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  • MIL-OSI: AGF Management Limited Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 25, 2024 (GLOBE NEWSWIRE) —

    • Reported quarterly adjusted diluted earnings per share of $0.37
    • Total assets under management and fee-earning assets of $49.7 billion
    • Declared quarterly dividend per share of 11.5 cents

    AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2024.

    AGF reported total assets under management and fee-earning assets1 of $49.7 billion compared to $47.8 billion as at May 31, 2024 and $42.3 billion as at August 31, 2023.

    “Amid an uncertain economic backdrop and significant market volatility, we are pleased to see early signs of improvement with positive retail net flows complementing our solid investment performance,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “This improvement can be attributed to our long-term strategic plan which diversifies our business across asset classes and client channels ensuring we thrive through changing market cycles.”

    AGF’s mutual fund gross sales were $1,012 million for the quarter compared to $934 million in the previous quarter and $633 million in the prior year quarter. Mutual fund net sales were $14 million compared to net redemptions of $112 million in the previous quarter and net redemptions of $151 million in the prior year quarter.

    “Given the current market environment and industry trends, we are pleased with the trajectory of our sales strategy,” said Judy Goldring, President and Head of Global Distribution, AGF. “Heading into the final months of 2024, we remain focused on diversifying our capabilities and offerings through a vehicle agnostic approach that meets the evolving needs of our clients.”

    _________________
    1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers

    Key Business and Financial Highlights:

    • AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.
    • AGF Management Limited partnered with Archer Holdco, LLC – a leading technology-enabled service provider to the investment management industry – to help further grow its Separately Managed Accounts (SMA) model business through additional product offerings and investment strategies.
    • AGF SAF Private Credit LP was named a Top Contender for a 2024 Canadian Hedge Fund Award Fund.
    • Adjusted EBITDA2 for the three months ended August 31, 2024, was $40.2 million, compared to $37.0 million for the three months ended May 31, 2024 and $33.7 million in the prior year comparative period.
    • Net management, advisory and administration fees2 were $78.7 million for the three months ended August 31, 2024, compared to $81.2 million for the three months ended May 31, 2024 and $73.8 million for the comparative prior year period.
    • Adjusted revenue from AGF Capital Partners for the three months ended August 31, 2024, was $18.5 million, compared to $12.0 million for the three months ended May 31, 2024 and $7.3 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher fair value adjustments and distribution income and the consolidation of a full quarter of KCPL financial results. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
    • Adjusted selling, general and administrative costs2 were $59.6 million for the three months ended August 31, 2024, compared to $60.0 million for the three months ended May 31, 2024 and $50.3 million for the comparative prior year period.
    • Adjusted net income attributable to equity owners was $24.5 million ($0.37 adjusted diluted EPS) for the three months ended August 31, 2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for the three months ended May 31, 2024 and $22.9 million ($0.34 adjusted diluted EPS) for the comparative prior year period.
        Three months ended Nine months ended
          August 31,     May 31,     August 31,     August 31,     August 31,  
      (in millions of Canadian dollars, except per share data)   2024     2024     2023     2024     2023  
                           
      Revenues                    
      Management, advisory and administration fees $ 114.4   $ 116.4   $ 107.4   $ 339.4   $ 324.0  
      Trailing commissions and investment advisory fees   (35.7 )   (35.2 )   (33.6 )   (104.6 )   (101.5 )
      Net management, advisory and administration fees2 $ 78.7   $ 81.2   $ 73.8   $ 234.8   $ 222.5  
      Deferred sales charges   1.4     1.9     1.8     5.3     5.7  
      Adjusted revenue from AGF Capital Partners2   18.5     12.0     7.3     54.7     29.4  
      Other revenue2   1.2     1.9     1.1     5.1     2.4  
      Total adjusted net revenue2   99.8     97.0     84.0     299.9     260.0  
                           
      Selling, general and administrative   66.3     68.2     50.2     192.3     156.2  
      Adjusted selling, general and administrative2   59.6     60.0     50.3     173.1     155.0  
                           
      EBITDA2   33.0     26.6     33.8     104.8     103.8  
      Adjusted EBITDA2   40.2     37.0     33.7     126.8     105.0  
                           
      Net income – equity owners of the Company   20.3     18.1     23.0     68.9     70.9  
      Adjusted net income – equity owners of the Company   24.5     23.6     22.9     81.8     71.9  
                           
      Diluted earnings per share   0.30     0.27     0.34     1.03     1.05  
                           
      Adjusted diluted earnings per share   0.37     0.35     0.34     1.23     1.07  
                           
      Free cash flow2   29.1     23.7     22.9     73.9     62.8  
                           
      Dividends per share   0.115     0.115     0.110     0.340     0.320  
      (end of period) Three months ended
          Aug. 31,     May 31,     Feb. 28,     Nov. 30,     Aug. 31,  
      (in millions of Canadian dollars)   2024     2024     2024     2023     2023  
                             
      Mutual fund assets under management (AUM)3 $ 28,104   $ 26,961   $ 26,186   $ 24,459   $ 24,377  
      ETFs and SMA AUM   2,128     1,800     1,676     1,465     1,332  
      Segregated accounts and sub-advisory AUM   6,430     6,313     7,162     6,774     7,058  
      Total AGF Investments AUM   36,662     35,074     35,024     32,698     32,767  
      AGF Private Wealth AUM   8,186     8,026     7,836     7,341     7,360  
      AGF Capital Partners AUM   2,774     2,663     48     46     42  
      Total AUM $ 47,622   $ 45,763   $ 42,908   $ 40,085   $ 40,169  
      AGF Capital Partners fee-earning assets4   2,080     2,081     2,104     2,095     2,090  
      Total AUM and fee-earning assets4 $ 49,702   $ 47,844   $ 45,012   $ 42,180   $ 42,259  
                             
      Net mutual fund sales (redemptions)3   14     (112 )   (125 )   (224 )   (151 )
      Average daily mutual fund AUM3   27,542     26,604     25,197     23,840     24,168  

    2 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
    3 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
    4 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    For further information and detailed financial statements for the third quarter ended August 31, 2024, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

    Conference Call

    AGF will host a conference call to review its earnings results today at 11 a.m. ET.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/fwjgan3c/. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Ken Tsang
    Chief Financial Officer
    416-865-4338, InvestorRelations@agf.com

    Caution Regarding Forward-Looking Statements

    This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2023 Annual MD&A.

    The MIL Network –

  • MIL-OSI: Breeze Holdings Acquisition Corp. Announces Definitive Agreement to Merge with YD Biopharma Limited

    Source: GlobeNewswire (MIL-OSI)

    YD Biopharma is a Clinical-Stage Biopharmaceutical Company Focusing on Cancer Prevention Diagnostics and Seeking to Transform the Treatment of a Wide Spectrum of Diseases

    Pro Forma for the Transaction, Combined Company is Expected to Have an Estimated Enterprise Value of Nearly $700 Million

    The Proposed Merger is Expected to Close by Early 2025; After Closing, the Combined Company is Expected to be Listed on Nasdaq Capital Market

    YD Biopharma has Recently Obtained Patents, Technology, and U.S. Authorization for Core Methylation Detection of Pancreatic Cancer, Along with Entering into an Agreement to Acquire Licenses for Breast Cancer Detection Upon the Closing of the Merger

    IRVING, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Breeze Holdings Acquisition Corp. (OTCQX: BRZH, BRZHR, BRZHW) (“Breeze” or the “Company”), a publicly traded special purpose acquisition company, has entered into a definitive agreement to merge with YD Biopharma Limited (“YD Biopharma”), a clinical-stage biopharmaceutical company focusing on cancer prevention medical diagnostics and the development of exosome-based therapeutics with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Following the closing, the combined company is expected to be listed on the Nasdaq Capital Market.

    Using Technology to Detect Health Problems Early On
    YD Biopharma specializes in the biopharmaceutical business and serves as a supplier of drugs and medical materials for clinical trials. In 2015, YD Biopharma was appointed as a clinical testing drug supplier by Novartis and has since expanded its offerings to include development and supply of ancillary products post-launch. YD Biopharma’s mission is to create a cancer-free world through advancements in biotechnology.

    More recently, YD Biopharma obtained patent and technology authorization from 3D Global Biotech Inc. (“3D Biotech”) to pioneer the application of corneal mesenchymal stem cells and their exosomes for treating eye diseases. YD Biopharma has introduced new advanced drugs and treatments for conditions such as dry eye disease, glaucoma, and corneal repair. YD Biopharma aims to optimize the treatment market for eye diseases by distribution through pharmacies, optometrists, and other channels.

    Earlier this year, YD Biopharma obtained patents, technology and U.S. market authorization from EG Biomed Taiwan for core methylation detection of pancreatic cancer with high sensitivity, specificity and accuracy. This partnership has led to the establishment of an independent laboratory in the U.S. dedicated to pancreatic cancer early detection and monitoring technology that marks a significant expansion of YD Biopharma’s research and development capabilities to collaborate with hospitals, insurance companies and pharmaceutical companies to reach new patients.

    YD Biopharma has also recently negotiated related authorizations for breast cancer detection to further expand the Company’s product offerings. YD Biopharma is in the process of acquiring licenses from EG BioMed Taiwan for advanced breast cancer detection technology in the U.S., E.U., and Asia-Pacific that has high sensitivity, specificity and accuracy. The acquisition of the licenses for EG Biomed’s breast cancer detection technology in the U.S., E.U., and Asia-Pacific is expected to be consummated simultaneously with the closing of the merger with Breeze.

    Management Commentary
    Dr. Ethan Shen, the Founder, Chairman and CEO of YD Biopharma, has an extensive background in the pharmaceutical industry having worked at a well-known global pharmaceutical company. Inspired by his father’s struggle with cancer and subsequent passing, Dr. Shen is dedicated to eradicating cancer and helping people to avoid chronic and painful treatments through early detection.

    Dr. Shen stated the following regarding the proposed transaction, “I’m pleased to announce the next phase of our strategy as we embark on a public listing in the U.S. through the proposed business combination with Breeze. Since our founding in 2013, we’ve made significant strides in expanding our capabilities through organic innovation, licensing agreements, and notable strategic partnerships. We have a strategic roadmap in place for accelerated growth and a compelling story to tell in the U.S. market as we aim to deliver health problem detection at an earlier stage than ever before through minimal intervention.”

    J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze, commented, “From day one, it has been our mission at Breeze to find a company with innovative and disruptive technology that has the potential to deliver significant growth to our shareholders. We are highly optimistic about the proposed business combination with YD Biopharma, a company that we believe is a true outlier in the biotech industry with strong growth potential in a variety of healthcare markets. We are working closely with their team to expeditiously close the transaction by early 2025 and move forward with YD Biopharma as a publicly traded company in the U.S.”

    YD Biopharma Key Investment Highlights

    • Proven Capabilities Across a Broad Spectrum of Solutions: YD Biopharma has an extensive suite of solutions ranging from ophthalmology cellular drug development to pancreatic and breast cancer diagnostics to nutritional product sales.
    • Notable Strategic Partnerships, Offering Validation and Growth Potential: YD Biopharma is a clinical testing drug supplier for Novartis, a top five global pharmaceutical company, as well as having licensing partnerships with EG BioMed for pancreatic cancer detection and 3D Global Biotech to develop treatment for eye disorders.
    • Proprietary Technology Supported by Licensing Agreements and IP Portfolio: Multi-decade, exclusive licensing agreements and owned, patented technology provides YD Biopharma with significant competitive first-mover advantage in each of its clinical markets.
    • Large and Underserved Markets for Each Solution Showcase Untapped Growth Potential: Multi-billion-dollar global market sizes and high single digit CAGRs over the next decade provide significant growth potential for YD Biopharma’s solutions.
    • Strong Leadership Team with Deep Expertise in Biotech and Finance: YD Biopharma has a founder-led management team with experience in new drug development, medical-grade health product development, pharmacy channel development, and financial management and accounting.

    Transaction Overview
    Under the terms of the business combination agreement, Breeze and YD Biopharma will each merge into wholly-owned subsidiaries of a newly formed Cayman holding company expected to be named “YD Biopharma Holdings Limited” and is anticipated to be listed on the Nasdaq Capital Market.

