NewzIntel.com

Category: Economy

  • MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Bank of India

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on Bank of India (the bank) for non-compliance with provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with the ‘Depositor Education and Awareness Fund Scheme, 2014’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.

    The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with the provisions of BR Act and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions of BR Act.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.

    The action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2001

    MIL OSI Economics –

  • MIL-OSI Global: The Brutalist: an architect’s take on a film about one man’s journey to realise his visionary building

    Source: The Conversation – UK – By Phevos Kallitsis, Associate Head Academic, School of Architecture Art and Design, University of Portsmouth

    For anyone involved in architecture, it’s no surprise that a film focusing on a visionary architect and his profession demands the epic dimensions of cinematography, drama and a running time of 215 minutes, as in Brady Corbet’s The Brutalist. This week the film was nominated in ten Oscar categories including best picture, best director and best actor.

    Despite architects being present in film from the early stages of cinema, architecture’s role in society has rarely been at the epicentre of the narrative.

    Notable exceptions are King Vidor’s The Fountainhead (1949), where the architect is a vessel for Ayn Rand’s hymn to individualism; Peter Greenaway’s The Belly of an Architect (1987), which looks at the political stance of architects; and last year’s Megalopolis, where the architect is the ultimate coordinator of everyday life. But I never felt these films grasped the reality of architecture’s complex obligations or the challenges beyond designing.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The Brutalist tells the story of the fictional Hungarian architect László Tóth (Adrian Brody) who, after surviving the Holocaust and forced separation from his wife (Felicity Jones), emigrates to Philadelphia to work in the furniture shop of his prosperous cousin (Alessandro Nivola).

    Unexpectedly, Tóth is tasked with refurbishing the study of a wealthy industrialist Harrison Van Buren (Guy Pearce), who despite his initial negative reaction, hires him to design an enormous library in memory of his mother.

    In the process, Van Buren takes Tóth under his wing and helps him bring his wife to the US. The commission of the building is a joyous moment, but as the process of design and construction throws up challenges, the tension escalates.

    Epic films usually depict the rise and fall of their protagonist, but The Brutalist explores the interconnected fates of the architect and his buildings. Tóth is aware of what is at stake. Once at the top of his game in Hungary, he is ostracised for his modernism which is considered anti-German by the Nazis. He is also condemned for being a Jew.

    But Van Buren gives Tóth a second chance after a news story praises the building and he discovers the Hungarian’s previous work and his connection to the radical German Bauhaus movement.

    From that point onward, we would expect that Tóth has gained his client’s trust. His joy at getting the authorities’ approval for the building is soon punctured by the obsessive Van Buren hiring consultants to check his work and keep tabs on the budget. Soon Tóth is beset by other problems as a railway accident delays the arrival of materials causing a hiatus.

    Restarting the project is accompanied by constant concerns for health and safety and the pressures of any other potential delays. Tóth is also experiencing problems in his personal life, but Corbet and Mona Fastvold’s screenplay is driven by the challenges of realising his vision for this new groundbreaking building.

    The Brutalist demonstrates the intrinsic role the client plays and how the architect is beholden to them – in this case necessitating the negotiation of a tricky relationship with the demanding Van Buren. As Italian architect Aldo Rossi writes in his book The Architecture of the City, “the architecture that is going to be realised is always an expression of the dominant class”.

    And the dominant class wants things done their way. Tóth is even ready to sacrifice his fee to realise his vision. He needs the building to make a name for himself at a time when capitalism is producing unprecedented opportunities for architectural expression.

    It is the period about which American architect Philip C. Johnson proclaims:, “the battle for modern architecture has been won”. Think of Frank Lloyd Wright’s Johnson Wax tower or Ludwig Mies Van der Rohe’s Lake Shore Drive Apartments, or Eero Saarinen’s General Motors Technical Center to reveal how the US became the main proponent of this ambitious expansive style.

    A memorable scene in the cavernous marble quarries of Carrara in Italy is both magnificent and ominous. The sheer scale that renders humans the size of ants underscores the clash between nature and power, in the level of extraction required for materials, and the exploitation of people and planet to satisfy the egos of two competing masculinities.

    In the past, “What does an architect do?” was a question I often was asked by clients who wanted me to justify my fee. This is a question I now ask my students to reveal their own perceptions and values.

    Architecture is one of the three main fine arts of antiquity. However, beyond the artistry and the aesthetics, its role has been developing to meet the needs of its time. In a post-war world, architects were compelled to go beyond efficiency; they needed to create an identity and capture the public’s imagination, while creating buildings with market value.

    Architects take many aspects into consideration. Tóth draws beautifully, has knowledge of materials and technology, reads the landscape and understands the environment. He also manages the budget and has to promote himself in a world that mocks his accent and others him as a foreigner – architecture has a long way to go when it comes to inclusivity.

    US modernism is full of immigrant architects who either moved there very young like Estonian Louis Kahn and Finn Eero Saarinen, or by accepting teaching positions like Germans Walter Gropius and Mies Van der Rohe did after the closure of the Bauhaus.

    So The Brutalist needs its three and half hours to tell the saga of an immigrant architect’s life and the long arduous years it takes to complete a cherished project. As an architect in a digital era, it made me nostalgic for paper, charcoal drawings and physical models. And wish that architects had a filmmaker’s power to complete the construction of a building like a speeded-up film montage.

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

    – ref. The Brutalist: an architect’s take on a film about one man’s journey to realise his visionary building – https://theconversation.com/the-brutalist-an-architects-take-on-a-film-about-one-mans-journey-to-realise-his-visionary-building-248127

    MIL OSI – Global Reports –

  • MIL-OSI: Blasting Off into the Crypto Stratosphere: SPACEWAR! Token ($SPACE) Takes Center Stage

    Source: GlobeNewswire (MIL-OSI)

    BERLIN, Jan. 24, 2025 (GLOBE NEWSWIRE) — In the ever-expanding universe of cryptocurrency, a new star has emerged to capture the imagination of investors and enthusiasts alike: SPACEWAR! Token ($SPACE). As an ERC-20 token inspired by the very first video game Elon Musk ever played, this innovative project combines nostalgia, cutting-edge technology, and the promise of a stellar future.

    The Birth of a Classic

    Originally developed in 1962 by a group of students at the Massachusetts Institute of Technology (MIT), SPACEWAR! holds the distinction of being the first-ever digital computer game. This revolutionary space combat game became a timeless classic, leaving an indelible mark on the history of gaming. Today, its legacy is carried forward with the launch of SPACEWAR! Token ($SPACE), uniting past and present in a unique crypto initiative.

    A Star-Studded Team

    Behind the SPACEWAR! Token is a team of renowned cryptocurrency experts with a proven track record of successful blockchain projects. With meticulous planning and a visionary approach, they’ve developed a robust framework that positions $SPACE for long-term growth and development.

    Community and Influencer Power

    Key to $SPACE’s rapid rise is its passionate community and widespread influencer support. A diverse group of crypto enthusiasts, thought leaders, and influencers have rallied around SPACEWAR! Token, sparking widespread excitement and engagement within the cryptocurrency ecosystem.

    A Stellar Launch

    The launch of SPACEWAR! Token ($SPACE) was met with overwhelming enthusiasm, with investors rushing to participate in the project. This strong debut highlights the growing confidence in the token’s potential and the dedication of its team and supporters.

    What’s Next for $SPACE?

    As SPACEWAR! Token gains traction, its developers have ambitious plans for future growth. By leveraging its nostalgic appeal, cutting-edge technology, and a supportive community, the token is poised to carve out a unique and lasting presence in the cryptocurrency landscape.

    Conclusion

    SPACEWAR! Token ($SPACE) is more than just another cryptocurrency—it’s a tribute to gaming history, a celebration of blockchain innovation, and a symbol of community-driven success. With its accomplished team, strong community backing, and a launch that exceeded expectations, $SPACE is a token worth watching.

    Get ready to blast off into the crypto stratosphere—SPACEWAR! Token ($SPACE) is here to make history!

    Contact Us:

    VedP
    Project Lead
    contact@spacewareth.io

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1d62800e-8af9-4140-80e1-392d1c599f69

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c080ea0a-cf16-445b-a971-50fbf5b5c7cb

    The MIL Network –

  • MIL-OSI Africa: Africa’s Power Revolution: Mission 300 to Light up Continent’s Future

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, January 24, 2025/APO Group/ —

    • Exceptional World Bank Group-African Development Bank (http://www.AfDB.org/en) Collaboration to Connect 300 million People to Electricity by 2030
    • Dar es Salaam Energy Summit to Chart Pathways for Energy Transformation

    In a continent where millions of homes are still shrouded in darkness each night, a groundbreaking initiative is sparking hope. Next week, African and global changemakers will converge in Dar es Salaam, Tanzania, for the inaugural Africa Heads of State Energy Summit, where they will commit to an ambitious project to connect 300 million Africans to electricity by 2030.

    The initiative, dubbed ‘Mission 300’ (M300), represents an unprecedented collaboration between the African Development Bank and the World Bank Group, alongside other global partners. The project aims to bridge the continent’s vast power divide by leveraging cutting-edge technology and innovative financing.

    Several heads of state and Government from Africa and the rest of the world, will join 1,500 other participants—with strong representation from the private sector—at the January 27-28 summit. Together, they will chart Africa’s course toward universal access to affordable, reliable, and sustainable energy by 2030.

    This initiative comes at a critical time: nearly 600 million Africans, representing a staggering 83 percent of the world’s energy-deprived population, lack access to electricity.

    “No economy can grow, industrialize, or be competitive in the dark,” declared African Development Bank Group President Dr. Akinwumi Adesina. “This partnership is a game changer for Africa’s development.” Mission 300, launched at the World Bank/IMF Spring Meetings 2024, also has the backing of the Group of Seven (G7) and the G20.

    Next week’s summit is expected to yield two significant outcomes: the Dar es Salaam Energy Declaration, stating commitments and reform actions from African governments to reform the energy sector, and the first set of National Energy Compacts, which will serve as blueprints for country-specific transformations.

    Under the first phase of Mission 300, twelve countries will present their energy compacts: Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia. These countries represent more than half of the global population lacking access to electricity and a quarter of those lacking clean cooking solutions. Other African countries are expected to develop their compacts in subsequent phases.

    The two-day gathering will also highlight energy sector successes in selected countries, establish an alliance of sector stakeholders to accelerate energy infrastructure investments, and strengthen regional power planning, market trade, and policy frameworks. These efforts will support the implementation of the Continental Master Plan and the African Single Electricity Market.

    World Bank Group President Ajay Banga outlined a three-pronged approach for success: “We need action from governments, financing from multilateral development banks, and investment from the private sector.”

    Already, the Global Energy Alliance for People and Planet and The Rockefeller Foundation have committed $10 million to technical assistance for electricity projects across 11 African nations—from Nigeria’s bustling cities to Madagascar’s remote villages—while energizing initiatives within COMESA, Africa’s largest regional economic community.

    Pioneering Role

    As Africa’s premier development finance institution, the African Development Bank Group brings substantial experience to the M300 initiative. The Bank’s current portfolio and pipeline of energy projects are forecast to deliver access to 43 million connections. Under Mission 300 and the Bank’s new Ten-Year Strategy, this will increase to 50 million connections, complemented by the World Bank’s pledge of 250 million connections by 2030.

    The Bank’s track record includes landmark projects such as Kenya’s Lake Turkana Wind Power Project, which added 310 megawatts to the country’s capacity. Another ambitious effort, the Desert to Power (D2P) initiative, aims to transform Africa’s vast, sun-drenched Sahel region into a solar energy powerhouse spanning 11 countries, connecting 250 million people.

    Recent successes under the D2P initiative include a $302.9 million loan co-financing for a solar power plant and electricity interconnection project between Mauritania and Mali. This project is expected to benefit 100,000 households. Through its Sustainable Energy Fund for Africa (SEFA), the Bank has supported green mini-grid projects across the continent.

    As Africa works toward universal access to affordable, reliable, and sustainable energy by 2030, Mission 300 offers more than infrastructure development. For millions of Africans who have never known reliable electricity, it represents the promise of transformation—not just of the energy landscape but of daily lives.

    The continent’s leaders and changemakers gathering in Dar es Salaam next week will set the stage for Africa’s electrification revolution. The partnerships forged and commitments made there will shape the continent’s journey toward achieving universal energy access, transforming millions of lives, and driving sustainable development.

    “The entire world will be watching us,” Adesina said in anticipation.

