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Category: CTF

  • MIL-OSI USA: Speaker Johnson Announces Bipartisan Congressional Delegation to Attend Pope Leo XIV’s Mass for the Beginning of his Pontificate

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    Speaker Johnson Announces Bipartisan Congressional Delegation to Attend Pope Leo XIV’s Mass for the Beginning of his Pontificate

    Washington, May 17, 2025

    WASHINGTON — Speaker Johnson today announced a bipartisan Congressional delegation, led by Chairman French Hill (R-AR), is traveling to the Vatican to attend the inaugural Mass of His Holiness Pope Leo XIV.

    “I’m honored to send this Congressional Delegation to attend the inaugural mass of Pope Leo XIV, the first pope from America. I’ve asked Chairman French Hill to lead this group during their faith-filled visit,” said Speaker Johnson. “May God bless Pope Leo’s papacy during this historic time.”

    “It is a privilege to lead our U.S. House delegation to Rome for the inaugural Mass for His Holiness, Pope Leo XIV. As an American and a devout Catholic, it is an honor to represent the American people as we witness the continuity of faith and leadership that the papacy represents and to see the first American ascend to the Chair of Saint Peter. Around the world, Catholics are coming together in prayer and hope, and I look forward to celebrating this historic moment and offering my prayers for the new Pope as he begins his ministry,” said Chairman Hill.

    The Members of the Congressional Delegation are:

    1. The Honorable French Hill
    2. The Honorable Nancy Pelosi
    3. The Honorable Rosa DeLauro
    4. The Honorable Michael McCaul
    5. The Honorable Joe Courtney
    6. The Honorable Mike Kelly
    7. The Honorable Ann Wagner
    8. The Honorable Nanette Barragan
    9. The Honorable Madeleine Dean
    10. The Honorable Stephanie Bice
    11. The Honorable Michelle Fischbach
    12. The Honorable Andrew Garbarino
    13. The Honorable Mariannette Miller-Meeks
    14. The Honorable Jeff Hurd

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Prepared Remarks Before SEC Speaks

    Source: Securities and Exchange Commission

    Thank you, Cicely, for your kind introduction. Ladies and gentlemen, I am very happy to be with you at my first SEC Speaks conference as SEC Chairman, though I have been a regular at this event over the past 15 years or so.[1] 

    The event has experienced some rather precipitous fits and starts over the past couple of years, and I shall make sure that it stays on track as valuable, comprehensive public outreach by the agency. 

    I extend my thanks to the folks at the Practising Law Institute for organizing the conference. I would also like to thank:

    • The SEC staff who have the annual opportunity to talk a little bit publicly about their work over the past year and discuss some of the things that they expect to come in the next few months,
    • The commentators taking part on the various panels who can pose questions and make observations that can help to focus the discussion on critical topics and perspectives that might not be top of mind to those of us within the halls of the SEC,
    • You here live in the audience where you have a chance to meet each other and talk to panelists, and
    • You viewing online who have a convenient opportunity to participate virtually.  

    Innovation and the SEC

    Today I intend to discuss innovation. In particular, about how the Securities and Exchange Commission should not fear innovation. Rather, it should embrace and champion it.

    Markets, by their nature, evolve. They are dynamic because they are made up of human beings. When human beings encounter problems, they innovate to solve them because there is a demand — and there are rewards — for solutions. In a free society, human nature rises to the occasion with inventiveness and competitive spirit, plus Adam Smith’s invisible hand to provide incentives beyond mere altruism. All of that is a good thing.  

    Over the decades, including during my time as a Commissioner from 2002 to 2008 and before that on the staff of two SEC chairmen, the SEC has both enabled innovation and, unfortunately at times, stifled it. Fortunately, innovation — in other words, progress — eventually won the day. Let me take a few moments to revisit some recent history. 

    In the late 1960s, there was a big, beautiful bull market. Trading volume doubled to some 12 million shares a day — which I realize sounds quaint today — overwhelming the paper-based clearance and settlement systems and transfer agent duties. Efficiency began to deteriorate as rising stacks of paper stock certificates had to be physically delivered by clerks trundling carts carrying boxes of those paper certificates to and from various broker-dealers up and down Wall Street and in other financial districts all across America. Investors paid the price for this inefficiency as securities were misplaced, misdirected, lost, or delivered late. Fails ballooned and many inadequately capitalized broker-dealers were caught by that whiplash of scuttled transactions. As a Band-Aid, trading times each day were reduced and exchanges eventually closed on Wednesdays to allow firms time to process the mountains of certificates. At times, the New York Stock Exchange closed two days in a week to catch up on the paperwork.

    The breakdown over an antiquated system became known as the “Paperwork Crisis.”

    As William Dentzer, the first CEO of the Depository Trust Company, or DTC, put it: “The paperwork crisis caused the post-trade processing of hundreds of millions of dollars to be delayed or to fail entirely, dividends to investors to be misdirected, and brokerage firms to go bust.”[2]

    Very much to its credit, the SEC at the time was proactive. It was clear that what needed to be done was to move to electronic transactions and book-entry. But how would we get there? The agency constructively held roundtables and engaged with industry. It used its rulemaking authority and powers of persuasion to allow for new ways of back-office processing of trades and other efficiencies tied to information technology. As a result of that collaboration between the SEC and market participants, the DTC was eventually established as an industry co-operative, later becoming the Depository Trust & Clearing Corporation. The computerization of securities was born with the SEC very much at the forefront of advancing that effort.

    As things go, that late 1960s bull market was inevitably followed by a severe, long-lived bear market. Many broker-dealers went out of business because of the crushing downturn in revenues, rather than inadequate back-office capacity as in the preceding bull market. The SEC worked with Congress and the securities industry to enact the Securities Investor Protection Act in 1970. That law established the Securities Investor Protection Corporation, an industry-backed insurance fund to protect investors from losses in the event their broker fails. It was a positive innovation for investors in which the SEC played a significant role.

    In the late 1980s and early 1990s, the American Stock Exchange and other organizations had come up with a creative response to the SEC’s identification of program trading of index stocks as a contributor to the 1987 market break. They proposed an instrument for trading a basket of stocks — “SPIDERS” — the S&P Depository Receipts, which is a basket of equities traded as a fund.  It was the earliest exchange-traded fund, or ETF. But, the proposal languished at the Commission for several years, as the Divisions at the time raised various issues with this new fund. In no uncertain terms, Chairman Richard Breeden demanded that the Division heads “figure it out”[3] and gave them a limited amount of time to do so. He was emphatic about getting it done right away. And the SEC did. The SPDR launched in 1993. Some at the SEC were worried whether the market would accept this innovation. In fact, it took some effort by the sponsoring firms to persuade institutions to purchase the product. But, it grew to $1 billion in three years. Chairman Breeden’s view was, let the market decide; we cannot be the arbiter. I think we can all agree that the innovation of SPDRs and ETFs has been a boon for investors. 

    During Arthur Levitt’s tenure as chairman in the mid-to-late 1990s, proprietary trading systems took off in popularity, controversially drawing trading off-exchange. Chairman Levitt believed that the SEC needed to provide regulatory flexibility for the electronic markets to be able to innovate. So, Regulation Alternative Trading Systems, or “Reg ATS,” adopted in 1999, allowed for ATSs to be regulated like broker-dealers, rather than exchanges. 

    As we moved to a new century, the market came up with another innovation: the gold fund, the first commodity ETF. This concept had been internally bouncing around the Divisions like a pinball and across town to the Commodity Futures Trading Commission. Although it took a while, innovation prevailed, and investors gained the option to invest in gold without physically owning it.

    Crypto Innovation

    This brings me to today. The crypto markets have been languishing in SEC limbo for years.

    Initially, the SEC first pursued what I call the “head-in-the-sand” approach — perhaps hoping that crypto would go away. Then, it pivoted and pursued a shoot-first-and-ask-questions-later approach of regulation through enforcement. The “just come in to visit” entreaty often meant coming home to a subpoena. It seemed like a catch-22 for market participants. This environment did not create trust. In reality, the message was, “You go figure it out.” That is a fine approach if the regulator plays an active role in interacting with the marketplace to encourage solutions and adapt existing rules and practices if the existing approaches are inapposite to new developments in technology. Old ways of doing things should not be immutable, especially if Congress has granted an agency discretion to make changes consistent with Congressional intent and in the public interest. While the SEC must be faithful to its statutes in any effort to be innovative, it should use its available authority and discretion to adapt to and accommodate new developments.

    The SEC’s claim at the time that it was willing to talk to prospective registrants proved ephemeral at best because the SEC made no adaptations to registration forms or other regulatory requirements to accommodate this new technology. I have been told that market participants would in good faith enter what they thought were policy meetings with Commission staff only to receive enforcement inquiries shortly after their meeting. If that culture were not bad enough, SEC leadership for too long prevented staff from communicating with market participants when complicated legal questions arose. I am pleased to announce that I recently directed Division of Corporation Finance staff to maintain transparent interactions with the public. When staff is allowed to talk openly with industry, market participants can move more nimbly and allocate capital to productive uses. 

    It is a new day at the SEC. While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to “clear the brush” through staff-level statements. For example, last week the staff of the Division of Trading and Markets issued a set of FAQs that addressed broker-dealer and transfer agent questions. While the views of the staff are not rules or regulations of the Commission, they can provide useful insights for the public.[4] Ultimately, the Commission is, of course, responsible and must itself squarely address these issues to ensure that the public has clear rules of the road. 

    Last, as I mentioned at a recent Crypto Task Force roundtable, I would like the Commission to allow SEC registrants to custody and trade both securities and non-securities under one roof. Enabling this reality could reduce costs for investors while allowing non-security trading to enter a regulated environment at the federal level expeditiously. This would be an initial step towards the possibility of eventually achieving a “super-app” reality. Thank you to Commissioner Hester Peirce, the Crypto Task Force, and Trading and Markets staff for their continued efforts.       

    FinHub

    In keeping with this theme of innovation and the progress of the Crypto Task Force, we have asked Congress for reprogramming approval to integrate the functions of the agency’s Strategic Hub for Innovation and Financial Technology, or “FinHub” into other parts of the agency.  

    Established in 2018, FinHub was created during a critical period of emerging technologies. The rapid development of distributed ledger technology, including digital assets, artificial intelligence, and machine learning, required a centralized effort to build understanding at the SEC. Unfortunately, FinHub over time came to be perceived by many in the digital asset industry as a tool for enforcement rather than a tool to foster innovation. Moreover, as currently constituted, FinHub is too small to be viable and efficient, and this staff expertise can be better utilized elsewhere in the agency.

    The principles and priorities under which FinHub was founded are being integrated into the very fabric of the SEC. I will ensure that innovation will be ingrained in the culture SEC-wide, as it should be, and not focused on one small office.

    Investing in Private Funds

    Financial innovation sometimes means getting out of the way of capital formation and allowing all investors to gain the benefits of our robust markets.

    Since 2002, the SEC staff has taken the position that closed-end funds investing 15% or more of their assets in private funds should impose a minimum initial investment requirement of $25,000 and restrict sales to investors that satisfy the accredited investor standard.  As a result, many retail investors have missed out on opportunities to invest in closed-end funds that invest in private investment funds, like hedge funds and private equity funds.

    Much has changed since 2002 — including the growth of private markets and the increased oversight and enhanced reporting by both private fund advisers and registered funds. Indeed, in the last 10 years alone, private fund assets have almost tripled from $11.6 trillion to $30.9 trillion.[5]  Allowing this option could increase investment opportunities for retail investors seeking to diversify their investment allocation in line with their investment time horizon and risk tolerance.

    With this in mind, I intend to have the Commission address this situation and reconsider this 23-year-old practice concerning investments by closed-end funds in private funds. This common-sense approach will give all investors the ability to seek exposure to a growing and important asset class, while still providing the investor protections afforded to registered funds. We must consider and resolve important disclosure issues for these products, particularly for those that trade on exchanges, including conflicts of interest, illiquidity, and fees.

    CAT

    Before I close, I want to mention a topic that has drawn significant scrutiny, the Consolidated Audit Trail, known by the innocuous-sounding nickname “CAT.” This particular “CAT” has quite an appetite for data and computer power, with costs rising to nearly $250 million a year. These costs are divvied up and eventually, one way or another, fall on the shoulders of investors. The financial services industry and Congress have rightly pushed back on the seemingly endless cost increases and the risks of storing so much sensitive data together. Much of the increases are due to changing demands for information and access.

    Therefore, I have instructed the staff to undertake a comprehensive review of the CAT. In addition to examining the costs of the system, I would like to see the staff take a hard look at the reporting requirements and scope of what is collected. I look forward to the agency engaging with the public on this important issue.

    Conclusion

    As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation. The markets innovate, and the SEC should not be in the business of telling them to stand still.

    It is a new day at the SEC, and I look forward to what we are going to be able to accomplish for investors and the markets.

