Category: Economy

MIL-OSI: West Bancorporation, Inc. Announces Third Quarter 2024 Financial Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported third quarter 2024 net income of $6.0 million, or $0.35 per diluted common share, compared to second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, and third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On October 23, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on November 20, 2024, to stockholders of record on November 6, 2024.

David Nelson, President and Chief Executive Officer of the Company, commented, “Our third quarter results include moderate growth in loans and core deposits along with an increase in quarterly net interest income and net interest margin. Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%.”

David Nelson added, “West Bank is focused on initiatives that will drive sustained core profitability. Those initiatives are centered around our culture of building strong relationships and providing exceptional personal service to drive growth in both commercial and consumer banking services.”

Third Quarter 2024 Financial Highlights

	Quarter Ended September 30, 2024		Nine Months Ended September 30, 2024
Net income (in thousands)	$5,952		$16,953
Return on average equity		10.41%		10.18%
Return on average assets		0.60%		0.59%
Efficiency ratio (a non-GAAP measure)		63.28%		64.16%
Nonperforming assets to total assets		0.01%		0.01%

Third Quarter 2024 Compared to Second Quarter 2024 Overview

Loans increased $22.4 million in the third quarter of 2024, or 3.0 percent annualized. The increase is primarily due to the funding of previously committed construction loans.
A provision for credit losses on loans of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. A negative provision for credit losses on unfunded commitments of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. The provision for loans in the third quarter of 2024 was primarily due to changes in the forecasted loss rates due to increases in forecasted unemployment rates. The negative provision for unfunded commitments was primarily due to the decline in unfunded commitments resulting primarily from the funding of construction loans.
The allowance for credit losses to total loans was 0.97 percent and 0.95 percent at September 30, 2024 and June 30, 2024, respectively. Nonaccrual loans at September 30, 2024 consisted of two loans with a total balance of $233 thousand, compared to three loans with a balance of $521 thousand at June 30, 2024.
Deposits increased $97.6 million, or 3.1 percent, in the third quarter of 2024. Brokered deposits totaled $425.9 million at September 30, 2024, compared to $370.3 million at June 30, 2024, an increase of $55.6 million. Excluding brokered deposits, deposits increased $42.0 million during the third quarter of 2024. As of September 30, 2024, estimated uninsured deposits, which exclude deposits in the IntraFi^® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 27.8 percent of total deposits.
Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $525.5 million at June 30, 2024. The decrease was primarily due to the balance of federal funds purchased and other short-term borrowings decreasing to $0 as of September 30, 2024, from $85.5 million as of June 30, 2024 as a result of growth in deposits.
The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income. In the third quarter of 2024, the increase in interest income on loans outpaced the increase in interest expense on deposits and borrowed funds.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for the third quarter of 2024, compared to 1.86 percent for the second quarter of 2024. Net interest income for the third quarter of 2024 was $18.0 million, compared to $17.2 million for the second quarter of 2024.
The tangible common equity ratio was 5.90 percent as of September 30, 2024, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was driven by retained net income and the decrease in accumulated other comprehensive loss, which was primarily the result of the increase in the market value of our available for sale investment portfolio.

Third Quarter 2024 Compared to Third Quarter 2023 Overview

Loans increased $171.4 million at September 30, 2024, or 6.0 percent, compared to September 30, 2023. The increase is primarily due to increases in commercial real estate loans and the funding of previously committed construction loans.
Deposits increased to $3.3 billion at September 30, 2024, compared to $2.8 billion at September 30, 2023. Included in deposits were brokered deposits totaling $425.9 million at September 30, 2024, compared to $237.0 million at September 30, 2023. Brokered deposits were used to reduce short-term borrowed funds and to fund loan growth. Excluding brokered deposits, deposits increased $334.2 million, or 13.3 percent, as of September 30, 2024, compared to September 30, 2023. Deposit growth included a mix of public funds and commercial and consumer deposits.
Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $261.5 million in federal funds purchased and other short-term borrowings as a result of growth in deposits.
The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the increase in noninterest expense, partially offset by an increase in net interest income. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for both the third quarter of 2024 and the third quarter of 2023. Net interest income for the third quarter of 2024 was $18.0 million, compared to $16.6 million for the third quarter of 2023.

The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, October 24, 2024. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until November 7, 2024, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; changes in legal and regulatory requirements, limitations and costs including in response to the recent bank failures; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
CONDENSED BALANCE SHEETS	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Cash and due from banks	$	34,157		$	27,994		$	27,071		$	33,245		$	18,819
Interest-bearing deposits		123,646			121,825			120,946			32,112			1,802
Securities available for sale, at fair value		597,745			588,452			605,735			623,919			609,365
Federal Home Loan Bank stock, at cost		17,195			21,065			26,181			22,957			26,691
Loans		3,021,221			2,998,774			2,980,133			2,927,535			2,849,777
Allowance for credit losses		(29,419	)		(28,422	)		(28,373	)		(28,342	)		(28,147	)
Loans, net		2,991,802			2,970,352			2,951,760			2,899,193			2,821,630
Premises and equipment, net		106,771			101,965			95,880			86,399			75,675
Bank-owned life insurance		44,703			44,416			44,138			43,864			43,589
Other assets		72,547			89,046			90,981			84,069			104,329
Total assets	$	3,988,566		$	3,965,115		$	3,962,692		$	3,825,758		$	3,701,900

Liabilities and Stockholders’ Equity
Deposits	$	3,278,553		$	3,180,922		$	3,065,030		$	2,973,779		$	2,755,529
Federal funds purchased and other short-term borrowings		—			85,500			198,500			150,270			261,510
Other borrowings		438,814			439,998			441,183			442,367			443,552
Other liabilities		35,846			34,812			34,223			34,299			37,376
Stockholders’ equity		235,353			223,883			223,756			225,043			203,933
Total liabilities and stockholders’ equity	$	3,988,566		$	3,965,115		$	3,962,692		$	3,825,758		$	3,701,900

	For the Quarter Ended
AVERAGE BALANCES	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets	$	3,973,824		$	3,964,109		$	3,812,199		$	3,706,497		$	3,679,541
Loans		2,991,272			2,994,492			2,949,672			2,857,594			2,813,213
Deposits		3,258,669			3,123,282			2,956,635			2,878,676			2,764,184
Stockholders’ equity		227,513			219,771			219,835			201,920			215,230


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	As of
LOANS	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Commercial	$	512,884		$	526,589		$	544,293		$	531,594		$	529,293
Real estate:
Construction, land and land development		520,516			496,864			465,247			413,477			399,253
1-4 family residential first mortgages		89,749			92,230			108,065			106,688			89,713
Home equity		17,140			15,264			14,020			14,618			12,429
Commercial		1,870,132			1,856,301			1,839,580			1,854,510			1,812,816
Consumer and other		14,261			15,234			12,844			10,930			10,123
		3,024,682			3,002,482			2,984,049			2,931,817			2,853,627
Net unamortized fees and costs		(3,461	)		(3,708	)		(3,916	)		(4,282	)		(3,850	)
Total loans	$	3,021,221		$	2,998,774		$	2,980,133		$	2,927,535		$	2,849,777
Less: allowance for credit losses		(29,419	)		(28,422	)		(28,373	)		(28,342	)		(28,147	)
Net loans	$	2,991,802		$	2,970,352		$	2,951,760		$	2,899,193		$	2,821,630

CREDIT QUALITY
Pass	$	3,016,493		$	2,994,310		$	2,983,618		$	2,931,377		$	2,853,100
Watch		7,956			7,651			142			144			184
Substandard		233			521			289			296			343
Doubtful		—			—			—			—			—
Total loans	$	3,024,682		$	3,002,482		$	2,984,049		$	2,931,817		$	2,853,627

DEPOSITS
Noninterest-bearing demand	$	525,332		$	530,441		$	521,377		$	548,726		$	551,688
Interest-bearing demand		438,402			443,658			449,946			481,207			417,802
Savings and money market – non-brokered		1,481,840			1,483,264			1,315,698			1,315,741			1,249,309
Money market – brokered		123,780			97,259			119,840			124,335			99,282
Total nonmaturity deposits		2,569,354			2,554,622			2,406,861			2,470,009			2,318,081
Time – non-brokered		407,109			353,269			381,646			322,694			299,683
Time – brokered		302,090			273,031			276,523			181,076			137,765
Total time deposits		709,199			626,300			658,169			503,770			437,448
Total deposits	$	3,278,553		$	3,180,922		$	3,065,030		$	2,973,779		$	2,755,529

BORROWINGS
Federal funds purchased and other short-term borrowings	$	—		$	85,500		$	198,500		$	150,270		$	261,510
Subordinated notes, net		79,828			79,762			79,697			79,631			79,566
Federal Home Loan Bank advances		315,000			315,000			315,000			315,000			315,000
Long-term debt		43,986			45,236			46,486			47,736			48,986
Total borrowings	$	438,814		$	525,498		$	639,683		$	592,637		$	705,062

STOCKHOLDERS’ EQUITY
Preferred stock	$	—		$	—		$	—		$	—		$	—
Common stock		3,000			3,000			3,000			3,000			3,000
Additional paid-in capital		34,960			34,322			33,685			34,197			33,487
Retained earnings		275,724			273,981			272,997			271,369			271,025
Accumulated other comprehensive loss		(78,331	)		(87,420	)		(85,926	)		(83,523	)		(103,579	)
Total stockholders’ equity	$	235,353		$	223,883		$	223,756		$	225,043		$	203,933


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOME	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023			September 30, 2023
Interest income:
Loans, including fees	$	42,504	$	41,700	$	40,196	$	38,208		$	36,756
Securities:
Taxable		3,261		3,394		3,416		3,521			3,427
Tax-exempt		806		808		810		869			880
Interest-bearing deposits		2,041		1,666		148		85			29
Total interest income		48,612		47,568		44,570		42,683			41,092
Interest expense:
Deposits		26,076		23,943		21,559		20,024			17,156
Federal funds purchased and other short-term borrowings		115		1,950		2,183		2,024			3,165
Subordinated notes		1,112		1,105		1,108		1,114			1,113
Federal Home Loan Bank advances		2,748		2,718		2,325		2,482			2,329
Long-term debt		601		622		645		678			695
Total interest expense		30,652		30,338		27,820		26,322			24,458
Net interest income		17,960		17,230		16,750		16,361			16,634
Credit loss expense		—		—		—		500			200
Net interest income after credit loss expense		17,960		17,230		16,750		15,861			16,434
Noninterest income:
Service charges on deposit accounts		459		462		460		476			463
Debit card usage fees		500		490		458		488			495
Trust services		828		794		776		782			831
Increase in cash value of bank-owned life insurance		287		278		274		275			262
Loan swap fees		—		—		—		—			431
Realized securities losses, net		—		—		—		(431	)		—
Other income		285		322		331		308			340
Total noninterest income		2,359		2,346		2,299		1,898			2,822
Noninterest expense:
Salaries and employee benefits		6,823		7,169		6,489		6,468			6,696
Occupancy and equipment		1,926		1,852		1,447		1,499			1,359
Data processing		771		754		714		723			703
Technology and software		722		731		700		676			573
FDIC insurance		711		631		519		475			439
Professional fees		239		244		257		235			254
Director fees		223		236		199		240			196
Other expenses		1,477		1,577		1,543		1,845			1,685
Total noninterest expense		12,892		13,194		11,868		12,161			11,905
Income before income taxes		7,427		6,382		7,181		5,598			7,351
Income taxes		1,475		1,190		1,372		1,073			1,445
Net income	$	5,952	$	5,192	$	5,809	$	4,525		$	5,906

Basic earnings per common share	$	0.35	$	0.31	$	0.35	$	0.27		$	0.35
Diluted earnings per common share	$	0.35	$	0.31	$	0.35	$	0.27		$	0.35


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
	For the Nine Months Ended
CONSOLIDATED STATEMENTS OF INCOME	September 30, 2024		September 30, 2023
Interest income:
Loans, including fees	$	124,400	$	104,715
Securities:
Taxable		10,071		10,175
Tax-exempt		2,424		2,648
Interest-bearing deposits		3,855		84
Total interest income		140,750		117,622
Interest expense:
Deposits		71,578		46,772
Federal funds purchased and other short-term borrowings		4,248		7,508
Subordinated notes		3,325		3,328
Federal Home Loan Bank advances		7,791		5,212
Long-term debt		1,868		2,132
Total interest expense		88,810		64,952
Net interest income		51,940		52,670
Credit loss expense		—		200
Net interest income after credit loss expense		51,940		52,470
Noninterest income:
Service charges on deposit accounts		1,381		1,383
Debit card usage fees		1,448		1,492
Trust services		2,398		2,286
Increase in cash value of bank-owned life insurance		839		769
Loan swap fees		—		431
Gain from bank-owned life insurance		—		691
Other income		938		1,116
Total noninterest income		7,004		8,168
Noninterest expense:
Salaries and employee benefits		20,481		20,592
Occupancy and equipment		5,225		4,008
Data processing		2,239		2,067
Technology and software		2,153		1,665
FDIC insurance		1,861		1,275
Professional fees		740		791
Director fees		658		652
Other expenses		4,597		5,400
Total noninterest expense		37,954		36,450
Income before income taxes		20,990		24,188
Income taxes		4,037		4,576
Net income	$	16,953	$	19,612

Basic earnings per common share	$	1.01	$	1.17
Diluted earnings per common share	$	1.00	$	1.17


WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)

	As of and for the Quarter Ended															For the Nine Months Ended
COMMON SHARE DATA	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Earnings per common share (basic)	$	0.35		$	0.31		$	0.35		$	0.27		$	0.35		$	1.01		$	1.17
Earnings per common share (diluted)		0.35			0.31			0.35			0.27			0.35			1.00			1.17
Dividends per common share		0.25			0.25			0.25			0.25			0.25			0.75			0.75
Book value per common share⁽¹⁾		13.98			13.30			13.31			13.46			12.19
Closing stock price		19.01			17.90			17.83			21.20			16.31
Market price/book value⁽²⁾		135.98	%		134.59	%		133.96	%		157.50	%		133.80	%
Price earnings ratio⁽³⁾		13.65			14.36			12.77			19.79			11.75
Annualized dividend yield⁽⁴⁾		5.26	%		5.59	%		5.61	%		4.72	%		6.13	%

REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio		11.95	%		11.85	%		11.78	%		11.88	%		11.96	%
Tier 1 risk-based capital ratio		9.39			9.30			9.23			9.30			9.37
Tier 1 leverage capital ratio		8.15			8.08			8.36			8.50			8.58
Common equity tier 1 ratio		8.83			8.74			8.67			8.74			8.80
West Bank:
Total risk-based capital ratio		12.73	%		12.66	%		12.63	%		12.76	%		12.89	%
Tier 1 risk-based capital ratio		11.86			11.79			11.76			11.89			12.01
Tier 1 leverage capital ratio		10.29			10.25			10.65			10.86			11.00
Common equity tier 1 ratio		11.86			11.79			11.76			11.89			12.01

KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets⁽⁵⁾		0.60	%		0.53	%		0.61	%		0.48	%		0.64	%		0.59	%		0.72	%
Return on average equity⁽⁶⁾		10.41			9.50			10.63			8.89			10.89			10.18			12.22
Net interest margin^(7)(13)		1.91			1.86			1.88			1.87			1.91			1.88			2.05
Yield on interest-earning assets^(8)(13)		5.16			5.13			4.99			4.87			4.70			5.10			4.56
Cost of interest-bearing liabilities		3.84			3.83			3.70			3.60			3.38			3.79			3.09
Efficiency ratio^(9)(13)		63.28			67.14			62.04			64.66			60.83			64.16			59.52
Nonperforming assets to total assets⁽¹⁰⁾		0.01			0.01			0.01			0.01			0.01
ACL ratio⁽¹¹⁾		0.97			0.95			0.95			0.97			0.99
Loans/total assets		75.75			75.63			75.20			76.52			76.98
Loans/total deposits		92.15			94.27			97.23			98.44			103.42
Tangible common equity ratio⁽¹²⁾		5.90			5.65			5.65			5.88			5.51

(1)	Includes accumulated other comprehensive loss.
(2)	Closing stock price divided by book value per common share.
(3)	Closing stock price divided by annualized earnings per common share (basic).
(4)	Annualized dividend divided by period end closing stock price.
(5)	Annualized net income divided by average assets.
(6)	Annualized net income divided by average stockholders’ equity.
(7)	Annualized tax-equivalent net interest income divided by average interest-earning assets.
(8)	Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(9)	Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
(10)	Total nonperforming assets divided by total assets.
(11)	Allowance for credit losses on loans divided by total loans.
(12)	Common equity less intangible assets (none held) divided by tangible assets.
(13)	A non-GAAP measure.

NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.


(in thousands)	For the Quarter Ended															For the Nine Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)	$	17,960		$	17,230		$	16,750		$	16,361		$	16,634		$	51,940		$	52,670
Tax-equivalent adjustment ⁽¹⁾		29			55			82			95			113			166			396
Net interest income on a FTE basis (non-GAAP)		17,989			17,285			16,832			16,456			16,747			52,106			53,066
Average interest-earning assets		3,749,688			3,731,674			3,595,954			3,487,799			3,478,053			3,692,647			3,458,606
Net interest margin on a FTE basis (non-GAAP)		1.91	%		1.86	%		1.88	%		1.87	%		1.91	%		1.88	%		2.05	%

Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)	$	17,989		$	17,285		$	16,832		$	16,456		$	16,747		$	52,106		$	53,066
Noninterest income		2,359			2,346			2,299			1,898			2,822			7,004			8,168
Adjustment for realized securities losses, net		—			—			—			431			—			—			—
Adjustment for losses on disposal of premises and equipment, net		26			21			—			24			3			47			5
Adjusted income		20,374			19,652			19,131			18,809			19,572			59,157			61,239
Noninterest expense		12,892			13,194			11,868			12,161			11,905			37,954			36,450
Efficiency ratio on an adjusted and FTE basis (non-GAAP) ⁽²⁾		63.28	%		67.14	%		62.04	%		64.66	%		60.83	%		64.16	%		59.52	%

(1)

Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.

(2)

The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

The MIL Network –

January 25, 2025

MIL-OSI: Kearny Financial Corp. Announces First Quarter Fiscal 2025 Results and Declaration of Cash Dividend

Source: GlobeNewswire (MIL-OSI)

FAIRFIELD, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended September 30, 2024 of $6.1 million, or $0.10 per diluted share, compared to a GAAP net loss of $90.1 million, or $1.45 per diluted share, for the quarter ended June 30, 2024. The net loss for the quarter ended June 30, 2024 included a goodwill impairment of $95.3 million, as previously disclosed. Excluding this item, net income for the quarter ended September 30, 2024 increased $496,000 from adjusted net income of $5.6 million for the quarter ended June 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on November 20, 2024, to stockholders of record as of November 6, 2024.

Craig L. Montanaro, President and Chief Executive Officer, commented, “I’m pleased to report that this quarter saw our net interest margin reach its inflection point and begin to ascend. Despite four basis points of quarterly compression, each successive month of the quarter reflected an increase in our net interest margin. The recent fed funds rate reduction of 50 basis points has already begun translating into a cost of funds benefit in October. Additional fed funds rate cuts, which the market is anticipating, will be a positive catalyst for our liability-sensitive balance sheet.”

Mr. Montanaro continued, “Regarding asset quality, our loan portfolio remains strong. Minimal exposure to New York City rent-regulated multifamily and office real estate, coupled with our robust commercial real estate ACL coverage ratios and peer-leading charge-off ratios, leaves us well-positioned in the current environment.”

Balance Sheet

Total assets were $7.77 billion at September 30, 2024, an increase of $88.9 million, or 1.2%, from June 30, 2024.
Investment securities totaled $1.20 billion at September 30, 2024, a decrease of $5.5 million, or 0.5%, from June 30, 2024.
Loans receivable totaled $5.78 billion at September 30, 2024, an increase of $51.5 million, or 0.9%, from June 30, 2024, primarily reflecting growth in one- to four-family residential mortgage loans and construction loans.
Deposits were $5.47 billion at September 30, 2024, an increase of $312.4 million, or 6.1%, from June 30, 2024. This increase was largely the result of a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered certificates of deposits, due to the relatively more favorable economics of brokered deposits compared to advances.
Borrowings were $1.48 billion at September 30, 2024, a decrease of $229.9 million, or 13.4%, from June 30, 2024, primarily reflecting a decrease in FHLB borrowings offset by an increase in brokered certificates of deposits, as noted above.
At September 30, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.06 billion, an increase of $240.0 million from June 30, 2024, and represents 26.5% of total assets.

Earnings

Net Interest Income and Net Interest Margin

Net interest margin contracted four basis points to 1.80% for the quarter ended September 30, 2024. The decrease for the quarter was driven by increases in the cost and average balances of interest-bearing deposits and a decrease in the average balance of interest-earning assets, partially offset by decreases in the average balances of interest-bearing borrowings and higher yields on interest-earning assets.
For the quarter ended September 30, 2024, net interest income decreased $830,000 to $32.4 million from $33.3 million for the quarter ended June 30, 2024. Included in net interest income for the quarters ended September 30, 2024 and June 30, 2024, respectively, was purchase accounting accretion of $649,000 and $612,000, and loan prepayment penalty income of $52,000 and $366,000.

Non-Interest Income

Non-interest income decreased $1.2 million to income of $4.6 million for the quarter ended September 30, 2024, from $5.8 million for the quarter ended June 30, 2024. Included in non-interest income for the quarter ended June 30, 2024 was a non-recurring contract renewal bonus of $750,000 and $1.1 million in non-recurring payments on two life insurance policies, partially offset by a $392,000 non-recurring exchange charge related to the December 2023 Bank Owned Life Insurance (“BOLI”) restructure. No such non-recurring items were recorded during the quarter ended September 30, 2024.
Income from BOLI decreased $642,000 to $2.6 million for the quarter ended September 30, 2024 from $3.2 million for the quarter ended June 30, 2024, primarily driven by the non-recurring items recorded for the quarter ended June 30, 2024, as disclosed above.

Non-Interest Expense

For the quarter ended September 30, 2024, non-interest expense decreased $96.8 million, or 76.5%, to $29.8 million from $126.6 million for the quarter ended June 30, 2024, driven by a non-cash goodwill impairment recognized in the prior comparative period. Excluding the goodwill impairment, adjusted non-interest expense increased $605,000 from $29.2 million, primarily driven by increases in salary and benefits expense and other expense.
Salary and benefits expense increased $232,000 primarily driven by annual merit increases and higher payroll taxes, partially offset by a non-recurring decrease in stock-based compensation.
Other expense increased $344,000 primarily driven by an increase of $243,000 in the provision for credit losses on off balance sheet commitments.

Income Taxes

Income tax expense totaled $1.1 million for the quarter ended September 30, 2024, compared to an income tax benefit of $917,000 for the quarter ended June 30, 2024. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter, coupled with a partial reversal of the deferred tax liability associated with the previously recorded goodwill impairment in the prior quarter.

Asset Quality

The balance of non-performing assets remained steady at $39.9 million, or 0.51% of total assets, at September 30, 2024, and $39.9 million, or 0.52% of total assets, at June 30, 2024, respectively.
Net charge-offs totaled $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024, compared to $3.5 million, or 0.25% of average loans, on an annualized basis, for the quarter ended June 30, 2024.
For the quarter ended September 30, 2024, the Company recorded a provision for credit losses of $108,000, compared to $3.5 million for the quarter ended June 30, 2024. The provision for credit loss expense for the quarter ended September 30, 2024 was primarily driven by loan growth.
The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at September 30, 2024 and remained unchanged from June 30, 2024.

Capital

For the quarter ended September 30, 2024, book value per share decreased $0.06, or 0.5%, to $11.64 while tangible book value per share decreased $0.05, or 0.5%, to $9.85.
At September 30, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $76.0 million, partially offset by after-tax unrealized gains on derivatives of $11.0 million. After-tax net unrecognized losses on securities held to maturity of $8.2 million were not reflected in total stockholders’ equity.
At September 30, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q1 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Category: Earnings

For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500


Linked-Quarter Comparative Financial Analysis

Kearny Financial Corp. Consolidated Balance Sheets (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	155,574		$	63,864		$	91,710		143.6	%
Securities available for sale		1,070,811			1,072,833			(2,022	)	-0.2	%
Securities held to maturity		132,256			135,742			(3,486	)	-2.6	%
Loans held-for-sale		8,866			6,036			2,830		46.9	%
Loans receivable		5,784,246			5,732,787			51,459		0.9	%
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(16	)	—%
Net loans receivable		5,739,323			5,687,848			51,475		0.9	%
Premises and equipment		45,189			44,940			249		0.6	%
Federal Home Loan Bank stock		57,706			80,300			(22,594	)	-28.1	%
Accrued interest receivable		29,467			29,521			(54	)	-0.2	%
Goodwill		113,525			113,525			—		—	%
Core deposit intangible		1,805			1,931			(126	)	-6.5	%
Bank owned life insurance		300,186			297,874			2,312		0.8	%
Deferred income taxes, net		50,131			50,339			(208	)	-0.4	%
Other assets		67,540			98,708			(31,168	)	-31.6	%
Total assets	$	7,772,379		$	7,683,461		$	88,918		1.2	%

Liabilities
Deposits:
Non-interest-bearing	$	592,099		$	598,366		$	(6,267	)	-1.0	%
Interest-bearing		4,878,413			4,559,757			318,656		7.0	%
Total deposits		5,470,512			5,158,123			312,389		6.1	%
Borrowings		1,479,888			1,709,789			(229,901	)	-13.4	%
Advance payments by borrowers for taxes		17,824			17,409			415		2.4	%
Other liabilities		52,618			44,569			8,049		18.1	%
Total liabilities		7,020,842			6,929,890			90,952		1.3	%

Stockholders’ Equity
Common stock		646			644			2		0.3	%
Paid-in capital		493,523			493,680			(157	)	—	%
Retained earnings		342,522			343,326			(804	)	-0.2	%
Unearned ESOP shares		(20,430	)		(20,916	)		486		2.3	%
Accumulated other comprehensive loss		(64,724	)		(63,163	)		(1,561	)	-2.5	%
Total stockholders’ equity		751,537			753,571			(2,034	)	-0.3	%
Total liabilities and stockholders’ equity	$	7,772,379		$	7,683,461		$	88,918		1.2	%

Consolidated capital ratios
Equity to assets		9.67	%		9.81	%		-0.14	%
Tangible equity to tangible assets ⁽¹⁾		8.31	%		8.43	%		-0.12	%

Share data
Outstanding shares		64,580			64,434			146		0.2	%
Book value per share	$	11.64		$	11.70		$	(0.06	)	-0.5	%
Tangible book value per share ⁽²⁾	$	9.85		$	9.90		$	(0.05	)	-0.5	%

_________________________
(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets. (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Interest income
Loans	$	66,331		$	65,819		$	512		0.8	%
Taxable investment securities		14,384			14,802			(418	)	-2.8	%
Tax-exempt investment securities		71			80			(9	)	-11.3%
Other interest-earning assets		2,466			2,289			177		7.7	%
Total interest income		83,252			82,990			262		0.3	%

Interest expense
Deposits		35,018			32,187			2,831		8.8	%
Borrowings		15,788			17,527			(1,739	)	-9.9	%
Total interest expense		50,806			49,714			1,092		2.2	%
Net interest income		32,446			33,276			(830	)	-2.5	%
Provision for credit losses		108			3,527			(3,419	)	-96.9	%
Net interest income after provision for credit losses		32,338			29,749			2,589		8.7	%

Non-interest income
Fees and service charges		635			580			55		9.5	%
Gain on sale of loans		200			111			89		80.2	%
Income from bank owned life insurance		2,567			3,209			(642	)	-20.0	%
Electronic banking fees and charges		391			1,130			(739	)	-65.4	%
Other income		833			776			57		7.3	%
Total non-interest income		4,626			5,806			(1,180	)	-20.3	%

Non-interest expense
Salaries and employee benefits		17,498			17,266			232		1.3	%
Net occupancy expense of premises		2,798			2,738			60		2.2	%
Equipment and systems		3,860			3,785			75		2.0	%
Advertising and marketing		342			480			(138	)	-28.8	%
Federal deposit insurance premium		1,563			1,532			31		2.0	%
Directors’ compensation		361			360			1		0.3	%
Goodwill impairment		—			97,370			(97,370	)	-100.0	%
Other expense		3,364			3,020			344		11.4	%
Total non-interest expense		29,786			126,551			(96,765	)	-76.5	%
Income (loss) before income taxes		7,178			(90,996	)		98,174		107.9	%
Income taxes		1,086			(917	)		2,003		-218.4	%
Net income (loss)	$	6,092		$	(90,079	)	$	96,171		106.8	%

Net income (loss) per common share (EPS)
Basic	$	0.10		$	(1.45	)	$	1.55
Diluted	$	0.10		$	(1.45	)	$	1.55

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,896		$	6,903		$	(7	)
Dividend payout ratio		113.2	%		-7.7	%		120.9	%

Weighted average number of common shares outstanding
Basic		62,389			62,254			135
Diluted		62,420			62,254			166


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
(Dollars in Thousands)	September 30, 2024			June 30, 2024			Variance or Change			Variance or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,761,593		$	5,743,008		$	18,585		0.3	%
Taxable investment securities		1,314,945			1,343,541			(28,596	)	-2.1	%
Tax-exempt investment securities		12,244			13,737			(1,493	)	-10.9	%
Other interest-earning assets		131,981			128,257			3,724		2.9	%
Total interest-earning assets		7,220,763			7,228,543			(7,780	)	-0.1	%
Non-interest-earning assets		467,670			466,537			1,133		0.2	%
Total assets	$	7,688,433		$	7,695,080		$	(6,647	)	-0.1	%

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,282,608		$	2,310,521		$	(27,913	)	-1.2	%
Savings		668,240			631,622			36,618		5.8	%
Certificates of deposit		1,755,589			1,613,798			141,791		8.8	%
Total interest-bearing deposits		4,706,437			4,555,941			150,496		3.3	%
Borrowings:
Federal Home Loan Bank advances		1,325,583			1,507,192			(181,609	)	-12.0	%
Other borrowings		237,011			228,461			8,550		3.7	%
Total borrowings		1,562,594			1,735,653			(173,059	)	-10.0	%
Total interest-bearing liabilities		6,269,031			6,291,594			(22,563	)	-0.4	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		599,095			589,438			9,657		1.6	%
Other non-interest-bearing liabilities		69,629			62,978			6,651		10.6	%
Total non-interest-bearing liabilities		668,724			652,416			16,308		2.5	%
Total liabilities		6,937,755			6,944,010			(6,255	)	-0.1	%
Stockholders’ equity		750,678			751,070			(392	)	-0.1	%
Total liabilities and stockholders’ equity	$	7,688,433		$	7,695,080		$	(6,647	)	-0.1	%

Average interest-earning assets to average interest-bearing liabilities		115.18	%		114.89	%		0.29	%	0.3	%


Kearny Financial Corp. Performance Ratio Highlights (Unaudited)
	Three Months Ended				Variance or Change
	September 30, 2024		June 30, 2024		Variance or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.61	%	4.58	%	0.03	%
Taxable investment securities	4.38	%	4.41	%	-0.03	%
Tax-exempt investment securities ⁽¹⁾	2.32	%	2.32	%	—	%
Other interest-earning assets	7.47	%	7.14	%	0.33	%
Total interest-earning assets	4.61	%	4.59	%	0.02	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.13	%	3.06	%	0.07	%
Savings	1.05	%	0.63	%	0.42	%
Certificates of deposit	3.51	%	3.35	%	0.16	%
Total interest-bearing deposits	2.98	%	2.83	%	0.15	%
Borrowings:
Federal Home Loan Bank advances	3.82	%	3.86	%	-0.04	%
Other borrowings	5.28	%	5.24	%	0.04	%
Total borrowings	4.04	%	4.04	%	—	%
Total interest-bearing liabilities	3.24	%	3.16	%	0.08	%

Interest rate spread ⁽²⁾	1.37	%	1.43	%	-0.06	%
Net interest margin ⁽³⁾	1.80	%	1.84	%	-0.04	%

Non-interest income to average assets (annualized)	0.24	%	0.30	%	-0.06	%
Non-interest expense to average assets (annualized)	1.55	%	6.58	%	-5.03	%

Efficiency ratio ⁽⁴⁾	80.35	%	323.81	%	-243.46	%

Return on average assets (annualized)	0.32	%	-4.68	%	5.00	%
Return on average equity (annualized)	3.25	%	-47.97	%	51.22	%
Return on average tangible equity (annualized) ⁽⁵⁾	3.89	%	3.33	%	0.56	%

_________________________
(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield. (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities. (3) Net interest income divided by average interest-earning assets. (4) Non-interest expense divided by the sum of net interest income and non-interest income. (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.