    Assuming no redemptions, the combined company will have an estimated post-transaction enterprise value of $694 million, consisting of an estimated equity value of $715 million, $21.0 million in cash and no debt. Cash proceeds raised will consist of Breeze’s $10.1 million cash in trust (before redemptions and payment of any transaction expenses) and $15 million in anticipated new capital.

    YD Biopharma intends to use the proceeds from the transaction to expand production and continue development, approval and launch of new technologies.

    The transaction has been unanimously approved by the boards of directors of both YD Biopharma and Breeze. It is expected to close by early 2025, subject to regulatory and stockholder approvals, and other customary closing conditions. Additional information may be found in the Current Report on Form 8-K that was filed by Breeze Holdings today with the U.S. Securities and Exchange Commission.

    Upon completion of the transaction, YD Biopharma will continue to be led by Founder, Chairman, and CEO Dr. Ethan Shen. Wu Cheng-fend will serve as Chief Medical Officer, and May Tsai will serve as Chief Business Officer.

    Advisors
    ArentFox Schiff LLP and Ogier are acting as legal advisors to YD Biopharma. I-Bankers Securities, Inc. is acting as financial advisor to Breeze Holdings. Woolery & Co. PLLC is acting as legal advisor to Breeze Holdings.

    About YD Biopharma
    YD Biopharma Limited is a clinical-stage biopharmaceutical company focusing on cancer prevention medical diagnostics and the development of exosome-based therapeutics with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Through continuous effort and innovation, the Company has also become a recognized supplier of clinical trial drugs and has begun developing and supplying post-market auxiliary products.

    For more information, please visit www.yd-biopharma.com.

    About Breeze Holdings Acquisition Corp.
    Breeze Holdings is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combinations with one or more businesses or entities.

    Additional Information and Where to Find It
    This press release relates to a proposed business combination transaction involving Breeze Holdings and YD Biopharma. In connection with the proposed transaction, a newly-formed Cayman exempted company expected to be named “YD Biopharma Holdings Limited” (“YD Holdings”) intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 that will include a proxy statement of Breeze and that also will constitute a prospectus of YD Holdings with respect to the ordinary shares of YD Holdings to be issued in the proposed transaction (the “Proxy Statement/Prospectus”). This document is not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus (if and when available) will be delivered to Breeze Holdings’ and YD Biopharma’s stockholders. Breeze Holdings may also file other relevant documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF BREEZE HOLDINGS AND YD BIOPHARMA AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BREEZE HOLDINGS, YD HOLDINGS, YD BIOPHARMA, THE PROPOSED TRANSACTION AND RELATED MATTERS.

    Investors and security holders of Breeze Holdings and YD Biopharma may obtain free copies of the Registration Statement and Proxy Statement/Prospectus (if and when available) and other documents that are filed or will be filed with the SEC by Breeze Holdings through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Breeze Holdings will be available free of charge at Breeze Holdings Acquisition Corp., 955 W. John Carpenter Fwy., Suite 100-929, Irving, TX 75039, attention: J. Douglas Ramsey.

    Participants in the Solicitation
    Breeze Holdings, YD Biopharma and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Breeze Holdings and YD Biopharma in respect of the proposed transaction. Information about Breeze Holdings’ directors and executive officers and their ownership of Breeze Holdings common stock is set forth in Breeze Holdings’ filings with the SEC, including its Annual Report on Form 10-K/A for the year ended December 31, 2023 filed with the SEC on April 25, 2024 (the “Annual Report”). To the extent that holdings of Breeze Holdings’ securities have changed since the amounts included in the Annual Report, such changes have been or will be reflected on Statements of Change in Ownership of Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. You may obtain free copies of these documents as described in the preceding paragraph.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, statements regarding the anticipated benefits and impact of the proposed transaction on the combined company’s business and future financial and operating results, the anticipated timing of closing of the proposed transaction, the anticipated growth of the industries and markets in which YD Biopharma competes, the success and customer acceptance of YD Biopharma’s product and service offerings and other aspects of YD Biopharma’s operations, plans, objectives, opportunities, expectations or operating results, the expected ownership structure of the combined company and the likelihood and ability of the parties to successfully consummate the proposed transaction. Words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “intend,” “estimated,” “target,” “project,” and similar phrases or words of similar meaning that denote future expectations or intent regarding the combined company’s financial results, operations and other matters are intended to identify forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive risks, uncertainties and other factors, both known and unknown, which are difficult to predict and generally beyond our control and that may cause actual results and the timing of future events to differ materially from the results and timing of future events anticipated by the forward-looking statements in this press release, including but not limited to: (i) the ability of the parties to complete the proposed transaction within the time frame anticipated or at all, which may adversely impact the price of Breeze Holdings’ securities; (ii) the failure to realize the anticipated benefits of the proposed transaction or those benefits taking longer than anticipated to be realized; (iii) the risk that the proposed transaction may not be completed by Breeze Holdings’ business combination deadline and the potential failure to obtain further extensions of the business combination deadline if sought by Breeze Holdings; (iv) the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the definitive merger agreement by the stockholders of Breeze Holdings or YD Biopharma, the receipt of any required governmental or regulatory approvals or the failure to meet the Nasdaq listing standards in connection with the closing of the proposed transaction; (v) the lack of a third party valuation in determining whether or not to pursue the proposed transaction; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement; (vii) the impact of the COVID-19 pandemic or related governmental or regulatory orders ; (viii) the effect of the announcement or pendency of the proposed transaction on YD Biopharma’s business relationships, performance and business generally; (ix) risks that the proposed transaction disrupts current plans and operations of YD Biopharma and any potential difficulties in YD Biopharma employee retention as a result of the proposed transaction; (x) the outcome of any legal proceedings that may be instituted against YD Biopharma or Breeze Holdings related to the definitive merger agreement or the proposed transaction or any product liability or regulatory lawsuits or proceedings relating to YD Biopharma’s products or services; (xi) the ability to maintain the listing of YD Holdings’ securities on the Nasdaq Capital Market after the closing of the proposed transaction; (xii) potential volatility in the price of Breeze Holdings’ securities due to a variety of factors, including changes in the competitive and highly regulated industries in which YD Biopharma operates, variations in performance across competitors, changes in laws and regulations affecting YD Biopharma’s business, and changes in the combined company’s capital structure; (xiii) the ability to implement business plans, identify and realize additional opportunities and achieve forecasts and other expectations after the completion of the proposed transaction; (xiv) the risk of downturns and the possibility of rapid change in the highly competitive industries in which YD Biopharma operates or the markets that YD Biopharma targets; (xv) the inability of YD Biopharma and its current and future collaborators to successfully develop and commercialize YD Biopharma’s products and services in the expected time frame or at all; (xvi) the risk that the combined company may never achieve or sustain profitability or may need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (xvii) the costs of the proposed transaction. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties and factors, including those described in Breeze Holdings’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed or to be filed with the SEC by Breeze Holdings from time to time. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. The forward-looking statements included in this press release are made only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof. Forecasts and estimates regarding YD Biopharma’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

    No Offer or Solicitation
    This press release is for informational purposes only and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or to buy any securities or a solicitation of any proxy, consent, vote or approval with respect to any securities in respect of the proposed transaction and is not a substitute for the Proxy Statement/Prospectus or any other document that Breeze Holdings may file with the SEC or send to Breeze Holdings’ or YD Biopharma’s stockholders in connection with the proposed transaction. No offer, sale, issuance or transfer of securities shall be made in any jurisdiction in which such offer, sale, issuance or transfer would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Contacts:

    YD Biopharma Limited
    Bob Chiu
    bobc95@udn-pharm.com

    Breeze Holdings Acquisition Corp.
    Investor Relations
    Cody Slach and Cody Cree
    Gateway Group

    (949) 574-3860
    BREZ@gateway-grp.com

    The MIL Network –

  • MIL-OSI Global: OpenAI’s Strawberry program is reportedly capable of reasoning. It might be able to deceive humans

    Source: The Conversation – UK – By Shweta Singh, Assistant Professor, Information Systems and Management, Warwick Business School, University of Warwick

    OpenAI, the company that made ChatGPT, has launched a new artificial intelligence (AI) system called Strawberry. It is designed not just to provide quick responses to questions, like ChatGPT, but to think or “reason”.

    This raises several major concerns. If Strawberry really is capable of some form of reasoning, could this AI system cheat and deceive humans?

    OpenAI can program the AI in ways that mitigate its ability to manipulate humans. But the company’s own evaluations rate it as a “medium risk” for its ability to assist experts in the “operational planning of reproducing a known biological threat” – in other words, a biological weapon. It was also rated as a medium risk for its ability to persuade humans to change their thinking.

    It remains to be seen how such a system might be used by those with bad intentions, such as con artists or hackers. Nevertheless, OpenAI’s evaluation states that medium-risk systems can be released for wider use – a position I believe is misguided.

    Strawberry is not one AI “model”, or program, but several – known collectively as o1. These models are intended to answer complex questions and solve intricate maths problems. They are also capable of writing computer code – to help you make your own website or app, for example.

    An apparent ability to reason might come as a surprise to some, since this is generally considered a precursor to judgment and decision making – something that has often seemed a distant goal for AI. So, on the surface at least, it would seem to move artificial intelligence a step closer to human-like intelligence.

    When things look too good to be true, there’s often a catch. Well, this set of new AI models is designed to maximise their goals. What does this mean in practice? To achieve its desired objective, the path or the strategy chosen by AI may not always necessarily be fair, or align with human values.

    True intentions

    For example, if you were to play chess against Strawberry, in theory, could its reasoning allow it to hack the scoring system rather than figure out the best strategies for winning the game?

    The AI might also be able to lie to humans about its true intentions and capabilities, which would pose a serious safety concern if it were to be deployed widely. For example, if the AI knew it was infected with malware, could it “choose” to conceal this fact in the knowledge that a human operator might opt to disable the whole system if they knew?

    Strawberry goes a step beyond the capabilities of AI chatbots.
    Robert Way / Shutterstock

    These would be classic examples of unethical AI behaviour, where cheating or deceiving is acceptable if it leads to a desired goal. It would also be quicker for the AI, as it wouldn’t have to waste any time figuring out the next best move. It may not necessarily be morally correct, however.

    This leads to a rather interesting yet worrying discussion. What level of reasoning is Strawberry capable of and what could its unintended consequences be? A powerful AI system that’s capable of cheating humans could pose serious ethical, legal and financial risks to us.

    Such risks become grave in critical situations, such as designing weapons of mass destruction. OpenAI rates its own Strawberry models as “medium risk” for their potential to assist scientists in developing chemical, biological, radiological and nuclear weapons.

    OpenAI says: “Our evaluations found that o1-preview and o1-mini can help experts with the operational planning of reproducing a known biological threat.” But it goes on to say that experts already have significant expertise in these areas, so the risk would be limited in practice. It adds: “The models do not enable non-experts to create biological threats, because creating such a threat requires hands-on laboratory skills that the models cannot replace.”

    Powers of persuasion

    OpenAI’s evaluation of Strawberry also investigated the risk that it could persuade humans to change their beliefs. The new o1 models were found to be more persuasive and more manipulative than ChatGPT.

    OpenAI also tested a mitigation system that was able to reduce the manipulative capabilities of the AI system. Overall, Strawberry was labelled a medium risk for “persuasion” in Open AI’s tests.

    Strawberry was rated low risk for its ability to operate autonomously and on cybersecurity.

    Open AI’s policy states that “medium risk” models can be released for wide use. In my view, this underestimates the threat. The deployment of such models could be catastrophic, especially if bad actors manipulate the technology for their own pursuits.

    This calls for strong checks and balances that will only be possible through AI regulation and legal frameworks, such as penalising incorrect risk assessments and the misuse of AI.

    The UK government stressed the need for “safety, security and robustness” in their 2023 AI white paper, but that’s not nearly enough. There is an urgent need to prioritise human safety and devise rigid scrutiny protocols for AI models such as Strawberry.