    Join in the conversation via our X Space live (http://apo-opa.co/42KL4wX) today.​

    Learn more about Mission 300 and the Africa Energy Summit here (http://apo-opa.co/3CbevgL).

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Garry Taylor appointed as Director of City Development

    Source: City of York

    City of York Council is delighted to announce the appointment of Garry Taylor as the new Director of City Development.

    Garry, who brings over 25 years of extensive experience in local government, urban regeneration, and place-making, will take up the position on Monday 27 January.

    Garry joins the Council following his role as Assistant Director for Major Projects, Culture & Place at Hull City Council. There, he oversaw a £400 million public-private capital investment programme, including highways, cultural venues, retail and leisure developments, and public spaces. His leadership was instrumental in Hull’s transformation during and after its tenure as UK City of Culture 2017, delivering economic growth, cultural renewal, and significant investment to the region.

    In his new role, Garry will lead York’s City Development directorate, driving forward strategic regeneration initiatives, inward investment, and sustainable growth to ensure York remains a thriving and inclusive city. A passionate advocate for place-making, Garry is committed to enhancing both the physical environment and the quality of life for all residents and visitors.

    “I am truly excited to be joining City of York Council at such a pivotal time,” he said.

    “York is a city with a rich heritage and dynamic community, and I look forward to working closely with colleagues, partners, and residents to build on its unique character while addressing key challenges and opportunities for sustainable and inclusive development.”

    Ian Floyd, Chief Operating Officer at City of York Council, said:

    “We are thrilled to welcome Garry to the team.

    “His wealth of experience in urban regeneration and his proven track record of delivering transformative projects make him the ideal choice to lead our city development initiatives. We look forward to working with him to ensure York continues to flourish.”

    Garry’s appointment aligns with the Council’s commitment to delivering ambitious plans for York’s future, including strengthening the city’s economy, improving infrastructure, and addressing climate and sustainability goals.

    With a background in planning and regeneration and professional accreditation as a Chartered Member of the Royal Town Planning Institute (MRTPI), Garry has also been recognised for his innovative and collaborative approach to fostering partnerships, securing funding, and delivering award-winning projects.

    MIL OSI United Kingdom –

  • MIL-OSI: AGF Investments Announces January 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) —

    AGF Investments Inc. (AGF Investments) today announced the January 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on January 31, 2025 will receive cash distributions payable on February 6, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange  Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc.  $0.139916
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc.  $0.131000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc.  $0.141593


    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

    About AGF Management Limited

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

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

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI: Purpose Investments Announces Expansion of Its Yield Shares Suite with the Filling of the Preliminary Prospectus for 8 New ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments”) is pleased to announce that it has filed and received a preliminary prospectus with the Canadian securities regulators for the proposed launch of eight new yield-focused single-stock ETFs, expanding its acclaimed Yield Shares suite. These ETFs are designed to provide investors with monthly income while maintaining exposure to leading global companies.

    The new Yield Shares ETFs include:

    Yield Shares ETF Ticker Underlying Company
    Costco (COST) Yield Shares Purpose ETF YCOS Costco
    Palantir (PLTR) Yield Shares Purpose ETF YPLT Palantir
    UnitedHealth (UNH) Yield Shares Purpose ETF YUNH UnitedHealth Group
    JPMorgan (JPM) Yield Shares Purpose ETF YJPM JPMorgan
    Coinbase (COIN) Yield Shares Purpose ETF YCON Coinbase
    Netflix (NFLX) Yield Shares Purpose ETF YNET Netflix
    Broadcom (AVGO) Yield Shares Purpose ETF YAVG Broadcom
    Tech Innovators Yield Shares Purpose ETF YMAG Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia

    “Since launching in 2022, Purpose Yield Shares has become a leading choice for investors seeking monthly income while maintaining growth exposure to the world’s top companies. In response to strong client demand, we are excited to expand our lineup to include high-growth technology and innovation leaders while also diversifying into market pioneers within the consumer staples, financial, and healthcare sectors. These new ETFs enhance the breadth of the Yield Shares suite, offering investors a wider range of opportunities to generate monthly income from industry giants while participating in their long-term growth,” said Yuan Gao, Vice President of Product. “The Yield Shares lineup remains dedicated to providing investors with access to high-quality companies with strong fundamentals and long-term growth potential. These new ETFs enable investors to continue benefiting from exposure to market leaders driving innovation and economic progress while earning monthly income. Whether in technology, consumer staples, financial services, or healthcare, our Yield Shares suite delivers a compelling mix of income and capital appreciation potential, allowing investors to share in the success of industry leaders.”

    Each ETF seeks to provide shareholders with (i) long-term capital appreciation through purchasing and holding common stock of the underlying companies, including by using leverage through cash borrowing to purchase common stock of the underlying companies and (ii) distributions by writing covered call options and/or cash covered put options on a portion of the fund’s portfolio.

    The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) intends to provide investors with exposure to a basket of leading global technology and innovation-driven companies while generating income by writing covered call options and/or cash-covered put options on a portion of the portfolio.

    YMAG provides investors with a one-ticket solution to gain exposure to the Nasdaq trillion-dollar market cap club while generating monthly income. Known as “BATMMAAN,” this select group of industry leaders—Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia—is driving technological innovation across artificial intelligence, cloud computing, digital services, and next-generation infrastructure, positioning themselves as key players in the future of technology and economic growth.

    Building on the success of the Yield Shares lineup, these new ETFs will aim to offer investors monthly cash distributions alongside exposure to the long-term growth potential of industry-leading companies.

    About Purpose Investments Inc.
    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    A preliminary long-form prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy securities of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose, or at http://www.purposeinvest.com.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the manager’s sole discretion.

    The MIL Network –

  • MIL-OSI: Abaxx Announces Closing of Final Tranche of C$2,756,000 Private Placement

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE CA:ABXX) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, is pleased to announce it has today closed its final tranche (the “Final Tranche”) of a non-brokered private placement financing (the “Financing”). The Final Tranche consisted of the issuance of 50,000 common shares (the “Shares”) of the Company at a price of C$13.00 per Share for aggregate gross proceeds of C$650,000. The Financing, which consisted of the Final Tranche and a tranche which closed on November 22, 2024, consisted of the issuance of 212,000 Shares at a price of C$13.00 per Share for aggregate gross proceeds of C$2,756,000.

    The proceeds of the Financing are expected to be used for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing. No finder’s fees or commissions were paid in connection with the Final Tranche.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by the Monetary Authority of Singapore as “recognized market operator” and “approved clearinghouse”, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans and intended use of proceeds from the Financing. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, the risk factors in the Company’s most recent management’s discussion and analysis and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI Video: UK Harold Macmillan, Earl of Stockton, speaks in first televised Lords debate

    Source: United Kingdom UK House of Lords (video statements)

    The first televised debate on 23 January 1985, forty years ago this week, saw members press government on the economy.

    Former Prime Minister Harold Macmillan, then Earl of Stockton, spoke without notes for 20 minutes aged 90 as ‘a very new boy in your Lordships’ House’. Lord Stockton was said by commentators to have ‘stolen the show.’

    See other speeches and find out more about the first televised proceedings from the Lords: https://www.parliament.uk/business/news/2025/january/40-years-of-broadcasting-from-the-house-of-lords/

    https://www.youtube.com/watch?v=nVwK4Slf9SQ

    MIL OSI Video –

  • MIL-OSI Europe: AMERICA/VENEZUELA – People in Barquisimeto do not lose hope: the poor help the poor

    Source: Agenzia Fides – MIL OSI

    Friday, 24 January 2025

    Barquisimeto (Agenzia Fides) – After the elections held in July last year (see Fides, 30/7/2024), there is an impression that an air of sadness, frustration and disappointment is hanging over Venezuela. Father Miguel Angel Bombin, during a visit to the country, reports the difficulties faced by the political problems facing the Venezuelan population.”In Barquisimeto, where the Don Orione Work carries out most of its work in the country, the mood is not the best, even if the environment is calm and there are no particular tensions,” reports the missionary. “Most people feel that their voice has been taken away from them, that their will has not been respected,” notes Father Bombin, who is the head of the Vice-Province of “Nuestra Señora del Pilar” of the Don Orione Work, which includes Spain and Venezuela.”The only hope is that something will change. Many are thinking of leaving the country again, we now have 8 million Venezuelans who have emigrated, and there is a fear that the exodus will start again, especially among the young people who have stayed here until now because they were hoping for something different.””This difficult situation,” he continues, “also affects the work of the Don Orione Foundation in the country. At the moment we have a day center for the disabled in Barquisimeto, and the parish, which carries out many activities, including a project with Caritas on nutrition and food. In the seminary we have two aspirants and three young people in training. We are also present in Caraballeda, where we have a preschool with 100 children up to 6 years old, and where we have been building a new parish for five years, even if the work is progressing very slowly. Unfortunately, it is not easy, we live day by day and are always struggling with resources. Since 2012 we have lost all financial support from the government and we continue to use the provincial funds and some outside help, but economically the situation is serious. We can no longer accommodate so many guests in the day center because it is difficult to find doctors or to guarantee them a decent salary. However, we are not discouraged and we see that Providence is manifested above all in the many people who come here as volunteers.””Despite the difficulties, we continue,” concludes Father Bombin, “and the Congregation continues to look forward, following that Hope that is the central theme of the 2025 Jubilee. Seeing how many people living with their difficulties are volunteering in psychiatric centers, in prisons or even in garbage dumps where so many people have to live is a sign that in these difficult situations the best in people comes out. They are poor people who help other poor people, creating closeness and solidarity. This is the hope that we want to live in this Holy Year.”Following the charism of their Founder, the spirit of charity that animates the Congregation of the Little Work of Divine Providence is not limited to a single human need but reaches orphans, women and men in difficulty, elderly and disabled people, young people in search of a better future, poor and exploited populations, and every human suffering. (AP) (Agenzia Fides, 24/1/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI: Stardust Power Inc. Announces Pricing of $5.75 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 24, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced the pricing of its “reasonable best efforts” public offering for the purchase and sale of up to 4,792,000 shares of common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 4,792,000 shares of common stock at a combined offering price of $1.20 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $5.75 million, before deducting placement agent fees and other offering expenses, and assuming no exercise of the warrants. The warrants will have an exercise price of $1.30 per share, will be exercisable immediately and will expire five years from the issuance date.

    “We are proud that we have priced this round of financing with investment from a large institutional investor, representing their support for the Stardust Power story. This financing continues building on our progress towards the FID stage for our large central lithium refinery. The capital provides stability for the company to continue to execute against our business plan,” noted Stardust Power Founder and CEO, Roshan Pujari.

    The closing of the Offering is expected to occur on or about January 27, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this Offering for working capital and general corporate purposes, as well as to satisfy amounts due under certain existing promissory notes of the Company.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-284298) previously filed with the Securities and Exchange Commission (“SEC”) on January 15, 2025, which was declared effective on January 23, 2025. This Offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC. An electronic copy of the final prospectus relating to the Offering may be obtained, when available, on the SEC’s website located at http://www.sec.gov and may also be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit http://www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson
    media@stardust-power.com

    Forward Looking Statements

    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, among other things, statements relating to the satisfaction of customary closing conditions related to the Offering, the timing of the anticipated closing of the Offering and the intended use of proceeds from the Offering. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI: Silicon Motion Confirms Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan and MILPITAS, Calif., Jan. 24, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO)(“Silicon Motion” or the “Company”), a global leader in designing and marketing NAND flash controllers for solid state storage devices, confirms today its quarterly cash dividend.

    On October 28, 2024, the Board of Directors of the Company declared payment of an annual dividend of US$2.00 per ADS1, equivalent to US$0.50 per ordinary share, which will be paid in four quarterly installments of $0.50 per ADS, equivalent to US$0.125 per ordinary share.  According to the previously announced record and payment dates, the next quarterly installment will be paid on February 27, 2025 to all shareholders of record on February 13, 2025. Our depository bank’s DR Books will be closed for issuance and cancellation on February 13, 2025.

    The declaration and payment of future cash dividends are subject to the Board’s continuing determination that the payment of dividends is in the best interests of the Company’s shareholders and are in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.

    ABOUT SILICON MOTION:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at http://www.siliconmotion.com.

    FORWARD-LOOKING STATEMENTS:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this press release.

    1 One ADS is equivalent to four ordinary shares.

    The MIL Network –

  • MIL-OSI Global: The Trumps want you to buy their meme coins, but history should make us cautious about the hype

    Source: The Conversation – UK – By Emmanuel Mogaji, Associate Professor in Marketing, Keele University

    Just before assuming office as the 47th president of the United States, Donald Trump introduced his meme coin – $Trump. The digital token attracted lots of attention, and a couple of days after its launch the combined value of the coins was nearly US$8.5 billion (£6.9 billion).

