and innovation partnerships, and boost trade by implementing policy reforms and establishing new agreements.

    As India moves towards its goal of Viksit Bharat (Developed India) by 2047, and Israel continues to strengthen its global economic partnerships, these forums will play a crucial role in shaping the future of India-Israel economic ties.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101505) Visitor Counter : 58

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister of Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan approves extension of Groundnut procurement in Gujarat by 6 days & in Karnataka by 25 days

    Source: Government of India

    Union Minister of Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan approves extension of Groundnut procurement in Gujarat by 6 days & in Karnataka by 25 days

    Soyabean procurement extended in Maharashtra by 24 days & in Telangana by 15 days as per instructions of Shri Shivraj Singh Chouhan

    Government of India approves continuation of PM-AASHA

    PM-AASHA to be continued during 15th Finance Commission Cycle up to 2025-26

    Government has allowed the procurement of Tur, Urad and Masur under PSS equivalent to 100% of the production of the State for the procurement year 2024-25.

    Posted On: 10 FEB 2025 6:37PM by PIB Delhi

    The Government of India approved the continuation of the integrated Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) Scheme during the 15th Finance Commission Cycle up to 2025-26. Integrated Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) Scheme comprises Price Support Scheme (PSS), Price Deficiency Payment Scheme (PDPS), Market Intervention Scheme (MIS) and Price Stabilisation Funds (PSF). Department of Agriculture & Farmers’ Welfare (DA&FW) administers PSS, PDPS and MIS whereas Department of Consumer Affairs administers PSF. The integrated PM-AASHA Scheme is administered to bring-in more effectiveness in the implementation of procurement operations that would not only help in providing remunerative prices to the farmers for their produce but also control the price volatility of essential commodities by ensuring their availability at affordable prices to consumers.

    Under the Price Support Scheme, the procurement of the notified Pulses, Oilseeds and Copra conforming to the prescribed Fair Average Quality (FAQ) is undertaken by the Central Nodal Agencies (CNAs) at the MSP directly from the pre-registered farmers through the State level agencies.

    The Government approved the procurement of Soyabean under the Price Support Scheme (PSS) in the States of Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra Rajasthan and Telangana for Kharif 2024-25. A quantity of 19.99 LMT of Soyabean has been procured till 9th February, 2025 benefitting 8,46,251 farmers. Further Minister of Agriculture and farmers’ welfare Shri Shivraj Singh Chouhan has approved the proposal to extend the period of procurement in Maharashtra by 24 days and in Telangana by 15 days beyond the normal procurement period of 90 days keeping the interest of farmers of the state.

    Similarly, the Government approved the procurement of Groundnut under the Price Support Scheme (PSS) in the States of Andhra Pradesh, Chhattisgarh, Gujarat, Haryana Karnataka, Rajasthan and Uttar Pradesh for Kharif 2024-25. A quantity of 15.73 LMT of Groundnut has been procured till 9th February, 2025 benefitting 4,75,183 farmers. Further, Minister of Agriculture and farmers’ welfare Shri Shivraj Singh Chouhan has approved the proposal to extend the period of procurement of Groundnut in Gujarat by 6 days and in Karnataka by 25 days beyond the normal procurement period of 90 days in the interest of farmers of the state.

    Further, to incentivize the farmers contributing to enhancement of domestic production of pulses and to reduce the dependence on imports, the Government has allowed the procurement of Tur, Urad and Masur under PSS equivalent to 100% of the production of the State for the procurement year 2024-25.  The Government has also made an announcement in Budget 2025 that procurement of Tur, Urad and Masur up to 100% of the production of the State will be continued for another four years through Central Nodal Agencies to achieve self- sufficiency in pulses in the country.

    ******

    MG/ KSR

    (Release ID: 2101441) Visitor Counter : 81

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Director of Hong Kong and Macao Work Office of CPC Central Committee and Hong Kong and Macao Affairs Office of State Council Mr Xia Baolong inspects Hong Kong Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone

    Source: Hong Kong Government special administrative region

         The Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office (HKMAO) of the State Council, Mr Xia Baolong, visited the Hong Kong Park (the Park) of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone yesterday (February 9).  During his inspection, Mr Xia hosted a discussion session in Qianhai and was briefed by the Hong Kong Special Administrative Region (HKSAR) Government on its work plans on the economy and financial services. 