    Thank you.

    [1] These remarks reflect my individual views as Chairman of the Commission and do not necessarily reflect the views of the Commission or my fellow Commissioners.

    [4] See 17 C.F.R. § 202.1(d).  Staff statements represent the views of the respective office or division; they are not rules, regulations, or statements of the Commission.  Further, the Commission neither approves nor disapproves their content.  Staff statements have no legal force or effect: they do not alter or amend applicable law, and they create no new or additional obligations for any person.

    MIL OSI USA News –

  • MIL-OSI Australia: Man bitten by dingo while fishing on K’gari

    Source: Tasmania Police

    Issued: 19 May 2025

    Rangers are reminding fishers to be alert on K’gari after a man was bitten by a dingo whilst fishing in knee deep water around 11:30am near Eurong on 16 May 2025.

    The man was fishing alone when he was approached from behind by the dingo. It bit him on the back of the leg, resulting in two puncture wounds and a small superficial laceration which required basic first aid treatment.

    The man told rangers from the Department of the Environment, Tourism, Science and Innovation (DETSI) that the dingo was almost fully submerged in the water at the time of the incident.

    He was wearing a fishing bag containing a fish, and rangers believe the dingo may have been attracted by the smell.

    After being bitten, the man used his fishing rod to make contact with the dingo.

    In addition to this incident, DETSI has received recent reports that dingoes have been loitering around fishers on the island in hope of getting a free feed.

    Dingoes are known to steal fish and bait from anywhere they can scavenge, including vehicles, berley bags, shallow waters and straight off a fisher’s line.

    To fish responsibly, it’s important to stay close to the water’s edge when reeling in a fish and avoid dragging your catch across the sand.

    When removing bait from fishing hooks, it is recommended that a protective cover is placed on the hook, and it is stored out of reach of dingoes.

    Ranger Dan Novak would like to remind all visitors including fishers to be alert for dingoes on K’gari.

    “Dingoes are opportunistic predators and will strike when they see a chance to do so,” Mr Novak said.

    “To avoid a dingo incident, it’s always a good idea to have a mate stand guard, preferably holding a dingo stick.

    “It is an offence to hang bait or berley bags on the outside of vehicles, in trees, or have these lying around.

    “We have also seen dingoes grabbing bycatch or fish that are undersized as they’re being released.

    “To reduce the chance of a negative dingo interaction we remind visitors to be dingo safe at all times.”

    Visitors to K’gari are reminded to ‘Be dingo-safe!’ at all times:

    • Always stay close (within arm’s reach) of children and young teenagers
    • Always walk in groups and carry a stick.
    • Camp in fenced areas where possible
    • Do not run. Running or jogging can trigger a negative dingo interaction
    • Never feed dingoes
    • Lock up food stores and iceboxes (even on a boat)
    • Never store food or food containers in tents, and
    • Secure all rubbish, fish and bait.

    For more information go to K’gari dingoes

    MIL OSI News –

  • MIL-OSI Australia: Offset project to protect purple-necked rock-wallabies

    Source: Tasmania Police

    Issued: 19 May 2025

    Open larger image

    A purple-necked rock wallaby

    The Queensland Government will help safeguard populations of purple-necked rock-wallabies through a $364,000 offset program that will improve crucial habitat in the state’s northwest.

    The four-year offset project will fund environmental improvements on Chidna Station, which is a 26,000-hectare pastoral lease property around 130 kilometres north of Mount Isa.

    Chidna Station features rugged, rough country of breathtaking beauty that provides ideal habitat for the purple-necked rock wallaby along with other threatened species.

    The offset project will be a collaboration between the Department of the Environment, Tourism, Science and Innovation and environmental management group Conservation Partners.

    Conservation Partners have developed a strategic management plan for the purple-necked rock-wallabies, and will focus on the following pivotal actions:

    • Fire Break Maintenance – Fire breaks can help contain and reduce the impacts of bushfires.
    • Prescribed Burning – Planned burns will foster habitat diversity and promote growth of plant species that purple-necked rock-wallabies browse upon.
    • Fire Scar Mapping – High-resolution mapping and analysis of historical data will evaluate the success of fire management strategies for purple-necked rock-wallaby habitat.
    • Population monitoring – Surveys will evaluate the effects of fire management strategies on purple-necked rock-wallaby population dynamics.

    Acting Deputy Director General Environment and Heritage Policy and Programs Kahil Lloyd said the Queensland Government is committed to protecting and conserving our populations of threatened species.

    “This collaborative offset project represents a significant step forward in boosting populations of an at-risk species on privately-owned land,” Mr Lloyd said.

    “I’d like to thank the landholder at Chidna Station for their dedication to conservation and protecting the natural and cultural values of their property.

    “Conservation Partners have vast experience in habitat and species management and through this project will build upon the exceptional work of the department’s threatened species unit.

    “Our Offsets Framework is just one of the ways that we are making a difference to our threatened species.”

    Conservation Partners Chief Executive Steve Murphy said the organisation works closely with private landholders to conserve Queensland’s threatened species.

    “Conservation Partners works on stations in western Queensland, the Gulf and Cape York Peninsula, and many cattle stations have important conservation values,” he said.

    “Over the next four years we will work with Indigenous landowner Brussie Spreadborough to improve fire patterns on Chidna Station, mainly using aerial prescribed burning.

    “We’ll also closely monitor the impact on Purple-necked Rock-wallabies as well as Chidna’s other endangered wildlife populations, such as Carpentarian Grasswrens and Gouldian Finches.”

    Brussie Spreadborough said the partnership with Conservation Partners is a win-win situation.

    “Working with Conservation Partners means that I can concentrate on cattle, while also having a hand in good conservation work that looks after the native wildlife that lives on my place,” he said.

    MIL OSI News –

  • MIL-OSI USA: Jefferson, Liquidity Facilities: Purposes and Functions

    Source: US State of New York Federal Reserve

    Thank you, President Bostic, for that kind introduction and for the opportunity to talk to this group today.1 I am delighted to be here, and I look forward to discussions at this important conference.
    The theme of today’s conference is developments in financial intermediation and potential implications for monetary policy. As this conference embarks on a larger discussion of the role of banks and nonbanks in various market segments—including credit markets, Treasury and money markets, and payments—I believe it is worth taking a step back to explore an important background factor, which is how and why central banks provide liquidity.