    Trump venturing into meme coins is perhaps not surprising, given his history of branding everything from sneakers to bibles. The first lady followed suit with a meme coin of her own ($Melania, which briefly outperformed her husband’s coin).

    History shows us that speculative hypes like this are not new. Hype can distort rational decision-making, with investors often neglecting due diligence and failing to ask the usual important questions of their investment.

    In 17th-century Netherlands, tulip bulbs became status symbols. Rare varieties could fetch six times a typical salary – until the bubble burst, leaving many financially devastated. Similarly, the South Sea Bubble of the 18th century saw the South Sea Company’s stock price skyrocket based on speculative frenzy (and a high-profile figurehead in King George I) before crashing back down. And the dotcom bubble of the early 2000s saw unproven tech startups achieve sky-high valuations on sheer optimism until the inevitable crash.

    The rise of meme coins, including the Trump ventures, bears similarities to the frenzy surrounding these past phenomena. They are driven by hype, the perception of scarcity and the promise of high returns. These factors can inflate the value irrationally and lead to significant financial risks for those who invest.

    Meme coins thrive on the power of hype. Prominent figures like Trump and viral sensations such as internet star Haliey Welch’s failed cryptocurrency have the power to generate enormous buzz. Like the tulip mania of the 1600s, these digital tokens don’t hold any intrinsic value but instead rely on public sentiment to drive prices up. The hype can quickly make them seem indispensable and highly valuable, even though they have no physical existence.

    The ease of access to meme coins also boosts their popularity. People can buy them online using simple apps or websites – much like shopping for any other product – without the need for a broker or intermediary. This autonomy appeals to modern investors, allowing them to manage their assets from the comfort of their homes. However, the simplicity and convenience often mask the high risks involved.

    Social media amplifies the excitement surrounding meme coins, creating a community vibe that fuels their popularity. The constant buzz on platforms and among influencers generates Fomo (fear of missing out), pressuring people to join the bandwagon in pursuit of the potential gains. But this rush can lead to ill-informed decisions.

    Meme coins are seen as opportunities for quick and substantial profits – an anonymous buyer (the so-called Lucky Crypto Trader) reportedly made US$100 million within hours on Trump’s coin. But these successes are rare and unpredictable. For most consumers, investing in meme coins is like gambling, with no guarantees of returns and a high likelihood of losses.

    Is it ethical?

    As a researcher in financial services marketing and fintech, I focus on the ethical and financial implications of meme coins.

    Cryptocurrencies remain largely unregulated, leaving investors without protection. So the influence of prominent figures like the Trumps hyping these assets raises questions of accountability and fairness. This lack of oversight puts inexperienced consumers at significant financial risk, which only serves to underline the need for caution.

    The parallels with past speculative bubbles offer valuable lessons. From tulip mania to the dotcom bust, history shows us the dangers of unchecked hype and speculative investments. Consumers should learn from these events to avoid repeating the same mistakes in the cryptocurrency era. There are some basic principles would-be buyers should bear in mind.

    To navigate the risks associated with meme coins and cryptocurrencies, consumers should find out more about the technology and become more aware of the trends and performance of the coins. Managing expectations is crucial; speculative investments are unpredictable and the hype can die away quickly. Diversifying investments rather than concentrating all funds in one asset or market can spread risk and provide greater financial stability.

    Education is equally important – taking the time to read the fine print on investment opportunities, such as Trump’s coin disclaimer that it is not an investment vehicle, is essential to understanding the true nature of these assets.

    Trump’s venture into meme coins is the latest in a long history of speculative financial trends, and he will probably not be the last to capitalise on this craze.

    But until regulatory frameworks catch up, consumers should tread carefully, ensuring that their pursuit of profits does not come at the expense of their financial security.

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

    – ref. The Trumps want you to buy their meme coins, but history should make us cautious about the hype – https://theconversation.com/the-trumps-want-you-to-buy-their-meme-coins-but-history-should-make-us-cautious-about-the-hype-248057

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Government of Yukon issues special warrant to meet critical funding needs

    Government of Yukon issues special warrant to meet critical funding needs
    jlutz

    The Government of Yukon has issued a special warrant to ensure that essential government programs and operations can continue without disruption until the Supplementary Estimates No. 2 for the 2024–25 fiscal year can be introduced and debated in the Yukon Legislative Assembly.

    The special warrant provides budgetary authorization for up to $70.2 million in additional government spending for the 2024–25 fiscal year. These funds address urgent and immediate requirements across key departments.

    The Special Warrant (No. 1) 2024–25 has been issued as an Order-in-Council under the Financial Administration Act. This funding ensures that the departments of Energy, Mines and Resources, Highways and Public Works and Community Services have the financial resources to continue delivering on their mandates.

    Specific funding included in this special warrant is as follows:

    • $51.8 million in operations and maintenance funding in the Department of Energy, Mines and Resources to ensure that the department can continue to deliver on major commitments during this fiscal year. This includes payments included as part of the loan to the Receiver for Victoria Gold.
    • $10 million in capital funding in the Department of Community Services to ensure that the department can continue to advance land-development work, which has seen higher-than-expected productivity across the construction sector this fiscal year.
    • $8.4 million in operations and maintenance for the Department of Highways and Public Works. This funding is essential to maintaining service levels and ensuring the safe, reliable operation of the Yukon’s transportation infrastructure and government-owned buildings. It will help cover rising utility costs and sustain key services for roads and highways following landslides and washouts earlier this year, as well as other critical infrastructure that supports the territory’s transportation network.

    MIL OSI Canada News –

  • MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Announces 2024 Dividend Income Tax Treatment

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today announced the estimated federal income tax treatment of the Company’s 2024 distributions on its common stock (CUSIP #03762U105) and its 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock.

    The federal income tax classification of the 2024 distributions on the Company’s common stock as it is expected to be reported on Form 1099-DIV is set forth in the following table ($ per share):

    Record Date Payable Date Total Distribution Per Share Ordinary Dividend Qualified Dividend Non-dividend Distribution Section 199A Dividend(1)
    12/29/2023 01/12/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    03/28/2024 04/15/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    06/28/2024 07/15/2024 $0.35000 $0.151978 $0.009218 $0.198022 $0.142760
    09/30/2024 10/15/2024 $0.25000 $0.108555 $0.006584 $0.141445 $0.101971

    (1) May be eligible for a 20% deduction under Section 199A of the Internal Revenue Code of 1986, as amended (the “IRC”). Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

    The federal income tax classification of the 2024 distributions on the Company’s 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock as it is expected to be reported on Form 1099-DIV is set forth in the following table ($ per share):

    Record Date Payable Date Total Distribution Per Share Ordinary Dividend Qualified Dividend Non-dividend Distribution Section 199A Dividend
    03/28/2024 04/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
    06/28/2024 07/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
    09/30/2024 10/15/2024 $0.453125 $0.453125 $0.027483 – $0.425642
                 

    Pursuant to Section 857(b)(9) of the IRC, cash distributions made on January 15, 2025, with a record date of December 31, 2024, are treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded its 2024 earnings and profits, the January 2025 cash distributions declared in December 2024 are treated as 2025 distributions for federal income tax purposes and are not included on the 2024 Form 1099-DIV.

    Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

    About Apollo Commercial Real Estate Finance, Inc.
    Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $733 billion of assets under management as of September 30, 2024.

    Additional information can be found on the Company’s website at http://www.apollocref.com. Please note that our URL address has changed.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: high interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    CONTACT:     Hilary Ginsberg
    Investor Relations
    (212) 822-0767
         

    The MIL Network –

  • MIL-OSI Asia-Pac: Labour Department highly concerned about fatal work accident that happened in Fo Tan today

    Source: Hong Kong Government special administrative region

    Labour Department highly concerned about fatal work accident that happened in Fo Tan today
    Labour Department highly concerned about fatal work accident that happened in Fo Tan today
    ******************************************************************************************

         The Labour Department (LD) is highly concerned about a fatal work accident that happened at a construction site in Fo Tan this afternoon (January 24), in which a male worker, while dismantling a metal I-beam on an elevating work platform, was struck by the suspended dismantled portion of the I-beam and fell from the work platform to the ground. He was certified dead at the scene. The LD is saddened by death of the worker and expresses its deepest sympathy to his family.     The LD’s spokesman said, “We commenced an immediate on-site investigation as soon as we were notified of the accident and have issued suspension notices to the contractors concerned, suspending the dismantling work of I-beams at the construction site. The contractors cannot resume the work process until the LD is satisfied that suitable measures to abate the relevant risks have been taken.”     The spokesman added, “We will complete the investigation as soon as possible to identify the cause of the accident, ascertain the liability of the duty holders and recommend improvement measures. We will take actions pursuant to the law if there is any violation of the work safety legislation.”                     To protect workers’ safety, the LD reminds contractors that substantive support shall be provided to the structures being dismantled to prevent them from accidental displacement or sudden collapse during dismantling work.      The general duty provisions of the Occupational Safety and Health Ordinance require employers to provide safe working environments, plant and systems of work for their employees. Those who contravene the relevant provisions are liable to a maximum fine of $10 million and imprisonment for two years.     In regard to today’s accident, the LD will issue a Work Safety Alert through its mobile application “OSH 2.0”, website and email, giving a brief account of the accident concerned to duty holders, workers’ unions, professional bodies of safety practitioners and others, and reminding the industry of the importance of following safety precautionary measures to prevent a recurrence of similar accidents.     The LD will also remind the employer concerned of the liability for employees’ compensation under the Employees’ Compensation Ordinance, assist family members of the deceased to claim employees’ compensation and closely follow up on the case. For those with financial difficulties, the LD will assist them to apply for appropriate emergency funds. Subject to the needs and wishes of family members of the deceased, the LD will also liaise with the Social Welfare Department for financial or other assistance.     For the sake of securing the safety and health of employees at work, the LD appeals to employers to provide plant and systems of work that are safe and without risks to health. Employees should co-operate with their employers, adopt all safety measures and use personal protective equipment provided properly to avoid endangering their own work safety and that of other workers.

     
    Ends/Friday, January 24, 2025Issued at HKT 21:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response

    Source: The Conversation – USA – By Tricia Wachtendorf, Professor of Sociology and Director, Disaster Research Center, University of Delaware

    Neighbors fill and pass a bucket of pool water to help extinguish a spot fire in Pacific Palisades, Calif., on Jan. 9, 2025. Brian van der Brug / Los Angeles Times via Getty Image

    As wildfires swept through neighborhoods on the outskirts of Los Angeles in January 2025, stories about residents there helping their neighbors and total strangers began trickling out on social media.

    Accounts of Hollywood stars clearing streets for emergency vehicles to get through and raising money for fire victims were widely circulated. But there were many other examples of less-famous people helping older neighbors to safety, and even showing up with trailers to evacuate horses.

    Businesses, including fitness centers, opened their facilities so evacuees could shower or charge their phones. Organizations that routinely work with homeless populations quickly mobilized their members to help ensure people living on the streets and in camps could get to secure, safe locations away from the fires and hazardous air quality.

    Disasters, by definition, overwhelm local resources, making civilian responders like these essential. Sixty years of research at the University of Delaware’s Disaster Research Center and by others examining the social aspects of disaster has repeatedly shown effective disaster management requires mobilizing community resources far beyond official channels.

    Often the response happens through local groups that form in response to a clear need in the community and with shared skills and interests. And this is exactly what we are witnessing in Los Angeles.

    Civilians helping often number in the thousands

    The number of those who step up to help during disasters varies by event, but it can be tremendous.

    Following the 1995 Oklahoma City bombing, over 6,800 volunteers worked with the Red Cross on the response. That same year, volunteers responding to the Kobe earthquake in Japan logged more than 1 million person-days of activity, a measure of the number of people times the hours they contributed.

    People use garden hoses to try to prevent homes from catching fire in Altadena, Calif., on Jan. 8, 2025. Neighbors rushed to help neighbors as the wind blew burning embers into neighborhoods.
    Mario Tama/Getty Images

    In an in-depth study of the Sept. 11, 2001, World Trade Center attacks, we interviewed local residents who used their retired fireboat to pump water for the firefighters at ground zero. Operators of tug, ferry and tour boats in and around New York City immediately responded to quickly evacuate 500,000 people in the area from danger. In fact, the majority of the boats involved belonged to private companies. Other volunteers queued evacuees and organized supplies and rides to get people home.