         In the morning, Mr Xia, accompanied by the Acting Chief Executive, Mr Chan Kwok-ki, and the Financial Secretary, Mr Paul Chan, paid an on-site visit to the Park. Mr Xia listened to presentations by the Secretary for Development, Ms Bernadette Linn, on the overall planning and development overview of the Northern Metropolis, as well as by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, on the the latest development progress and the key foci of work for the Park.

         Thereafter, Mr Xia inspected the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, and hosted a discussion session in which Mr Paul Chan introduced work and focus by the HKSAR Government in 2025 to advance the economy. The session lasted for nearly four hours, with in-depth discussions about how Hong Kong could further understand, respond to and embrace changes under the new circumstances, accelerate reforms to foster progress, enhance cooperation between Guangdong and Hong Kong, and better integrate into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Secretary for Commerce and Economic Development, Mr Algernon Yau; Ms Linn; Professor Sun; the Secretary for Transport and Logistics, Ms Mable Chan; and the Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, attended the session. 

         At the discussion session, Mr Xia recognised the work of the HKSAR Government under the leadership of the Chief Executive. He hoped that the HKSAR Government would thoroughly implement the spirit of the important speeches by President Xi in Macao and the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and continue to be bold in reform, dare to break new ground, and to innovate continuously; and that there would be more reciprocal co-operation and collaborative development within the GBA.

         Mr Paul Chan stated that under the leadership of the Chief Executive, the HKSAR Government team will firmly uphold the principle of “one country” while leveraging the advantages of “two systems”. The Government team is determined to undertake reforms, dare to be innovative, and actively integrate into the national development and align with national development strategies. In face of a complex external environment, Hong Kong will co-ordinate development and security, maintain financial and economic security, whilst promoting the acceleration of economic progress. As the country further deepens reforms, promotes high-quality development and advances high-level opening up, Hong Kong will leverage its unique advantages and functions of connecting with both the Mainland and the world, as well as its strong international character.  Hong Kong will reinforce traditional advantageous industries such as financial services, trade and shipping, while also exploring new development areas. At the same time, Hong Kong will focus on nurturing new quality productive forces and new economic growth points, and continue to make systematic investments in innovation and technology. Hong Kong will harness platforms such as the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, and strengthen collaboration with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area, seeking to play to the comparative strengths of the cities and elevate their economic development. 

         The Governor of Guangdong Province and Deputy Head of the Office of the Leading Group on Construction of the GBA of Guangdong Province, Mr Wang Weizhong; Executive Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO of the State Council, Mr Zhou Ji; Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and Director of the Liaison Office of the Central People’s Government in the HKSAR (LOCPG), Mr Zheng Yanxiong; Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO of the State Council, Mr Nong Rong, Deputy Director of LOCPG, Mr Qi Bin, joined the inspection and discussion session.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

    Source: Government of India

    India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

    India-EFTA Desk will function as a single-window mechanism to provide support to EFTA businesses looking to invest, expand, or establish operations in India

    Business Roundtable Witnessed Participation from Over 100 Companies from India and EFTA Nations

    Posted On: 10 FEB 2025 6:27PM by PIB Delhi

    India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein – have taken a significant step towards deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), which positions EFTA as the first European bloc to formalize a trade pact with India. Union Minister for Commerce and Industry, Shri Piyush Goyal hailed TEPA as a landmark agreement, emphasizing India’s growing role in global trade. “This desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business,” he stated. He underscored India’s ambition to surpass $100 billion in EFTA investments, highlighting the country’s commitment to fostering equitable and mutually beneficial trade relationships.

    The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties.

    Switzerland’s State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, described TEPA as a “new chapter for investment promotion and cooperation,” citing over CHF 10 billion in Swiss FDI that has created 146,000+ jobs in India, particularly in manufacturing. She projected a surge in investments across precision industries, chemicals, food processing, and pharmaceuticals, suggesting that an Invest India office in Switzerland could further drive investment flows.

    Norway’s State Secretary of Trade and Industry, Mr. Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the landing strip for businesses. He noted that Norwegian companies in India have doubled in the last decade, with sovereign wealth fund assets reaching $31.4 billion.

    Iceland’s Permanent Secretary for Foreign Affairs, Mr. Martin Eyjolfsson, called TEPA “the most significant trade agreement EFTA has signed in decades,” reinforcing India’s role as a key economic partner for Europe. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals, positioning TEPA as a stabilizing force amid global economic uncertainty.

