Category: Economy

MIL-OSI Security: Fentanyl Trafficker Sentenced to 165 Months for Bringing Thousands of Counterfeit Oxycodone Pills into the District

Source: Office of United States Attorneys

WASHINGTON – Craig Eastman, 21, of Washington D.C., was sentenced today in U.S. District Court to 165 months in federal prison for participating in a massive fentanyl trafficking conspiracy that distributed hundreds of thousands of fentanyl-laced counterfeit oxycodone pills from Southern California to destinations throughout the United States, including the District. Eastman was one of more than two dozen co-defendants arrested over the course of 2023 in D.C., Virginia, Maryland, San Diego, and Los Angeles and charged in the conspiracy.

The sentence was announced by U.S. Attorney Edward R. Martin, Jr., DEA Special Agent in Charge Ibrar A. Mian of the Washington Division, Inspector in Charge Damon E. Wood of the U.S. Postal Inspection Service Washington Division, and Chief Pamela Smith of the Metropolitan Police Department.

Eastman pleaded guilty on July 25, 2024, to conspiring to distribute 400 grams or more of fentanyl. In addition to the 165-month prison term, U.S. District Judge Colleen Kollar-Kotelly ordered Eastman to serve five years of supervised release.

The impetus for this investigation was the overdose death of Diamond Lynch, a young mother in Southeast D.C. In addition to investigating and prosecuting the death-resulting case,[1] law enforcement followed the evidence and uncovered a vast network of traffickers who transported fentanyl from Mexico to Los Angeles to the District of Columbia. Since then, investigators have seized more than 450,000 fentanyl pills, 1.5 kilograms of fentanyl powder, and 30 firearms.

According to court documents, Eastman entered into the conspiracy after he was introduced to a Los Angeles-based drug trafficker, who was a distributor of fentanyl-laced counterfeit oxycodone pills. Eastman traveled to Southern California to purchase the fake oxycodone from the L.A. supplier and returned to the District with the drugs. Eastman and his co-conspirators employed two primary methods to transport the pills to the District: they smuggled them in luggage or carry-on items on airline flights, or they shipped the pills utilizing the U.S. Postal Service and commercial mail carriers

After transporting the fentanyl-laced pills back to the District of Columbia, Eastman redistributed them for profit, primarily in collaboration with a co-defendant. Two redistributors of the pills were his siblings, Larry and Justice Eastman, who later were convicted of conspiracy to distribute and possess with intent to distribute fentanyl. Ms. Lynch was a customer of Larry and Justice Eastman.

Craig Eastman not only knew of Ms. Lynch’s overdose death, but proceeded to attempt to sell the batch of pills that included Ms. Lynch’s fatal dose at a discount rather than simply destroy them and incur the financial loss. Specifically, the month after Ms. Lynch’s overdose death, Craig Eastman marketed the same bulk supply of pills that included Ms. Lynch’s fatal dose. Craig Eastman informed a prospective customer that he “caught a bad batch of some 30s,” and asked the customer to “see if [he] got somebody to sell em to[,] I got endless.”

Craig Eastman also had been found in residences containing firearms on multiple occasions. On September 1, 2021, law enforcement searched Craig Eastman’s residence in the 2300 block of Raynolds Place SE. Agents found him inside his bedroom, along with 204 fentanyl-laced counterfeit oxycodone pills, multiple firearms and accompanying magazines and ammunition, as well as several thousand dollars in cash. On December 4, 2021, officers searched Eastman’s residence and recovered four firearms, about $1,700 in cash, and distribution quantities of fentanyl-laced counterfeit oxycodone pills. In his bedroom specifically, officers found a Glock 17 equipped with a high-capacity magazine and a machine gun conversion device, along with fentanyl-laced counterfeit oxycodone pills. When Craig Eastman was arrested along with co-defendant Charles Taylor on March 22, 2023, in a stash house in the District, officers recovered seven firearms (including one machine gun), assorted ammunition, more than a dozen pounds of marijuana, and a pill bottle containing fentanyl-laced counterfeit oxycodone pills.

DEFENDANT	AGE	LOCATION	CHARGES/SENTENCE
Hector David Valdez, aka “Curl”	27	Santa Fe Springs, California	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl; Conspiracy to commit international money laundering.
Craig Eastman	21	Washington, D.C.	Sentenced on February 6, 2025, to 165 months for conspiracy to distribute more than 400 grams of fentanyl.
Charles Jeffrey Taylor	21	Washington, D.C.	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Raymond Nava, Jr.	20	Bell Gardens, California	Sentenced September 17, 2024, to 14 years for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Ulises Aldaz	28	Bell Gardens, California	Sentenced June 28, 2024, to 95 months in prison for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Max Alexander Carias Torres	27	Bell Gardens, California	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl; Conspiracy to commit international money laundering
Teron Deandre McNeil, aka “Wild Boy”	34	Washington, D.C.	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Marvin Anthony Bussie, aka “Money Marr”	22	Washington, D.C.	Sentenced June 28, 2024, to 120 months in prison for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Marcus Orlando Brown	29	Washington, D.C.	Sentenced October 3, 2024, to 108 months in prison for conspiracy to distribute and possess with intent to distribute 40 grams or more of fentanyl.
Columbian Thomas, aka “Cruddy Murda”	27	Washington, D.C.	Sentenced October 22, 2024, to 160 months in prison for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Wayne Rodell Carr-Maiden	30	Washington, D.C.	Sentenced April 29, 2024, to 45 months in prison for conspiracy to distribute and possess with intent to distribute 40 grams or more of fentanyl.
Andre Malik Edmond, aka “Draco”	23	Temple Hills, Maryland	Sentenced July 22, 2024, to 130 months in prison for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Treyveon James Johnson, aka “Treyski”	20	Alexandria, Virginia	Sentenced September 5, 2024, to 108 months in prison for conspiracy to distribute and possess with intent to distribute 40 grams or more of fentanyl.
Karon Olufemi Blalock, aka “Fat Bags”	30	Alexandria, Virginia	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Ronte Ricardo Greene, aka “Cardiddy”	29	Washington, D.C.	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Melvin Edward Allen, Jr., aka “21”	39	Washington, D.C.	Pleaded guilty on December 18, 2024, to conspiracy to distribute and possess with intent to distribute 40 grams or more of fentanyl.
Darius Quincy Hodges, aka “Brick”	34	Glen Allen, Virginia	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Lamin Sesay, aka “Rock Star”	28	Alexandria, Virginia	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Paul Alejandro Felix	26	Glendale, California	Sentenced November 12, 2024, to 164 months in prison for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Omar Arana, aka “Frogs”	27	Cudahy, California	Pleaded guilty January 3, 2025, to conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Edgar Balderas, Jr., aka “Nano”	27	San Diego, California	Pleaded guilty December 19, 2024, to conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Raul Pacheco Ramirez	30	Long Beach, California	Sentenced November 26, 2024, to 95 months for conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Giovani Alejandro Briones	30	Victorville, California	Pleaded guilty October 24, 2024, to conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl.
Alfredo Rodriguez Gonzalez	26	Rosarito, Mexico	Conspiracy to distribute and possess with intent to distribute 400 grams or more of fentanyl; Conspiracy to commit international money laundering.

These prosecutions followed a joint investigation by the DEA Washington Division and the U.S. Postal Inspection Service Washington Division, in partnership with the Metropolitan Police Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). The investigation had additional support from the DEA’s Los Angeles, San Diego, and Riverside Field Divisions, the FBI Washington Field Office, and the Charles County, Maryland, Sheriff’s Office. Valuable assistance was provided by the U.S. Attorney’s Offices in the Central and Southern Districts of California, the Eastern District of Virginia, and the District of Maryland.

The case is being prosecuted by Assistant U.S. Attorneys Matthew W. Kinskey, Solomon S. Eppel, and Iris McCranie of the Violence Reduction and Trafficking Offenses (VRTO) Section.

MIL Security OSI –

February 7, 2025

MIL-OSI USA: INTERCEPT Task Force nets 11+ years sentence for Florida man traveling to meet a minor for sex

Source: US Immigration and Customs Enforcement

JACKSONVILLE, Fla. — A Florida man was sentenced to more than a decade in federal prison for attempted enticement of a minor to engage in sexual activity following an investigation by Northeast Florida Inter-agency Child Exploitation and Persons Trafficking Task Force (INTERCEPT) Task Force with Homeland Security Investigations (HSI) Jacksonville.

Chad Michael Sadlowski, 34, of St. Johns, was sentenced to 11 years and 3 months, and was ordered to serve a 10-year term of supervised release. The court also ordered him to register as a sex offender. He pleaded guilty in October 2024.

“This investigation highlights the ever-present threat for children online, and this predator’s reprehensible actions demonstrate a coldhearted disregard for the life and well-being of a child,” said Tim Hemker, HSI Jacksonville Assistant Special Agent in Charge. “HSI, alongside our partners with the Clay County Sheriff’s Office, Jacksonville Sheriff’s Office, the rest of Northeast Florida INTERCEPT Task Force are committed to protecting our children from harm.”

According to court records, from April 25 through April 28, 2024, an undercover detective with the Clay County Sheriff’s Office posed online on a messaging application as the uncle of an eight-year-old female “child.” Sadlowski engaged the undercover in a variety of sexually explicit messages and expressed a desire to have sex with the “child.” Sadlowski agreed to meet up at a local gas station to engage in sex prior to him going to work as a respiratory therapist at a local hospital. Sadlowski was arrested as he was traveling to the gas station and was in his hospital scrubs when he was taken into custody. After his arrest, Sadlowski admitted to traveling to meet the eight-year-old “child” for sex. In addition, he also admitted to talking to minors on the application by asking them for sexually explicit photos and videos. After obtaining a search warrant, investigators searched Sadlowski’s phone and found additional child exploitation materials in his possession.

This case was investigated by Homeland Security Investigations, the Northeast Florida INTERCEPT Task Force, Clay County Sheriff’s Office, and Jacksonville Sheriff’s Office. This case was being prosecuted by Assistant United States Attorney John Cannizzaro.

The Northeast Florida INTERCEPT Task Force is a unique partnership that takes a collaborative and coordinated approach to work together at all three levels of government, alongside private sector partners, to rescue children from sexual exploitation. The NEFL INTERCEPT is a unique public–private partnership where nonprofit organizations provide financial, technical, and other resources to regional law enforcement partners dedicated to the fight against human trafficking and child exploitation. Support from Operation Light Shine, and partner donors like the Tim Tebow Foundation, allow law enforcement agencies to better serve the Northeast Florida communities and the many victims of human trafficking and child exploitation. The collaborative approach of bringing together the experience and expertise of local, state, and federal law enforcement professionals greatly enhances the ability to combat the many difficulties and challenges presented by the complexities of child exploitation and human trafficking investigations.

Members of the Northeast Florida INTERCEPT Task Force consist of members with HSI Jacksonville, Clay County Sheriff’s Office, Putnam County Sheriff’s Office, St. Johns County Sheriff’s Office, Nassau County Sheriff’s Office, Duval County Sheriff’s Office, U.S. Attorney with the Middle District of Florida Roger Handberg, the Florida Department of Law Enforcement.

HSI Tampa’s area of responsibility, which includes 10 geographically strategic offices, covers more than 51,600 square miles of the total 65,757 square miles in the state of Florida. This region has more than 14.2 million people and includes 58 of the 67 counties. HSI Tampa also includes five of the 10 largest cities in Florida, 15 primary commercial service airports, and 11 seaports.

Learn more about HSI Tampa’s mission to increase public safety in Florida communities on X, formerly known as Twitter, at @HSITampa.

MIL OSI USA News –

February 7, 2025
MIL-OSI Security: Columbus Man Sentenced to 17 Years in Prison for Four Armed Robberies of Postal Carriers
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

COLUMBUS, Ohio – A Columbus man was sentenced in U.S. District Court today to 204 months in prison for four armed robberies of Postal carriers.

Thierno S. Bah, 22, of Columbus, used firearms and robbed postal carriers of their U.S. Postal Service keys on four occasions between December 2022 and May 2023. He was arrested in August 2023.

“Seventeen years in federal prison is a serious consequence in line with the seriousness of this type of violent crime. We have held numerous individuals accountable in the Southern District of Ohio in recent years for their crimes against United States Postal Service carriers who are simply doing their jobs. As a result of our focused efforts and the vigorous investigations by our federal law enforcement partners, we’ve seen a decrease in new assaults,” said U.S. Attorney Kenneth L. Parker.

Bah, who is also known as “Wopo” and “Wopoonese,” worked with others to steal service keys, which are then used to steal mail from USPS receptacles (a process known as “fishing”). Individuals then “cook” the mail by washing personal and business checks and other financial instruments to reflect new payees and new payment amounts. Bah and others would then recruit third parties to deposit the newly washed checks in their own accounts and split the profit.

The thefts occurred in Central Ohio on:
- Dec. 29, 2022
- Jan. 3, 2023 (two separate robberies on this date)
- May 11, 2023
Bah pleaded guilty in November 2023 and admitted to using a handgun to rob a postal carrier in German Village on Dec. 29, 2022. Bah pointed the handgun at the victim’s stomach and demanded his vehicle and service keys.

On Jan. 3, 2023, Bah pushed a postal carrier into her mail truck while she was sorting mail in the back of the truck on East Columbus Street. He then pushed a gun into the victim’s side before stealing her keys.

Later that day, Bah committed another armed postal robbery, this time in Whitehall. Bah approached the victim and pushed the handgun into her stomach before stealing her personal car keys and the USPS service keys.

On May 11, 2023, Bah robbed a Postal worker at the Post Office Retail Store on West Broad Street. Bah approached the victim while she was outside on a break. Bah asked the victim for her keys, and when she asked, “What keys?” he pistol-whipped her in the head with his handgun. Bah forcibly accompanied the victim into the post office to retrieve her service keys.

Kenneth L. Parker, United States Attorney for the Southern District of Ohio; Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; Lesley Allison, Inspector in Charge, U.S. Postal Inspection Service (USPIS); Columbus Police Chief Elaine Bryant; Westerville Police Chief Charles Chandler; and Whitehall Police Chief Mike Crispen announced the sentence imposed today by U.S. District Judge Algenon L. Marbley. Assistant United States Attorney Noah R. Litton is representing the United States in this case.

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MIL Security OSI –
February 7, 2025
MIL-OSI Security: Canadian Businessman Sentenced for Obstruction of Justice for Hiding and Laundering Millions After His 2020 Money Laundering Conviction

Source: Office of United States Attorneys

           WASHINGTON – Firoz Patel, 50, of Montreal, Canada, was sentenced to 41 months in federal prison today in connection with his efforts to conceal and launder 450 Bitcoin, currently valued at over $43 million, that he hid from the U.S. District Court handling his 2020 conviction and sentencing for conspiring to operate an unlicensed money transmitting business and to commit money laundering.

           The sentence was announced by U.S. Attorney Edward R. Martin, Jr., HSI Acting Special Agent in Charge Kai Wah Chan of Homeland Security Investigation’s Washington, D.C., Field Office.

           Patel plead guilty on September 17, 2024, to one count of obstruction of an official proceeding. In addition to the prison term, U.S. District Court Judge Dabney L. Friedrich ordered three years of supervised release, a forfeiture money judgment in the amount of $24,020,699.83, and forfeiture of 450 Bitcoin plus interest currently restrained at a virtual currency exchange in the United Kingdom.

           In 2020, Patel was convicted and sentenced to 36 months for operating Payza, an illegal financial payments platform that processed cryptocurrency payments.

           According to court documents, in 2004 Patel began operating his payment processing company AlertPay, which evolved into Payza. The Montreal company offered its services to customers across the United States, even though the business lacked a license to operate in any state or the District of Columbia.

