NewzIntel.com

Category: Economy

  • MIL-OSI China: More US exhibitors to take part in 3rd supply chain expo

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

    An increasing number of exhibitors from the United States will participate in the third China International Supply Chain Expo (CISCE) this July, signaling their confidence in the Chinese economy despite anti-globalization headwinds, the event organizer said Tuesday.

    The number of U.S. exhibitors is expected to increase by 15 percent compared with the previous edition, and 60 percent of them are Global Fortune 500 companies, said Yu Jianlong, vice president of the China Council for the Promotion of International Trade (CCPIT), at a press conference.

    U.S. tech giant Nvidia is expected to make its debut at the expo. During his visit to Beijing in April, Nvidia CEO Jensen Huang met with CCPIT chairman Ren Hongbin and emphasized that China is a very important market for Nvidia, expressing the company’s willingness to continue cooperation with China.

    Overseas participants at the upcoming expo are estimated to account for 35 percent of the total of 650 exhibitors from 75 countries, regions and international organizations, with half of the overseas participants coming from Europe and the United States, according to Yu.

    “Against the backdrop of a complex international situation and anti-globalization headwinds, the gathering of so many friends from all over the world, especially those from the global business community, is a vote of confidence in the expo and also in China’s economic development,” Yu said.

    The third CISCE will take place in Beijing from July 16 to 20, with Thailand as the guest country of honor.

    As the world’s first national-level exhibition focusing on supply chains, the expo is an internationally shared public product. First held in 2023, the expo has contributed to building more secure, stable, open and inclusive global industrial and supply chains, according to the CCPIT.

    Last year, U.S. companies made a strong presence at the second edition of the expo in Beijing, with well-known American firms such as Apple and Tesla seeking to further tap into China’s vast market.

    The upcoming expo will feature a new exhibition area dedicated to the innovation chain, aimed at promoting the commercialization of lab-developed technologies and fostering seamless integration between the innovation and industrial chains, the CCPIT said. 

    MIL OSI China News –

  • MIL-OSI China: US retail sales drop, miss expectations amid tariff fears

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

    U.S. retail sales declined sharply in May, missing analysts’ expectations, amid concerns that President Donald Trump’s tariffs could damage the economy, according to data released on Tuesday by the U.S. Department of Commerce (DOC).

    Retail sales fell 0.9 percent, exceeding the 0.6 percent drop that economists had forecast.

    The decline reflected growing worries that the Trump administration’s sweeping tariffs might slow down consumer activity.

    One major factor in the decline was a drop in auto sales. Many consumers made large purchases earlier in anticipation of tariff announcements, avoiding car dealerships in May.

    In addition to auto sales, building materials and garden supply stores saw a 2.7 percent decline. Lower energy prices led to a 2 percent drop in revenue at gas stations. Sales at food and beverage stores were down 0.7 percent, including a 0.8 percent decline at grocery stores. Health and personal care store sales edged down 0.1 percent.

    “Today’s data suggests consumers are downshifting,” Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, told reporters.

    Following the report, U.S. stock futures remained in negative territory, and Treasury yields also fell. 

    MIL OSI China News –

  • MIL-OSI Australia: 10-year Financial Plan adopted to guide a sustainable future

    Source: New South Wales Ministerial News

    A new Financial Plan 2025–2035 has been adopted that sets a clear and responsible path for delivering services and infrastructure to support a growing and diverse community.

    The City uses a financial model to forecast and monitor a 10-year projection of how it plans to fund the actions in the newly adopted Council Plan to achieve the Community Vision:

    Greater Bendigo celebrates and respects our diverse and growing community. We aim to be welcoming, sustainable and flourishing. Walking hand-in-hand with our First Nations communities. Building on our heritage for a safe and happy future.

    Developed through extensive community consultation, including a deliberative panel and annual Budget public engagement, the Financial Plan reflects a shared commitment to a responsible, healthy, thriving Greater Bendigo.

    The Financial Plan forms part of the City’s Integrated Strategic Planning Framework, which connects long-term aspirations (Community Vision), medium-term goals (Council Plan), and short-term actions (Annual Budget), with progress tracked through the Annual Report. The plan was adopted at last Monday’s Council meeting.

    Mayor Cr Andrea Metcalf said the plan was essential for ensuring financial sustainability in the face of growing challenges.

    “Council is committed to operating in a financially sustainable way for the benefit of the whole community,” Cr Metcalf said.

    “With our population forecast to reach around 170,000 by 2046, we must take a disciplined approach to funding existing services and infrastructure, while planning for new initiatives to meet future needs.

    “Rate capping by the Victorian Government continues to limit our income, while costs rise and service demands increase. The City currently delivers around 60 services and manages more than $2.9 billion in community assets, including roads, pools, footpaths, bridges, theatres, sports grounds, and playgrounds, with more built infrastructure needed to support population growth and diverse community needs.