    Liechtenstein’s Minister of External Affairs, Education, and Sport, Ms. Dominique Hasler, emphasized the Desk’s role in facilitating high-value manufacturing and innovation-driven industries. She pointed to Hilti’s success in India and expressed optimism that TEPA would encourage more Liechtenstein-based firms to expand.

    The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation. Secretary, DPIIT, Shri Amardeep Singh Bhatia, noted that TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.

    Union Minister of State, Shri Jitin Prasada, highlighted EFTA’s strategic importance to India’s development goals, citing Norway’s expertise in green shipping, Switzerland’s advancements in rail networks, Iceland’s leadership in geothermal energy, and Liechtenstein’s high-value manufacturing. He also pointed to research collaborations between IITs and the Arctic University of Norway, demonstrating TEPA’s broader scope beyond trade.

    Following the Desk’s inauguration, a high-level Business Roundtable chaired by Shri Piyush Goyal convened to explore opportunities and address trade challenges. Discussions identified key sectors, including seafood & maritime, energy, financial services, pharmaceuticals, engineering, and food processing.

    Looking ahead, the India-EFTA Desk will serve as the primary channel for fostering continuous business-government dialogue. The Indian government has pledged to work closely with EFTA partners to unlock TEPA’s full potential. Concluding the discussions, Shri Piyush Goyal called TEPA a “model agreement” and reaffirmed India’s readiness to build a robust future with EFTA, stating: “India is ready when you are. Let’s build this future together.”

    With the official inauguration of the EFTA Desk, India and EFTA have entered a new era of economic cooperation, ensuring that businesses from both regions thrive in an era of sustainable and innovation-driven growth.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2101431) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Growth in Foreign Tourist Arrivals

    Source: Government of India

    Posted On: 10 FEB 2025 5:20PM by PIB Delhi

    As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.9% increase compared to 2022 year which account for Foreign Exchange Earnings (FEEs) of Rs.2,31,927 crore with a growth of 36.5%.

    The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

    Furthermore, Ministry of Tourism has taken several steps/initiatives over the years to give boost to the tourism sector in the country, details of which are:

    • The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/Union Territory Administrations/Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.
    • Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.
    • The Incredible India Content Hub was launched which is a comprehensive digital repository, featuring a rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.
    • Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.
    • Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’, ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.
    • For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.
    • e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:

     

    i.       e-Tourist Visa

    ii.      e-Business Visa

    iii.     e-Medical Visa

    iv.     e-Conference Visa

    v.      e-Medical Attendant Visa

    vi.     e-Ayush Visa

    vii.    e-Ayush Attendant Visa

    viii.   e- Student Visa

    ix.     e-Student X Visa

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2101371) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Cantwell Tells GOP: Hands Off Medicaid