    Shweta Singh does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. OpenAI’s Strawberry program is reportedly capable of reasoning. It might be able to deceive humans – https://theconversation.com/openais-strawberry-program-is-reportedly-capable-of-reasoning-it-might-be-able-to-deceive-humans-239748

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: FS proceeds to UK from Spain (with photos)

    Source: Hong Kong Government special administrative region

         The Financial Secretary, Mr Paul Chan, continued his visit to Madrid, Spain, today (September 25, Madrid time).

         In the morning, he led a delegation of technology start-ups to attend an exchange session organised by the IESE Business School, in which the delegation’s start-ups met and connected with over 10 Spanish start-up entrepreneurs, representatives of venture capital funds, investors, and enterprises for business matching. The IESE is one of the top business schools in Europe and the world, and has close collaborations with several universities in Hong Kong, as well as with the Hong Kong Science and Technology Parks Corporation and Cyberport.

         Mr Chan introduced the new advantages and new opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, the policies and measures of the Hong Kong Special Administrative Region Government in promoting innovation and technology, along with the recent flourishing development of Hong Kong’s innovation and technology ecosystem. Representatives of start-ups and investors from both economies also introduced their businesses and development strategies, with a view to enhancing mutual knowledge and understanding, and opening up more opportunities for collaboration.

         Thereafter, Mr Chan met with the Dean of the IESE Business School, Professor Franz Heukamp, to exchange views on the business environments of Hong Kong and Spain, as well as promoting academic exchanges and co-operation between the two places. Mr Chan welcomed the IESE to further leverage Hong Kong’s international academic environment, as well as convenient connections with Mainland China and Asia, to deepen exchanges with various academic institutions and businesses in Hong Kong, promoting more bilateral co-operation in education, company executive training, and other business areas. 

         Mr Chan will leave Madrid this afternoon local time, and proceed to visit London, the United Kingdom.         

    MIL OSI Asia Pacific News –

  • MIL-OSI: E Ink Announces Collaboration with Delvaux for Handbag Capsule at Paris Fashion Week Using E Ink Prism™ 3

    Source: GlobeNewswire (MIL-OSI)

    BILLERICA, Mass., Sept. 25, 2024 (GLOBE NEWSWIRE) — E Ink (8069.TW) the originator, pioneer, and global commercial leader in ePaper technology, today announced their collaboration with Delvaux at Paris Fashion Week. Delvaux’s Helios capsule showcases four designs using E Ink Prism 3 which merge traditional textiles with innovative technologies.

    Inspired by E Ink’s color-changing Prism film—dynamic electronic ink technology defined by its fully programable, reflective, and low power consumption—Delvaux imagined redefining what luxury can be. Over the past two years E Ink and Delvaux have worked closely together to push the boundaries of technology – ultimately creating a product that weaves material innovation and leather mastery together to create a completely unique and personalized experience.

    “Our Helios project unifies extreme tradition with extreme innovation. Once more, it’s the fruit of an encounter and truly collaborative work which started more than two years ago between E Ink’s and Delvaux’s teams,” said Jean-Marc Loubier, Delvaux’s CEO. “The start, in January 2022, is the discovery of E Ink’s innovative technology with new materials, light, and colours at CES in Las Vegas. Our project demonstrates the drive to mix this extraordinary tech with our leather mastery and create outstanding bags, for real, daily use. Commitment and collaboration pushed our two companies well beyond their comfort zones to reach a historic result.”

    “E Ink has explored how to integrate our films into textiles for a number of years,” said Tim O’Malley, Associate Vice President of E Ink’s US Business Unit. “In Delvaux we found a partner that had the vision to imagine new possibilities in how the two materials could work together harmoniously. The resulting designs highlight how innovative materials like E Ink Prism can be seamlessly woven into a traditional material, honoring both history and the future.”

    le Caprice and le Pin mark the first implementation of E Ink’s unique technology in any luxury maison. The two companies are working together to bring the collection to market.

    Founded in 1829, Delvaux has remained at the forefront of luxury leather goods for nearly two centuries because of its savoir-faire, uncompromising craftsmanship, and the outstanding quality of its creations. The visionary and pragmatic Brussels-based luggage maker foresaw the travel revolution approaching and filed its first world patent for a woman’s leather handbag in 1908 with ‘le Princesse’, becoming the inventor of the modern handbag.

    As a global leader in ePaper technology, E Ink is not only committed to delivering innovative technology via advanced manufacturing processes but is also prioritizing sustainability. The company is actively focused on reducing carbon emissions throughout the product design and manufacturing processes by conducting carbon footprint verification and providing customers with a sustainable framework for the design and integration of ePaper products.

    About E Ink

    E Ink Holdings Inc. (8069.TWO), based on technology from MIT’s Media Lab, provides an ideal display medium for applications spanning eReaders and eNotes, retail, home, hospital, transportation, logistics, and more, enabling customers to put displays in locations previously impossible. E Ink’s electrophoretic display products make it the worldwide leader for ePaper. Its low power displays enable customers to reach their sustainability goals, and E Ink has pledged using 100% renewable energy in 2030 and reaching net zero carbon emissions by 2040. E Ink has been recognized for their efforts by receiving, validation from Science-Based Targets (SBTi) and is listed in both the DJSI World and DJSI Emerging Indexes. Listed in Taiwan’s Taipei Exchange (TPEx) and the Luxembourg market, E Ink Holdings is now the world’s largest supplier of ePaper displays. For more information please visit www.eink.com. E Ink. We Make Surfaces Smart and Green.

    Contact:

    V2 Communications on behalf of E Ink

    eink@v2comms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d50c2242-b107-44e4-a86d-63328d86f1ac

    The MIL Network –

  • MIL-OSI: Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index Shows Originations Down 10% Y/Y, Improved Credit Performance

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Sept. 25, 2024 (GLOBE NEWSWIRE) — The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), a survey of economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, reports that in August:

    • New business volume (NBV) was $9.2 billion, down 10% from August 2023.
    • Month over month, NBV was down 17% from $11.1 billion in July 2024.
    • Year to date, cumulative NBV was up 3.5% compared to 2023.

    Additional findings include:

    • Receivables over 30 days were 2.2%, down from 2.5% the previous month and down from 2.3% in the same period in 2023.
    • Charge-offs were 0.4%, down from 0.5% the previous month, and up from 0.3% year over year.
    • Credit approvals totaled 76%, unchanged from July.
    • Total headcount for equipment finance companies was up 1.2% year-over-year.

    Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index in September is 61.9, up from the August index of 58.4, and the highest level in more than two years.

    ELFA President and CEO Leigh Lytle said, “The Fed’s decision to begin lowering interest rates will support demand for equipment, even if some businesses wait for rates to fall further before investing. That wait-and-see approach showed up in our August MLFI as new business volumes declined. However, ELFA members expect acquisitions to pick up once we‘re past the election and interest rates fall a bit further. That sentiment was also reflected in our Foundation’s recent Monthly Confidence Index, which showed that equipment finance executives are very optimistic about their organizations’ prospects over the next four months. Finally, credit conditions remain healthy, which will allow lessors and financiers to service new demand when it shows up later this year.”

    Marci Slagle, CLFP, President, BankFinancial Equipment Finance, said, “It appears there is still a slight slowdown in the equipment finance industry, which was heavily weighted in the decrease in origination activity at banks, which led to a dip in new business volume. However, it’s reassuring to hear that portfolio quality is remaining stable, with improvements in receivables and a reduction in losses. What was not baked into these numbers was the Fed rate drop this month. This will help stimulate fourth quarter growth, for both independent lessors and banks. The anticipation of further rate reductions may indeed boost demand, encouraging businesses to invest in capital expenditures. It’s definitely a pivotal time for both independent lessors and banks as we navigate these changes, but I think we are going to start trending in the right direction.”

    About ELFA’s MLFI-25
    The MLFI-25 is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The MLFI-25 consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/knowledge-hub/mlfi.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/groups/89692/

    Media/Press Contact: Amy Vogt, Vice President, Communications and Marketing, ELFA, avogt@elfaonline.org

    The MIL Network –

  • MIL-OSI Russia: Financial news: The deposit auction of the Moscow Small Business Lending Assistance Fund will take place on 09/25/2024

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Parameters;

    The date of the deposit auction is 09/25/2024. The placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 264,000,000.00. The placement period, days is 191. The date of depositing funds is 09/25/2024. The date of return of funds is 04/04/2025. The minimum placement interest rate, % per annum is 20.00. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 264,000,000.00. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open). The basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 11:00 to 11:10. Bids in competition mode from 11:10 to 11:15. Setting the cutoff percentage or declaring the auction invalid before 11:25.

    Additional conditions – Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by clause 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, interest payment monthly, on the last business day of the month, without replenishment.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73414

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Video: Ninth ECB Annual Research Conference 2024: Welcoming remarks & Session 1

    Source: European Central Bank (video statements)

    Welcoming remarks
    Luc Laeven, European Central Bank

    Session 1:

    The economics of financial stress
    Dmitriy Sergeyev*, Bocconi University
    Chen Lian, University of California, Berkeley
    Yuriy Gorodnichenko, University of California, Berkeley
    Discussant: Alina Bartscher, Frankfurt School of Finance and Management

    Behavioural sticky prices
    Sergio Rebelo, Northwestern University
    Miguel Santana, Northwestern University
    Pedro Teles*, Banco de Portugal and Católica-Lisbon School of Business and Economics
    Discussant: Gaetano Gaballo, HEC Paris

    https://www.youtube.com/watch?v=fZNTaE2QCPU

    MIL OSI Video –

  • MIL-OSI Asia-Pac: SJ visits Vietnam

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam continued his Association of Southeast Asian Nations (ASEAN) visit in Ho Chi Minh City, Vietnam.

    In the morning, Mr Lam met China Business Association Ho Chi Minh City Branch Chief Supervisor Sun Guo Qiang to explore business opportunities in Hong Kong and the Vietnamese city, and learn about the demand for legal services in the local business sector.

    He then had lunch with Hong Kong Business Association Vietnam Vice-Chairman Fred Burke for a better understanding of Vietnam’s business environment and need for cross-jurisdictional legal services.

    In the afternoon, Mr Lam exchanged views with representatives from the Vietnam International Arbitration Center on recent developments in the arbitration landscape in both places and explored ways to strengthen collaboration.

    During a meeting with the Ho Chi Minh City Bar Association, he discussed the development of the legal profession and explored potential future collaborations in building stronger and closer ties.

    Mr Lam also attended a dinner with Acting Consul General of the People’s Republic of China in Ho Chi Minh City Xu Zhou and shared with him the latest developments in Hong Kong’s legal and alternative dispute resolution sector.

    Upon arriving in Ho Chi Minh City yesterday, he attended a forum, followed by a networking dinner to meet the local legal and business sectors.

    The justice chief will conclude his visit to Ho Chi Minh City and depart for Kuala Lumpur, Malaysia tomorrow to attend a seminar to promote Hong Kong’s legal and dispute resolution services.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Peapack Private Hires Vanessa Tortorice as Senior Managing Director

    Source: GlobeNewswire (MIL-OSI)

    BEDMINSTER, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Vanessa Tortorice has joined Peapack Private’s New York City location as Senior Managing Director.  Vanessa joins a team of highly-skilled commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to providing tailored banking solutions to help clients achieve their long-term financial goals.

    With a proven track record in financial services, Vanessa brings 12 years of experience to Peapack Private.  Previously, she served as Vice President and Senior Business Banker at M&T Bank, where she managed a portfolio of high-net-worth clients.  Vanessa excelled at fostering relationship stewardship and driving cross-functional collaboration, significantly contributing to revenue growth.  Prior to that as Vice President, Business Banking at Capital One, she managed a diverse portfolio of valued clients, consistently surpassing targeted net portfolio loan and deposit growth objectives.  Veronica exceeded goals in acquiring new clients, managing existing relationships, and forging new banking alliances.  She ranked within the top 10% nationally, affirming her track record of excellence.

    Ms. Tortorice attended the University of Rome, Rome, Italy, and the College of Staten Island CUNY, with a focus on Liberal Arts.