            Throughout Payza’s existence, the company partnered with various money services businesses, such as OboPay in 2012, another online money services business. At Patel’s direction, merchants were not removed from Payza’s platform for being involved in high-risk activities such as Ponzi schemes, money laundering activities, multilevel-marketing (MLM) scams, money-cycler scams, pyramid schemes, and steroid distributors. Payza did not have a Bank Secrecy Act Officer, it did not conduct legally required Bank Secrecy Act/anti-money-laundering audits, and it operated in the United States at various times without registering with the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) or state authorities.

           On July 16, 2020, Patel pled guilty to one count of conspiracy to operate an unlicensed money-transmitting business and to launder monetary instruments, based on his operation of Payza. As a condition of his plea, he was required to identify and forfeit any property involved in the offense to which he pleaded guilty. Although Patel had control over more than 450 Bitcoin in Payza’s illicit proceeds—valued at approximately $24,000,000 at the time—he provided false information to the U.S. Probation Office and the Court in an attempt to hide his illicit Bitcoin wealth, including by claiming his only assets were $30,000 in a retirement savings account.

           On November 10, 2020, then-District Judge Ketanji Brown Jackson sentenced the defendant to 36 months in prison and two years of supervised release and entered an agreed-upon order requiring Patel to forfeit any property involved in his offense, as well as any property traceable to such property. Rather than comply, shortly after his sentencing but before reporting to prison, Patel began consolidating Payza’s illicit cryptocurrency proceeds and attempted to deposit them with Binance, a virtual currency exchange. On April 22, 2021, Binance informed Patel that his account was being closed for violating Binance’s terms of service and being flagged by a third-party compliance tool. Forced to withdraw 450 Bitcoin, Patel opened an offshore virtual currency account in his father’s name, listed an address in Belize linked to Payza’s operations, and transferred the same 450 Bitcoin in illicit proceeds into the account shortly before he reported to the Bureau of Prisons. This second virtual currency exchange also deemed the deposit suspicious and froze the funds.

            Patel contacted the exchange in June 2021 stating “[i]f this is about me, then realize that I am not beholden to any actions by the USA or any other government authorities. I have paid my dues and I owe nothing to anybody.” Patel tasked a Payza business associate to work on providing false Know Your Customer (KYC) information to the virtual currency exchange in an effort to unfreeze the illicit funds. Had the scheme succeeded, Patel would have successfully hid and laundered the funds and been released from prison with 450 BTC in criminal proceeds awaiting him. The Department of Justice restrained Patel’s Bitcoin through a Mutual Legal Assistance Treaty request to the United Kingdom during the course of the investigation.

             According to the Government’s sentencing memo, Patel became aware of the investigation while serving his 36-month sentence for the 2020 conviction. As Patel neared his release date, he enlisted the assistance of C.A. to impersonate an attorney and engage in sham negotiations with the U.S. Attorney’s Office. C.A. and Patel planned to string along the assigned Assistant United States Attorney (AUSA) long enough for Patel to be released on his 2020 conviction and flee the United States to Canada to avoid prosecution. The AUSA and investigators discovered the false impersonation in advance of Patel’s release date and returned an Indictment of Patel in May 2023. He has been in Bureau of Prisons custody or detained pre-trial since June 2021.

           This case was investigated by the Homeland Security Investigations (HSI) Washington, D.C. Field Office. The case is being prosecuted by Assistant United States Attorney Kevin L. Rosenberg and Special Assistant United States Attorney Christopher B. Brown of the U.S. Attorney’s Office for the District of Columbia, and Trial Attorney Jonas Lerman of the Criminal Division’s Computer Crime and Intellectual Property Section, National Cryptocurrency Enforcement Team. Valuable assistance was also provided by Scott Meisler and Josh Handell of the Criminal Division’s Appellate Section, and by Trial Attorney Erin Mikita and former Trial Attorney Roberto Iraola of the Criminal Division’s Office of International Affairs. The case was originally investigated by former Assistant United States Attorney Arvind K. Lal.

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MIL Security OSI –

February 7, 2025
MIL-OSI Global: Canadian supply chains are at the epicentre of Trump’s potential trade war

Source: The Conversation – Canada – By Hassan Wafai, Associate Professor, Faculty of Management, Royal Roads University

United States President Donald Trump has temporarily halted his trade war with Canada and Mexico, agreeing to pause his proposed tariffs for at least 30 days.

Regardless of whether Trump will impose the tariffs once the 30 days are up, Canadian supply chains have become the epicentre of these looming disruptions. The country urgently needs to strengthen its supply chain resilience.

If the tariffs were to go into effect, they would reshape the geo-political ecosystem of North America and beyond by disrupting global supply chains. These supply chains are a direct reflection of the geo-political ecosystem in which they operate, and they require stability to establish and thrive.

With approximately $3.6 billion in trade crossing the U.S.-Canada border daily, a sweeping 25 per cent tariff on non-energy goods would have catastrophic effects on the Canadian economy, including shaving 2.6 per cent off Canada’s GDP.

Read more:
U.S. tariff threat: How it will impact different products and industries

While the list of affected goods and services would be long, the auto industries are likely to be among the hardest hit sectors. Businesses on both sides of the border would be seriously hurt, including major U.S. automakers General Motors, Ford and Stellantis.

The outlook is equally bleak for Mexico, where 83 per cent of exports go to the U.S.

Canadian supply chain resilience

Trump’s potential trade war represents an unconventional, top-down approach to redesigning North American supply chains, which took decades to establish. His aggressive trade policies are disrupting the status quo with devastating and irreversible effects.

Canadian supply chains have historically been prone to major disruptions. Past responses to these disruptions have focused on helping firms build resilience. While this is important, insufficient attention has been given to establishing effective provincial and national governance structures to support and guide supply chain resilience.

There is growing recognition that supply chain resilience should be addressed at the system level. This resilience emerges from both the actions of individual organizations and from the relationships and interactions between them.

System-level supply chain resilience is influenced by governmental or regulatory bodies that set policies to manage long-term supply risks. These are known as governance structures or mechanisms.

Canada’s long-term strategic response must go beyond helping Canadian companies integrate into alternative global supply chains outside the U.S. The country must also explore new governance structures that can strengthen the collective resilience of Canadian firms.

Improving supply chain resilience

Trump has been a destabilizing force for international trade and free trade agreements, particularly the Canada-United States-Mexico Agreement, which may have a shorter lifespan than initially agreed upon.

One of the most effective ways for Canada to strengthen its supply chain resilience is to reduce its heavy trade reliance on the U.S., which can be done through free trade agreements. Despite this, Canada has been slow to diversify beyond the U.S., which remains its largest trading partner, accounting for 76 per cent of exports and 64 per cent of imports.

Read more:
Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

Canada is currently part of 15 free trade agreements that collectively cover 61 per cent of the world’s GDP and provide access to 1.5 billion consumers globally. However, it’s not yet clear how free trade agreements can enhance supply chain resilience.

Canada must look beyond its existing free trade agreements and pursue new markets such as the ASEAN (Association of Southeast Asian Nations) and the Pacific Alliance. Expanding into these regions would allow Canadian companies and supply chains to join global value chains, creating opportunities for knowledge spillovers and productivity boosts.

As Canada diversifies its trade, it must do so with a supply chain mindset, carefully considering the implications of specific trade policies and how they will enhance the resilience of Canadian supply chains.

Future free trade agreements should incorporate clear and specific clauses that anticipate disruptions and help with swift supply chain recovery. A prime example of such an agreement is the Indo-Pacific Economic Framework for Prosperity, which came into effect in October 2024.

Beyond international trade, Canada should also eliminate interprovincial trade barriers to facilitate easier business operations across Canadian provinces and territories.

Stronger supply chain governance

More research is needed to determine exactly which governance structures should be put in place to support Canada’s supply chain resilience.

The Canadian government may need to establish a multi-level governance structure encompassing sectoral, provincial and national levels, such as supply chain councils.

Supply chain councils could connect supply chains with small and medium-sized enterprises, leverage existing networks, co-ordinate resilience strategies and address supply chain and trade policy issues of national significance.

With Trump back in the White House, Canada must be prepared to protect its supply chains against an evolving trade war. Whether his policies are driven by his imperialist ideology, a protectionist agenda, border security concerns or the pursuit of more revenue from slapping tariffs on America’s closest allies, the threat to Canadian supply chains is real.

To withstand these pressures, Canada must build resilience at the systemic level, where top-down governance ensures the private sector can respond quickly and effectively to disruptions. It is never too late to start, but waiting any longer is no longer an option for Canada.

Juan Navarro is the president and principal researcher of CMX Partnerships, a business and research consultancy that provides advice and conducts studies for companies, institutions, and governments.

Kimberly Tholl consults for Nexus Insights Consulting Ltd. and is a member of the non-profit Association for Supply Chain Management (ASCM).

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

– ref. Canadian supply chains are at the epicentre of Trump’s potential trade war – https://theconversation.com/canadian-supply-chains-are-at-the-epicentre-of-trumps-potential-trade-war-248987

MIL OSI – Global Reports –

February 7, 2025
MIL-OSI Security: Eleven Members And Associates Of Paterson Based Gang Known As “100k” Indicted For Racketeering For Their Roles In A Murder, Three Shootings, Two Robberies, Drug Trafficking Activities, Bank Fraud, And Other Crimes

Source: Office of United States Attorneys

NEWARK, N.J. – Eleven members of the Paterson based neighborhood street gang known as “100k” were indicted for their roles in a violent racketeering conspiracy, Acting U.S. Attorney Vikas Khanna announced today.

The Indictment charges Jasun Allah, a/k/a “Rackz,” 21, of Paterson (“J.Allah”); Christopher Thomas, a/k/a “CJ,” 27, of Hackensack; Michael Davis, a/k/a “Baby 3,” 27, of Paterson; Jazmeir Reyes, a/k/a “Baby Joe,” a/k/a “Joe,” 19, of Paterson; Kyzeik Robinson, a/k/a “Doo Doo,” a/k/a “King Sparks,” a/k/a “Sparks,” 19, of Paterson; Jacim Pitts, a/k/a “Jefe,” 24, of Paterson; Born Allah, a/k/a “Freedom,” 23, of Paterson (“B.Allah”); Elijah Rubio, a/k/a “Lottery,” 20, of Paterson; Trasean Short, a/k/a “Hound,” 19, of Elmwood Park; Elijah Byrd, a/k/a “CEO,” 19, of Paterson; and Quincy Franklin, a/k/a “Double O,” 27, of Paterson with one count of conspiracy to violate the Racketeer Influenced Corrupt Organizations statute (“RICO”), in violation of Title 18, United States Code, Section 1962(d) (“RICO conspiracy”). The Indictment also incorporates charges connected to a drug conspiracy involving Reyes, Davis, Robinson, and Pitts and the attempted armed robbery of a postal inspector by Reyes, which were previously charged on complaint.

These charges are the result of a long-running investigation coordinated between the Bureau of Alcohol, Tobacco, Firearms and Explosives, the New Jersey State Police, the United States Postal Inspection Service, and the Passaic County Sheriff’s Office, among other law enforcement agencies.

According to documents filed in this case and statements made in court:

J.Allah, Thomas, Davis, Reyes, Robinson, Pitts, B.Allah, Rubio, Short, Byrd, and Franklin are all members and associates of the neighborhood based street gang known as “100k,” which operates in the area of North Main Street and Jefferson Street in Paterson, New Jersey (the “100k Enterprise”). Since in or around January 2022, these members and associates of the 100k Enterprise have engaged in numerous criminal acts in furtherance of their gang, including murder, shootings, robberies, drug trafficking, and bank and wire fraud.

Since the gangs founding in 2016, members and associates of the 100k Enterprise have engaged in acts of violence against members of rival gangs, such as their primary rival, “the Blockboyz,” which operates out of the Presidential Tower Housing Complex in Paterson, among other rival gangs, such as “4k,” which operates in the area of Rosa Parks Boulevard near Lyon Street, Keen Street, and Mercer Street, also in Paterson.

Several of these acts of violence are charged in the Superseding Indictment. Specifically, on or about October 1, 2023, in retaliation for the death of a high ranking member of the 100k Enterprise, J.Allah, Thomas, Davis, and other members and associates of the 100k Enterprise shot and killed Victim-2, in territory controlled by the Blockboyz.

On or about May 27, 2024, Pitts and other members and associates of the 100k Enterprise shot and injured Victim-3, a member of the rival gang “4k.”

On or about October 3, 2024, Short exchanged fire with Victim-4 in territory controlled by the 100k Enterprise. Weeks later, on or about November 17, 2024, Short shot and injured Victim-5, a member of the Blockboyz, in territory controlled by the Blockboyz, and Byrd acted as the driver in that November shooting.

The defendants raised money for themselves and the 100k Enterprise by engaging in robberies, drug trafficking, and bank fraud and other financial schemes. Two such robberies are charged in the Indictment, including the armed robbery of a commercial marijuana store on or about January 13, 2022 by Reyes, B.Allah, Short, Rubio, and others; and the attempted armed robbery of Victim-1, a United States Postal Service employee, on or about July 28, 2023 by Reyes, who tried to obtain an arrow key from the victim. This arrow key would have allowed members of the 100k Enterprise to gain access to United States Postal Service mailboxes within a certain geographic area or postal route.

The gang’s drug trafficking activities were extensive, with investigators conducting 16 controlled buys with Reyes, Robinson, Davis, and Pitts by utilizing undercover officers and observing countless more drug deals committed by the defendants within and around the territory of Paterson controlled by the 100k Enterprise through physical surveillance and review of cell phone records and social media accounts controlled by the defendants.

The charge of RICO conspiracy in the Indictment carries a maximum statutory penalty of life in prison as to J.Allah, Thomas, and Davis, and a maximum statutory penalty of 20 years in prison as to Reyes, Robinson, Pitts, B.Allah, Rubio, Short, Byrd, and Franklin.

The count of conspiracy to distribute controlled substances charged in the Indictment against Reyes, Robinson, Davis, and Pitts carries a mandatory minimum term of 5 years in prison and a maximum penalty of 40 years in prison and a fine of at least $5 million. On each of the counts of distribution and possession with intent to distribute controlled substances, Reyes, Robinson, Davis, and Pitts face a maximum penalty of 20 years in prison and a maximum fine of $1 million.

On each of the counts of attempted Hobbs Act robbery and assaulting or impeding certain United States officers or employees, Reyes faces a maximum penalty of 20 years’ imprisonment and up to a $250,000 fine, or twice the gain or loss from the offense, whichever is greatest. On the count of brandishing a firearm in connection with a crime of violence, Reyes faces a mandatory minimum term of 7 years and a maximum term of life imprisonment, which must run consecutively to any other prison sentence imposed, and a fine of up to $250,000.

Acting U.S. Attorney Khanna credited law enforcement members with the Bureau of Alcohol, Tobacco, Firearms and Explosives, Newark Field Division, under the direction of Special Agent in Charge L.C. Cheeks, Jr.; the New Jersey State Police, Gangs and Organized Crime North Unit, under the direction of Col. Patrick J. Callahan; the United States Postal Inspection Service, under the direction of Inspector in Charge Christopher Nielsen; the Passaic County Sheriff’s Office, under the direction of Sheriff Thomas Adamo; the Paterson Police Department, under the direction of Officer In Charge Patrick Murray; the Bergen County Sheriff’s Office under the direction of Sheriff Anthony Cureton; the Passaic County Prosecutor’s Office under the direction of Prosecutor Camelia Valdes; and the Bergen County Prosecutor’s Office under the direction of Prosecutor Mark Musella with the investigation leading to today’s charges.

This case is part of the Paterson Violent Crime Initiative (VCI), which was formed in 2020 by the U.S. Attorney’s Office for the District of New Jersey, the Passaic County Prosecutor’s Office, and the City of Paterson’s Department of Public Safety for the purpose of combatting violent crime in and around Paterson. As part of this partnership, federal, state, county, and city agencies collaborate and pool resources to prosecute violent offenders who endanger the safety of the community. The VCI is composed of the U.S. Attorney’s Office, the FBI, the ATF, the Drug Enforcement Administration, the U.S. Marshals, the Paterson Department of Public Safety, the Paterson Police Department, the Passaic County Prosecutor’s Office, the Passaic County Sheriff’s Office, N.J. State Parole, Bergen County Jail, N.J. State Police Regional Operations and Intelligence Center/Real Time Crime Center, and N.J. Department of Corrections.