    “The Financial Plan provides a roadmap for maintaining resilience and delivering high-quality services and infrastructure. Achieving financial sustainability means making tough decisions about the role of local government in delivering services and maintaining assets. It’s important that both Council and the community understand that some services may need to change over the life of this plan.

    “This plan ensures we remain financially resilient while continuing to support a vibrant, inclusive and future-ready Greater Bendigo.”

    The Financial Plan is underpinned by a set of strategic financial principles to guide decision-making:

    • Efficient use of resources – Aligning budgets with community priorities and financial constraints
    • Well-planned assets – Balancing investment in new infrastructure with renewal, upgrades, and decommissioning where appropriate
    • Service review and planning – Ensuring services are efficient and responsive to community needs
    • Sustainable cash management – Maintaining minimum cash reserves and forecasting for future requirements
    • Robust financial systems – Strengthening processes to ensure effective and transparent use of resources

    MIL OSI News –

  • MIL-OSI USA: SBA Amends Disaster Declaration for Nebraska

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – In response to an amended Presidential public assistance declaration, the U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to private nonprofit (PNP) organizations in Dakota County affected by the severe winter storm and straight-line winds occurring March 18-19.

    These low-interest federal disaster loans are available in the Nebraska counties of Boone, Burt, Butler, Cass, Clay, Colfax, Cuming, Dakota, Dodge, Douglas, Fillmore, Hamilton, Jefferson, Johnson, Lancaster, Nuckolls, Otoe, Platte, Polk, Saline, Sarpy, Saunders, Seward, Thayer, Thurston, Washington, Webster and York.

    Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster. 

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses, private nonprofits and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    PNPs are also eligible to apply for Economic Injury Disaster Loans (EIDLs) to help meet working capital needs. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. EIDL assistance is available regardless of whether the PNP suffered any physical property damage. 

    The loan amount can be up to $2 million with interest rates are as low as 3.62% for PNPs, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA will set loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return applications for physical property damage is July 22, 2025. The deadline to return economic injury applications is Feb. 23, 2026.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Relief to Missouri Private Nonprofits Affected by April Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to private nonprofit (PNP) organizations in Missouri affected by severe storms, straight-line winds, tornadoes and flooding beginning April 29.

    The disaster declaration covers the Missouri counties of Barry, Greene, Lawrence, McDonald, Newton and Washington.

    Under this declaration, PNPs providing non-critical services of a governmental nature impacted by physical damages or financial losses directly related to the disaster are eligible to apply for both business physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

    PNPs may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes.

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    Interest rates are as low 3.62% for PNPs, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA will set loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug. 11, 2025. The deadline to return economic injury applications is March 9, 2026.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI Australia: Optus agrees to $100m penalty, subject to court approval, for unconscionable conduct

    Source: Australian Ministers for Regional Development

    Scam warning: The ACCC is aware that scammers may call, email or text to falsely offer to help get compensation from various businesses. They may use this media release about compensation to convince people their contact is real.

    STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Don’t click on links even if the message appears to come from Optus. Say ‘no’, hang up, delete.

    CHECK – Ask yourself could the call, email or text be fake? Scammers pretend to be from organisations and entities you know and trust. Contact the organisation using information you source independently, so that you can verify if it is real or not.

    PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them.

    Optus Mobile Pty Ltd (Optus) has admitted to engaging in unconscionable conduct when selling telecommunications goods and services to hundreds of consumers, after court action brought by the ACCC.

    In many instances the consumers did not want or need, could not use or could not afford what they were sold, and in some cases consumers were pursued for debts resulting from these sales.

    Many of the affected consumers were vulnerable or experiencing disadvantage, such as living with a mental disability, diminished cognitive capacity or learning difficulties, being financially dependent or unemployed, having limited financial literacy or English not being a first language. Many of the consumers were First Nations Australians from regional, remote and very remote parts of Australia.

    As part of an agreement announced today, the ACCC and Optus will jointly ask the Federal Court to impose a total penalty of $100 million on Optus for breaching the Australian Consumer Law. It is a matter for the Court to decide whether the penalty is appropriate and to make other orders.

    Optus has admitted that its sales staff acted unconscionably when selling phones and contracts to over 400 consumers at 16 different stores across Australia between August 2019 and July 2023. Examples of the conduct engaged in by the sales staff included:

    • putting undue pressure on consumers to purchase a large number of products, including expensive phones and accessories, that they did not want or need, could not use or could not afford;
    • failing to explain relevant terms and conditions to vulnerable consumers in a manner they could understand, resulting in them not understanding their ongoing payment obligations;
    • not having regard to whether consumers had Optus coverage where they lived;
    • selling products and services which Optus knew, or ought reasonably to have known, the consumers could not afford; and
    • misleading these consumers to believe that goods were free or included as part of a bundle at no additional cost.