    Over 900 people, most acting in unofficial capacities, were awarded medals or ribbons for their efforts in just the marine response after the World Trade Center attack.

    A survey of residents after the 1985 Mexico City earthquake found that nearly 10% of local residents volunteered in the first three weeks of the response. Following the 1989 Loma Prieta earthquake, in California, a survey of residents in Santa Cruz and San Francisco counties found that two-thirds of the public were involved in response activities.

    Local businesses are often quick to help in disasters. Greg Dulan, center, who runs a soul food restaurant and food truck, hands out hot meals to wildfire evacuees at a church in Pasadena, Calif., on Jan. 15, 2025.
    Jason Armond/Los Angeles Times via Getty Images

    However, much of the work local residents contribute during and after disasters goes unaccounted for in official reports.

    There is no mechanism to quantify the full extent to which a neighbor or a complete stranger helps someone flee from peril. Yet when people are trapped and minutes count, research shows it is family, friends and neighbors who are already on the scene and are most likely to save lives. It’s often everyday citizens who also take on immediate tasks such as debris removal. Providing a phone, a car, a place to do laundry, or a little bit of elbow grease can fill a gap and let firefighters and other formal responders focus on critical operations.

    Getting the right help to where it’s needed

    Every study of a large-scale disaster conducted by the Disaster Research Center has revealed some level of emergent, informal helping behavior.

    The lack of public understanding about the large number of local residents already involved, often including disaster victims themselves, can lead to an influx of outsiders eager to help. Their arrival can actually pose challenges for the disaster response.

    When too many people show up, or when people try to operate outside their areas of expertise, they can put themselves and others at further risk. Communities often need supplies, but unsolicited goods of the wrong kind or at the wrong time can create more problems than they solve.

    Local groups such as the Pasadena Community Job Center organize volunteers to send them where help is requested. This group is removing debris from streets in Pasadena, Calif., in the wake of the Eaton Fire on Jan. 14, 2025.
    Zoë Meyers/AFP via Getty Images

    So, what can you do to best support these local efforts?

    Making a financial contribution to a trusted disaster response or local organization can go a long way to providing the support communities actually need. Organizations such as the American Red Cross or Feeding America, or local community-based groups that routinely work in the area, are often best suited to help where it’s needed the most.

    Skilled help will be needed for the long term

    Also, remember that disasters don’t end when the emergency is over. Survivors of the Los Angeles-area fires face years of confusing and frustrating recovery tasks ahead.

    Offering help after the immediate threat has passed – particularly skilled help, such as experience in construction or expertise in managing insurance and FEMA paperwork – is just as important.

    For example, after fires in 1970 destroyed hundreds of homes in the San Diego area, local architects, engineers and contractors donated their time and skills to help people rebuild. Their work was coordinated by a local architect and member of the Chamber of Commerce to ensure projects were assigned to reputable volunteers.

    As we recognize the important ways that neighbors and strangers helped those around them, the broader community can support wildfire victims by responding to offering the right help as recovery needs emerge. Just about every skill that is useful in calm times will be needed in these difficult months and years ahead.

    Tricia Wachtendorf receives funding from the National Science Foundation and Arnold Ventures Foundation.

    James Kendra receives funding from the National Science Foundation and the Centers for Disease Control and Prevention.

    – ref. Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response – https://theconversation.com/amid-la-fires-neighbors-helped-each-other-survive-60-years-of-research-shows-local-heroes-are-crucial-to-disaster-response-247660

    MIL OSI – Global Reports –

  • MIL-OSI USA: Harrisburg University, Auditor General DeFoor, Members 1st Federal Credit Union to Launch 12th Annual Student Financial Literacy Scholarship Competition

    Source: US State of Pennsylvania

    January 24, 2025 – Harrisburg, PA

    ADVISORY – Harrisburg University, Auditor General DeFoor, Members 1st Federal Credit Union to Launch 12th Annual Student Financial Literacy Scholarship Competition


    What: Harrisburg University of Science and Technology (HU) Interim President, David Schankweiler; Pennsylvania Auditor General, Timothy L. DeFoor; and Members 1st Federal Credit Union Assistant Vice President of Community Relations, Sara Firestone, will announce the launch of a student scholarship competition aimed at increasing financial literacy in Pennsylvania. The student competition will give six Pennsylvania students a chance to win cash prizes from Harrisburg University, as well as a scholarship if and when they enroll at HU.

    When:
    Friday, January 24, 2025, 10:00 AM

    Where:
    Harrisburg University of Science and Technology Auditorium, 14th Floor
    326 Market Street
    Harrisburg, PA 17101

    MEDIA CONTACT
    April Hutcheson – Pennsylvania Department of the Auditor General: 717.787.1381 or News@PAAuditor.gov
    Jessica Warren – Harrisburg University: 717.901.5159 or JWarren2@HarrisburgU.edu
    Sara Weiser – Members 1st Federal Credit Union: 717.678.8683 or WeiserS@Members1st.org

    MIL OSI USA News –

  • MIL-OSI: 2/2025・Trifork Group AG – Reporting of transactions made by persons discharging managerial responsibilities

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 2 / 2025
    Schindellegi, Switzerland – 24 January 2025

    Reporting of transactions made by persons discharging managerial responsibilities

    Pursuant to the Market Abuse Regulation Article 19, Trifork Group AG (Swiss company registration number CHE-474.101.854) (“Trifork”) hereby notifies receipt of information of the following transactions made by persons discharging managerial responsibilities in Trifork in connection with fixed salaries paid in shares. Reference is made to company announcement no. 1/2025 on 21 January 2025.

    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Jørn Larsen
    2. Reason for the notification
    a) Position/status CEO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 25% of the fixed monthly salary is paid out in shares as described in company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 1’323
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 24 January 2025
    f) Place of the transaction Outside a trading venue. Trifork previously held the shares as treasury shares.
    1. Details of the person discharging managerial responsibilities/person closely associated
    a) Name Kristian Wulf-Andersen
    2. Reason for the notification
    a) Position/status CFO
    b) Initial notification/
    Amendment    		 Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Trifork Group AG
    b) LEI 8945004BYZKXPESTBL36
    4.1 Details of the transaction(s)
    a) Description of the financial instrument, type of instrument

    Identification code

    		 Shares

    ISIN CH1111227810
    b) Nature of the transaction A share of 10% of the fixed monthly salary is paid out in shares as described in company announcement no. 1/2025.
    c) Price(s) and volume(s) Price(s) Volume(s)
    DKK 0 352
    d) Aggregated information
    —
    Aggregated volume —
    Price    		 N/A
    e) Date of the transaction 24 January 2025
    f) Place of the transaction Outside a trading venue. Trifork previously held the shares as treasury shares.


    Information and questions
    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Preliminary Results for the Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its preliminary results for the second quarter of fiscal year 2025 ending December 28, 2024.

    For the second quarter of fiscal year 2025, Key Tronic anticipates reporting revenue of approximately $114 million, and a net loss of approximately $0.40-$0.48 per share, both of which are below previous guidance. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to the impact from unexpected component shortages, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million for the quarter. As previously announced, the Company also expects to report approximately $1.0 million in write-offs of unamortized loan fees related to refinancing its debt with a new lender.

    Key Tronic expects revenue and earnings to recover in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. The Company is actively streamlining its international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions announced in the third quarter of fiscal year 2024. At the same time, Key Tronic continues to win new programs involving aerospace systems and energy resiliency technology products, which was announced in a separate press release on January 24, 2025, and has reduced inventories to be more in line with current revenue levels.

    For the third quarter of 2025, the Company expects to report revenue in the range of $115 million to $130 million and earnings in the range of $0.00 to $0.15 per diluted share.

    The revenue and earnings estimates for the second and third quarters of fiscal 2025, and the finalization of financial results for the second quarter of 2025, are subject to completion of the Company’s quarterly close and review procedures which are still ongoing. The Company plans to report its complete results and host its earnings conference call for the second quarter of fiscal 2025 on February 4, 2025. Details for the conference call have been announced in a separate press release.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

         
    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Second Quarter Reporting Date

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the second quarter of fiscal 2025 after market close on February 4, 2025.

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on February 4, 2025. A broadcast of the conference call will be available at http://www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). A replay will be available at http://www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: AvePoint Submits Application for Dual Listing on the Singapore Exchange

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance, and resilience, has submitted an application to list its shares of common stock, par value $0.0001 per share (the “Shares”), on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company’s Shares currently trade on the Nasdaq Global Select Market, and if such application is approved would also trade on the SGX-ST. 

    “Our application to list AvePoint’s common stock on the Singapore Exchange – which would be in addition to our current and continuing listing on Nasdaq – aligns with our ongoing strategy to broaden our presence in the APAC region, where we have a long and successful track record,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We established a presence in Singapore in 2009, and since then have fostered strong relationships with governmental organizations and corporations in the region; today, Singapore serves as our Asia headquarters and International R&D Hub. Finally, we believe that our consistent execution and strong financial performance, both globally and particularly in APAC, will make us attractive to APAC-focused investors seeking in-region high quality B2B SaaS opportunities.”

    No final decision or commitment has been made as to the timing, terms or conditions of any such listing on the SGX-ST, and the Company may decide to not proceed with an SGX-ST listing of its Shares.

    This press release shall not constitute an offer to sell or the solicitation of an offer or an invitation to buy any securities of the Company, nor shall there be any offer or sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About AvePoint:

    Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: Blockmate investee Hivello enters strategic partnership with AIxBlock for AI apps to access decentralised computing power

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its investee, Hivello Holdings Ltd has partnered with artificial intelligence development platform AIxBlock to integrate decentralized computing power into AI applications.

    AIxBlock operates at the intersection of artificial intelligence and Web3 technologies, offering a comprehensive development platform to build, train & deploy AI models that typically have high computing power requirements to function optimally. The AIxBlock ecosystem features an end-to-end AI development platform, a compute marketplace, dataset marketplace, and human resources for AI. These computing products cater to businesses and individuals transitioning into decentralized technologies.

    With the Hivello platform offering its users a passive income stream in exchange for their unutilised computing power, Hivello will extend these capabilities into the AIxBlock, enabling their users to leverage a substantial network of decentralized computing power.

    Justin Rosenberg, CEO of Blockmate Ventures, commented, “With the rise of AI, many of the most innovative apps require a substantial amount of computing power which can be costly to access via traditional data centres. But through this partnership, Hivello and AIxBlock aim to unlock new possibilities in both the decentralized computing space and AI space by providing developers an alternative to centralized data centres while giving Hivello users even more opportunities to rent out their unused computing power for passive income”.

    Below is the press release from Hivello:

    Hivello + AIxblock: Decentralized AI Meets Simplified Node Management

    London & Amsterdam, January 23, 2025 – Hivello, a platform simplifying decentralized node management for non-technical users, and AIxBlock, a fully decentralized AI development platform redefining the AI compute and dataset marketplace, have announced a strategic partnership.

    AIxBlock operates at the intersection of artificial intelligence and Web3 technologies, offering a comprehensive development platform to build, train & deploy AI models. With its foundation built on the Solana blockchain and its $1 million/year enterprise contract in place, AIxBlock is bridging the gap between traditional Web2 enterprises and the emerging Web3 landscape. Its ecosystem features an end-to-end AI development platform seamlessly integrated with decentralized resources, including a compute marketplace, dataset marketplace, and human resources for AI—catering to businesses and individuals transitioning into decentralized technologies.

    Hivello, on the other hand, has revolutionized the process of running decentralized nodes, making it simple and accessible to non-technical users. Hivello is targeting 100,000 users within the next year. By allowing individuals with spare computing resources to participate in decentralized infrastructure, Hivello empowers everyday users to contribute to DePIN (decentralized physical infrastructure networks) projects.

    Through this partnership, Hivello and AIxBlock aim to unlock new possibilities in the decentralized compute space by integrating their offerings. AIxBlock’s compute marketplace, which primarily relies on enterprise-level providers, could potentially incorporate Hivello’s decentralized compute power from individual GPU providers. This would enable a truly decentralized model, offering scalability, accessibility, and efficiency in AI compute solutions.

    As the two companies continue to explore integration possibilities and expand their shared vision, users and enterprises can look forward to a future where participation in AI and decentralized technologies is accessible to everyone—regardless of technical expertise.

    “AIxBlock is taking charge in transitioning AI-driven enterprises from Web2 to Web3, and we’re excited to collaborate with them on this journey,” said Domenic Carosa, Co-founder & Chairman of Hivello. “Our shared vision is to create a decentralized infrastructure that is accessible to all, bridging the gap between web3 and everyday users.”