    About the Company

    Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions.  Peapack Private, a division of Peapack-Gladstone Bank, offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

    Contact:  Rosanne Schwab, Peapack-Gladstone Bank, Vice President, Public Relations and Corporate Communications Manager, 500 Hills Drive, Suite 300, Bedminster, NJ  07921 rschwab@pgbank.com, (908) 719-6543.

    Attachment

    The MIL Network –

  • MIL-OSI: Buchanan Technologies Strengthens Oracle Expertise with Heartland IT Consulting Acquisition

    Source: GlobeNewswire (MIL-OSI)

    GRAPEVINE, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Buchanan Technologies, a leading IT and Application Managed Services provider, has acquired Dallas-based Heartland IT, an IT services firm with primary expertise in Oracle technologies, including Oracle Fusion Applications (OFA), Oracle Cloud Infrastructure (OCI), Oracle EBS, JD Edwards, and PeopleSoft. This marks the third acquisition Buchanan has completed in the last three years centered around its Oracle solutions.

    Heartland IT was founded in 2010 with a vision to be the premier Oracle consulting firm providing services to multi­national organizations. With exceptional delivery expertise in Oracle technologies and a robust grasp of the needs of diverse industries, Heartland IT has created innovative solutions for its tenured customer base, assisting clients with their journey through the Oracle ecosystem. Buchanan will leverage this expertise to enhance the growth of its Oracle and Applications Services practice.

    Buchanan Technologies is going through a period of rapid growth, and by bringing Heartland IT into the fold, it can utilize the two organizations’ combined strengths to better service the growing demand for managed services across the entire technology stack as a one-stop solution for mid-market and enterprise customers. “Heartland IT’s expertise in Oracle solutions and their proven track record in consulting services further cements Buchanan’s ability to deliver a distinctive, holistic, and innovative approach to customers across the globe who rely on Oracle technologies within their business,” said Jim Buchanan, Founder and CEO of Buchanan Technologies.

    Patrick Donlin, CEO and President of Sales for Heartland IT, commented, “We are proud to be a part of the Buchanan team. Buchanan’s breadth of experience and customers for Oracle-based solutions is a natural fit and perfectly aligns with the vision of Heartland for being a premier Oracle consulting firm. We look forward to supplementing and growing as one team.”

    Buchanan Technologies is backed by Lightview Capital. Heartland IT was represented by Sett & Lucas. With this acquisition, Buchanan Technologies and Heartland IT will set new benchmarks in Oracle-based consulting services.

    About Buchanan Technologies
    Established in 1988, Buchanan Technologies is an award-winning managed services provider offering innovative IT services and customized solutions to mid-tier and enterprise-level organizations across the United States, Canada, and Europe. Buchanan offers flexible and customizable solutions to accommodate any IT needs – whether it is improving customer experience, serving with onsite IT services, or complete managed IT solutions – and believes every interaction matters with each customer to provide a seamless user experience. To learn how Buchanan can simplify your IT solution, visit www.buchanan.com.

    About Heartland IT Consulting
    Heartland IT Consulting is a resource delivery firm that supplies hard-to-locate consultants who specialize in Oracle products including Oracle Enterprise Business suite, JD Edwards, PeopleSoft, Business Intelligence and Oracle Cloud applications. Heartland offers clients a flexible partnership as Heartland’s Resource Delivery Model innovatively creates contract and permanent staffing solutions to fit any client’s needs.

    About Lightview Capital
    Lightview Capital is a leading private equity firm focused on investing in founder-owned companies in the business services and tech-enabled services industries. Lightview partners with its portfolio companies by providing deep industry knowledge, insightful experience, and active resources to unlock growth and drive value. Lightview Capital’s approachable investment style combines deep operational and financial experience with an entrepreneurial spirit that delivers measurable results. For more information, visit lightviewcapital.com.

    Media Contact:

    LaRessa Cox
    Vice President of Marketing,
    Buchanan Technologies
    lcox@buchanan.com
    +1-972-910-7544

    The MIL Network –

  • MIL-OSI China: Chinese vice premier meets ASEAN leaders attending 21st China-ASEAN Expo

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

    NANNING, Sept. 25 — Chinese Vice Premier Ding Xuexiang on Tuesday met with leaders from Vietnam, Cambodia and Laos, who are in Nanning, south China’s Guangxi Zhuang Autonomous Region, to attend the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit.

    When meeting with Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said China is ready to work with Vietnam in accordance with the strategic direction set by the leaders of the two parties and the two countries to consolidate political mutual trust, enhance the synergy of development strategies, advance infrastructure connectivity, upgrade economic, trade and investment cooperation, cement public support, and push forward the building of the China-Vietnam community with a shared future.

    Speaking highly of China’s great development achievements, Ho Duc Phoc said Vietnam is willing to work with China to push for more results in practical cooperation in various fields to better benefit the two countries and the two peoples.

    When meeting with Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Ding said China is willing to work with Cambodia to implement the important consensus reached by the leaders of the two countries, enhance the synergy between the high-quality Belt and Road cooperation and Cambodia’s development strategies, expand cooperation in emerging fields such as green development and digital economy, encourage Chinese enterprises to invest and do business in Cambodia, implement more projects that benefit local people, and push the development of bilateral relations to a new level.

    Vongsey Vissoth said Cambodia firmly pursues a friendly policy toward China and is willing to work with China to enrich the Diamond Hexagon cooperation framework, and join hands to build a Cambodia-China community with a shared future.

    When meeting with Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, Ding noted that this year marks the 15th anniversary of the China-Laos comprehensive strategic cooperative partnership, and China is willing to work with Laos, under the guidance of the top leaders of the two parties and two countries, to strengthen economic, trade and investment cooperation, accelerate the construction of major projects, set a new benchmark for high-quality Belt and Road cooperation, and work together to advance the process of national modernization.

    Kikeo Khaykhamphithoune said Laos attaches great importance to the building of a Laos-China community with a shared future, and is willing to strengthen high-level interactions with China, deepen practical cooperation and push for long-lasting Laos-China friendly relations.

    MIL OSI China News –

  • MIL-OSI Economics: Behind the Scenes of Galaxy Ring: Product Planning a Game Changer in Health Management

    Source: Samsung

    Dating back more than 3,000 years to ancient Egypt, rings have symbolized different values throughout human history — including love, power and self-expression. With Samsung Electronics’ newly unveiled Galaxy Ring, health has now been added to that list.
    The smallest and most compact form factor in the Galaxy wearable portfolio, the Galaxy Ring fits comfortably on users’ fingers like a traditional ring. Equipped with cutting-edge sensors and Galaxy AI features, the Galaxy Ring offers a powerful health management experience.
    Samsung Newsroom sat down with Sungjin Kim and Yujin Roh from the Wearable Product Planning Group, Mobile eXperience Business at Samsung Electronics, to learn how the Galaxy Ring came to be.

    Ultra-Compact Form Factor Optimized for 24/7 Health Monitoring
    Q: What inspired the creation of the Galaxy Ring, a completely new addition to Samsung’s wearable lineup?
    Kim: We’ve been exploring new opportunities in the wearable market with a particular focus on the rapidly growing field of health management. This led us to look for the optimal form factor to provide more accurate, uninterrupted health data for personalized health solutions. After evaluating various form factors, we settled on the ring — a user-friendly, small and lightweight shape that can be worn 24/7.

    Q: What key health management benefits does the Galaxy Ring offer?Roh: Sleep is the foundation of health. The Galaxy Ring is comfortable enough to wear while sleeping and can last up to a week on a single charge,1 making it ideal for collecting detailed and in-depth sleep data. A powerful sleep AI algorithm provides advanced sleep insights to help users better understand and improve their sleep. Furthermore, Energy Score analyzes sleep quality, activity levels, sleeping heart rate and sleeping heart rate variability data to deliver a daily health index to users.
    Yujin Roh
    Q. What factors were considered during the design process?
    Kim: To maximize the advantages of the ring form, we examined the historical and biological significance of rings before incorporating these insights into the product. For example, we adopted a simple yet modern concave style to enhance the Galaxy Ring’s value as an everyday accessory. Moreover, the charging case and packaging have clamshell designs reminiscent of a jewelry box — elevating the quality of the product down to the finest details that users touch.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: FS wraps up Spain trip

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today wrapped up his visit to Spain by attending an exchange session organised by the IESE Business School in Madrid.

    Leading a delegation of technology startups, Mr Chan met more than 10 Spanish startup entrepreneurs, representatives of venture capital funds, investors and business matching enterprises.

    As one of the top business schools in Europe and the world, IESE has close collaborations with several universities in Hong Kong, as well as with the Hong Kong Science & Technology Parks Corporation and Cyberport.

    Mr Chan introduced the new advantages and new opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, the policies and measures of the Hong Kong Special Administrative Region Government to promote innovation and technology, along with the flourishing development of the city’s innovation and technology ecosystem.

    Representatives of startups and investors from both economies introduced their businesses and development strategies, with a view to enhancing mutual knowledge and understanding, and opening up more opportunities for collaboration.

    Mr Chan also IESE Business School Dean Prof Franz Heukamp to exchange views on the business environments of Hong Kong and Spain, as well as promote academic exchanges and co-operation between the two places.

    The finance chief welcomed the business school to further leverage Hong Kong’s international academic environment and convenient connections with Mainland China and Asia to deepen exchanges with various academic institutions and businesses in Hong Kong, promoting more co-operation in education, company executive training and other business areas.

    Mr Chan will now proceed to London.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Agora Ltd

    Source: Isle of Man

    Notice is hereby given that Agora Ltd, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/09/2024.

    MIL OSI Economics –

  • MIL-OSI Banking: ICC calls for united action to end plastic pollution at NY Climate Week 

    Source: International Chamber of Commerce

    Headline: ICC calls for united action to end plastic pollution at NY Climate Week 

    In a keynote speech at a high-level roundtable hosted by ICC, Mr Varin emphasised ICC’s commitment in securing an ambitious, workable and effective agreement that rallies everyone, everywhere – including the business community – to end plastic pollution once and for all. 

    “We are confident that the spirit of collaboration and common purpose that brought the gavel down on the initial resolution in Nairobi, will prevail in advancing its mandate and delivering a historic agreement to spearhead the change the planet and humanity deserves.”

    Philippe Varin, ICC Chair.

    The event brought together leaders from the United Nations Environment Programme (UNEP), government and regional group representatives as well as senior business executives from sectors across the plastics industry to discuss what is concretely needed to get an effective agreement finalised and how businesses can support these efforts. 

    A crucial role for business 

    Mr Varin highlighted the vital role business has to play in providing the expertise and the solutions that will be needed to tackle the plastics challenge at the required scale and speed across value chains.   

    “The global business community needs an agreement that provides the enabling frameworks and policies to drive innovation and accelerate business action across all sectors and geographies, including for MSMEs. This will be indispensable for businesses to effectively deliver on the objectives of the agreement and spur impactful change,” he added. 

    The fifth session of the Intergovernmental Negotiating Committee to develop an international legally binding instrument on plastic pollution, including in the marine environment (INC-5), will take place from 25 November to 1 December 2024 in Busan, Republic of Korea. 

    “With only one negotiating session left this year to conclude an agreement, it will be critical to make the best use of the limited time left to advance towards a robust agreement that sets the foundation for a truly circular economy for plastics.”

    Raelene Martin, ICC Head of Sustainability

    Clear plans for intersessional work will be essential to build common ground on key issues and ICC is continuing to provide input to the process on behalf of over 45 million companies in more than 170 countries. 