The government is represented by Assistant U.S. Attorney Jake A. Nasar of the Criminal Division in Newark.

MIL Security OSI –

February 7, 2025

MIL-OSI: Glen Burnie Bancorp Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

GLEN BURNIE, Md., Feb. 06, 2025 (GLOBE NEWSWIRE) — Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net loss of $39,000, or -$0.01 per basic and diluted common share, for the three-month period ended December 31, 2024, compared to net income of $167,000, or $0.06 per basic and diluted common share, for the three-month period ended December 31, 2023. Bancorp reported a net loss of $112,000, or -$0.04 per basic and diluted common share, for the twelve-month period ended December 31, 2024, compared to net income of $1.4 million, or $0.50 per basic and diluted common share, for the same period in 2023. On December 31, 2024, Bancorp had total assets of $358.9 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

“Our financial performance in 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company’s focus on generating additional interest-earning assets at higher current market interest rates and rebuilding our base of core, low-cost deposits was moderately successful,” said Mark C. Hanna, President, and Chief Executive Officer. “Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital position, available liquidity, and prudent expense management. Although interest expense increased significantly in year over year comparisons, loan growth of $28.9 million and higher yields on earning assets contributed to expanded interest income that partially offset higher interest expense and helped mitigate margin compression.”

In closing, Mr. Hanna added, “To invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there is a need to reinvest in our people, technology, products, and facilities. Based on our capital levels, conservative underwriting policies, on- and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management expects to navigate the uncertainties and remain well-capitalized. Our focus remains continued execution on our strategic priorities to generate organic loan and deposit growth.”

Highlights for the Quarter and Year ended December 31, 2024

Despite growth in loans and deposits for the twelve-month period ending December 31, 2024, net interest income decreased $1.2 million, or 9.84% to $10.9 million through December 31, 2024, as compared to $12.1 million during the same period of 2023. The decrease resulted primarily from a $3.1 million increase in interest expenses, offset by a $1.9 million increase in interest and fees on loans. The $2.0 million increase in interest on deposits was driven by the higher cost of money market deposit balances. The $1.0 million increase in interest on borrowings was driven by a $20.1 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

Total interest income increased $1.9 million to $15.2 million for the twelve-month period ending December 31, 2024, compared to the same period in 2023 as the result of a $1.9 million increase in interest and fees on loans. The increase in interest income was driven by rate adjustments on loans offerings consistent with the higher interest rate environment. However, loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.

The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.40% on December 31, 2024, compared to 18.40% for the same period of 2023, will provide ample capacity for future growth.

Return on average assets for the three-month period ended December 31, 2024, was -0.04%, compared to 0.19% for the three-month period ended December 31, 2023. Return on average equity for the three-month period ended December 31, 2024, was -0.75%, compared to 4.65% for the three-month period ended December 31, 2023. Lower net income and higher average balances drove the lower return on average assets and the lower return on average equity.

The cost of funds was 1.38% for the quarter ended December 31, 2024, compared to 0.64% for the quarter ended December 31, 2023. The 0.74% increase was primarily driven by the increase in the cost of money market deposits and borrowed funds.

The book value per share of Bancorp’s common stock was $6.14 on December 31, 2024, compared to $6.70 per share on December 31, 2023. The decrease was primarily due to the increase in unrealized losses on available for sale securities caused by higher market interest rates.

On December 31, 2024, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.15% on December 31, 2024, compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

Balance Sheet Review

Total assets were $358.9 million on December 31, 2024, an increase of $7.1 million or 2.03%, from $351.8 million on December 31, 2023. Investment securities decreased by $31.5 million or 22.58%, to $107.9 million as of December 31, 2024, compared to $139.4 million for the same period of 2023. Loans, net of deferred fees and costs, were $205.2 million on December 31, 2024, an increase of $28.9 million or 16.40%, from $176.3 million on December 31, 2023. Cash and cash equivalents increased $9.2 million or 60.51%, from $15.2 million on December 31, 2023, to $24.4 million on December 31, 2024.

Total deposits were $309.2 million on December 31, 2024, an increase of $9.1 million or 3.04%, from $300.1 million on December 31, 2023. Noninterest-bearing deposits were $100.7 million on December 31, 2024, a decrease of $16.2 million or 13.83%, from $116.9 million on December 31, 2023. Interest-bearing deposits were $208.4 million on December 31, 2024, an increase of $25.3 million or 13.81%, from $183.1 million on December 31, 2023. Total borrowings were $30.0 million on December 31, 2024, unchanged from December 31, 2023.

As of December 31, 2024, total stockholders’ equity was $17.8 million (4.96% of total assets), equivalent to a book value of $6.14 per common share. Total stockholders’ equity on December 31, 2023, was $19.3 million (5.49% of total assets), equivalent to a book value of $6.70 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $1.5 million decline in net earnings for the year ended December 31, 2024 compared to the prior year, the $0.6 million after-tax increase in market value loss on the Company’s available-for-sale securities portfolio and a $7.1 million increase in total assets. The increase in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.

Asset quality, which has trended within a narrow range over the past several years, remained sound on December 31, 2024. Nonperforming assets, which consist of nonaccrual loans, loans to borrowers experiencing financial difficulty, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.10% of total assets on December 31, 2024, compared to 0.15% on December 31, 2023. The $7.1 million increase in total assets from December 31, 2023, to December 31, 2024, and the $167,000 decrease in nonperforming assets drove the 0.05% decline. The allowance for credit losses on loans was $2.8 million, or 1.38% of total loans, as of December 31, 2024, compared to $2.2 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $584,000 as of December 31, 2024, compared to $473,000 as of December 31, 2023.

Review of Financial Results

For the three-month periods ended December 31, 2024, and 2023

Net loss for the three-month period ended December 31, 2024, was $39,000, compared to net income of $167,000 for the three-month period ended December 31, 2023.

Net interest income for the three-month period ended December 31, 2024, totaled $2.8 million, a decrease of $128,000 from the three-month period ended December 31, 2023. Despite a $520,000 increase in interest income, the decrease in net interest income was primarily due to a $648,000 increase in interest expenses predominantly related to the advantage money market deposit product.

Net interest margin for the three-month period ended December 31, 2024, was 2.98%, compared to 3.17% for the same period of 2023. Higher average yields and balances on interest-earning assets combined with higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.

The average balance of interest-earning assets increased $7.1 million while the yield increased 0.50% from 3.77% to 4.27%, when comparing the three-month periods ending December 31, 2023, and 2024, respectively. The average balance of interest-bearing funds increased $28.9 million, the average balance of noninterest-bearing funds decreased $21.3 million, and the cost of funds increased 0.74%, when comparing the three-month periods ending December 31, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities decreased $22.1 million from $185.9 million to $163.8 million for the fourth quarter of 2024, compared to the same period of 2023 while the yield increased 0.01% from 2.68% to 2.69% during that same period.

Average loan balances increased $29.2 million to $204.7 million for the three-month period ended December 31, 2024, compared to $175.5 million for the same period of 2023, while the yield increased from 4.96% to 5.54% during that same period. The increase in loan yields for the fourth quarter of 2024 reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.

The provision of allowance for credit loss on loans for the three-month period ended December 31, 2024, was $71,000, compared to $103,000 for the same period of 2023.

Noninterest income for the three-month period ended December 31, 2024, was $332,000, compared to $299,000 for the three-month period ended December 31, 2023, an increase of $33,000 or 11.04%. The increase was primarily driven by a $31,000 casualty gain due to insurance proceeds exceeding the book value of assets destroyed by water damage.

For the three-month period ended December 31, 2024, noninterest expense was $3.1 million, compared to $2.9 million for the three-month period ended December 31, 2023, an increase of $171,000 or 5.82%. The primary contributors to the $171,000 increase, when compared to the three-month period ended December 31, 2023, were increases in salary and employee benefits, legal, accounting, and other professional fees, data processing and item processing services and other expenses.

For the twelve-month periods ended December 31, 2024, and 2023

Net loss for the twelve-month period ended December 31, 2024, was $112,000, compared to net income of $1.4 million for the twelve-month period ended December 31, 2023.

Net interest income for the twelve-month period ended December 31, 2024, totaled $10.9 million, a decrease of $1.2 million from $12.1 million for the twelve-month period ended December 31, 2023. The decrease in net interest income was primarily due to a $3.1 million increase in interest expenses related to growth of the advantage money market deposit product balances and short-term borrowings necessitated by the deposit runoff during 2023, offset by $1.9 million higher interest and fees on loans.

Net interest margin for the twelve-month period ended December 31, 2024, was 2.98%, compared to 3.31% for the same period of 2023. Higher average yields and lower average balances of interest-earning assets combined with higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.

The average balance of interest-earning assets decreased $252,000, while the yield increased 0.52% from 3.63% to 4.15%, when comparing the twelve-month periods ending December 31, 2023, and 2024, respectively. The average balance of interest-bearing funds increased $20.2 million, the average balance of noninterest-bearing funds decreased $20.3 million, and the cost of funds increased 0.90%, when comparing the twelve-month periods ending December 31, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities decreased $13.1 million from $187.4 million to $174.3 million for the twelve-month period ending December 31, 2024, compared to the same period of 2023. The yield increased 0.16% from 2.55% to 2.71% during that same period. The increase in yields for the twelve-month period can be attributed to the change in the mix of cash balances held in interest-bearing deposits in banks and investment securities available for sale and increases in the overnight federal funds rate between the years.

Average loan balances increased $12.8 million to $192.6 million for the twelve-month period ended December 31, 2024, compared to $179.8 million for the same period of 2023. The yield increased 0.69% from 4.76% to 5.45% during that same period. The increase in loan yields for the twelve-month period ending December 31, 2024, reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.

The Company recorded a provision of allowance for credit loss on loans of $844,000 for the twelve-month period ending December 31, 2024, compared to $96,000 for the same period in 2023. The $748,000 increase in the provision in 2024 compared to 2023, primarily reflects a $61,000 increase in net charge offs, a $28.2 million increase in the reservable balance of the loan portfolio and a 0.16% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.8 million on December 31, 2024, representing 1.38% of total loans, compared to $2.2 million, or 1.22% of total loans on December 31, 2023.

Noninterest income for the twelve-month period ended December 31, 2024, was $1.2 million, compared to $1.1 million for the twelve-month period ended December 31, 2023, an increase of $57,000 or 5.20%. The increase was driven primarily by a $52,000 increase in other fees and commissions which included a $31,000 casualty gain due to insurance proceeds exceeding the book value of assets destroyed by water damage.

For the twelve-month period ended December 31, 2024, noninterest expense was $11.9 million, compared to $11.6 million for the twelve-month period ended December 31, 2023. The primary contributors to the $253,000 increase when compared to the twelve-month period ended December 31, 2023, were increases in legal, accounting, and other professional fees, occupancy and equipment expenses, and other expenses which included the allowance for unfunded commitments, partially offset by decreases in salary and employee benefits costs.

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with seven branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.


GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)


	December 31,			September 30,			December 31,
	2024			2024			2023
	(unaudited)			(unaudited)			(audited)
ASSETS
Cash and due from banks	$	2,012		$	2,255		$	1,940
Interest-bearing deposits in other financial institutions		22,452			20,207			13,301
Total Cash and Cash Equivalents		24,464			22,462			15,241

Investment securities available for sale, at fair value		107,949			119,958			139,427
Restricted equity securities, at cost		1,671			246			1,217

Loans, net of deferred fees and costs		205,219			206,975			176,307
Less: Allowance for credit losses		(2,839	)		(2,748	)		(2,157	)
Loans, net		202,380			204,227			174,150

Premises and equipment, net		2,630			2,723			3,046
Bank owned life insurance		8,834			8,789			8,657
Deferred tax assets, net		8,548			6,879			7,897
Accrued interest receivable		1,345			1,478			1,192
Accrued taxes receivable		148			497			121
Prepaid expenses		471			486			475
Other assets		516			614			390
Total Assets	$	358,956		$	368,359		$	351,813

LIABILITIES
Noninterest-bearing deposits	$	100,747		$	115,938		$	116,922
Interest-bearing deposits		208,442			198,335			183,145
Total Deposits		309,189			314,273			300,067

Short-term borrowings		30,000			30,000			30,000
Defined pension liability		330			329			324
Accrued expenses and other liabilities		1,620			2,597			2,097
Total Liabilities		341,139			347,199			332,488

STOCKHOLDERS’ EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,900,681; 2,900,681; 2,882,627; shares as of December 31, 2024, September 30, 2024, and December 31, 2023 respectively.		2,901			2,901			2,883
Additional paid-in capital		11,037			11,037			10,964
Retained earnings		22,882			22,921			23,859
Accumulated other comprehensive loss		(19,003	)		(15,699	)		(18,381	)
Total Stockholders’ Equity		17,817			21,160			19,325
Total Liabilities and Stockholders’ Equity	$	358,956		$	368,359		$	351,813

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Interest income
Interest and fees on loans	$	2,851		$	2,192		$	10,498		$	8,559
Interest and dividends on securities		773			1,082			3,379			4,147
Interest on deposits with banks and federal funds sold		332			162			1,335			631
Total Interest Income		3,956			3,436			15,212			13,337

Interest expense
Interest on deposits		818			176			2,533			513
Interest on short-term borrowings		375			369			1,738			689
Total Interest Expense		1,193			545			4,271			1,202

Net Interest Income		2,763			2,891			10,941			12,135
Provision of credit loss allowance		71			103			844			96
Net interest income after release of credit loss provision		2,692			2,788			10,097			12,039

Noninterest income
Service charges on deposit accounts		42			39			150			159
Other fees and commissions		245			217			829			777
Income on life insurance		45			43			178			164
Total Noninterest Income		332			299			1,157			1,100

Noninterest expenses
Salary and employee benefits		1,708			1,621			6,580			6,710
Occupancy and equipment expenses		330			339			1,325			1,294
Legal, accounting and other professional fees		346			301			1,115			993
Data processing and item processing services		260			250			1,016			1,005
FDIC insurance costs		42			40			161			163
Advertising and marketing related expenses		29			25			117			97
Loan collection costs		13			8			25			22
Telephone costs		44			39			154			151
Other expenses		346			324			1,398			1,203
Total Noninterest Expenses		3,118			2,947			11,891			11,638

(Loss) income before income taxes		(94	)		140			(637	)		1,501
Income tax (benefit) expense		(55	)		(27	)		(525	)		72

Net income (loss)	$	(39	)	$	167		$	(112	)	$	1,429

Basic and diluted net income (loss) per common share	$	(0.01	)	$	0.06		$	(0.04	)	$	0.50

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
For the twelve months ended December 31, 2024 and 2023
(dollars in thousands)
(unaudited)

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders’
	Stock		Capital		Earnings			(Loss) Income			Equity
Balance, December 31, 2022	$	2,865	$	10,862	$	23,579		$	(21,252	)	$	16,054

Net income		–		–		1,429			–			1,429
Cash dividends, $0.40 per share		–		–		(1,149	)		–			(1,149	)
Dividends reinvested under dividend reinvestment plan		18		102		–			–			120
Other comprehensive income		–		–		–			2,871			2,871
Balance, December 31, 2023	$	2,883	$	10,964	$	23,859		$	(18,381	)	$	19,325


								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders’
	Stock		Capital		Earnings			Loss			Equity
Balance, December 31, 2023	$	2,883	$	10,964	$	23,859		$	(18,381	)	$	19,325

Net loss		–		–		(112	)		–			(112	)
Cash dividends, $0.30 per share		–		–		(865	)		–			(865	)
Dividends reinvested under dividend reinvestment plan		18		73		–			–			91
Other comprehensive loss		–		–		–			(622	)		(622	)
Balance, December 31, 2024	$	2,901	$	11,037	$	22,882		$	(19,003	)	$	17,817