    Ha Dao, CEO & Co-Founder AIxBlock, echoed the sentiment: “Hivello’s expertise in node management complements our vision of decentralizing AI compute power. Together, we can create an ecosystem that empowers individuals and businesses alike to contribute to and benefit from the Web3 economy.”

    About Blockmate Ventures Inc.

    Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at http://www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: http://www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.
    About Hivello
    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required. It’s as easy as downloading, installing, and running nodes, making complex technologies accessible and beneficial to all.
    For more information about Hivello and to stay updated on its developments, visit http://www.hivello.com

    About Alxblock
    AIxBlock – End-to-end AI development platform that empowers AI businesses to build, fine-tune, and deploy models using decentralized resources—including compute, models, datasets, and human labelers. Unlike others, we allow users to self-host the platform on their own infrastructure in minutes, with no manual configuration required.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

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

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Meridian Corporation Reports Fourth Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share

    Source: GlobeNewswire (MIL-OSI)

    MALVERN, Pa., Jan. 24, 2025 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data)(Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
    Income:              
    Net income $ 5,601   $ 4,743   $ 16,346   $ 13,243
    Diluted earnings per common share $ 0.49   $ 0.42   $ 1.45   $ 1.16
    Pre-tax, pre-provision income(1) $ 11,168   $ 8,527   $ 33,186   $ 23,782
    (1) See Non-GAAP reconciliation in the Appendix              
                   
    • Net income for the quarter ended December 31, 2024 was $5.6 million, or $0.49 per diluted share and $16.3 million, or $1.45 per diluted share, for the year.
    • Pre-tax, pre-provision income1 for the quarter and the year were $11.2 million and $33.2 million, respectively.
    • Net interest margin was 3.29% for the fourth quarter of 2024, with a loan yield of 7.17%. Net interest margin was 3.16% with a loan yield of 7.28% for the year.
    • Return on average assets and return on average equity for the fourth quarter of 2024 were 0.92% and 13.01%, respectively, and 0.70% and 9.93% for the year.
    • During the quarter a net gain of $4.0 million was recognized on the sale of $6.6 million in residential mortgage loan servicing rights held at amortized cost and, a $317 thousand gain was recognized on the sale of a $1.7 million OREO property.
    • Fees and other disposal costs of $1.0 million, net, were recognized during the quarter for the early termination of the Blue Bell lease.
    • Total assets at December 31, 2024 were $2.4 billion, compared to $2.4 billion at September 30, 2024 and $2.2 billion at December 31, 2023.
    • Commercial loans, excluding leases, increased $34.8 million, or 2% for the quarter and $177.1 million, or 12% year over year.
    • Fourth quarter deposit growth was $26.4 million, or 1%, and $181.9 million, or 10% year over year.
    • Non-interest-bearing deposits were up $3.7 million or 2%, quarter over quarter, and $1.6 million or 1%, year over year.
    • On January 23, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 18, 2025 to shareholders of record as of February 10, 2025.

    Christopher J. Annas, Chairman and CEO commented:

    Our fourth quarter earnings showed significant improvement from the third quarter, increasing by 18.1% to $5.6 million, or $0.49 per share. For the year, net income increased 23.4% to $16.3 million, and $1.45 per share. While we are pleased with the improvement, we are still working through the drastic rate shock brought on by the Fed, particularly in our net interest margin which is down 50 basis points from 2019 levels. The team is working diligently each day to return to historical spreads.

    Loan growth of 12% (minus planned lease paydowns) for 2024 was exceptional, and our three main lending groups all contributed. Commercial real estate is benefiting from a continued lack of homes for sale, and our C&I and SBA teams are winning client relationships with persistence and creative advisory. Legacy low fixed-rate loans often made it unprofitable for us to solicit business from prospects. Deposits were up nearly 10%, mostly from money market accounts that can be rate-adjusted anytime.

    The mortgage group had significant improvement, with a $4.1 million pre-tax income versus a large loss in 2023. The hard cuts we made in the cyclical slowdown have given us much operational leverage and allows us to pivot quickly based on market conditions. Part of the cuts included prepaying a major lease at a discount and allowing many operations personnel to work from home. The Philadelphia metro region is still very low in housing inventory, which stymied an even bigger improvement in our business.

    Our wealth segment had a banner year with pre-tax income nearly doubling to $2.4 million. Strong growth in assets under management along with better stock market returns were the big contributors. We will devote more resources to wealth in 2025 to leverage our brand and deepen relationships with our commercial customers for referrals.

    We are encouraged by the new administration and communications about reduced regulatory burdens and prospects for economic growth. Our regulatory costs are substantial and, quite frankly, make little sense for a bank our size that is not systemically significant. We are hopeful that new and broader thinking can help banks like Meridian to better serve their markets and produce better returns for shareholders.

    Select Condensed Financial Information

      As of or for the three months ended (Unaudited)
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (Dollars in thousands, except per share data)
    Income:                  
    Net income $ 5,601     $ 4,743     $ 3,326     $ 2,676     $ 571  
    Basic earnings per common share   0.50       0.43       0.30       0.24       0.05  
    Diluted earnings per common share   0.49       0.42       0.30       0.24       0.05  
    Net interest income   19,299       18,242       16,846       16,609       16,942  
                       
    Balance Sheet:                  
    Total assets $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
    Loans, net of fees and costs   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Total deposits   2,005,368       1,978,927       1,915,436       1,900,696       1,823,462  
    Non-interest bearing deposits   240,858       237,207       224,040       220,581       239,289  
    Stockholders’ equity   171,522       167,450       162,382       159,936       158,022  
                       
    Balance Sheet Average Balances:                  
    Total assets $ 2,434,270     $ 2,373,261     $ 2,319,295     $ 2,269,047     $ 2,219,340  
    Total interest earning assets   2,342,651       2,277,523       2,222,177       2,173,212       2,121,068  
    Loans, net of fees and costs   2,029,739       1,997,574       1,972,740       1,944,187       1,891,170  
    Total deposits   2,043,505       1,960,145       1,919,954       1,823,523       1,820,532  
    Non-interest bearing deposits   259,118       246,310       229,040       233,255       254,025  
    Stockholders’ equity   171,214       165,309       162,119       159,822       157,210  
                       
    Performance Ratios (Annualized):                  
    Return on average assets   0.92 %     0.80 %     0.58 %     0.47 %     0.10 %
    Return on average equity   13.01 %     11.41 %     8.25 %     6.73 %     1.44 %


    Income Statement –     Fourth Quarter 2024 Compared to Third Quarter 2024

    Fourth quarter net income increased $858 thousand, or 18.1%, to $5.6 million due to increased net interest income, combined with increased non-interest income which included a gain of $4.0 million on the sale of mortgage servicing rights, along with a $317 thousand gain on sale of a residential property included in other real estate owned. These increases were largely offset by a quarterly provision for credit losses that was higher by $1.3 million and an increase in non-interest expense of $865 thousand, or 4.2%, which was impacted by the early termination of the Blue Bell lease. Detailed explanations of the major categories of income and expense follow below.

    Net Interest income

    The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

      Three Months Ended                
    (dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change   Change due
    to rate    		   Change due
    to volume
    Interest income:                      
    Cash and cash equivalents $ 801   $ 416   $ 385     92.5 %   $ (52 )   $ 437  
    Investment securities – taxable   1,684     1,480     204     13.8 %     124       80  
    Investment securities – tax exempt(1)   397     397     —     — %     5       (5 )
    Loans held for sale   565     766     (201 )   (26.2 )%     (49 )     (152 )
    Loans held for investment(1)   36,666     37,339     (673 )   (1.8 )%     (1,268 )     595  
    Total loans   37,231     38,105     (874 )   (2.3 )%     (1,317 )     443  
    Total interest income $ 40,113   $ 40,398   $ (285 )   (0.7 )%   $ (1,240 )   $ 955  
    Interest expense:                      
    Interest-bearing demand deposits $ 1,244   $ 1,390   $ (146 )   (10.5 )%   $ (234 )   $ 88  
    Money market and savings deposits   8,266     8,391     (125 )   (1.5 )%     (934 )     809  
    Time deposits   8,831     9,532     (701 )   (7.4 )%     (465 )     (236 )
    Total interest – bearing deposits   18,341     19,313     (972 )   (5.0 )%     (1,633 )     661  
    Borrowings   1,608     1,985     (377 )   (19.0 )%     (10 )     (367 )
    Subordinated debentures   780     779     1     0.1 %     —       1  
    Total interest expense   20,729     22,077     (1,348 )   (6.1 )%     (1,643 )     295  
    Net interest income differential $ 19,384   $ 18,321   $ 1,063     5.80 %   $ 403     $ 660  
    (1) Reflected on a tax-equivalent basis.                    

    Interest income decreased $285 thousand quarter-over-quarter on a tax equivalent basis, driven by rate changes, particularly in the loan portfolio. The overall yield on earnings assets decreased 25 basis points during the period, impacting interest income by $1.2 million. This decrease was significantly offset by favorable volume changes as the level of average earning assets increased by $65.1 million contributing $955 thousand to lessen the interest income decrease.

    Average total loans, excluding residential loans for sale, increased $32.5 million resulting in an increase due to volume in interest income of $595 thousand. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $40.4 million on average, partially offset by a decrease in average leases of $11.4 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $3.2 million on average. The yield on total loans decreased 24 basis points, and the yield on cash and investments increased 6 basis points on a combined basis.

    Total interest expense decreased $1.3 million, quarter-over-quarter, due to a lower volume of time deposits and borrowings, combined with a decrease in the cost of all deposit types, despite a higher level of interest-bearing and money market deposits. Interest expense on total deposits decreased $972 thousand and interest expense on borrowings decreased $377 thousand. During the period, interest-bearing deposits and money market accounts increased $8.8 million and $81.4 million on average, respectively, while time deposits decreased $19.7 million on average. Borrowings decreased $29.7 million on average. Overall increase in interest expense on deposits due to volume changes was $661 thousand.

    The cost of interest-bearing deposits decreased 35 basis points driven by certain money market funds and wholesale time deposits which repriced at lower costs. The total decrease in interest expense on deposits attributable to rate changes was $1.6 million. Overall the net interest margin increased 9 basis points to 3.29% as the cost of funds decline outpaced the decline in yield on earning assets, and non-interest bearing balances increased $14.2 million on average.

    Provision for Credit Losses

    The overall provision for credit losses for the fourth quarter increased $1.3 million to $3.6 million, from $2.3 million in the third quarter. The provision for funded loans increased $1.6 million and the provision on unfunded loan commitments decreased $331 thousand during the current quarter. The fourth quarter provision for funded loans of $3.6 million increased from the prior quarter due largely to an increase of $5.0 million in net charge-offs and was positively impacted by favorable changes in certain portfolio baseline loss rates.

    Non-interest income

    The following table presents the components of non-interest income for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change
    Mortgage banking income $ 5,516     $ 6,474     $ (958 )   (14.8 )%
    Wealth management income   1,527       1,447       80     5.5 %
    SBA loan income   1,143       544       599     110.1 %
    Earnings on investment in life insurance   224       222       2     0.9 %
    Gain on sale of MSRs   3,992       —       3,992     100.0 %
    Net change in the fair value of derivative instruments   (146 )     (102 )     (44 )   43.1 %
    Net change in the fair value of loans held-for-sale   (163 )     169       (332 )   (196.4 )%
    Net change in the fair value of loans held-for-investment   (552 )     965       (1,517 )   (157.2 )%
    Net (loss) gain on hedging activity   192       (197 )     389     (197.5 )%
    Net loss on sale of investment securities available-for-sale   2       (57 )     59     (103.5 )%
    Other   1,545       1,366       179     13.1 %
    Total non-interest income $ 13,280     $ 10,831     $ 2,449     22.6 %

    Total non-interest income increased $2.4 million, or 22.6%, quarter-over-quarter after recognizing a gain of $4.0 million on the sale of $6.6 million in residential mortgage loan servicing rights; change in gains of $389 thousand in hedging activity; and a $317 thousand gain on the sale of a $1.7 million residential OREO property, which is recorded in other non-interest income. In addition, SBA income increased $599 thousand due largely to a higher level of SBA loan sales. SBA loans sold for the quarter-ended December 31, 2024 totaled $19.9 million, up $8.0 million, or 67.4%, compared to the quarter-ended September 30, 2024. The gross margin on SBA sales was 7.5% for the quarter, down from 7.9% for the previous quarter. These gains were partially offset by unfavorable portfolio fair value changes of $1.9 million combined, and lower levels of mortgage banking income, which decreased $1.0 million, or 14.8%. Mortgage loan sales decreased $29.8 million or 12.1% quarter over quarter driving lower gain on sale income at a slightly lower margin.

