Category: Economy

  • MIL-OSI USA: Energy Department Announces New Pathway to Test Advanced Reactors

    Source: US Department of Energy

    WASHINGTON— The U.S. Department of Energy (DOE) today announced the start of a new pilot program to expedite the testing of advanced nuclear reactor designs under DOE authority outside of the national laboratories. In accordance with President Trump’s Executive Order, Reforming Nuclear Reactor Testing at the Department of Energy, DOE issued a Request for Application (RFA) and is seeking qualified U.S. reactor companies interested in constructing and operating their test reactors outside of the national laboratories using the DOE authorization process. Today’s action represents an important step toward streamlining nuclear reactor testing and ensuring at least three reactors achieve criticality by July 4, 2026.  

    “For too long, the federal government has stymied the development and deployment of advanced civil nuclear reactors in the United States,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, we are expediting the development of next-generation nuclear technologies and giving American innovators a new path forward to advance their designs, propelling our economic prosperity and bolstering our national security.” 

    President Trump is committed to re-establishing the United States as a global leader in nuclear energy and securing a reliable, diversified, and affordable energy supply to drive American prosperity and technological advancement. The new reactor pilot program will help to unleash American nuclear energy capabilities, support U.S. jobs and strengthen American innovation. 

    The pilot program builds on current efforts to demonstrate advanced reactors on DOE sites through microreactor testbeds and other projects led by the Department of Defense and private industry. It is specifically designed to foster research and development of nuclear reactors and not demonstrate reactors for commercial suitability. Seeking DOE authorization provided under the Atomic Energy Act will help unlock private funding and provide a fast-tracked approach to enable future commercial licensing activities for potential applicants.   

    DOE will consider advanced reactors that have a reasonable chance to operate by the July 4, 2026 deadline. Applicants will be responsible for all costs associated with designing, manufacturing, constructing, operating, and decommissioning each test reactor. Moreover, applicants will be competitively selected based on a set of criteria, including technological readiness, site evaluations, financial viability, and a detailed plan to achieving criticality.  

    Initial applications are due by July 21, 2025, with subsequent applications allowed on a rolling basis. DOE will sponsor an Industry Day event on June 25, 2025, which will include virtual and in-person attendance. Registration is required and additional information may be found on the FedConnect listing for the RFA. 

    ###

    MIL OSI USA News

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network

  • MIL-OSI: Artificial Intelligence Risk, Inc. and Fynancial, Inc. Awarded “Best in Show” at RIA Edge for “Fyn”, the First Agentic AI Powered Assistant for Financial Advisors

    Source: GlobeNewswire (MIL-OSI)

    Greenwich, CT, June 18, 2025 (GLOBE NEWSWIRE) — Artificial Intelligence Risk, Inc. and Fynancial, Inc. were jointly awarded Best in Show at Wealth Management EDGE 2025 in Boca Raton, FL for Fyn, an agentic AI powered assistant for financial advisors.

    Fyn, launched this month in a JV between AI Risk and Fynancial simplifies day-to-day advisor workflows by combining firm data, client activity, and platform integrations into one intelligent command center. 

    Artificial Intelligence Risk, Inc., a firm specializing in AI governance, risk, compliance, and cybersecurity (GRCC), partnered with Fynancial to build out the AI agents for Fyn and operate within a robust safety framework that includes permission-based access, hallucination filtering, agent testing, and role-based control over sensitive data. AI Risk has a patent pending on AI GRCC – a governance, risk, compliance and cybersecurity platform specifically for Gen AI.

    Reflecting on the award, Alec Crawford, CEO and Co-Founder of Artificial Intelligence Risk Inc., notes, “I am so proud of the team effort between Artificial Intelligence Risk, Inc. and Fynancial. Winning shows not just the power of our agentic AI platform to help financial advisors, but also the necessity of having AI governance, risk, compliance, and cyber security at the heart of enterprise AI. That’s what we do.”

    Learn more about Artificial Intelligence Risk Inc.

    About Artificial Intelligence Risk 
    Artificial Intelligence Risk (AI Risk, Inc.) is the leader in AI governance, risk, compliance, and cybersecurity (AI GRCC) software, offering the first comprehensive advanced platform for generative-AI safety, security, and regulatory compliance. Founded in 2023 by Alec Crawford, Frank Fitzgerald and Joe McMann, AI Risk’s team has decades of experience in artificial intelligence, financial services, risk management, and compliance. The company focuses on rapid (one hour) private cloud deployment and strict data confidentiality, enabling secure and regulatory-compliant use of AI and generative-AI technologies for high-risk organizations across the globe. For more information, please visit aicrisk.com

    About Fynancial 
    Fynancial is a mobile-first digital experience platform that redefines how advisors and clients connect. Fully white-labeled and integrated across an RIA’s existing tech stack, Fynancial enables secure messaging, real-time meeting scheduling, document sharing, and personalized push notifications, all through a firm-branded app. By centralizing communication and integrating with platforms like Orion, Tamarac, Addepar, and Black Diamond, Fynancial delivers a seamless, high-engagement experience that helps advisors scale trust, drive referrals, and modernize client service.

    Contact: 

    Alec Crawford, CEO 

    aleccrawford@aicrisk.com 

    The MIL Network

  • MIL-OSI: Artificial Intelligence Risk, Inc. and Fynancial, Inc. Awarded “Best in Show” at RIA Edge for “Fyn”, the First Agentic AI Powered Assistant for Financial Advisors

    Source: GlobeNewswire (MIL-OSI)

    Greenwich, CT, June 18, 2025 (GLOBE NEWSWIRE) — Artificial Intelligence Risk, Inc. and Fynancial, Inc. were jointly awarded Best in Show at Wealth Management EDGE 2025 in Boca Raton, FL for Fyn, an agentic AI powered assistant for financial advisors.

    Fyn, launched this month in a JV between AI Risk and Fynancial simplifies day-to-day advisor workflows by combining firm data, client activity, and platform integrations into one intelligent command center. 

    Artificial Intelligence Risk, Inc., a firm specializing in AI governance, risk, compliance, and cybersecurity (GRCC), partnered with Fynancial to build out the AI agents for Fyn and operate within a robust safety framework that includes permission-based access, hallucination filtering, agent testing, and role-based control over sensitive data. AI Risk has a patent pending on AI GRCC – a governance, risk, compliance and cybersecurity platform specifically for Gen AI.

    Reflecting on the award, Alec Crawford, CEO and Co-Founder of Artificial Intelligence Risk Inc., notes, “I am so proud of the team effort between Artificial Intelligence Risk, Inc. and Fynancial. Winning shows not just the power of our agentic AI platform to help financial advisors, but also the necessity of having AI governance, risk, compliance, and cyber security at the heart of enterprise AI. That’s what we do.”

    Learn more about Artificial Intelligence Risk Inc.

    About Artificial Intelligence Risk 
    Artificial Intelligence Risk (AI Risk, Inc.) is the leader in AI governance, risk, compliance, and cybersecurity (AI GRCC) software, offering the first comprehensive advanced platform for generative-AI safety, security, and regulatory compliance. Founded in 2023 by Alec Crawford, Frank Fitzgerald and Joe McMann, AI Risk’s team has decades of experience in artificial intelligence, financial services, risk management, and compliance. The company focuses on rapid (one hour) private cloud deployment and strict data confidentiality, enabling secure and regulatory-compliant use of AI and generative-AI technologies for high-risk organizations across the globe. For more information, please visit aicrisk.com

    About Fynancial 
    Fynancial is a mobile-first digital experience platform that redefines how advisors and clients connect. Fully white-labeled and integrated across an RIA’s existing tech stack, Fynancial enables secure messaging, real-time meeting scheduling, document sharing, and personalized push notifications, all through a firm-branded app. By centralizing communication and integrating with platforms like Orion, Tamarac, Addepar, and Black Diamond, Fynancial delivers a seamless, high-engagement experience that helps advisors scale trust, drive referrals, and modernize client service.

    Contact: 

    Alec Crawford, CEO 

    aleccrawford@aicrisk.com 

    The MIL Network

  • MIL-Evening Report: Companies are betting on AI to help lift productivity. Workers need to be part of the process

    Source: The Conversation (Au and NZ) – By Llewellyn Spink, AI Corporate Governance Lead, Human Technology Institute, University of Technology Sydney

    The Conversation, CC BY-NC

    Australia’s productivity is flatlining, posting the worst vitals we’ve seen in 60 years.

    Politicians and chief executives are prescribing artificial intelligence (AI) like it’s the new penicillin – a wonder drug with almost magical healing powers. Prime Minister Anthony Albanese, Treasurer Jim Chalmers and the Productivity Commission all see AI as a key part of the plan to cure Australia’s productivity ills, with estimates that automation and AI could add A$600 billion to Australia’s annual economy.

    Unfortunately, AI is no panacea. It’s more like physiotherapy after major surgery: it only delivers if you put in the effort, follow the program and work with experts who know which muscles to strengthen and when.

    AI projects have high fail rates

    AI is a broad suite of tools and techniques, of which generative AI such as ChatGPT is just the latest iteration. When implemented well, AI can undoubtedly lift productivity across a wide variety of applications. Unilever’s legal team reports generative AI tools save its lawyers 30 minutes daily on document review and contract analysis.

    Other AI applications can deliver life-saving results at even greater efficiency. In a German study, AI-supported mammography screening reduced radiologists’ reading time by 43% for examinations tagged as normal, while improving cancer detection rates.


    The federal government is focused on improving productivity. In this five-part series, we’ve asked leading experts what that means for the economy, what’s holding us back and their best ideas for reform.


    But the hard truth is that AI-driven productivity gains like these depend on both smart implementation and trusted adoption. Organisations that skip the tough part – such as staff engagement, training and good governance – often find the promised benefits never materialise.

    The numbers back this up: some 80% of AI projects end up failing, twice the rate of traditional IT projects. Only one in four executives in a global survey report meaningful returns on their AI investments.

    We shouldn’t really be surprised. Other general-purpose technologies, such as electricity and earlier digital technologies followed a similar path. US economist Robert Solow famously said: “You can see the computer age everywhere but in the productivity statistics.”

    Workers don’t trust the technology

    Like the early days of the internet in the 1990s, the success of AI relies on adoption and trust. Without trust, uptake stalls and the benefits evaporate.

    That’s a big challenge in Australia, where public trust and optimism in AI remains comparatively low. Why? Australians also report lower levels of AI use, training and confidence. And people are less likely to trust what they don’t understand.

    Closing that trust gap means involving workers from the start. By listening to worker concerns and identifying existing pain points in processes, companies can deploy AI systems that help, rather than sideline employees.

    Conversely, when workers aren’t meaningfully involved, things don’t go well.

    Take Klarna. The Swedish fintech volunteered to be the generative AI platform OpenAI’s “favourite guinea pig”. It slashed jobs and claimed to have automated the equivalent of 700 employees. But
    CEO Sebastian Siemiatkowski now admits the shift to AI hurt customer service, forcing the company to rehire humans.

    Similarly, Duolingo recently faced a user backlash when it replaced 10% of contractors with AI.

    Workers need to be closely involved in developing AI processes.
    Summit Art Creations/Shutterstock

    Regrets? Bosses have a few

    These aren’t isolated cases. Some 55% of UK executives who replaced workers with AI later regretted it. In the rush to automate, workers are often seen as expendable.

    This attitude to AI leads to what US economists Daron Acemoglu and Pascual Restrepro call “so-so automation”, where technology displaces workers without delivering meaningful productivity gains.

    Rather than trying to replace staff with AI, organisations should be deeply engaging with them. Engaging workers can dramatically boost the AI’s return on investment.

    Like other general-purpose technologies, getting the most out of AI means transforming the way we work. And the data show companies that engage workers in organisational transformations are nine times more likely to succeed.

    The companies that are unlocking the benefit of AI understand it works best when it amplifies human capability, rather than replacing it. Workers still know things that algorithms don’t. They deeply understand the practical realities of their jobs, which is crucial for designing AI systems that actually get things done.

    Designing better solutions

    Our own research confirms this. Australian workers feel AI is being imposed on them without adequate consultation or training. This not only creates resistance to adoption but also means organisations are missing the experience of the people who actually do the work.

    Our most recent report shows worker engagement strengthens competitive advantage and profitability, and leads to better AI solutions rooted in workers’ problems and needs. When workers are involved in deciding how AI is used, the solutions are better designed, more effective and more widely adopted.

    Australia’s new Industry and Innovation Minister, Tim Ayres, recognises this. In a recent speech he emphasised the need to work “cooperatively with workers and their unions” on tech adoption.

    It’s a promising place to start. If AI is going to be an effective treatment for Australia’s productivity challenge, then workers must be an essential part of the recovery team.

    Llewellyn Spink receives funding from the Minderoo Foundation as part of the Human Technology Institute’s AI Corporate Governance Program. HTI is funded by a wide variety of academic, corporate and philanthropic partners.

    Nicholas Davis receives funding from the Minderoo Foundation as part of the Human Technology Institute’s AI Corporate Governance Program. HTI is funded by a wide variety of academic, corporate and philanthropic partners.

    ref. Companies are betting on AI to help lift productivity. Workers need to be part of the process – https://theconversation.com/companies-are-betting-on-ai-to-help-lift-productivity-workers-need-to-be-part-of-the-process-258396

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Companies are betting on AI to help lift productivity. Workers need to be part of the process

    Source: The Conversation (Au and NZ) – By Llewellyn Spink, AI Corporate Governance Lead, Human Technology Institute, University of Technology Sydney

    The Conversation, CC BY-NC

    Australia’s productivity is flatlining, posting the worst vitals we’ve seen in 60 years.

    Politicians and chief executives are prescribing artificial intelligence (AI) like it’s the new penicillin – a wonder drug with almost magical healing powers. Prime Minister Anthony Albanese, Treasurer Jim Chalmers and the Productivity Commission all see AI as a key part of the plan to cure Australia’s productivity ills, with estimates that automation and AI could add A$600 billion to Australia’s annual economy.

    Unfortunately, AI is no panacea. It’s more like physiotherapy after major surgery: it only delivers if you put in the effort, follow the program and work with experts who know which muscles to strengthen and when.

    AI projects have high fail rates

    AI is a broad suite of tools and techniques, of which generative AI such as ChatGPT is just the latest iteration. When implemented well, AI can undoubtedly lift productivity across a wide variety of applications. Unilever’s legal team reports generative AI tools save its lawyers 30 minutes daily on document review and contract analysis.

    Other AI applications can deliver life-saving results at even greater efficiency. In a German study, AI-supported mammography screening reduced radiologists’ reading time by 43% for examinations tagged as normal, while improving cancer detection rates.


    The federal government is focused on improving productivity. In this five-part series, we’ve asked leading experts what that means for the economy, what’s holding us back and their best ideas for reform.