THE BANK OF GLEN BURNIE
CAPITAL RATIOS
(dollars in thousands)
(unaudited)

									To Be Well
									Capitalized Under
					To Be Considered				Prompt Corrective
					Adequately Capitalized				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2024:
Common Equity Tier 1 Capital	$	36,481	15.15	%	$	10,837	4.50	%	$	15,653	6.50	%
Total Risk-Based Capital	$	39,496	16.40	%	$	19,265	8.00	%	$	24,082	10.00	%
Tier 1 Risk-Based Capital	$	36,481	15.15	%	$	14,449	6.00	%	$	19,265	8.00	%
Tier 1 Leverage	$	36,481	9.97	%	$	14,640	4.00	%	$	18,300	5.00	%

As of September 30, 2024:
Common Equity Tier 1 Capital	$	36,755	15.47	%	$	10,691	4.50	%	$	15,443	6.50	%
Total Risk-Based Capital	$	39,729	16.72	%	$	19,006	8.00	%	$	23,758	10.00	%
Tier 1 Risk-Based Capital	$	36,755	15.47	%	$	14,255	6.00	%	$	19,006	8.00	%
Tier 1 Leverage	$	36,755	10.11	%	$	14,539	4.00	%	$	18,173	5.00	%

As of December 31, 2023:
Common Equity Tier 1 Capital	$	37,975	17.37	%	$	9,840	4.50	%	$	14,213	6.50	%
Total Risk-Based Capital	$	40,237	18.40	%	$	17,493	8.00	%	$	21,867	10.00	%
Tier 1 Risk-Based Capital	$	37,975	17.37	%	$	13,120	6.00	%	$	17,493	8.00	%
Tier 1 Leverage	$	37,975	10.76	%	$	14,113	4.00	%	$	17,641	5.00	%

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)


	Three Months Ended									Twelve Months Ended
	December 31			September 30			December 31			December 31			December 31
	2024			2024			2023			2024			2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(audited)

Financial Data
Assets	$	358,956		$	368,359		$	351,813		$	358,956		$	351,813
Investment securities		107,949			119,958			139,427			107,949			139,427
Loans, (net of deferred fees & costs)		205,219			206,975			176,307			205,219			176,307
Allowance for loan losses		2,839			2,748			2,157			2,839			2,157
Deposits		309,189			314,273			300,067			309,189			300,067
Borrowings		30,000			30,000			30,000			30,000			30,000
Stockholders’ equity		17,817			21,160			19,325			17,817			19,325
Net income		(39	)		129			167			(112	)		1,429

Average Balances
Assets	$	366,888		$	364,127		$	353,085		$	363,994		$	361,731
Investment securities		136,868			142,972			174,581			148,037			173,902
Loans, (net of deferred fees & costs)		204,703			203,316			175,456			192,646			179,790
Deposits		314,046			312,019			310,168			309,838			330,095
Borrowings		30,323			30,001			26,579			32,720			12,580
Stockholders’ equity		20,664			19,559			14,253			19,169			17,105

Performance Ratios
Annualized return on average assets		-0.04	%		0.14	%		0.19	%		-0.03	%		0.40	%
Annualized return on average equity		-0.75	%		2.63	%		4.65	%		-0.58	%		8.35	%
Net interest margin		2.98	%		3.06	%		3.17	%		2.98	%		3.31	%
Dividend payout ratio		0	%		224	%		172	%		-773	%		80	%
Book value per share	$	6.14		$	7.29		$	6.70		$	6.14		$	6.70
Basic and diluted net income per share		(0.01	)		0.04			0.06			(0.04	)		0.50
Cash dividends declared per share		0.00			0.10			0.10			0.30			0.40
Basic and diluted weighted average shares outstanding		2,900,681			2,897,929			2,880,398			2,893,871			2,873,500

Asset Quality Ratios
Allowance for loan losses to loans		1.38	%		1.33	%		1.22	%		1.38	%		1.22	%
Nonperforming loans to avg. loans		0.18	%		0.14	%		0.30	%		0.19	%		0.29	%
Allowance for loan losses to nonaccrual & 90+ past due loans		789.1	%		937.5	%		409.3	%		789.1	%		409.3	%
Net charge-offs annualize to avg. loans		-0.04	%		-0.09	%		0.08	%		0.08	%		0.06	%

Capital Ratios
Common Equity Tier 1 Capital		15.15	%		15.47	%		17.37	%		15.15	%		17.37	%
Tier 1 Risk-based Capital Ratio		15.15	%		15.47	%		17.37	%		15.15	%		17.37	%
Leverage Ratio		9.97	%		10.11	%		10.76	%		9.97	%		10.76	%
Total Risk-Based Capital Ratio		16.40	%		16.72	%		18.40	%		16.40	%		18.40	%

The MIL Network –

February 7, 2025

MIL-OSI USA: Kennedy, Cramer reintroduce bill to prevent banks from discriminating against law-abiding businesses
US Senate News:
Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, joined Sen. Kevin Cramer (R-N.D.) in reintroducing the Fair Access to Banking Act to prevent banks from denying services to law-abiding businesses for political purposes.

“Banks shouldn’t stop customers from accessing accounts or services based on political affiliation or industry. I’m proud to help introduce the Fair Access to Banking Act to make sure financial institutions aren’t working as political activists against law-abiding Americans,” said Kennedy.

“When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals. Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals,” said Cramer.

In 2021, the Trump administration finalized its Fair Access Rule to require banks to make individual risk assessments and stop broad discrimination against customers. However, the Biden administration paused the rule’s implementation.

The Fair Access to Banking Act would penalize banks and credit unions with more than $10 billion in assets for refusing services to law-abiding companies or people. The bill also requires banks to give a written explanation for denying services to a customer.

Background:
- The Fair Access to Banking Act would protect Americans in the wake of major banks’ move to discriminate against legal businesses. Some of the largest U.S. banks have blocked businesses and consumers from accessing financial services based on political ideology.
- In 2020, five of the country’s largest banks announced they will not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge even though Congress explicitly authorized it.
- In 2021, JPMorgan Chase declared it would refuse financial services to coal producers. Bank of America also began a politically motivated effort to achieve net-zero greenhouse gas emissions from its financing activities by 2050, an effort directly targeting producers of reliable American energy. Earlier this year, however, Bank of America quietly withdrew from a climate alliance seeking net-zero emissions.
- Payment services like Apple Pay and PayPal have denied their services for transactions involving firearms or ammunition.
Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), James Lankford (R-Okla.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Dan Sullivan (R-Alaska), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.) and Roger Wicker (R-Miss.) also cosponsored the bill.

The full bill text is available here.
MIL OSI USA News –
February 7, 2025
MIL-OSI USA: Kennedy in National Review: Work requirements would improve Medicaid—and the lives of those on the program

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.) today penned this op-ed in National Review arguing that adding a work requirement to Medicaid would save taxpayers money and improve the health of those on the program.

Key excerpts of the op-ed are below:

“Medicaid is supposed to be an investment in our country’s health and well-being. So why doesn’t the program encourage more Americans to enter the workforce and improve their physical, mental, and financial health?

“Numerous studies have shown that human beings are happier and healthier when they are employed. Long-term joblessness is associated with higher rates of cardiovascular disease, depression, and anxiety. One study even recommended employment as a ‘critical mental health intervention.’

“Still, taxpayers today are footing the bill for an estimated 15 million able-bodied adults without children or other dependents to receive health-care coverage under Medicaid without any obligation to get a job. Many of them are simply choosing not to work. Both the taxpayer and the Medicaid recipients themselves would be better off if the program had a work requirement.”

. . .

“Nearly one in four Americans is on Medicaid today. Federal and state spending on the program has nearly doubled since 2020. COVID-19 was responsible for some of the spending surge, but there has been no effort to return Medicaid spending back to pre-pandemic levels.

“This is unsustainable. Medicaid is well on its way to costing taxpayers $1 trillion per year. Congress must find a way to get able-bodied Americans back on their feet and off Medicaid. With the right incentives in place, these Americans can leave this life of poverty and dependency to set out on a pathway toward success.

“A person without a job is not healthy. He’s not happy. He’s not free. Who really wants to be a slave to some government entitlement program?”

. . .

“Medicaid is an investment in our public health. Congress should treat it that way. Adding a work requirement to Medicaid will make the United States a stronger, healthier country and remind the world that America respects the dignity of hard work.”

Read Kennedy’s full op-ed here.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: Attorney General James Secures Prison Sentence for Serial Health Care Fraudster

Source: US State of New York

NEW YORK – New York Attorney General Letitia James today announced the sentencing of Imran Shams, 66, of California, to eight and one third to twenty-five years in state prison for his role in a scheme that wrongfully billed Medicaid millions of dollars for fraudulent medical testing services. On March 6, 2020, Shams pleaded guilty to Grand Larceny in the First and Second Degrees and agreed to pay restitution of $7 million. Shams is currently serving a 13-year federal prison sentence following convictions in the United States District Courts for the Eastern District of New York and the Central District of California for conduct related to his New York scheme, as well as other health care fraud schemes.

“When criminal organizations abuse our health care system, the most vulnerable patients suffer,” said Attorney General James. “Imram Shams and his accomplices ran a despicable scheme that used vulnerable New Yorkers to steal millions of dollars meant to provide care for low-income patients. My office will continue to go after those who try to profit by undermining the Medicaid program and bring bad actors to justice.”

Shams’ sentencing is the culmination of a multi-year investigation and prosecution of the illegal activity of Multi-Specialty, a fraudulent medical clinic secretly owned by Shams, who was banned from billing Medicaid as a provider due to a previous health care fraud conviction. Multi-Specialty illegally paid Medicaid recipients a kickback of $20 to $50 to enter the clinic and submit to unnecessary and usually fraudulent evaluations and tests. These were often administered by untrained and incompetent individuals recruited to dress like health care professionals in order to lend an appearance of legitimacy to the fraud.

Soliciting Medicaid recipients by offering to pay them to accept medical services paid for by Medicaid is unlawful under state and federal law. After bribing recipients to enter his clinic, Shams used licensed health care providers complicit in the scheme to submit fraudulent claims to Medicaid and to Medicaid-funded Managed Care Organizations (MCOs) for unnecessary or nonexistent services. Shams also received millions of dollars in kickbacks for exclusively referring patients for diagnostic testing, regardless of medical need, to companies owned by other participants in the scheme, Tea Kaganovich and Ramazi Mitaishvili, both of Brooklyn.

Shams was sentenced today to eight and one third to twenty-five years in prison, to run concurrent with his federal sentence, by Judge Michele Rodney of the New York County Supreme Court, and is the last defendant to be sentenced in this scheme. His sentence follows the convictions and sentencings of Kaganovich and Mitaishvili on charges of Grand Larceny in the First Degree. Both received a sentence of one and a half to four and a half years in state prison in November 2023. In addition, a radiologist complicit in the scheme, Bernard Bentley of East Hampton, New York received a sentence of three years of probation on charges of Grand Larceny in the Second Degree for his role in fraudulently billing Medicaid over eight million dollars for fraudulent diagnostic testing services.

Kaganovich and Mitaishvili were prosecuted in a related criminal case in the Eastern District of New York, and as part of that case, were ordered to pay over $18 million of restitution to the New York Medicaid Fraud Restitution Fund, and it is expected that more than seven million dollars in assets seized from those defendants as part of the federal case will be remitted to New York.

The Attorney General would like to thank the New York State Office of the Medicaid Inspector General (OMIG), the U.S. Department of Justice Medicare Strike Force, which operates from the U.S. Attorney’s Office, Eastern District of New York; the United States Department of Health and Human Services, Office of the Inspector General (HHS OIG); the New York City Human Resources Administration, Medicaid Provider Investigations and Audit Unit, and HealthFirst for their assistance and cooperation in this investigation.

Senior Detective Stanislav Tabakov investigated the case with the assistance of Detective Supervisor Dominick DiGennaro. Senior Auditor Investigator Lisandra Defex conducted the financial analysis with the assistance of MFCU New York City Regional Chief Auditor Investigator Thomasina Smith and Deputy Regional Chief Auditor Jonathan Romano.

Special Assistant Attorney General Chase Ruddy prosecuted the criminal case under the supervision of NYC Regional Director Twan V. Bounds. Deputy Chief of MFCU’s Civil Enforcement Division, Konrad F. Payne, negotiated monetary settlements attendant to each defendant’s guilty pleas that recovered millions of dollars for the state. Alee Scott is the Chief of MFCU’s Civil Enforcement Division. Thomas O’Hanlon is MFCU’s Chief of Criminal Investigations. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul Mahoney. The Division of Criminal Justice is led by Chief Deputy Attorney General José Maldonado under the oversight of First Deputy Attorney General Jennifer Levy.

MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is funded from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.

MIL OSI USA News –

February 7, 2025
MIL-OSI USA: Cortez Masto, Moran Introduce Legislation to Expand Production of Electric Distribution Transformers

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Jerry Moran (R-Kan.) introduced the Credit Incentives for Resilient Critical Utility Infrastructure and Transformers (CIRCUIT) Act to encourage the production of electric distribution transformers – devices that take high-voltage electricity from power lines and reduce it to lower voltage levels suitable for homes, businesses, and other end-users.

The U.S. is in the middle of unprecedented demand for power transformers, which has left the energy sector uncertain about the stability of the future grid. Current production is unable to keep up with demand from new housing, data centers and more. This legislation would expand the Advanced Manufacturing Production Credit (45X) passed as part of the Inflation Reduction Act to include distribution transformers to bolster the domestic energy economy.

“Nevada is leading the way in 21st Century energy technologies and manufacturing, and we need more distribution transformers to connect new sources of energy and power to the grid,” said Sen. Cortez Masto. “Our bipartisan legislation to boost the production of distribution transformers is critical for lowering energy costs, supporting energy resiliency, and strengthening our national security.”

“Demand for energy and power is continuing to grow in Kansas and across the country as housing, businesses and transportation needs expand,” said Sen. Moran. “Creating a tax credit to incentivize domestic production and manufacturing of distribution transformers will help the United States move closer to energy independence, provide jobs and keep up with rising demands.”

“Distribution transformers are essential to a reliable electrical grid that supports our nation’s critical infrastructure,” said Debra Phillips, President and CEO of National Electric Manufacturers Association (NEMA). “NEMA thanks Senators Moran (KS) and Cortez Masto (NV) for their leadership on the bipartisan CIRCUIT Act that will ensure domestic manufacturers of distribution transformers qualify for the 45X tax credit, intended for advanced manufacturing of critical energy components. The CIRCUIT Act will also help mitigate supply chain issues that distribution transformers have faced while encouraging continued on-shoring and domestic production. We look forward to continuing to work with our bipartisan partners in Congress to create solutions that boost the resilience of our nation’s electrical grid and expand U.S. manufacturing in critical supply chains.”

“For years, public power utilities across the country have faced a severe and ongoing shortage of distribution transformers,” said Scott Corwin, President & CEO, American Public Power Association. “This critical shortage threatens grid reliability, delays storm recovery, and dampens economic development. The American Public Power Association applauds Senators Moran and Cortez Masto for introducing the CIRCUIT Act to incentivize domestic manufacturing of distribution transformers, and we urge its swift enactment.”

“Expanding the manufacturing credit to include distribution transformers will help give domestic manufacturers needed certainty as they work to ensure a resilient national supply chain for electric cooperatives and other utilities,” said Jim Matheson, CEO of the National Rural Electric Cooperative Association. “We thank Sens. Moran and Cortez Masto for introducing this legislation, which is critical to strengthening the domestic energy economy and assisting co-ops in their mission to provide safe, reliable and affordable power to their members.”

The full text of the bill can be found here.

As part of her Innovation State Initiative, Senator Cortez Masto has led efforts in Congress to support Nevada’s energy industries and cut through red tape, while lowering costs for families. At a Senate Energy and Natural Resources Committee hearing last March, she discussed the need to speed up interconnection processes with FERC nominees.