    Non-interest expense

    The following table presents the components of non-interest expense for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) December 31,
    2024    		   September 30,
    2024    		   $ Change   % Change
    Salaries and employee benefits $ 12,429   $ 12,829   $ (400 )   (3.1 )%
    Occupancy and equipment   2,270     1,243     1,027     82.6 %
    Professional fees   1,134     1,106     28     2.5 %
    Data processing and software   1,553     1,553     —     — %
    Advertising and promotion   839     717     122     17.0 %
    Pennsylvania bank shares tax   243     181     62     34.3 %
    Other   2,943     2,917     26     0.9 %
    Total non-interest expense $ 21,411   $ 20,546   $ 865     4.2 %

    Occupancy and equipment expense increased $1.0 million, net, due to fees, credits and other disposal costs for the early termination of the Blue Bell lease. The lease termination is expected to improve occupancy expense by $359 thousand per year. Advertising and promotion, which includes business development with other expenses, were up $148 thousand due to seasonal events. These increases were partially offset by a decrease in salaries and benefits of $400 thousand. Bank and wealth segments combined increased $5 thousand, while the mortgage segment decreased $405 thousand. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and decreased commensurate with the lower levels of originations, which were down $36.1 million over the prior quarter.

    Balance Sheet – December 31, 2024 Compared to September 30, 2024

    Total assets decreased $1.9 million, or 0.1%, to $2.4 billion as of December 31, 2024 from $2.4 billion at September 30, 2024. Despite continued strong loan growth during the quarter, total assets decreased due to the decline in mortgage loans held for sale and the sale of mortgage servicing rights. Interest-bearing cash increased $2.1 million, or 10.4%, to $21.9 million as of December 31, 2024, from September 30, 2024.

    Portfolio loan growth was $22.8 million, or 1.1% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $23.0 million, or 2.9%, construction loans which increased $9.0 million, or 3.6%, commercial & industrial loans which increased $3.5 million, or 1.0%. Lease financings decreased $10.7 million, or 12.4% from September 30, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations.

    Total deposits increased $26.4 million, or 1.3% quarter-over-quarter, due largely to higher levels of money market accounts and interest bearing demand deposits to a lesser degree. Money market accounts and savings accounts increased a combined $90.7 million, while interest bearing demand deposits increased $8.0 million. Time deposits decreased $75.9 million from largely wholesale efforts. Non-interest bearing deposits increased $3.7 million. Overall borrowings decreased $20.4 million, or 14.1% quarter-over-quarter.

    Total stockholders’ equity increased by $4.1 million from September 30, 2024, to $171.5 million as of December 31, 2024. Changes to equity for the current quarter included net income of $5.6 million, less dividends paid of $1.4 million, offset by a decrease of $876 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.21% at December 31, 2024.

    Asset Quality Summary

    Non-performing loans decreased $18 thousand to $45.1 million at December 31, 2024 compared to $45.1 million at September 30, 2024. As a result of the decrease, the ratio of non-performing loans to total loans decreased 1 bps to 2.19% as of December 31, 2024, from 2.20% as of September 30, 2024. During the quarter a $1.7 million residential property in OREO was sold, reducing non-performing assets by $1.7 million. As a result, the ratio of non-performing assets to total assets decreased 7 bps to 1.90% as of December 31, 2024, compared to 1.97% as of September 30, 2024. The decrease in non-performing loans was primarily due to the partial charge-off of a commercial loan relationship discussed below, largely offset by an increase in non-performing construction loans.

    Meridian realized net charge-offs of 0.34% of total average loans for the quarter ended December 31, 2024, up from 0.11% for the quarter ended September 30, 2024. Net charge-offs increased to $7.1 million for the quarter ended December 31, 2024, compared to net charge-offs of $2.3 million for the quarter ended September 30, 2024. Fourth quarter charge-offs consisted of $3.5 million in charge-offs on a protracted commercial advertising loan relationship, $1.3 million of small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $1.7 million in SBA loans. Overall there were recoveries of $315 thousand, largely related to leases and small business loans.

    The ratio of allowance for credit losses to total loans held for investment, excluding loans at fair value (a non-GAAP measure, see reconciliation in the Appendix), was 0.91% as of December 31, 2024, a decrease from the coverage ratio of 1.10% as of September 30, 2024 due largely to the level of charge-offs in the quarter discussed above. As of December 31, 2024 there were specific reserves of $2.7 million against individually evaluated loans, a decrease of $4.1 million from $6.8 million in specific reserves as of September 30, 2024. The specific reserve decline over the prior quarter was the result of the commercial loan relationship specific reserve charge-off, combined with specific reserve charge-offs on SBA loans, while new specific reserves were established on additional SBA loans in the current quarter.

    About Meridian Corporation

    Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 18 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at http://www.meridianbanker.com. Member FDIC.

    “Safe Harbor” Statement

    In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

    MERIDIAN CORPORATION AND SUBSIDIARIES
    FINANCIAL RATIOS (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Earnings and Per Share Data:                  
    Net income $ 5,601     $ 4,743     $ 3,326     $ 2,676     $ 571  
    Basic earnings per common share $ 0.50     $ 0.43     $ 0.30     $ 0.24     $ 0.05  
    Diluted earnings per common share $ 0.49     $ 0.42     $ 0.30     $ 0.24     $ 0.05  
    Common shares outstanding   11,240       11,229       11,191       11,186       11,183  
                       
    Performance Ratios:                  
    Return on average assets(2)   0.92 %     0.80 %     0.58 %     0.47 %     0.10 %
    Return on average equity(2)   13.01       11.41       8.25       6.73       1.44  
    Net interest margin (tax-equivalent)(2)   3.29       3.20       3.06       3.09       3.18  
    Yield on earning assets (tax-equivalent)(2)   6.81       7.06       6.98       6.90       6.81  
    Cost of funds(2)   3.71       4.05       4.10       4.00       3.81  
    Efficiency ratio   65.72 %     70.67 %     72.89 %     73.90 %     78.63 %
                       
    Asset Quality Ratios:                  
    Net charge-offs (recoveries) to average loans   0.34 %     0.11 %     0.20 %     0.12 %     0.11 %
    Non-performing loans to total loans   2.19       2.20       1.84       1.93       1.76  
    Non-performing assets to total assets   1.90       1.97       1.68       1.74       1.58  
    Allowance for credit losses to:                  
    Total loans and other finance receivables   0.91       1.09       1.09       1.18       1.17  
    Total loans and other finance receivables (excluding loans at fair value)(1)   0.91       1.10       1.10       1.19       1.17  
    Non-performing loans   40.86 %     48.66 %     57.66 %     60.59 %     65.48 %
                       
    Capital Ratios:                  
    Book value per common share $ 15.26     $ 14.91     $ 14.51     $ 14.30     $ 14.13  
    Tangible book value per common share $ 14.93     $ 14.58     $ 14.17     $ 13.96     $ 13.78  
    Total equity/Total assets   7.19 %     7.01 %     6.91 %     6.98 %     7.04 %
    Tangible common equity/Tangible assets – Corporation(1)   7.05       6.87       6.76       6.82       6.87  
    Tangible common equity/Tangible assets – Bank(1)   9.06       8.95       8.85       8.93       8.94  
    Tier 1 leverage ratio – Bank   9.21       9.32       9.33       9.42       9.46  
    Common tier 1 risk-based capital ratio – Bank   10.33       10.17       9.84       9.87       10.10  
    Tier 1 risk-based capital ratio – Bank   10.33       10.17       9.84       9.87       10.10  
    Total risk-based capital ratio – Bank   11.20 %     11.22 %     10.84 %     10.95 %     11.17 %
    (1) See Non-GAAP reconciliation in the Appendix                
    (2) Annualized                  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended   Year Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Interest income:                  
    Loans and other finance receivables, including fees $ 37,229     $ 38,103     $ 34,469     $ 147,157     $ 130,081  
    Securities – taxable   1,684       1,480       1,020       5,739       3,873  
    Securities – tax-exempt   314       320       331       1,283       1,369  
    Cash and cash equivalents   801       416       526       1,848       1,266  
    Total interest income   40,028       40,319       36,346       156,027       136,589  
    Interest expense:                  
    Deposits   18,341       19,313       16,806       74,037       57,819  
    Borrowings and subordinated debentures   2,388       2,764       2,598       10,994       9,828  
    Total interest expense   20,729       22,077       19,404       85,031       67,647  
    Net interest income   19,299       18,242       16,942       70,996       68,942  
    Provision for credit losses   3,572       2,282       4,628       11,400       6,815  
    Net interest income after provision for credit losses   15,727       15,960       12,314       59,596       62,127  
    Non-interest income:                  
    Mortgage banking income   5,516       6,474       3,394       21,044       16,537  
    Wealth management income   1,527       1,447       1,239       5,735       4,928  
    SBA loan income   1,143       544       1,022       3,458       4,485  
    Earnings on investment in life insurance   224       222       204       868       789  
    Gain on sale of MSRs   3,992       —       —       3,992       —  
    Net change in the fair value of derivative instruments   (146 )     (102 )     (126 )     30       91  
    Net change in the fair value of loans held-for-sale   (163 )     169       120       (25 )     32  
    Net change in the fair value of loans held-for-investment   (552 )     965       805       214       132  
    Net (loss) gain on hedging activity   192       (197 )     (53 )     (87 )     28  
    Net loss on sale of investment securities available-for-sale   2       (57 )     —       (55 )     (58 )
    Other   1,545       1,366       1,512       6,166       5,001  
    Total non-interest income   13,280       10,831       8,117       41,339       31,965  
    Non-interest expense:                  
    Salaries and employee benefits   12,429       12,829       11,744       47,268       47,377  
    Occupancy and equipment   2,270       1,243       1,232       5,976       4,842  
    Professional fees   1,134       1,106       1,382       4,767       4,312  
    Data processing and software   1,553       1,553       1,651       6,144       6,415  
    Advertising and promotion   839       717       931       3,293       3,730  
    Pennsylvania bank shares tax   243       181       233       972       968  
    Other   2,943       2,917       2,530       10,729       9,481  
    Total non-interest expense   21,411       20,546       19,703       79,149       77,125  
    Income before income taxes   7,596       6,245       728       21,786       16,967  
    Income tax expense   1,995       1,502       157       5,440       3,724  
    Net income $ 5,601     $ 4,743     $ 571     $ 16,346     $ 13,243  
                       
    Basic earnings per common share $ 0.50     $ 0.43     $ 0.05     $ 1.47     $ 1.19  
    Diluted earnings per common share $ 0.49     $ 0.42     $ 0.05     $ 1.45     $ 1.16  
                       
    Basic weighted average shares outstanding   11,158       11,110       11,070       11,113       11,115  
    Diluted weighted average shares outstanding   11,375       11,234       11,206       11,243       11,387  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Assets:                  
    Cash and due from banks $ 5,598     $ 12,542     $ 8,457     $ 8,935     $ 10,067  
    Interest-bearing deposits at other banks   21,864       19,805       15,601       14,092       46,630  
    Cash and cash equivalents   27,462       32,347       24,058       23,027       56,697  
    Securities available-for-sale, at fair value   174,304       171,568       159,141       150,996       146,019  
    Securities held-to-maturity, at amortized cost   33,771       33,833       35,089       35,157       35,781  
    Equity investments   2,086       2,166       2,088       2,092       2,121  
    Mortgage loans held for sale, at fair value   32,413       46,602       54,278       29,124       24,816  
    Loans and other finance receivables, net of fees and costs   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Allowance for credit losses   (18,438 )     (21,965 )     (21,703 )     (23,171 )     (22,107 )
    Loans and other finance receivables, net of the allowance for credit losses   2,011,999       1,986,431       1,966,832       1,933,144       1,873,699  
    Restricted investment in bank stock   7,753       8,542       10,044       8,560       8,072  
    Bank premises and equipment, net   12,151       12,807       13,114       13,451       13,557  
    Bank owned life insurance   29,712       29,489       29,267       29,051       28,844  
    Accrued interest receivable   9,958       10,012       9,973       9,864       9,325  
    Other real estate owned   159       1,862       1,862       1,703       1,703  
    Deferred income taxes   4,669       3,537       3,950       4,339       4,201  
    Servicing assets   4,382       4,364       11,341       11,573       11,748  
    Servicing assets held for sale   —       6,609       —       —       —  
    Goodwill   899       899       899       899       899  
    Intangible assets   2,767       2,818       2,869       2,920       2,971  
    Other assets   31,382       33,835       26,779       37,023       25,740  
    Total assets $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
                       