    MIL OSI Global Banks –

  • MIL-OSI USA: Julie Rivera Pérez Bridges Business, STEM to ‘Make the Magic Happen’

    Source: NASA

    Senior Resource Analyst Julie Rivera Pérez ensures finances and assets are in place to enable missions’ engineering and science “magic” can happen. As a former intern, she also reaches out to current students to ensure a diverse and inclusive future workforce.
    Name: Julie Rivera PérezFormal Job Classification: Senior Resources AnalystOrganization: Systems Review Office/Resource Management Office, Office of the Chief Financial Officer (Code 159.2)

    What do you do and what is most interesting about your role here at Goddard?
    I work in Goddard’s Systems Review Office (SRO), which plays a critical role in NASA’s mission gate reviews, also known as system review boards (SRBs). As the lead senior resources analyst, I provide financial expertise relating to budget planning and funds execution in support of all life-cycle reviews for Goddard missions. These reviews occur during key milestones in the progression of a mission through the various stages until launch. A mission cannot proceed with its work unless it passes the gate reviews, like the preliminary design review (PDR), critical design review (PDR), system integration review (SIR), operational readiness review (ORR), among others. It is great to support these reviews and make sure that key panel members like engineering, science, cost/schedule, and programmatic subject matter experts are planned for and funded to hold these SRB reviews. It is exciting to be able to contribute to Goddard missions!
    What is your educational background?
    In 2010, I graduated from the University of Puerto Rico, Río Piedras Campus, with a bachelor’s degree in business administration. My major was in human resources, and my minor was in marketing.
    Why did you come to Goddard?
    I first came to Goddard in 2008, as a summer intern. I will never forget the team of recruiters that visited my university and shared Goddard’s opportunities for business majors. I dreamed to contribute to the NASA mission! I took a chance and signed up to be interviewed. Three months later, I was offered an internship, and here I am, nearly 15 years later and thriving!
    Where have you worked at Goddard? What was a pivotal moment for you?
    In 2009, I had the opportunity to intern with the Office of Human Capital Management, the Office of Diversity and Equal Opportunity, and the Office of Education.
    After graduating in 2010, I joined Goddard as a procurement analyst in the Small Business Office. In 2013, I became the Contracting Officer for the Geostationary Operational Environmental Satellite (GOES) system.
    In 2015, I was selected as a participant in the NASA FIRST Program, a very prestigious NASA leadership program, which was pivotal for me. I learned about different roles at NASA including the important roles of business professionals. This inspired me to transition into the world of resources and finance!
    In 2017, I became a senior resources analyst for the Joint Polar Satellite System (JPSS). My procurement background helped me understand the underlying contractual mechanics in the world of resources. I was very excited to continue to grow in my NASA career! In 2018, I served as a contract resources analyst of the Ground Systems and Missions Operations 2 contract for the Space Science Mission Operations Division. Presently, I serve as the lead senior resources analyst for the Systems Review Office within the Safety and Mission Assurance Business Branch of the Office of the Chief Financial Officer (OCFO).
    It has been an amazing journey! I have had the opportunity to work in multiple flagship missions, mission operations, interagency collaborations, procurement, finance, and resources. I am excited for what the future will bring in my NASA career!
    What are your responsibilities in your current role?
    My key responsibility is serving as the financial liaison between the Systems Review Office (SRO) and program or project offices. I collaborate with program managers, deputy program managers for resources, and financial managers from other NASA centers to ensure the proper coordination of system review boards’ funding requirements. This includes preparing program, planning, budget, and execution (PPBE) inputs, labor projections, continuing resolution funding requirements, and phasing plans for all SRB missions.
    As the SRO lead senior resources analyst, I also oversee the daily functions and activities of the SRO staff members, providing them with appropriate guidance, direction, knowledge sharing, and mentorship.
    What are you most thankful about in your career?
    I have had many opportunities from the moment I started working at Goddard as an intern. I have always been encouraged to continue growing as a professional through several significant work opportunities. One of them being the NASA FIRST leadership program for the 2015 cohort. It was a joy when I was accepted into this life-changing and unique opportunity! Throughout my career at Goddard, I have learned about many different aspects and the importance of being a business professional to help achieve the NASA mission.
    Who is your mentor and what is their advice?
    I have had several amazing mentors throughout my career at Goddard. Dan Krieger was key in my recruitment and has always supported me through my journey. Veronica Hill has continuously provided her guidance and wisdom. Janine Dolinka welcomed me to Goddard as my first mentor and further inspired me grow at NASA. Jennifer Perez took me under her wing and taught me the importance and roles of the Small Business Office. Currently, I am under the mentorship of Rich Ryan (deputy program director for business, Mars Sample Return) and Kevin Miller (chief of Resources Management Office). All in all, my mentors have always reminded me to always be my authentic self. It sounds so simple, yet it is such powerful advice. I want to thank each and every one of them for fueling the desire to make a difference for the NASA mission and to continue bringing my talents to the workforce!
    What is important to you about your role on the Hispanic Advisory Committee for Employees (HACE)?
    A very fulfilling part of the work I do at NASA Goddard is my voluntary service as the co-chair for the Hispanic Advisory Committee for Employees (HACE) resource group. I am in a unique position to provide advice, guidance, and recommendations to center management, the Office of STEM Engagement, and the Office of Diversity and Equal Opportunity on initiatives regarding recruitment, outreach, retention, cultural awareness, and professional development of minorities and Hispanics at Goddard. I also serve as the recruitment and outreach co-lead for the committee. As co-chair, I am a voice representing the interests of the GSFC Hispanic community.
    I also develop key initiatives in student recruitment and outreach to build a pipeline of Hispanic interns for NASA. Every summer, I coordinate intern presentations to center management, as well as provide training to the Hispanic interns on how to write a federal résumé and apply for a federal job within NASA.
    It is my wish to pay it forward. I once was an intern. I want to encourage others to join the NASA community and make a positive impact with diversity, equity, inclusion, and accessibility. Así Se HACE!
    In 2021, you were a panel speaker at the Women of Color conference. What did you talk about?
    It was such an honor to be invited as a panel speaker with a financial professional background for a STEM event. I served as a bridge between STEM and the business world and how both come together to make the magic happen. I have a deep understanding of how the business world and the engineering and science come together to bring missions to life. While I may not have a STEM degree, I am a STEM advocate. This event was an opportunity to tell my story as a Hispanic woman in resources and finance working at NASA. As a business professional, it is important that the money and the assets are in place so all the engineering and science can happen. It was equally important to highlight the value of embracing yourself and what you bring you the table because that is where your strength lies and how you can make a difference.
    What do you do for fun?
    I have a passion for singing! Since my early teens, I studied music and singing at the Music Conservatory of Puerto Rico. In college, I was accepted into the very competitive University of Puerto Rico classical choir. I continued to pursue my love for music through the Goddard Music and Drama Club (MAD). I even starred in
    two musicals produced by MAD!
    I love spending time with my husband and two children, as well as watching movies with family and friends, spending time at the beach, reading, walking, listening to true crime podcasts, and watching the occasional Spanish telenovela.
    What is your favorite life quote?
    This Gandhi quote speaks to the power of perseverance and means a lot to me: “Strength does not come from physical capacity. It comes from an indomitable will.”
    What is your “six-word memoir”? A six-word memoir describes something in just six words.
    PassionateCreativeDedicatedAuthenticLeaderDetermined

    Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Relaunches Art Program with Space-Themed Murals

    Source: NASA

    NASA launched the next phase of its art program with two new space-themed murals in New York’s Hudson Square neighborhood in Manhattan. The vision of the reimagined NASA Art Program is to inspire and engage the Artemis Generation with community murals and other art projects for the benefit of humanity. 
    “To continue pushing the boundaries of discovery and exploration we’ll need future generations to think critically and use creativity and ingenuity to solve some of our biggest challenges, and art is essential in preparing young minds for this task,” said NASA Deputy Administrator Pam Melroy. “I am thrilled that NASA’s Art Program is returning with such an impactful project that will inspire the next generation – the Artemis Generation – to be curious, dream big, and hopefully join us in our work at NASA someday.”
    For its inaugural project NASA collaborated with the Hudson Square Business Improvement District on an open call for New York-based artists to design and install a large-scale mural inspired by NASA’s work and missions.
    The two side-by-side murals, titled To the Moon, and Back, are located at 350 Hudson Street and were created by New York-based artist team Geraluz and WERC. The team received a small award for design fees, materials, labor, and equipment, with a portion of funds provided by NASA and matched by Hudson Square Business Improvement District.
    The piece illustrates a cosmic future with a universe of possibilities expressed through the dreams and aspirations of children. The use of geometrical patterns invites deeper reflection on the exploration, creativity, and our connection with the cosmos.
    “We are thrilled to partner with NASA on this visionary project, bringing together the exciting world of space exploration and the vibrant, creative energy of Hudson Square. This installation is not just a celebration of NASA’s incredible mission, but a continuation of our commitment to transforming the public realm through groundbreaking public art,” said Samara Karasyk, president of Hudson Square Business Improvement District. “It will inspire the next generation, ignite curiosity about space exploration, and strengthen our neighborhood’s identity as a limitless hub for creativity, mirroring the infinite possibilities of outer space. We can’t wait to see how this installation captivates both locals and visitors alike.”
    NASA has long used art to tell the story of its awe-inspiring missions. Soon after its inception, the agency started a formal program commissioning artists to develop inspiring pieces like portraits and paintings that highlighted an unexpected side of the agency. In 1962, NASA’s then Administrator James Webb tasked staffer and artist James Dean with implementing the new program, and with the help of the National Gallery of Art, Dean laid the framework to artistically capture the inspiration of NASA’s Apollo program. As the NASA Art Program continues to evolve, the agency remains focused on inspiring and engaging the next generation of explorers – the Artemis Generation – in new and unexpected ways, including through art.
    For more information on the NASA missions that will inspire future projects:

    Home Page

    MIL OSI USA News –

  • MIL-OSI USA: May 21-27 Severe Weather: Federal Assistance Tops $3M in Kentucky

    Source: US Federal Emergency Management Agency

    Headline: May 21-27 Severe Weather: Federal Assistance Tops $3M in Kentucky

    May 21-27 Severe Weather: Federal Assistance Tops $3M in Kentucky

    FRANKFORT, Ky.– To date, FEMA and the U.S. Small Business Administration have approved more than $3 million for Kentuckians affected by May 21-27 severe storms, straight-line winds, tornadoes, landslides and mudslides.

    As of Sept. 22, FEMA has approved $2,634,757 for 1,445 individuals and households. This includes:

    • More than $1,714,675 in Housing Assistance.
    • More than $920,082 in Other Needs Assistance.

    The U.S. Small Business Administration provides low-interest disaster loans to small-businesses, households and renters throughout the disaster affected area. To date, the SBA has disbursed $382,900 in disaster loans for 17 homeowners, renters and businesses.

    FEMA continues to work with Kentucky Emergency Management and Commonwealth partners to support Kentucky recovery. At its peak, FEMA had 320 federal personnel on the ground assisting with recovery.

    During the application period, FEMA Disaster Survivor Assistance Teams spoke with approximately 2,800 households, providing face-to-face assistance to affected Kentuckians. They also contacted more than 800 faith-based, community-based and private sector organizations.

    To ensure applicants received all of the assistance they were eligible for, FEMA called disaster survivors and vulnerable populations. Through this outreach, FEMA was able to approve an additional $235,471 for 93 households and renters. 

    FEMA encourages survivors to keep in touch. Help is still available, even though the deadline to apply has passed. Survivors are encouraged to notify the agency of changes to their mailing address, email address or phone number and report insurance settlements or additional damage they may have discovered since their home inspection.

    Kentuckians can also get help with a pending application or appeal the following ways:

    Over the last two months, FEMA operated 15 Disaster Recovery Centers and Mobile Disaster Recovery Centers to help Kentuckians through the disaster assistance application process. These centers helped 1107 Kentucky survivors with applications, appeals and disaster related questions.

    For the latest information on Kentucky’s recovery from the May 21-27 severe storms, straight-line winds, tornadoes, landslides and mudslides, as well as news releases, fact sheets and other helpful documents in multiple languages, please visit fema.gov/disaster/4804. Follow FEMA at x.com/femaregion4 and facebook.com/fema. 

    sandra.habib

    MIL OSI USA News –

  • MIL-OSI USA: Commerce Dept. CHIPS Act Contract Falls Short of Biden-Harris Administration’s Standards

    Source: Communications Workers of America

    Today’s announcement of the CHIPS Act-funded contract the U.S. Department of Commerce has signed with Polar Semiconductor falls short of the standards set by the Biden-Harris Administration’s Executive Order on Investing in America and American Workers and Good Jobs Principles. In particular, the announcement and information on the CHIPS for America website contain no details about enforceable labor and environmental standards or public reporting requirements.