    The provision of liquidity by central banks is a foundational element of financial intermediation. Central banks should be able to provide liquidity effectively for the financial system to function smoothly. Today, I will take this opportunity to discuss some aspects of liquidity provision by the central banks. Of course, the main forms of liquidity provided by central banks—namely, currency and bank reserves—are the foundation of safe liquidity in the economy. It is vital for a central bank to make clear that it stands ready to provide liquidity should stress emerge. But a central bank must also take steps to minimize moral hazard. “Moral hazard” in this context refers to the concern that publicly provided liquidity might encourage private financial institutions to take on excessive risk.
    What I would like to focus on in this speech are two types of liquidity provision that aim to reduce the frictions associated with the basic operations of banks. The first type of liquidity is intraday credit, which is key in handling payment system frictions during the day, and the second one is overnight credit, which deals with a range of frictions.2 I will also highlight some design features of broadly similar liquidity facilities in three other advanced economies: the U.K., Japan, and the euro area. I believe it is valuable to look at other central banks’ experiences with liquidity provision, which entails recognizing the important differences that exist across jurisdictions and mandates and considering what lessons can be learned.
    At their core, liquidity facilities support the smooth operation and stability of the banking system, the effective implementation of monetary policy, and the furtherance of a safe and efficient payment system. This activity in turn supports the flow of credit to businesses and households. Last year, the Federal Reserve Board issued a public request for information (RFI) seeking to identify operational frictions in these facilities, and those comments are under review. I hope that today’s discussion about how facilities operate in the U.S. and around the globe can further that dialogue among participants at this conference.
    How It Works in the U.S.Let me start by discussing how liquidity provisions work in the U.S., as summarized in slide 3. Banks maintain deposit accounts at the Federal Reserve (Fed). The balances in these accounts, known as reserves, are the most liquid assets that banks have and are used to meet payment flows as households and business customers of banks carry out their regular business. Banks often experience mismatches in the timing of payment inflows and outflows, which could occasionally cause the balance in a bank’s account at the Fed to become negative. To help institutions manage this mismatch and promote the smooth functioning of the payment system, the Fed extends intraday credit, also known as daylight overdrafts.
    Intraday credit facilities provide temporary credit to depository institutions such as commercial banks and credit unions to foster the smooth functioning of the payment system. If a bank temporarily lacks the funds to process payments, it can use intraday credit to avoid delaying payments until it has sufficient liquidity. The Fed provides intraday credit on both a collateralized and an uncollateralized basis. Collateralized intraday credit is provided free of charge, whereas uncollateralized credit incurs a fee. Since this type of credit is provided on an intraday basis, the Fed expects banks to have positive balances in their accounts by the end of the operational day. If a bank has a negative balance at the end of day, it incurs an overnight overdraft and pays a penalty.
    The Fed also provides overnight credit through the discount window to approved counterparties against a broad range of collateral. This type of liquidity provision is designed to mitigate short-term misallocations of liquidity. For example, a bank may need to settle a large payment at the end of the day, but it may temporarily have insufficient funds in its account to do so. To meet the payment obligation, the bank could borrow in private interbank markets—in which financial institutions lend funds to each other on a short-term basis—or from the central bank. The rate on overnight credit also helps central banks with monetary policy implementation. In addition, overnight liquidity facilities often serve as a first line of defense against stresses, and they stand ready to provide liquidity when institutions face outflows.
    All discount window loans are collateralized, and a wide range of bank assets, including a variety of loans and securities, are eligible to serve as collateral.3 The Fed operates three separate facilities under the discount window: primary credit, secondary credit, and seasonal credit.
    The first one, primary credit, is available to generally sound banks at a rate that is currently set at the top of the target range for the federal funds rate. Providing liquidity at this rate supports the implementation of monetary policy because institutions can turn to the Fed if conditions tighten in money markets that might otherwise push overnight money market rates above levels that would be consistent with the Fed’s target range. As I noted earlier, primary credit also helps deal with idiosyncratic funding challenges that banks might be experiencing. Most of the funding provided is on an overnight basis; however, funding is available for up to 90 days.
    The next one, secondary credit, is available to banks that are not sufficiently healthy to have access to primary credit. It is available at a higher rate, features higher haircuts on collateral, and is limited to overnight credit.4
    The third facility, seasonal credit, provides short-term liquidity to smaller institutions that experience sizable seasonal fluctuations in their balance sheets. Typically, these are banks located in agricultural or tourist areas.
    Short-Term Credit Provision across JurisdictionsLooking at central banks’ experiences across jurisdictions provides useful insights about different approaches to providing liquidity.5 Central banks choose a combination of interest rates, collateral requirements, collateral valuation practices, and other design features to encourage usage of facilities while minimizing undesired consequences—in particular, moral hazard. For example, a central bank facility that provides liquidity at an attractive interest rate could be very effective in ensuring that shocks to the financial system do not disrupt the flow of credit but may potentially increase moral hazard. If that facility only accepted a narrow set of high-quality collateral, however, then the moral hazard associated with it could be reduced. Alternatively, the usage of a facility that charges an interest rate above the market rate (a so-called penalty rate) is likely limited, but if the facility accepted a broad range of collateral, usage can be encouraged.6 In these two examples, the counterbalancing choices are with respect to the interest rate charged and the eligible collateral. Different central banks might prefer one approach over the other depending on specific aspects of their frameworks and banking systems.
    Of course, there are challenges in comparing liquidity facilities across jurisdictions given important differences with respect to central banks’ legal authorities, monetary policy frameworks, the size of the economy and financial sector, and institutional structures. This divergence is also true across the four advanced economies that I will consider today: the U.S., the U.K., Japan, and the euro area. There can be large differences in each jurisdiction’s banking sector and central bank balance sheets relative to the size of their economies, highlighting the need to use caution when comparing aspects of their liquidity provision.
    With that caveat in mind, let’s look at the design features of some foreign central bank liquidity facilities that are fairly similar to the Fed’s discount window. As shown in figure 1, the Bank of England (BOE) operates two such short-term facilities: an operational standing facility and a discount window. The operational standing facility features lower rates but restricts acceptable collateral to high-quality, highly liquid sovereign debt. The discount window facility accepts a broader range of collateral but charges a higher rate.
    Which facility an eligible borrower turns to in the U.K. depends on the sorts of collateral that are being pledged. In the U.S., whether an institution has access to primary or secondary credit depends on the condition of the borrower. The BOE monitors borrower conditions, and the Fed also sets haircuts on collateral based on asset riskiness. The differences in design considerations could influence how eligible borrowers integrate these facilities into their regular liquidity management practices.
    The Bank of Japan (BOJ) has two facilities: one that provides overnight loans and another that provides somewhat longer-term funding up to three months. Because the BOJ has been operating a system with a very large supply of reserves for some time, its lending facilities tend not to be used extensively, other than in stress periods.
    The European Central Bank (ECB) operates a marginal lending facility quite similar to the Fed’s discount window. It can meet the idiosyncratic funding needs of individual banks and serves as a ceiling on interbank rates and thus helps the ECB implement monetary policy. This facility is an important element of the ECB framework even though the ECB’s approach to monetary policy implementation involves providing the banking system with a sizable amount of reserves through weekly (repo) lending operations.7
    The international differences show that central banks can accomplish their objectives using facilities with quite different designs. As I noted earlier, one of the vital purposes of a short-term liquidity facility is to be able to provide support to the banking systems during stress. The Fed, the BOE, the BOJ, and the ECB have been able to do so. Figure 2 shows short-term credit provision over time for the four central banks: the BOJ, the green line; the Fed, the black line; the ECB, the blue line; and the BOE, the red line.8 Each line is the monthly short-term credit outstanding as a share of central bank assets in 2019. This figure illustrates a few important points.
    First, at most times, use of the short-term central bank liquidity facilities is modest. Second, central bank provision of short-term liquidity can increase very rapidly during times of stress.9 For example, the Fed and the ECB provided substantial short-term liquidity during the 2007–09 financial crisis. Third, the figure also illustrates that stress is not always global in nature and peak usage does not necessarily coincide. For instance, short-term liquidity provision rose in the euro area during the European sovereign debt crisis that began in late 2009 and peaked in 2012, but it did not increase much in the U.S. Similarly, short-term liquidity provision increased in the U.S. during the March 2023 banking stress episode, but it did not increase in the euro area. I also want to highlight that during stress events, central banks complement their regular short-term standing liquidity facilities with other facilities. Therefore, stress events may not necessarily result in an increase in liquidity provision through a short-term standing facility.
    Now let’s turn to more recent developments. Over the past few years, as central banks have shrunk their balance sheets, liquidity has been gradually reduced, which has made the existing liquidity provision tools more relevant. The BOE and the ECB have indicated that they are moving toward operating frameworks in which short-term liquidity providing repo operations will play a key role.10
    The Fed has stated that it will continue to operate in an ample-reserves regime. In this regime, the primary credit rate is positioned to be slightly above the rate expected to prevail in interbank markets so use of the discount window should typically remain modest. Still, the facility remains available to be used. Figure 3 shows the discount window credit as a share of Fed assets over the past decade. As you can see from this figure, over the past few years, the discount window has been used more than was the case before the pandemic. Increased usage may be due to the discount rate being set closer to private market rates than was the case before the pandemic, the availability of longer maturity loans, and shifts in communication.
    Intraday Credit Provision across JurisdictionsJust as there are differences with respect to the provision of overnight liquidity across central banks, there are also differences in the provision of intraday credit. One difference is with respect to unresolved intraday overdrafts. As I noted earlier, it is possible for banks to incur overnight overdrafts if they fail to take such action as requesting an overnight loan, although overnight overdrafts are not considered business as usual and carry a penalty rate in the U.S., currently set at the primary credit rate plus 400 basis points.11 The BOJ does something quite similar. By charging a high penalty on overnight overdrafts, both the Fed and the BOJ discourage overdrafts.
    In contrast to the Fed and the BOJ, the ECB and the BOE can automatically convert most of the intraday overdrafts into an overnight loan from the business-as-usual facility seamlessly, without action on the part of the bank, against the same collateral at the end of the day.12 That feature creates a greater similarity between intraday credit and overnight credit in those jurisdictions. The relationship between intraday credit and overnight credit is going to be an important one for central banks amid developments in payment systems, including advances in technology and the expansion of payment system operating hours.
    ConclusionToday, I provided an overview of the Fed’s provision of liquidity through the discount window and intraday credit and highlighted some similarities and differences across jurisdictions. In summary, the Fed’s discount window and intraday credit facilities have many features that are similar to those found in other central bank facilities. While differences in institutional, legal, and financial system structures across jurisdictions make central bank short-term lending context specific, looking at the experiences of central banks across other jurisdictions is informative, as central banks share similar goals and face similar challenges when it comes to liquidity provision.
    The Fed is continually assessing and striving to improve the operational aspects of discount window and intraday credit. The Federal Reserve System has made several important advancements to ensure that liquidity provision meets the needs of the 21st century economy. For example, Reserve Banks have worked to streamline the use of electronic files when establishing access to the discount window and made technological advancements in the process for requesting a discount window loan. The Federal Reserve System launched a convenient online portal called “Discount Window Direct” for requesting and prepaying discount window loans that is generally accessible to banks 24–7. To improve familiarity with the discount window, Reserve Banks have conducted outreach to banks and made efforts to guide them in using the program.
    To complement these efforts, the Board issued an RFI last September seeking input on the operations of the discount window and intraday credit. Any issues identified in the responses to the RFI can help the Fed understand further improvements that may promote efficiency and reduce the burden on banks.
    I look forward to hearing insights you may have into central banks’ liquidity facilities and how these issues intersect with the topics that will be discussed at this conference. Thank you!
    ReferencesArseneau, David, Mark Carlson, Kathryn Chen, Matt Darst, Dylan Kirkeeng, Elizabeth Klee, Matt Malloy, Benjamin Malin, Emilie O’Malley, Friederike Niepmann, Mary-Frances Styczynski, Melissa Vanouse, and Alexandros P. Vardoulakis (2025). “Central Bank Liquidity Facilities around the World,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 26.
    Jefferson, Philip N. (2024a). “A History of the Fed’s Discount Window: 1913–2000,” speech delivered at Davidson College, Davidson, North Carolina, October 8.
    Jefferson, Philip N. (2024b). “The Fed’s Discount Window: 1990 to the Present,” speech delivered at the Charlotte Economics Club, Charlotte, North Carolina, October 9.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. I refer to primary credit lending as overnight lending for simplicity even though banks are able to borrow for maturities of up to three months. The vast majority of primary credit lending is overnight. See Jefferson (2024a) and (2024b) for a summary of the evolution of the discount window. Return to text
    3. Examples of assets that may serve as collateral include, but are not limited to, U.S. Treasury securities, investment-grade corporate bonds, U.S. government agency-backed mortgage securities, commercial and industrial loans, commercial real estate loans, agricultural loans secured by farmland, one- to four-family mortgage loans, and auto loans. For more detail on assets that may serve as collateral, please see Federal Reserve Banks (n.d.), “Collateral Eligibility – Securities and Loans,” Discount Window Direct. Return to text
    4. The Fed lends less than the fair market value of the collateral provided to manage the credit risk associated with its lending operations. For example, if a bank needs a loan of $100, a portfolio of securities valued at $200 may be required to be posted if the discount or haircut associated with that portfolio is 50 percent. The difference between the amount that the Fed will lend on a particular asset and the fair market value of that asset reflects the haircut, or margin. These haircuts differ, for instance, with the historical price volatility and credit risk associated with the asset. Information on the haircuts for different assets may be found at Federal Reserve Banks (n.d.), “Collateral Valuation,” Discount Window Direct. Return to text
    5. See Arseneau and others (2025). Return to text
    6. A penalty rate in the Board’s emergency lending regulation is defined as a rate that is higher than the market rate in normal circumstances, affords liquidity in unusual and exigent circumstances, and encourages repayment of the credit and discourages use of the program or facility as the unusual and exigent circumstances that motivated the program or facility recede and economic conditions normalize. See Regulation A—Extensions of Credit by Federal Reserve Banks, 12 CFR pt. 201.4(d)(7) (2024). Return to text
    7. See Isabel Schnabel (2024), “The Eurosystem’s Operational Framework,” speech delivered at the Money Market Contact Group meeting, Frankfurt, Germany, March 14. Return to text
    8. Values in figure 2 represent the marginal lending facility for the euro area, the complementary lending facility for Japan, the operational standing lending facility for the U.K., and primary credit for the U.S. Return to text
    9. See Jefferson (2024a) for a longer historical perspective on the Fed’s liquidity provision over time. Return to text
    10. See, for example, B (2024), “Transitioning to a Repo-Led Operating Framework,” discussion paper (London: BOE, December 9).
    See, for example, Schnabel, “The Eurosystem’s Operational Framework.” Return to text
    11. See Board of Governors of the Federal Reserve System (2023), Federal Reserve Policy on Payment System Risk (PDF), (Washington: Board of Governors), p. 33. Return to text
    12. The BOE is a special case because, for most institutions, intraday overdrafts are seamlessly converted into an overnight loan if the institution signed up to use the operational standing facility in advance. Institutions that have not signed up in advance and end the day with an overdrawn reserve account face an overdraft charge of 2 percent plus the Bank Rate or another rate set at discretion. Return to text

    MIL OSI USA News –

  • MIL-OSI: Hyra Holdings Approves $500M Venture Fund and IPO Roadmap to 2030 at 2025 Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    HANOI, Vietnam, May 19, 2025 (GLOBE NEWSWIRE) — Hyra Holdings, a global technology investment group, today announced the formal approval of the Hyra Combinator Fund, a $500 million venture initiative aimed at accelerating innovation in AI, fintech, and post-quantum security. The decision was made at the company’s 2025 Annual General Meeting (AGM), where shareholders also reaffirmed the group’s IPO roadmap targeting 2030.

    These initiatives mark strategic milestones for Hyra Holdings as it expands its role as a catalyst for frontier innovation in emerging markets.

     

    The 2025 Annual General Meeting marks a strategic turning point in Hyra Holdings’ global expansion journey

    Hyra Combinator Fund: Fueling Deeptech in Emerging Markets

    The Hyra Combinator Fund will operate under a blended capital model, pooling resources from Hyra Holdings, global VC firms, and public–private co-investment platforms. By 2030, the fund aims to back over 150 high-potential startups working in:

    • Decentralized AI infrastructure
    • Next-generation fintech and digital banking
    • Post-quantum cryptography and cybersecurity

    “We’re not just allocating capital—we’re building deep, long-term innovation infrastructure in regions where it’s most needed,” said Chung Tran, Founder & Chairman of Hyra Holdings.

    Shark Pham Thanh Hung Joins as Independent Board Member

    At the AGM, Hyra Holdings also welcomed Mr. Pham Thanh Hung (Shark Hung) as an Independent Board Member, reinforcing the company’s commitment to good corporate governance and strategic capital alignment.

    “My role is to provide independent oversight, promote transparency, and help connect Hyra with domestic and international investment partners. Hyra’s vision in decentralized AI and post-quantum security is both timely and globally relevant,” said Mr. Pham Thanh Hung. 

    IPO Roadmap and Hybrid Holding Model

    Although still a private company, Hyra Holdings has adopted an IPO-ready structure aligned with international standards. The group operates under a Hybrid Holding Model—centralized strategic direction at the parent level with decentralized execution through its product companies.

    The IPO roadmap includes potential listings in Singapore, Dubai, and the United States, with targets for 2030 including:

    • Launch of 9 flagship technology products
    • Expansion into 30+ international markets
    • Development of a decentralized compute infrastructure exceeding 1 billion TFLOPS

    About Hyra Holdings

    Hyra Holdings is a global innovation group founded in 2021 and headquartered in Vietnam, with operations across Southeast Asia, the Middle East, and the United States. The company invests in and builds foundational technologies in decentralized AI, Layer-3 blockchain, fintech, and post-quantum security, combining venture capital strategy with product ecosystem development to enable inclusive and sustainable innovation at scale.

    Media Contact
    Website: https://hyraholdings.com
    Email: press@hyraholdings.com
    LinkedIn: https://linkedin.com/company/hyraholdings

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b2fc09-0e34-4ee7-9c64-bc15fab22f11
    https://www.globenewswire.com/NewsRoom/AttachmentNg/bb9df965-4a79-4a07-a322-821f0112fd53

    The MIL Network –

  • MIL-OSI: Form 8.3 – [GLOBALDATA PLC – 16 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 GLOBALDATA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 16 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.01p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 11,066,280 1.3721    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 11,066,280 1.3721    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.01p ORDINARY SALE 2,000 187.76p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 19 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Viva Gold to Present at the Precious Metals & Critical Metals Hybrid Investor Conference on May 22nd

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 19, 2025 (GLOBE NEWSWIRE) — Viva Gold Corp (TSXV: VAU, OTCQB: VAUCF) (“Viva,” or the “Company”), the 100% owner and developer of the Tonopah Gold Project in Nevada, today announced that the Company’s Chief Executive Officer Jim Hesketh will present live at the Precious Metals & Critical Metals Hybrid Investor Conference, hosted by VirtualInvestorConferences.com, on May 22nd , 2025.