Five-Quarter Financial Trend Analysis

Kearny Financial Corp. Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
	(Unaudited)			(Audited)			(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	155,574		$	63,864		$	71,027		$	73,860		$	57,219
Securities available for sale		1,070,811			1,072,833			1,098,655			1,144,175			1,215,633
Securities held to maturity		132,256			135,742			139,643			141,959			143,730
Loans held-for-sale		8,866			6,036			4,117			14,030			3,934
Loans receivable		5,784,246			5,732,787			5,758,336			5,745,629			5,736,049
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(44,930	)		(44,867	)		(46,872	)
Net loans receivable		5,739,323			5,687,848			5,713,406			5,700,762			5,689,177
Premises and equipment		45,189			44,940			45,053			45,928			46,868
Federal Home Loan Bank stock		57,706			80,300			81,347			83,372			81,509
Accrued interest receivable		29,467			29,521			31,065			30,258			29,766
Goodwill		113,525			113,525			210,895			210,895			210,895
Core deposit intangible		1,805			1,931			2,057			2,189			2,323
Bank owned life insurance		300,186			297,874			296,493			256,064			294,491
Deferred income taxes, net		50,131			50,339			47,225			46,116			56,500
Other real estate owned		—			—			—			11,982			12,956
Other assets		67,540			98,708			100,989			136,242			129,865
Total assets	$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832		$	7,974,866

Liabilities
Deposits:
Non-interest-bearing	$	592,099		$	598,366		$	586,089		$	584,130		$	595,141
Interest-bearing		4,878,413			4,559,757			4,622,961			4,735,500			4,839,027
Total deposits		5,470,512			5,158,123			5,209,050			5,319,630			5,434,168
Borrowings		1,479,888			1,709,789			1,722,178			1,667,055			1,626,933
Advance payments by borrowers for taxes		17,824			17,409			17,387			16,742			16,907
Other liabilities		52,618			44,569			44,279			46,427			47,324
Total liabilities		7,020,842			6,929,890			6,992,894			7,049,854			7,125,332

Stockholders’ Equity
Common stock		646			644			644			645			652
Paid-in capital		493,523			493,680			493,187			493,297			497,269
Retained earnings		342,522			343,326			440,308			439,755			460,464
Unearned ESOP shares		(20,430	)		(20,916	)		(21,402	)		(21,889	)		(22,375	)
Accumulated other comprehensive loss		(64,724	)		(63,163	)		(63,659	)		(63,830	)		(86,476	)
Total stockholders’ equity		751,537			753,571			849,078			847,978			849,534
Total liabilities and stockholders’ equity	$	7,772,379		$	7,683,461		$	7,841,972		$	7,897,832		$	7,974,866

Consolidated capital ratios
Equity to assets		9.67	%		9.81	%		10.83	%		10.74	%		10.65	%
Tangible equity to tangible assets ⁽¹⁾		8.31	%		8.43	%		8.34	%		8.26	%		8.20	%

Share data
Outstanding shares		64,580			64,434			64,437			64,445			65,132
Book value per share	$	11.64		$	11.70		$	13.18		$	13.16		$	13.04
Tangible book value per share ⁽²⁾	$	9.85		$	9.90		$	9.87		$	9.85		$	9.77

_________________________
(1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets. (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,646,187		$	2,645,851		$	2,645,195		$	2,651,274		$	2,699,151
Nonresidential mortgage		950,771			948,075			965,539			947,287			946,801
Commercial business		145,984			142,747			147,326			144,134			149,229
Construction		227,327			209,237			229,457			221,933			230,703
Total commercial loans		3,970,269			3,945,910			3,987,517			3,964,628			4,025,884
One- to four-family residential mortgage		1,768,230			1,756,051			1,741,644			1,746,065			1,689,051
Consumer loans:
Home equity loans		44,741			44,104			42,731			43,517			42,896
Other consumer		2,965			2,685			3,198			2,728			2,644
Total consumer loans		47,706			46,789			45,929			46,245			45,540
Total loans, excluding yield adjustments		5,786,205			5,748,750			5,775,090			5,756,938			5,760,475
Unaccreted yield adjustments		(1,959	)		(15,963	)		(16,754	)		(11,309	)		(24,426	)
Loans receivable, net of yield adjustments		5,784,246			5,732,787			5,758,336			5,745,629			5,736,049
Less: allowance for credit losses on loans		(44,923	)		(44,939	)		(44,930	)		(44,867	)		(46,872	)
Net loans receivable	$	5,739,323		$	5,687,848		$	5,713,406		$	5,700,762		$	5,689,177

Asset quality:
Nonperforming assets:
Accruing loans – 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans		39,854			39,882			39,546			28,089			37,912
Total nonperforming loans		39,854			39,882			39,546			28,089			37,912
Nonaccrual loans held-for-sale		—			—			—			9,700			—
Other real estate owned		—			—			—			11,982			12,956
Total nonperforming assets	$	39,854		$	39,882		$	39,546		$	49,771		$	50,868

Nonperforming loans (% total loans)		0.69	%		0.70	%		0.69	%		0.49	%		0.66	%
Nonperforming assets (% total assets)		0.51	%		0.52	%		0.50	%		0.63	%		0.64	%

Classified loans	$	119,534		$	118,700		$	115,772		$	94,676		$	98,616

Allowance for credit losses on loans (ACL):
ACL to total loans		0.78	%		0.78	%		0.78	%		0.78	%		0.81	%
ACL to nonperforming loans		112.72	%		112.68	%		113.61	%		159.73	%		123.63	%
Net charge-offs	$	124		$	3,518		$	286		$	4,110		$	2,107
Average net charge-off rate (annualized)		0.01	%		0.25	%		0.02	%		0.29	%		0.15	%


Kearny Financial Corp. Supplemental Balance Sheet Highlights (Unaudited)

(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	592,099		$	598,367		$	586,089		$	584,130		$	595,141
Interest-bearing demand		2,247,685			2,308,915			2,349,032			2,347,262			2,236,573
Savings		681,709			643,481			630,456			646,182			689,163
Certificates of deposit (retail)		1,215,746			1,199,127			1,235,261			1,283,676			1,300,382
Certificates of deposit (brokered and listing service)		733,273			408,234			408,212			458,380			612,909
Interest-bearing deposits		4,878,413			4,559,757			4,622,961			4,735,500			4,839,027
Total deposits		5,470,512			5,158,124			5,209,050			5,319,630			5,434,168

Borrowings:
Federal Home Loan Bank advances		1,209,888			1,534,789			1,457,178			1,432,055			1,456,933
Overnight borrowings		270,000			175,000			265,000			235,000			170,000
Total borrowings		1,479,888			1,709,789			1,722,178			1,667,055			1,626,933

Total funding	$	6,950,400		$	6,867,913		$	6,931,228		$	6,986,685		$	7,061,101

Loans as a % of deposits		105.1	%		110.4	%		109.8	%		107.4	%		104.8	%
Deposits as a % of total funding		78.7	%		75.1	%		75.2	%		76.1	%		77.0	%
Borrowings as a % of total funding		21.3	%		24.9	%		24.8	%		23.9	%		23.0	%

Uninsured deposits:
Uninsured deposits (reported) ⁽¹⁾	$	1,799,726		$	1,772,623		$	1,760,740		$	1,813,122		$	1,734,288
Uninsured deposits (adjusted) ⁽²⁾	$	773,375		$	764,447		$	718,026		$	694,510		$	683,265

_________________________
(1) Uninsured deposits of Kearny Bank. (2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.


Kearny Financial Corp. Consolidated Statements of Income (Loss) (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest income
Loans	$	66,331		$	65,819		$	64,035		$	63,384		$	62,769
Taxable investment securities		14,384			14,802			15,490			16,756			16,265
Tax-exempt investment securities		71			80			85			84			87
Other interest-earning assets		2,466			2,289			2,475			2,401			2,047
Total interest income		83,252			82,990			82,085			82,625			81,168

Interest expense
Deposits		35,018			32,187			32,320			30,340			27,567
Borrowings		15,788			17,527			15,446			16,446			14,441
Total interest expense		50,806			49,714			47,766			46,786			42,008
Net interest income		32,446			33,276			34,319			35,839			39,160
Provision for credit losses		108			3,527			349			2,105			245
Net interest income after provision for credit losses		32,338			29,749			33,970			33,734			38,915

Non-interest income
Fees and service charges		635			580			657			624			748
Loss on sale and call of securities		—			—			—			(18,135	)		—
Gain (loss) on sale of loans		200			111			(712	)		104			215
Loss on sale of other real estate owned		—			—			—			(974	)		—
Income from bank owned life insurance		2,567			3,209			3,039			1,162			1,666
Electronic banking fees and charges		391			1,130			464			396			367
Other income		833			776			755			811			1,014
Total non-interest income		4,626			5,806			4,203			(16,012	)		4,010

Non-interest expense
Salaries and employee benefits		17,498			17,266			16,911			17,282			17,761
Net occupancy expense of premises		2,798			2,738			2,863			2,674			2,758
Equipment and systems		3,860			3,785			3,823			3,814			3,801
Advertising and marketing		342			480			387			301			228
Federal deposit insurance premium		1,563			1,532			1,429			1,495			1,524
Directors’ compensation		361			360			360			393			393
Goodwill impairment		—			97,370			—			—			—
Other expense		3,364			3,020			3,286			3,808			3,309
Total non-interest expense		29,786			126,551			29,059			29,767			29,774
Income (loss) before income taxes		7,178			(90,996	)		9,114			(12,045	)		13,151
Income taxes		1,086			(917	)		1,717			1,782			3,309
Net income (loss)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842

Net income (loss) per common share (EPS)
Basic	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16
Diluted	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,896		$	6,903		$	6,844		$	6,882		$	6,989
Dividend payout ratio		113.2	%		-7.7	%		92.5	%		-49.8	%		71.0	%

Weighted average number of common shares outstanding
Basic		62,389			62,254			62,205			62,299			63,014
Diluted		62,420			62,254			62,211			62,299			63,061


Kearny Financial Corp. Average Balance Sheet Data (Unaudited)

	Three Months Ended
(Dollars in Thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,761,593		$	5,743,008		$	5,752,477		$	5,726,321		$	5,788,074
Taxable investment securities		1,314,945			1,343,541			1,382,064			1,509,165			1,516,393
Tax-exempt investment securities		12,244			13,737			14,614			15,025			15,483
Other interest-earning assets		131,981			128,257			125,155			139,740			130,829
Total interest-earning assets		7,220,763			7,228,543			7,274,310			7,390,251			7,450,779
Non-interest-earning assets		467,670			466,537			577,411			554,335			568,723
Total assets	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,282,608		$	2,310,521		$	2,378,831		$	2,301,169		$	2,245,831
Savings		668,240			631,622			635,226			664,926			719,508
Certificates of deposit		1,755,589			1,613,798			1,705,513			1,824,316			1,968,512
Total interest-bearing deposits		4,706,437			4,555,941			4,719,570			4,790,411			4,933,851
Borrowings:
Federal Home Loan Bank advances		1,325,583			1,507,192			1,428,801			1,513,497			1,386,473
Other borrowings		237,011			228,461			210,989			142,283			158,098
Total borrowings		1,562,594			1,735,653			1,639,790			1,655,780			1,544,571
Total interest-bearing liabilities		6,269,031			6,291,594			6,359,360			6,446,191			6,478,422
Non-interest-bearing liabilities:
Non-interest-bearing deposits		599,095			589,438			581,870			597,294			612,251
Other non-interest-bearing liabilities		69,629			62,978			65,709			62,387			66,701
Total non-interest-bearing liabilities		668,724			652,416			647,579			659,681			678,952
Total liabilities		6,937,755			6,944,010			7,006,939			7,105,872			7,157,374
Stockholders’ equity		750,678			751,070			844,782			838,714			862,128
Total liabilities and stockholders’ equity	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Average interest-earning assets to average interest-bearing liabilities		115.18	%		114.89	%		114.39	%		114.65	%		115.01	%


Kearny Financial Corp. Performance Ratio Highlights
	Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.61	%	4.58	%	4.45	%	4.43	%	4.34	%
Taxable investment securities	4.38	%	4.41	%	4.48	%	4.44	%	4.29	%
Tax-exempt investment securities ⁽¹⁾	2.32	%	2.32	%	2.32	%	2.25	%	2.25	%
Other interest-earning assets	7.47	%	7.14	%	7.91	%	6.87	%	6.26	%
Total interest-earning assets	4.61	%	4.59	%	4.51	%	4.47	%	4.36	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.13	%	3.06	%	3.08	%	2.91	%	2.58	%
Savings	1.05	%	0.63	%	0.46	%	0.44	%	0.47	%
Certificates of deposit	3.51	%	3.35	%	3.11	%	2.82	%	2.49	%
Total interest-bearing deposits	2.98	%	2.83	%	2.74	%	2.53	%	2.23	%
Borrowings:
Federal Home Loan Bank advances	3.82	%	3.86	%	3.55	%	3.82	%	3.54	%
Other borrowings	5.28	%	5.24	%	5.22	%	5.65	%	5.46	%
Total borrowings	4.04	%	4.04	%	3.77	%	3.97	%	3.74	%
Total interest-bearing liabilities	3.24	%	3.16	%	3.00	%	2.90	%	2.59	%

Interest rate spread ⁽²⁾	1.37	%	1.43	%	1.51	%	1.57	%	1.77	%
Net interest margin ⁽³⁾	1.80	%	1.84	%	1.89	%	1.94	%	2.10	%

Non-interest income to average assets (annualized)	0.24	%	0.30	%	0.21	%	-0.81	%	0.20	%
Non-interest expense to average assets (annualized)	1.55	%	6.58	%	1.48	%	1.50	%	1.49	%

Efficiency ratio ⁽⁴⁾	80.35	%	323.81	%	75.43	%	150.13	%	68.97	%

Return on average assets (annualized)	0.32	%	-4.68	%	0.38	%	-0.70	%	0.49	%
Return on average equity (annualized)	3.25	%	-47.97	%	3.50	%	-6.59	%	4.57	%
Return on average tangible equity (annualized) ⁽⁵⁾	3.89	%	3.33	%	4.68	%	-8.84	%	6.07	%