    “CHIPS and Science Act funds could be an important part of the Biden-Harris Administration’s investment in creating good, sustainable manufacturing jobs that revitalize our communities, but the final contract terms reported do not appear to reflect those priorities,” said Carl Kennebrew, President of IUE-CWA, the industrial division of the Communications Workers of America. “We know that the semiconductor industry has a well-documented history of low pay for production workers, lax standards for exposure to toxic chemicals, and union busting. Addressing those issues requires transparency and public reporting on enforceable commitments, which are not noted in the public description of this contract.”

    This potential lack of public transparency is of particular concern when it comes to worker safety. OSHA standards for toxic chemical exposure are outdated and do not cover many of the hazards present in semiconductor manufacturing.

    While the contract with Polar falls short, upcoming awards to Intel, Micron, Samsung and other large industry players offer an opportunity to address these issues.

    In order to ensure that the manufacturing facilities created through the CHIPS Act have a positive impact on the communities where they are situated, these contracts must:

    • Set specific requirements for job creation and retention, wages, training, and safety with robust public reporting on those measures to ensure that these funds create the good jobs that are intended.
    • Be enforced through strong non-compliance language and clawback provisions should companies violate federal law or fall short on honoring their commitments.
    • Require that production workers have a free and fair opportunity to join a union. Union membership gives workers a seat at the table to set high standards for these facilities and provides an additional layer of transparency into how these standards are being implemented on the factory floor.

    ###

    MIL OSI USA News –

  • MIL-OSI: AMMO, Inc. Appoints New Chief Financial Officer and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    Paul Kasowski, Who Has Served as Chief Compliance and Transformation Officer, Named New Chief Financial Officer

    The Board of Directors Has Retained Independent Advisors to Support an Investigation Into Financial Reporting for Fiscal Years 2020-2023

    SCOTTSDALE, Ariz., Sept. 24, 2024 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that Paul Kasowski, who has served as the Company’s Chief Compliance and Transformation Officer, has been appointed by AMMO’s Board of Directors (the “Board”) as the Company’s new Chief Financial Officer, effective immediately. Mr. Kasowski succeeds Rob Wiley, who resigned on September 19, 2024 at the request of the Board.

    After due consideration, the Company’s Board determined that Mr. Kasowski possesses the requisite experience and qualifications to serve as CFO. Mr. Kasowski most recently served as Chief Compliance and Transformation Officer since January 2024.

    Jared Smith, AMMO’s Chief Executive Officer and Board member, commented:

    “Since my appointment as CEO in July 2023, I have prioritized laying a foundation for long-term value creation and helping AMMO mature as a public company. The appointment of Paul will support these efforts. He brings additive experience in a variety of areas, including enhancing margins, improving internal processes, and positioning businesses to transform.”

    Paul Kasowski Biography:

    Prior to joining the Company in January 2024, Mr. Kasowski held the role of SVP, Business Transformation for Kinder’s Seasonings & Sauces from January 2022 to July 2023 where he professionalized financial reporting and implemented margin improvement projects while building a winning culture for this high growth brand. Previously, from December 2020 to December 2021, he was CFO for Arizona Natural Resources, a privately owned manufacturer of premium beauty care products where he oversaw finance, accounting, IT, HR, planning and sourcing. Mr. Kasowski also held the role of VP, Financial Planning & Analysis from April 2019 to December 2020 for Igloo Products Corp., a manufacturer of coolers and hydration products based in Katy, TX. From 2003 to 2019, he held progressing roles in finance, strategy, and operations for Del Monte Foods and Ainsworth Pet Nutrition. Mr. Kasowski earned his M.S. in Supply Chain Management from Michigan State University, MBA from Ohio University, and B.S. in Finance from Robert Morris University.

    Independent Investigation Into Historical Financial Statements

    As disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on September 24, 2024, a Special Sub-Committee of the Nominations and Corporate Governance Committee of the Board of Directors has retained a law firm to conduct an independent investigation into the Company’s internal control over financial reporting for the fiscal years 2020 through 2023. The independent investigation is in its early stages and is focused on fiscal years 2020 through 2023.

    The Company does not plan to comment further until the completion of the investigation.

    About AMMO, Inc.

    With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and specialty rounds for military use via government programs. For more information, please visit: www.ammo-inc.com.

    About GunBroker

    GunBroker is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

    Forward Looking Statements

    This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “seek,” “estimate,” “project,” “continue,” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports filed on Form 8-K.

    Contacts

    For media:
    Longacre Square Partners
    Joe Householder, (646) 582-3643
    AMMO@longacresquare.com

    For investors:
    Matt Blazei
    CoreIR
    Phone: (516) 386-0430
    IR@ammo-inc.com

    Source: AMMO, Inc.

    The MIL Network –

  • MIL-OSI USA: Rep. Barragán Brings Attention to the Threat of Air Pollution and Extreme Heat on Latina Maternal Health

    Source: United States House of Representatives – Representative Nanette Diaz Barragán (CA-44)

    FOR IMMEDIATE RELEASE                                     

    September 24, 2024

    Contact: Kevin McGuire, 202-538-2386 (mobile)

    Kevin.McGuire@mail.house.gov

    Washington D.C. –  Today, Congresswoman Nanette Barragán (CA-44) introduced a resolution that recognizes the threat of air pollution and extreme heat on Latina maternal and infant health at a press conference alongside Guadalupe Pacheco from the National Hispanic Health Foundation and Amy Tamayo from Alianza Nacional de Campesinas.

    The resolution recognizes the significant correlation between air pollution and extreme heat to maternal and infant health, particularly within Latino communities. It highlights that these communities face disproportionate exposure to environmental toxins, leading to adverse pregnancy outcomes, including preterm birth and stillbirth.

    “Air pollution and extreme heat are not just environmental issues—they are issues of equity and health that disproportionately harm Latina moms,” stated Rep. Barragan. “This resolution calls on Congress to invest in clean air initiatives, bilingual air quality alerts, improved maternal healthcare access, and much more. We must act now to ensure that no mother has to choose between her health and her job, or between staying cool and protecting her unborn child.”

    “Many healthcare providers emphasize exercise and nutrition, but they often overlook the critical need to protect ourselves from extreme heat—especially during pregnancy. I had to undergo a c-section at 36 weeks, and while my son and I are healthy, I wish I had been warned about the dangers of high temperatures,” added Luz Drada, EcoMadres’s Program Coordinator. “This resolution ignites optimism for a healthier future for mothers and children everywhere. Together, we can fight for a better tomorrow.”

    “The National Hispanic Health Foundation supports health equity for Latina women, especially during pregnancy and infancy,” explained Guadalupe Pacheco, Director of Programs at the National Hispanic Health Foundation (NHHF).”Addressing the disproportionate risks of extreme heat and air pollution is crucial to safeguarding mothers’ and their children’s health and well-being.”

    “We are very encouraged to see Congresswoman Barragán introduce this resolution calling on Congress to address health vulnerabilities in our communities,” said Amy Tamayo, National Policy and Advocacy Director at Alianza Nacional de Campesinas. “Farmworker women are not only subjected to extreme heat in the fields, but also sexual violence and harassment, and dangerous pesticide exposure that compromises their health and that of their children’s. Pregnant farmworkers growing food to nourish the nation should not have to fear for their children’s lives or their health. Farmworker women bear the heavy burden of risking their health daily and their well being must be a national priority.”

    The resolution also outlines several actions Congress should take to address this problem, including greater investment in air quality programs, more green spaces, bilingual air quality alerts, and the education of public health professionals.  

    The resolution is cosponsored by Representatives Raul Grijalva, Nydia Velázquez, Alexandria Ocasio-Cortez, Rashida Tlaib, Grace Napolitano, and Emmanuel Cleaver.

    The following organizations support the resolution: Ecomadres, Mom’s Clean Air Force, National Hispanic Health Foundation, National Hispanic Medical Association, Hispanic Access Foundation, American Women’s Medical Association, and Corazon Latino.

    Read the full text of the resolution here.

    # # #

    Congressmember Nanette Barragán represents California’s 44th District.  She sits on the House Energy and Commerce Committee and works on environmental justice and healthcare issues.  She is also Chair of the Congressional Hispanic Caucus (CHC).

    MIL OSI USA News –

  • MIL-OSI USA: Administrator Samantha Power’s First Day at the UN General Assembly High-Level Week

    Source: USAID

    The following is attributable to Spokesperson Benjamin Suarato:

    Today, Administrator Power arrived in New York today for the UN General Assembly High Level Week. She first met with Saudi Arabia’s Dr. Abdullah Al Rabeeah, Royal Court Adviser and Supervisor General of the King Salman Humanitarian Aid and Relief Center, to discuss areas for potential collaboration and ongoing humanitarian responses in Sudan, Gaza, and Ukraine.

    Joined by First Lady Dr. Jill Biden, Administrator Power and UNICEF Executive Director Catherine Russell co-hosted the official launch of the Partnership for a Lead-Free Future, a first of its kind coalition to end childhood lead poisoning in developing countries by 2040. The launch event included an announcement of more than $150 million in donor commitments, ten times the amount that is spent each year tackling this problem, with 26 countries and 38 partner organizations joining the coalition.

    Administrator Power also participated in a roundtable hosted by President of Ukraine Volodymyr Zelenskyy, Bank of America, and the U.S. Chamber of Commerce. Alongside U.S. Deputy Secretary of State Rich Verma and CEOs from major energy, finance, and insurance firms, Administrator Power discussed how USAID, other U.S. government agencies, and private sector actors are helping to address immediate needs and future opportunities in Ukraine’s energy sector and broader economy.

    MIL OSI USA News –

  • MIL-OSI USA: NEWS RELEASE: DLIR Announces 2024 Workforce Development Heroes

    Source: US State of Hawaii

    NEWS RELEASE: DLIR Announces 2024 Workforce Development Heroes

    Posted on Sep 24, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF LABOR AND INDUSTRIAL RELATIONS

    KA ʻOIHANA PONO LIMAHANA

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    JADE T. BUTAY

    DIRECTOR

    KA LUNA HOʻOKELE

     

    FOR IMMEDIATE RELEASE

    September 24, 2024

    DLIR Announces 2024 Workforce Development Heroes

    HONOLULU — The Hawaiʻi State Department of Labor and Industrial Relations (DLIR) today announced the recipients of the second annual Workforce Development Hero Awards, which recognize outstanding individuals and organizations. September is Workforce Development Month, a time to honor workforce development leaders and staff across Hawaiʻi, as well as draw attention to the resources available to those looking for work, wanting to prepare for in-demand employment or exploring their career options.

    “Ensuring that businesses have access to skilled workers, while helping job seekers find meaningful employment, is essential to equipping both local businesses and workers with the talent and expertise needed to thrive as Hawaiʻi’s economy evolves,” said DLIR Director Jade T. Butay.

    The Workforce Development Hero Awards honor key contributors to workforce excellence across the islands, acknowledging their dedication and innovation in advancing employment opportunities and skill development in Hawaiʻi. The awards drew nominations from across the state, showcasing the vast range of individuals and institutions working toward strengthening Hawaiʻi’s workforce.

    2024 Workforce Development Hero Award Winners:

    • Oʻahu: Lord Ryan Lizardo, Chamber of Commerce Hawaii and Ariel Villanueva, Ewa Makai Middle School
    • Maui: Nicolette van Der Lee, University of Hawaiʻi, Maui Campus
    • Kauaʻi: Kaina Makua, Kumanu I Ke Ala
    • Hawaiʻi Island: Kevin Aki, County of Hawaiʻi
    • Legislator of the Year: Sen. Donovan M. Dela Cruz
    • Lifetime Achievement Award: David Lassner, President, University of Hawaiʻi

    “Each of this year’s Workforce Development Heroes has gone above and beyond in creating pathways to opportunity,” said the Workforce Development Council Executive Director Bennette Misalucha. “Their efforts have empowered individuals, strengthened communities, and contributed to the overall resilience and competitiveness of Hawaiʻi’s workforce.”