    DATE: May 22nd, 2025
    TIME: 9:30 AM EDT
    LINK: REGISTER HERE

    This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If you would like to attend in-person, please email johnv@otcmarkets.com for an attendee pass. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Successful drilling campaigns that continue to deliver high gold grades at shallow depths
    • Several meaningful catalysts on the horizon, including an updated resource and Preliminary Economic Analysis study
    • Viva plans to begin feasibility work and commence the 12-month permitting process later this year


    About Viva Gold Corp.

    The Tonopah project sits in the middle of gold mining country about a half hour drive south of the Round Mountain mine owned by Kinross Gold and controls a major land position on the prolific Walker Lane Trend in Western Nevada. Viva has built a high confidence gold mineral resource at Tonopah since commencing work in 2018. The Company plans to update the resource model and initiate feasibility study in 2025, both of which are major catalysts and value creation events for shareholders.

    Viva Gold is led by CEO James Hesketh, a 40-year veteran in the mining space who has led the development and construction of eight other mines around the world throughout his career. James has surrounded himself with equally experienced mining professionals both on the management team and the board.

    The Tonopah Gold Project, a potential open pit, heap leach/mill opportunity, has all the hallmarks of a successful mining development project with early access to high grade mineralization, tested gold recovery, and key infrastructure in place. The project is supported by compelling economic PEA study.

    Viva Gold trades on the TSX Venture exchange “VAU”, on the OTCQB “VAUCF” and on the Frankfurt exchange “7PB”. Viva currently has ~145.5 million shares outstanding and boasts a best-in-class management team and board with decades of gold exploration and production experience. The Company is advancing its high-grade Tonopah Gold Project in mining friendly Nevada with the support of several institutional shareholders. More information can be found on https://www.sedarplus.ca and please visit our website: www.vivagoldcorp.com.

    Viva is committed to developing the Tonopah Gold Project in an environmentally and socially responsible fashion. These values are aligned with management’s core values and permeate throughout our decision-making process.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

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

    CONTACTS:

    James Hesketh, President & CEO
    (720) 291-1775
    jhesketh@vivagoldcorp.com

    Graham Farrell, Investor Relations
    (416) 842-9003
    graham.farrell@vivagoldcorp.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network –

  • MIL-OSI: Form 8.3 – [CRANEWARE PLC – 16 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 CRANEWARE PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 16 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,714,350 4.8415    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,714,350 4.8415    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 420 2235p
    1p ORDINARY SALE 300 2242.5p
    1p ORDINARY SALE 315 2259p
    1p ORDINARY SALE 300 2267p
    1p ORDINARY PURCHASE 860 2188.4999p
    1p ORDINARY PURCHASE 4,490 2189.2999p
    1p ORDINARY PURCHASE 3,000 2225p
    1p ORDINARY PURCHASE 3,600 2232.109p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 19 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-Evening Report: Former Canberra diplomat Ali Kuzak dies on the way to Palestine

    Ali Kazak: born Haifa, 1947; died May 17 2025, Thailand

    By Helen Musa in Canberra

    Former Palestinian diplomat and long-time Canberra identity Ali Kazak died on Saturday en route to Palestine.

    Sources at the Canberra Islamic Centre report that he was recovering from heart surgery and died during a stopover in Thailand.

    Kazak was born in Haifa in 1947 and grew up in Syria as a Palestinian refugee. He and his mother were separated from his father when Israel was created in 1948 and Kazak was only reunited with his father in 1993.

    In 1968, while at Damascus University, Kazak had been invited to join the Palestine National Liberation Movement (Fateh) and joined its political wing.

    He migrated to Australia in 1970 where he became the founder, publisher and co-editor of the Australian newspaper, Free Palestine, also authoring among many books, The Jerusalem Question and Australia and the Arabs.

    Kazak was the driving force behind the establishment in 1981 of the Palestine Human Rights Campaign and was appointed by the PLO executive committee as the PLO’s representative to Australia, NZ and the Pacific region.

    In 1982, he established the Palestine Information Office, which was recognised by the Australian government in 1989 as the office of the Palestine Liberation Organisation, and then further recognised in 1994 as the General Palestinian Delegation.

    As Palestinian Ambassador, Kazak initiated the establishment of the NSW State and Australian Federal Parliamentary Friends of Palestine, as well as the Victorian, South Australian and NZ Parliamentary Friends of Palestine.

    Always a passionate advocate, in 1986 he became the first person to call for adjudication by the Australian Press Council of stereotyped reporting of Palestinians.

    After retiring from diplomacy, he became the managing director of the consultancy company Southern Link International, but continued to comment on Palestinian affairs and Gaza.

    His most recent article was published in the Pearls and Irritations: John Menadue’s Public Policy journal on May 16, titled The third Nakba in Israel’s war of genocide: Why does the Albanese government shirk its responsibility?

    Arrangements are being made to return his body from Thailand to Australia for internment.

    Helen Musa is the Canberra City News arts editor. This article was first published by City News.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: G20 Breakfast-Round Table on the Empowerment of Women and Disability Inclusion in the Banking Sector

    Source: Republic of South Africa (video statements-2)

    DWYPD hosts G20 Breakfast-Round Table on the Empowerment of Women and Disability Inclusion in the Banking Sector

    https://www.youtube.com/watch?v=gFpQF5QtQa0

    MIL OSI Video –

  • MIL-OSI United Kingdom: Family Fun day set to celebrate community at Fratton Bridge Centre

    Source: City of Portsmouth

    Portsmouth City Council, through its Business Enterprise Centres, is thrilled to invite residents to a Fratton Family Fun day. This event is a free celebration of community taking place on Saturday 24 May from 11am–3pm at Fratton Bridge Centre which has recently undergone a refurbishment.

    This family event will take over Fratton Bridge Centre and includes Punch & Judy, a mesmerizing magic show, and craft activities alongside face painting, community performances, local history and gaming sessions.  Families are also invited to help create an art installation that will celebrate Fratton’s community.

    The event marks a milestone in the transformation of Fratton Bridge Centre, which was acquired by the Council in September 2023 with support from the Government’s Future High Streets Fund. The centre has since undergone refurbishment, including upgrades to retail spaces, a new welcoming entrance, and the arrival of new businesses and community organisations such as The Pompey Cycle Hub, Fratton Together, the Parenting Network, and the Electric Dreamz interactive technology exhibition centre.

    Cllr Steve Pitt, Leader of the council with responsibilities for economic development said:

    “The refurbishment has re-energised Fratton Bridge Centre.  By working together with community and local business we are committed to revitalising our high streets.  Events like the Fratton Family Fun Day are a great way to bring people together and celebrate the positive changes happening in our city.”

    The refurbishment of Fratton Bridge Centre is part of a wider regeneration effort to enhance the area through improvements to the high street and investments in new homes and employment opportunities.

    Fratton Family Fun is a free event. For programme details visit rediscoverportsmouth.co.uk/fratton-bridge

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Study trip to Finland for representatives of the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Study trip to Finland for representatives of the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan

    Study trip to Finland for representatives of the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan | OSCE
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    Home Newsroom News and press releases Study trip to Finland for representatives of the Ministry of Ecology, Environmental Protection and Climate Change of Uzbekistan

    MIL OSI Europe News –

  • MIL-OSI: Duck Creek Technologies Announces Tyler Jones as Chief Marketing Officer

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, May 19, 2025 (GLOBE NEWSWIRE) — Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces the appointment of Tyler Jones as Chief Marketing Officer (CMO). As CMO, Jones will be responsible for overseeing Duck Creek’s strategic marketing and branding efforts, driving the company’s global expansion and leadership as a provider of P&C insurance software and services.

    “Tyler is a seasoned marketer and leader who understands how to deliver value to our customers and partner ecosystem,” said Mike Jackowski, Chief Executive Officer of Duck Creek Technologies. “He has a wealth of experience building and scaling world-class marketing organizations for cloud-based software companies. I am thrilled to welcome him to the Duck Creek team and look forward to working with him to accelerate our growth and expand our market leadership.”

    With over two decades of experience at the intersection of technology, insurance, and customer experience, Tyler joins Duck Creek from CLARA Analytics, where he led growth initiatives and commercial partnership programs that drive the adoption of AI-powered solutions.

    “I am honored and excited to join Duck Creek at this pivotal time in the insurance industry,” said Tyler Jones. “Duck Creek is a visionary company that is transforming the way insurers operate and serve their customers. I am impressed by the company’s culture, products, and customer-centric approach. I look forward to collaborating with the talented Duck Creek team and partners to amplify our brand, engage our audiences, and drive business outcomes.”

    Tyler held pivotal roles at Kaiser Permanente and AIG, where he spearheaded large-scale digital transformations. At Kaiser Permanente, he led a $250 million multiyear overhaul of the revenue cycle and consumer medical billing systems. As Global Head of Data Strategy at AIG, he focused on leveraging data to inform strategic decisions and enhance customer experiences.

    At CLARA Analytics, Tyler continued to drive customer-centric strategies, ensuring that clients achieved optimal value from the company’s AI platform. His leadership was instrumental in CLARA’s mission to deliver compelling ROI to customers within months of implementation.

    Jones holds an undergraduate degree in marketing from the University of Utah and a Master of Business Administration from the UCLA Anderson School of Management.

    About Duck Creek Technologies 
    Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

    Media Contacts: 
    Marianne Dempsey/Tara Stred
    duckcreek@threeringsinc.com 

    The MIL Network –

  • Viksit Krishi Sankalp Abhiyan: Nationwide Push to Modernise Farming

    Source: Government of India

    Source: Government of India (4)

    In a move to transform Indian agriculture, Union Minister for Agriculture & Farmers Welfare and Rural Development, Shivraj Singh Chouhan announced the launch of the nationwide Viksit Krishi Sankalp Abhiyan, set to run from May 29 to June 12. Addressing a press conference at the National Media Centre, the Minister emphasized that the initiative is a key step towards realizing Prime Minister Narendra Modi’s vision of a developed India through modern, innovative, and sustainable farming practices.

    The campaign will serve as a powerful platform to bridge the gap between research institutions and farming communities, ensuring that scientific advancements reach the grassroots level. Chouhan highlighted that developed agriculture, advanced farming techniques, and empowered farmers are critical pillars in building a developed nation. The Viksit Krishi Sankalp Abhiyan will be conducted biannually before the sowing of Kharif and Rabi crops to promote timely and relevant field-level interventions.

    Under the leadership of the Ministry of Agriculture and the Indian Council of Agricultural Research (ICAR), the initiative aims to enhance food security for India’s 1.45 billion people, promote nutritional food access, increase farmer incomes, and conserve natural resources. The strategy rests on six core pillars: boosting production, lowering input costs, ensuring fair pricing, offering disaster compensation, encouraging crop diversification and value addition, and expanding natural and organic farming.

    This year, India recorded unprecedented agricultural outputs. Kharif rice reached 1206.79 lakh metric tonnes, wheat 1154.30 lakh metric tonnes, maize 248.11 lakh metric tonnes, groundnut 104.26 lakh metric tonnes, and soybean 151.32 lakh metric tonnes. Total food grain production rose from 3157.74 lakh tonnes in 2023–24 to 3309.18 lakh tonnes in 2024–25. These record figures reflect India’s growing agricultural strength and align with the campaign’s vision of turning India into the “Food Basket of the World.”

    The campaign will mobilize ICAR’s 113 research institutes, 731 Krishi Vigyan Kendras (KVKs), agricultural universities, state agriculture departments, farmer-producer organizations (FPOs), and innovative farmers. A total of 2,170 expert teams, each comprising at least four members, will visit over 65,000 villages across 723 districts. These teams will conduct morning, afternoon, and evening sessions with farmers to promote scientific farming methods.

    Field assessments will focus on agro-climatic conditions, soil health, rainfall patterns, and water availability. Using Soil Health Cards, experts will recommend suitable crops, high-yield seed varieties, balanced fertilizer use, and modern sowing techniques. The aim is to reduce farming costs, improve soil health, and enhance productivity through precise and tailored guidance.

    Importantly, the Viksit Krishi Sankalp Abhiyan is envisioned as a two-way engagement. Farmers will be encouraged to share their local challenges, such as pest issues and climate anomalies, which will in turn inform ongoing research. The initiative is expected to directly reach and engage more than 1.3 crore farmers, ensuring that agricultural progress is driven by both scientific expertise and farmers’ insights.

  • Sunflowers emerge as symbols of sustainability and agricultural value

    Source: Government of India

    Source: Government of India (4)

    Sunflowers, long admired for their striking golden petals and towering height, are gaining renewed recognition not just for their beauty, but for their growing importance in agriculture, nutrition, and environmental sustainability. Native to North America, sunflowers have been cultivated for thousands of years, and today they are celebrated as much for their utility as for their vibrant appearance.