MIL OSI USA News –

February 7, 2025
MIL-OSI Russia: IMF Staff Concludes Visit to Lithuania

Source: IMF – News in Russian

February 6, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

Washington, DC: An International Monetary Fund (IMF) mission, led by Ms. Kazuko Shirono, visited Vilnius during January 27–31, 2025, to meet with the Lithuanian authorities and other stakeholders to discuss recent economic developments, the outlook, and policy priorities. At the end of the visit, the mission issued the following statement:

“The Lithuanian economy has shown notable resilience against a series of unprecedented shocks in recent years. Following subdued growth in 2023, the economy gained momentum in 2024 and is expected to expand further in 2025. The economic recovery so far has been primarily driven by private consumption—supported by strong growth of real income reflecting high wage growth and low inflation—helping to offset weak private investment. Despite persistent uncertainty on foreign markets, the external sector also positively contributed to growth, with robust services exports in particular. Looking forward, the positive growth momentum will be supported by easing monetary conditions, the recovery of corporate profits, and the healthy financial position of households. However, weaker than expected external demand—especially in key eurozone trade partners—and policy uncertainty in major economies could weight on domestic sentiment and exports performance, posing downside risks to the growth outlook.”

“After further disinflation in 2024 inflation will rise in 2025, in part due to higher indirect taxes, before stabilizing above 2 percent in the medium term. Headline inflation declined to a low of 0.1 percent in October 2024, reflecting persistent negative base effects from energy and food prices and tighter monetary policy since mid-2022; it gained some pace afterwards reaching 1.9 percent by the end of the year. Core inflation remained historically high on the back of strong price growth in services, supported by high wage growth, despite the moderation of processed food and non-energy industrial prices. While Lithuania’s inflation has dropped below that in the rest of the eurozone during 2024, high rates of inflation and wage growth in the previous years leave price and wage levels elevated, reinforcing the need to restore productivity growth to preserve competitiveness.”

“The fiscal position in 2024 appears to have been significantly better than expected due to accounting factors and higher revenue performance. In 2025, however, fiscal performance is projected to worsen largely because of defense and social expenditures that will result in a wider budget deficit and an increase in government debt as a share of GDP. The new coalition government is preparing its post-election policy priorities and action plan, including a significant further increase in defense expenditures. Furthermore, there are additional long-term spending pressures—emanating from adverse demographic shifts and the green transition. Momentous challenges in the social security system also create the need to continue to incentivize the public to save more for retirement. Altogether, Lithuania faces a pressing need to mobilize additional sources of revenue on a permanent basis and attain greater efficiency in the public sector. Importantly, any spending realignments will entail critical policy tradeoffs including vis-à-vis education, healthcare, and pensions, and revenue-generating tax measures will be key to safeguarding hard-earned policy credibility and fiscal sustainability.”

“Lithuania’s banking system continues to be well capitalized with ample liquidity buffers. Profitability remains at a record high, despite lower interest rates and the temporary levy on banks introduced in 2023 and extended through 2025. Balance sheet risks are contained given large capital buffers, increasing deposits and high profitability allowing to absorb potential losses, while the ratio of NPLs remains at low levels. Private credit is recovering supported by easing financial conditions. Residential real estate activity and prices are picking up since the second half of 2024 while commercial real estate activity remains subdued.”

“The mission would like to thank the authorities and other counterparts in Lithuania for the candid discussions and useful exchange of views.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Boris Balabanov

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/02/03/pr25025-lithuania-imf-staff-concludes-visit

MIL OSI

MIL OSI Russia News –

February 7, 2025
MIL-OSI USA: Polis Administration Announces Higher Purpose Homes and VeroTouch as Latest IHIP Grant Recipients

Source: US State of Colorado

VeroTouch Unveils First Homes 3D Printed in Colorado

DENVER – Today, Governor Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced two new recipients of the Innovative Housing Incentive Program (IHIP) grant to support the development of the off-site construction industry and create more housing at a lower cost across the state: Higher Purpose Homes and VeroTouch. The announcement comes the same day VeroTouch unveils the first houses 3D-printed in Colorado.

“We are proud to accelerate innovation in housing to better address Colorado’s housing needs,” said Governor Jared Polis. “The unveiling of the first 3D-printed homes in the state is a great example of our state’s efforts to support new construction methods and create more housing now.”

Compared to traditional building practices, off-site construction can produce housing more efficiently and at a lower cost while creating stable, year-round, high-quality jobs. Early results suggest that state support of construction methods like modular, manufactured, panelized and 3-D printed homes are growing the industry and generating new homes in Colorado. The annual percentage of Colorado’s modular housing units produced by out of state manufacturers has decreased from 91% to less than 50%.

The funding announced today will directly incentivize the creation of over 160 attainable housing units. With this latest round of grants, the Polis Administration has awarded 14 IHIP grants directly incentivizing the creation of 2,300 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over three years. To date, 705 housing units have been produced with support from IHIP.

“It’s exciting to see the statewide impact of the Innovative Housing Incentive Program as it continues to support the growth of innovative housing manufacturers located across the state, including the Buena Vista and Durango recipients announced today,” said Eve Lieberman, Executive Director of OEDIT. “We commend these companies for their efforts to help increase the supply of housing which, over time, will enable more Coloradans to live in the communities they love and be close to their jobs”

The recipients announced today include:

Higher Purpose Homes – Durango – This panelized housing manufacturer constructs floors, walls and roofs in a manufacturing facility and then uses a crane to place the pieces. The company estimates that 30% of its homes will be deed-restricted and affordable. In 2023, the Colorado Economic Development Commission approved Higher Purpose Homes for the Rural Jump-Start program, which encourages economic development and job creation in rural communities across the state. Through IHIP, Higher Purpose Homes is approved for up to $590,000 for constructing a projected 95 units over three years.

VeroTouch Construction – Buena Vista – This 3D printed housing manufacturer uses robots to print single- and multi-family concrete homes on-site. Today, the company is unveiling the first two homes 3-D printed in Colorado: two-bed, two-bath, 1,100 square foot units in downtown Buena Vista as part of a 31-unit development. VeroTouch Construction is approved for up to $618,000 for constructing a projected 67 units over three years.

About the Innovative Housing Incentive Program

The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP is part of an emerging suite of OEDIT-affiliated programs that offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority, work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs and incentivizing housing units with the Historic Preservation Tax Credit.

About Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.

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MIL OSI USA News –

February 7, 2025
MIL-OSI United Kingdom: £1.3million investment could see improvements to parks, splash pools and sports facilities across Portsmouth
Source: City of Portsmouth

Portsmouth City Council’s administration has included a number of initiatives within its budget proposals, which it believes will enhance the quality of life for residents and visitors alike.

Parks and open spaces are the green lungs of the city. Funding has been allocated to improve them, including a biological dredging project to remove sediment and improve water quality at Baffins Pond, a project many residents are keen to see. A two-year project to improve irrigation and biodiversity at Southsea Common, ensuring it remains a vibrant space for public events, will also get the go-ahead.

Playing outdoors allows children to develop self-confidence, independence, fitness and self-esteem. If adopted, the proposals will enable the Council to continue the planned programme of renewal of play equipment across Portsmouth, in both parks and adventure playgrounds. In addition, the splash pools at Canoe Lake and Clarence Esplanade will be fully refurbished, and splash pools at four other sites will undergo relining.

There is match funding for the Playzones project bid, which could see new multi-use games areas created at five sites across the city if the bid is successful. The £300k investment from the Council would then unlock £1.3m of funding from the Football Foundation towards the scheme. There is also money for enhancements to the city’s green infrastructure, which will help promote environmental sustainability.

The city’s heritage is also recognised, with funding proposed for essential treatments to preserve key bronze statues, including the Grade II-listed Nelson statue, Queen Victoria, and Charles Dickens. The plans also include the installation of memorial plaques to honour the historic contributions and sacrifices made during World War II, as part of plans to commemorate the 80th anniversaries of VE Day and VJ Day.

Cllr Steve Pitt, Leader of Portsmouth City Council, said:

“Because of our prudent approach to the Council’s finances, we can make these commitments despite the funding issues affecting local authorities across the country. These investments reflect our commitment to maintaining and improving Portsmouth’s public spaces for future generations.

“From playgrounds to historic statues, these projects will provide residents with enhanced recreational opportunities and will ensure the city continues to be a welcoming, vibrant, and inclusive place to live, work, and visit.”

These proposals are in addition to the £20m invested into sports facilities across the city since 2017. There are future investments planned, including £22m towards creating a new hub in Bransbury Park, which will bring sports, swimming, and healthcare together, including a learner pool that can be utilised by many nearby schools.

The council is also leading the renovation of Hilsea Lido, which is funded by the UK government and will open this year, 90 years since it first opened in 1935.

These proposals are part of the Council’s capital budget, which can be used for major one-off projects and statutory improvements. The capital funding can’t be used for funding the ongoing delivery of council services such as pressures arising from temporary accommodation and social care.

The budget proposals will be considered at the council’s Cabinet meeting on 11 February and if accepted will then go to the Full Council meeting on 25 February for approval.
- The proposed locations for the Playzones project are Beacon View School, Stamshaw Park, Baffins Pond, Mayfield School and the Charles Dickens Centre.
- The splash pools that would be relined are in Stamshaw, Buckland, Portsea and Paulsgrove.
- The playgrounds that would receive new play equipment include Victoria Park, College Park, Southsea Common & Drayton Park.
- The adventure playgrounds that would receive new play equipment are Landport, Somerstown, Portsea, Paulsgrove, Stamshaw and Buckland.
- The budget papers are available here, and the appendices with a full breakdown can be found here.
MIL OSI United Kingdom –
February 7, 2025

MIL-OSI Security: Trio Sentenced to More Than 16 Years in Federal Prison for Mail Theft and Card Cracking Scheme

Source: Office of United States Attorneys

INDIANAPOLIS— Three individuals have been sentenced to a combined 16 years in federal prison for their roles in a multi-year mail theft and bank fraud scheme.

According to court documents, between October 2021 and April 2022, Cortez Venable, Ephraim Aung, and Brooke Bryan conspired together to commit bank fraud using financial documents such as checks and money orders, which were stolen from U.S. Postal Service (USPS) collection boxes. These collection boxes can only be opened by special “arrow keys” that belong to USPS letter carriers. In order to obtain the arrow keys, Venable and other unknown individuals robbed postal workers at gunpoint while they were on their daily routes delivering mail. Venable robbed a letter carrier on October 4, 2021. Prior to the robbery, Venable and Aung had been in contact via text message. Aung told Venable to take the letter carrier’s mail bag, in addition to their arrow keys, and to look for checks in the stolen mail.

On December 6, 2021, Bryan and Aung served as lookouts while other unknown men attempted to rob a letter carrier of her arrow key in the parking lot of an apartment complex. The letter carrier ran to Bryan and Aung’s vehicle for help, unaware that they were involved in the scheme.

Aung again served as a lookout during an armed robbery of a letter carrier that occurred on December 21, 2021.

Using the arrow keys taken during the robberies, Venable and Aung stole mail, checks and money orders from USPS blue collection boxes in the Indianapolis area. Next, they used the stolen checks and money orders to obtain real cash by either (1) creating fraudulent checks and money orders using some or all of the information found on the stolen checks and money orders; or (2) altering the payee information on the stolen checks and money orders. Venable and Aung recruited others to deposit the fraudulent checks and money orders into their personal bank accounts, a scheme that has come to be known as “card cracking.” Bryan also deposited stolen financial instruments into her personal account.

Card cracking is a form of fraud where bank account holders respond to an online solicitation for “easy money” and provide a debit card for withdrawal of fake check deposits. Criminals use social media platforms like Facebook, X, Instagram, or Telegram to solicit account holders. Those who respond to these solicitations – now accomplices – provide their debit card, PIN, password, and other personal identifying information to give the criminal direct access to their account, as well as payment of sometimes $15,000 for the service. The fraudster deposits the worthless checks and either immediately withdraws the funds at an ATM or transfers it out of the account via money transfer applications like Zelle or CashApp. The criminal sometimes provides the customer with a cut of the money withdrawn using worthless checks – or, in other cases, takes all funds out of the customer’s account.

During a search of Venable’s car and home, U.S. Postal Service Investigators recovered 247 pieces of stolen mail, three arrow keys, $70,121.44 in stolen checks and four firearms. As a convicted felon, Venable was prohibited from possessing firearms.

Investigators also searched the apartment that Bryan and Aung shared and located several stolen checks, altered money orders, laptops, a printer, a scanner, and blank check stock, along with other items commonly used to alter checks, including razor blades and white out. Multiple firearms were also recovered in their residence.

In total, more than 150 people were victimized by this scheme, losing a total of approximately $104,747.09.

Aung, Bryan and Venable were convicted and sentenced as follows:

Defendant	Charges	Sentence
Ephraim Aung, 23, Indianapolis	Conspiracy to Commit Bank Fraud Bank Fraud, 2 Counts Mail Theft	5 years imprisonment 3 years supervised release $807 in restitution $500 fine
Brooke Bryan, 22, Indianapolis	Conspiracy to Commit Bank Fraud Bank Fraud	18 months imprisonment 2 years supervised release $807 in restitution $500 fine
Cortez Venable, 27, Lawrence	Conspiracy to Commit Bank Fraud Bank Fraud Robbery or Mail Brandishing a Firearm In Furtherance of a Crime of Violence Mail Theft Keys or Locks Stolen	130 months imprisonment 3 years supervised release $807 in restitution $500 fine

“Not only did this scheme victimize and traumatize letter carriers – it also victimized ordinary citizens who rely on the United States mail to send important correspondence or pay bills,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “Letter carriers should not have to live in fear of gun violence simply for doing their jobs. Americans should not have to fear that their important financial documents will be stolen and exploited by fraudsters who wreak financial havoc. The serious federal prison sentences in this case demonstrates that the Department of Justice, working with our federal partners, will ensure there will be serious consequences for violence against public servants and fraud against the public.”

“This sentencing represents the hard work and dedication by USPS OIG Special Agents, the U.S. Postal Inspectors and the Beech Grove and Lawrence Police Departments, working with the U.S. Attorney’s Office to bring charges on this significant mail theft investigation. Substantial sentences such as these are a staunch reminder of the severity of stealing from the U.S. Mail,” said Special Agent in Charge Dennus Bishop, U.S. Postal Service, Office of Inspector General, Central Area Field Office. “The majority of postal employees are hard-working public servants dedicated to moving mail to its proper destination. The USPS OIG, along with our law enforcement partners, remain committed to safeguarding the U.S. Mail and ensuring the accountability and integrity of U.S. Postal Service employees.”

“The sentencing of these three individuals shows the utmost importance we place on the safety of U.S. Postal Service employees and the sanctity of the U.S. mail,” said Detroit Division Acting Inspector in Charge Felicia George. “We will not stop pursuing those who seek to harm our employees and victimize postal customers. We will bring them to justice to account for their violent and selfish crimes. The partnerships we’ve established with our USPS OIG counterparts, local police departments, and the U.S. Attorney’s Office allowed us to work jointly to pursue and hold these individuals accountable. Let this serve as reminder to those who want to make a quick dollar by traumatizing our letter carriers and financially preying on the American public: We will find you and bring you to justice.”

The U.S. Postal Inspection Service investigated this case, with assistance from the U.S. Postal Service – Office of the Inspector General, the Beech Grove Police Department, and the Lawrence Police Department. The sentence was imposed by U.S. District Judge Sarah Evans Barker.

Acting U.S. Attorney Childress thanked Assistant U.S. Attorneys Kelsey Massa and Meredith Wood and former Assistant U.S. Attorney Lawrence Hilton, who prosecuted this case.

###

MIL Security OSI –

February 7, 2025

MIL-OSI Security: Three Metro East Men Sentenced to Federal Prison for Wire Fraud in Gas Pump Scheme

Source: Office of United States Attorneys

EAST ST. LOUIS, Ill. – A federal judge in southern Illinois sentenced three men to prison for their involvement in a scheme to use counterfeit credit and debit cards to fill up tanks for gas station patrons in exchange for cash.