_________________________
(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield. (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities. (3) Net interest income divided by average interest-earning assets. (4) Non-interest expense divided by the sum of net interest income and non-interest income. (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842
Non-recurring transactions – net of tax:
Net effect of sale and call of securities		—			—			—			12,876			—
Net effect of bank-owned life insurance restructure		—			392			—			6,286			—
Goodwill impairment		—			95,283			—			—			—
Adjusted net income	$	6,092		$	5,596		$	7,397		$	5,335		$	9,842

Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	6,092		$	(90,079	)	$	7,397		$	(13,827	)	$	9,842
Adjustments to net income (GAAP):
Provision for income taxes		1,086			(917	)		1,717			1,782			3,309
Provision for credit losses		108			3,527			349			2,105			245
Pre-tax, pre-provision net revenue (non-GAAP)	$	7,286		$	(87,469	)	$	9,463		$	(9,940	)	$	13,396

Adjusted earnings per share:
Weighted average common shares – basic		62,389			62,254			62,205			62,299			63,014
Weighted average common shares – diluted		62,420			62,330			62,211			62,367			63,061

Earnings per share – basic (GAAP)	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16
Earnings per share – diluted (GAAP)	$	0.10		$	(1.45	)	$	0.12		$	(0.22	)	$	0.16

Adjusted earnings per share – basic (non-GAAP)	$	0.10		$	0.09		$	0.12		$	0.09		$	0.16
Adjusted earnings per share – diluted (non-GAAP)	$	0.10		$	0.09		$	0.12		$	0.09		$	0.16

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share – basic (non-GAAP)	$	0.12		$	(1.41	)	$	0.15		$	(0.16	)	$	0.21
Pre-tax, pre-provision net revenue per share – diluted (non-GAAP)	$	0.12		$	(1.40	)	$	0.15		$	(0.16	)	$	0.21

Adjusted return on average assets:
Total average assets	$	7,688,433		$	7,695,080		$	7,851,721		$	7,944,586		$	8,019,502

Return on average assets (GAAP)		0.32	%		-4.68	%		0.38	%		-0.70	%		0.49	%
Adjusted return on average assets (non-GAAP)		0.32	%		0.29	%		0.38	%		0.27	%		0.49	%

Adjusted return on average equity:
Total average equity	$	750,678		$	751,070		$	844,782		$	838,714		$	862,128

Return on average equity (GAAP)		3.25	%		-47.97	%		3.50	%		-6.59	%		4.57	%
Adjusted return on average equity (non-GAAP)		3.25	%		2.98	%		3.50	%		2.54	%		4.57	%


Kearny Financial Corp. Reconciliation of GAAP to Non-GAAP (Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Adjusted return on average tangible equity:
Total average equity	$	750,678		$	751,070		$	844,782		$	838,714		$	862,128
Less: average goodwill		(113,525	)		(113,525	)		(210,895	)		(210,895	)		(210,895	)
Less: average other intangible assets		(1,886	)		(2,006	)		(2,138	)		(2,277	)		(2,411	)
Total average tangible equity	$	635,267		$	635,539		$	631,749		$	625,542		$	648,822

Return on average tangible equity (non-GAAP)		3.89	%		3.33	%		4.68	%		-8.84	%		6.07	%
Adjusted return on average tangible equity (non-GAAP)		3.89	%		3.58	%		4.68	%		3.41	%		6.07	%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,786		$	126,551		$	29,059		$	29,767		$	29,774
Non-recurring transactions:
Goodwill impairment		—			(97,370	)		—			—			—
Non-interest expense (non-GAAP)	$	29,786		$	29,181		$	29,059		$	29,767		$	29,774

Non-interest expense ratio (GAAP)		1.55	%		6.58	%		1.48	%		1.50	%		1.49	%
Adjusted non-interest expense ratio (non-GAAP)		1.55	%		1.52	%		1.48	%		1.50	%		1.49	%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,786		$	29,181		$	29,059		$	29,767		$	29,774

Net interest income (GAAP)	$	32,446		$	33,276		$	34,319		$	35,839		$	39,160
Total non-interest income (GAAP)		4,626			5,806			4,203			(16,012	)		4,010
Non-recurring transactions:
Net effect of sale and call of securities		—			—			—			18,135			—
Net effect of bank-owned life insurance restructure		—			392			—			573			—
Total revenue (non-GAAP)	$	37,072		$	39,474		$	38,522		$	38,535		$	43,170

Efficiency ratio (GAAP)		80.35	%		323.81	%		75.43	%		150.13	%		68.97	%
Adjusted efficiency ratio (non-GAAP)		80.35	%		73.92	%		75.43	%		77.25	%		68.97	%

The MIL Network –

January 25, 2025

MIL-OSI: E Split Corp. Class A Distribution

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — E Split Corp. (TSX: ENS) (the “Fund”) is pleased to announce that a distribution for October 2024 will be payable to Class A shareholders of E Split Corp. as follows:

Record Date Payable Date Distribution Per
Equity Share

October 31, 2024 November 15, 2024 $0.13

The equity shares trade on the Toronto Stock Exchange under the symbol ENS.

For further information, please visit our website at www.middlefield.com or contact our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI: Billion Dollar Commercial Drone Market Poised for Continued Growth, Driven by A.I. Technological Advances

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications and so much more. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals. AI is driving market transformation… The global commercial drones market size is estimated to grow by USD $126.87 billion from 2024-2028, according to a report from Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. The report continued: “The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), C3 AI (NYSE: AI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), AeroVironment (NASDAQ: AVAV).

“The Commercial Drone Market is experiencing significant growth, particularly in sectors like… Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decision making in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors.”

ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

Additional Groundbreaking ZenaTech Inc. Developments this week include:

ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

“Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

Other recent developments in the technology industry include:

C3 AI (NYSE: AI) recently announced the newly re-branded C3 AI Asset Performance Suite, a collection of powerful, purpose-built AI applications that work together to help enterprises maximize value and improve sustainability performance. The C3 AI Asset Performance Suite includes C3 AI Reliability, C3 AI Process Optimization, and C3 AI Energy Management. These applications offer enterprises optimized asset performance through improvements in operational efficiency across business units.

“C3 AI is the leader in AI-powered predictive maintenance, and our customers are some of the most satisfied in the industry because our technology makes a positive impact on their bottom line and continually maximizes their investments,” said Thomas M. Siebel, CEO, C3 AI. “This re-brand of the C3 AI Asset Performance Suite is in recognition that customers realize the most value by deploying applications that work in concert together and address entire value chains; in this case, with predictive maintenance, process optimization, and energy management.”

SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced its SoundHound Chat AI voice assistant has launched new customization tools to help transform how automotive brands interact with their customers within the vehicle. The new features are currently being piloted with some of SoundHound’s OEM partners.

In addition to the core features offered from SoundHound Chat AI’s best-in-class voice assistant – which integrates generative AI capabilities with car controls and real-time domains like flight times, navigation, and weather – OEMs will be able to take control with customizations that work for their loyal consumers and align closely with their identity as an automaker. This new layer of customization will provide drivers with a more engaging and informative experience, allowing them to explore vehicle features and functionalities with greater ease and effectiveness.

AeroVironment (NASDAQ: AVAV) recently announced that the U.S. Army has awarded a $54.9 million delivery order for the production of Switchblade^® loitering munition systems. The recently announced award includes an additional contract ceiling of $743 million with $54.9 million in new funding. This contract is issued as part of a broader, previously executed, indefinite delivery, indefinite quantity contract, and ensures continued support for both the U.S. Army and several allied partners, including Lithuania, Romania, and Sweden.

Work on this contract will be performed in Simi Valley, California, with an estimated completion date of June 30, 2026. The award, which leverages fiscal 2023 and 2024 Army funds along with Foreign Military Sales, highlights AV’s ongoing commitment to delivering proven, battlefield-ready technology that meets the evolving needs of modern armed forces.

NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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SOURCE: FN Media Group

The MIL Network –

January 25, 2025
MIL-OSI: MINT Income Fund Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — MINT Income Fund (TSX: MID.UN) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of MINT Income Fund as follows:

Record Date Payable Date Distribution Per Trust Unit

October 31, 2024 November 15, 2024 $0.04

November 30, 2024 December13, 2024 $0.04

December 31, 2024 January 15, 2025 $0.04

The trust units trade on the Toronto Stock Exchange under the symbol MID.UN.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning the distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI Economics: The Managing Director’s Global Policy Agenda, Annual Meeting 2024: Secure A Soft Landing And Break From The Low Growth–High Debt Path

Source: International Monetary Fund

Summary

The global economy has proven resilient, and a soft landing is within reach. Inflation has moderated thanks to tight monetary policy and fading supply shocks, and growth is expected to remain steady. But uncertainty remains significant, with risks tilted to the downside; medium-term growth prospects are lackluster; public debt has reached record highs and is expected to approach 100 percent of GDP by 2030; and geoeconomic fragmentation threatens to undo decades of gains from cross-border economic integration. At the same time, transformative changes—the green transition, demographic shifts, and digitalization, including artificial intelligence—are poised to reshape the global economy, creating challenges but also opportunities. Against this background, the key policy priorities are to secure a soft landing and break from the low growth-high debt path, and address other medium-term challenges. Monetary policy should ensure inflation returns durably to the target, and fiscal policy needs to decisively pivot toward consolidation to rebuild buffers and safeguard debt sustainability. Growth-enhancing reforms are urgently needed to lift growth prospects by boosting investment, job creation, and productivity. Domestic policies must be complemented by multilateral efforts to support countries with debt vulnerabilities, protect gains from economic integration, accelerate climate action, and harness benefits of new technologies while mitigating the risks. As it has done since its founding 80 years ago, the IMF will continue to adapt to serve its members with tailored policy advice, financial lifelines when needed, and capacity development. The Fund will remain a strong advocate for multilateralism and economic integration as foundations on which to build a resilient and inclusive global economy.

Subject: Artificial intelligence, Balance of payments, Capital flows, Climate change, Credit, Debt sustainability, Digitalization, Environment, External debt, Fiscal policy, Inflation, Money, Poverty, Poverty reduction strategy, Prices, Revenue mobilization, Technology

Keywords: Republic of, Advanced Economies, Artificial intelligence, Artificial intelligence, Capital flows, Capital flows, Climate change, Climate change, Credit, Debt sustainability, Debt sustainability, Digitalization, Digitalization, Economic integration, Economic integration, Global, Growth, Inflation, Inflation, Integrated Policy Framework, Integrated Policy Framework, Moldova, Poverty reduction strategy, Poverty reduction strategy, Reforms, Revenue mobilization, Revenue mobilization, Senegal

MIL OSI Economics –

January 25, 2025
MIL-OSI Global: Proof that immigrants fuel the US economy is found in the billions they send back home

Source: The Conversation – USA – By Ernesto Castañeda, Professor, American University

Migrant workers pick strawberries during harvest south of San Francisco, Calif. Visions of America/Joe Sohm/Universal Images Group via Getty Images

Donald Trump has vowed to deport millions of immigrants if he is elected to a second term, claiming that, among other things, foreign-born workers take jobs from others. His running mate JD Vance has echoed those anti-immigrant views.

Researchers, however, generally agree that massive deportations would hurt the U.S. economy, perhaps even triggering a recession.

Social scientists and analysts tend to concur that immigration — both documented and undocumented — spurs economic growth. But it is almost impossible to calculate directly how much immigrants contribute to the economy. That’s because we don’t know the earnings of every immigrant worker in the United States.

We do, however, have a good idea of how much they send back to their home countries – more than US$81 billion in 2022, according to the World Bank. And we can use this figure to indirectly calculate the total economic value of immigrant labor in the U.S.

Economic contributions are likely underestimated

I conducted a study with researchers at the Center for Latin American and Latino Studies and the Immigration Lab at American University to quantify how much immigrants contribute to the U.S. economy based on their remittances, or money sent back home.

Several studies indicate that remittances constitute 17.5% of immigrants’ income.

Given that, we estimate that the immigrants who remitted in 2022 had take-home wages of over $466 billion. Assuming their take-home wages are around 21% of the economic value of what they produce for the businesses they work for – like workers in similar entry-level jobs in restaurants and construction – then immigrants added a total of $2.2 trillion to the U.S. economy yearly.

That is about 8% of the gross domestic product of the United States and close to the entire GDP of Canada in 2022 – the world’s ninth-largest economy.

Immigration strengthens the US

Beyond its sheer value, this figure tells us something important about immigrant labor: The main beneficiaries of immigrant labor are the U.S. economy and society.

The $81 billion that immigrants sent home in 2022 is a tiny fraction of their total economic value of $2.2 trillion. The vast majority of immigrant wages and productivity – 96% – stayed in the United States.

Remittances from the U.S. represent a substantial income source for the people who receive them. But they do not represent a siphoning of U.S. dollars, as Trump has implied when he called remittances “welfare” for people in other countries and suggested taxing them to pay for the construction of a border wall.

The economic contributions of U.S. immigrants are likely to be even more substantial than what we calculate.

For one thing, the World Bank’s estimate of immigrant remittances is probably an undercount, since many immigrants send money abroad with people traveling to their home countries.

In prior research, my colleagues and I have also found that some groups of immigrants are less likely to remit than others.

One is white-collar professionals – immigrants with careers in banking, science, technology and education, for example. Unlike many undocumented immigrants, white-collar professionals typically have visas that allow them to bring their families with them, so they do not need to send money abroad to cover their household expenses back home.

Immigrants who have been working in the country for decades and have more family in the country also tend to send remittances less often.

Both of these groups have higher earnings, and their specialized contributions are not included in our $2.2 trillion estimate.

A Somali business owner stocks her store in Lewiston, Maine.
Tom Williams/CQ Roll Call

Additionally, our estimates do not account for the economic growth stimulated by immigrants when they spend money in the U.S., creating demand, generating jobs and starting businesses that hire immigrants and locals.

For example, we calculate the contributions of Salvadoran immigrants and their children alone added roughly $223 billion to the U.S. economy in 2023. That’s about 1% of the country’s entire GDP.

Considering that the U.S. economy grew by about 2% in 2022 and 2023, that’s a substantial sum.

These figures are a reminder that the financial success of the U.S. relies on immigrants and their labor.

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

– ref. Proof that immigrants fuel the US economy is found in the billions they send back home – https://theconversation.com/proof-that-immigrants-fuel-the-us-economy-is-found-in-the-billions-they-send-back-home-227542

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Europe: Corruption risk assessment in focus of OSCE seminar in Turkmenistan

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

Headline: Corruption risk assessment in focus of OSCE seminar in Turkmenistan

Participants during an OSCE-organized seminar on interagency co-operation and co-ordination in corruption risk assessment, Ashgabat, 23 October 2024, OSCE (OSCE) Photo details

Interagency co-operation and co-ordination in corruption risk assessment and implementation of the United Nations Convention Against Corruption’s (UNCAC) were addressed at an OSCE-organized seminar that took place in Ashgabat on 23 and 24 October 2024.
The seminar presented best practices of OSCE participating States in strengthening inter-agency co-operation in preventing and combating corruption.
An international expert from Moldova provided the participants with a comprehensive overview of the principles and requirements of the United Nations Convention against Corruption and of the process of self-assessment of the implementation of the Convention.
“Corruption, as a key threat to good governance, democratic processes and fair business practices, also poses a major impediment to progress in trade and connectivity,” said Olivera Zurovac-Kuzman, Economic and Environmental Officer of the OSCE Centre in Ashgabat.
“The OSCE Centrе in Ashgabat is actively collaborating with the Government of Turkmenistan on anti-corruption and related issues and stands ready to support efforts to improve public administration, promote transparency and accountability, and foster inter-agency co-operation and co-ordination in preventing and combating corruption,” stressed Zurovac-Kuzman.
Participants shared their views on how to enhance inter-agency co-operation and co-ordination of actions on key areas of the UN Convention against Corruption and examined parallel financial investigations as a tool to counteract and fight corruption. Special attention was paid to identification, tracing and seizure of criminal assets, pre-seizure planning and management of seized and confiscated assets.
The two-day event brought together representatives of Ministry of Finance and Economy Turkmenistan, Ministry of Adalat (Justice), State Customs Service, Central Bank, and Mejlis (Parliament), as well as the Union of Industrialists and Entrepreneurs and other relevant institutions.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Canada: Investing in the big impact of small business

Source: Government of Canada News

Federal support will help four Nova Scotia companies boost productivity and reach new markets

October 24, 2024 · Dartmouth, Nova Scotia · Atlantic Canada Opportunities Agency (ACOA)

From October 20^th to 26^th during Small Business Week, Canadians across the country are celebrating the crucial role that local companies play in strengthening our communities and economies. Small- and medium-sized businesses are powerful engines for Canada’s economy, employing 64% of Canadian workers. The Government of Canada is investing to help position four Nova Scotia companies for growth and success.