    But the hard truth is that AI-driven productivity gains like these depend on both smart implementation and trusted adoption. Organisations that skip the tough part – such as staff engagement, training and good governance – often find the promised benefits never materialise.

    The numbers back this up: some 80% of AI projects end up failing, twice the rate of traditional IT projects. Only one in four executives in a global survey report meaningful returns on their AI investments.

    We shouldn’t really be surprised. Other general-purpose technologies, such as electricity and earlier digital technologies followed a similar path. US economist Robert Solow famously said: “You can see the computer age everywhere but in the productivity statistics.”

    Workers don’t trust the technology

    Like the early days of the internet in the 1990s, the success of AI relies on adoption and trust. Without trust, uptake stalls and the benefits evaporate.

    That’s a big challenge in Australia, where public trust and optimism in AI remains comparatively low. Why? Australians also report lower levels of AI use, training and confidence. And people are less likely to trust what they don’t understand.

    Closing that trust gap means involving workers from the start. By listening to worker concerns and identifying existing pain points in processes, companies can deploy AI systems that help, rather than sideline employees.

    Conversely, when workers aren’t meaningfully involved, things don’t go well.

    Take Klarna. The Swedish fintech volunteered to be the generative AI platform OpenAI’s “favourite guinea pig”. It slashed jobs and claimed to have automated the equivalent of 700 employees. But
    CEO Sebastian Siemiatkowski now admits the shift to AI hurt customer service, forcing the company to rehire humans.

    Similarly, Duolingo recently faced a user backlash when it replaced 10% of contractors with AI.

    Workers need to be closely involved in developing AI processes.
    Summit Art Creations/Shutterstock

    Regrets? Bosses have a few

    These aren’t isolated cases. Some 55% of UK executives who replaced workers with AI later regretted it. In the rush to automate, workers are often seen as expendable.

    This attitude to AI leads to what US economists Daron Acemoglu and Pascual Restrepro call “so-so automation”, where technology displaces workers without delivering meaningful productivity gains.

    Rather than trying to replace staff with AI, organisations should be deeply engaging with them. Engaging workers can dramatically boost the AI’s return on investment.

    Like other general-purpose technologies, getting the most out of AI means transforming the way we work. And the data show companies that engage workers in organisational transformations are nine times more likely to succeed.

    The companies that are unlocking the benefit of AI understand it works best when it amplifies human capability, rather than replacing it. Workers still know things that algorithms don’t. They deeply understand the practical realities of their jobs, which is crucial for designing AI systems that actually get things done.

    Designing better solutions

    Our own research confirms this. Australian workers feel AI is being imposed on them without adequate consultation or training. This not only creates resistance to adoption but also means organisations are missing the experience of the people who actually do the work.

    Our most recent report shows worker engagement strengthens competitive advantage and profitability, and leads to better AI solutions rooted in workers’ problems and needs. When workers are involved in deciding how AI is used, the solutions are better designed, more effective and more widely adopted.

    Australia’s new Industry and Innovation Minister, Tim Ayres, recognises this. In a recent speech he emphasised the need to work “cooperatively with workers and their unions” on tech adoption.

    It’s a promising place to start. If AI is going to be an effective treatment for Australia’s productivity challenge, then workers must be an essential part of the recovery team.

    Llewellyn Spink receives funding from the Minderoo Foundation as part of the Human Technology Institute’s AI Corporate Governance Program. HTI is funded by a wide variety of academic, corporate and philanthropic partners.

    Nicholas Davis receives funding from the Minderoo Foundation as part of the Human Technology Institute’s AI Corporate Governance Program. HTI is funded by a wide variety of academic, corporate and philanthropic partners.

    ref. Companies are betting on AI to help lift productivity. Workers need to be part of the process – https://theconversation.com/companies-are-betting-on-ai-to-help-lift-productivity-workers-need-to-be-part-of-the-process-258396

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you

    Source: The Conversation (Au and NZ) – By Robert B Whait, Senior Lecturer in Taxation Law, University of South Australia

    Soon, more than 15 million Australians should be lodging a tax return with the Australian Taxation Office in the hope of receiving at least a small refund.

    About 60% of taxpayers use an accountant to prepare their tax return while the other 40% lodge their returns via their MyGov account. This links them to the tax office, Medicare and other government services.

    The tax office receives about 1000 tip-offs a week from people who know or suspect evasion. Of these, the office deems about 90% warrant further investigation.

    What to remember when preparing your tax return

    These days, the tax office prefills much of your income information. The ATO will let you know through your MyGov account when your income statements from your employer are “tax ready”.

    But other income including bank interest, dividends and managed investment funds distributions may take longer to appear, so don’t rush to complete and lodge your tax return on July 1 if these aren’t there. When these items prefill, check them for accuracy and correct any errors.

    The tax office does not know about all your income so remember to provide details of other sources including capital gains on investments and income from other jobs for which you have an Australian Business Number.

    Some items, such as private health insurance information, are only partially pre-filled so be sure to check that all questions have been answered and all necessary information provided.

    How to claim deductions

    To claim a deduction you must have spent the money yourself and were not reimbursed from another source.

    The expense must be directly related to earning your income from either employment or services provided, from investments such as shares or a rental property, or from a business you operate.

    And you must have a record to prove your expense. This usually needs to be in the form of a receipt or a diary.

    If you don’t know how to record your deductions, an easy option is to use the tax office myDeductions app. You can scan receipts and allocate them to the correct section of your return.

    What the tax office will be looking for in 2025

    Each year the tax office targets particular areas. For 2025, these are:

    Working from home expenses: you can choose between two methods: the fixed rate method or the actual cost method.

    The fixed rate method allows you to claim 70 cents for each hour worked from home during the year. You do not need to keep receipts, but you must keep a record of the hours worked at home.

    The actual cost method allows you to claim the costs of working from home, but taxpayers must have a dedicated room set aside for the office and remove all private use.

    You cannot claim personal items like interest on a home loan or rent expenses unless you are operating a business from home.

    Personal items, such as coffee machines, are not claimable even if you use them while working from home. Mobile phone and internet costs are included in the 70 cents per hour fixed rate. The ATO will be looking for taxpayers who claim these twice – for example, on their return and from their employer.

    The 70 cents per hour rate does not include depreciation of work-related technology and office furniture, cleaning of the home office and repairs to these items. So these amounts can be claimed separately.

    Motor vehicle expenses: there are also two methods to work out this claim. The log book method requires you to have kept a record for 12 weeks. You then need to work out the percentage you used your car for work or business which is applied to your expenses.

    The cents per kilometre method allows you to claim 88 cents for each kilometre up to 5,000 km of work or business travel. No receipts need to be kept for this method, but you must be able to justify the total kilometres that you have claimed.

    If you use the cents per kilometre method, do not double dip by claiming additional motor vehicle expenses.

    Rental properties: make sure the expenses you claim do not include your personal costs. For example, the interest expenses must only be for the rental property and not interest from your personal home.

    Also, if you own 50% of the rental you can only claim 50% of the expenses, even if your taxable income is higher than the other owner. If you have a holiday home you can only claim expenses for when that home was rented out, not the whole year.

    Cryptocurrency: many taxpayers are buying and selling cryptocurrency. These transactions need to be reported in your tax return when they are sold as a capital gain or capital loss.

    Other forms of income: if you earn money through the sharing or gig economies, you must include all income from these activities in your return. If you sell goods online, the tax office may consider it to be a business, and it will expect the income to be declared.

    Don’t be tempted to cheat

    The ATO already knows a lot about your tax situation, which makes it harder than ever to cheat.

    The tax office uses data matching to check information you include in your return against data provided by other parties including share registries and your health insurer. It also gathers information from the internet.

    If the data doesn’t match your return, or your claim is considered excessive, the ATO may contact you. You may be asked to explain why and, if your explanation is unsatisfactory, you might be audited.

    Penalties of 25% to 75% of the tax owed may apply for falsely claiming deductions. The more dishonest the claim, the higher the penalty).

    The link between what you claim and what you earn has to be real. So do not claim the cost of your Armani suit as a work uniform or your pet as a mascot for your business. Even the cost of a massage chair to relieve work stress cannot be claimed.

    Dubious claims received by the tax office in recent years are many and varied. They have included Lego, school uniforms and sporting equipment purchased for kids, $9000 worth of wine bought by a wine expert while on a European holiday, for personal consumption, and a claim using receipts lodged by a doctor for an overseas conference he didn’t attend.

    What if I make a mistake or the ATO finds an error?

    If you make a mistake in your tax return, you can always amend it via MyTax.

    The tax office will not fine you unless you did not take reasonable care, but you will have to pay back the shortfall in tax.

    The due date to lodge your own return is October 31. If you are having trouble meeting this date, contact the tax office and ask for an extension.


    Disclaimer: this is general information only and not to be taken as financial or tax advice.

    Robert B Whait receives funding from the Federal Government as part of the National Tax Clinic Program, Financial Literacy Australia (now Ecstra Foundation), ANZ Bank, and the Consumer Policy Research Centre (CPRC). He is affiliated with the Tax Institute of Australia and Chartered Accountants Australia and New Zealand.

    Connie Vitale receives funding from the Federal Government as part of the National Tax Clinic Program. She is affiliated with the Institute of Public Accountants and Chartered Accountants Australia and New Zealand.

    ref. Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you – https://theconversation.com/would-you-cheat-on-your-tax-its-a-risky-move-the-tax-office-knows-a-lot-about-you-258587

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you

    Source: The Conversation (Au and NZ) – By Robert B Whait, Senior Lecturer in Taxation Law, University of South Australia

    Soon, more than 15 million Australians should be lodging a tax return with the Australian Taxation Office in the hope of receiving at least a small refund.

    About 60% of taxpayers use an accountant to prepare their tax return while the other 40% lodge their returns via their MyGov account. This links them to the tax office, Medicare and other government services.

    The tax office receives about 1000 tip-offs a week from people who know or suspect evasion. Of these, the office deems about 90% warrant further investigation.

    What to remember when preparing your tax return

    These days, the tax office prefills much of your income information. The ATO will let you know through your MyGov account when your income statements from your employer are “tax ready”.

    But other income including bank interest, dividends and managed investment funds distributions may take longer to appear, so don’t rush to complete and lodge your tax return on July 1 if these aren’t there. When these items prefill, check them for accuracy and correct any errors.

    The tax office does not know about all your income so remember to provide details of other sources including capital gains on investments and income from other jobs for which you have an Australian Business Number.

    Some items, such as private health insurance information, are only partially pre-filled so be sure to check that all questions have been answered and all necessary information provided.

    How to claim deductions

    To claim a deduction you must have spent the money yourself and were not reimbursed from another source.

    The expense must be directly related to earning your income from either employment or services provided, from investments such as shares or a rental property, or from a business you operate.

    And you must have a record to prove your expense. This usually needs to be in the form of a receipt or a diary.

    If you don’t know how to record your deductions, an easy option is to use the tax office myDeductions app. You can scan receipts and allocate them to the correct section of your return.

    What the tax office will be looking for in 2025

    Each year the tax office targets particular areas. For 2025, these are:

    Working from home expenses: you can choose between two methods: the fixed rate method or the actual cost method.

    The fixed rate method allows you to claim 70 cents for each hour worked from home during the year. You do not need to keep receipts, but you must keep a record of the hours worked at home.

    The actual cost method allows you to claim the costs of working from home, but taxpayers must have a dedicated room set aside for the office and remove all private use.

    You cannot claim personal items like interest on a home loan or rent expenses unless you are operating a business from home.

    Personal items, such as coffee machines, are not claimable even if you use them while working from home. Mobile phone and internet costs are included in the 70 cents per hour fixed rate. The ATO will be looking for taxpayers who claim these twice – for example, on their return and from their employer.

    The 70 cents per hour rate does not include depreciation of work-related technology and office furniture, cleaning of the home office and repairs to these items. So these amounts can be claimed separately.

    Motor vehicle expenses: there are also two methods to work out this claim. The log book method requires you to have kept a record for 12 weeks. You then need to work out the percentage you used your car for work or business which is applied to your expenses.

    The cents per kilometre method allows you to claim 88 cents for each kilometre up to 5,000 km of work or business travel. No receipts need to be kept for this method, but you must be able to justify the total kilometres that you have claimed.

    If you use the cents per kilometre method, do not double dip by claiming additional motor vehicle expenses.

    Rental properties: make sure the expenses you claim do not include your personal costs. For example, the interest expenses must only be for the rental property and not interest from your personal home.

    Also, if you own 50% of the rental you can only claim 50% of the expenses, even if your taxable income is higher than the other owner. If you have a holiday home you can only claim expenses for when that home was rented out, not the whole year.

    Cryptocurrency: many taxpayers are buying and selling cryptocurrency. These transactions need to be reported in your tax return when they are sold as a capital gain or capital loss.

    Other forms of income: if you earn money through the sharing or gig economies, you must include all income from these activities in your return. If you sell goods online, the tax office may consider it to be a business, and it will expect the income to be declared.

    Don’t be tempted to cheat

    The ATO already knows a lot about your tax situation, which makes it harder than ever to cheat.

    The tax office uses data matching to check information you include in your return against data provided by other parties including share registries and your health insurer. It also gathers information from the internet.

    If the data doesn’t match your return, or your claim is considered excessive, the ATO may contact you. You may be asked to explain why and, if your explanation is unsatisfactory, you might be audited.

    Penalties of 25% to 75% of the tax owed may apply for falsely claiming deductions. The more dishonest the claim, the higher the penalty).

    The link between what you claim and what you earn has to be real. So do not claim the cost of your Armani suit as a work uniform or your pet as a mascot for your business. Even the cost of a massage chair to relieve work stress cannot be claimed.

    Dubious claims received by the tax office in recent years are many and varied. They have included Lego, school uniforms and sporting equipment purchased for kids, $9000 worth of wine bought by a wine expert while on a European holiday, for personal consumption, and a claim using receipts lodged by a doctor for an overseas conference he didn’t attend.

    What if I make a mistake or the ATO finds an error?

    If you make a mistake in your tax return, you can always amend it via MyTax.

    The tax office will not fine you unless you did not take reasonable care, but you will have to pay back the shortfall in tax.

    The due date to lodge your own return is October 31. If you are having trouble meeting this date, contact the tax office and ask for an extension.


    Disclaimer: this is general information only and not to be taken as financial or tax advice.

    Robert B Whait receives funding from the Federal Government as part of the National Tax Clinic Program, Financial Literacy Australia (now Ecstra Foundation), ANZ Bank, and the Consumer Policy Research Centre (CPRC). He is affiliated with the Tax Institute of Australia and Chartered Accountants Australia and New Zealand.