    Liabilities:                  
    Deposits:                  
    Non-interest bearing $ 240,858     $ 237,207     $ 224,040     $ 220,581     $ 239,289  
    Interest bearing                  
    Interest checking   141,439       133,429       130,062       121,204       150,898  
    Money market and savings deposits   913,536       822,837       787,479       797,525       747,803  
    Time deposits   709,535       785,454       773,855       761,386       685,472  
    Total interest-bearing deposits   1,764,510       1,741,720       1,691,396       1,680,115       1,584,173  
    Total deposits   2,005,368       1,978,927       1,915,436       1,900,696       1,823,462  
    Borrowings   124,471       144,880       187,260       145,803       174,896  
    Subordinated debentures   49,743       49,928       49,897       49,867       49,836  
    Accrued interest payable   6,860       7,017       7,709       8,350       10,324  
    Other liabilities   27,903       39,519       28,900       28,271       29,653  
    Total liabilities   2,214,345       2,220,271       2,189,202       2,132,987       2,088,171  
                       
    Stockholders’ equity:                  
    Common stock   13,243       13,232       13,194       13,189       13,186  
    Surplus   81,545       81,002       80,639       80,487       80,325  
    Treasury stock   (26,079 )     (26,079 )     (26,079 )     (26,079 )     (26,079 )
    Unearned common stock held by employee stock ownership plan   (1,006 )     (1,204 )     (1,204 )     (1,204 )     (1,204 )
    Retained earnings   111,961       107,765       104,420       102,492       101,216  
    Accumulated other comprehensive loss   (8,142 )     (7,266 )     (8,588 )     (8,949 )     (9,422 )
    Total stockholders’ equity   171,522       167,450       162,382       159,936       158,022  
    Total liabilities and stockholders’ equity $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923     $ 2,246,193  
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
      Three Months Ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Interest income $ 40,028   $ 40,319   $ 38,465   $ 37,215   $ 36,346
    Interest expense   20,729     22,077     21,619     20,606     19,404
    Net interest income   19,299     18,242     16,846     16,609     16,942
    Provision for credit losses   3,572     2,282     2,680     2,866     4,628
    Non-interest income   13,280     10,831     9,244     7,984     8,117
    Non-interest expense   21,411     20,546     19,018     18,174     19,703
    Income before income tax expense   7,596     6,245     4,392     3,553     728
    Income tax expense   1,995     1,502     1,066     877     157
    Net Income $ 5,601   $ 4,743   $ 3,326   $ 2,676   $ 571
                       
    Basic weighted average shares outstanding   11,158     11,110     11,096     11,088     11,070
    Basic earnings per common share $ 0.50   $ 0.43   $ 0.30   $ 0.24   $ 0.05
                       
    Diluted weighted average shares outstanding   11,375     11,234     11,150     11,201     11,206
    Diluted earnings per common share $ 0.49   $ 0.42   $ 0.30   $ 0.24   $ 0.05
      Segment Information
      Three Months Ended December 31, 2024   Three Months Ended December 31, 2023
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 19,178     $ 70     $ 51     $ 19,299     $ 16,908     $ (15 )   $ 49     $ 16,942  
    Provision for credit losses   3,572       —       —       3,572       4,628       —       —       4,628  
    Net interest income after provision   15,606       70       51       15,727       12,280       (15 )     49       12,314  
    Non-interest income   2,669       1,527       9,084       13,280       2,051       1,239       4,827       8,117  
    Non-interest expense   13,641       1,026       6,744       21,411       13,202       957       5,544       19,703  
    Income (loss) before income taxes $ 4,634     $ 571     $ 2,391     $ 7,596     $ 1,129     $ 267     $ (668 )   $ 728  
    Efficiency ratio   62 %     64 %     74 %     66 %     70 %     78 %     114 %     79 %
                                   
      Year Ended December 31, 2024   Year Ended December 31, 2023
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 70,706     $ 146     $ 144     $ 70,996     $ 68,835     $ (27 )   $ 134     $ 68,942  
    Provision for credit losses   11,400       —       —       11,400       6,815       —       —       6,815  
    Net interest income after provision   59,306       146       144       59,596       62,020       (27 )     134       62,127  
    Non-interest income   7,576       5,735       28,028       41,339       7,743       4,928       19,294       31,965  
    Non-interest expense   51,584       3,506       24,059       79,149       48,827       3,661       24,637       77,125  
    Income (loss) before income taxes $ 15,298     $ 2,375     $ 4,113     $ 21,786     $ 20,936     $ 1,240     $ (5,209 )   $ 16,967  
    Efficiency ratio   66 %     60 %     85 %     70 %     64 %     75 %     127 %     76 %
                                   

    MERIDIAN CORPORATION AND SUBSIDIARIES
    APPENDIX: NON-GAAP MEASURES (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)

    Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

      Pre-tax, Pre-provision Reconciliation
      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data, Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Income before income tax expense $ 7,596   $ 6,245   $ 728   $ 21,786   $ 16,967
    Provision for credit losses   3,572     2,282     4,628     11,400     6,815
    Pre-tax, pre-provision income $ 11,168   $ 8,527   $ 5,356   $ 33,186   $ 23,782
      Pre-tax, Pre-provision Reconciliation
      Three Months Ended   Year Ended
    (Dollars in thousands, except per share data, Unaudited) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Bank $ 8,206   $ 6,222   $ 5,757     $ 26,698   $ 27,751  
    Wealth   571     653     267       2,375     1,240  
    Mortgage   2,391     1,652     (668 )     4,113     (5,209 )
    Pre-tax, pre-provision income $ 11,168   $ 8,527   $ 5,356     $ 33,186   $ 23,782  
      Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Allowance for credit losses (GAAP) $ 18,438     $ 21,965     $ 21,703     $ 23,171     $ 22,107  
                       
    Loans and other finance receivables (GAAP)   2,030,437       2,008,396       1,988,535       1,956,315       1,895,806  
    Less: Loans at fair value   (14,501 )     (13,965 )     (12,900 )     (13,139 )     (13,726 )
    Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,015,936     $ 1,994,431     $ 1,975,635     $ 1,943,176     $ 1,882,080  
                       
    ACL to loans and other finance receivables (GAAP)   0.91 %     1.09 %     1.09 %     1.18 %     1.17 %
    ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)   0.91 %     1.10 %     1.10 %     1.19 %     1.17 %
      Tangible Common Equity Ratio Reconciliation – Corporation
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP) $ 171,522     $ 167,450     $ 162,382     $ 159,936     $ 158,022  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible common equity (non-GAAP)   167,856       163,733       158,614       156,117       154,152  
                       
    Total assets (GAAP)   2,385,867       2,387,721       2,351,584       2,292,923       2,246,193  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible assets (non-GAAP) $ 2,382,201     $ 2,384,004     $ 2,347,816     $ 2,289,104     $ 2,242,323  
    Tangible common equity to tangible assets ratio – Corporation (non-GAAP)   7.05 %     6.87 %     6.76 %     6.82 %     6.87 %
      Tangible Common Equity Ratio Reconciliation – Bank
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP) $ 219,119     $ 217,028     $ 211,308     $ 208,319     $ 204,132  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible common equity (non-GAAP)   215,453       213,311       207,540       204,500       200,262  
                       
    Total assets (GAAP)   2,382,014       2,385,994       2,349,600       2,292,894       2,244,893  
    Less: Goodwill and intangible assets   (3,666 )     (3,717 )     (3,768 )     (3,819 )     (3,870 )
    Tangible assets (non-GAAP) $ 2,378,348     $ 2,382,277     $ 2,345,832     $ 2,289,075     $ 2,241,023  
    Tangible common equity to tangible assets ratio – Bank (non-GAAP)   9.06 %     8.95 %     8.85 %     8.93 %     8.94 %
                       
                       
      Tangible Book Value Reconciliation
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
    Book value per common share $ 15.26     $ 14.91     $ 14.51     $ 14.30     $ 14.13  
    Less: Impact of goodwill /intangible assets   0.33       0.33       0.34       0.34       0.35  
    Tangible book value per common share $ 14.93     $ 14.58     $ 14.17     $ 13.96     $ 13.78  

    Contact:
    Christopher J. Annas
    484.568.5001
    CAnnas@meridianbanker.com

    The MIL Network –

  • MIL-OSI: First Federal Savings Bank and ICBA Provide Tips to Safeguard Sensitive Information During Data Privacy Week Jan 24-28

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — In recognition of Data Privacy Week, First Federal Savings Bank and the Independent Community Bankers of America® (ICBA) are reminding customers to take steps to safeguard their sensitive data and shield against financial losses in the event of a compromise or data breach. The global average cost of a data breach in 2024 was $4.88 million, a 10 percent increase over 2023 and the highest ever recorded.

    “While there’s no fool-proof method to safeguard sensitive data, at First Federal Savings Bank, we believe that an important step in the fight against such attacks is arming customers with the proper protocols to reduce their exposure,” said Christy McBride, Chief Operations Officer & Information Security Officer, EVP. “As a community bank, First Federal Savings Bank uses sophisticated technology and monitoring techniques, intricate firewalls, and other methods to secure customer data. Additionally, we maintain stringent privacy policies and educate employees to treat confidential information with the utmost care.”

    Reducing Your Risk
    As a consumer you also can help minimize your risk by:

    • Restricting use of public wi-fi and computers—These networks may be convenient but are not as secure. If you make purchases while away from your home or work network, use a virtual private network or mobile hotspot.
    • Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username, or password, even if they appear to originate from your bank, government agencies or officials, or companies with which you have a relationship.
    • Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
    • Monitoring account activity—Carefully review bank statements, card transactions, and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
    • Protecting each account with a unique, complex password—Use numbers and symbols at least 12 characters long along with using a password manager. Use multifactor authentication for accounts that allow it.

    Responding to a Data Breach
    In the unfortunate event of a data breach, to minimize your risk:

    • Consider a security freeze on your credit report to restrict credit file access.
    • Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
    • Shred documents with personal or sensitive information and change your passwords.
    • Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

    Learn more about how to protect your digital life by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA

    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Awarded Major New Contract with Energy Resilience Technology Provider

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it expects to begin manufacturing in the second half of 2025 for a market revolutionizing, innovative energy resilience technology provider.   

    Key Tronic has been awarded the manufacturing of an industry leading, innovative energy resiliency product. Initial production will ramp in late 2025 at the Key Tronic manufacturing campuses in Juarez, Mexico and Arkansas. Once fully ramped, Key Tronic believes the yearly revenue could exceed $60 million dollars.

    “We are looking forward to the design and manufacturing expertise of Key Tronic to help accelerate introduction of new products, as well as enhance our ability to increase product availability to fulfill the anticipated overwhelming demand,” said the CEO of Key Tronic’s new customer.

    “We are very excited to be working with a recognized, emerging leader in the energy resiliency industry,” said Brett Larsen, President and CEO of Key Tronic. “The product has the potential to assist in better asset management and public safety by ensuring increased vigilance across all operations. Our new customer is a highly respected company and we are thrilled to be involved with a product that can assist in the greater good. This important new strategic relationship represents an expansion of our customer base and we expect it will contribute to profitable long term growth.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    CONTACTS: Anthony G. Voorhees   Michael Newman
      Chief Financial Officer   Investor Relations
      Key Tronic Corporation   StreetConnect
      (509) 927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: New way to earn cryptocurrencies: Earn Bitcoin BTC, DOGE, ETH with BitconeMine Best Free Cloud Mining

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Jan. 24, 2025 (GLOBE NEWSWIRE) — Many people find that despite hard work, they don’t get the income they want. Since November 2024, the cryptocurrency market has skyrocketed and created multiple millionaires in a short period of time. People are beginning to realize that cryptocurrency is a financial asset that can create their own wealth in the short term, more than any other investment opportunity.

    The era of cryptocurrency has arrived, especially the rise of the mining industry. Understand the birth and rise of blockchain technology, the importance of digital currency to our economy, and the current market conditions. “BitconeMine” takes you in depth to understand how to earn fixed income through remote monitoring mining. Whether you are a beginner or an experienced veteran, you will learn how to make a profit in cloud mining in this guide. Take advantage of this opportunity and benefit from this comprehensive guide.

    About BitconeMine:

    BitconeMine is a leader in the global cloud mining industry. The company was established in London, UK in December 2017. It is officially authorized and regulated by the UK Financial Services Authority and strictly abides by laws and regulations. After years of vigorous development, BitconeMine has dozens of large mining farms in the United States, Canada, the United Kingdom, Norway, South Africa and other countries, with members in 197 countries and regions, and is trusted by 3 million users worldwide.