Accelerating Nova Scotia companies with diverse offerings, common goals

Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, announced repayable contributions totalling $1,486,305 for four companies looking to accelerate their growth and reach new markets.

A $721,305 contribution to Outdoor Fit Exercise Systems will enable the company to install cutting-edge powder paint coating equipment at its Dartmouth production facility. The upgrade will streamline operations, more than double the production capacity of its outdoor fitness equipment parts, and pave the way for a new business venture called Versa Coatings, a powder coating division serving businesses across Atlantic Canada.

A $315,000 contribution to Tony’s Meats Ltd. will help it add manufacturing and shipping equipment to produce more value-added products, more efficiently. The new lineup of tools at its Antigonish site includes a smokehouse that will reduce overall electrical consumption and new technologies that will grow its product lineup to appeal to new clients.

A $300,000 contribution to Sydney’s Ethical Swag Inc., Cape Breton’s only Certified B Corporation, will help it launch sales and marketing activities for its sustainable promotional products. Digital marketing, customer support improvements, and a build-out of its technology platform will help it reach new markets, empowering companies across Canada and the United States to choose eco-friendly advertising solutions.

A $150,000 contribution to Ravens Rest Retreat Limited in Moose Brook will add a new multipurpose cottage with accessible washrooms and a kitchen, as well as a health and wellness area with a gazebo, hot and cold tubs, and a sauna. The additions will support new activities like yoga retreats and Indigenous cuisine and storytelling, encouraging longer stays and attracting guests during the colder months.

Today’s announcement demonstrates the Government of Canada’s commitment to helping small businesses diversify, compete, and grow, creating jobs and boosting the economy.

MIL OSI Canada News –

January 25, 2025
MIL-OSI United Kingdom: Leader responds to Accounts Commission Best Value report

Source: Scotland – City of Edinburgh

The Accounts Commission has today (Thursday 24 October) published the findings of the Controller of Audit’s Best Value Assurance Report on the City of Edinburgh Council.

Responding to the report, Council Leader, Cammy Day, said:

We’re encouraged by the Commission’s findings, which recognise the good progress the Council has made since 2020.

We’ve delivered a lot of change at a time of huge pressure on our services and on our budget, but we’ve stayed true to our priorities of protecting day-to-day services and investing in a fairer, greener future. Our aims to eradicate poverty and become net-zero by 2030 are ambitious, but we need to be aspirational to make sure they stay at the top of our priority list.

Our focus on getting the basics right for our residents, meanwhile, is also bearing fruit with Edinburgh now a top performing Council in Scotland for street cleanliness, and continued improvements in key areas such as road conditions. We acknowledge, however, that there is still much more to be done and we’ve targeted substantial additional resources into key services such as housing, where we know performance has to improve if we are to tackle Edinburgh’s housing emergency.

We’re continuing to adopt new technologies to make it easier for residents to come to us for help and, as recognised in the report, we’re looking forward to realising the huge benefits our Visitor Levy proposals will bring from 2026 – which we forecast will raise over £100m for the city by 2030.

It’s no secret, however, that ever more difficult financial decisions lie ahead. Despite the unique pressures that come with being Scotland’s capital city, Edinburgh remains the lowest funded council per head in Scotland, which is having a huge impact on our finances. The latest projections show that we will face a budget shortfall of at least £30m next year and we’ll need to work even harder to ensure we can keep on delivering best value for the people of Edinburgh.

Published: October 24th 2024

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Global: Harris nudges ahead of Trump in the polls – but could the economy prove her downfall?

Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

Thrive Studios / Shutterstock

The current US vice-president and Democratic presidential candidate, Kamala Harris, appears to have nudged ahead of her Republican rival, Donald Trump, in the race to the White House.

A poll of polls, which combines polls from different agencies, published on the website FiveThirtyEight on October 22 shows that Harris leads Trump by 48.1% to 46.3% in national voting intentions. So the race remains very tight.

There is naturally a lot of attention being paid to what is happening in swing states such as Pennsylvania, Michigan, Georgia and North Carolina. However, the polling in these states is not very helpful since it currently predicts a dead heat in practically all of them.

In the key swing state of Pennsylvania, for example, 47.8% of people intend to vote for Trump compared to 47.6% for Harris. This gap is well within the margin of error, so FiveThirtyEight calls it an even contest.

One of the surveys in the poll of polls was conducted by YouGov for the Economist newspaper. It shows that 19% of respondents have already voted in the election and a further 72% say they will definitely vote. When registered voters were asked which candidate they think is likely to win, the replies were a dead heat – 38% of them chose Harris and 38% Trump (24% are not sure).

Another way of judging the contest is to look at who has the advantage in the key drivers of the vote in the election. In an earlier article, I argued that Harris leads Trump in the presidential race in three of the four key measures that explain voting behaviour.

She is ahead in likeability, and is favoured by more moderates than Trump. Harris also has more support from Republican identifiers than Trump has among voters who identify as Democrats. However, in relation to the fourth driver, which is the issues voters care about, she is at a clear disadvantage.

Read more:
Harris leads Trump in the polls – here’s what they really tell us about her chances

The Economist/YouGov poll shows that 96% of respondents think that jobs, inflation and the economy are important issues in the election. In the same poll 84% think immigration is important and 75% think this about abortion.

Harris’s problem is that polling indicates she is well behind Trump on the issue of the economy. When asked if Harris or Trump would do the best job dealing with inflation, for example, 39% preferred Harris and 46% Trump. This is despite the fact that the most recent inflation rate is relatively low at 2.4%, and has been falling for some time.

On the issue of abortion she does much better. Some 50% of Americans approve her pledge to restore the right to abortion enshrined in the Roe v Wade case from 1973, which was reversed by a Supreme Court ruling in 2022. In comparison, only 33% of Americans approve of Trump’s position to uphold the court ruling.

The economy and voting

Does it really matter if Harris is behind on the economy? There is historical evidence to suggest that, if we look at the actual performance of the economy as opposed to polls, Harris may have an advantage.

The graph below shows the relationship between voting for an incumbent Democratic or Republican president (or his party’s nominee) and the state of the economy over a century of presidential elections from 1920 to 2020.

In the chart, the performance of the economy is captured by two measures. The first is economic growth in real terms and the second is the misery index (the sum of inflation and unemployment). Both are measured in the year of the elections.

There is a strong positive correlation between growth and voting for the incumbent president or his party’s nominee (+0.55). When growth is buoyant, the incumbent or his successor does well. And when it is weak, they do badly.

There is also a negative relationship between the misery index and presidential voting. But, in this case, the correlation is very weak (-0.05). This means that, while voters may complain about inflation and unemployment and blame the incumbent president’s administration, economic growth is the real driver of voting in these elections.

Economic growth is the real driver of voting in US elections

Paul Whiteley, CC BY-NC-ND

The Biden administration’s record on growth since 2020 has been very strong. Policies such as the Inflation Reduction Act and the Chips Act have boosted investment, particularly in high-tech industries. This fact may give Harris the edge in the election.

That said, Harris can still lose, and the odds that bookmakers are giving currently favour Trump to win. However, it is the American people who will decide the outcome, not betting markets, many of whom who live outside the US, who are trying to disrupt the process.

Paul Whiteley has received funding from the British Academy and the ESRC

– ref. Harris nudges ahead of Trump in the polls – but could the economy prove her downfall? – https://theconversation.com/harris-nudges-ahead-of-trump-in-the-polls-but-could-the-economy-prove-her-downfall-242056

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: What US election interference law actually says about Labour volunteers

Source: The Conversation – UK – By Ilaria Di Gioia, Senior Lecturer in American Law and Associate Director of the Centre for American Legal Studies, Birmingham City University

Shutterstock/rblfmr, Nicole Glass, Alexandros Michailidis

With just two weeks to go until election day, Donald Trump’s presidential campaign filed a complaint with the US Federal Election Commission (FEC), requesting “an immediate investigation” into what it termed “blatant foreign interference” in the election by none other than the UK’s Labour party.

In the letter to the FEC’s acting general counsel, the Trump campaign accused the Labour party of “apparent illegal foreign national contributions” to Harris for President. This is the principal campaign committee of Vice-President Kamala Harris.

The contributions listed in the complaint are: meetings with Harris’ campaign team “to brief Ms Harris’ presidential campaign on Labour’s election-winning approach”, and Labour members’ trips to battleground states to help with the Harris campaign.

Put simply: members of the UK’s Labour party have been travelling to the US to help Harris, the Democratic party candidate, campaign for the presidency.

FEC rules state that foreign nationals “may participate in campaign activities as an uncompensated volunteer”. To that end, the prime minister, Keir Starmer, has said that Labour volunteers are helping the Harris campaign in their spare time, and are funding their own trips.

Indeed, there is a long history of volunteers from both the Labour and Conservative parties supporting their respective “sister” parties in the US, and vice versa.

What does US law say?

To understand the US legal landscape, we must refer both to statutes (laws on the books) and the judicial cases that have put these statutes to the test.

From a statutory point of view, foreign interference into elections is regulated by three main federal laws. These laws, enacted by Congress since 1938, came in response to various scandals involving foreign financing.

They are: the Foreign Agents Registration Act, the Federal Election Campaign Act and the Bipartisan Campaign Reform Act, all consolidated in the United States Code.

The law explicitly prohibits foreign nationals (excluding permanent residents) from making contributions or donations to elections. It reads:

It shall be unlawful for:

A foreign national, directly or indirectly, to make –

(A) a contribution or donation of money or other thing of value, or to make an express or implied promise to make a contribution or donation, in connection with a Federal, State, or local election;

(B) a contribution or donation to a committee of a political party; or

(C) an expenditure, independent expenditure, or disbursement for an electioneering communication.

The question is, therefore, whether the Labour engagement with the US election falls under the definition of “contribution or donation of money or other thing of value”.

A key legal case

It would seem, looking at judicial precedent, that “contribution or donation” amounts to financial contributions only.

The law was interpreted in 2011 by the US District Court for the District of Columbia (a federal court) in Bluman v FEC.

In this case, the plaintiffs Benjamin Bluman and Asenath Steiman were foreign citizens who lived and worked in the US on temporary visas. They wanted to donate money to candidates in elections and challenged the constitutionality of the law barring them from doing so.

A campaign sign for Kamala Harris.
Bluestork/Shutterstock

The decision was authored by then Judge Brett Kavanaugh (who, seven years later, was appointed by Trump as Supreme Court justice). Kavanaugh argued that political contributions in the form of expenditure – so, financial contributions – were an integral part of the elections process. As such, it was right that foreign nationals be prohibited from making financial contributions.

He emphasised, however, that this decision was limited to expenditure, and that it should not be read as support for bans on other types of engagement with elections. These would be protected by First Amendment free speech protections, which apply to foreign nationals within the US.

We do not decide whether Congress could prohibit foreign nationals from engaging in speech other than contributions to candidates and parties, express-advocacy expenditures, and donations to outside groups … Plaintiffs … express concern that Congress might bar them from issue advocacy and speaking out on issues of public policy. Our holding does not address such questions, and our holding should not be read to support such bans.

This decision was affirmed by the Supreme Court and so constitutes a convincing precedent.

In a nutshell, US law prohibits foreign nationals from financing domestic election activity, but this is limited to financial contributions. The Labour campaign “contribution” so far does not appear to amount to financial contributions, so as long as this remains the case, it is not illegal.

Ilaria Di Gioia received research funding from the Eccles Centre at the British Library.

– ref. What US election interference law actually says about Labour volunteers – https://theconversation.com/what-us-election-interference-law-actually-says-about-labour-volunteers-242055

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: Gov. Kemp: TMC Transformers to Bring 110 Jobs, New Manufacturing Facility To Burke County

Source: US State of Georgia

Atlanta, GA – Governor Brian P. Kemp today announced that TMC Transformers USA Inc. (TMC), an international dry-type transformers manufacturer for a wide range of industrial applications, will expand its footprint in Georgia by investing more than $15.3 million over the next five years in a new manufacturing facility in Waynesboro, creating at least 110 new jobs in Burke County.

“When we lead economic missions overseas and meet with companies like TMC, we do so to bring more opportunities back to hardworking Georgians, and so job creators like them can build a strong foundation alongside communities like Waynesboro,” said Governor Brian Kemp. “TMC’s decision to create over 100 well-paying jobs in Burke County comes at a critical time, and we look forward to their impact as that region of our state continues to recover and rebuild following the recent hurricanes.”

TMC is a multinational company focused on design and production of medium and low voltage dry-type cast resin and VPI transformers. The company, which counts more than 500 employees and commercial offices in Europe, America, and East Asia, established its first U.S. production plant at the beginning of 2023 in Burke County.

“Combining our expertise in the dry-type transformer industry with the needs of the U.S. market for accessible, reliable, and sustainable energy, the launch of the new plant highlights TMC’s strategic plans for substantial growth in North America,” said Cristiano Palladini, President of TMC USA. “We’re excited that Waynesboro will become a welcoming base for us. Georgia provides strong foundations for our business with its strategic position, the full support from Burke County and the Georgia delegation who share a business-oriented vision, and its community of hardworking and skilled Georgians in line with our needs.”

TMC’s new facility at the Burke County Industrial Park in Waynesboro highlights its commitment to strengthening the company’s presence and investment in the United States. Operations in Burke County have already started at the company’s first facility, and the new plant is expected to be operational at the beginning of 2026. TMC is now hiring for roles in management, administrative staff, production technicians, operators, testers, sales, and quality control. Hiring will continue over the next few years as the project continues to ramp up. Interested individuals can learn more about careers with TMC at tmctransformers.us.

“The Development Authority of Burke County is pleased to have TMC Transformers make Waynesboro their permanent home,” said Austin Stacy, Executive Director of the Development Authority of Burke County. “Their decision to locate here is a true testament to the readiness and strong workforce that Burke County possesses. TMC’s core principles replicate our community’s values, and we look forward to continuing our work together to make Burke County a better place.”

Senior Regional Project Manager Adela Kelley represented the Georgia Department of Economic Development (GDEcD) Global Commerce team on this competitive project in partnership with the Development Authority of Burke County.

“After meeting with TMC’s leadership in Italy, we were truly impressed by their warmth, hospitality, and enthusiasm for their decision to invest in Georgia,” said GDEcD Commissioner Pat Wilson. “The transformers TMC will manufacture in Burke County are critical in addressing energy infrastructure needs for the state and the nation. TMC is just the type of company we aim to attract to Georgia: a long-term partner committed to strengthening our communities, economy, and industry ecosystems.”