Dee E. Day, 31, of Belleville, was sentenced Monday to 30 months’ imprisonment and ordered to pay $14,295 in restitution. Marquise Q. Golliday, 29, of Collinsville, and Montuelle F. Wright, 33, of East St. Louis, were each previously sentenced to 28 months’ imprisonment.

Day, Golliday and Wright each pleaded guilty to one count of conspiracy to commit wire fraud, access device fraud and aggravated identity theft.

“Financial exploitation and identity theft crimes are serious offenses with lasting effects on victims, but thankfully, our law enforcement partners worked swiftly to disband this criminal ring,” said U.S. Attorney Rachelle Aud Crowe.

According to court documents, the conspirators had counterfeit credit and debit cards with one set of information on the front, but the routing information was electronically modified and reencoded on the cards’ magnetic strip. The encoded data included the victims’ names and card numbers.

“Financial crimes perpetrated on law-abiding citizens often have lasting effects on unknowing victims. The U.S. Secret Service is dedicated to stopping and deterring such crimes to safeguard our nation’s financial security as well as innocent people,” Special Agent in Charge Dai Tran, of the Chicago Field Office, said. “I’m proud of our agency’s work on this case and I’m thankful to the U.S. Attorney’s Office for pursuing it.”

The trio used the modified cards to charge more than 130 fraudulent transactions on accounts belonging to 34 victims totaling more than $14,000.

Most of the fraud was committed at a Sauget gas station from Nov. 1-5, 2019. Similar conduct was reported at gas stations in Columbia and Fairview Heights in Illinois and Valley Park, Missouri.

The U.S. Secret Service led the investigation, and Assistant U.S. Attorney Peter Reed prosecuted the case.

MIL Security OSI –

February 7, 2025
MIL-OSI Security: Former Labor Union Financial Secretary Pleads Guilty to Embezzling Union Assets

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of Freedom, Pennsylvania, has pleaded guilty in federal court to a charge of embezzlement of labor union assets, Acting United States Attorney Troy Rivetti announced today.

Vincent Wolf, 57, pleaded guilty to one count before United States District Judge Marilyn J. Horan.

In connection with the guilty plea, the Court was advised that, from approximately April 2013 through April 2021, Wolf served as the financial secretary for the United Steelworkers Local Union 623 in Freedom. As financial secretary, Wolf was responsible for maintaining all financial records, preparing annual reports, and issuing payments on behalf of Local 623 related to union officers’ salaries and expenses. An audit of the union’s finances following Wolf’s re-election loss revealed that Wolf omitted from those records disbursements that he made to himself in the form of writing union checks to himself, ATM withdrawals, and using the union debit card to buy lunch and alcohol. The audit determined that Wolf embezzled a total of $14,695.

Judge Horan scheduled sentencing for June 4, 2025. The law provides for a total sentence of up to five years in prison, a fine of up to $10,000 or twice the gross pecuniary gain to Wolf, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Brendan J. McKenna is prosecuting this case on behalf of the government.

The U.S. Department of Labor’s Office of Labor-Management Standards conducted the investigation that led to the prosecution of Wolf.

MIL Security OSI –

February 7, 2025
MIL-OSI: Erin Lassel Joins First American Bank as Associate General Counsel

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 06, 2025 (GLOBE NEWSWIRE) — First American Bank is proud to announce that Erin Lassel has joined the bank as Associate General Counsel. With over 10 years of experience in commercial real estate law, Erin will play a pivotal role in advancing the bank’s strategic initiatives, joining the broader Legal team that supports the bank’s diverse markets across Illinois, Florida, Wisconsin, and beyond.

As the bank grows its presence in South Florida, Erin’s legal expertise will be instrumental in addressing complex challenges and ensuring the bank’s operations align with the evolving needs of its regional, national, and global customer base.

“Joining First American Bank is an exciting opportunity to contribute to the bank’s commitment to excellence and customer-focused solutions,” said Erin Lassel, Associate General Counsel. “I look forward to leveraging my legal expertise to help shape the future of the bank, support its growth, and champion the delivery of innovative financial services to our customers.”

Christine Childers, Deputy General Counsel at First American Bank, added, “Erin’s extensive experience in commercial real estate law and her leadership skills make her a strong fit for our team. Her expertise will be invaluable as we expand our South Florida operations and strengthen our market position.”

Before joining First American Bank, Erin was a partner at Katz Barron in Coral Gables and Fort Lauderdale, where she represented clients across Florida in real estate and business transactions. She earned her Juris Doctor (J.D.) magna cum laude from Florida International University, ranking in the top 10% of her class, and served as Executive Symposium Editor for the Florida International University Law Review. Erin also holds a B.A. in Accounting, summa cum laude, from the University of Miami.

“We are pleased to welcome Erin to the team,” said Brian Hagan, Florida Market President at First American Bank. “Her distinguished legal background, combined with her leadership and knowledge of the South Florida market, makes her an invaluable addition as we continue to expand our footprint in the region and build on our reputation for excellence.”

First American Bank is a Member FDIC.

Contact:
Teresa Lee
305-631-6400
tlee@firstambank.com

The MIL Network –

February 7, 2025
MIL-OSI: Backbase and Feedzai Partnership Integrates Financial Crime Prevention into Backbase Platform
Source: GlobeNewswire (MIL-OSI)

SAN MATEO, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Backbase, a provider of engagement banking solutions, announces a strategic partnership with Feedzai, a company providing AI-native fraud prevention solutions, aiming to support financial institutions in addressing digital fraud while maintaining operational efficiency in customer interactions. The collaboration integrates Feedzai’s Digital Trust solutions with Backbase’s Engagement Banking Platform, offering financial institutions tools designed to enhance fraud prevention, support secure banking environments, and optimize digital customer experiences.

“By combining Backbase’s engagement banking expertise with Feedzai’s advanced security capabilities, we’re giving financial institutions the complete package – superior customer experience and intelligent fraud prevention in one integrated platform,” said Jouk Pleiter CEO & Founder at Backbase. “Together, we’re setting a new standard for how banks can build trusted digital relationships with their customers.”

The partnership offers financial institutions the following benefits:
- Proactive fraud prevention with real-time AI-powered behavioral analysis across all digital channels.
- Operational efficiency with AI-powered risk assessment designed to reduce false positives and associated costs.
- Seamless integration with the Backbase Engagement Banking Platform and its suite of products, providing direct access to Feedzai’s security capabilities.
The integration of Feedzai’s Digital Trust platform—which monitors user behavior, device integrity, and potential threats in real time—with Backbase’s Engagement Banking Platform aims to support secure and efficient digital banking experiences. Backbase facilitates customer interactions, while Feedzai’s security framework operates in the background to help safeguard digital transactions without disrupting the user experience.

“As the financial services industry evolves, security can no longer be an afterthought — it must be woven into the very fabric of the customer experience,” said Nuno Sebastiao, CEO and Co-Founder at Feedzai. “By partnering with Backbase, we’re empowering financial institutions to deliver a unified, seamless journey that not only protects customers from fraud, but also ensures they feel valued, understood, and safe.”

About Feedzai
Feedzai provides an end-to-end financial crime prevention platform, utilizing AI-driven solutions to support the detection and prevention of fraud and financial crime. Financial institutions use Feedzai’s technology to manage risk and compliance processes, with the platform designed to help safeguard transactions while supporting customer privacy and experience. For more information, users can visit feedzai.com.

About Backbase
Backbase provides the Engagement Banking Platform, a composable solution designed to support banks in their digital transformation efforts by modernizing key customer journeys. The platform helps streamline processes across onboarding, servicing, lending, and investing, aiming to enhance both customer and employee experiences. It is pre-integrated with core banking systems and fintech solutions to support scalability and operational efficiency.

Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase’s for its role in the engagement banking sector. The Backbase Engagement Banking Platform is used by over 150 financial institutions worldwide — including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.

Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto. Users can visit www.backbase.com for more.

Contacts

Austin Hyslip
Feedzai
austin.hyslip@feedzai.com
Alex Papaioannou
Backbase
press-relations@backbase.com

The MIL Network –
February 7, 2025
MIL-OSI United Kingdom: Central Government approves request from Preston City Council to reallocate funds across remaining projects

Source: City of Preston

Approval to revise the Active Preston Levelling Up Fund regeneration programme originally approved in 2023

Central Government has approved a request from the City Council to revise its Active Preston Levelling Up Fund regeneration programme originally approved in 2023.

In order to make the programme financially secure, the £9.7m originally earmarked for the revamp of Ashton Park has been distributed across the six remaining projects that the Levelling Up Fund was originally allocated to.

Councillor Valerie Wise, Cabinet Member for Community Wealth Building said:

“Preston is currently in a state of growth and development and the news that the MHCLG has approved the decision to focus on further enhancing the wonderful places we have in Preston, is incredibly positive for our residents.”

The “project adjustment request” granted by The Ministry of Housing, Communities and Local Government (MHCLG) includes the replacement of the Old Tram Bridge, a new cycle path along Queen Street and Avenham Lane, public space improvements including cycle links, to Friargate South, Orchard Street and Cheapside, as well as improvements to parks including Grange Park, Moor Park, and Waverley Park.

MIL OSI United Kingdom –

February 7, 2025
MIL-OSI Security: Lower Sackville — Update: Woman charged with fraud offences faces additional charges
Source: Royal Canadian Mounted Police

RCMP Halifax Regional Detachment has charged Alissa Kathryn MacGillivary with additional fraud offences.

Officers reviewed hundreds of documents seized during the execution of a search warrant in August 2024. This led investigators to identify a further eight organizations and individuals who had been defrauded by MacGillivary.

To date, RCMP officers have found more than 15 aliases and real identities used by MacGillivary, and the investigation indicates that she used forged documents to obtain financial benefits dating back to 1995.
1. currently estimated that MacGillivary has fraudulently obtained more than $100,000 since 2014.
On January 17, at the request of investigators, MacGillivary attended the Cole Harbour RCMP detachment where she was safely arrested. She has been charged with more than 100 other offences:
- Failure to Comply with a Release Order
- Extortion
- Possession of Property Obtained by Crime (4 counts)
- Forgery (21 counts)
- Use of Forged Documents (28 counts)
- Possession of Forged Documents (32 counts)
- Using Mails to Defraud (4 counts)
- Fraud (2 counts)
- Identity Theft (10 counts)
- Identity Fraud (4 counts)
MacGillivary appeared in court and was remanded into custody. She will return to Dartmouth Provincial Court on February 7, at 9:30 a.m.

The investigation, led by RCMP Halifax Regional Detachment with assistance from the RCMP/HRP Integrated Criminal Investigation Division and the RCMP Halifax Regional Detachment Street Crime Enforcement Unit, is ongoing.

Anyone who thinks they could be a victim, knows someone who could be a victim, is encouraged to contact police at 902-490-5020. Should you wish to remain anonymous, call Nova Scotia Crime Stoppers at 1-800-222-tips (8477) or submit a secure web tip at www.crimestoppers.ns.ca.

File#: 24-111120

MIL Security OSI –
February 7, 2025
MIL-OSI: Digital Assets Backoffice Tech Company Formidium Launches CryptoTax360 For Tax Data Calculations and Forms

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 06, 2025 (GLOBE NEWSWIRE) — A pioneer in accounting and tax reporting solutions for digital assets, Formidium Corp, based in Chicago, Illinois has launched its portal CryptoTax360.io. It’s an extensive platform designed to simplify digital asset and cryptocurrency tax reporting. With its powerful automated tools, seamless integrations, and robust reporting, CryptoTax360.io makes capital gain/loss calculations and tax forms preparation quick and effortless for crypto traders, enthusiasts, and industry professionals.

Crypto tax reporting has long been a headache for investors and traders, largely due to the complexity of digital asset transactions. From navigating multiple wallets and exchanges to calculating capital gains and losses across varied transaction types—staking, margin trading, and DeFi activities—the process can be overwhelming. Adding to the challenge, tax reporting requirements leave no room for error. Manual reporting increases the risk of mistakes, consumes hours of effort, and leaves users frustrated, especially during tax season.

CryptoTax360.io steps in to streamline this process. Designed with simplicity and comprehensive coverage in mind, the platform eliminates the tedious aspects of crypto tax reporting through automated tools and seamless integrations. Users can consolidate data across exchanges, wallets, and DeFi protocols effortlessly. The platform offers capital gain/loss calculations using multiple methods like FIFO, LIFO, HIFO, and more.

CryptoTax360.io offers an instant generation of forms like Schedule D and Form 8949, streamlining the tax preparation process. Its robust dashboard provides insights into portfolio performance, helping users stay organized without stress.

“Crypto tax reporting has always been a daunting task due to the complexity of digital asset transactions’ bookkeeping, financial reporting and tax reporting. Managing multiple wallets, exchanges, and varied transaction types, can feel overwhelming. Our goal with CryptoTax360 is to eliminate this frustration by providing a seamless and effortless reporting solution for everyone.” said Nitin Somani, Co-Founder of Formidium.

Crypto Tax Reporting with CryptoTax360 in 3 Easy Steps:

1️. Effortless Trade Imports – Seamlessly connect wallets and exchanges via API, public addresses, or by uploading files directly.

2️. Comprehensive Portfolio Insights – Review auto-synced transactions, dashboards, and gain and loss breakdowns for complete transparency.

3️. Quick Report Generation – Instantly generate and export tax-filing-ready reports in PDF or Excel formats, making tax preparation smooth and stress-free.

About CryptoTax360.io

Cryptotax360.io is a technology platform developed by Formidium Corp, provides a 360-degree view of cryptocurrency trades, transactions, tax and portfolio reporting. Whether you’re an individual investor, professional trader, or CPA, CryptoTax360.io provides seamless integrations, automated tax data calculations, and portfolio reporting. CryptoTax360 transforms tax season into a stress-free experience. Visit www.cryptotax360.io for more information and to sign up.

About Formidium

Formidium is a pioneer in digital assets accounting and tax reporting. Since 2016, the firm has built a global presence with offices in the U.S., India, Canada, and Singapore, supporting over 600 client relationships. It’s cloud-native, scalable SaaS platform enables automated workflows, real-time data access, and modular capabilities for seamless growth.

Media Contact

Krishna Priya Gupta
info@cryptotax360.io

The MIL Network –

February 7, 2025

MIL-OSI: Equasens: 2024 annual revenue

Source: GlobeNewswire (MIL-OSI)

Villers-lès-Nancy, 6 February 2025 – 6:00 p.m. (CET)

PRESS RELEASE

2024 annual revenue: €216.8 million including €58.6 million in Q4 (+2.6% on a reported basis and -0.4% like-for-like)

Revenue (€&)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth		Of which Ségur¹ 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Q1	56.2	53.3	-2.9	-5.2%	2.0	0.3		-1.4	-3.8	-6.7%
Q2	56.4	54.7	-1.7	-3.0%	1.7	0.3		-1.2	-2.6	-4.6%
Q3	50.1	50.2	0.1	0.3%	1.8	0.2		-0.3	-1.5	-3.0%
Q4	57.0	58.6	1.5	2.6%	1.7	0.2		-0.3	-0.2	-0.4%
Total	219.7	216.8^(*)	-3.0	-1.4%	7.2	1.1		-3.2	-8.2	-3.7%

^(*)unaudited

Note: Acquisitions in 2023 and 2024 (Atoopharm, Speach2Sense, Pratilog, ADV in Germany – now Pharmagest Germany) and Digipharmacie) have been restated in the scope of consolidation.
Maintaining a strategy of external growth, in December 2024 Equasens Group acquired 90% of the capital of Calimed SAS, a software publisher for private practitioners and surgeons (with no consolidated revenue in Q4 2024).

Equasens Group, (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported full-year revenue for the 12-month period ending 31 December 2024 of €216.8m, contracting 1.4% on a reported basis. Like-for-like (organic growth), i.e. excluding the effects of acquisitions and the impact of the Ségur digital healthcare investment programme, revenue decreased by 3.7%.