    Traditionally associated with positivity and admiration, sunflowers are now being acknowledged as essential contributors to global ecological and agricultural systems. One of their most remarkable traits is heliotropism, the ability of young flower heads to follow the sun’s path across the sky. Mature heads typically face east, optimizing exposure to morning sunlight. Each flower’s central disk is composed of hundreds to thousands of tiny florets, each capable of developing into a seed, while the surrounding yellow petals serve to attract pollinators like bees and butterflies.

    Easy to cultivate and tolerant of drought, sunflowers thrive in full sunlight and well-drained soils, making them a favored crop among farmers and gardeners. The seeds are harvested for various uses. Sunflower oil, known for its light flavor and health benefits, is a popular cooking oil rich in healthy fats, protein, and nutrients. The seeds are consumed directly as snacks or used in bird feed, while the remaining meal from oil extraction serves as a protein-rich livestock feed.

    Beyond the kitchen and the farm, sunflowers are increasingly important in sustainable energy research, with sunflower oil being explored for its potential in biodiesel production. Environmentally, the plant plays a key role in soil improvement through its deep root system and has shown promise in phytoremediation, the process of extracting toxic substances from polluted soil. Additionally, sunflowers help sustain pollinator populations, supporting biodiversity and ecosystem health.

  • MIL-OSI United Kingdom: First St Albans Spring Festival hailed as “a major success”

    Source: St Albans City and District

    Publication date:

    Thousands of people enjoyed a new St Albans City Centre event which has been hailed as “a major success.”

    The first St Albans Spring Festival was a celebration of food, well-being, community spirit and sustainability.

    Among the many attractions were live music, arts and crafts, street theatre and dozens of stalls selling takeaway food, drink and other produce. 

    There were also opportunities to learn, play and create with fun activities.

    The event, on Sunday 18 May, saw St Peter’s Street, Chequer Street and High Street closed to traffic.

    To ensure accessibility, sighted guides and British Sign Language interpreters were  in attendance while there was also priority seating and wheelchair ramps.

    St Albans City and District Council organised the event which was part-funded by the UK Shared Prosperity Fund and sponsored by Code Ninjas, Côte St Albans and Corker Taxis.

    Councillor Anthony Rowlands, Lead for Events, said:

    I am delighted at how well our first Spring Festival was received and have no doubt that it was a major success.

    This was a new City Centre event and the response from our residents and visitors was outstanding. 

    There was a huge turn out with people enjoying the many exciting activities and entertainment that were on offer, much of it free.

    One of our aims was to highlight the District’s thriving hospitality sector and it was pleasing to see so many people sampling their food and drink products at the many stalls that were in operation.

    I would like to thank our events team and our sponsors for making this wonderful event possible and I am sure we will look to bring it back next year. The crowds show there is certainly a demand for it.

    Photos by Stephanie Belton: scenes from the St Albans Spring Festival 2025 including, first below, Cllr Anthony Rowlands (left) helping out with Environmental Health Officer Fatme Kapza.

    Note: The UK Shared Prosperity Fund aims to improve pride in place and increase life chances across the UK by investing in communities and place, supporting local business, and people and skills. 

    For more information, visit: https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus. 

    Media contact:  John McJannet, Principal Communications Officer: 01727- 819533; john.mcjannet@stalbans.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Beach Safety Week 2025

    Source: US National Ocean Service News

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    MIL OSI USA News –

  • MIL-OSI: BIO-key and Cloud Distribution Co. Partner to Expand IAM and Biometric Security Solutions Across the Middle East

    Source: GlobeNewswire (MIL-OSI)

    WALL, N.J. and RIYADH, Saudi Arabia, May 19, 2025 (GLOBE NEWSWIRE) — BIO-key International, Inc. (NASDAQ: BKYI), a global leader in Identity and Access Management (IAM) and biometric authentication solutions, is pleased to announce a strategic partnership with Cloud Distribution Co., a prominent Value-Added Distributor (VAD) headquartered in Saudi Arabia, with operations across the Middle East. Cloud Distribution joins BIO-key’s Channel Alliance Partner (CAP) program to deliver BIO-key’s full suite of IAM and biometric authentication solutions to enterprises and public institutions in Saudi Arabia, the UAE, and across the region. This partnership strengthens BIO-key’s local capabilities while enabling Cloud Distribution to expand its cybersecurity portfolio with innovative, high-impact identity technologies.

    As part of this strategic collaboration, Cloud Distribution Co. has committed dedicated in-country resources to support BIO-key’s expansion in the region. A Pre-Sales Engineer, a Business Development Manager (BDM), and a Project Manager—based in Riyadh—will be part of Cloud Distribution’s team fully focused on BIO-key. This investment reflects Cloud Distribution’s clear bet on BIO-key’s growth and long-term value in the Middle East market, ensuring local expertise, responsive support, and successful deployments.

    Cloud Distribution will lead sales enablement, partner development, and technical execution for the following BIO-key technologies:

    • PortalGuard® – a comprehensive IAM platform supporting MFA, SSO, and centralized access management
    • Passkey:YOU™ – a FIDO2-compliant passwordless solution
    • PIN:You™ – a secure, tokenless, user-friendly PIN-based authentication method
    • WEB-key – a proven biometric engine for strong authentication
    • Identity-Bound Biometrics (IBB) – binding access to the individual, not the device
    • Certified biometric scanners including PIV-Pro and EcoID II

    “We are proud to partner with BIO-key and bring their cutting-edge identity and biometric authentication solutions to our growing portfolio. At Cloud Distribution, we prioritise cybersecurity technologies that address modern threats with innovation and scalability. Our investment in local resources dedicated to BIO-key reflects our belief in their vision and our commitment to delivering value across the region,” said Thamer Abdallah, CEO & Founder of Cloud Distribution Co.

    “Our partnership with Cloud Distribution reflects our dedication to the Middle East—not only through innovative solutions but also through strategic alliances with partners who share our vision. The addition of dedicated Cloud Distribution resources for BIO-key in Riyadh is a smart and impactful move that ensures we remain close to our customers and ready to scale,” said Alex Rocha, International Managing Director at BIO-key.

    About Cloud Distribution Co. (https://dcloud.com.sa)
    Cloud Distribution Co., part of the Ideal Group, is a leading Saudi-based Value-Added Distributor of cybersecurity and infrastructure solutions across the Middle East. Known for its deep technical expertise, local presence, and focus on innovation, Cloud Distribution supports its partner network with best-in-class technologies and services that drive secure digital transformation.

    About BIO-key International, Inc. (www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement
    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

    The MIL Network –

  • MIL-OSI: Patriot Bank Expands Its Board and Senior Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    • Richard Smith, Jeff Seabold and Thedora Nickel elected Directors.
    • Paul Simmons appointed EVP, Chief Credit Officer
    • Nicole L. Wells appointed SVP, Head of Operations
    • Rebecca Mais appointed SVP, High Net Worth and Specialty Deposits
    • Raquel Gillett appointed SVP, Digital Transformation and Risk Analytics

    STAMFORD, Conn., May 19, 2025 (GLOBE NEWSWIRE) — Patriot Bank, N.A. (“Patriot Bank”), the wholly owned subsidiary of Patriot National Bancorp, Inc. (NASDAQ: PNBK), is pleased to announce the election of Richard Smith, Jeffrey Seabold and Thedora Nickel to serve on the Patriot Bank’s Board of Directors and the appointment of the following leaders to the management team:

    • Paul Simmons as Executive Vice President, Chief Credit Officer
    • Nicole L. Wells as Senior Vice President, Head of Operations
    • Rebecca Mais as Senior Vice President, High Net Worth and Specialty Deposits
    • Raquel Gillett as Senior Vice President, Digital Automation and Risk Analytics

    These appointments strengthen Patriot Bank’s leadership team as the organization focuses on delivering exceptional banking services to high-net-worth clients and the fiduciaries who serve them.

    “We are delighted to welcome Richard, Jeff, Teddy, Paul, Nicole, Rebecca, and Raquel to their new roles,” said Steven Sugarman, Chief Executive Officer of Patriot Bank. “Their collective expertise and vision will advance Patriot’s mission to empower our clients while delivering exceptional value to our shareholders.”

    Richard Smith, Director

    Richard Smith brings 40 years of banking expertise, specializing in private banking for high-net-worth individuals. Beginning his career as a banking analyst with Manufacturers Hanover in New York, he later held senior roles at Imperial Bank and Comerica Bank in Southern California. In 2005, Smith founded The Private Bank of California and served as its President. After its sale to Banc of California in 2012, he was named President of Banc of California’s Private Banking Division. Smith serves on the Board of CalPrivate Bank, the Zimmer Children’s Museum, and the Westside Food Bank in Los Angeles.

    “It is a privilege to join Patriot Bank’s Board of Directors,” said Smith. “Patriot Bank’s commitment to serving high net worth clients and their advisors aligns with my passion for fostering strong client relationships.”

    Jeffrey Seabold, Director

    Jeff Seabold is an accomplished entrepreneur, investor, and executive leader with almost 30 years of experience in corporate strategy, business development, and executive management. He has a proven history in real estate finance and commercial banking.

    Mr. Seabold is the Co-Founder and a Director of The Change Company CDFI LLC and Change Lending LLC, a certified Community Development Financial Institution (CDFI) focused on home lending. Previously, Mr. Seabold was the Co-Founder and Executive Vice Chairman of Banc of California, Inc., a publicly traded bank holding company and federally chartered national bank headquartered in Irvine, California. Seabold was also the Founder of CS Financial, Inc., a national mortgage finance company, Co-Founder for Camden Capital Partners, LLC, a bridge & mezzanine real estate lender and servicer, and the Founder of Camden Escrow, Inc., a real estate settlement services provider.

    “I’m proud to join the Board of Directors at Patriot Bank and support its mission of delivering personalized, high-quality banking solutions,” said Seabold. “Throughout my career, I have seen the value of building lasting relationships based on trust, service, and understanding. I look forward to contributing my experience to help Patriot Bank deepen its connection with clients and to build a trusted financial partner for our clients.”

    Thedora Nickel, Director

    Thedora Nickel has over 30 years of banking leadership experience, with deep expertise in domestic and international operations, client service, and organizational transformation. She currently serves as Executive Director of The Change Company and Change Lending. Prior to this role, Nickel was Chief Administrative Officer at Banc of California where she led the strategic direction of key enterprise and operational functions. She previously held several senior leadership positions at Bank of America over a 25-year career, most recently as SVP, Group Operations Executive, overseeing national research, resolution, and reconcilement functions in support of the bank’s bank centers, capture sites, and cash vaults. Earlier, she led the Transaction Services West Region with responsibility for over two thousand employees and five processing units. A certified Six Sigma Executive, Nickel also dedicates her time mentoring MBA students at the University of California, Irvine and serves on the board of The Whole Child, a non-profit organization serving vulnerable families in Los Angeles County.

    “I’m honored to join Patriot Bank’s Board of Directors,” said Nickel. “With my experience driving operational excellence and delivering client-focused solutions, I look forward to helping the organization build a strong foundation for sustainable growth.”

    Paul Simmons, Executive Vice President, Chief Credit Officer

    Paul Simmons is a seasoned banking executive with over 35 years of experience in commercial lending, credit, and financial services. Prior to joining Patriot Bank, Mr. Simmons served as Executive Vice President and Chief Credit Officer of Sunwest Bank, Silvergate Bank and Banc of California. He has overseen all aspects of credit administration, asset quality, and lending operations. He also held senior leadership positions at Citigroup, GE Capital, Apollo Real Estate Advisors, and Zions Bancorporation. A graduate of Brigham Young University, Simmons is recognized for his strategic acumen and breadth of experience.

    “I’m honored to join Patriot Bank as its Chief Credit Officer,” said Simmons. “Over my career, I have been fortunate to lead credit organizations at banks of all sizes — always with a focus on building strong credit cultures, managing risk with discipline, and partnering with lending teams to drive smart, sustainable growth. I am excited to be a part of this high-performing executive team to bring that same approach to Patriot Bank and to contribute to Patriot Bank’s turnaround focused on serving our clients with excellence.”

    Nicole L. Wells, Senior Vice President, Head of Operations

    With over 30 years of experience in banking and financial services, Nicole L. Wells joins Patriot Bank as its Senior Vice President and Head of Operations. She served as Head of Strategic Retail Operations at Santander Bank, N.A. in Greater Boston, a role she started in September 2020. Previously, Ms. Wells served as SVP, Private Banking Operations at Banc of California. Wells also held roles at Bank of America, Countrywide Bank, Western Federal Credit Union, and Citibank. Wells holds an M.P.A. in Public Administration with a focus on Organizational Leadership from California State University-Dominguez Hills and completed the Executive Education Program at Columbia Business School.

    “I am delighted to join Patriot Bank and lead its bank operations,” said Wells. “My experience in driving strategic business enablement, simplification, and process excellence will support the Bank’s commitment to delivering seamless, client-focused services.”