    Connie Vitale receives funding from the Federal Government as part of the National Tax Clinic Program. She is affiliated with the Institute of Public Accountants and Chartered Accountants Australia and New Zealand.

    ref. Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you – https://theconversation.com/would-you-cheat-on-your-tax-its-a-risky-move-the-tax-office-knows-a-lot-about-you-258587

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Winter viruses can trigger a heart attack or stroke, our study shows. It’s another good reason to get a flu or COVID shot

    Source: The Conversation (Au and NZ) – By Tu Nguyen, PhD Candidate, Department of Paediatrics, University of Melbourne, Murdoch Children’s Research Institute

    Irina Shatilova/Shutterstock

    Winter is here, along with cold days and the inevitable seasonal surge in respiratory viruses.

    But it’s not only the sniffles we need to worry about. Heart attacks and strokes also tend to rise during the winter months.

    In new research out this week we show one reason why.

    Our study shows catching common respiratory viruses raises your short-term risk of a heart attack or stroke. In other words, common viruses, such as those that cause flu and COVID, can trigger them.

    Wait, viruses can trigger heart attacks?

    Traditional risk factors such as smoking, high cholesterol, high blood pressure, diabetes, obesity and lack of exercise are the main reasons for heart attacks and strokes.

    And rates of heart attacks and strokes can rise in winter for a number of reasons. Factors such as low temperature, less physical activity, more time spent indoors – perhaps with indoor air pollutants – can affect blood clotting and worsen the effects of traditional risk factors.

    But our new findings build on those from other researchers to show how respiratory viruses can also be a trigger.

    The theory is respiratory virus infections set off a heart attack or stroke, rather than directly cause them. If traditional risk factors are like dousing a house in petrol, the viral infection is like the matchstick that ignites the flame.

    Think of a viral infection as the matchstick that ignites the flame, leading to a heart attack or stroke.
    anokato/Shutterstock

    For healthy, young people, a newer, well-kept house is unlikely to spontaneously combust. But an older or even abandoned house with faulty electric wiring needs just a spark to lead to a blaze.

    People who are particularly vulnerable to a heart attack or stroke triggered by a respiratory virus are those with more than one of those traditional risk factors, especially older people.

    What we did and what we found

    Our team conducted a meta-analysis (a study of existing studies) to see which respiratory viruses play a role in triggering heart attacks and strokes, and the strength of the link. This meant studying more than 11,000 scientific papers, spanning 40 years of research.

    Overall, the influenza virus and SARS-CoV-2 (the virus that causes COVID) were the main triggers.

    If you catch the flu, we found the risk of a heart attack goes up almost 5.4 times and a stroke by 4.7 times compared with not being infected. The danger zone is short – within the first few days or weeks – and tapers off with time after being infected.

    Catching COVID can also trigger heart attacks and strokes, but there haven’t been enough studies to say exactly what the increased risk is.

    We also found an increased risk of heart attacks or strokes with other viruses, including respiratory syncytial virus (RSV), enterovirus and cytomegalovirus. But the links are not as strong, probably because these viruses are less commonly detected or tested for.

    What’s going on?

    Over a person’s lifetime, our bodies wear and tear and the inside wall of our blood vessels becomes rough. Fatty build-ups (plaques) stick easily to these rough areas, inevitably accumulating and causing tight spaces.

    Generally, blood can still pass through, and these build-ups don’t cause issues. Think of this as dousing the house in petrol, but it’s not yet alight.

    So how does a viral infection act like a matchstick to ignite the flame? Through a cascading process of inflammation.

    High levels of inflammation that follow a viral infection can crack open a plaque. The body activates blood clotting to fix the crack but this clot could inadvertently block a blood vessel completely, causing a heart attack or stroke.

    Some studies have found fragments of the COVID virus inside the blood clots that cause heart attacks – further evidence to back our findings.

    We don’t know whether younger, healthier people are also at increased risk of a heart attack or stroke after infection with a respiratory virus.

    That’s because people in the studies we analysed were almost always older adults with at least one of those traditional risk factors, so were already vulnerable.

    The bad news is we will all be vulnerable eventually, just by getting older.

    What can we do about it?

    The triggers we identified are mostly preventable by vaccination.

    There is good evidence from clinical trials the flu vaccine can reduce the risk of a heart attack or stroke, especially if someone already has heart problems.

    We aren’t clear exactly how this works. But the theory is that avoiding common infections, or having less severe symptoms, reduces the chances of setting off the inflammatory chain reaction.

    COVID vaccination could also indirectly protect against heart attacks and strokes. But the evidence is still emerging.

    Heart attacks and strokes are among Australia’s biggest killers. If vaccinations could help reduce even a small fraction of people having a heart attack or stroke, this could bring substantial benefit to their lives, the community, our stressed health system and the economy.

    What should I do?

    At-risk groups should get vaccinated against flu and COVID. Pregnant women, and people over 60 with medical problems, should receive RSV vaccination to reduce their risk of severe disease.

    So if you are older or have predisposing medical conditions, check Australia’s National Immunisation Program to see if you are eligible for a free vaccine.

    For younger people, a healthy lifestyle with regular exercise and balanced diet will set you up for life. Consider checking your heart age (a measure of your risk of heart disease), getting an annual flu vaccine and discuss COVID boosters with your GP.

    Tu Nguyen is supported by an Australian Government Research Training Program PhD Scholarship and a Murdoch Children’s Research Institute Top-Up Scholarship.

    Christopher Reid receives funding from National Health and Medical Research Council and the Medical Research Future Fund.

    Jim Buttery receives funding from the Medical Research Future Fund, the US Centres for Disease Control, the Coalition for Epidemic Preparedness and Innovation, Department of Foreign Affairs and Trade and the Victorian State Government.

    Diana Vlasenko and Hazel Clothier do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Winter viruses can trigger a heart attack or stroke, our study shows. It’s another good reason to get a flu or COVID shot – https://theconversation.com/winter-viruses-can-trigger-a-heart-attack-or-stroke-our-study-shows-its-another-good-reason-to-get-a-flu-or-covid-shot-256090

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Winter viruses can trigger a heart attack or stroke, our study shows. It’s another good reason to get a flu or COVID shot

    Source: The Conversation (Au and NZ) – By Tu Nguyen, PhD Candidate, Department of Paediatrics, University of Melbourne, Murdoch Children’s Research Institute

    Irina Shatilova/Shutterstock

    Winter is here, along with cold days and the inevitable seasonal surge in respiratory viruses.

    But it’s not only the sniffles we need to worry about. Heart attacks and strokes also tend to rise during the winter months.

    In new research out this week we show one reason why.

    Our study shows catching common respiratory viruses raises your short-term risk of a heart attack or stroke. In other words, common viruses, such as those that cause flu and COVID, can trigger them.

    Wait, viruses can trigger heart attacks?

    Traditional risk factors such as smoking, high cholesterol, high blood pressure, diabetes, obesity and lack of exercise are the main reasons for heart attacks and strokes.

    And rates of heart attacks and strokes can rise in winter for a number of reasons. Factors such as low temperature, less physical activity, more time spent indoors – perhaps with indoor air pollutants – can affect blood clotting and worsen the effects of traditional risk factors.

    But our new findings build on those from other researchers to show how respiratory viruses can also be a trigger.

    The theory is respiratory virus infections set off a heart attack or stroke, rather than directly cause them. If traditional risk factors are like dousing a house in petrol, the viral infection is like the matchstick that ignites the flame.

    Think of a viral infection as the matchstick that ignites the flame, leading to a heart attack or stroke.
    anokato/Shutterstock

    For healthy, young people, a newer, well-kept house is unlikely to spontaneously combust. But an older or even abandoned house with faulty electric wiring needs just a spark to lead to a blaze.

    People who are particularly vulnerable to a heart attack or stroke triggered by a respiratory virus are those with more than one of those traditional risk factors, especially older people.

    What we did and what we found

    Our team conducted a meta-analysis (a study of existing studies) to see which respiratory viruses play a role in triggering heart attacks and strokes, and the strength of the link. This meant studying more than 11,000 scientific papers, spanning 40 years of research.

    Overall, the influenza virus and SARS-CoV-2 (the virus that causes COVID) were the main triggers.

    If you catch the flu, we found the risk of a heart attack goes up almost 5.4 times and a stroke by 4.7 times compared with not being infected. The danger zone is short – within the first few days or weeks – and tapers off with time after being infected.

    Catching COVID can also trigger heart attacks and strokes, but there haven’t been enough studies to say exactly what the increased risk is.

    We also found an increased risk of heart attacks or strokes with other viruses, including respiratory syncytial virus (RSV), enterovirus and cytomegalovirus. But the links are not as strong, probably because these viruses are less commonly detected or tested for.

    What’s going on?

    Over a person’s lifetime, our bodies wear and tear and the inside wall of our blood vessels becomes rough. Fatty build-ups (plaques) stick easily to these rough areas, inevitably accumulating and causing tight spaces.

    Generally, blood can still pass through, and these build-ups don’t cause issues. Think of this as dousing the house in petrol, but it’s not yet alight.

    So how does a viral infection act like a matchstick to ignite the flame? Through a cascading process of inflammation.

    High levels of inflammation that follow a viral infection can crack open a plaque. The body activates blood clotting to fix the crack but this clot could inadvertently block a blood vessel completely, causing a heart attack or stroke.

    Some studies have found fragments of the COVID virus inside the blood clots that cause heart attacks – further evidence to back our findings.

    We don’t know whether younger, healthier people are also at increased risk of a heart attack or stroke after infection with a respiratory virus.

    That’s because people in the studies we analysed were almost always older adults with at least one of those traditional risk factors, so were already vulnerable.

    The bad news is we will all be vulnerable eventually, just by getting older.

    What can we do about it?

    The triggers we identified are mostly preventable by vaccination.

    There is good evidence from clinical trials the flu vaccine can reduce the risk of a heart attack or stroke, especially if someone already has heart problems.

    We aren’t clear exactly how this works. But the theory is that avoiding common infections, or having less severe symptoms, reduces the chances of setting off the inflammatory chain reaction.

    COVID vaccination could also indirectly protect against heart attacks and strokes. But the evidence is still emerging.

    Heart attacks and strokes are among Australia’s biggest killers. If vaccinations could help reduce even a small fraction of people having a heart attack or stroke, this could bring substantial benefit to their lives, the community, our stressed health system and the economy.

    What should I do?

    At-risk groups should get vaccinated against flu and COVID. Pregnant women, and people over 60 with medical problems, should receive RSV vaccination to reduce their risk of severe disease.

    So if you are older or have predisposing medical conditions, check Australia’s National Immunisation Program to see if you are eligible for a free vaccine.

    For younger people, a healthy lifestyle with regular exercise and balanced diet will set you up for life. Consider checking your heart age (a measure of your risk of heart disease), getting an annual flu vaccine and discuss COVID boosters with your GP.

    Tu Nguyen is supported by an Australian Government Research Training Program PhD Scholarship and a Murdoch Children’s Research Institute Top-Up Scholarship.

    Christopher Reid receives funding from National Health and Medical Research Council and the Medical Research Future Fund.

    Jim Buttery receives funding from the Medical Research Future Fund, the US Centres for Disease Control, the Coalition for Epidemic Preparedness and Innovation, Department of Foreign Affairs and Trade and the Victorian State Government.

    Diana Vlasenko and Hazel Clothier do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Winter viruses can trigger a heart attack or stroke, our study shows. It’s another good reason to get a flu or COVID shot – https://theconversation.com/winter-viruses-can-trigger-a-heart-attack-or-stroke-our-study-shows-its-another-good-reason-to-get-a-flu-or-covid-shot-256090

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Oportun Releases Investor Presentation Highlighting Strategic Progress

    Source: GlobeNewswire (MIL-OSI)

    Outlines proactive steps taken by Board and management to drive long-term stockholder value

    Urges stockholders to vote “FOR” Oportun’s two nominees – CEO Raul Vazquez and Carlos Minetti – on the GREEN proxy card

    SAN CARLOS, Calif., June 18, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today released an investor presentation in connection with the Company’s upcoming Annual Meeting of Stockholders, scheduled to be held on July 18, 2025. The presentation and additional important information related to the Annual Meeting are available at VoteForOportun.com.

    Oportun’s Board of Directors encourages stockholders to review the Company’s proxy statement carefully and vote “FOR” the Company’s nominees – CEO Raul Vazquez and Carlos Minetti – using the GREEN proxy card or GREEN voting instruction form.

    If you have any questions about how to vote your shares, please call the firm assisting us with the solicitation of proxies:

    INNISFREE M&A INCORPORATED
    Stockholders may call:
    (877) 800-5195 (toll-free from the U.S. and Canada) or
    +1 (412) 232-3651 (from other countries)

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Innisfree M&A Incorporated
    Scott Winter / Gabrielle Wolf / Jonathan Kovacs
    (212) 750-5833

    Media Contact
    FGS Global
    John Christiansen / Bryan Locke
    Oportun@fgsglobal.com

    The MIL Network

  • MIL-OSI: Greystone Housing Impact Investors LP Extends General Line of Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 18, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on June 12, 2025, it amended its existing $50 million secured revolving Line of Credit facility (“LOC”). The LOC is secured by the Partnership’s joint venture equity investments. BankUnited, N.A. serves as sole arranger and administrative agent.

    The amendment extended the maturity date to June 2027, with two additional one-year extension options, increased the maximum allowable seniors housing joint venture equity investments the Partnership can make to 30% of eligible encumbered assets, and increased the Partnership’s maximum allowable limited guaranties of debt associated with its joint venture equity investments.

    An affiliate of the Partnership’s general partner provides a deficiency guaranty for the facility. The affiliate does not charge the Partnership a fee for the deficiency guaranty.

    “The amendment to our general LOC provides valuable liquidity and enhances our operational flexibility to make additional joint venture equity investments in the seniors housing segment,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    The MIL Network

  • MIL-OSI USA: Following Trump Attacks on TPS, Markey, Van Hollen, Senate Democrats Put Forward Bill to Protect TPS and DED Recipients

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (June 18, 2025) – Today, U.S. Senator Chris Van Hollen (D-Md.) was joined by 30 Senate colleagues in putting forward legislation to provide qualified Temporary Protected Status (TPS) and Deferred Enforced Departure (DED) recipients a path to legal permanent residency. The Senators’ reintroduction of this legislation – the Safe Environment from Countries Under Repression and Emergency (SECURE) Act – comes as the Trump Administration and the right-wing Supreme Court undermine TPS, a program that has for years provided refuge to those living in America who have fled natural disasters, violence, and political insecurity. The Trump Administration has revoked TPS for an estimated 563,000 recipients from five countries – Venezuela, Haiti, Afghanistan, Cameroon, and Nepal – and while there have been legal challenges filed against this action, the Supreme Court has temporarily allowed the revocation to stand – putting hundreds of thousands at risk of deportation to their home countries where they would face serious danger.