For over a century, Georgia has fostered healthy industry practices, encouraged collaboration and innovation, and positioned itself as a leader in developing and harnessing emerging technologies for evolving industries.

The State of Georgia has had continuous representation in Europe since 1973. Italy is a top 15 trade partner for Georgia, with $3.4 billion in total trade moving between the state’s ports and Italy in 2023. Italy was also in the list of top 10 sources for international investment in Fiscal Year 2023, and Italian companies have invested more than $411 million in Georgia since 2010 through projects with state involvement.

About TMC Transformers

TMC Transformers USA Inc. is a leading provider of innovative and high-quality transformer solutions, dedicated to serving the energy needs of industries across North America. With a commitment to excellence and sustainability, TMC specializes in the design, manufacturing, and distribution of dry-type cast resin and VPI transformers. Its products are engineered to meet the highest standards of performance, reliability, and efficiency, ensuring optimal energy management for a wide range of applications, including utilities, data centers, semiconductors manufacturing, railways, marine and offshore, mining, and oil and gas. For more information, please visit tmctransformers.us or contact [email protected].

MIL OSI USA News –

January 25, 2025
MIL-OSI: LPL Financial Welcomes Dougherty, Tedesco & Associates

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that the financial advisors at Dougherty, Tedesco & Associates have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $800 million in advisory, brokerage and retirement plan assets,* and join LPL from Osaic.

Founded in the early 1980s by Charlotte Dougherty, CFP®, the business has evolved over the years to into a holistic wealth management firm and cornerstone of the greater Cincinnati area. Now under the leadership of advisors Andrew Tedesco, CFP®, and John Dougherty, III, MBA, CFP®, CRPC®, the firm offers a comprehensive range of wealth advisory services, including financial planning, investment management, retirement planning and estate planning. The team also includes Registered Sales Assistant John Dougherty, Jr., Director of Client Services Caitlin Ackerman and support staff members Rita Anno and Ben Verchick.

“Our mission is to lead clients to a more secure financial future, supporting them step by step through life’s various stages,” said John Dougherty, III, noting they primarily serve corporate executives, engineers and medical practitioners. “We take a team approach to providing customized strategies as we explore every avenue to help optimize the client’s success. Throughout the financial planning process, we never lose sight of one essential element: personal service.”

The transition to LPL Financial represents a calculated move for Dougherty, Tedesco & Associates, positioning the firm to deliver more customized solutions and elevated client services.

“We are excited to join LPL Financial and leverage its robust platform to provide clients with more holistic, tailored experiences,” Tedesco said. “LPL’s comprehensive platform, advanced technology and substantial resources will give us more flexibility to respond to the diverse needs of our client base. Additionally, LPL’s size, strength and commitment to innovation align with our own values and aspirations for growth. We’re confident in our ability to expand our business and fulfill our commitment to providing exceptional care to help clients navigate their financial journeys with confidence.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Dougherty, Tedesco & Associates to the LPL community and look forward to supporting the growth of their firm. LPL is committed to delivering robust resources, strategic business solutions and innovative capabilities that can help this team and all of our advisors differentiate their practice and be successful at every stage of their business’ lifecycle.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Dougherty, Tedesco & Associates and LPL are separate entities.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2023.

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #646723

The MIL Network –

January 25, 2025
MIL-OSI: Phunware Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024.

“We appreciate Mike’s dedication and service to Phunware and wish him much success in the future,” said Mr. Chen. “I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey.”

Phunware remains committed to providing cutting-edge software, advertising, and other tools that empower enterprises to connect with people on a deeper, more human level. This new direction, powered by generative AI, reinforces Phunware’s commitment to helping businesses thrive through meaningful engagement and technological transformation. The Phunware management team is excited to advance Phunware’s leadership in mobile and cloud-based solutions, setting the stage for its next phase of growth and expansion into AI-driven technologies and broader digital engagement. In conjunction with this announcement, Phunware has launched a new microsite dedicated to helping businesses and developers better understand and leverage generative AI and Phunware’s mobile app technologies. This resource will guide users through the potential of AI in transforming engagement and business operations. For more details, visit https://ai.phunware.com/.

Mr. Snavely said, “Leading Phunware as CEO has been one of the most rewarding experiences of my career. I am very proud of what we accomplished as a team over the last 12 months. As I stated in our Letter to Shareholders, Phunware and its platforms, products, and services are well-positioned for the future. I am looking forward to my retirement and to pursuing my passion for rural enterprises.”

About Phunware 

Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. 

Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. 

Phunware Investor Relations: 
CORE IR
516-222-2560
investorrelations@phunware.com

MZ Group, North America
Joe McGurk,  Managing Director
917-259-6895
PHUN@mzgroup.us

Safe Harbor / Forward-Looking Statements 

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. 

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive. 

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. 

The MIL Network –

January 25, 2025
MIL-OSI: MoneyHero Appoints Distinguished Global Executive Wallace Pai to Board of Directors

Source: GlobeNewswire (MIL-OSI)

Mr. Pai brings deep and diverse senior executive experience to MoneyHero, having spent his career with notable multinational companies including Imagination Technologies, Pixelworks, SMIC, GlobalFoundries, Synaptics, Samsung, Google (Motorola Mobility), Cadence, and McKinsey & Company

MoneyHero’s Chairman Kenneth Chan to be replaced on Audit Committee by Mr. Pai; Committee now made-up entirely of Independent Non-Executive Directors

SINGAPORE, Oct. 24, 2024 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced that Wallace Pai has been named to the Company’s Board of Directors, effective immediately. In connection with his appointment, Mr. Pai has also replaced MoneyHero’s Chairman, Kenneth Chan, on the Company’s Audit Committee, ensuring the Committee is comprised entirely of Independent Non-Executive Directors.

Mr. Pai is a seasoned global executive with deep experience across the technology and semiconductor industries. He currently serves as President of Asia Pacific and Chairman of China with Imagination Technologies, where he oversees the group’s regional strategy, revenue, and growth. Previously, Mr. Pai served as COO of Pixelworks, SVP of the Advanced Technology Business at SMIC, and VP/General Manager of Asia Pacific at GlobalFoundries. Earlier in his career, Mr. Pai also held executive roles with Synaptics, Samsung, Google (Motorola Mobility), Qualcomm Technologies, Cadence, and McKinsey & Company. Mr. Pai graduated with a Master of Science from the University of Michigan and a Master of Business Administration from Harvard Business School.

“Mr. Pai represents a significant addition to our Board of Directors and corporate governance,” said Rohith Murthy, CEO of MoneyHero. “His leadership in the technology sector, as well as a proven track record of success running large-scale enterprises in the Asia Pacific region, will bring immense value to our operations and growth strategy. Mr. Pai has contributed to the vision and oversight of many notable multinational companies throughout his illustrious career, and we are thrilled to have him on board. Moreover, this marks the second major Board appointment that we have achieved this year, which is critical to our future and a testament to the reputation and stature of the MoneyHero Brand.”

The appointment of Mr. Pai follows the addition of accomplished legal and finance executive Steve Teichman to the Company’s Board, which was announced in June. Importantly, both Mr. Pai and Mr. Teichman bring the unique combination of having experience with U.S. capital markets and leading businesses in Asia Pacific.

“I am honored to join MoneyHero’s Board and excited to bring new ideas and resources to this winning organization,” said Mr. Pai. “I have been following the MoneyHero story for a while, even before the Company went public last year, and I have been impressed by the strategy and fundamentals of the business, as well as their clear leadership-positioning in the marketplace, which will enable them to continue innovating and outpacing its peers. MoneyHero is absolutely forwarding the fintech industry in Greater Southeast Asia, and I am very much looking forward to being a part of it.”

For more information about MoneyHero, including information for investors and learning about career opportunities, please visit www.MoneyHeroGroup.com.

About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero currently manages 279 commercial partner relationships and services 8.1 million Monthly Unique Users across its platform for the six months ended June 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving Greater Southeast Asia’s digital economy, please visit www.MoneyHeroGroup.com.

Investors Relations:
MoneyHero IR Team
IR@MoneyHeroGroup.com

Media Relations:
Gaffney Bennett PR
MoneyHero@gbpr.com

The MIL Network –

January 25, 2025
MIL-OSI: Marex Group plc Announces Pricing of the Public Offering
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Marex Group plc (“Marex”) (Nasdaq: MRX), the diversified global financial services platform, today announces the pricing of the public offering (the “Offering”) of 8,472,333 ordinary shares by certain selling shareholders (the “Selling Shareholders”) at $24.00 per share. In connection with the Offering, the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,270,849 ordinary shares.

Marex is not selling any ordinary shares in the Offering and will not receive any proceeds from any sale of shares by the Selling Shareholders. The Offering is expected to close on October 25, 2024, subject to customary closing conditions.

Barclays, Goldman Sachs & Co. LLC, Jefferies and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint lead book-running managers and as representatives of the underwriters for the proposed Offering. Citigroup, UBS Investment Bank, Piper Sandler & Co. and Berenberg are acting as bookrunners for the Offering. Drexel Hamilton and Loop Capital Markets are acting as co-managers for the Offering.

The proposed Offering is being made only by means of a prospectus. Copies of the prospectus relating to the proposed Offering may be obtained from:
- Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com;
- Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com;
- Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or
- Keefe, Bruyette & Woods Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing USCapitalMarkets@kbw.com.
A registration statement on Form F-1 relating to the Offering has been filed with, and was declared effective by, the U.S. Securities and Exchange Commission (the “SEC”).This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected closing date of the Offering. In some cases, these forward-looking statements can be identified 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. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our Registration Statement filed on Form F-1 with the SEC on October 21, 2024 and our other reports filed with the SEC.

The forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

The MIL Network –
January 25, 2025
MIL-OSI: Starbox Powers 180 Degrees Brandcom with StarboxAI Pro Series, an AI-Driven Expansion into Image, Video, and Live Streaming Content
Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Starbox Group Holdings Ltd. (Nasdaq: STBX) (“Starbox” or the “Company”), a service provider of cash rebates, advertising, and payment solutions, is excited to announce that it has started to support 180 Degrees Brandcom Sdn Bhd (“180”) with its StarboxAI Pro Series software for 180’s branding and advertising business. 180, an indirect subsidiary that is 51% owned by Starbox, is a 4A advertising agency incorporated in 2013 that offers digital marketing, advertising consulting and design services. 180 has maintained long-term relationships, with more than 20% of its existing clients for over 15 years. To enhance service quality, 180 anticipates improving brand engagement by using StarboxAI Pro Series, which provides artificial intelligence (“AI”) powered solutions for image creation, video production, and live streaming alongside data-driven marketing strategies.

Equipped with StarboxAI Pro Series, 180 is expected to have the following new capabilities:
- AI-powered Image Creation: Generation of campaign-specific image tailored to brand identity.
- AI-powered Video Production: Fast, automated creation of short videos for product promotion and social media.
- AI-powered Live Streaming: Real-time engagement with interactive features such as Q&A, purchase guidance, and dynamic content streaming.
These AI-driven tools are expected to enable 180 to generate creative output, offer personalized campaigns, and provide real-time insights to optimize performance.

“Through StarboxAI Pro Series, 180 will be able to join data with creativity to quickly produce engaging campaigns. Since its incorporation, 180 has been pursuing excellence in branding and advertising, serving a diverse portfolio of clients. The adoption of StarboxAI Pro Series reinforces 180’s commitment to deliver outstanding brand experiences through image, video, and live streaming solutions. With this adoption, 180 expects to continue to improve brand engagement in a competitive digital landscape,” said Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors of Starbox.

About Starbox Group Holdings Ltd

Headquartered in Malaysia, Starbox is a technology-driven, rapidly growing company with innovation as its focus. Starbox is aiming to be a comprehensive technology solutions provider within Southeast Asia and also engages in building a cash rebate, advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com and WeChat Channels: StarboxTechnologies.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any 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 other filings with the U.S. Securities and Exchange Commission. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For more information, please contact:

Starbox Group Holdings Ltd.
Investor Relations Department
Email: ir@starboxholdings.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/120adab1-f25c-42b0-9b96-4c1534dd2408

The MIL Network –
January 25, 2025
MIL-OSI: Middlefield Sustainable Global Dividend ETF Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Middlefield Sustainable Global Dividend ETF (TSX: MDIV) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of Sustainable Global Dividend ETF as follows:

Record Date Payable Date Distribution Per
Trust Unit

October 31, 2024 November 15, 2024 $0.06

November 30, 2024 December13, 2024 $0.06

December 31, 2024 January 15, 2025 $0.06

The trust units trade on the Toronto Stock Exchange under the symbol MDIV.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI: Middlefield Healthcare Dividend ETF Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Middlefield Healthcare Dividend ETF (TSX: MHCD) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of Middlefield Healthcare Dividend ETF as follows:

Record Date Payable Date Distribution Per
Trust Unit

October 31, 2024 November 15, 2024 $0.05

November 30, 2024 December13, 2024 $0.05

December 31, 2024 January 15, 2025 $0.05

The trust units trade on the Toronto Stock Exchange under the symbol MHCD.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI: Drones Driven by A.I. Are Taking Over Major Industries Including Agriculture, Construction, Military & More

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Artificial intelligence (AI) and drones are a formidable combo that has the potential to transform a variety of industries. When coupled, they build intelligent and autonomous airborne systems capable of completing complicated tasks in a variety of conditions. Because of this, the combination of artificial intelligence and drone technology offers new aerial technological developments for various industries, including agriculture, construction, energy, and security, as well as a solution to many aerial imagery demands. Factors such as technological advancements, growing need for automation and efficiency, and the increasing adoption of drones in the Logistics and Delivery, Agriculture and Precision Farming, Disaster Management and Search & Rescue, Environmental Monitoring and Industrial sectors are boosting the adoption of AI solutions in the UAV landscape. A report from Knowledge Sourcing Intelligence projected that the Artificial Intelligence in drone market size is projected to show steady growth during the forecast period (2024-2029). The report said: “Booming drone adoption in the sector boosts AI in drone market growth. Drones driven by AI are taking over major sectors such as agriculture, serving as industrious field workers. They minimize human effort while monitoring crop health, accurately locating pests, and applying irrigation to maximize production and optimize resource use. The movement known as “precision agriculture” is revolutionizing the way of raising food. According to the January 2022 Press Release Bureau, the government is extending financial support under the “Sub-Mission on Agriculture Mechanization” to encourage the use of drones in agriculture. The Agriculture Ministry will give agricultural institutions grants of up to Rs. 10 lakhs so the farmers can buy drones. When it comes to drone demonstrations on farmer fields Farmer’s Producers Organizations (FPOs) can receive funds for up to 75% of the total cost of the drone. The initiatives and factors supporting agriculture enhance the drone market.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Palantir Technologies Inc. (NYSE: PLTR), QUALCOMM Incorporated (NASDAQ: QCOM), AgEagle Aerial Systems Inc. (NYSE: UAVS), Draganfly Inc. (NASDAQ: DPRO).

“The growing need for automation in logistics propels AI in drone market. Industries these days need effective and automated ways to handle logistics jobs. Drones and AI together present an attractive alternative for companies looking to increase productivity and accuracy as they save labor expenses and increase productivity by automating operations that were previously done by hand. By the end of 2024, Prime Air plans to expand internationally into Italy and the UK, in addition to starting drone deliveries in the United States. Similarly, in October 2023, Amazon Pharmacy launched drone delivery of pharmaceuticals. Eligible consumers in College Station, Texas, can now have their drugs delivered to their homes via drone within 60 minutes of placing their purchase with Amazon Pharmacy.”

ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

Additional Groundbreaking ZenaTech Inc. Developments this week include:

ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

“Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

Other recent developments in the technology industry include:

Edgescale AI Inc. and Palantir Technologies Inc. (NYSE: PLTR) recently announced a strategic partnership to deliver Live Edge, a groundbreaking combination of Palantir Edge AI and Edgescale AI distributed infrastructure technology, designed to operationalize artificial intelligence (AI) in manufacturing, utilities, and other complex industrial environments.

AI is reshaping the world and transforming our relationship with technology, yet applying AI to operational technology in industries and critical infrastructure remains a challenge. So long as the complexity and operational burden of activating machines, equipment, vehicles, and sensors in physical systems remains high, we only achieve a fraction of AI’s true potential for automating our technology and improving our lives.

QUALCOMM Incorporated (NASDAQ: QCOM) recently announced that, through its subsidiary Qualcomm Technologies, Inc., Aramco, and Saudi Arabia’s Research, Development and Innovation Authority (RDIA) are planning to launch Design in Saudi Arabia (DISA). DISA is envisaged to be an incubator program for Saudi Arabia that aims to support startups that are adopting AI, Internet of Things (IoT), and wireless technologies for industrial use cases.

This initiative aims to support early-stage startups in the high-tech sector by guiding them from product design and development to commercialization. It aims to provide a comprehensive suite of support that includes technical assistance, business coaching, and intellectual property (IP) training, all aimed at enhancing the Kingdom’s technology ecosystem. Should this initiative materialize, startups would gain access to resources such as Qualcomm Technologies and Aramco’s industrial experience and RDIA’s strategic guidance.

AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently issued a Letter to Stockholders from Company CEO Bill Irby.

Dear Stockholders: First, I want to extend my appreciation for the trust and confidence you have placed in AgEagle. Upon taking over as CEO from Grant Begley (former interim CEO and current Board Chairman), we have been evolving and advancing AgEagle toward the creation of maximum long-term shareholder value.

To fund our aggressive growth plans, we recently completed a $6.5M capital raise. The market’s reaction was a continued decline in our stock price. It became necessary to plan and execute a 50:1 reverse stock split. Our trading was halted October 4th but has since resumed, and I am truly optimistic regarding the path ahead as I believe that the company is currently under-valued… In conclusion, through a combination of our key initiatives, growing demand, and demonstrated progress in our newest market, I believe AgEagle is on the correct path to increase long-term shareholder value. We appreciate your continued support. Sincerely, Bill Irby, CEO

Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading developer of drone solutions and systems, recently announced its participation in the upcoming Wings of Saskatchewan event in Regina, from October 30 to October 31, 2024. Draganfly will showcase its latest drone technology advancements, contributing to discussions on industry trends, safety, and regulatory considerations alongside key stakeholders in the aviation sector.

The Wings of Saskatchewan Conference, hosted by the Saskatchewan Aerial Applicators Association and the Saskatchewan Aviation Council, serves as a vital gathering for the aviation community. This year’s event will bring together leaders from both civil and commercial aviation sectors to discuss technological advancements, regulatory updates, and future trends within the industry.

About FN Media Group:
At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually”, or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

SOURCE: FN Media Group

The MIL Network –

January 25, 2025
MIL-OSI: Middlefield Innovation Dividend ETF Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Middlefield Innovation Dividend ETF (TSX: MINN) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of Middlefield Innovation Dividend ETF as follows:

Record Date Payable Date Distribution Per
Trust Unit

October 31, 2024 November 15, 2024 $0.033

November 30, 2024 December13, 2024 $0.033

December 31, 2024 January 15, 2025 $0.033

The trust units trade on the Toronto Stock Exchange under the symbol MINN.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI: TopLine Credit Union Foundation Awards $36,500 in Scholarships

Source: GlobeNewswire (MIL-OSI)

MAPLE GROVE, Minn., Oct. 24, 2024 (GLOBE NEWSWIRE) — In its tenth year, TopLine Credit Union Foundation has awarded a total of $36,500 in scholarship money to 35 TopLine members who are continuing their education, and $1,500 in scholarship funds to support post-secondary educational needs and goals of students in Nigeria through partnership with African Education and Health Initiative (AFEDHI), a local non-profit organization with a vision to assist African students with access to education, books and school supplies.

TopLine Credit Union Foundation received 127 applications. Any TopLine member pursuing post-secondary education by attending a college or university, graduate school, or a 2-to-4-year community, vocational or technical college in the fall of 2024 was eligible.

Scholarship applicants needed to complete a one-page application form and submit an essay (500 words or less) that answered the question: “Discuss a hobby, interest, or passion that is important to you. How has this influenced your personal growth and academic journey?”

As one of our scholarship recipients commented, “Unlike most twin sisters, I grew up not just as a sibling, but as a caregiver. Her ability to navigate the world was often reliant on my hearing, and I was responsible for filling her in on our learning in school. From an early age, I became my sister’s advocate and ally. I witnessed firsthand the challenges she faced in navigating a predominantly hearing world. My sister’s journey has shown me the significance of empathy, understanding, and hard work, ultimately steering me toward my aspiration to become an audiologist. I hope to create a space where people feel heard, empowered, and understood, much like I’ve strived to do for my sister.”

“It’s was so rewarding to read all the personal stories written by applicants based on the influences they have experienced to help them along their personal growth and academic journeys,” said Vicki Roscoe Erickson, President, TopLine Credit Union Foundation. “Our foundation board had an extremely difficult decision of just selecting 35 scholarship recipients, and we celebrate their dedication and drive as they embark on their learning journey.”

TopLine Credit Union Foundation, guided by its mission of “working within the community to build a better tomorrow,” will continue to support the cooperative spirit of “people helping people” by living the mantra – to care, connect and contribute in the communities they serve.

Scholarship recipients will be recognized with a reception at the credit union, on TopLine Credit Union Foundation’s website page and on their Facebook page.

TopLine Credit Union Foundation, a 501(c)(3) non-profit organization, is dedicated to providing members with an array of financial education opportunities and counseling for members of all ages, awarding scholarships, contributing to community charitable organizations and sponsoring other community give-back efforts. Since inception in 2014, TopLine Credit Union Foundation has given out $175,000 in scholarship monies to assist with the affordability of post-secondary education. Donations are tax deductible to the extent allowed by law. For further information visit www.TopLinecu.com/foundation, email Foundation@TopLinecu.com, call 763-391-9494, or stop by any branch location or write to: 9353 Jefferson Hwy, Maple Grove, MN 55369. Federal Tax ID # is 46-4335752.

CONTACT:
Vicki Roscoe Erickson
President, TopLine Credit Union Foundation
verickson@toplinecu.com
763.391.0872

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70b1950d-0cdb-42e0-a7bf-213f59799195

The MIL Network –

January 25, 2025
MIL-OSI: Introducing Alvacomm’s Cyber Risk Platform for Insurance Providers and Brokers in the Middle East

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 24, 2024 (GLOBE NEWSWIRE) — Alvacomm’s latest platform sets a new standard in cyber risk management for insurance providers and brokers in the Middle East. As cyber threats rise, insurers need tools that go beyond traditional risk assessments. This platform merges cyber insurance with actionable solutions, giving insurers and brokers the resources to address risks proactively. Designed for today’s evolving threat challenges. Alvacomm’s platform empowers providers to assess and mitigate client vulnerabilities, transforming how they manage cyber risk.

A New Approach to Cyber Insurance

Alvacomm’s platform revolutionizes cyber insurance by infusing it with targeted solutions. Rather than focusing solely on traditional assessments, it highlights vulnerabilities in a client’s cyber threat prevention strategies. This dual approach allows insurers and brokers to offer more than coverage, supporting clients in minimizing risks before claims arise. This leads to more resilient insurance offerings, helping both providers and brokers enhance their services while effectively managing client risks.

Strengthening Underwriting Confidence

The platform delivers clear insights into clients’ preparedness to handle cyber threats, focusing on their overall approach to prevention rather than their current systems. This provides underwriters with the reliable information they need to make well-informed decisions. With this level of clarity, both providers and brokers can issue policies with greater confidence, ensuring that the risk profile is accurate and manageable. This approach strengthens the partnerships between insurers and brokers, building a more effective insurance ecosystem.

Solutions Beyond Risk Assessment

Alvacomm’s platform goes further than assessing risk by offering solutions. When clients show areas of vulnerability, insurers and brokers can refer them to Alvacomm’s team for further assistance. This ensures clients are better equipped to qualify for coverage and reduces the chances of future claims. By focusing on solutions, insurers, brokers, and clients alike benefit from improved security and more stable, profitable relationships.

Gaining a Competitive Edge

In the rapidly expanding Middle Eastern cyber insurance market, differentiation is key. Alvacomm’s platform gives providers and brokers a competitive advantage by combining risk assessment with actionable strategies. Rather than offering basic policies, they can deliver comprehensive solutions that address and reduce client risks, positioning themselves as leaders in cyber risk management. This gives clients a long-term partnership, supporting their security needs while providing them with tailored coverage.

Fewer Claims, Greater Profitability

Alvacomm’s platform helps insurers and brokers reduce claims by addressing vulnerabilities before policies are issued. This proactive approach lowers overall risk and improves financial outcomes. Insurers benefit from covering clients committed to reducing their risk, while brokers offer policies that deliver greater value to their clients, improving client retention and profitability.

Strengthening Broker-Client Relationships

By offering more comprehensive solutions, brokers can build trust with their clients. Alvacomm’s platform enables brokers to provide accurate risk assessments, helping them recommend policies that suit each client’s specific needs. This advisory role strengthens long-term relationships, positioning brokers as key partners in their clients’ cybersecurity journey.

Conclusion

Alvacomm’s platform is transforming cyber risk management for insurance providers and brokers in the Middle East. With its proactive approach, the platform reduces claims, improves profitability, and strengthens relationships. As cyber threats continue to rise, Alvacomm’s platform ensures insurers, brokers, and clients are better equipped to handle risks.

Join the Waitlist: https://www.alvacomm.org
Stay ahead of the curve in cyber risk management by joining the waitlist for early access to Alvacomm’s platform.

Skip the Waitlist: https://vipaccess.alvacomm.org
Secure exclusive VIP access to Alvacomm’s platform and be among the first to experience its full range of features.

Contact Information:

Paul Brew
Email: paul.brew@alvacomm.ae

For partnership inquiries, please contact us at: partner@alvacomm.ae

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abaffd89-91bb-4849-a591-a9c791b72aac

The MIL Network –

January 25, 2025

MIL-OSI: Middlefield U.S. Equity Dividend ETF Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Middlefield U.S. Equity Dividend ETF (TSX: MUSA) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of Middlefield U.S. Equity Dividend ETF as follows:

*Record Date*	*Payable Date*	Distribution Per Trust Unit
October 31, 2024	November 15, 2024	$0.04583
November 30, 2024	December13, 2024	$0.04583
December 31, 2024	January 15, 2025	$0.04583

The trust units trade on the Toronto Stock Exchange under the symbol MUSA.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025

MIL-OSI: Middlefield Real Estate Dividend ETF Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Middlefield Real Estate Dividend ETF (TSX: MREL) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of Middlefield Real Estate Dividend ETF as follows:

Record Date Payable Date Distribution Per Trust Unit

October 31, 2024 November 15, 2024 $0.075

November 30, 2024 December13, 2024 $0.075

December 31, 2024 January 15, 2025 $0.075

The trust units trade on the Toronto Stock Exchange under the symbol MREL.

The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

Middlefield

Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

The MIL Network –

January 25, 2025
MIL-OSI United Kingdom: Sheffield could see more events hosted in the city and more benefits for local people Sheffield could play host to more major events and events that have a greater impact on the city and its residents, if plans are approved to develop a new city-wide events strategy. 24 October 2024

Source: City of Sheffield

Sheffield it already go to Tramlines, one of the UK’s longest running, city-based music festivals

Sheffield could play host to more major events and events that have a greater impact on the city and its residents, if plans are approved to develop a new city-wide events strategy.

Sheffield already has an excellent reputation as a city of major events, festivals and conferences.

The city has played host to some of the UK’s biggest events in recent years, from Women’s Euros 2022 and the Rugby League World Cup, to the 2024 MOBO Awards, and most recently, the third leg of the Tour of Britain. Sheffield was also shortlisted to host the 2023 Eurovision Song Contest in solidarity with Ukraine.

Alongside successfully bidding for some of the most high-profile and internationally significant events, Sheffield is also home of network of its own home-grown festivals.

From DocFest, which has been in the city for over 30 years, to Tramlines, one of the UK’s longest running, city-based music festivals. Sheffield is also home of Off the Shelf and No Bounds, which was recently described by the Guardian as ‘dizzingly daring’ and ‘impressive’.

Earlier this year, a brand-new podcast festival, Crossed Wires, was also launched in the city, attracting talent from across the UK and beyond, to Sheffield.

The city also has a strong track-record for bidding for and hosting a range of world-leading conferences, including the International Coeliac Disease Symposium and the British Association of Paediatric Surgeons.

Esther Britten, Deputy Director and Head of Events at UK Sport, said:

“Sheffield has been a supportive partner and host to UK Sport funded major events over the last decade.

“Their commitment to not only staging the very best events but maximising their impact on the local community has enhanced the city’s reputation through the UK as a recognised host of the very best major international sporting events, we see them as a key host city looking into the future.”

A new proposal from Sheffield City Council to develop a city-wide major events strategy would seek to take things a step further – attracting more events to the city, better events and by creating a framework to ensure events hosted have a lasting, positive impact on local people, local businesses, communities and the Sheffield economy.

If given the go ahead, a new major events plan will be developed, aiming to provide a clearer ambition for events in the city and an action plan to transform Sheffield into a recognised destination for home-grown, curated, commissioned, and nomadic events.

Councillor Martin Smith, Chair of the Economic Development and Skills Committee at Sheffield City Council, said:

“Events are big business, not just in Sheffield, but across the UK.

“Not only is the economic impact of events significant for the city, but events help us build our reputation and allow others to see and experience Sheffield on a different scale. Events bring people together, they celebrate our diversity and all of our local communities, helping to make Sheffield the vibrant place it is to live in and visit.

“Hosting more events, and more diverse events will help us attract more visitors to the city, generate more income, they will bring investment and help us to grow our economy.”

The idea behind the proposed plan is to create an approach that helps decision-makers identify the very best and most beneficial events for Sheffield and its people.

The plan would focus on ensuring events being held in the city are of a real benefit, with things like economic impact, community benefits and ensuring inclusivity and diversity, always considered when bidding for and putting on events.

It will look to identify opportunities across sport, business and culture and find events that Sheffield is not only a good fit for, but that are also a good fit for Sheffield and the city’s ambitions.

Councillors will be asked to approve proposals to begin development of the Major Events Plan for Sheffield at an Economic Development and Skills Committee meeting on Thursday 31^st of October 2024.

If agreed, the first phase of development will involve engaging with experts in the field and local partners to help identify future opportunities for Sheffield.

This will be vital in ensuring the pipeline of events is right for the city and well positioned to attract wider investment.

You can read the full report on the Sheffield City Council website.

You can watch the full committee meeting at 10am on Thursday 31^st of October 2024 via the webcast.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Ports’ importance to city highlighted in new strategy
Source: City of Plymouth

Top fact – did you know that Plymouth employs more people in the marine sector than any other local authority area in the country?

The city’s marine and defence sector employs 20,110 people – that’s 18 per cent of the city’s work force, more than Southampton and Barrow in Furness, for instance.

The importance of the ports to the city’s economic livelihood has been brought into focus by a recently completed Plymouth Port Strategy – which has been created to get a clear picture of the current status of Plymouth’s ports as well as chart their future direction.

The city’s ports are Devonport, Cattewater, Millbay and Sutton Harbour, each have very distinct roles and the strategy gives a fascinating insight into the sheer scale and variety of jobs and opportunities that exist in and around the Sound.