    Rebecca Mais, Senior Vice President, High Net Worth and Specialty Deposits

    Rebecca Mais joins Patriot Bank as its Senior Vice President, High Net Worth and Specialty Deposits. Ms. Mais, bringing over 17 years of experience, leading Private Banking and Non-Profit divisions. Previously, she held leadership roles at Banc of California, Bank of Hope and Commerce Bank, where she specialized in market expansion and developing customized deposit solutions for high-net-worth individuals, centers-of-influence, and specialized sectors, including real estate, entertainment, Institutional Banking, Non-Profits, RIA and Business Management Services. Mais is passionately committed to the families and communities we serve and is the Board Secretary of the Westside Food Bank Non-Profit. She is a highly engaged, results-driven, and client-centric leader who is recognized for her ability to drive deposit growth and foster long-term client relationships. Mais holds an Executive M.B.A. from Pepperdine University’s Graziadio School of Business and a B.S. in Business Administration/Fashion Merchandising from Philadelphia University.

    “It’s a privilege to work with such an incredible team to deliver tailored financial solutions that meet the unique needs of our remarkable clients,” said Mais. “I look forward to building Patriot into a client-focused bank able to empower the communities we serve.”

    Raquel Gillett, Senior Vice President, Digital Transformation and Risk Analytics

    Raquel Gillett joins Patriot Bank as its Senior Vice President of Digital Transformation and Risk Analytics, bringing over 20 years of experience in banking and financial services. Previously, she served in senior roles at The Change Company, COR Clearing, Banc of California, California National Bank, and Southern Pacific. She has led technology-driven process improvements as well as overseen financial controls. Ms. Gillett is highly experienced implementing innovative digital risk and reporting solutions, integrating systems, and optimizing reporting frameworks.

    “I am thrilled to join Patriot Bank to lead its digital transformation, leveraging technology to empower our bankers to serve our clients safely and with operational excellence. Strengthening our risk analytics will allow Patriot to pursue our mission and vision safely and soundly,” Gillett said.

    For more information about Patriot Bank, please visit www.bankpatriot.com.

    Media Contact:

    Kirsten Hoekman
    Patriot Bank, N.A.
    Phone: (203) 252-5905
    Email: khoekman@bankpatriot.com

    The MIL Network –

  • MIL-OSI: 180 Degree Capital Corp. Issues Q1 2025 Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., May 19, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q1 2025 Shareholder Letter:

    Fellow Shareholders,

    As discussed in our press release issued on April 14, 2025, we ended the first quarter of 2025 with a net asset value per share (“NAV”) of $4.42. We are pleased with our performance in Q1 2025, that we believe favorably positions 180 Degree Capital as we continue to make progress on the steps required to complete our proposed Business Combination with Mount Logan Capital Inc. (“Mount Logan”). For those of you who may not have had a chance to listen to our joint call with the team from Mount Logan or to review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. Our excitement for the potential of this transaction to create value for our shareholders has only grown since we announced this proposed Business Combination and conducted this joint call.

    We noted in a press release issued on May 7, 2025, that we filed an amended preliminary joint proxy statement/prospectus on Schedule 14A with the Securities and Exchange Commission (“SEC”) regarding our proposed Business Combination with Mount Logan includes Mount Logan’s financial statements which were prepared in accordance with accounting principles generally accepted in the US, or US GAAP. The conversion of Mount Logan’s financial statements from International Financial Reporting Standards, or IFRS, to US GAAP is an important milestone as now we are in a position to be able to speak freely with current and potential investors regarding historical financial performance and apples-to-apples comparisons of Mount Logan to its publicly traded peers. This conversion to US GAAP also resulted in favorable improvements in historical financial metrics, including an increase in Mount Logan’s reported fee-related earnings in 2024 under IFRS to approximately $9.1 million under US GAAP, and an increase in the reported shareholder equity value of Mount Logan as of December 31, 2024, under IFRS to approximately $104.1 million under US GAAP.

    We believe that the availability of Mount Logan’s US GAAP financial statements will add to the strong indications of support we have received from initial conversations with our shareholders following the filing of our initial joint proxy statement/prospectus in late March 2025. We believe our investors who have signed voting agreements and/or provided indications of support already understood the potential that we believe exists to create significant value for shareholders of 180 Degree Capital through this Business Combination even before Mount Logan’s US GAAP financial statements were available. We appreciate all of this support and patience as we move steadily through the SEC review process, toward the start of soliciting votes, and the ultimate goal of the completion of our proposed Business Combination.

    As mentioned earlier, our belief about the potential of our proposed Business Combination to create significant shareholder value for 180 Degree Capital shareholders has only grown stronger since our initial announcement in January 2025. This belief is amplified by numerous significant shareholders who have voiced their support for our proposed Business Combination to us, as well as new shareholders who were drawn to invest in 180 Degree Capital based on what we believe to be a shared view that our proposed Business Combination is a unique opportunity for future value creation. We continue to believe that converting to an operating company will make 180 Degree Capital’s net asset value a floor for our stock price rather than the ceiling as it is for most closed-end funds. The pro forma combination of our businesses, based on 180 Degree Capital’s net asset value and Mount Logan’s equity value, respectively as of December 31, 2024, less estimated merger-related expenses and other estimated adjustments, yields a combined entity with an estimated shareholder equity value of nearly $140 million. While the ultimate ratio of ownership between 180 Degree Capital and Mount Logan shareholders will be based on 180 Degree Capital’s net asset value at closing of the Business Combination, if the transaction closed on December 31, 2024, the portion of this equity value ascribed to 180 Degree Capital shareholders would equate to more than 180 Degree Capital’s net asset value as of that date. This fact is only one of the multitude of reasons we are so excited about this proposed transaction and its potential opportunity to create meaningful value for 180 Degree Capital’s shareholders.

    To remind everyone of our original views and comments included in our Q4 2024 Shareholder Letter issued on February 14, 2025, Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:

    • Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
    • Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
    • Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
    • Mount Logan is focused on what we believe is the fast-growing market of private credit;
    • We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
    • We believe Mount Logan is significantly undervalued by public market investors.

    For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past 10 months, it became abundantly clear to us that: 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:

    1. Providing a path to a combined entity that, based on combined shareholder equity as of December 31, 2024, and an estimated distribution of ownership as of the date of the announcement of the Business Combination, would result in 180 Degree Capital shareholder’s portion of the combined shareholder equity being higher than our NAV as of the date of signing of the definitive agreement on January 16, 2025, and as of March 31, 2025.

      For those of our investors who feel more comfortable assessing value based on net asset value/book value, we note that publicly traded comparable companies to what would be our combined company often trade at multiples of book value rather than discounts. For those investors who are comfortable or more interested in valuing based on operating company metrics, we believe the valuation of our combined business will be based on a multiple of fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade at significantly higher multiples of operating metrics than the multiple implied by the value of Mount Logan set by the terms of our proposed Business Combination.

    2. Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
    3. Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.

    As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.

    Public Portfolio
    Contribution to Change in NAV
    (Q4 2016-Q1 2025)    		 Legacy Private Portfolio
    Contribution to Change in NAV
    (Q4 2016-Q1 2025)
    +$3.35/share -$2.41/share
      TURN Public Portfolio Gross Total (Excluding SMA Carried Interest) TURN Public Portfolio Gross Total (Including SMA Carried Interest) Change in NAV Change in Stock Price Russell Microcap Index Lipper Peer Group Average
    Inception to Date
    Q4 2016 – Q1 2025    		 +198.7% +218.3% -37.0% -4.1% +44.3% +66.1%

    On a relative basis, our gross total return for Q1 2025 of +4.5% compares favorably to the –14.4% total return for the Russell Microcap Index.1 The difference between our gross total return and our net total return, or change in NAV, of -4.7% to $4.42 as of March 31, 2025, was primarily the result of expenses related to our Business Combination, including almost $300,000 in additional professional fees resulting from the public efforts to derail our proposed Business Combination. Our day-to-day operating expenses declined by over 30% from Q1 2024.

    Public Portfolio Performance in Q1 2025

    The slide below shows the basis for our investment performance in Q1 2025:

    Ticker Symbol Shares Owned @ 12/31/24 Net Shares Purchased (Sold) During Quarter Shares Owned @ 3/31/25 Value @ 12/31/24 Cash (Invested) Received from Sales / Dividends Value @ 3/31/25 Value + Cash Received Total Q/Q Net Change % Change
    ACNT 377,750 (10,890) 366,860 $4,223,245 $133,731 $4,644,448 $4,778,179 $554,934 13.1%
    AREN 992,992 0 992,992 $1,330,609 $0 $1,717,876 $1,717,876 $387,267 29.1%
    AVNW 0 10,200 10,200 $0 ($210,768) $195,534 $195,534 ($15,234) (7.2%)
    BCOV 1,053,580 (1,053,580) 0 $4,583,073 $4,688,431 $0 $4,688,431 $105,358 2.3%
    CVGI 410,000 0 410,000 $1,016,800 $0 $471,500 $471,500 ($545,300) (53.6%)
    IVAC 1,046,597 (1,046,597) 0 $3,558,430 $4,293,141 $0 $4,293,141 $734,711 20.6%
    LTRX 656,139 12,572 668,711 $2,703,293 ($34,949) $1,665,090 $1,665,090 ($1,073,151) (39.2%)
    MAMA 0 20,000 20,000 $0 ($122,552) $130,200 $130,200 $7,648 6.2%
    PBPB 1,091,206 0 1,091,206 $10,279,161 $0 $10,377,369 $10,377,369 $98,209 1.0%
    PBPB/WS 80,605 0 80,605 $351,558 $0 $327,256 $327,256 ($24,301) (6.9%)
    RFIL 472,506 0 472,506 $1,847,498 $0 $2,216,053 $2,216,053 $368,555 19.9%
    SCOR 400,451 0 400,451 $2,338,634 $0 $2,751,098 $2,751,098 $412,465 17.6%
    SNCR 854,788 0 854,788 $8,205,965 $0 $9,308,641 $9,308,641 $1,102,677 13.4%
    SNCR-RS 12,000 12,000 24,000 $103,665 $0 $222,784 $222,784 $119,119 114.9%
    Total Other   $0 ($193,561) $185,350 $185,350 ($8,211) (4.2%)
    Total Public Portfolio $40,541,931 $8,553,473 $34,213,199 $43,328,502 $2,224,746  
    Public Portfolio Gross Total Return (Excluding Carried Interest from SMA) 4.5%
    Public Portfolio Gross Total Return (Including Carried Interest from SMA) 4.5%

    I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it. We also appreciate the time and interest of new shareholders who have become interested in 180 Degree Capital’s common stock because of the proposed Business Combination.

    We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in its future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which time investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives. We look forward to discussing these updates to our preliminary joint proxy statement/prospectus and to having robust conversations with all of our current and potential future shareholders. Feel free to reach out to us at any time and thank you, as always, for your support.

    All the best,

    Kevin M. Rendino
    Chairman and Chief Executive Officer

    The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q1 20251:

      Quarter 1 Year 5 Year Inception to Date
      Q1 2025 Q1 2024- Q1 2025 Q1 2020- Q1 2025 Q4 2016- Q1 2025
    TURN Public Portfolio Gross Total Return
    (Excluding SMA Carried Interest)    		 4.5% 5.6% -6.8% 198.7%
    TURN Public Portfolio Gross Total Return
    (Including SMA Carried Interest)    		 4.5% 0.8% 43.8% 218.3%
             
    Change in NAV -4.7% -14.3% -30.5% -37.0%
             
    Change in Stock Price 8.2% -7.5% -2.6% -4.1%
             
    Russell Microcap Index -14.4% -7.0% 76.1% 44.3%
    Russell Microcap Growth Index -17.8% -5.0% 43.5% 29.6%
    Russell Microcap Value Index -11.3% -6.0% 106.7% 57.7%
    Russell 2000 Index -9.5% -4.0% 86.2% 65.3%
    Lipper Peer Group -10.1% -6.6% 113.2% 66.1%


    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 14, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 13, 2025, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://www.sedarplus.com. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

    The MIL Network –

  • MIL-OSI: Nuvini Group Announces Participation in the Sidoti Micro-Cap Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) — Nuvini Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), a leading acquirer of private B2B SaaS companies in Latin America, today announced that management will participate in the Sidoti Virtual Micro-Cap Conference being held on May 21-22, 2025.

    Nuvini Chief Executive Officer and Founder Pierre Schurmann will present virtually on Thursday, May 22 at 8:30a.m. Eastern Time. A link to the webcast and associated presentation materials can be accessed here and through the Company’s investor relations website.

    Additionally, management will be available for one-on-one meetings throughout the conference. To schedule a one-on-one meeting with Nuvini’s management please contact your Sidoti conference representative or reach out to investor relations at NVNI@mzgroup.us.