    The Workforce Development Hero finalists include Michael Cardenas, MC3 Technologies, Katie Hokama, Hilo Benioff Medical Center, Tracey Kaneshige, Workforce Development Division, DLIR, Joy Korkowski, Kaiser Permanente, Diane Oda, Workforce Development Division, DLIR, Constancio Paranal III, Department of Economic Revitalization, City and County of Honolulu, Erick Pascua, Workforce Development Division, DLIR, Jenna Silifaiva, County of Maui, Jeffrey Tom, WorkHawaiʻi Job Readiness Program, Deborah Uemura (Nakashima), Hawaiʻi National Guard Work for Warriors Program, Bridget Orsatelli, ʻŌmaʻo Ranch Lands, and Ashley Wang, Booz Allen.

    Lifetime Achievement Award

    A special Lifetime Achievement Award will be presented to David Lassner, President of the University of Hawaiʻi, for his 46 years of distinguished service at UH. Under his leadership, the UH system has become a driving force in meeting Hawaiʻi’s workforce needs, setting records in research, graduation rates and inclusion of underrepresented populations. His dedication to affordable education and workforce advancement, combined with a recent $1 million donation to support graduate students in technology fields, reflects his deep commitment to creating opportunities for future generations.

    Legislator of the Year

    Sen. Donovan M. Dela Cruz is being recognized as Legislator of the Year for his commitment to advancing workforce development across the state. As Chair of the Senate Ways and Means Committee, Dela Cruz has championed workforce development as a critical component in retaining local talent and meeting the needs of Hawaiʻi’s employers. Facing a state workforce vacancy rate averaging 30%, Dela Cruz spearheaded efforts to create the Hele Imua Internship Program.

    In 2022, the program was allocated $5.3 million, creating 330 interns with the state Executive Branch and four scholarships though the Ho‘oilina Scholarship program. The Ho‘oilina Scholarship is a partnership between the DLIR, Hawai‘i Lodging & Tourism Association (HLTA) and the University of Hawai‘i at Mānoa Shidler College of Business, School of Travel Industry Management that provides support to Hawai‘i public high school graduates pursuing careers in the hospitality, the tourism or the transportation industries.

    Awards Ceremony Future of Work Conference

    The Future of Work 2025 Conference will honor the seven Workforce Development Hero awardees on September 30, 2024, at the Japanese Cultural Center of Hawaiʻi. The event will highlight each winner’s contributions to workforce development and celebrate their achievements.

    To register for the conference, click here.

    # # #

    Equal Opportunity Employer/Program
    Auxiliary aids and services are available upon request to individuals with disabilities.
    TDD/TTY Dial 711 then ask for 808-586-8842

     

    View DLIR news releases:

    http://labor.hawaii.gov/blog/category/news/

    Media Contact:

    Chavonnie Ramos

    Public Information Officer

    Department of Labor and Industrial Relations

    Ka ʻOihana Pono Limahana

    808-586-9720

    [email protected]

    http://labor.hawaii.gov

     

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs consumer protection bills targeting medical debt, overdraft fees, and unfair subscription practices

    Source: US State of California 2

    Sep 24, 2024

    What you need to know: New laws will strengthen consumer protections and help save Californians money.

    SACRAMENTO – Governor Gavin Newsom signed a package of bills that will strengthen protections for consumers, addressing issues that have put financial strain on Californians while setting new standards for transparency and accountability across industries.

    “Nobody wants to get ripped off, whether it’s a small subscription fee that’s seemingly impossible to cancel or massive medical debts which force families into financial ruin. We’re strengthening protections for Californians across the board and helping save consumers money.”

    Governor Gavin Newsom

    Medical debt relief

    SB 1061 by Senator Monique Limón (D-Santa Barbara) targets the devastating impact of medical debt on consumers. Under this new law, medical debt will no longer be included on consumers’ credit reports, ensuring that people are not penalized for the high costs of necessary healthcare. The bill also prohibits using any medical debt listed on a credit report as a negative factor when making credit decisions, and gives individuals more room to address their medical bills before debt collection and reporting actions can take place.

    “I am proud to author legislation to provide relief to Californians suffering from the burden of medical debt,” said Senator Limón. “No Californian should be unable to secure housing, a loan, or even a job because they accessed necessary medical care. With this new law, California is stepping up to protect consumers impacted by the effects of medical debt.” 

    Making it easier to cancel subscriptions

    AB 2863 by Assemblymember Pilar Schiavo (D-Chatsworth) addresses complicated auto-renewing subscription services that are easy to sign up for but hard to cancel. The bill requires companies offering automatic renewals and continuous services to provide consumers a means to cancel the subscription using the same medium they used to sign up; for example, a person who subscribes online has to be given an online click-to-cancel option. This ensures that consumers can easily exit from services they no longer want, without being trapped by confusing processes or hidden fees.

    “At a time when too many in our community are struggling, unwanted subscription renewals can really add up. AB 2863 is the most comprehensive ‘Click to Cancel’ legislation in the nation,  ensuring Californians can  cancel unwanted automatic subscription renewals just as easily as they signed up – with just a click or two,” said Assemblymember Schiavo. “California is setting a model for the nation on protecting consumers from unnecessary charges – giving them more control over their finances and helping to ensure fair business practices, providing a win for both consumers and small businesses. I’m grateful that this important legislation was signed, as it will mean more money in the pockets of people throughout our community.” 

    Protecting against unfair fees 

    AB 2017 by Assemblymember Tim Grayson (D-Concord) and SB 1075 by Senator Steven Bradford (D-Gardena) address unfair banking practices. AB 2017 prohibits certain banks and credit unions from charging nonsufficient funds fees when a transaction is declined due to the consumer having insufficient funds. SB 1075 sets limits on the amount credit unions can charge for overdraft fees. These bills aim to protect lower-income Californians that are disproportionately impacted by financial fees that can push them deeper into financial hardship.

    Additional consumer protection measures signed into law

    • AB 1849 by Assemblymember Tim Grayson (D-Concord) – Song-Beverly Consumer Warranty Act: services and repairs: travel trailers and motor homes (signed earlier this year).
    • AB 1900 by Assemblymember Dr. Akilah Weber (D-San Diego) – Consumer refunds: nondisclosure agreements (signed earlier this year).
    • AB 1971 by Assemblymember Dawn Addis (D-Morro Bay) – Administration of standardized tests.
    • AB 2202 by Assemblymember Anthony Rendon (D-Lakewood) – Short-term rentals: disclosure: cleaning tasks.
    • AB 2297 by Assemblymember Laura Friedman (D-Glendale) – Hospital and Emergency Physician Fair Pricing Policies.
    • AB 2347 by Assemblymember Ash Kalra (D-San Jose) – Summary proceedings for obtaining possession of real property: procedural requirements.
    • AB 2426 by Assemblymember Jacqui Irwin (D-Thousand Oaks) – Consumer protection: false advertising: digital goods.
    • AB 2801 by Assemblymember Laura Friedman (D-Glendale) – Tenancy: Security Deposits (signed earlier this year).
    • AB 2837 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – Civil actions: enforcement of money judgments.
    • AB 2992 by Assemblymember Stephanie Nguyen (D-Elk Grove) – Real Estate Law: buyer-broker representation agreements.
    • AB 3108 by Assemblymember Reginald Byron Jones-Sawyer, Sr. (D-Los Angeles) – Business: mortgage fraud.
    • AB 3283 by the Committee on Judiciary – Enforcement of judgments: claims of exemption (signed earlier this year).
    • SB 919 by Senator Thomas Umberg (D-Santa Ana) – Franchise Investment Law: franchise brokers.
    • SB 924 by Senator Steven Bradford (D-Gardena) – Tenancy: credit reporting: lower income households.
    • SB 1286 by Senator Dave Min (D-Irvine) – Rosenthal Fair Debt Collection Practices Act: covered debt: commercial debts.

    Recent news

    Sep 24, 2024

    News SACRAMENTO – As Tropical Storm Helene is expected to strengthen into a hurricane as it moves toward Florida’s Panhandle, Governor Gavin Newsom today announced the deployment of California firefighters to assist in staffing a Federal Emergency Management Agency…

    Sep 23, 2024

    News What you need to know: Governor Newsom signed four bills today to help law enforcement crack down on dangerous sideshows and street takeovers. These new laws will hold participants and organizers accountable by providing law enforcement with the tools to seize…

    Sep 23, 2024

    News What you need to know: Governor Gavin Newsom today signed Assembly Bill 3216, the Phone-Free School Act, to require every school district, charter school and county office of education to develop a policy limiting the use of smartphones by July 1, 2026….

    MIL OSI USA News –

  • MIL-OSI USA: DCCA News RELEASE: Registration Opens for 2024-2025 Hawaiʻi LifeSmarts Competition

    Source: US State of Hawaii

    DCCA News RELEASE: Registration Opens for 2024-2025 Hawaiʻi LifeSmarts Competition

    Posted on Sep 24, 2024 in Latest Department News, Newsroom

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA


     JOSH GREEN, M.D.

    GOVERNOR | KE KIAʻĀINA

     

    NADINE Y. ANDO

    DIRECTOR | KA LUNA HOʻOKELE

    TY Y. NOHARA

    SECURITIES COMMISSIONER

    FOR IMMEDIATE RELEASE

    September 24, 2024

    Registration Opens for 2024-2025 Hawaiʻi LifeSmarts Competition

    HONOLULU — The state Department of Commerce and Consumer Affairs (DCCA) Business Registration Division invites teams to participate in the 2024-2025 Hawaiʻi LifeSmarts Competition.

    LifeSmarts is a free, national educational program that teaches students critical life skills in five key areas: Personal Finance, Consumer Rights & Responsibilities, Health & Safety, the Environment, and Technology through online quizzes and in-person competitions. Teams must consist of one adult coach/teacher and at least four students.

    Registration is now open at lifesmarts.org.

    Once registered, high school or “varsity” teams can participate in the online portion of the competition from Monday, October 21, 2024, until Friday, December 6, 2024, at 7 p.m. HST. The top four highest-scoring teams will be invited to compete in the state championship competition at the Neal S. Blaisdell Center in Honolulu on February 21, 2025. The winning team will have the opportunity to represent Hawaiʻi at the national competition, scheduled for April 24 to 27, 2024, in Chicago, Illinois.

    Middle school or “junior varsity” teams with students in grades 6 to 8 can participate in an online-only competition from Monday, October 21, 2024, to Friday, December 6, 2024, at 7 p.m. HST. For more information about the Hawaiʻi LifeSmarts program, please visit www.lifesmartshawaii.com or contact LifeSmarts State Coordinator, Theresa Kong Kee, at 808-587-7400 or [email protected].

    The Hawaiʻi LifeSmarts program is locally sponsored by DCCA’s Business Registration Division and Insurance Division, in partnership with the Hawaiʻi Credit Union League, and is run by the National Consumers League. More than 3,000 local students have participated in Hawaiʻi LifeSmarts since 2004. Local businesses interested in becoming a sponsor of the Hawaiʻi LifeSmarts program are welcome to contact the state coordinator for more information.

     

    Learn more about the Hawai‘i LifeSmarts program with this video. Content from previous years, including photos, is available here.

     

    # # #

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    Email: [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Kim Named Small Business Investing Champion

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, U.S. Representative Young Kim (CA-40) received the 2024 Champion of Small Business Investing Award from the Small Business Investor Alliance (SBIA) for her commitment to growing small businesses across the nation and advancing U.S. critical technologies and national security. 

    Rep. Kim serves on the House Financial Services Committee and was Ranking Member of the House Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development in the 117th Congress. 

    “Small businesses support local economies, create jobs, and keep our communities running,” said Congresswoman Kim. “Entrepreneurs deserve our support as they adapt to keep their doors open and staff on payroll while dealing with inflation, tax hikes, supply chain backlogs, and labor shortages. I thank SBIA for the Small Business Investing Champion Award and will keep working on commonsense policies that cut regulatory costs and help our small business owners access the capital they need to expand and create more jobs.” 