Annual revenue at 12/31/24 / Division (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth	Of which Ségur 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Pharmagest	162.7	163.5	0.8	0.5%	7.1	0.5	-1.5	-5.3	-3.3%
Axigate Link	31.1	32.1	1.0	3.2%		0.3	-1.0	1.7	5.5%
e-Connect	15.0	11.2	-3.8	-25.3%				-3.8	-25.3%
Medical Solutions	8.9	7.9	-1.0	-10.9%	0.1	0.3	-0.7	-0.7	-8.1%
Fintech	2.0	2.0	0.0	-2.1%				0.0	-2.1%
Total	219.7	216.8	-3.0	-1.4%	7.2	1.1	-3.2	-8.2	-3.7%

No businesses were transferred between Divisions in FY 2024.

FY revenue for the 12 month period ending 31 December 2024 / Activities (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis
Sale of configurations and hardware	93.5	86.1	-7.4	-7.9%
Scalable maintenance and professional training services	78.1	81.0	2.8	3.6%
Software solutions and subscriptions	45.4	46.8	1.4	3.0%
Other services (including intermediation)	2.7	2.9	0.2	7.9%
Total	219.7	216.8	-3.0	-1.4%

In Q4 2024 alone, Equasens Group registered sales of €58.6m, up 2.6% on a reported basis at 31 December 2023 (-0.4% like-for-like).

Q4 2024 revenue / Division (€m)	2023 Reported basis	2024 Reported basis	Change / Reported basis		Of which external growth	Of which Ségur 2024	Of which Ségur 2023	Like-for-like change (organic growth)
Pharmagest	42.2	43.4	1.2	2.9%	1.7	0.1	-0.2	-0.5	-1.1%
Axigate Link	8.9	9.5	0.7	7.6%		0.1	-0.1	0.7	7.7%
e-Connect	3.3	2.9	-0.3	-10.1%				-0.3	-10.1%
Medical Solutions	2.2	2.2	0.0	-0.9%		0.1	-0.1	0.0	-2.1%
Fintech	0.6	0.5	-0.1	-11.6%				-0.1	-11.6%
Total	57.1	58.6	1.5	2.6%	1.7	0.3	-0.4	-0.2	-0.4%

Q4 2024 revenue highlights by type of business	2023 Reported basis	2024 Reported basis	Change / Reported basis
Sale of configurations and hardware	23.2	23.5	0.1	0.4%
Scalable maintenance and professional training services	19.8	20.4	0.6	3.1%
Software solutions and subscriptions	13.2	13.8	0.5	4.1%
Other services (including intermediation)	0.8	1.0	0.2	27.5%
Total	57.1	58.6	1.5	2.6%

In a year marked by political instability, particularly in France, configuration and equipment sales were again heavily impacted on a full-year basis (-7.9%). The recovery initially anticipated in Q3 got off to a slower than expected start with marginal growth in Q4 (+0.4%).
Scalable maintenance services and business training continued to display positive momentum with stable growth (+3.1 % in Q4 2024 and +3.6% for the full year).
Software solutions and subscriptions performed particularly well in H2 after declining in the first half (reflecting the base effect from Ségur) to achieve 3% growth for the full year.

The PHARMAGEST Division recorded annual sales of €163.5m (+0.5%) for the year ended 31 December 2024 on a reported basis, including €7.1m of restated sales arising from acquisitions in 2023 and 2024. On a like-for-like basis, sales for the division declined 3.3% for the full year.

In Q4 2024, the Division grew 2.9% to €43.4m on a reported basis compared with Q4 2023, including €1.7m in restated sales linked to acquisitions in Q4 2023 and 2024. Like-for-like, the division’s sales declined 1.1% in the last quarter.

The Division’s strategy of innovation and bringing new software, hardware and services to market has strengthened its value proposition in terms of pharmacy productivity and automation solutions starting in the third quarter, with, for example, the id.Express payment terminal deployed in France, Germany and Belgium, the new id.Genius module integrating AI into dispensing, and id.Assistance, a new service facilitating the use and adoption of the id. offering on a day-to-day basis.
Based on these advances, the Pharmacy business now has a differentiating offering capable of generating revenue from its customer base (€2m at 31/12/2024) and contributing to growth in market share with more than 500 new customers in France and Italy (+€3.5m at 31/12/2024).
Digipharmacie, a provider of digital accounts payable management solutions for pharmacies, recently approved as a partner of the French e-reporting platform (Plateforme de Dématérialisation Partenaire or PDP), recorded annual growth of 27%.
The shift of the Division to SaaS offering culminated in the launch in September 2024 of the ASCA Dynamics solution, a cloud based version of the electronic label management software developed by Equasens Group. Nearly 250 of the 500 pharmacies added to ASCA’s customer base in 2024 are already equipped with this solution.

This Division accounts for 75.4% of total revenue.

The AXIGATE LINK division registered €32.1m in revenue for the 12 month period ended 31 December 2024 (+3.2% on a reported basis and +5.5% like-for-like). In Q4 2024, the Division grew 7.6% to €9.5m on a reported basis compared with the same period in 2023. Like-for-like, the division’s revenue grew 7.7% in the last quarter.
- The nursing home sector, which accounts for 53% of the Division’s revenues, experienced a strong growth in 2024, with the addition of 104 new establishments (excluding the UK), bringing its installed base to a total of 3,400 sites. The Titanlink SaaS offering was a resounding success, more than 600 sites equipped out of a total of 2,500 in France and 90 in Belgium out of a total of 932.
- The Homecare sector also delivered a very solid performance, with a net gain of 20 customers, including 5 Hospital-at-Home programmes. In addition, the sector started rolling out the first version of a software package for regional elderly and disabled homecare centres (Centres de Ressources Territoriales or CRTs) to coordinate patient care. This activity accounts for 22% of the Division’s revenue.
- The Hospital sector, 12% of the Division’s revenue, grew 4.1% in 2024 compared with 2023 with a net increase of 7 facilities, including 3 major psychiatric establishments. A portion of these orders signed in 2024 will be implemented and recognised in revenue for 2025.
- The PandaLab Pro secure messaging system recently passed the milestone of 50,000 independent users or private organisations and 360,000 messages sent per month. 2024 experienced a growth in the number of use cases, particularly in teleconsultation, remote assistance and outpatient prescriptions, with the latter reaching 85,000 prescriptions exchanged in December 2024 alone.

This Division accounts for 14.8% of total revenue.

The E-CONNECT division had revenue of €11.2m for the year ended 31 December 2024 (down 25.3% on a reported basis). Revenue in Q4 2024 was down 10.1% in relation to the same quarter in 2024 to €2.9m, representing a decline significantly less than in previous quarters.
- Despite challenging market conditions, 2024 remained a year of investment, following an exceptional period in 2023 which benefited from a one-off regulatory development (the discontinuation of Application Reader Terminal sales).
- In Q4 2024, Kapelse’s eS-KAP+ mobility solution was authorised for all prescribing healthcare professionals, midwives and health centres. This latest certification completes the “auxiliary health practitioners” approval obtained in 2024 and extends the number of partner software publishers who are starting to integrate eS-KAP+ into their business applications.
- Sales of KAP-eCV (the electronic French health insurance card reader) got off to a promising start, with several thousand readers sold in Q4.
- In November 2024, the new NOVIAcare offering (entailing a switch to modular sales) met with considerable success when it was unveiled at the Silver Economy Expo international exhibition in Cannes, confirming the potential of the first scalable and modular telecare solution on the market.

This Division accounts for 5.2% of total revenue.

The MEDICAL SOLUTIONS Division recorded revenue of €2.2m in Q4 2024, down slightly (-0.9%) on Q4 2023. Reflecting the diminishing impact of the base effect from the Segur digital healthcare investment programme, the decline for the full year was limited to -10.9% to €7.9m, compared with -19.1% in H1 2024.
- The launch of LOQUii, the AI voice consultation assistant, in November 2024, provides further confirmation of the recovery. By adopting a “Try Before You Buy” formula, more than 500 doctors used the solution in Q4, highlighting the potential for significant growth from Q1 2025 onwards, once the initial trial period is over.
- At the same time, the roll-out of the MS.Safe online backup solution that combines safety and ease of use attracted around 50 users in less than two months.

The Division accounts for 3.6% of total revenue.

The FINTECH Division recorded revenue of €0.5m (-11.6%) in Q4 2024, and €2.0m for the full year (-2.1% compared with 2023).
- The new Dispay digital bankcard payment service now integrated into the medical software solution of healthcare professionals resulted in subscriptions by 80 customers in Q4 and the Division remains confident that it will generate additional revenues as its customer base expands.

The Division accounts for 1.0% of total revenue.

2025 outlook
Based on the encouraging indicators for Q4 2024, the Group is looking ahead to 2025 with confidence. Positive momentum is expected for the first half of the year, benefiting notably by a favourable base effect at the start of the year. A significant acceleration is expected in the second half with nominal growth of nearly 10%, driven by the capital expenditures and the roll-out of new solutions (software, hardware and services).

In this context, Equasens Group is in the process of implementing a major strategic transformation to SaaS (Software as a Service) business model. This transition entails the gradual migration from solutions hosted at healthcare professionals’ premises to solutions hosted in the Group’s data centers which are certified Health Data Hosting (HDS) and ISO 27001. The new add-on modules are now developed almost exclusively for SaaS solutions which will increase the proportion of recurring revenues. This transformation is driven by a robust cloud infrastructure and customised support to assist our customers with their digital transition.

At the same time, the Group is continuing to invest in Artificial Intelligence and accelerating its integration into its business tools to enhance its range of decision-making tools. This development brings real added value to healthcare professionals by making the prescription process more secure, providing personalised patient support and optimized time management.

Backed by a solid financial structure, the Group will continue to monitor potential opportunities for external growth.

This guidance does not take into account the potential effect of cyclical or macro-economic events that could have a direct or indirect impact on the healthcare sector.

Financial calendar:

FY 2024 results: 29 March 2025
Presentation of 2024 annual results (SFAF): 31 March 2025, Paris
Q1 2025 revenue: 12 May 2025
Annual General Meeting: 26 June 2025
Q2 2025 revenue: 31 July 2025
H1 2025 results: 26 September 2025
Presentation of H1 2025 results to analysts (SFAF): 29 September 2025
Q3 2025 revenue: 5 November 2025
FY 2025 revenue: 5 February 2026

About Group Equasens

Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1,300 people across Europe.
Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

Listed on Euronext Paris™ – Compartment B

Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC^®SMALL and CAC^®All-Tradable
Included in the Euronext Tech Leaders segment and the European Rising Tech label

Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
ISIN: FR 0012882389 – Ticker Code: EQS

Get all the news about Equasens Group www.equasens.com and on LinkedIn

CONTACTS

EQUASENS Group
Analyst and Investor Relations:
Chief Administrative and Financial Officer: Frédérique Schmidt
Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

Financial communications agency:
FIN’EXTENSO – Isabelle Aprile

Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

Forward-looking statements
This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2024 under number D.24-0366. These forward-looking statements are valid only as of the date of this press release.

1 An investment programme rolled out by the French government to support the national strategy for eHealth acceleration.

Attachment

EQUASENS_PR_20250206_2024-FY-revenue_EN

The MIL Network –

February 7, 2025

MIL-OSI: Information Relating to the Total Number of Voting Rights and Shares Forming the Share Capital

Source: GlobeNewswire (MIL-OSI)

In Bernin, on Februay 6, 2025

INFORMATION RELATING TO THE TOTAL NUMBER
OF VOTING RIGHTS AND SHARES
FORMING THE SHARE CAPITAL

(Article L. 233-8 II of the French Commercial Code and article 223-16 of the General Regulation of the French financial markets authority (AMF))

Corporate name and address of the company: SOITEC
Parc Technologique des Fontaines – Chemin des Franques
38190 Bernin (FRANCE)

Statement date	Total number of shares forming the share capital	Total number of voting rights
01/31/2025	35,726,462⁽¹⁾	Number of theoretical (gross) voting rights ⁽²⁾: 45,642,048
01/31/2025	35,726,462⁽¹⁾	Number of exercisable (net) voting rights ⁽³⁾: 45,585,990

35,726,462 ordinary shares of €2.00 par value each, listed on the Euronext Paris regulated market under ISIN code FR0013227113 and the mnemonic “SOI”.

The total number of theoretical voting rights (or “gross” voting rights) is used as the basis for calculating the crossing of shareholding thresholds. In accordance with article 223-11 of the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers – AMF), this number is calculated on the basis of all shares to which single or double voting rights are attached, including shares without voting rights (for example, treasury shares, liquidity contract, etc.).

The total number of exercisable voting rights (or “net” voting rights) is calculated after taking into account the number of shares entitled to double voting rights, and after deduction of the shares without voting rights (for example, treasury shares, liquidity contract, etc.).

# # #

About Soitec

Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.
Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

For more information visit our Website and follow us on LinkedIn and X

# # #

Attachment

DDV January 2025 EN

The MIL Network –

February 7, 2025

MIL-OSI: UPDATE: WTW debuts new Insurance Pricing and Underwriting Technology to accelerate speed to market in Guidewire PolicyCenter

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announced the latest advancement in its Radar rating and analytics engine with the launch of its Rating, Pricing, and Underwriting acceleratorⁱ for Guidewire.

Radar, WTW’s external rating engine, is an end-to-end solution designed specifically for the insurance sector. It provides cutting-edge analytics and decision-making for pricing and underwriting, deployed to the market in real time. Radar’s new Guidewire accelerator will streamline the integration of Radar with PolicyCenter, Guidewire’s policy administration system, allowing carriers to realize the benefits of Radar faster. The accelerator uses a highly innovative approach that draws Guidewire product definitions directly into Radar’s pricing environment, massively expediting the integration process.

Customers’ demand for more innovative insurance solutions has increased significantly in recent years. Pricing and underwriting teams have been pushed to the limit by the need to provide new products in a competitive market while balancing regulatory requirements for rating accuracy, transparency, and fairness. Radar is a proven solution that delivers success for insurers and their customers in this challenging environment.

Gio Smyth, Managing Director and Americas Regional Leader, Insurance Consulting and Technology, WTW, said: “WTW’s integration between Guidewire PolicyCenter and our Radar technology will enhance the operational efficiency of our shared clients by reducing implementation time and cost, enabling them to maximize the benefits of Radar. The injection of game-changing speed and accuracy into the pricing process makes it possible to update market prices in minutes rather than days, weeks, or months, giving insurers a competitive edge.”

Will Murphy, Vice President, Global Technology Alliances, Guidewire, said: “With the launch of the Radar Accelerator from WTW, our shared customers can now quickly leverage a valuable rating solution that enables insurers to realize quicker and more accurate underwriting and pricing performance.”

About Radar

Smarter insights. Better results. Delivered faster.

Radar is a complete, end-to-end analytics and model deployment solution. It was built specifically for insurers by insurance experts and continually enhanced through ongoing investment, development, and innovation.

Radar delivers proprietary machine learning algorithms, real-time decision-making, regulatory reporting, speed, and ease of deployment.

Radar is part of WTW’s Insurance Consulting and Technology business, which serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Its mission is to innovate and transform insurance and deliver solutions that help clients better select, finance, and manage risk and capital.

We work with clients of all sizes globally, including most of the world’s leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry.

About Insurance Consulting and Technology (ICT)

WTW’s Insurance Consulting and Technology (ICT) business has over 1,200 colleagues operating and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management, and strategy.in 35 markets worldwide. ICT is a leading provider of advice, solutions, and software – primarily to the insurance industry. Its consulting services help clients manage risk

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success and provide a perspective that moves you.

Learn more at wtwco.com.