    About Nuvini
    Headquartered in São Paulo, Brazil, Nuvini is Latin America’s leading private serial acquirer of B2B SaaS companies. The company focuses on acquiring profitable, high-growth SaaS businesses with strong recurring revenue and cash flow generation. By fostering an entrepreneurial environment, Nuvini enables its portfolio companies to scale and maintain leadership within their respective industries. The company’s long-term vision is to buy, retain, and create value through strategic partnerships and operational expertise.

    Investor Relations Contact
    Sofia Toledo
    ir@nuvini.co

    MZ North America
    NVNI@mzgroup.us

    The MIL Network –

  • MIL-OSI: Enphase Energy Launches IQ Energy Management Solution in France

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., May 19, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today introduced IQ® Energy Management that integrates with Enphase solar and battery systems to enable smart management of variable electricity rates and select third-party electric vehicle (EV) chargers, heat pumps, and resistive electric water heaters in France. Homeowners can save money and maximize self-consumption through artificial intelligence (AI)-driven management of key home energy appliances – all controlled from the Enphase® App.

    In France, electrification is booming, with EV deployments up 400% since 2020 and a goal to manufacture one million new heat pumps by 2027. Recent data also shows that approximately 40% of all homes in France – 15 million homes – use electric water heaters, which can represent up to 20% of a household’s energy consumption. The IQ Energy Management solution consists of the IQ® Energy Router™ suite of products which comes with a 5-year warranty in France and works with leading EV chargers, heat pumps, and resistive electric water heaters.

    “Enphase’s IQ Energy Management is a smart solution for managing key home appliances more efficiently,” said Ludovic Vallée, general manager at Sun7, an installer of Enphase products in France. “It helps our customers maximize their solar energy use by intelligently managing EV chargers, heat pumps, and water heaters, ultimately helping users lower their energy costs and boosting energy independence.”

    “As more homeowners in France turn to smart energy solutions, they’re looking for flexibility and savings,” said Kevin Arteaga, manager at SAS Les Panneaux Solaires, an installer of Enphase products in France. “IQ Energy Management with the IQ Energy Router gives them the tools to better manage when and how they use electricity, helping them get the most out of their solar energy systems.”

    “This is a major step forward for smart energy solutions for residential homes in France,” said Alexandre Sibut, co-manager at Activ’Environnement 38, a Platinum level installer of Enphase products in France. “With significant annual savings potential on electricity bills, IQ Energy Management helps our customers to improve their self-consumption rate by steering excess production to critical energy needs and thus optimizing their solar investment.”

    “As part of our vision for smarter, more flexible energy management, we’re proud to offer homeowners in France a powerful solution to get more value from their solar,” said Sabbas Daniel, senior vice president of sales at Enphase Energy. “IQ Energy Management makes it possible to optimize electricity usage across key appliances using the Enphase App, driving savings, self-consumption, and energy resilience – all from one intelligent system.”

    For more information, please visit Enphase’s website for IQ Energy Management and the IQ Energy Router suite of products in France.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; Enphase Energy’s expectations of homeowners’ ability to save money and maximize self-consumption through the intelligent management of these key home electricity appliances and statements regarding the timing and availability Enphase Energy’s products in France. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Circuits Integrated Hellas Launches Game-Changing Kythrion Satcom Chipset

    Source: GlobeNewswire (MIL-OSI)

    ATHENS, Greece, May 19, 2025 (GLOBE NEWSWIRE) — Circuits Integrated Hellas (CIH), a pioneering innovator in advanced satellite communication (Satcom) technology, today launched Kythrion™, its revolutionary chipset platform engineered to transform the satellite communications (Satcom) landscape. Designed from the ground up to meet the extreme demands of modern aerospace, defense, and connectivity networks, Kythrion sets new benchmarks for performance, miniaturization, and sustainability in flat panel antenna (FPA) design.

    Kythrion is the first integrated solution that combines transmit, receive, and antenna functionality within a proprietary 3D antenna-in-package (AiP) and system-in-package (SiP) architecture. By vertically stacking compound III-V semiconductors like gallium arsenide (GaAs) and gallium nitride (GaN) with silicon technologies, Kythrion delivers over 60% reduction in antenna size, weight, power and cost (SWaP-C), while increasing thermal performance—without the need to overhaul existing manufacturing infrastructure.

    Kythrion addresses the limitations of legacy flat panel phased array antennas, which often account for up to 20% of satellite payload mass and introduce design trade-offs in size, cost, and power. By eliminating unnecessary PCB layers and consolidating RF, logic, and antenna elements in a dense 3D chip, Kythrion enables Satcom operators to do more with less—fitting more advanced sensors on Earth observation platforms, including low Earth-orbit (LEO) satellites, extending mission lifetimes, and reducing launch costs.

    “There is nothing else like Kythrion on the market today,” said Paolo Fioravanti, CIH co-founder and CEO. “It’s a true game-changer—engineered to improve FPA performance; to fundamentally reshape how Satcom platforms are designed, deployed, and scaled; and to contribute to environmental change efforts by enabling better, more consistent capture and analysis of Earth observation data.”

    Users of Earth observation platforms face shrinking data windows and urgent demand for real-time, high-throughput connectivity. With up to 20x bandwidth improvements and dramatic mass reduction, Kythrion empowers satellite operators to integrate more sophisticated payloads—such as high-resolution sensors, multispectral imaging systems, or artificial intelligence (AI)-driven analytics—without requiring larger spacecraft or booster upgrades.

    Kythrion also represents a breakthrough in sustainable design. By leveraging existing semiconductor materials and infrastructure, the platform avoids costly capital-intensive retooling and minimizes carbon-intensive manufacturing inputs. This reuse-first approach aligns with growing industry and government calls for climate-conscious innovation in space technologies.

    “Kythrion is not about reinventing the wheel—it’s about reengineering how we use it,” said Giannis Kontogiannopoulos, CIH co-founder and CTO. “From the materials we source to the missions we enable, we’re making it possible to scale Satcom capabilities sustainably, affordably, and globally. Kythrion positions CIH as a true enabler for next-gen satellite technology.”

    CIH is making Kythrion available as a flexible platform that supports chip sales, design-for-license engagements, or custom integration. The platform is currently undergoing packaging and stress validation, with early-stage demonstrators expected in late Q3 2025 and general availability in Q2 2026. Patent protections are in place for Kythrion’s core design and packaging architecture, with additional filings in development to cover future enhancements.

    CIH executives will be available to meet with attendees interested in learning more about Kythrion and its implications for the future of Satcom technology during Space Meetings Veneto, May 20-22, in Venice, Italy, in Startup Booth 7. CEO Paolo Fioravanti will also present a workshop at the conference, titled “Evolution of SATCOM and Next Hardware Leap in the Eye of a Start-Up,” on Wednesday, May 21, at 10 a.m.

    For more information or to schedule a meeting at the event, contact CIH: info@circuitsintegrated.com.

    About Circuits Integrated Hellas
    Headquartered in Athens, Greece, CIH is revolutionizing space communications with advanced semiconductor technologies, merging III-V materials and silicon in groundbreaking 3D IC stacks for flat panel antennas (FPAs). Focused on miniaturization, cost efficiency, and unparalleled performance, CIH enables next-generation satellite connectivity, powering a future where seamless global communication knows no boundaries. For more information, visit circuitsintegrated.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/52d6a2ec-89d3-4ca1-aa0a-56be05437b5e

    The MIL Network –

  • MIL-OSI: Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Fourth Fiscal Quarter and Provides April Net Asset Value Update

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 19, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (NasdaqGS: OXLCG) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information:

    • As previously announced, on March 26, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    July 31, 2025 July 17, 2025 July 31, 2025 $0.09
    August 31, 2025 August 15, 2025 August 29, 2025 $0.09
    September 30, 2025 September 16, 2025 September 30, 2025 $0.09
     
    • Net asset value (“NAV”) per share as of March 31, 2025 stood at $4.32, compared with a NAV per share on December 31, 2024 of $4.82.
    • In addition, management’s unaudited estimate of the range of the NAV per share of our common stock as of April 30, 2025, is between $3.98 and $4.08. This estimate is not a comprehensive statement of our financial condition or results for the month ended April 30, 2025. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by our Board of Directors. We advise you that our NAV per share for the quarter ending June 30, 2025 may differ materially from this estimate, which is given only as of April 30, 2025. See additional information under “Supplemental Information Regarding April Net Asset Value Estimate” below.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), was approximately $75.4 million, or $0.18 per share, for the quarter ended March 31, 2025.
    • Our core net investment income (“Core NII”) was approximately $95.8 million, or $0.23 per share, for the quarter ended March 31, 2025.
      • Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
      • We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
    • Total investment income for the quarter ended March 31, 2025 amounted to approximately $121.2 million, which represented an increase of approximately $6.7 million from the quarter ended December 31, 2024.
      • For the quarter ended March 31, 2025 we recorded investment income as follows:
        • Approximately $115.3 million from our CLO equity and CLO warehouse investments, and
        • Approximately $5.9 million from our CLO debt investments and other income.
    • Our total expenses for the quarter ended March 31, 2025 were approximately $45.8 million, compared with total expenses of approximately $42.0 million for the quarter ended December 31, 2024.
    • As of March 31, 2025, the following metrics applied (note that none of these metrics represented a total return to shareholders):
      • The weighted average yield of our CLO debt investments at current cost was 15.9%, down from 16.6% as of December 31, 2024.
      • The weighted average effective yield of our CLO equity investments at current cost was 15.9%, down from 16.1% as of December 31, 2024.
      • The weighted average cash distribution yield of our CLO equity investments at current cost was 20.5%, down from 23.9% as of December 31, 2024.
    • For the quarter ended March 31, 2025, we recorded a net decrease in net assets resulting from operations of approximately $120.8 million, or $0.28 per share, comprised of:
      • NII of approximately $75.4 million;
      • Net realized losses of approximately $8.5 million; and
      • Net unrealized depreciation of approximately $187.7 million.
    • During the quarter ended March 31, 2025, we made additional investments of approximately $526.2 million, and received approximately $136.0 million from sales and repayments of our CLO investments.
    • For the quarter ended March 31, 2025, we issued a total of approximately 60.7 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $300.5 million. As of March 31, 2025, we had approximately 453.2 million shares of common stock outstanding and as of April 30, 2025, we had approximately 467.3 million shares of common stock issued and outstanding.
    • On May 15, 2025, our Board of Directors declared the required monthly dividends on our 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
    Preferred
    Shares Type    		 Per Share
    Dividend
    Amount
    Declared    		 Record Dates Payment Dates
    6.25% – Series 2027   $ 0.13020833   June 16, 2025, July 17, 2025, August 15, 2025 June 30, 2025, July 31, 2025, August 29, 2025
    6.00% – Series 2029   $ 0.12500000   June 16, 2025, July 17, 2025, August 15, 2025 June 30, 2025, July 31, 2025, August 29, 2025
    7.125% – Series 2029   $ 0.14843750   June 16, 2025, July 17, 2025, August 15, 2025 June 30, 2025, July 31, 2025, August 29, 2025

    In accordance with their terms, each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.

    Supplemental Information Regarding April Net Asset Value Estimate

    The fair value of the Company’s portfolio investments may be materially impacted after April 30, 2025 by circumstances and events that are not yet known. To the extent the Company’s portfolio investments are impacted by market volatility in the U.S. or worldwide, the Company may experience a material impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the financial condition of its portfolio investments. Investing in our securities involves a number of significant risks. For a discussion of the additional risks applicable to an investment in our securities, please refer to the section titled “Risk Factors” in our prospectus and the section titled “Principal Risks” in our most recent annual report or semi-annual report, as applicable.

    The unaudited estimate of the range of the NAV per share of our common stock as of April 30, 2025 included in this press release (the “preliminary financial data”) has been prepared by, and is the responsibility of, Oxford Lane Capital Corp.’s management. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.

    Supplemental Information Regarding Core Net Investment Income 

    We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

    Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). 

    Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

    The following table provides a reconciliation of GAAP NII to Core NII for the three months ended March 31, 2025:

      Three Months Ended  
    March 31, 2025  
      Amount   Per Share  
    Amount  
    GAAP net investment income…………………………………………   $ 75,354,120      $ 0.18   
    CLO equity adjustments……………………………………….………   20,458,574      0.05   
    Core net investment income……………………………………………   $ 95,812,694      $ 0.23   
                 

    We will host a conference call to discuss our fourth fiscal quarter results today, Monday, May 19, 2025 at 9:00 AM ET. Please call 1-833-470-1428, access code number 818188 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 138532.  

    A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 

    About Oxford Lane Capital Corp. 

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties.  Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI: TORRAS Redefines the iPhone Case Market with Ostand, OAir, and OFitness Series — A Fusion of Design, Durability, and Intelligent Functionality

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 19, 2025 (GLOBE NEWSWIRE) — TORRAS, a global leader in premium mobile accessories, is once again setting new industry benchmarks with its latest iPhone case lineup, blending aesthetic elegance, user-first innovation, and intelligent engineering. The recently launched Ostand, OAir, and OFitness series for the iPhone 16 Pro/Pro Max are drawing enthusiastic praise from users and tech experts alike, firmly cementing TORRAS’s position as a brand that doesn’t just protect devices—it elevates lifestyles.