    This legislation is endorsed by AFL-CIO, Laborers’ International Union of North America (LIUNA), International Union of Painters and Allied Trades (IUPAT), CASA, National TPS Alliance, Working Families United, the National Network for Arab American Communities, International Longshore and Warehouse Union (ILWU), Service Employees International Union (SEIU), and Communities United for Status and Protection (CUSP).

    “As Donald Trump continues to strip immigrant communities of critical legal protections, we must protect the individuals who came to our country seeking safe harbor and who cannot return home safely. I am proud to join my colleagues in introducing the SECURE Act, to ensure that individuals fleeing armed conflicts, political unrest, or environmental disasters have a guaranteed pathway to safety in the United States. Recipients of Temporary Protected Status and Deferred Enforced Departure are our friends, our neighbors, our colleagues, and we cannot turn our backs on them. We must be loud and clear – immigrants are welcome here,” said Senator Markey.

    “America has long used the TPS and DED programs to offer special legal protections to individuals in the United States whose lives would be put at extreme risk if forced to return to their countries of origin. As they’ve sought safety and stability here, TPS and DED recipients have built new lives in America, living here legally for years – sometimes decades – and making important contributions to our communities. But the Trump Administration is threatening both the lives they have built and the safety of these individuals – forcing TPS recipients to return to dangerous places like Haiti, Venezuela, Afghanistan, and more. This bill offers much-needed certainty to TPS and DED recipients – providing a path to stay safely in the U.S. and continue to call America their home,” said Senator Van Hollen.

    “TPS and DED recipients are valuable members of our communities. Many have lived here for years with U.S. children, spouses, and even businesses they’ve built — yet they are forced to live in uncertainty and fear that they may lose everything if they lose TPS or DED. I’m proud to introduce this legislation to give TPS and DED recipients a path to permanent residence so they can continue to contribute to America,” said Senator Kaine.

    “America is strengthened by the contributions and hard work of immigrants. But this Administration’s cruelty has left thousands of workers in limbo — without legal status and without work authorization,” said Senator Padilla. “The SECURE Act provides TPS holders who live and work in the United States legally, seeking safety after fleeing dangerous conditions in their home countries, the security of a pathway to permanent residency protections while continuing to contribute to our communities and economy.”

    “TPS recipients have come to the U.S. to escape widespread violence and environmental disasters in their countries that make returning home unsafe.  As they rebuild their lives here, TPS recipients, as longtime residents of the United States, deserve security and certainty about their immigration status,” said Senator Durbin. “I’m joining Senator Van Hollen to introduce the SECURE Act to provide TPS recipients a pathway to legal permanent residency.”

    “As the Trump administration terrorizes immigrant communities and arbitrarily revokes TPS and DED for law-abiding immigrants, it’s important that we speak up and push back every way we can, and support individuals who are contributing to our communities and would be at severe risk if they were to be forced to return to their countries of origin,” said Senator Murray. “I’m proud to join my colleagues in introducing the SECURE Act to provide immigrants with Temporary Protected Status and Deferred Enforced Departure a path to legal permanent residency.”

    “After escaping horrific violence and persecution in their home countries, TPS and DED recipients come to this country in search of a better life,” said Senator Cortez Masto. “These hardworking men and women have been living in and contributing to our communities for years, and it’s common sense to give them the certainty they need to fulfill the American Dream.”

    “Virginia is home to tens of thousands of law-abiding immigrants who are unable to return to their countries of origin due to painful extraordinary circumstances. Though these individuals benefit from certain protections from deportation, they remain in limbo despite having lived and worked in the U.S. for years,” said Senator Warner. “I’m proud to introduce this legislation to create a real pathway to permanent residency for TPS and DED recipients who drive our economy and make valuable contributions to their communities.”

    “The Temporary Protected Status program has been a lifeline that has allowed people and families facing unimaginable circumstances to find a safe refuge here in the United States,” said Senator Rosen. “TPS recipients contribute to our communities and our economy, and they deserve a pathway to permanent residency, which is why I’m proud to help introduce this bill. I’ll keep standing up to protect Nevada’s immigrant families.”

    “TPS holders deserve certainty, especially when the Trump administration is suddenly ending people’s status with no justification and forcing them to return to unsafe conditions,” said Senator Schatz. “Our bill would enable TPS holders to apply for permanent status so they can continue to live, work, and contribute in the United States without constantly being stuck in limbo.”

    “Families should have protection from ongoing wars, environmental disasters, widespread illness, and other dangers that make it difficult to return home,” said Senator Warren. “While Donald Trump makes it harder for immigrants to navigate our complex immigration system, Senate Democrats are fighting back to protect these vulnerable families.”

    “Scripture tells us: welcome the stranger in your midst,” said Senator Coons. “When we welcome those fleeing persecution and violence, hunger and poverty around the world, we show the world our values. That makes America safer, and it grows the economy in states like Delaware. The SECURE Act gives people searching for freedom and safety, who love this country, and who are already adding their valuable skills and gifts to our nation, a path to continue to do so.”

    “Our country has long supported families fleeing violence and seeking refuge,” said Senator Luján. “As this administration continues its attacks on TPS recipients, Congress must ensure a legal pathway to permanent residency for those who contribute to our communities every day. That’s why I’m partnering with my colleagues to reintroduce the SECURE Act to provide permanent protections for thousands of TPS recipients who live and work lawfully in the U.S.”

    “As immigrant communities continue to come under attack, the SECURE Act provides a clear pathway to permanent residency—offering overdue, necessary protections for immigrants and the lives they’ve built in our nation. America is a nation of immigrants and has a storied history of providing opportunity and refuge for those fleeing hardship or crisis. Individuals with TPS and DED have made America their home—using their talents and skills to strengthen our economies and enrich our communities—often while the countries from which they fled remain in turmoil,” said Senator Blumenthal.

    “Trump’s heartless immigration policies do nothing to make us safer and betray our core values—our nation always has been and always will be stronger because of our immigrant communities,” said Senator Duckworth. “While no one is arguing that we shouldn’t be deporting violent criminals who pose a danger to our country, it’s cruel to target people who fled from life-threatening situations and have been productive members of our communities for years. I’m proud to help Senator Van Hollen reintroduce this legislation to help give TPS and DED recipients a path to remain here as legal permanent residents.”

    “Our country should serve as a refuge for individuals who cannot return to their home country due to dangerous circumstances,” said Senator Hirono. “TPS holders and DED recipients living in our country are essential members of our communities, making up a significant amount of our workforce and contributing to our economy. As this administration continues its all-out attack on immigrants and their loved ones, I am proud to reintroduce this legislation to provide TPS and DED recipients peace of mind that they can remain in the country safely and with a path to lawful permanent residence.”

    “This bill is a necessary step in creating a pathway to legal permanent residency for TPS recipients,” said Senator Bennet. “They are already facing extraordinary and unstable conditions in their home countries; they shouldn’t have to face those same conditions here in the U.S.”

    “I’m joining the effort to pass the SECURE Act to stand by thousands in New Jersey who do not deserve to live in uncertainty and fear as the Trump administration arbitrarily revokes Temporary Protected Status,” said Senator Kim. “TPS recipients are friends and neighbors who are part of our communities and are essential to the economic growth of our state. We should use this moment to address disorder in our TPS program and immigration system – and deliver eligible families a pathway toward permanent stability and security.”

    “TPS provides protection for individuals and families who are unable to return to their countries due to dangerous conditions, including natural disasters, armed conflicts, and other disasters. Many find refuge in California where they can live and work lawfully under its protections. This legislation would provide a much-needed sense of security and stability to those who are living in the legal limbo caused by President Trump’s targeting of this program and his continued erosion of our nation’s commitment to helping those fleeing violence, famine, disease, and disaster,” said Senator Schiff.

    The legislation is cosponsored by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez-Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Andy Kim (D-N.J.) Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    “Immigrant workers are under unprecedented attack: hundreds of thousands of people have been stripped of their legal status and work authorization, throwing families and industries into chaos and uncertainty. Workers with Temporary Protected Status, many of whom have lived and worked in our country for decades, are vital members of our communities and our unions. The SECURE Act is common-sense legislation that would provide TPS holders with stable, permanent lawful status so they can continue to raise their families, work, and contribute to our economy,” said Liz Shuler, AFL-CIO President.

    “LIUNA commends Senator Van Hollen for his tireless efforts to protect workers and their family members who have Temporary Protected Status (TPS), many of whom are members of our union and who have lived and worked in the U.S. for decades. About 1/3 of TPS holders work in construction. The SECURE Act will not only provide permanence to these hard-working immigrants, but will also help the U.S. economy by retaining these valued immigrants in our workforce,” said Brent Booker, General President, LIUNA.

    “Every day, thousands of people with TPS and DED who have built their lives, families, and futures here are forced to live with fear and uncertainty. They deserve more than endless waiting; they deserve real, permanent protection. As attacks on immigrant communities grow across the country, we must act without hesitation. We are grateful to Senator Van Hollen’s leadership – in this time of growing instability, the SECURE Act will offer dignity, safety, and security for our community,” said Cathryn Jackson, Public Policy Director of CASA.

    “Immigrant families and allies continue to advocate for permanent protections. The National TPS Alliance calls for long-overdue justice to our immigrant communities. The reintroduction of the SECURE Act in the Senate addresses the uncertainty that our families have been living for years. This bill is timely, ensuring that TPS holders don’t fall out of status and in turn preventing irreparable harm to whole communities, continuing critical contributions to the nation’s economy. We urge congressional leaders to support this critical effort,” said Mardoel Hernandez, TPS recipient from Honduras and National TPS Alliance Executive Committee Member.

    “TPS holders, including members of my own union, contribute to our economy every single day. Some may not know it, but our society is dependent on TPS holders in different industries, including in the building and construction trades. We need the SECURE Act so these workers can continue living, working, and raising their families without fear,” said IUPAT General President Jimmy Williams, Jr.; IUPAT is a member of the Working Families United Coalition.

    “The SECURE Act offers overdue protection for hundreds of thousands living in fear of being uprooted from the families, homes, and careers they built. The National Network for Arab American Communities believes this bill reflects a critical truth: our democracy and safety are strongest when everyone has the opportunity to live and contribute freely and lawfully,” said Rima Meroueh, Director, National Network for Arab American Communities.

    “Now more than ever, we need a solution for immigrants with Temporary Protected Status from countries like El Salvador, Honduras, Venezuela and Haiti, whose lives have been in limbo under the chaos of this administration. We applaud the reintroduction of the SECURE Act by Senator Chris Van Hollen, which would create a path to citizenship for these individuals who contribute billions to our economy and whose lives would be in danger if they were sent back immediately to their home countries,” said Rocio Saenz, Secretary-Treasurer, SEIU.

    “The ILWU stands in strong support of the SECURE Act, a commonsense measure that serves our country’s interests and recognizes the dignity and contributions of TPS and DED holders — hardworking individuals who have paid their taxes, contributed to our economy, and been model members of our communities. These men and women have earned a chance to live without fear, continue to contribute to their communities and build their lives in the country they’ve long called home. We urge Congress to pass this vital legislation without delay,” said International Longshore and Warehouse Union President Robert Olvera.

    “Communities United for Status & Protection (CUSP) endorses the SECURE Act as a critical step toward justice and stability for immigrants with Temporary Protected Status (TPS) and Deferred Enforced Departure (DED). For decades, these communities—Black, Asian, brown, working-class immigrants from countries facing war, repression, and climate disaster—have lived, worked, and raised families in the U.S. They are essential to our economy, our neighborhoods, and our collective future. Yet they continue to live in uncertainty, without a pathway to permanent protection. The SECURE Act honors their dignity, recognizes their profound contributions, and upholds our nation’s values of fairness and humanitarian responsibility. We urge Congress to act with courage and conscience and pass this bill without delay,” said Carolyn Tran, Executive Director, Communities United for Status & Protection (CUSP).

    Additional Background

    TPS is a temporary, legal immigration status granted to foreign citizens who are endangered by conditions in their home country resulting from extraordinary events such as ongoing armed conflict, environmental disaster, or epidemic. TPS status is granted for set periods ranging from six to 18 months, requiring the Department of Homeland Security to extend a country’s status on a recurring basis. Each time a country is recertified, recipients must reapply and pass a thorough background check. Recent estimates found there are approximately 860,000 people with TPS in the United States.

    Deferred enforced departure (DED) is a temporary and discretionary administrative stay of removal granted to foreign citizens from designated countries. Unlike TPS, a DED designation emanates from the President’s constitutional powers to conduct foreign relations and has no statutory basis. Grants are usually in response to war, civil unrest, or natural disasters, through an executive order or presidential memorandum that provides eligibility guidelines.

    The SECURE Act will provide long-term stability for these individuals and their communities by giving them the ability to apply for legal permanent residency. Under the bill, all TPS recipients – current and past – and TPS and DED eligible individuals who have been continuously present in the United States for at least three years would be eligible to apply for legal permanent residency.

    Additionally, under the SECURE Act:

    • A spouse, domestic partner, child, or unmarried child of a qualifying non-citizen would be eligible to obtain permanent resident status (upon meeting certain requirements).
    • Individuals with a pending TPS application will receive work authorization and be eligible for travel authorization.
    • Non-citizens who have a pending application or is prima facie eligible for permanent status under the bill and intends to apply are shielded from deportation.
    • Information from an applicant’s application may not be shared or used for immigration enforcement purposes, with limited exceptions, such as for the identification of fraudulent claims.
    • DHS must report to Congress when terminating a country’s TPS designation with an explanation to justify the termination.