Devonport Dockyard is the largest naval base in western Europe and is the largest land user in the city – covering 650 hectares, with 14 dry docks, 25 tidal berths and four miles of docks.

On the east side of the Sound, Cattewater is home to several commercial wharves handling nearly 2m tonnes of cargo every year, including fuel, feed, cement and clay.

In the middle is Millbay with Brittany Ferries operating passenger and cargo routes to Europe while Sutton Harbour is the base for Plymouth’s fishing fleet.

Other facts include:
- There are 16 leisure and boatyards around the Sound including 1,400 gold anchor berths
- Currently, 12 cruise ship visit Plymouth every year with plans to more than double this number in the coming years
- Plymouth is at the forefront of marine technology and innovation, including research organisation and companies at the cutting edge of work to develop autonomous vessels.
The importance of the Sound’s environment, which is part of the National Marine Park is also highlighted. It is home to over 1,000 species and 6,402 hectares are in an area of special scientific interest.

The Council secured funding from the Government’s Shared Prosperity Fund for the study to understand the ports’ economic contribution and to develop a strategy to support the future development including the transition to net zero and the creation of green jobs.

Council leader Tudor Evans said: “We talk about the ports’ importance to Plymouth but this strategy is a great reminder of the sheer scale and variety of opportunities in our ports. The National Marine Park sets out our intention to look more to the sea and the Sound as a city and this strategy will help to us develop the ports’ role economically.

“This is a starting point, a clear recognition of the role of the ports and a call for co-ordinated action to ensure they continue to thrive for the benefit of Plymouth and the wider regional and national economy.”

The report highlights that supporting future growth in Plymouth’s ports underpins growth in the wider marine sector and has the potential to create an additional 2,600 graduate level jobs in the local economy by 2030.

The report and its key findings are going to be discussed at the Council’s Natural Infrastructure and Growth Scrutiny panel which meets on 29 October.

The key findings are:
- The strength of Plymouth’s ports lies in its diversity. While Devonport underpins the economic contribution of the ports and the marine sector there is a significant and diverse leisure sector, vessel manufacturing and servicing and freight operations.
- Plymouth is a leading light on marine technology and manufacturing and engineering which greatly enhance the city’s competitive edge in sectors with high growth potential such as autonomous vessels, Floating Offshore Wind and alternative fuels.
The strategy highlights that the nature of ports is changing worldwide, and investment will be required to ensure that Plymouth maintains its current market presence and capabilities.

While the Council does not play a direct role in port operations, it can and should play a significant role in supporting the future development and growth of the ports through advocacy, leadership, co-ordination and the creation of a supportive policy environment.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI China: Xi advocates high-quality development of greater BRICS cooperation at milestone summit

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

Xi advocates high-quality development of greater BRICS cooperation at milestone summit

KAZAN, Russia, Oct. 24 — Chinese President Xi Jinping on Wednesday called on BRICS countries to work for the high-quality development of greater BRICS cooperation as leaders gathered here for the 16th BRICS Summit.

In his address to the summit, Xi emphasized the need for BRICS countries to seize the historical opportunity and work together to strengthen solidarity and cooperation among Global South nations.

STRENGTHENING SOLIDARITY

During a small-group meeting, President Xi welcomed new members to the BRICS family and extended invitations to many other countries to become partner countries.

Xi pointed out that the enlargement of BRICS is a major milestone in its development history, and a landmark event in the evolution of the international situation. It is for their shared pursuit and for the overarching trend of peace and development that BRICS countries have come together, he said.

Stressing that the world is undergoing accelerated changes unseen in a century, marked by new trends of multipolarity and the risks of a “new Cold War,” Xi said BRICS countries should seize the historical opportunity, take proactive steps, remain committed to the original aspiration and mission of openness, inclusiveness and win-win cooperation, conform to the general trend of the rise of the Global South, seek common ground while reserving differences, work in concert to further consolidate common values, safeguard common interests, and strengthen BRICS countries through unity.

“We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform,” Xi said.

Xi stressed that the more turbulent the world is, the more BRICS countries should uphold the banner of peace, development and win-win cooperation, refining the essence of BRICS and demonstrating its strength. BRICS countries should raise the voice of peace, advocating a new path to security that features dialogue over confrontation and partnership over alliance.

Xi also urged BRICS countries to jointly pursue a path of development, advocate a universally beneficial and inclusive economic globalization, and stay committed to the principle of common development. He said BRICS countries should consolidate the foundation of cooperation, deepen cooperation in traditional areas such as agriculture, energy, minerals, economy and trade, expand cooperation in emerging areas such as green, low-carbon and artificial intelligence, and safeguard trade, investment and financial security.

ADVANCING DEVELOPMENT

As the high-profile gathering unfolded amid global uncertainties, BRICS embarked on a new chapter, cementing its growing influence on the world stage.

President Xi, addressing the leaders in an expanded format, put forward five suggestions: building a BRICS committed to peace, innovation, green development, justice, and closer people-to-people exchanges.

“We must build on this milestone summit to set off anew and forge ahead with one heart and one mind,” Xi said. “China is willing to work with all BRICS countries to open a new horizon in the high-quality development of greater BRICS cooperation.”

This year’s summit also marked another major milestone with the decision to invite a number of nations as partner countries, further advancing the group’s development.

During Wednesday’s meetings, leaders exchanged views on BRICS cooperation and crucial international issues of shared concern under the theme “Strengthening Multilateralism for Just Global Development and Security.” Central to their discussions were global and regional security, sustainable development, climate change, and reforms in global economic governance.

A notable focus of the summit was the call for increased funding to support the sustainable development of developing countries. Egyptian President Abdelfattah al-Sisi said that BRICS aims to “strengthen a multipolar international system,” particularly through facilitating “innovative and effective” financing for developing nations.

Russian President Vladimir Putin said that “the trend for the BRICS’ leading role in the global economy will only strengthen.” He cautioned against the ongoing risks posed by geopolitical tensions, unilateral sanctions, and protectionism. “A key task is to promote the use of national currencies to finance trade and investment,” Putin said.

Brazilian President Luiz Inacio Lula da Silva, who participated in the summit via video link due to a head injury, said, “It’s not about replacing our currencies, but we need to work so that the multipolar order we aim for is reflected in the international financial system.”

BRICS has already made strides with the New Development Bank (NDB), headquartered in Shanghai. On Wednesday, the BRICS countries agreed to support the NDB in implementing its general strategy for 2022-2026 and in expanding local currency financing.

In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

Leaders also advocated for a fairer global order for the Global South. South African President Cyril Ramaphosa said that BRICS is an inclusive bloc capable of changing the trajectory of the Global South. “To do this we must realize the full potential of our economic partnership, to ensure sustainable development for all and not just for some,” he said.

“The period of unilateralism is coming to an end,” said Iranian President Masoud Pezeshkian, calling for a more equitable global system.

GROWING APPEAL

The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

In a recent interview with Xinhua, O’Neill acknowledged the need for policymakers to collaborate in creating an optimal system that benefits all. “I think as we pass through time, we will find a new equilibrium where countries will be more at ease with what other countries are doing,” he said.

In recent years, BRICS has garnered attention from countries around the world. Over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either formally applied for or expressed interest in joining the group. Many other developing countries are also seeking stronger cooperation with BRICS.

The growing interest from countries seeking to join BRICS cooperation each year demonstrates that in today’s troubled world, BRICS is not only important but essential, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific.

“China, led by President Xi, has contributed significantly to BRICS’ success with a progressive and enlightened approach,” said Nagara.

BRICS is seen as a vital platform for developing countries to pursue growth and address global imbalances.

The enlargement of BRICS is “important in tipping the financial and technological balance in favor of the majority Global South rather than the minority Global North,” Webby Kalikiti, a lecturer and researcher at the Department of History, University of Zambia noted. He believed that the future of the world depends on the cooperative energies of all countries and the transition to a multipolar world.

Ahmed Al-Ali, a political and strategic researcher at the Gulf Research Center in Dubai, believed that BRICS aims to foster a more equitable, effective, and rational international system.

It will play a crucial role in promoting development and growth opportunities for Global South countries, while also ensuring the sustainability of economic and social progress, said Al-Ali.

Similarly, Sithembiso Bhengu, a senior research fellow with the Sociology Department, University of Johannesburg said that “the BRICS mechanism presents real possibilities for making the globe a fairer community of nations, with possibilities for mutual support and cooperation towards our respective goals in modernization and development.”

MIL OSI China News –

January 25, 2025
MIL-OSI Australia: VIPER Taskforce execute 27 warrants and lay Commonwealth charge of directing a criminal organisation
Source: Australian Department of Revenue

Detectives from the VIPER and Lunar taskforces have this morning charged eight people with Commonwealth offences for their part in directing and assisting an organised crime syndicate.

It will be alleged the syndicate was leasing stores, employing staff as supervisors, store managers and couriers and commencing deliveries under the guise of operating the stores as legitimate gifts and confectionary stores, while selling only illicit tobacco and related products.

Investigators have obtained transactional records which reflect the syndicate earned over $30 million in a 12-month period through the sale of illicit tobacco in these stores.

Supported by the Australian Federal Police (AFP), the Australian Taxation Office (ATO), Australian Border Force’s (ABF) Illicit Tobacco Taskforce and Therapeutic Goods Administration (TGA), officers today executed more than 27 search warrants across Victoria as part of an ongoing investigation targeting serious organised crime in the illicit tobacco market.

With assistance from Taskforce Lunar, the Armed Crime Squad, the Illicit Firearms Squad, Financial Crime Squad, Criminal Proceeds Squad, Joint Organised Crime Taskforce, Echo Taskforce, Cybercrime Squad, Joint Anti-Child Exploitation Team, Wyndham, Knox, Hobsons Bay, Echuca, Cobram, Ararat, Northern Grampians and Geelong Crime Investigation Units, Westgate Divisional Response Unit, Eastern Region Crime Squad and State Highway Patrol, search warrants were executed from 5am this morning at tobacco stores, warehouses and residential addresses statewide.

Three industrial properties in Truganina were searched, as well as residential addresses in Truganina, Hoppers Crossing (3), Glen Waverley, Lara, Grovedale, Footscray and Mount Cottrell, and tobacco stores in Herne Hill, Bell Park, Grovedale, Werribee (2), Dallas, Kensington, Boronia, Ararat (3), Kyabram, Echuca (2) and Yarrawonga.

A 25-year-old Hoppers Crossing man was arrested at Melbourne Airport just before 6:00 am.

He has since been charged with the Commonwealth offence of directing the activities of a criminal organisation, possess tobacco products with the intent of defrauding the revenue (Customs Act 1901), possess proceeds of crime and sell/distribute e-cigarettes.

He will appear at Melbourne Magistrates’ Court later today.

Directing the activities of a criminal organisation carries a maximum penalty of 15 years in prison.

Four other people were arrested and have been charged with the same offences.

They include:
- a 26-year-old Hoppers Crossing man, who will appear at Melbourne Magistrates’ Court later today
- a 21-year-old Hoppers Crossing man, who will appear at Melbourne Magistrates’ Court later today
- a 50-year-old Grovedale woman, and
- a 51-year-old Glen Waverley man, both of whom have been bailed to appear at Melbourne Magistrates’ Court on Monday (28 October).
Five other people were arrested, including:
- a 25-year-old Hoppers Crossing man, who was arrested in Ararat and charged with support a criminal organisation and illicit tobacco offences
- a 46-year-old Ararat man, who was arrested in Ararat and charged with support a criminal Organisation and illicit tobacco offences
- a 38-year-old Tarneit man who was arrested attempting to remove stock from a retail outlet in Werribee. He was charged with support a criminal organisation and illicit tobacco offences
- a 50-year-old Mount Cotterill man was arrested in relation to illicit tobacco and possession of commercial cigarette manufacturing equipment located. He was released and is expected to be charged on summons, and
- a 21-year-old Yarrawonga man was interviewed and released, he is also expected to be charged on summons.
During the warrants, police seized a Lamborghini Coupe and Range Rover from the Hoppers Crossing address, at least 600,000 illicit tobacco sticks, over 75 kgs of loose-leaf tobacco and a significant quantity of cash from the residential addresses as well as utilities and vans investigators will allege were used in the distribution of illicit tobacco.

Searches of the tobacco stores are still underway with total seizures to be confirmed.

The investigation commenced in December 2023 to specifically target and disrupt the trade of illicit tobacco and e-cigarettes linked to this organised crime syndicate.

Over 130 members were involved in today’s activities, including the entirety of the VIPER Taskforce office.

Victoria Police continues to support local councils and the Victorian Department of Health who have responsibility for tobacco and vape enforcement and compliance.

Detectives continue to work alongside external agencies such as the ABF, Australian Criminal Intelligence Commission, AFP, TGA, ATO and interstate counterparts.

Victoria Police has identified a number of state, national and global organised crime syndicates involved in the illicit tobacco conflict.

These syndicates are comprised of personnel from Middle Eastern organised crime groups and outlaw motorcycle gangs who are then engaging local networked youth and youth gangs to carry out the offending.

Investigators continue to appeal to anyone, especially store owners and staff, who have information about these incidents and who is responsible to come forward.

Anyone with information about these incidents or with further information about serious and organised crime linked to the illicit tobacco trade is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.auExternal Link

Victoria Police quotes

Crime Command Assistant Commissioner Martin O’Brien said:

“Organised crime syndicates and their serious offending linked to the infiltration of the tobacco industry remain a top priority for Victoria Police.

Those involved have the potential and the propensity to commit serious acts of violence and given their complete disregard for the safety of others, pose a serious risk to the community. Their criminality cannot be tolerated.

The disruption of this syndicate today will have a substantial impact on the illicit tobacco trade. These were significant players who we believe were directing the activity of a criminal organisation, turning a huge profit at the expense of others.

We have said a number of times that Victoria Police is focused on targeting syndicate leaders, directors, facilitators and organisers. That remains critical for us, and we are doing absolutely everything we can to bring this criminality to an end and to make involvement in illicit tobacco as hostile a proposition as possible for organised crime groups.”

ABF quotes

Assistant Commissioner Tony Smith said:

“ABF continues to work closely with our partners to disrupt and deter attempts by criminal syndicates seeking to profit from the illicit tobacco trade in Australia.

We remain committed to seizing illicit tobacco and dismantling these supply chains which we know criminals use to make immense profits as well as to fund a whole host of other nefarious criminal enterprises.”

ATO quotes

Acting Assistant Commissioner Justin Clarke said:

“Today’s whole of government response has been a successful step forward in addressing the Victorian tobacco dispute. These arrests and seizures show our commitment to stamping out illicit tobacco and removing it from our communities.

With the help of our partners, we continue to support coordinated efforts to detect, disrupt, and dismantle these organised crime syndicates who use profits from illicit tobacco to fund other serious illegal activities.

Organised crime costs Australians around $60 billion each yearExternal Link and the illicit tobacco trade not only takes away vital funding from essential community services, but it also disadvantages small businesses who do the right thing.”

MIL OSI News –
January 25, 2025

*Record Date*	*Payable Date*	Distribution Per Equity Share
October 31, 2024	November 15, 2024	$0.13

*Record Date*	*Payable Date*	*Distribution Per Trust Unit*
October 31, 2024	November 15, 2024	$0.04
November 30, 2024	December13, 2024	$0.04
December 31, 2024	January 15, 2025	$0.04

Category: Economy

Summary

Economic contributions are likely underestimated

Immigration strengthens the US

The economy and voting

What does US law say?

A key legal case

Esther Britten, Deputy Director and Head of Events at UK Sport, said:

Councillor Martin Smith, Chair of the Economic Development and Skills Committee at Sheffield City Council, said:

Victoria Police quotes

ABF quotes

ATO quotes