    From magnetic stands that outsmart Apple’s own ideas to rugged, fashion-forward finishes designed for movement and self-expression, TORRAS’s new collection is designed for the modern, on-the-go individual who refuses to compromise between form and function.

    Stylish Protection with a Purpose: The Ostand Series
    Leading the charge is the TORRAS Ostand Case, which has been dubbed by Yanko Design as the “magnetic twist Apple didn’t think of.” With an integrated SnapMag™ ring stand, the Ostand offers 360° rotation and 180° foldability, allowing users to prop up their phones for video calls, streaming, or workouts—without sacrificing wireless charging compatibility.
    Android Central recently called it “the best-looking iPhone 16 Pro Max case yet,” praising its ultra-slim profile and premium materials that make the case feel like a natural extension of the iPhone’s design language.

    Built with military-grade shock absorption and TORRAS’s signature X-SHOCK 3.0 corner cushions, the Ostand series combines minimalist aesthetics with uncompromising protection.

    Ultra-Lightweight, Ultra-Breathable: The OAir Series
    Designed for users who crave sleekness without sacrificing durability, the OAir Case reimagines what a super lightweight protective case can be. Weighing just 28g, featuring a dual-layer structure reinforced with aerospace-grade materials. Inspired by the cushioning technology of air-cushioned running shoes, this TORRAS phone case features integrated air pockets within its protective layer for enhanced shock absorption.

    As noted by AppleInsider, the OAir is “rugged, colorful, and versatile,” delivering both durability and creative color combinations that suit a variety of personal styles. Whether for urban commuters or casual creators, the OAir hits the sweet spot between bold expression and trustworthy defense.

    Built for Movement: The OFitness Case
    For users who are constantly on the move, TORRAS introduces the OFitness Case, tailored for athletes, outdoor enthusiasts, and fitness-minded professionals. With a built-in magnetic stand and breathable air channels, this case is optimized for sweaty workouts, fast-paced lifestyles, and ergonomic comfort.

    According to SlashGear, the OFitness is “stylish and practical”—built not just to keep up with your routine, but to enhance it. The case is sweat-resistant, textured for grip, and integrates seamlessly with MagSafe accessories and fitness mounts.

    Technology + Lifestyle: A Design-Driven Approach
    All three case series exemplify TORRAS’s growing focus on “Human-Tech Design”—a philosophy that combines smart materials, thoughtful ergonomics, and future-facing features to create products that feel intuitive and indispensable.

    “We’ve always believed that the best technology is invisible—it enhances your experience without drawing attention to itself,” said at TORRAS. “With the Ostand, OAir, and OFitness series, we’re delivering accessories that are not only functional and protective, but emotionally resonant with how people live, move, and create today.”

    Available Now
    The Ostand, OAir, and OFitness series are now available globally on TORRAS’s official website, Amazon, and select retail partners. The collection supports：
    OAir：iPhone 16promax iPhone16 pro、iPhone15promax;
    OFitness: iPhone16, 16 pro, 16 promax & iPhone15pro，iPhone15 promax

    About TORRAS Founded in 2012, TORRAS is a global lifestyle brand driven by innovation, quality, and user experience. With over 300 patents and a presence in more than 40 countries, TORRAS is committed to reimagining everyday technology accessories through bold design and intelligent function.

    Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46970882-0db2-4620-8442-8ebc3a530248
    https://www.globenewswire.com/NewsRoom/AttachmentNg/4894eb80-7679-42ec-81a0-258a394fd553
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0119200d-9b01-49e6-aa0f-693e83c1200f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2161512d-d19b-46b7-9baa-54d4678f857e

    The MIL Network –

  • MIL-OSI Europe: VATICAN – “Paths of Hope” in the Missionary World: Liberation from Old and New Slavery

    Source: Agenzia Fides – MIL OSI

    Vatican City (Agenzia Fides) – “We missionaries are called to set out on a journey to be artisans of hope and to restore dignity to people whose dignity and freedom have been violated,” said Comboni Missionary Maria Rosa Venturelli (SMC), who last Thursday presented the third event of the “Paths of Hope” cycle in the “ad gentes” mission, with the theme “The Path of Liberation from Old and New Slavery.”The initiative, born from the collaboration between the Pontifical Missionary Union (PUM) and the Secretariat for Missionary Animation of the Lazio Region (SUAM LAZIO), is intended as a path of missionary spirituality during the Holy Year, which will culminate in October with the Jubilee of the Missionary World (see Fides, 24/3/2025). The protagonists of this third event were the testimonies. The meeting, held in the Roman Basilica of the Holy XII Apostles in Rome, was opened by Father Marc Nsanzurwimo, of the Missionaries of Africa (White Fathers), who addressed the topic from a historical perspective, recalling the massive campaign against slavery called for by Pope Leo XIII and entrusted by him to Cardinal Lavigerie, then Archbishop of Algiers.”Around the 19th century, Pope Leo XIII took the initiative to abolish slavery in Africa. He entrusted this delicate task to Cardinal Lavigerie, Archbishop of Algiers, and launched a large-scale campaign against slavery involving influential political and ecclesiastical leaders and other actors in Europe and on both sides of the Mediterranean,” Father Nsanzurwimo emphasized in his report. “His strategy consisted of organizing visits to major European capitals, holding conferences, and involving the media.”Father Prosper Harelimana, Coordinator for Justice, Peace, Integrity of Creation, Encounter and Dialogue of the White Fathers, outlined the current situation: “Sometimes we are led to believe that slavery is a thing of the past. But today, around 50 million people around the world live in slavery, especially women and children,” he said. “We White Fathers work together with governmental, non-governmental, and religious organizations and other people of good will. In Uganda, for example, a project was launched to reach out to victims of human trafficking, to talk to them, and to listen to them.” The topic of “Protection and Care for Vulnerable People in a Missionary Context” was also discussed during the meeting, which was moderated and summarized by Father Dinh Anh Nhue Nguyen (Ofm Conv), Secretary General of the Pontifical Missionary Union. Father Romuald Uzabumwana (SAC) reported on the work of the Pallottines, who are active in eleven African countries: “When you go on mission, you meet children and people in need, who are the most vulnerable,” said Father Uzabumwana, who also analyzed the various forms of abuse in his report. “Protection and care for the vulnerable are at the heart of the Church’s mission, and we missionaries are invited to be the oil of consolation and the wine of hope for these people who suffer in body and soul, as Pope Francis taught us in his message for World Mission Day 2025.”The next meeting is scheduled for September 16 on the theme “The Path to Restoring Divine Dignity to Every Person and Every Creature.” (EG) (Agenzia Fides, 19/5/2025)
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  • MIL-OSI Europe: ASIA/INDONESIA – The Diocese of Timika has a new bishop: He is the second indigenous bishop

    Source: Agenzia Fides – MIL OSI

    Monday, 19 May 2025

    Timika (Agenzia Fides) – As part of a week of prayer and celebration, the Diocese of Timika welcomed the arrival of the new Bishop, Bernardus Bofitwos Baru, who took possession of his diocese with a solemn Mass in the cathedral, after the bishopric had been vacant for five years (since the death of Bishop John Philip Saklil). An important moment for the local Church: Bishop Baru is the second indigenous priest to receive episcopal ordination, after the Bishop of the Diocese of Jayapura, Yanuarius Natopai Tu, who was ordained in February 2023. He is also the first Augustinian to be appointed bishop in Indonesia.The ordination, accompanied by traditional songs and dances, took place last Wednesday, May 14, with the laying on of hands by the Apostolic Nuncio to Indonesia, Archbishop Piero Pioppo, in the Cathedral Church of the Three Kings in Timika.A total of 33 bishops and approximately 10,000 Catholics participated in the ordination service. Local authorities, including the Governor of Southwest Papua, Elisa Kambu, were also present. “This ordination is a sign of the Holy See’s great concern for the Catholic faithful in Papua,” said the Apostolic Nuncio, later reaffirming the local Church’s commitment to promoting peace in the region. In his first message as bishop, Baru thanked the faithful and announced what would be the cornerstones of his episcopal ministry: listening, dialogue, and cooperation. “We can continue what the first Bishop of Timika, John Philip Saklil, has already begun. Our relations must be based on love, friendship, and human exchange. We are called to open doors for one another,” he added, urging the faithful to cooperate with local traditions and authorities to build peace in the region.The day after his episcopal ordination, Bishop Baru celebrated his first pontifical Mass in the Cathedral of the Three Kings in Timika. During the celebration, the priests, diocesan priests, and religious ministers serving in this land renewed their priestly vows. (F.B.) (Agenzia Fides, 19/5/2025)
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  • MIL-OSI Europe: AMERICA/PARAGUAY – In an atmosphere of celebration, joy and gratitude, the Daughters of Mary Help of Christians celebrated 125 years of presence in the country

    Source: Agenzia Fides – MIL OSI

    Monday, 19 May 2025

    FMA

    Asunción (Agenzia Fides) – On April 29, 2025, the Daughters of Mary Help of Christians (FMA), together with young people, lay people and the Salesian Family, celebrated the 125th anniversary of the arrival of the first nine FMA, who arrived in Paraguay with great zeal and apostolic spirit on April 30, 1900, to dedicate themselves to the education of children.”The first nine missionaries who came to Paraguay were moved by the missionary zeal that Christ had awakened in Don Bosco and Mother Mazzarello, and felt the passion and fervent desire to transmit the faith…” said Father Néstor Ledesma, Provincial of the Salesians of Don Bosco of the Province of the Assumption (PAR), in his homily at the solemn Eucharistic celebration. “These first sisters, as the light of Christ, not only showed the way, but were and are the powerful force that transforms hearts and leads people to God.” The event, according to the statement issued by the FMA, took place in an atmosphere of festivity, joy, and gratitude, in which the legacy of education, faith, and hope was celebrated together. Several religious communities in Paraguay participated in the celebrations and expressed their solidarity and joy at this historic milestone. Delegates from communities of the FMA from across the country were also present. This anniversary was not only religious in nature, but was also celebrated at the municipal and national levels. The City Council of Asunción declared it of interest to the city and highlighted the educational and evangelizing commitment of the FMA, while the Chamber of Deputies emphasized the national and cultural interest and recognized the missionaries’ contribution to the integral development of Paraguayan youth. Cardinal Adalberto Martínez Flores, Metropolitan Archbishop of Asunción, and Provincial Superior Ángeles Grassi also conveyed their congratulations on behalf of the Archdiocese and the Province of the Immaculate Conception (URU) of Uruguay. (AP) (Agenzia Fides, 19/5/2025)
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  • MIL-OSI Europe: ASIA/HONG KONG – Cardinal Chow: Pope Leo has been to China several times and is familiar with Chinese culture and reality

    Source: Agenzia Fides – MIL OSI

    Monday, 19 May 2025

    Hong Kong (Agenzia Fides) – Before becoming Successor of Peter, Robert Francis Prevost “visited China several times and got to know the Chinese culture and reality.” This is what Jesuit Cardinal Stephen Chow Sau-yan, Bishop of Hong Kong, said in a video interview with Kung Kao Pao, the weekly newsletter of the Diocese of Hong Kong, following the election of Pope Leo XIV.The video interview is published on the diocesan bulletin website (周守仁樞機盼襄助教宗 落實共議同行 陪伴弱小者 | 本期公教報 | 天主教香港教區週報). Furthermore, Cardinal Chow recounts: “As Cardinal John Tong, Bishop Emeritus of Hong Kong, did in the past when he brought a statue of Our Lady of Sheshan to Pope Francis, following his example, I too gave a small statue of Our Lady of Sheshan to the new Pope, imploring him not to forget the Church in China and the Chinese people. He nodded his head to indicate that he will not forget the Church and the Chinese people,” the Jesuit cardinal added. “I believe he will gladly continue the direction followed by Pope Francis…”Bishop Stephen Chow was created a Cardinal in the consistory of September 30, 2023, along with then-Archbishop Prevost.Cardinal Chow has also expressed his desire to assist the Pope, especially in giving a voice to the weak. He trusts that the Pontiff “will take into account the multicultural nature of Asia. He has visited China on several occasions and has learned about its culture and reality. And he is said to share Pope Francis’ approach to China, which includes communication and dialogue.”“Pope Leo XIV is the man the cardinals considered good for the Church and for the world.” And with great joy, “the cardinals have elected a Pope who willingly listens.” Looking to the future, Cardinal Chow reiterated his “desire to collaborate in the Pope’s mission,” starting with “Hong Kong, where, together with the laity, we will accompany above all the marginalized and the weak, listening to their difficulties and cries, as the new Pope does.” (NZ) (Agenzia Fides, 19/5/2025)
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