    MIL OSI USA News

  • MIL-OSI USA: Ricketts Introduces VARIANCE Act to Strengthen American Trucking

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) introduced the Vehicle Axle Redistribution Increases Allow New Capacities for Efficiency (VARIANCE) Act.  The bill would improve regulations for American truckers by permitting a 10% axle variance for commercial motor vehicles transporting dry bulk goods.  Senator Adam Schiff (D-CA) is a co-lead of this legislation in the Senate.  Representatives Rick Crawford (R-AR-1) and Salud Carbajal (D-CA-24) are leading companion legislation in the House.
    “This is common-sense policymaking,” said Ricketts.  “Allowing flexibility for truckers with naturally shifting goods will help improve efficiency and safety in Nebraska’s agriculture industry.  American truckers want to carry the same sized load in loose dry bulk that they can for any other freight.  This bill is a win for every step along the supply chain.”
    “Providing commonsense flexibility to our transportation and agriculture sectors will ensure California consumers don’t face higher costs due to regulations that don’t acknowledge the realities of basic physics,” said Schiff.  ”The VARIANCE Act is a bipartisan and bicameral solution that will improve our supply chain, reduce congestion, and help California farmers and producers continue to feed the nation and the world.”
    The Variance Act would:
    Grant a 10% axle variance for commercial motor vehicles transporting dry bulk goods and increase the maximum weight on any tandem-axle trailer to 37,400 lbs. 
    Leave the maximum laden vehicle weight untouched at 80,000 lbs.
    The text of the bill is available here.
    “Farmers, manufacturers, miners, and many other industries depend on truckers to get their goods to market.  When dry bulk cargo is in transit, however, a simple physics problem arises: routine braking often causes the contents of trailers to shift,” said Henry Hanscom, American Trucking Associations SVP of Legislative Affairs.  “ATA applauds Senators Ricketts and Schiff for this bipartisan, commonsense solution that will prevent motor carriers from being unfairly penalized for weight variances, promote the efficient movement of freight, and support hardworking Americans in the trucking industry.”
    “The VARIANCE Act is a commonsense solution that helps address transportation bottlenecks in the grain and feed industry,” said Mike Seyfert, National Grain and Feed Association President and CEO.  “By allowing modest axle weight variances for dry bulk shipments, this legislation supports more efficient and sustainable supply chains while maintaining safety standards.”
    “For 37 years, the Agriculture Transportation Coalition has worked with truck, rail, and ocean carriers in pursuit of greater transport efficiency, in order to keep US agriculture and forest products competitive in the global marketplace,” said Peter Friedmann, Agriculture Transportation Coalition Executive Director.  “Domestic trucking is an important component of the international supply chain.  Thus the AgTC supports the VARIANCE Act to allow for variance in axle weight distribution, which will increase efficiency, safety, cost-effectiveness in transport of grains, feeds of our members.” 
    “This expanded partnership in the Senate showcases the broad support and practical impact of the VARIANCE Act. Thank you to Senator Ricketts and Senator Schiff for their commitment to improve the safe and efficient movement of dry bulk commodities across our country,” said Ryan Streblow, National Tank Truck Carriers President & CEO.  “By enhancing weight distribution for dry bulk trailers, we can increase payload efficiency, reduce highway congestion, and boost safety, all without additional infrastructure wear.  Today, many carriers’ underload, and this flexibility will enable them to hit gross vehicle weight limits and reduce truckloads on our roads.”
    “The Agricultural Retailers Association strongly supports the proposal to authorize a ten percent axle weight variance for commercial motor vehicles transporting dry bulk goods like fertilizer on the Interstate Highway System,” said Richard Gupton, Agricultural Retailers Association SVP of Public Policy & Counsel.  “This common-sense solution addresses the unique challenges posed by the natural shifting of dry bulk cargo during transport, ensuring that trucks can operate safely and efficiently without exceeding the maximum gross vehicle weight limit.  By granting this variance, Congress will not only improve the efficiency of transporting essential commodities like fertilizer and grain but also enhance the overall cost-effectiveness and safety of our nation’s infrastructure.  Agricultural retailers, farmers, and other supply chain stakeholders rely on policies like this to maintain the steady flow of critical goods that drive the U.S. economy.  We urge lawmakers to include this vital measure in the next surface transportation reauthorization bill.”
    “All fertilizer touches a truck at least once it its journey to the field.  Any delay in delivery can negatively impact crop yields and contribute to increased food prices for consumers,” said Corey Rosenbush, Fertilizer Institute President and CEO.  “The Fertilizer Institute thanks Senators Ricketts and Schiff, as well as Representatives Crawford and Carbajal, for their bipartisan leadership in introducing this important legislation to help ensure that fertilizer reaches farmers precisely when and where it is needed.”
    BACKGROUND:
    Corn, soybeans, and other dry bulk are key to Nebraska’s $9.9 billion in agricultural exports.  Nebraska has over 1,600 dry bulk trucking companies, with nearly 18,000 dry bulk drivers.
    Present law limits the maximum laden weight of a commercial truck to 80,000 lbs., including the weight of the cargo.  Most trailers transporting dry bulk goods are tandem axle, limiting the weight for each axle to 34,000 lbs.  Dry bulk goods include plastic pellets, flour, aggregates, and other solid substances with individual particles that easily separate.  Bulk loads of dry goods regularly shift during transport and cause the front trailer axle to exceed its maximum 34,000 lbs.  The force generated when braking compacts the cargo at the front end of the trailer, but the relatively weaker forces from acceleration and forward movement fail to evenly redistribute the weight across axles.  So, even when the cargo was properly loaded, the truck’s natural motion causes the load to become improperly distributed.  This bill would maintain maximum laden vehicle weight limits but allow for cargo to become unevenly distributed during the course of transportation.

    MIL OSI USA News

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Results of Special Meeting of Stockholders; Approval of Conversion of Fund to CLO Equity Strategy

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, FLA., June 18, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund’s Stockholders have approved the Fund’s conversion from its current investment strategy to focus on a “CLO Equity Strategy”. The approval was voted for at a Special Meeting of Stockholders held on June 17, 2025, with approximately 96% of the votes cast in favor of the changes.

    With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The three proposals approved by the Fund’s stockholders at the special meeting were:

    • Proposal 1: approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2: approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3: approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The changes approved by the Fund’s Stockholders will go into effect July 1, 2025.

    Cecilia Gondor, Chairperson of the Fund’s Board of Directors commented: “This marks an important day in the long history of our Fund and the beginning of what we hope is a bright future for our Fund investors. I want to thank my fellow board members and our Chairman Emeritus, Tom Herzfeld, for the hard work that was undertaken in managing this transition.”

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    The Herzfeld Caribbean Basin Fund, Inc.
    1-305-777-1660

    The MIL Network

  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Results of Special Meeting of Stockholders; Approval of Conversion of Fund to CLO Equity Strategy

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, FLA., June 18, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund’s Stockholders have approved the Fund’s conversion from its current investment strategy to focus on a “CLO Equity Strategy”. The approval was voted for at a Special Meeting of Stockholders held on June 17, 2025, with approximately 96% of the votes cast in favor of the changes.

    With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors.

    The three proposals approved by the Fund’s stockholders at the special meeting were:

    • Proposal 1: approval of an amended and restated investment advisory agreement between the Fund and Thomas J. Herzfeld Advisors, Inc. (the “Adviser”) to permit the Adviser to receive a fee based on “managed assets” and an incentive fee.
    • Proposal 2: approval to revise the Fund’s investment objective from obtaining “long term capital appreciation” to a primary objective of “maximizing risk adjusted total returns” with a secondary objective of “generating high current income;” and to reclassify the Fund’s investment objective as non-fundamental.
    • Proposal 3: approval to amend the fundamental policies of the Fund related to borrowing, the issuance of senior securities, underwriting securities issued by other persons, industry concentration, the purchase or sale of real estate, the purchase or sale of commodities, and making loans to other persons.

    The changes approved by the Fund’s Stockholders will go into effect July 1, 2025.

    Cecilia Gondor, Chairperson of the Fund’s Board of Directors commented: “This marks an important day in the long history of our Fund and the beginning of what we hope is a bright future for our Fund investors. I want to thank my fellow board members and our Chairman Emeritus, Tom Herzfeld, for the hard work that was undertaken in managing this transition.”

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds.

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make, may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    TJHA has received certain nominations or awards by third-parties as reflected herein. Investors should review the criteria for each nomination or award as reflected on the third-party’s webpage. In addition, the nominations and awards reflect past performance of the nominee or award designee and may not reflect the current performance or status of any such firm or individual and may no longer be applicable. Morningstar award content presented with permission and licensing fee. Contact us for more information on how the ratings are apportioned and for full disclosures regarding third party news and awards.

    Contact:
    Thomas Morgan
    Chief Compliance Officer
    The Herzfeld Caribbean Basin Fund, Inc.
    1-305-777-1660

    The MIL Network

  • MIL-OSI: Red Cat Holdings Announces Closing of $46.75 Million Registered Direct Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, June 18, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, has successfully closed the previously announced registered direct offering with certain institutional investors for the purchase and sale of 6,448,276 shares of common stock resulting in gross proceeds of approximately $46.75 million, before deducting placement agent fees and other offering expenses. The offering closed on June 18, 2025.

    The Company intends to use net proceeds from the offering for general corporate and working capital purposes, including but not limited to operating expenditures related to its new unmanned surface vessel division.

    “We believe this financing positions Red Cat for significant growth in the drone industry and will accelerate our product development and production for our newly formed Unmanned Surface Vessels (USVs) division for the maritime autonomy market,” said Jeff Thompson, Founder, Chairman and Chief Executive Officer of Red Cat.

    Recent Operational Highlights

    • Expansion of our manufacturing capacity by moving the Edge 130 production to a new, larger facility that will produce 150 Edge 130s per month and is in process of doubling the Black Widow production capacity, enabling an eventual production of 1,000 per month.
    • We have been diligently working to identify top talent and manufacturing capacity for our USV division to meet end market demand for maritime applications.
    • Reiterate 2025 annual revenue guidance of $80 to $120 million for calendar year 2025, which consists of:
      • $25 to $65 million in SRR-related Black Widow sales
      • $25 million in Non-SRR Black Widow sales
      • $25 million in Edge 130 sales
      • $5m in Fang FPV sales

    Northland Capital Markets acted as the exclusive placement agent and Ladenburg Thalmann served as financial advisor for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

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

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Safe Harbor Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements relating to our intended use of proceeds from the offering, annual revenue guidance, future manufacturing capacities and future market demand. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-KT filed with the Securities and Exchange Commission on March 31, 2025. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA:
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network

  • MIL-OSI: Red Cat Holdings Announces Closing of $46.75 Million Registered Direct Offering of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, June 18, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, has successfully closed the previously announced registered direct offering with certain institutional investors for the purchase and sale of 6,448,276 shares of common stock resulting in gross proceeds of approximately $46.75 million, before deducting placement agent fees and other offering expenses. The offering closed on June 18, 2025.

    The Company intends to use net proceeds from the offering for general corporate and working capital purposes, including but not limited to operating expenditures related to its new unmanned surface vessel division.

    “We believe this financing positions Red Cat for significant growth in the drone industry and will accelerate our product development and production for our newly formed Unmanned Surface Vessels (USVs) division for the maritime autonomy market,” said Jeff Thompson, Founder, Chairman and Chief Executive Officer of Red Cat.

    Recent Operational Highlights

    • Expansion of our manufacturing capacity by moving the Edge 130 production to a new, larger facility that will produce 150 Edge 130s per month and is in process of doubling the Black Widow production capacity, enabling an eventual production of 1,000 per month.
    • We have been diligently working to identify top talent and manufacturing capacity for our USV division to meet end market demand for maritime applications.
    • Reiterate 2025 annual revenue guidance of $80 to $120 million for calendar year 2025, which consists of:
      • $25 to $65 million in SRR-related Black Widow sales
      • $25 million in Non-SRR Black Widow sales
      • $25 million in Edge 130 sales
      • $5m in Fang FPV sales

    Northland Capital Markets acted as the exclusive placement agent and Ladenburg Thalmann served as financial advisor for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

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

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Safe Harbor Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements relating to our intended use of proceeds from the offering, annual revenue guidance, future manufacturing capacities and future market demand. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-KT filed with the Securities and Exchange Commission on March 31, 2025. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA:
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network

  • MIL-OSI: Trupanion Announces Winners of the Veterinary Appreciation Day™ Awards

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, June 18, 2025 (GLOBE NEWSWIRE) — In honor of Veterinary Appreciation Day on June 18, Trupanion, the leading provider of medical insurance for cats and dogs in North America, held its annual awards event to celebrate and recognize the veterinary community for their profound impact on the lives of pets and their families.

    This year, the awards program saw an incredible outpouring of gratitude across North America, receiving more than 47,000 public votes.

    From the thousands of nominees, just 12 winners were chosen based on their significant influence on their veterinary teams, pet parents, and the communities they serve.

    “This year’s record-breaking voter turnout shows how increasingly important veterinary teams throughout the U.S. and Canada are to pet parents, peers, and their broader communities,” said Margi Tooth, President and CEO of Trupanion. “Each of these professionals works tirelessly to keep pets healthy, making picking just twelve honorees from the thousands of talented nominees a truly difficult job. Today, we’re proud to acknowledge and celebrate their achievements.”

    In 2015, Trupanion established June 18 as Veterinary Appreciation Day to celebrate the veterinary community. The annual awards have since become a platform to honor the extraordinary and often unsung efforts of these professionals.

    Here are the 2025 Veterinary Appreciation Day Award Winners.

    United States

    US West

    Veterinarian of the Year

    • Winner: Yafen Zhen, DVM
    • Practice: VCA San Martin Animal Hospital | San Martin, CA


    Veterinary Professional of the Year

    • Winner: Marie Marquez, CSR
    • Practice: VCA Veterinary Care Animal Hospital | Albuquerque, NM


    US Midwest

    Veterinarian of the Year

    • Winner: Jeffrey Baranack, DVM
    • Practice: West Side Animal Hospital | Alliance, OH


    Veterinary Professional of the Year

    • Winner: Ezzy Mercado, CSR
    • Practice: Buffalo Grove Animal Hospital | Buffalo Grove, IL


    US Northeast

    Veterinarian of the Year

    • Winner: Katherine Wheeler, DVM
    • Practice: Back Bay Veterinary Clinic | Boston, MA


    Veterinary Professional of the Year

    • Winner: Maddie LeMarquand, Veterinary Assistant
    • Practice: Heart + Paw – Glen Mills | Glen Mills, PA


    US South

    Veterinarian of the Year

    • Winner: Caitlin Townes, DVM
    • Practice: Paulding Animal Clinic | Dallas, GA


    Veterinary Professional of the Year

    • Winner: Marissa Love, Firefighter, EMT
    • Practice: Country Oaks Animal Hospital | New Port Richey, FL


    Canada

    Canada West

    Veterinarian of the Year

    • Winner: Jody McMurray, DVM, BSc (Ag)
    • Practice: Heartland Veterinary Clinic | Airdrie, AB


    Veterinary Professional of the Year

    • Winner: Leah Penner, RVT, Practice Manager
    • Practice: Pacific Cat Clinic | Victoria, BC


    Canada East

    Veterinarian of the Year

    • Winner: Deirdra Johnson, DVM
    • Practice: CBS Animal Hospital | Conception Bay South, NL


    Veterinary Professional of the Year

    • Winner: Julie Dorney, BSc, RVT, CCRP, CCFT
    • Practice: Gilmour Road Veterinary Services | Puslinch, ON

    “Few professions embody as much compassion, empathy, and dedication as veterinary medicine,” stated Dr. Steve Weinrauch, Chief Veterinary and Product Officer at Trupanion. “While Trupanion celebrates our community daily, the Veterinary Appreciation Day Awards offer a unique platform for fellow professionals and pet parents to express their gratitude. On behalf of Trupanion, I commend these twelve distinguished winners for their unwavering commitment and incredible achievements.”

    Pet lovers everywhere are encouraged to visit vetappreciationday.trupanion.com to learn more about the 2025 winners.