    “Access to long-term, patient capital is essential for our domestic small businesses to grow and succeed,” said SBIA President Brett Palmer. “Our small business champions in Congress, have demonstrated a strong commitment to investing in American jobs by supporting better access to capital for American small businesses and entrepreneurs.”

    Rep. Kim has worked on policies to support small businesses such as: 

    • Providing an estimated 2.7 million loans totaling roughly $54 billion by helping lead the PPP Extension Act, which allowed small businesses more time to access targeted Paycheck Protection Program (PPP) loans during the COVID-19 pandemic; 
    • Helping introduce the Improving Access to Small Business Information Act, a bipartisan bill to streamline the process for the Securities and Exchanges Commission (SEC) to collect information, such as conducting field surveys to ensure the government can access better information on challenges facing entrepreneurs; 
    • Providing education and mentorship services for entrepreneurs through the SCORE for Small Business Act of 2022, a bipartisan bill to invest in the success of small businesses; and, 

    MIL OSI USA News –

  • MIL-OSI USA: Congresswomen Pettersen, Salazar Introduce Bipartisan Bills to Improve Retirement Security for Family Caregivers

    Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

    Washington, D.C. – Congresswomen Brittany Pettersen (CO-07) and Maria Elvira Salazar (FL-27) introduced two bipartisan, bicameral bills that would allow family caregivers to better save for retirement. These bills—the Improving Retirement Security for Family Caregivers Actand the Catching Up Family Caregivers Act—would help address the financial challenges faced by individuals who leave the workforce to care for loved ones, often sacrificing their own long-term financial security. Companion bills were introduced by U.S. Senators Susan Collins (R-ME) and Mark Warner (D-VA). 

    “Caregivers do some of the most important but underappreciated work in our country,” said Representative Pettersen. “Caregivers do everything from cooking meals, administering medications, paying bills, and driving their loved ones to frequent medical appointments. Caregivers often take a significant financial hit when they take time out of the workforce to prioritize their loved ones and many struggle with their own financial security and ability to save in the long term. These two pieces of legislation make it easier for caregivers to save for retirement, ensuring they can take care of their own financial health while caring for their family.”

    “Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones,” said Representative Salazar. “I’m proud to co-lead the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, which will reward caregivers with new opportunities to secure a dignified retirement.”

    “Family caregivers provide critical support to their loved ones, yet many are forced to step away from work, significantly inhibiting their ability to save for retirement,” said Senator Collins. “Our bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide.”

    “Family members often make tremendous sacrifices to leave the workforce and care for their aging relatives, and as a result, they miss out on key years of saving for their own golden years,” said Senator Warner. “We need to make it easier for those folks to continue their essential care work while also securing their own financial futures. I’m proud to introduce bills that would give these family caregivers the flexibility to continue contributing to retirement accounts so it’s easier for more people to care for aging relatives without obstructing their own ability to retire with dignity.”

    “Caring for a loved one living with Alzheimer’s or other dementia too often takes a devastating toll on caregivers, with many experiencing substantial emotional, financial and physical difficulties,” said Robert Egge, Alzheimer’s Association Chief Public Policy Officer and AIM president. “These two bipartisan bills will support our nation’s dementia caregivers by improving access to retirement resources that can help offset some of the financial challenges faced by families impacted by this disease. Thank you to Sens. Collins and Warner for introducing these bills and for your dedication to the Alzheimer’s community.”

    “Edward Jones is grateful for Senator Collins’ leadership in introducing the Improving Retirement Security for Family Caregivers Act and Catching-up Family Caregivers Act,” said Dr. Lamell McMorris, Principal and Head of Policy, Regulatory & Government Relations for Edward Jones. “We know through our experience, that caregivers make significant sacrifices in providing care to loved ones, which can impact their personal financial security and retirement readiness. We believe that this bipartisan legislation will provide savings opportunities to improve the financial futures of millions of Americans and their families.”  

    “Business leaders and HR professionals are responsible for designing and implementing benefit plans that meet the needs of their team members. However, too often, caregiver support is not considered. People are living longer, and workers are caring for both children and elderly parents simultaneously. If we intend to lead with empathy, providing employees with the opportunity to care for ill, injured, or aging loved ones must be a priority,” said Emily M. Dickens, Chief of Staff and Head of Public Affairs, SHRM.  “That is why we are honored to support the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act.  SHRM is pleased to see the bipartisan progress in Congress being made to help employees reconstitute their retirement nest egg after a period of intensive caregiving.”

    “Family caregivers often pause their careers and retirement savings to provide essential care for loved ones, a service vital to both families and the economy. However, this time away from paid work can result in reduced income and benefits, potentially leading to future financial difficulties, particularly in retirement,” said Jason Resendez, CEO & President of the National Alliance for Caregiving. “If enacted, the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act would represent progress towards acknowledging and addressing the economic sacrifices too many family caregivers make.”

    Women often take time away from careers to care for their families, resulting in a significant loss to their retirement savings. According to the Center for American Progress, an average 26-year-old female making $60,000 a year who leaves the workforce for five years to care for her children will lose close to one million dollars over her lifetime due to lost retirement assets and wage growth. A recent study from the Edward Jones Grassroots Taskforce found that 64 percent of women say their caregiving duties have negatively impacted their ability to save towards their long-term financial goals. Those taking care of an aging parent often face similar repercussions to being a family caregiver. In 2020, AARP found that three in ten caregivers have stopped contributing to their savings. Therefore, these proposals would allow those who dedicate at least 500 hours to family caregiving and are unemployed or severely underemployed the ability to contribute to their retirement now and later.

    The Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute up to $7,000 annually to a Roth IRA, even if their income falls below that threshold. Current law caps contributions at the lower of $7,000 or yearly income, limiting caregivers’ ability to save for retirement when their earnings are reduced due to caregiving responsibilities. By eliminating this income cap for family caregivers, the bill would help to ensure that they can continue to save for retirement despite their reduced wages.

    The Catching Up Family Caregivers Act would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years. This provision would help caregivers who miss critical savings years get back on track with their retirement planning.

    Both pieces of legislation are supported by the Alzheimer’s Association, the Edward Jones Grassroots Task Force, the Society for Human Resources Management (SHRM), the Insured Retirement Institute, and the National Alliance for Caregiving.

    The complete text of the Improving Retirement Security for Family Caregivers Act can be read here. 

    The complete text of the Catching Up Family Caregivers Act can be read here.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Cramer: U.S. EDA Awards $675,000 to Support the Agricultural Production Industry in Baldwin

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The U.S. Department of Commerce Economic Development Administration announced an award of $675,000 to Enhancing and Strengthening North Dakota Nonprofits and Communities in Minot, N.D. This award will help construct a regional processing facility for local foods, providing classrooms, kitchen facilities, warehouse space and more in Baldwin, N.D.

    The grant is expected to create 47 jobs and generate $1.8 million in private investment, according to grantee estimates.

    “North Dakota excels at value-added agriculture,” said U.S. Senator Kevin Cramer (R-ND). “Investments like this drive innovation, boost economic development in our communities, and help families put food on the table. North Dakota stands to gain for many years to come as a result of the construction and use of this facility.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Business Results – Fonterra continues momentum in FY24, announces special dividend

    Source: Fonterra 

    Profit after tax: NZ $1,168 million
    Continuing operations EBIT*: NZ $1,560 million
    Continuing operations earnings* per share: 70 cents per share
    Return on capital: 11.3%
    Total dividend: 55 cents per share, comprising:

    • 15 cent interim and 25 cent final dividend 
    • 15 cent special dividend
    • Full year milk collections: 1,471 million kgMS  
    • Final 2023/24 season Farmgate Milk Price: NZ$7.83 per kgMS.

    Fonterra Co-operative Group Ltd has today reported strong FY24 full year financial results, including a final 2023/24 season Farmgate Milk Price of $7.83 per kgMS and a total dividend of 55 cents per share.

    CEO Miles Hurrell says the payout reflects both Fonterra’s continued strong earnings performance and the long-term resilience of the Co-op.  

    “We’ve maintained the positive momentum seen in FY23 and delivered earnings at the top end of our forecast range.

    “Our total dividend of 55 cents per share is the second largest since Fonterra was formed. It includes a 15 cent interim dividend and a 25 cent final dividend driven by strong FY24 earnings.  

    “In addition, our capital management efficiency and ongoing balance sheet strength have enabled us to return an extra 15 cents per share to farmer shareholders and unit holders through a special dividend.  

    “The final Farmgate Milk Price for the 2023/24 season finished at $7.83 per kgMS. This, combined with the 55 cents per share dividend, provides a total cash payout to a fully shared up farmer of $8.38 per kgMS.

    “Our Co-op is in good shape, and I’m pleased to have delivered another year of solid returns to farmer shareholders and unit holders.  

    “Looking ahead, we’re well placed to consider the next phase of our strategy to grow long-term value for the Co-op,” says Mr Hurrell.  

    Business performance  

    The Co-op reported a return on capital for FY24 of 11.3%, above the target range for FY24.  

    Earnings (EBIT) from continuing operations were $1,560 million and continue to be well above previous years, albeit down on FY23 which benefited from elevated price relativities.  

    Fonterra’s profit after tax from continuing operations was $1,168 million, equivalent to 70 cents per share.

    “Our FY24 earnings were driven by higher margins and increased sales volumes in our Foodservice and Consumer channels. Our Ingredients channel also continued to deliver strong returns, although down when compared to the record result seen in FY23,” says Mr Hurrell.  

    Sales volumes from continuing operations were down 1% to 3,470 kMT and gross margins were maintained at 17%.  

    “We remain focused on making progress against our two efficiency metrics while also investing in the areas that will improve long-term performance and the resilience of the Co-op.

    “Our core operations manufacturing costs per kgMS reduced year-on-year by 2% to $2.58 per kgMS, reflecting both operational improvements and improved input costs.  

    “Across the year we also achieved savings in our operating expenses which largely offset the impacts of inflation. However, our cash operating expenses per kgMS are up mainly due to our investment in IT and digital transformation projects.

    “Our balance sheet position remains strong, providing optionality and flexibility for the future and resilience against volatility.

    “We have net debt of $2.6 billion, $600 million lower than last year, due to strong underlying operating performance.  

    Our gearing ratio of 24% reflects our lower net debt position and higher equity from strong earnings,” says Mr Hurrell.

    Co-op strategy  

    This year, Fonterra completed a strategic review that reinforced the role of its Foodservice and Ingredients channels and confirmed its strengths in partnering with customers to produce world-class, innovative dairy.    

    As a result of this work, in May the Co-op announced that it is exploring divestment options for its global Consumer business, as well as Fonterra Oceania and Sri Lanka.

    “Over the last few months, we have appointed advisors to assist with assessing divestment options for our Consumer businesses and this work is ongoing,” says Mr Hurrell.  

    “As we can see from today’s result, the businesses in scope for potential divestment are performing well. We remain committed to a pathway that would maximise value of these businesses for our farmer shareholders and unit holders.  

    “Alongside this, we have revised our strategy to have a sharper focus on the Co-op’s strengths and where we can best create value.

    “We will be sharing this revised strategy, as well as the outcomes shareholders and unit holders can expect from the Co-op, next week,” says Mr Hurrell.  

    *Excludes earnings from discontinued operations. In FY24 discontinued operations were DPA Brazil and in FY23 discontinued operations were DPA Brazil, Soprole and China Farms.

    About Fonterra  

    Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer, foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together. 

    If you no longer wish to receive media releases from Fonterra, please click here to opt out.

    Non-GAAP financial information  

    Fonterra uses several non-GAAP measures when discussing financial performance. Non-GAAP measures are not defined or specified by NZ IFRS.    

    Management believes that these measures provide useful information as they provide valuable insight on the underlying performance of the business. They may be used internally to evaluate the underlying performance of business units and to analyse trends. These measures are not uniformly defined or utilised by all companies. Accordingly, these measures may not be comparable with similarly titled measures used by other companies. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS.  

    Non-GAAP measures are not subject to audit unless they are included in Fonterra’s audited annual financial statements.

    MIL OSI New Zealand News –