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.10.25
    Cantwell Tells GOP: Hands Off Medicaid
    House Republicans recently revealed proposal to cut $2.3 trillion from Medicaid to pay for Trump policy priorities
    WASHINGTON, D.C. – Last week, U.S. Senator Maria Cantwell (D-WA), a senior member of the Committee on Finance and ranking member of the Commerce Committee, joined a letter with 46 Senators calling on Senate Majority Leader John Thune and House Speaker Mike Johnson to reject any legislation or budget proposals that would make cuts to Medicaid.
    “Republicans are proposing cuts to the Medicaid program from hundreds of billions to multiple trillions of dollars,” the Senators wrote. “States simply cannot absorb these massive funding cuts without hurting children, seniors, people with disabilities, tribal populations, patients with chronic illnesses, and many other Americans who rely on Medicaid.”
    “Given that levels of abuse and waste within Medicaid are not commensurate to cutting billions from the program, President Trump and Congressional Leadership should uphold this commitment to enhance, rather than gut, Medicaid. The American people should be assured that Medicaid will be protected. We urge you to reject proposals that use Medicaid as a piggy bank for partisan priorities and continue to defend the importance of this vital program,” the Senators concluded. 
    More than 1.8 million Washingtonians are enrolled in Medicaid (Apple Health). One in six adults, two in five children, three in five nursing home residents, and three in eight people with disabilities in Washington are covered by Medicaid. Any cuts in federal Medicaid funding would not only reduce the number of enrollees, it would potentially exacerbate Washington state’s budget deficit as states would have to make up for the shortfall by lowering coverage levels or cutting services.
    Sen. Cantwell is a longtime advocate for expanding and protecting Medicaid and Medicare. Rather than cutting Medicaid payments, Sen. Cantwell has introduced legislation to generate cost savings for American taxpayers. Sen. Cantwell has championed the Pharmacy Benefit Manager (PBM) Transparency Act to crack down on PBMs and ban “spread pricing,” the PBM practice of charging a health insurance plan more to process a prescription than it reimburses the pharmacy and pocketing the difference – the spread. According to a recent CBO report, eliminating spread pricing in just the Medicaid program would result in approximately $900 million in savings over 10 years.
    Sen. Cantwell has also introduced legislation to expand Medicaid payments for low-barrier fentanyl treatment programs and rural hospitals’ labor and delivery units.
    The full text of the letter is HERE and below.
    Dear Majority Leader Thune and Speaker Johnson,
    As we begin a new Congress, we seek to pursue policies that improve the lives of Americans across this country. However, we are deeply concerned about recent reporting on Republican plans to use the budget reconciliation process to advance President Trump’s reckless agenda.  While we disagree on these costly and misguided policies, we are hopeful that there is bipartisan understanding of Medicaid’s importance for millions across the country, that the Medicaid program should be enhanced rather than cut, and that Republican policies should not be paid for at the expense of working-class Americans losing their health care.  
    Medicaid is a lifeline for communities across the country. Nearly 80 million Americans get their health insurance through Medicaid and the Children’s Health Insurance Program (CHIP), which provide services Americans rely on to remain healthy, go to school, and thrive at work. Medicaid pays for nearly half of all births in the U.S., provides health insurance coverage to nearly half of all of America’s children, provides care to 3 in 5 nursing home residents, and provides peace of mind to 17 million women of reproductive age. Medicaid is also a lifeline for rural communities, with children and non-elderly adults in rural areas more likely to be covered by Medicaid compared to those in urban areas.
    Republicans are proposing cuts to the Medicaid program from hundreds of billions to multiple trillions of dollars. [1] Cuts to Medicaid through drastically changing the program’s financing structure or imposing additional barriers to coverage are dangerous to the millions of people who rely on the program. These proposals will also force states to make difficult decisions that will result in millions getting kicked off their coverage and providers struggling to keep their practices open. States simply cannot absorb these massive funding cuts without hurting children, seniors, people with disabilities, tribal populations, patients with chronic illnesses, and many other Americans who rely on Medicaid.
    Speaking about Medicaid last week, President Trump said, “We’re not going to do anything with that, unless we can find some abuse or waste.  The people won’t be affected. It will only be more effective and better.”[2]
    Given that levels of abuse and waste within Medicaid are not commensurate to cutting billions from the program, President Trump and Congressional Leadership should uphold this commitment to enhance, rather than gut, Medicaid. The American people should be assured that Medicaid will be protected. We urge you to reject proposals that use Medicaid as a piggy bank for partisan priorities and continue to defend the importance of this vital program. 
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Lee to Chair Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – Senator Mike Lee (R-UT) issued the following statement upon taking the gavel as Chairman of the U.S. Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights:
    I am honored to reclaim the gavel from my colleague Senator Klobuchar and resume my role as Chairman of the U.S. Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights for the 119th Congress.  Antitrust and competition policies are fundamental to maintaining dynamic markets and ensuring the strength of our American economy. Capitalism thrives on competition, which fuels innovation, efficiency, and consumer benefits.
    As Chairman, I remain committed to holding Big Tech accountable for anticompetitive conduct and advancing critical legislation, such as the AMERICA Act, to break up monopoly power in the advertising technology sector and unlock competition. In addition to big tech—sectors such as healthcare, media, and airlines have seen increased consolidation and raise competitive concerns. I look forward to examining solutions to reinvigorate competition for the benefit of consumers.
    Additionally, across many industries government regulations can create entry barriers that stifle innovation and entrench dominant players. Ensuring that consumers benefit from innovation and competitive economy call for evaluating and removing regulatory obstacles that prevent new entrants from challenging entrenched incumbents.
    The goal is to ensure that the free market remains a vibrant arena, where competition thrives, ideas flourish, and innovation prospers, benefiting consumers. I am eager to work with my colleagues on both sides to accomplish these goals for the American people. 
    ***
     For more information on the Judiciary Committee and the Antitrust Subcommittee, please click HERE.

    MIL OSI USA News –