    About Trupanion

    Trupanion is the leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, and Australia with over 1,000,000 pets enrolled. For over two decades, Trupanion has given pet parents peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada or GPIC Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com

    Contacts:

    Corporate Communications
    Corporate.Communications@trupanion.com

    The MIL Network

  • MIL-OSI: Trupanion Announces Winners of the Veterinary Appreciation Day™ Awards

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, June 18, 2025 (GLOBE NEWSWIRE) — In honor of Veterinary Appreciation Day on June 18, Trupanion, the leading provider of medical insurance for cats and dogs in North America, held its annual awards event to celebrate and recognize the veterinary community for their profound impact on the lives of pets and their families.

    This year, the awards program saw an incredible outpouring of gratitude across North America, receiving more than 47,000 public votes.

    From the thousands of nominees, just 12 winners were chosen based on their significant influence on their veterinary teams, pet parents, and the communities they serve.

    “This year’s record-breaking voter turnout shows how increasingly important veterinary teams throughout the U.S. and Canada are to pet parents, peers, and their broader communities,” said Margi Tooth, President and CEO of Trupanion. “Each of these professionals works tirelessly to keep pets healthy, making picking just twelve honorees from the thousands of talented nominees a truly difficult job. Today, we’re proud to acknowledge and celebrate their achievements.”

    In 2015, Trupanion established June 18 as Veterinary Appreciation Day to celebrate the veterinary community. The annual awards have since become a platform to honor the extraordinary and often unsung efforts of these professionals.

    Here are the 2025 Veterinary Appreciation Day Award Winners.

    United States

    US West

    Veterinarian of the Year

    • Winner: Yafen Zhen, DVM
    • Practice: VCA San Martin Animal Hospital | San Martin, CA


    Veterinary Professional of the Year

    • Winner: Marie Marquez, CSR
    • Practice: VCA Veterinary Care Animal Hospital | Albuquerque, NM


    US Midwest

    Veterinarian of the Year

    • Winner: Jeffrey Baranack, DVM
    • Practice: West Side Animal Hospital | Alliance, OH


    Veterinary Professional of the Year

    • Winner: Ezzy Mercado, CSR
    • Practice: Buffalo Grove Animal Hospital | Buffalo Grove, IL


    US Northeast

    Veterinarian of the Year

    • Winner: Katherine Wheeler, DVM
    • Practice: Back Bay Veterinary Clinic | Boston, MA


    Veterinary Professional of the Year

    • Winner: Maddie LeMarquand, Veterinary Assistant
    • Practice: Heart + Paw – Glen Mills | Glen Mills, PA


    US South

    Veterinarian of the Year

    • Winner: Caitlin Townes, DVM
    • Practice: Paulding Animal Clinic | Dallas, GA


    Veterinary Professional of the Year

    • Winner: Marissa Love, Firefighter, EMT
    • Practice: Country Oaks Animal Hospital | New Port Richey, FL


    Canada

    Canada West

    Veterinarian of the Year

    • Winner: Jody McMurray, DVM, BSc (Ag)
    • Practice: Heartland Veterinary Clinic | Airdrie, AB


    Veterinary Professional of the Year

    • Winner: Leah Penner, RVT, Practice Manager
    • Practice: Pacific Cat Clinic | Victoria, BC


    Canada East

    Veterinarian of the Year

    • Winner: Deirdra Johnson, DVM
    • Practice: CBS Animal Hospital | Conception Bay South, NL


    Veterinary Professional of the Year

    • Winner: Julie Dorney, BSc, RVT, CCRP, CCFT
    • Practice: Gilmour Road Veterinary Services | Puslinch, ON

    “Few professions embody as much compassion, empathy, and dedication as veterinary medicine,” stated Dr. Steve Weinrauch, Chief Veterinary and Product Officer at Trupanion. “While Trupanion celebrates our community daily, the Veterinary Appreciation Day Awards offer a unique platform for fellow professionals and pet parents to express their gratitude. On behalf of Trupanion, I commend these twelve distinguished winners for their unwavering commitment and incredible achievements.”

    Pet lovers everywhere are encouraged to visit vetappreciationday.trupanion.com to learn more about the 2025 winners.

    About Trupanion

    Trupanion is the leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, and Australia with over 1,000,000 pets enrolled. For over two decades, Trupanion has given pet parents peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada or GPIC Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com

    Contacts:

    Corporate Communications
    Corporate.Communications@trupanion.com

    The MIL Network

  • MIL-OSI USA: Former Fort Hood soldiers sentenced to federal prison for alien smuggling as result of ICE El Paso investigation

    Source: US Immigration and Customs Enforcement

    ALPINE, Texas — A former U.S. Army soldier stationed at Fort Hood was sentenced in a federal court in Pecos, Texas, to 33 months in prison for aiding and abetting the transportation of illegal aliens for financial gain.

    U.S. Immigration and Customs Enforcement investigated the case with the assistance from the U.S. Border Patrol, and the Department of the Army Criminal Investigation Division, Central Texas Field Office.

    “The sentencing of these individuals underscores the serious consequences of engaging in human smuggling,” said Special Agent in Charge Jason T. Stevens of ICE Homeland Security Investigations El Paso. “Recruiting fellow soldiers to participate in illegal activities, culminating in a reckless high-speed chase with law enforcement, is a blatant betrayal of duty and public trust. HSI alongside our law enforcement partners, remain committed to dismantling smuggling networks and ensuring those responsible face justice.”

    According to court documents, Enrique Jauregui, 26, organized a smuggling event in 2024, recruiting fellow soldiers Angel Palma, 21, and Emilio Mendoza-Lopez, 22. Jauregui provided Palma and Mendoza-Lopez with the location information to pick up illegal aliens to smuggle, supported them with encouraging messages and instructions, and intended to pay the two co-conspirators after they dropped off the illegal aliens.

    On Nov. 27, 2024, Palma and Mendoza-Lopez drove from Fort Hood (known at the time as Fort Cavazos) to Presidio, Texas, to pick up three illegal aliens before leading Border Patrol agents on a high-speed chase. At one point, the defendants hit a marked Border Patrol vehicle with an agent inside, causing injuries. Palma and Mendoza-Lopez, along with the three illegal aliens, fled the vehicle on foot. All were apprehended except for Palma, who was located at a hotel in Odessa, Texas, and eventually arrested.

    All three co-defendants pleaded guilty in early 2025. Palma and Mendoza-Lopez were each sentenced in May to 24 months in federal prison. In addition to their imprisonment, Palma, Mendoza-Lopez, and Jauregui were also sentenced to three years of supervised release. Jauregui was also ordered to pay a $10,000 fine. U.S. District Judge David Counts presided over the hearings.

    “These three individuals turned their backs on their values in a way that put our nation at risk, and put at risk the lives of others, including the lives of law enforcement officers,” said U.S. Attorney Justin Simmons for the Western District of Texas. “Everyone in this district, regardless of whether you wear the uniform or not, should take note: if you seek to enrich yourself by moving illegal aliens into or through this country, you will face the consequences of federal prosecution and will likely find yourself in federal prison.”

    “This sentencing demonstrates the strong partnership between Army CID, Homeland Security Investigations, and the U.S. Border Patrol,” said Special Agent in Charge Lane Allen of the Department of the Army Criminal Investigation Division’s Central Texas Field Office. “Maintaining the readiness and integrity of our fighting force remains our top priority.”

    Assistant U.S. Attorney Kevin Cayton prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL OSI USA News

  • MIL-OSI USA: Warner, Kaine, Scott Urge EPA to Reinstate Funding for Cancelled Community Resilience Grants

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner, Tim Kaine (both D-VA), and Rep. Bobby Scott (D-VA-03) sent a letter to Environmental Protection Agency (EPA) Administrator Lee Zeldin urging the agency to reverse its decision to terminate two major Community Change Grants in Virginia. The cancelled grants – approximately $40 million – would have supported dozens of community projects aimed at strengthening flood resilience, reducing pollution, and improving energy efficiency in Hampton and across Southwest Virginia.

    The grants, funded by the Inflation Reduction Act (IRA), were intended to support projects that increase resilience to major weather events, reduce pollution, and build community capacity.

    The City of Hampton received $20 million in federal funding to address severe flood risk in the Aberdeen Gardens neighborhood. That funding would have advanced 51 projects ranging from stormwater infrastructure upgrades and rain garden construction to stream restoration efforts and improved public health protections for an area where over 22 percent of properties fall within FEMA-designated flood zones.

    United Way of Southwest Virginia and the University of Virginia’s College at Wise also received nearly $20 million in federal funding to support flood resilient housing, the construction of a community center and flood shelter in Dickenson County, and energy efficiency upgrades at childcare centers in eight counties in Southwest Virginia. These investments would have delivered long-term savings, improved disaster readiness, and supported vulnerable Appalachian communities hit hard by extreme weather in recent years.

    In the letter, the lawmakers wrote, “We are deeply concerned that the EPA no longer considers community resiliency, environmental conservation, and economic development to be administration funding priorities.”

    They continued, “EPA’s decision to terminate these grants will leave communities in Virginia less resilient, less prosperous, and more vulnerable to extreme weather-related disasters. We urge you to reinstate this critical funding for communities throughout Virginia.”

    Warner, Kaine, and Scott have long advocated for resiliency efforts in Virginia, championing legislation and funding to help communities strengthen infrastructure against extreme weather. The senators were strong supporters of the Inflation Reduction Act, which authorized the Community Change Grants program to help historically neglected and underserved communities address flooding, pollution, and climate vulnerabilities.

    The lawmakers have also continuously stood up against the Trump administration’s efforts to cancel necessary federal funding for Virginia’s communities. Most recently, Warner, Kaine, and Scott wrote to Department of Homeland Security Secretary Kristi Noem to reversethe cancellation of critical infrastructure funding for the Commonwealth. 

    Text of the letter is available here and below.

    Dear Administrator Zeldin:

    We write regarding the Environmental Protection Agency’s (EPA) decision to terminate approximately $40 million in funding intended to prevent localized pollution and mitigate the effects of flooding in Hampton, Virginia, and to support economic development, enhance resilient infrastructure, and lower energy costs across seven counties in Southwest Virginia. We strongly urge you to reverse this decision that will impact efforts to improve resiliency, environmental conservation, energy efficiency, and economic outcomes in communities across the Commonwealth.

    The Inflation Reduction Act (IRA) provided approximately $2 billion to EPA to establish the Community Change Grants Program. Congress intended this funding to be used to support projects that increase community resilience, reduce pollution, and build community capacity. In 2024, EPA selected 105 projects, including two projects in Virginia.

    The City of Hampton, Virginia, was awarded just over $20 million to address significant flood risk in the historic Aberdeen Gardens neighborhood. In a locality where 22 percent of properties are in Federal Emergency Management Agency (FEMA)-designated Special Flood Hazard Areas, the city and their nonprofit partner, Wetlands Watch, planned to leverage federal funding to advance 51 projects to update stormwater infrastructure, initiate stream-restoration projects, and construct community rain gardens. These projects were intended to mitigate flood risk, lessen the financial burden of flooding on the neighborhood’s residents, and improve environmental and public health outcomes.

    The United Way of Southwest Virginia and the University of Virginia were awarded nearly $20 million to fund eight projects across the Virginia coalfields. Funding would have supported the construction of flood-resilient housing infrastructure in Buchanan County and a new community center and flood shelter in Dickenson County, two communities that have been devastated by flooding and extreme weather in recent years. Additionally, the grant would support energy efficiency upgrades at childcare facilities in eight counties, enabling thousands of dollars of energy cost savings to go towards childcare worker salaries.

    In terminating these grants, EPA wrote to awardees that, “the objectives of the award are no longer consistent with EPA funding priorities.” We are deeply concerned that the EPA no longer considers community resiliency, environmental conservation, and economic development to be administration funding priorities. EPA’s decision to terminate these grants will leave communities in Virginia less resilient, less prosperous, and more vulnerable to extreme weather-related disasters. We urge you to reinstate this critical funding for communities throughout Virginia. 

    Thank you for your attention to this letter. We look forward to your response.

    MIL OSI USA News

  • MIL-OSI Africa: Gabonese President Brice Oligui Nguema and African Development Bank’s (AfDB) Akinwumi Adesina Inaugurate Water Pumping Station for Greater Libreville

    • “Ten years without clean water: erased! Ten years without hope: forgotten! Ten years of suffering: over!”—Adesina to residents of Libreville’s outlying neighborhoods.
    • Adesina Receives Gabon’s Highest Civilian Honor

    Gabonese President Brice Oligui Nguema and African Development Bank Group President Dr. Akinwumi Adesina (www.AfDB.org) on Monday jointly inaugurated a new drinking water pumping station, marking the end of a decade-long water crisis in PK5, a densely populated district of Libreville.

    The new PK5 pumping station, with a daily capacity of 57,600 cubic meters, is designed to deliver clean water to 128,000 residents across seven northern districts of the capital.

    “These past few weeks, we’ve finally felt like citizens of real capital. Water is flowing from our taps at last,” said Sandrine Onanga, a 33-year-old mother living in PK5. “It has been eight years since we last saw a drop of water. We had even forgotten what a tap looked like,” added Astrid Momboukou, who joined the crowd to witness the inauguration of the facility.

    For years, taps had run dry in parts of Libreville. “That’s all behind us now. No more lugging water jugs for kilometers. No more waiting late into the night for police tankers to deliver water every two or three days,” said Sandrine, smiling under the light rain that fell over Libreville that Monday.

    The new station was inaugurated in the presence of senior government officials, members of the diplomatic corps, development partners, and an enthusiastic local population. It forms part of the Integrated Drinking Water Supply and Sanitation Program for Libreville (PAIEPAL). The program, with a total investment of €117.4 million, is financed through a €75.4 million loan from the African Development Bank and a €42 million loan from the Africa Growing Together Fund (AGTF), backed by the People’s Bank of China and administered by the Bank.

    The program aims to improve access to potable water and sanitation services in Libreville, strengthen sector governance, and build capacity for long-term transformation.

    The initiative ensures that more than 300,000 people—approximately 31% of Libreville’s 967,095 residents—now have sustainable and permanent access to clean water. The beneficiary communes include Libreville, Akanda, Owendo, and Ntoum.

    Adesina emphasized the life-changing impact of the new pumping station: “Ten years without drinking water: erased! Ten years without hope: forgotten! Ten years of suffering: ended!”

    The Bank, a reliable and strategic partner for Gabon

    Adesina also highlighted the Bank’s unwavering development support for Gabon during his ten-year tenure. “From 1974 to 2014, the Bank approved $1 billion in financing for Gabon. Since my election in 2015, we have committed an additional $1.5 billion—1.5 times the previous 40-year total,” he said.

    According to Philippe Tonangoye, Gabon’s Minister for Universal Access to Water and Energy, the project has significantly improved water infrastructure. It involved renewing 150 kilometers of pipelines, upgrading and extending another 150 kilometers of distribution networks, building and rehabilitating multiple water towers, and installing around 60 public standpipes across Libreville and surrounding areas.