    Advantages of BitconeMine:

    ⦁ Low threshold and easy operation platform
    ⦁ Get a $10 instant bonus after registration.
    ⦁ High profit level and enjoy daily income.
    ⦁ No other service fees or management fees.
    ⦁ The platform uses more than a variety of cryptocurrencies for settlement, including USDT-TRC20, BTC, ETH, LTC, USDC, BNB, USDT-ERC20, BCH, DOGE, SOL (Solana) and XRP
    ⦁ The company’s affiliate program allows you to refer your friends and earn up to 3%-4.5% of the

    How to start participating:

    (1) Create a BitconeMine account.
    (2) Choose a mining package that suits you
    (3) Sign a contract – the system automatically starts mining.
    (4) Just wait every day. Interest is automatically settled every 24 hours

    BitconeMine offers free mining contract options and a variety of mining investment options, such as:

    Contract Price Contract duration Daily income Total revenue
    $100 2 $4.5 $100+$9
    $500 5 $6.25 $500+$31.25
    $1000 15 $13.3 $1000+$199.5
    $3000 21 $42.6 $3000+$894.6
    $5000 30 $77.5 $5000+$2325

    Each contract has a unique ROI and a specific contract period.

    Security and sustainability:

    BitconeMine takes user security very seriously and uses ⦁McAfee®, Cloudflare® and SSL encryption protection. And the company has long-term cooperation with Legal & General Insurance Company. BitconeMine is committed to transparency and legality. You don’t need to invest in equipment in advance, huge electricity bills, so you can focus more on getting returns. BitconeMine uses AI intelligent management to integrate mining equipment and uses new energy and renewable energy to protect the environment from pollution, greatly reducing operating costs, and is a benchmark for sustainable development.

    Conclusion:

    BitconeMine provides a simple package purchase contract method that even beginners can quickly understand. If you are looking for ways to increase passive income, BitconeMine is an excellent choice. If used properly, these opportunities can help you “automatically” increase your crypto wealth with minimal time investment and earn more than $1,000-100,000 per day.

    To learn more about BitconeMine, visit its official website: https://bitconemine.com

    Contact:
    Lily Tanoria
    info@bitconemine.com

    Disclaimer: This content is provided by BitconeMine. The statements, views and opinions expressed in this column are solely those of the content provider. The content of this article is for informational purposes only and should not be considered financial, investment, or legal advice. Cryptocurrency mining, including through platforms like BitconeMine, involves risks such as market volatility, regulatory changes, and potential financial losses. Prospective users are encouraged to conduct thorough research and consult with a professional advisor before making any decisions. BitconeMine’s performance, profitability, and rewards are not guaranteed and may vary based on individual circumstances, market conditions, and computational power. The author and publisher of this article are not responsible for any losses or damages arising from the use of the information provided. Always invest and participate responsibly.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f2d7343f-0790-4f97-8c96-d896799dac86
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f34ecdcb-d6cb-446d-812d-c4913d46c902

    The MIL Network –

  • MIL-OSI USA: Crapo: FDIC Chairman Charting New Course for Sound Policy

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), a senior member of the Senate Banking Committee, applauded Acting Federal Deposit Insurance Corporation (FDIC) Chairman Travis Hill’s outline of priorities to refocus the agency’s efforts on sound banking practices and workplace conduct.
    “Travis has started the process of charting a new course at the agency that will promote the safety and soundness of banks, right-size regulations, improve innovation and technology, end all Choke Point-like tactics, and reestablish a strong workforce culture where misconduct is not tolerated,” said Crapo.  “I look forward to working with him to right-size regulation and promote economic growth.”
    Among Hill’s priorities is one to ensure law-abiding customers have access to bank accounts and banking services.  During the Obama Administration, Crapo fought against “Operation Choke Point,” an initiative in which Federal agencies pressured banks to “choke-off” politically disfavored industries’ access to payment systems and banking services.  Crapo has challenged banks in the past for issuing guidelines that could effectively cut off financial services to law-abiding firearm manufacturers, retailers and firearms purchasers if they do not comply with the bank’s firearms preferences. 
    In July 2024, Crapo joined several colleagues in demanding the FDIC withdraw its corporate governance guidelines, stating, “safety and soundness is the cornerstone regulatory principle of the U.S. banking system.”  Hill outlined priorities to withdraw these problematic proposals.

    MIL OSI USA News –

  • MIL-OSI Global: President Trump promises to make government efficient − and he’ll run into the same roadblocks as Presidents Taft, Roosevelt, Roosevelt, Truman, Eisenhower, Carter, Reagan, Clinton and Bush, among others

    Source: The Conversation – USA – By Jennifer Selin, Associate Professor of Law, Arizona State University

    President Donald Trump signs executive orders in the Oval Office of the White House on Jan. 20, 2025. Anna Moneymaker/Getty Images

    As President Donald Trump issued a slew of executive orders and directives on his first day of his second administration, he explained his actions by saying, “It’s all about common sense.”

    For over a century, presidents have pursued initiatives to improve the efficiency and effectiveness of government, couching those efforts in language similar to Trump’s.

    Many of these, like Trump’s Department of Government Efficiency, which he appointed billionaire Elon Musk to run, have been designed to capitalize on the expertise of people outside of government. The idea often cited as inspiration for these efforts: The private sector knows how to be efficient and nimble and strives for excellence; government doesn’t.

    But government, and government service, is about providing something that the private sector can’t. And outsiders often don’t think about the accountability requirements that the laws and Constitution of the United States impose on government workers and agencies.

    Congress, though, can help address these problems and check inappropriate proposals. It can also stand in the way of reform.

    Charles E. Merriam, left, and Louis Brownlow, members of the President’s Reorganization Committee, leave the White House after discussing government reorganization with President Franklin D. Roosevelt on Sept. 23, 1938.
    Harris & Ewing, photographer, Library of Congress

    Proposing reform is nothing new

    Perhaps the most famous group to work with a president on improving government was President Franklin D. Roosevelt’s Committee on Administrative Management, established in 1936.

    That group, commonly referred to as the Brownlow Committee, noted that while critics predicted Roosevelt would bring “decay, destruction, and death of democracy,” the executive branch – and the president who sat atop it – was one of the “very greatest” contributions to modern democracy.

    The committee argued that the president was unable to do his job because the executive branch was badly organized, federal employees lacked skills and character, and the budget process needed reform. So it proposed a series of changes designed to increase presidential power over government to enhance performance. Congress went along with some of these proposals, giving the president more staff and authority to reorganize the executive branch.

    Since then, almost every president has put together similar recommendations. For example, Presidents Harry S. Truman and Dwight D. Eisenhower appointed former President Herbert Hoover to lead advisory commissions designed to recommend changes to the federal government. President Jimmy Carter launched a series of government improvement projects, and President George W. Bush even created scorecards to rank agencies according to their performance.

    In his first term, Trump issued a mandate for reform to reorganize government for the 21st century.

    This time around, Trump has taken executive actions to freeze government hiring, create a new entity to promote government efficiency, and give him the ability to fire high-ranking administrators who influence policy.

    Most presidential proposals generally fail to come to fruition. But they often spark conversations in Congress and the media about executive power, the effectiveness of federal programs, and what government can do better.

    Most presidents have tried the same thing

    Historically, most presidents and their advisers – and indeed most scholars – have agreed that government bureaucracy is not designed in ways that promote efficiency. But that is intentional: Stanford political scientist Terry Moe has written that “American public bureaucracy is not designed to be effective. The bureaucracy arises out of politics, and its design reflects the interests, strategies, and compromises of those who exercise political power.”

    A common presidential response to this practical reality is to propose government changes that make it look more like the private sector. In 1982, President Ronald Reagan brought together 161 corporate executives overseen by industrialist J. Peter Grace to make recommendations to eliminate government waste and inefficiency, based on their experiences leading successful corporations.

    In 1993, President Bill Clinton authorized Vice President Al Gore to launch an effort to reinvent the federal government into one that worked better and cost less.

    The Clinton administration created teams in every major federal agency, modeled after the private sector’s efficiency standards, to move government “From Red Tape to Results,” as the title of the administration’s plan said.

    An introductory page from the 1993 National Performance Review executive summary, commissioned by the Clinton administration.
    CIA.gov

    Presidential attempts to make government look and work more like people think the private sector works often include adjustments to the terms of federal employment to reward employees who excel at their jobs.

    In 1905, for example, President Theodore Roosevelt established a Committee on Department Methods to examine how the federal government could recruit and retain highly qualified employees. One hundred years later, federal agencies still experienced challenges](https://www.gao.gov/assets/gao-03-2.pdf) related to hiring and retaining people who could effectively achieve agency missions.

    President Bill Clinton applauds as Vice President Al Gore speaks at a press conference on March 3, 1994, at which Gore gave Clinton a report of the National Performance Review.
    Paul J. Richards/AFP via Getty Images

    So why haven’t these plans worked?

    At least the past five presidents have faced problems in making long-term changes to government.

    In part, this is because government reorganizations and operational reforms like those contemplated by Trump require Congress to make adjustments to the laws of the United States, or at least give the president and federal agencies the money required to invest in changes.

    Consider, for example, presidential proposals to invest in new technologies, which are a large part of Trump and Musk’s plans to improve government efficiency. Since at least 1910, when President William Howard Taft established a Commission on Economy and Efficiency to address the “unnecessarily complicated and expensive” way the federal government handled and distributed government documents, presidents have recommended centralizing authority to mandate federal agencies’ use of new technologies to make government more efficient.

    But transforming government through technology requires money, people and time. Presidential plans for government-wide change are contingent upon the degree to which federal agencies can successfully implement them.

    To sidestep these problems, some presidents have proposed that the government work with the private sector. For example, Trump announced a joint venture with technology companies to invest in the government’s artificial intelligence infrastructure.

    Yet as I have found in my previous research, government investment in new technology first requires an assessment of agencies’ current technological skills and the impact technology will have on agency functions, including those related to governmental transparency, accountability and constitutional due process. It’s not enough to go out and buy software that tech giants recommend agencies acquire.

    The things that government agencies do, such as regulating the economy, promoting national security and protecting the environment, are incredibly complicated. It’s often hard to see their impact right away.

    Recognizing this, Congress has designed a complex set of laws to prevent political interference with federal employees, who tend to look at problems long term. For example, as I have found in my work with Paul Verkuil, former chairman of the Administrative Conference of the United States, Congress intentionally writes laws that require certain government positions to be held by experts who can work in their jobs without worrying about politics.

    Congress also writes the laws the federal employees administer, oversees federal programs and decides how much money to appropriate to those programs each year.

    So by design, anything labeled a “presidential commission on modernizing/fixing/refocusing government” tells only part of the story and sets out an impossible task. The president can’t make it happen alone. Nor can Elon Musk.

    Jennifer L. Selin has received funding and/or support for her research on the executive branch from the Administrative Conference of the United States. The views in this piece are those of the author and do not represent the position of the Administrative Conference or the federal government.

    – ref. President Trump promises to make government efficient − and he’ll run into the same roadblocks as Presidents Taft, Roosevelt, Roosevelt, Truman, Eisenhower, Carter, Reagan, Clinton and Bush, among others – https://theconversation.com/president-trump-promises-to-make-government-efficient-and-hell-run-into-the-same-roadblocks-as-presidents-taft-roosevelt-roosevelt-truman-eisenhower-carter-reagan-clinton-and-bush-among-others-247957

    MIL OSI – Global Reports –

  • MIL-OSI USA: SBA Offers Relief to Florida Small Businesses and Private Nonprofits Hit by Hurricane Milton: Low Interest Disaster Loans Now Available!

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) announced that low interest federal disaster loans are now available to small businesses and private nonprofit (PNP) organizations who sustained economic losses from the severe storm, tornadoes, and straight-line winds caused by Hurricane Milton on Oct. 9-10, 2024. 

    The disaster declaration covers the counties of Broward, Collier, Glades, Hendry, Martin, Miami-Dade, Okeechobee and Palm Beach. 

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

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

    “When disasters strike, businesses and nonprofits face significant challenges,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These SBA loans provide the financial support needed to manage costs and move forward with greater confidence.”  

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

    SBA’s disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.  

    For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.  

    Submit completed loan applications to the SBA no later than Sept. 15, 2025. 

    ### 

    About the U.S. Small Business Administration 

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

    MIL OSI USA News –