Media Contact

Douglas Menelly +1 516 445 5387 | douglas.menelly@wtwco.com

_______________
ⁱ https://marketplace.guidewire.com/s/product/radar-accelerator-for-rating-and-pricing-for-policycenter/01t3n00000SqGjIAAV?language=en_US

The MIL Network –

February 7, 2025
MIL-OSI: Toobit Named Best New Cryptocurrency Exchange at 2025 WeMoney Cryptocurrency Awards

Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands , Feb. 06, 2025 (GLOBE NEWSWIRE) — Global digital asset trading platform Toobit today received awards in two categories at the 2025 WeMoney Cryptocurrency Awards. In a hotly-contested year, the exchange was able to clinch the titles of Best New Cryptocurrency Exchange and Best for Derivatives.

The annual WeMoney Cryptocurrency Awards recognise cryptocurrency platforms, exchanges, and innovators in the Australian market that offer exceptional value, asset availability, and market-leading features.

“We are deeply honoured to be recognised by the Awards this year,” said Mike Williams, Chief Communication Officer of Toobit. “In a deeply-saturated crypto market, we are thrilled to have made such an impact. These two titles are a testament to our continued commitment towards ease-of-use, security, and innovation.”

As described in WeMoney’s rigorous methodology, Toobit was able to secure the title of Best New Cryptocurrency Exchange through demonstrated success in international markets. Judging criteria also factors in how effective the exchange was in setting in place new industry benchmarks for Australian investors.

For Best for Derivatives, Toobit came out on top after being evaluated on its range of assets, feature complexity, margin trading options, risk management measures, as well as its affordability and fees.

To confirm Toobit’s win in both categories, a dedicated team of WeMoney specialists conducted a thorough and meticulous evaluation process, carefully analyzing each applicant based on customer satisfaction, platform features, and adherence to industry benchmarks.

The process began with a comprehensive self-assessment questionnaire designed to highlight both strengths and weaknesses, followed by extensive research and detailed analysis of each platform’s overall performance.

To learn more about the WeMoney Cryptocurrency Awards 2025, visit their website at https://www.wemoney.com.au/wemoney-crypto-awards-2025-winners

About Toobit

Toobit is a global crypto exchange dedicated to providing fair and transparent trading experiences. With ample liquidity and market depth, Toobit ensures efficient and secure transactions for traders worldwide and is committed to providing a secure and user-friendly environment for trading a diverse range of digital assets.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.

Email: market@toobit.com

Website: www.toobit.com

Disclaimer: This content is provided by Toobit. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/66e53ecc-98d5-4339-bf73-c4a1daa1fcaf

The MIL Network –

February 7, 2025
MIL-OSI United Kingdom: How Yeomadon Farm used EWCO funding to create woodland
Source: United Kingdom – Executive Government & Departments

Case study

How Yeomadon Farm used EWCO funding to create woodland

Yeomadon Farm used their England Woodland Creation Offer (EWCO) funding to improve the landscape for business and recreation.
Yeomadon Farm has been in Rob Moore’s family since the early 1900s and has seen a range of uses, including dairy, beef farming and a successful holiday cottage business.

More recently, Rob and his wife Catherine have replaced their cattle with trees. They want their land to be more compatible with their holiday cottage enterprise by reducing heavy machinery around the cottages and, in time, to provide a woodland for the guests to enjoy.

Conifer saplings grow on the the newly planted site at Yeomadon Farm. Copyright Yeomadon Farm.

Yeomadon Farm facts

location: Devon / Cornwall county border

size: 18 hectares

type: conifer woodland with broadleaf edges

species: Sitka spruce, lodgepole pine, Norway spruce, western red cedar, hazel, silver birch, sessile oak, common alder and wild cherry

date planted: February 2022

grant: England Woodland Creation Offer (EWCO)

main objective: to improve the landscape to complement an existing holiday cottage business

Moving towards forestry

While Rob and Catherine didn’t have any prior experience of forestry, the family didn’t let this stand in their way. They chose to create woodland to complement their already thriving holiday cottage business, which has a focus on nature-based activities, such as fishing and local walks.

They will also be looking for the woodland to generate income for them in the future.

Rob Moore, owner of Yeomadon Farm, said:

Our initial thought was if we could turn this agricultural land into forestry without it costing us anything, then we’ll be happy.

Financially supported woodland creation

After first hearing about the England Woodland Creation Offer (EWCO) in the Mole Valley newsletter, Rob and Catherine were keen to explore using their land to create woodland. They had some initial conversations with land agent Pryor and Rickett Silviculture about what this might look like, including which fields they had earmarked for planting.

Their agent managed the woodland creation process from initial site visits, arranging involvement from a Forestry Commission woodland officer and the completion of the EWCO grant application, through to sourcing and planting the saplings.

For Rob and Catherine, this process was really positive. They felt having an agent to guide them through the grant application was invaluable and made the financial side of the process much more straightforward.

The scheme was eligible for an ‘additional contribution’ for water quality, a one-off payment available through EWCO where a woodland’s location and design deliver public benefits. In this case, for promoting drainage for the site’s waterlogged soils.

The agents, along with the local woodland officer, helped Rob and Catherine select which trees to plant. This decision was largely based on what would be most suitable for the ground, which tends to get water-logged. They also wanted to ensure a mix of species to offer resilience against our changing climate and the threat of pests and diseases.

The centre of the woodland is made up of Sitka spruce, Norway spruce, lodgepole pine and western red cedar, with a surrounding ring of mixed native broadleaf species close to the fishing lakes. The agents arranged contractors to hand plant 33,000 trees, which took 3 weeks.

Rob and Catherine Moore with a conifer sapling planted at Yeomadon Farm. Copyright Yeomadon Farm.

Catherine Moore, owner of Yeomadon Farm, said:

We didn’t need to do anything. If we had to do the whole process all by ourselves, we wouldn’t have known where to start!

Saving costs during the establishment process

Rob and Catherine were able to make savings by doing much of the maintenance work themselves. Rob sprayed the surrounding ground around the new trees, which ensured growth wasn’t hampered by the grass or weeds. The process took him 8 days and saved on the expense of additional labour costs.

Similarly, they put in the fencing themselves. They used a total of 1,800 metres of deer fencing and gates, with additional rabbit netting. As the woodland grows, they will seek additional advice on how it can provide further income. For now, they both agree that it stacks up financially.

Deer fencing with rabbit netting to protect the new saplings. Copyright Yeomadon Farm.

Benefits for nature, people and the planet

Rob and Catherine have noticed some additional benefits to the wildlife and biodiversity of the area. They stated that “it may be that we’re just noticing the wildlife more than we used to, or that it’s flourishing now that we’re disturbing the land less, but we don’t remember seeing sparrowhawks before!” In addition, the woodland will, in time, be open for the guests at the holiday cottages to enjoy.

The Yeomadon Farm scheme was celebrated in the Devon Woodland Awards ‘New Woodland on Farm’ category, where Rob and Catherine won silver. The judges praised the scheme and the ingenuity in designing and using specialist equipment for planting and maintenance.

Top tips

Consider using an agent. Rob and Catherine were completely new to forestry when they started on this journey and found it invaluable having an agent to navigate them through the process.

Don’t underestimate the labour required in getting the scheme up and running. Factor these costs into your planning as they could make a big difference.

Think about planning ahead. Work out how to manage the grass and what machinery you might need as these could all add up in terms of cost and overall finances.

Consider your financing options in the short-term to cover the up-front costs of planting your new woodland. This is because EWCO payments are received once all capital work has been completed and evidence is reviewed.

You can also see the brochure version of this story: Yeomadon Farm: woodland creation case study (PDF, 14.9 MB, 4 pages).

Read more about woodland creation and tree planting grants.

Updates to this page

Published 6 February 2025
MIL OSI United Kingdom –
February 7, 2025
MIL-OSI Canada: More support for Jasper’s recovery
Source: Government of Canada regional news (2)
Alberta’s government is committed to ensuring Jasper residents and businesses are supported as the community recovers from last summer’s wildfire. Since the beginning of the wildfire, more than $170 million has been provided from across the provincial government to support Jasper residents and businesses as the community recovers and rebuilds.

To further the province’s commitment to support the recovery of the Municipality of Jasper, Alberta’s government is providing an additional $8 million to fund property tax relief for residents and businesses, to develop regional transit services and to help cover lost municipal revenues.

“Wildfires don’t just destroy homes and businesses. They change lives in ways that last much longer than the flames. That’s why we are providing an additional $8 million to the more than $170 million that has already been provided to the Municipality of Jasper during and after the wildfire. Our additional support will provide residents and business owners with some much-needed relief, help maintain public services and connect communities through transit services for workers and residents who are still displaced.”

Ric McIver, Minister of Municipal Affairs

With more than $8 million in additional support for the Municipality of Jasper, Alberta’s government has now provided a total assistance package of more than $178 million. Of this additional support, more than $3 million will provide tax relief for property lease holders of both residential and business properties in Jasper. Property taxes will be forgiven for everyone, for the one-month period when the town was evacuated last summer. For lease holders of properties that were destroyed or are still uninhabitable, the property tax relief period will be extended from the evacuation in July until the end of 2024.

“The Municipality of Jasper is grateful for the Government of Alberta’s announcement confirming much-needed funding for tax relief, revenue stabilization and support for transit. These commitments are critical to our community’s ongoing recovery and will provide essential relief as we rebuild and move forward. We appreciate the province’s recognition of the unique challenges Jasper faces and its continued investment in our future. We look forward to ongoing collaboration in our recovery efforts.”

Richard Ireland, mayor, Municipality of Jasper

In addition to the tax relief provided to residents and businesses, a further $3.1 million will help the Municipality of Jasper cover municipal revenue lost due to the wildfire to help the town continue delivering essential services to residents. Alberta’s government will also provide the municipality with a one-time grant of $2 million for regional transit services between Jasper and Hinton. This regional transit service will create pathways for workers and displaced residents to maintain their connection to Jasper.

“Our government is committed to supporting the municipality and its residents and businesses in recovering after the wildfires. This additional $8 million builds upon the $170 million we have provided for Jasper and its residents during and after the wildfires. This extra support will ensure that the Municipality of Jasper can continue to provide quality services to its residents while also providing residents and business owners with some much-needed relief.”

Martin Long, MLA for West Yellowhead

The province’s total assistance package of over $178 million during and after the wildfire includes:
- Up to $149 million in Disaster Recovery Program funding.
- $7.5 million in emergency evacuation payments to more than 6,500 Jasperites.
- $12.9 million in matching funds to support the Canadian Red Cross in providing support to residents and business owners in Jasper.
- $2.5 million in tourism support.
- $121,400 in food, financial and operating support to the Jasper Food Bank.
- $3.02 million in tax relief for lease holders of residential and business properties.
- $3.1 million in revenue stabilization for the municipality of Jasper.
- $2 million one-time grant to support contracted transit services.
Quick facts
- The tax relief and revenue stabilization package is worth approximately $6.12 million, including:
  
  $1.9 million in property tax relief.
  
  $1.12 million in education tax levy offset.
  
  $3.1 million for 2024 revenue losses for the Municipality of Jasper.
- The one-time $2-million transit grant is to support contracted transit services, not capital costs.
Related information
- Municipality of Jasper – Wildfire Recovery Information
MIL OSI Canada News –
February 7, 2025
MIL-OSI: Plutus Financial Group Limited Announces Closing of Initial Public Offering
Source: GlobeNewswire (MIL-OSI)

Hong Kong, Feb. 06, 2025 (GLOBE NEWSWIRE) — Plutus Financial Group Limited (“the “Company”) (NasdaqCM: PLUT), a Hong Kong-based financial services company, today announced the closing of its initial public offering (the “Offering”) of 2,100,000 ordinary shares at a public offering price of $4 per ordinary share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and offering expenses. The Offering was conducted on a firm commitment basis. The ordinary shares began trading on Nasdaq Capital Market under the ticker symbol “PLUT” on February 5, 2025.

The Company has granted the underwriter an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 315,000 ordinary shares at the public offering price, less underwriting discounts and expenses.

R.F. Lafferty & Co., Inc. acted as lead underwriter for the Offering, with Revere Securities LLC acting as co-underwriter. The Crone Law Group, P.C. served as counsel to the Company. Sichenzia Ross Ference Carmel LLP served as lead counsel to the underwriters with respect to the Offering.

A registration statement on Form F-1, as amended (File No. 333-276791) relating to the Offering was previously filed with the Securities and Exchange Commission (the “SEC”) by the Company and subsequently declared effective by the SEC on February 4, 2025. The Offering was made only by means of a prospectus, forming a part of the registration statement. A final prospectus relating to the Offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained from R.F. Lafferty & Co., Inc., 40 Wall Street, 27th Floor, New York, NY 10005, or by telephone at (212) 293-9090.

Before you invest in the Company, you should read the final prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Plutus Financial Group Limited

Plutus Financial Group Limited is a Hong Kong-based financial services holding company operating through two wholly-owned primary subsidiaries – Plutus Securities Limited (“Plutus Securities”) and Plutus Asset Management Limited (“Plutus Asset Management”). Plutus Securities, a securities broker licensed by the Securities and Futures Commission of Hong Kong (the “SFC”) and a Participant on the HKEx stock exchange in Hong Kong, provides quality securities dealing and brokerage, margin financing, securities custody, and nominee services. As a licensed securities broker, Plutus Securities provides a range of financial services, including:
- Hong Kong stock trading through the internet, mobile app, and customer phone hotline
- Margin financing;
- Securities custody and nominee services; providing secure and reliable clearing and settlement procedures;
- Access to debt capital markets; and
- Equity capital markets for issuers, offer underwriting for IPO and other equity placements, and marketing, distribution and pricing of lead-managed and co-managed offerings.
Plutus Asset Management, a wealth management and advisory firm licensed by the SFC, provides wealth management services including:
- Professional funds management;
- Discretionary accounts with strategies developed for customers based on individual risk tolerance and investment preferences;
- Investment consulting and advisory services for funds managed by other companies; and
- Investment funds, including a real estate fund, a fixed income fund, a private equity investment, and a hedge fund.
For more information, visit the Company’s website at http://www.plutusfingroup.com./en/index.php.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For more information, please contact:

Investor Relations:
Plutus Financial Group Limited
Attn: Jeff Yeung
ir@plutusfingroup.com

The MIL Network –
February 7, 2025
MIL-OSI: QXO Urges Beacon Roofing Supply to Let Shareholders Decide on Premium All Cash Offer of $124.25 per Share

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Feb. 06, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today issued the following statement in response to the announcement by Beacon Roofing Supply, Inc. (Nasdaq: BECN) that its Board of Directors has rejected QXO’s all-cash $124.25 per share offer.

On January 27, 2025, QXO commenced a tender offer to purchase all outstanding shares of Beacon for $124.25 per share in cash, for an aggregate enterprise value of approximately $11 billion, representing a 37% premium to Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024. QXO’s offer price is also higher than Beacon’s shares have ever traded. Beacon’s Board offers no basis for its assertion that QXO’s premium offer undervalues Beacon’s shares, and the trading price of Beacon’s shares indicates that Beacon’s Board is wrong.

“Our offer provides certainty, a significant premium in cash and the ability to close quickly with no regulatory delays, financing risks or diligence conditions,” said Brad Jacobs, chairman and chief executive officer of QXO. “Beacon’s filing shows no indication of an actionable third-party alternative. We have made a very compelling offer, and Beacon should let its shareholders decide what is in their best interest.”

Notably, Beacon confirmed today it would wait to announce newly constructed 2028 financial projections until March 13, more than a month from today and more than three months from its Board’s initial rejection of QXO‘s offer. There is no reason for Beacon to introduce yet another delay by waiting to disclose its newly formulated projections.

QXO’s tender offer will be outstanding until 12:00 midnight, New York City time, at the end of February 24, 2025, and it is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

About QXO

QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

Forward-Looking Statements

This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

Important Additional Information and Where to Find It

This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

Certain Information Concerning the Participants

The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants that have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

Media Contacts

Joe Checkler
joe.checkler@qxo.com
203-609-9650

Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930

Investor Contacts

Mark Manduca
mark.manduca@qxo.com
203-321-3889

Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833

The MIL Network –

February 7, 2025

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