    “The African Development Bank spared no effort to make this program a reality,” said Minister Tonangoye. “Some of these installations had not seen a single drop of water in ten years. My gratitude goes to the Bank for its commitment to Gabon.”

    President Adesina receives top Gabonese honor

    Ahead of the inauguration, Gabonese President Oligui Nguema conferred on Adesina the insignia of Grand Officer of the Order of the Gabonese Merit, one of Gabon’s highest civilian honors, in a ceremony witnessed by his wife, Grace Adesina.

    Recognized for his visionary leadership, Akinwumi Adesina—dubbed “Africa’s Chief Optimist”—will complete his second and final ten-year term as President of the African Development Bank Group on 31 August. Since 2015, he has led transformative projects across Africa under the Bank’s five strategic priorities, the “High 5s” (https://apo-opa.co/4n9ysad).

    Through these priorities, 565 million people have seen their lives transformed. In the water sector alone, 63 million people gained access to clean water and 34 million to sanitation services.

    Flagship projects in Gabon

    For decades, the Bank has supported Gabon’s socioeconomic development by helping diversify strategic sectors. It is now Gabon’s leading infrastructure partner.

    Among flagship projects, the Bank financed the New Owendo International Port. With a capacity of four million tonnes per year, this multi-purpose port (minerals, timber, containers) has reduced handling costs by 30% and become a critical link in Gabon’s logistics chain. In this context, the Gabonese President took Dr. Adesina on a tour of the La Baie des Rois Special Investment Zone, located 18 km from the port. The maritime façade of the Gabonese capital aims to be modern to attract international real estate investors to revitalize the country’s economy and create wealth for the population.

    The Bank is also helping Gabon develop the Kinguélé Aval hydroelectric power station—the country’s first energy PPP—which will add 40 megawatts of reliable, affordable, and clean energy. It is also financing the Ndende-Doussala road, a key segment of the Libreville-Brazzaville corridor that will connect Gabon and Congo and boost regional integration.

    With an active portfolio of $61.26 million, the African Development Bank Group’s strategy in Gabon focuses on two priority areas: supporting the development of sustainable infrastructure to drive industrialization, and strengthening economic governance and the business climate to promote social inclusion.

    Following the inauguration, President Oligui Nguema and Akinwumi Adesina visited two families in separate districts that were once severely impacted by water shortages. They also toured the National School for Hearing-Impaired Children, which serves hundreds of students. Since gaining access to clean drinking water, the school has seen a significant improvement in hygiene conditions.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact: 
    Romaric Ollo Hien
    Communication and External Relations Department
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

    For more information: www.AfDB.org

    MIL OSI Africa

  • MIL-OSI Russia: Vice Premier of the State Council of China calls for promoting high-quality development of foreign trade

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    QINGDAO, June 18 (Xinhua) — Chinese Vice Premier He Lifeng has called for stepping up efforts to stabilize foreign trade, strengthening support and improving services for foreign trade enterprises, and giving full play to their competitive advantages to ensure high-quality development of China’s foreign trade.

    He Lifeng, also a member of the Political Bureau of the CPC Central Committee, made the remarks during an inspection tour of east China’s Shandong Province from Tuesday to Wednesday.

    The Vice Premier pointed out that amid the complicated international environment this year, Chinese industrial exporters have overcome serious challenges and demonstrated outstanding resilience. By offering high-quality products at competitive prices, they not only support domestic economic development, but also further strengthen the stability of the world economy, he said.

    Exporters should give full play to their advantages by focusing on key areas, He Lifeng said, calling on them to take root in international markets and continuously upgrade products, technologies and business models.

    The Vice Premier of the State Council also called on industrial exporters to organically combine the expansion of foreign trade with the satisfaction of domestic demand.

    He Lifeng called on local authorities to promptly resolve practical issues of concern to foreign trade enterprises, strengthen their support and improve services to promote high-quality development of foreign trade. –0–

    MIL OSI Russia News

  • MIL-OSI USA: Ahead of Juneteenth, Momentum Grows for H.R. 40, Pressley’s Historic Reparations Legislation

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Bill Would Form Commission to Develop Reparations Proposals for African American Descendants of Enslaved People

    Legislation Now Has Support of Over 100 National and Grassroots Organizations

    H.R. 40 Press Conference | H.R. 40 Bill Text | H.R. 40 Briefing Photos | H.R. 40 Briefing One-Pager

    WASHINGTON – Today, ahead of the Juneteenth holiday and a national celebration of Black joy and emancipation, Congresswoman Ayanna Pressley (MA-07) affirmed the strength of the reparations movement and announced growing support for H.R.40, legislation that she is championing to address the harmful legacy of slavery and establish a federal commission to develop reparations proposals for African American descendants of enslaved people. The legislation now has the support of more than 100 national and grassroots organizations and 85 members of Congress.

    In February, during Black History Month, Rep. Pressley and Senator Cory Booker reintroduced H.R. 40, serving as a powerful counterweight to the unprecedented onslaught against diversity, equity, and inclusion (DEI) initiatives from the Trump Administration and a call to action to address the systemic oppression of Black people. Last week, Rep. Pressley hosted a briefing on H.R. 40 to provide congressional staffers and their offices an expanded look into the bill, its 36-year legislative journey – led by Congressman John Conyers and Congresswoman Sheila Jackson Lee – and its vital role in the reparative justice movement.

    “The state of our reparations movement is strong and in this moment of heightened anti-Blackness in America, we are more resolved than ever,” said Congresswoman Pressley, lead House sponsor of H.R. 40. “H.R. 40 is racial justice, economic justice, and a moral imperative, and it is deeply necessary to confront America’s damning history of systemic racism head-on. I’m proud of the growing, broad, and intersectional support behind our bill and I am grateful to our grassroots organizations for their partnership in pushing to get this critical legislation over the finish line.”

    Support for reparations has grown nationwide, with state and local officials taking action, including in Massachusetts, Illinois, Tennessee, North Carolina and Oklahoma. H.R. 40 now has endorsements from over 100 national and grassroots organizations.

    “We are delighted that Congresswoman Ayanna Pressley has picked up the torch from Cong. Sheila Jackson Lee and Cong. John Conyers, Jr. to continue the historic push to achieve long overdue reparations for African Americans.” – National African American Reparations Commission

    “At this pivotal moment in the United States’ existence and identity, we proudly stand with Rep. Ayanna Pressley in the reintroduction of H.R. 40, which if enacted will provide concrete ways to implement reparations,” said Dreisen Heath, Why We Can’t Wait Reparations Coalition. “Providing reparations is a routine practice by the federal government from providing remedy in perpetuity to Holocaust survivors to providing free healthcare to 9/11 victims and veterans exposed to toxic waste waters. By embracing what H.R. 40 legislation will produce, we are not only educating the public on the truth but also energizing a strong movement towards reflection and accountability. While states and cities advance their own reparative efforts, the federal government can no longer neglect and obscure its responsibility to do right by Black Americans, and by extension the rest of the country.

    “The National Urban League, for over a century, has witnessed firsthand the devastating impact of systemic racism on countless lives. We have championed social and economic justice for Black Americans, striving to overcome the enduring legacy of slavery. For too long, we have avoided a full and honest reckoning with this history. A federal commission to study the vestiges of slavery, from the harrowing experiences of enslaved people to the ongoing struggles of their descendants, is not just overdue, it is essential. This examination is not about dwelling on the past but about better understanding the present. By understanding how the lingering effects of slavery continue to shape our society and policies, we can finally create a level playing field and unlock the full potential of our nation,” said the National Urban League. “The National Urban League fully supports H.R. 40, a bill establishing a commission to study and develop reparations proposals for Black Americans, as it represents a crucial step towards reconciliation and redress. We urge Congress to swiftly pass this vital legislation. The time for inaction is over. The time for justice is now.”

    “Eradicating poverty requires understanding its root causes and the economic injustices that plague Black communities today can be directly traced to the legacy of slavery and Jim Crow laws,” said Margaret Huang, President and CEO of the Southern Poverty Law Center. “This commission would be an important step toward grappling with how our country failed to support so many Americans after slavery and segregation ended. We need to take an honest look at the ugly history of racial discrimination that has denied so many Black and Brown families, particularly in the Deep South, economic opportunities to sustain their families.”

    “This legislation is not symbolic, it’s structural,” said Ebonie Riley, Senior Vice President of Policy & Strategic Partnerships at the National Action Network. “In a moment where the very language of equity is under assault, this bill confronts the unfinished business of this nation: the deliberate extraction of wealth, labor, and life from Black Americans. Under the leadership of Rev. Al Sharpton, NAN has consistently called for federal action that reflects the scale of harm inflicted. Reparations are a matter of economic policy, legal obligation, and historical accountability.”

    “The NAACP has supported the creation and passage of HR. 40/S.40 from its introduction by Congressman John Conyers (MI) through its reintroduction by Congresswoman Sheila Jackson Lee (TX) and Senator Cory Booker (NJ) continue to support the passage of this crucial legislation in the 119th Congress,” – NAACP

    “The United Methodist Book of Resolutions and the General Board of Church and Society strongly support HR 40 being reintroduced at a time when truth is under attack,” – United Methodist Church General Board of Church and Society

    “Black people have been the backbone to the growth and wealth of this nation and of the global economy, and justly, should be recipients of its fruits. Black people can’t achieve equity without the United States acknowledging the historical past and materially addressing past and present harms. Reparatory justice is a must,” –Network Lobby for Catholic Social Justice

    “The Council on American-Islamic Relations strongly supports the reintroduction of H.R. 40, recognizing it as a vital measure to confront America’s legacy of slavery and systemic racism head-on. We stand in solidarity with Congresswoman Pressley, Senator Booker, and their colleagues in calling for truth, accountability, and meaningful reparative actions that honor and protect the dignity of Black American communities,” – Council on American-Islamic Relations (CAIR)

    “As a church, we understand that the truth shall set us free. We have committed to and embarked on undertaking the work of truth-telling and reconciliation ourselves. H.R. 40/S. 40 would offer the opportunity for our country to begin a process to understand our own history and would present a path forward for repairing historical harms done to African Americans,” – The Episcopal Church

    “It has been nearly 40 years since Japanese Americans received redress for being incarcerated unjustly during WWII. Many of us in the Japanese American community recognize that our own experience of institutionalized racism at the hands of our government is part of a pattern that began with chattel slavery since our country’s inception as a British colony. Although slavery ended formally with the Civil War, its legacy persisted through Jim Crow policies well into the 20th century. Mere words of regret and apology for our history of slavery and Jim Crow do nothing to repay the unfulfilled promise of 40 acres and a mule.” – Japanese American Citizens League

    “We’re making historic progress advancing reparative justice in local communities nationwide.  We stand together in support of HR40, the most promising and just opportunity to repair the harm of the institution of slavery and its uninterrupted legacies to date. The outcomes of the HR40 Commission can result in a comprehensive and tangible portfolio of remedies that transform this nation,” – First Repair

    The full list of endorsing organizations include: AjabuSpeaks, All Souls Movement, Alliance of Baptists, American Humanist Association, Amnesty International USA, Bend the Arc: Jewish Action, Black Music Action Coalition, Black Veterans Project, Blackroots Alliance, BLIS Collective, California Black Power Network, Center for LGBTQ Economic Advancement & Research (CLEAR), Colombia Acuerdo de Paz NGO, Council on American-Islamic Relations (CAIR), DC Justice Lab, DC Reparations Coalition, Democrats Abroad Reparations Task Force, Disciples Center for Public Witness (Disciples of Christ), Empowerment Temple, Reparation Education Project, Episcopal City Mission, FirstRepair, Freedom Road Consulting, LLC, Friends Committee on National Legislation, Get Free, Human Rights Watch, Humanity2020 Group LLC, Institute for Justice & Democracy in Haiti, Japanese American Citizens League, Johnson & Klein Law, Justice for the 110, KC Reparations Coalition, Loc Community Association, Loyola Law School, Los Angeles Anti Racism Center (LARC), Make It Plain, Marijuana Justice, Maryknoll Office for Global Concerns, Media 2070, Missionary Oblates of Mary Immaculate, Movement for Black Lives, NAACP, National Action Network Education Team, National African American Reparations Commission , National Black Justice Collective, National Council of Churches, National Council of Jewish Women, National LGBTQ+ Bar Association, National Urban League, NETWORK Lobby for Catholic Social Justice, New Yorkers 4 Reparations, Northampton Reparations Study Commission, Not In Our Town, Princeton, NP/NCRR – Nikkei Progressives & Nikkei for Civil Rights & Redress, Pax Christi Metro DC-Baltimore, Pax Christi USA, RebuildingTheCommun7ty, Reparation Generation, Reparations Finance Lab, Reparations Interfaith Coalition of Massachusetts, Reparations United, Reparations4Slavery, San Francisco Bay Area Black & Jewish Unity Coalition, Sanctuary of Hope, SCOPE LA, Showing Up for Racial Justice, Sisters of Mercy of the Americas Justice Team, South Bend Reparations Working Group (SBRWG), State of Loc Nation Global Public Benefit Corp, Terence Crutcher Foundation, The Episcopal Church, The Southern Poverty Law Center, The United Methodist Church General Board of Church and Society, Tsuru for Solidarity, Tulsa African Ancestral Society, Union for Reform Judaism, Unitarian Universalists for Social Justice, United By Equity, United Church of Christ, USTRHT, Virago Strategies, Why We Can’t Wait Reparations Coalition, Women’s International League for Peace and Freedom, Young LLC.

    Co-sponsors of H.R. 40 include: Rep. Adams, Alma S. [D-NC-12], Rep. Balint, Becca [D-VT-At Large], Rep. Barragán, Nanette Diaz [D-CA-44], Rep. Beatty, Joyce [D-OH-3], Rep. Bera, Ami [D-CA-06], Rep. Beyer, Donald S. [D-VA-8], Rep. Bishop, Sanford D. [D-GA-2], Rep. Bonamici, Suzanne [D-OR-1], Rep. Brown, Shontel M. [D-OH-11], Rep. Brownley, Julia [D-CA-26], Rep. Carson, André [D-IN-7], Rep. Carter, Troy A. [D-LA-2], Rep. Casar, Greg [D-TX-35], Rep. Case, Ed [D-HI-1], Rep. Casten, Sean [D-IL-6], Rep. Cherfilus-McCormick, Sheila [D-FL-20], Rep. Chu, Judy [D-CA-28], Rep. Clarke, Yvette D. [D-NY-9], Rep. Cleaver, Emanuel [D-MO-5], Rep. Clyburn, James E. [D-SC-6], Rep. Cohen, Steve [D-TN-9], Rep. Connolly, Gerald E. [D-VA-11], Rep. Alexandria Ocasio-Cortez [D-NY-14], Rep. Jasmine Crockett [D-TX-30], Rep. Davis, Danny K. [D-IL-7], Rep. Dean, Madeleine [D-PA-4], Rep. Doggett, Lloyd [D-TX-37], Rep. Espaillat, Adriano [D-NY-13], Rep. Evans, Dwight [D-PA-3], Rep. Fletcher, Lizzie [D-TX-7], Rep. Foushee, Valerie P. [D-NC-4], Rep. Frost, Maxwell [D-FL-10], Rep. Garcia, Robert [D-CA-42], Rep. Garcia, Sylvia R. [D-TX-29], Rep. Green, Al [D-TX-9], Rep. Hayes, Jahana [D-CT-5], Rep. Himes, James A. [D-CT-4], Rep. Horsford, Steven [D-NV-4], Rep. Jackson, Jonathan L. [D-IL-1], Rep. Jacobs, Sara [D-CA-51], Rep. Jayapal, Pramila [D-WA-7], Rep. Johnson, Henry C. “Hank” [D-GA-4], Rep. Kamlager-Dove, Sydney [D-CA-37], Rep. Kelly, Robin L. [D-IL-2], Rep. Khanna, Ro [D-CA-17], Rep. Landsman, Greg [D-OH-1], Rep. Lee, Summer L. [D-PA-12], Rep. Lieu, Ted [D-CA-36], Rep. McClellan, Jennifer L. [D-VA-4], Rep. McGovern, Jim [D-MA-02], Rep. McIver, LaMonica [D-NJ-10], Rep. Meeks, Gregory W. [D-NY-5], Rep. Meng, Grace [D-NY-6], Rep. Mfume, Kweisi [D-MD-7], Rep. Moore, Gwen [D-WI-4], Rep. Nadler, Jerrold [D-NY-12], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Omar, Ilhan [D-MN-5], Rep. Panetta, Jimmy [D-CA-19], Rep. Pingree, Chellie [D-ME-1], Rep. Pocan, Mark [D-WI-2], Rep. Quigley, Mike [D-IL-5], Rep. Ramirez, Delia C. [D-IL-3], Rep. Sánchez, Linda T. [D-CA-38], Rep. Scanlon, Mary Gay [D-PA-5], Rep. Schakowsky, Janice D. [D-IL-9], Rep. David Scott [D-GA-13], Rep. Simon, Lateefah [D-CA-12], Rep. Smith, Adam [D-WA-9], Rep. Stansbury, Melanie A. [D-NM-1], Rep. Stevens, Haley M. [D-MI-11], Rep. Strickland, Marilyn [D-WA-10], Rep. Swalwell, Eric [D-CA-14], Rep. Takano, Mark [D-CA-39], Rep. Thanedar, Shri [D-MI-13], Rep. Thompson, Bennie G. [D-MS-2], Rep. Titus, Dina [D-NV-1], Rep. Tlaib, Rashida [D-MI-12], Rep. Tokuda, Jill N. [D-HI-2], Rep. Torres, Ritchie [D-NY-15], Rep. Trahan, Lori [D-MA-3], Rep. Velázquez, Nydia M. [D-NY-7], Rep. Watson Coleman, Bonnie [D-NJ-12], Rep. Williams, Nikema [D-GA-5], Rep. Wilson, Frederica S. [D-FL-24]

    The full text of the bill is available here.

    Throughout her time in Congress, Rep. Pressley has championed policies to address the harmful legacy of slavery and support the true liberation of Black America, including Baby Bonds, a People’s Justice Guarantee, student debt cancellation, addressing the Black maternal morbidity crisis, supporting Black-owned microbusinesses, promoting anti-racist public health policy, and more.

    In April 2025, Rep. Pressley met with Northeastern University’s Center for Law, Equity, and Race to discuss efforts and further action in a shared push for reparative justice.

    Congresswoman Pressley is the lead sponsor of the People’s Justice Guarantee (PJG) – her comprehensive, decarceration-focused resolution that outlines a framework for a fair, equitable and just legal system. 

    Last year, Rep. Pressley and House Oversight Ranking Member Jamies Raskin introduced the Federal Government Equity Improvement Act and the Equity in Agency Planning Act to codify racial equity across federal agencies and improve government services for underserved communities.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Bank of Labor: 100 Years of Banking with Purpose

    Source: US International Brotherhood of Boilermakers

    In a world where people ask, ‘Who is standing with Labor?’—we are.

    Bill Miller, Chairman and CEO, Bank of Labor

    Bank of Labor, which is celebrating its 100th year of service, is a unique financial institution in the American banking landscape—founded on principles of solidarity, fairness, and service to working people. Established in 1924 as Brotherhood State Bank, it was initially chartered by the International Brotherhood of Boilermakers to provide union members and labor organizations with reliable, trusted banking services versus the mainstream financial institutions that often excluded or exploited working-class people. Bank of Labor represented a business model of economic independence, self-determination and shared values.

    “In those days, banks didn’t want to do business with American workers,” said Chairman and CEO of Bank of Labor Bill Miller. “Their needs and financial resources weren’t considered substantial enough to meet banks’ profitability threshold. Bank of Labor’s message, working hard for hardworking people, reinforces banking solutions to help workers.”

    Today, Bank of Labor is headquartered in Overland Park, Kansas, and remains deeply rooted in its mission. It offers a full range of financial services to individuals, labor unions, pension funds and related institutions across the country.

    “We couldn’t exist without labor,” Miller said. “And we’re here to make labor stronger.”

    Unlike profit-driven banks that may invest in companies or causes that are contrary to workers’ interests, Bank of Labor emphasizes transparency, ethical practices and a strong social conscience.

    “We don’t invest in things that undermine labor rights,” Miller said. “We partner with businesses and organizations that demonstrate a commitment to labor and our community.”

    In 2012, the bank built a platform that would expand their mission of serving the labor movement across the nation, rebranding itself from Brotherhood Bank and Trust to Bank of Labor. This transition marked a significant step in its evolution from a regional bank into an institution with a national footprint, poised to amplify labor’s voice in the financial world.

    “For the last 100 years, we’ve found a way not only to remain relevant but to compete with any bank in the United States,” Miller said. “Last year we achieved a billion-dollar threshold in assets. We believe that important milestone is now in our rearview mirror.”

    The bank also plays a crucial role in labor-focused financial services, offering specific programs for union treasurers, such as electronic dues collection and tools to help manage pension and benefit funds. It has earned the trust of major labor organizations such as the AFL-CIO, IAM, UFCW, LIUNA and IBEW, to name a few.

    Yet perhaps what sets Bank of Labor most apart is its people-first culture and value-driven approach.

    “We really work hard to bring a personal approach to everything we do,” Bank of Labor President Bob McCall said. “When someone calls, our employees take a personal interest in fulfilling the reason for the phone call. We’re not saying you can operate without tech—but you can’t provide a high level of consistent good service without interested and capable people. We tend to take things personally, but in a good way.”

    International Brotherhood of Boilermakers’ International President Tim Simmons said, “Banking with the bank we formed 100 years ago to support labor is more than a financial decision, it’s a show of solidarity and financial acuity. While the first 100 years have been successful, I’m more excited about Bank of Labor’s readiness to support and strengthen labor for the next 100 years.”

    Bank of Labor exists because of the Boilermakers, and it remains majority-owned by the union today.

    “Labor unions are focused on helping their membership,” Miller says. “We’re here to be a financial partner by providing financial tools that keeps labor’s capital working for labor.”

    After a century of service, Bank of Labor continues to prosper as a labor-owned, union-loyal institution, driven not by Wall Street profits, but by the economic well-being of the people who build America. Bank of Labor further reinforced their union support by partnering with the United Mine Workers of America to organize their employees, so they’d enjoy the benefits of union representation.

    In a banking industry dominated by corporate giants, Bank of Labor remains a powerful example of what solidarity and vision can achieve.

     “In a world where people ask, ‘Who is standing with labor?’—we are!” Miller said.

    MIL OSI USA News

  • MIL-OSI: Canadian Life Companies Split Corp. Overnight Offering Announced

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 18, 2025 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) is pleased to announce it will undertake an offering of Preferred Shares (TSX: LFE.PR.B) and Class A Shares (TSX: LFE) of the Company. The offering will be led by National Bank Financial Inc.

    The sales period of this overnight offering will end at 9:00 a.m. EST on June 19, 2025. The offering is expected to close on or about June 26, 2025 and is subject to certain closing conditions including approval by the TSX.

    The Preferred Shares will be offered at a price of $10.55 per Preferred Share to yield 6.64% and the Class A Shares will be offered at a price of $6.35 per Class A Share to yield 18.90%.

    The closing price on the TSX of each of the Preferred Shares and Class A Shares on June 17, 2025 was $10.71 and $6.39, respectively.

    Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $12.44 per share and the aggregate dividends declared on the Class A Shares have been $9.15 per share, for a combined total of $21.59 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

    The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio primarily consisting of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.

    The Company’s investment objectives are:

    Preferred Shares:

    1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 7.00% OR Prime Rate plus 2% (max of 9%) annually based on the $10.00 original issue price, and;
    2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of the Preferred Shares the original $10 issue price of those shares.

    Class A Shares:

    1. to provide holders of the Class A Shares with regular monthly cash dividends as the directors of the Company may from time to time determine; and
    2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of Class A Shares such amounts as remain after paying the holders of the Preferred shares the amounts owing to them.


    A prospectus supplement to the Company’s short form base shelf prospectus dated May 1, 2024, containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the Securities Commissions or similar authorities in each of the provinces of Canada.

    Investor Relations: 1-877-478-2372
    Local: 416-304-4443
    www.lifesplit.com
    info@quadravest.com  

    The MIL Network

  • MIL-OSI USA: Hoyle, Schatz, Smith Introduce New Legislation to Reduce Economic Inequality and Make Wall Street Pay Its Fair Share

    Source: US Representative Val Hoyle (OR-04)

    June 18, 2025

    The Wall Street Tax Act aims to disincentivize dangerous, risky investments that threaten the stability of the U.S. economy

    For Immediate Release: June 18, 2025 

    EUGENE, OR – Today, U.S. Representative Val Hoyle (OR-04), U.S. Senator Brian Schatz (D-Hawaii), and Rep. Adam Smith (WA-09) introducedThe Wall Street Tax Act (H.R. 4035), which would deliver hundreds of billions of dollars back to the American people by making Wall Street pay its fair share. The bill would create a progressive tax aimed at reducing the risky trading practices that threaten our economic stability while generating revenues that can be reinvested towards services for working people. Once fully implemented, the bill is projected to raise $750 billion over 10 years. 

    “While Republicans push another tax break for billionaires that would blow up the deficit, we’re offering a smarter path. The Wall Street Tax Act puts a price on the risky, high-speed trading that benefits Wall Street and leaves working families behind,” said Rep. Hoyle. “This small, targeted tax will raise hundreds of billions from those who can afford it and reinvest it in things that actually help people—like schools, housing, and infrastructure. Working families shouldn’t have to pay for Wall Street’s gambling.”

    “Wall Street routinely cashes in on high-risk trades that add no real value to our economy. It’s long past time we curbed this dangerous trading to reduce market volatility and encourage investment that actually helps our economy grow,” said Senator Schatz. “Republicans are racing to enrich billionaires and corporations by ripping regular people off. We’re doing the opposite: raising new revenue from Wall Street to reinvest in our communities.”

    “It’s past time for the wealthiest to pay their fair share, which is why I’m proud to support the Wall Street Tax Act, which targets high-risk trades that create high volatility and instability in the markets,” said Rep. Smith. “I’ll continue to fight for a fairer economy that works for everyone and reflects the values of the communities I serve.”

    “Instead of the proposed heartless cuts to services that help vulnerable communities and everyday people—like Medicaid and nutrition assistance—that Congress is currently debating, there is another route that lawmakers can and must pursue: raising taxes on corporations and the super-rich—including Wall Street high rollers,” said Susan Harley, managing director of Public Citizen’s Congress Watch division. “The Wall Street Tax Act would generate hundreds of billions of dollars that could be used to expand programs that improve the lives of Americans and it has the simultaneous benefit of reducing harmful high-speed trading that hurts investors and increases risk in our markets.”

    This bill is cosponsored by U.S. Representatives Frost (D-FL), Jayapal (D-CA), McGovern (D-MA), Pingree (D-MN), Schakowsky (D-IL), Tlaib (D-MI), Watson Coleman (D-NJ) and by U.S. Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), John Fetterman (D-Pa.), and Jeff Merkley (D-Ore.).

    The Wall Street Tax Act is currently endorsed by 32 organizations, including:Affordable Homeownership Foundation, AFL-CIO, American Family Voices, American Federation of Teachers, Americans for Financial Reform, Americans for Tax Fairness (ATF), Blue Future, Chicago Political Economy Group, Child Labor Coalition, Citizens for Tax Justice, Coalition on Human Needs, Communications Workers of America (CWA), Consumer Action, Food & Water Watch, Greenpeace USA. Groundwork Collaborative, Institute for Policy Studies, Global Economy Project, Institute on Taxation and Economic Policy Medical Mission Sisters(Unit North America), National Consumers League, NETWORK Lobby for Catholic Social Justice, Our Revolution, Oxfam America, Public Citizen, Public Justice Center, Responsible Wealth, RootsAction, Take on Wall Street, Unitarian Universalists for Social Justice, United for a Fair Economy, United Church of Christ, and United Steelworkers International Union (USW).

    The Bill

    The Wall Street Tax Act will levy a 0.1% tax – phased in over five years–on the sale of stocks, bonds, and derivatives to discourage risky and unproductive trading practices and gives those profits back to the people. The tax would apply to the fair market value of assets. Initial public offerings (IPOs) and short-term debt would be exempted from the tax. 

    Background

    High frequency trading (HFT) is a type of asset trading that uses supercomputers and specialized algorithms to make large, high-volume trades in a fraction of a second. HFT allows corporations and the ultra-wealthy to benefit from minor fluctuations in stock prices by allowing them to buy and sell in large volumes to make larger profits off of small differences. These practices create undue market volatility, which overwhelmingly hurts everyday investors who are unable to trade as quickly.

    In addition, these speculative, high-volume trading practices add little to no real value to the U.S. economy because the gains from them are centralized within the hands of a wealthy few. However, these high stakes games do have a real impact, as their asset prices react to the trades. The volatility these trades causecan even lead to a “Flash Crash,” where such volatility prompts mass selloffs across the stock market. This volatility can affect the retirements, pensions, and investments of working people.

    The Wall Street Tax Act is considered a progressive tax, meaning lower income earners pay a lesser percentage of their income in taxes compared to those with higher incomes. 

    The full text of the bill can be found here.

    ###

    MIL OSI USA News

  • MIL-OSI Canada: Alberta’s tourism soars past national average

    Source: Government of Canada regional news (2)

    MIL OSI Canada News