    Optus has also signed an undertaking, accepted by the ACCC, that it will compensate impacted consumers and improve its internal systems, the commencement of which is subject to the Court making relevant orders.

    “The conduct, which included selling inappropriate, unwanted or unaffordable mobiles and phone plans to people who are vulnerable or experiencing disadvantage is simply unacceptable,” ACCC Deputy Chair Catriona Lowe said.

    “During our investigation into this case, the ACCC heard many stories of the impact of this conduct on affected consumers.”

    “Many of these consumers who were vulnerable or experiencing disadvantage also experienced significant financial harm. They accrued thousands of dollars of unexpected debt and some were pursued by debt collectors, in some instances for years,” Ms Lowe said.

    “It is not surprising, and indeed could and should have been anticipated, that this conduct caused many of these people significant emotional distress and fear.”

    “We are particularly concerned that Optus engaged debt collectors to pursue some of these consumers after it had launched internal investigations into the sales conduct,” Ms Lowe said.

    “Optus has admitted to this conduct and has appropriately committed to changing its systems. It has begun compensating affected consumers.”

    “We are grateful to the many advocates, financial counsellors and carers who assisted the impacted individuals. We also thank the Telecommunications Industry Ombudsman for their role in drawing these issues to our attention.”

    Optus admits inappropriate practices, using debt collectors

    Optus has admitted that the inappropriate sales practices affected many consumers in its two Darwin stores and 24 individuals in stores around Australia.

    In respect of the Mount Isa store, which has now closed, Optus pursued debts in circumstances where its senior management knew that those debts related to contracts for goods and services that had been or might have been created without the knowledge of the affected consumers, the majority of whom were First Nations Australians from Mount Isa and the Northern Territory.

    Optus’s senior management became increasingly aware that Optus staff were engaging in the inappropriate sales practices and that Optus’s systems and controls could not stop the conduct. Optus acknowledged it failed to promptly take steps to fix deficiencies in its systems, which allowed the conduct to continue.

    Commission-based sales arrangements for Optus’s sales staff had the potential to incentivise the inappropriate sales conduct, despite the Telecommunications Consumer Protections Code requiring Optus, from 17 June 2022, to have regard to the ACCC’s best practice recommendations, which recommend businesses avoid commission-based selling because of its potential to exacerbate the vulnerability of consumers.

    This case follows similar ACCC action against Telstra, which was ordered in May 2021 to pay a $50 million penalty for engaging in unconscionable conduct when it sold mobile contracts to 108 Indigenous consumers between at least 1 January 2016 and about 27 August 2018.

    Summary of the proposed Undertaking

    Optus has given an undertaking to provide remediation and has started compensating consumers. It has undertaken to address claims through a clear resolution process.

    Optus has undertaken to make a $1 million donation to an organisation facilitating digital literacy of First Nations Australians.

    Optus has undertaken to review its complaint handling, improve staff training, change its debt collection systems, and make other changes to systems and procedures.

    It has undertaken to change the remuneration structure of sales staff to disincentivise them from engaging in similar conduct.

    It has also commenced buying back 34 Optus licensee stores in the Northern Territory, Queensland and South Australia.

    Consumers who think they may have been impacted by conduct similar to that outlined in the undertaking can call Optus’s specialist customer care team on 1300 082 820 for further information or support.

    The undertaking offered by Optus, and accepted by the ACCC, is available at Optus Mobile Pty Ltd. It will come into force once the court makes final orders.

    Examples of alleged conduct

    A First Nations consumer, who speaks English as a second language and lives in a remote community with no Optus coverage, was approached by Optus staff outside an Optus store and pressured to enter. They did not want or need a new phone. They thought staff were offering them a free phone and other free products and felt pressured by staff to accept.

    They were contracted to two high-end phones, three phone plans, two Device Protect services and one accessories bundle, which had a total minimum cost of $3,808 over 24 months. The following day, the consumer was entered into a second contract for a phone plan and accessories, for a total minimum of $540. The consumer was not informed there was no coverage at their home address, and false information was entered into their credit check. The consumer had their debt referred to debt collectors and was contacted on many occasions by the debt collector. The consumer sought the assistance of a financial counsellor as they did not understand what the debt related to.

    Another consumer, who lives with an intellectual disability, attended an Optus store with a support worker to purchase a $20 pre-paid recharge for their phone. The consumer’s main source of income was the disability support pension. They were told by Optus staff that they could get a new phone and a free speaker for $30 a month, and were pressured into the purchase.

    Optus staff added a false ABN to their account and manipulated credit checks. The consumer was entered into three separate contracts for a phone, plans and a smart watch and accessories, which they could not afford and would cost over $8,000 over 36 months. The consumer went to a community legal centre who assisted them with cancelling the contracts with Optus. 

    In 2019 an internal Optus investigation into customer accounts at the Optus store in Mount Isa resulted in a report that identified that the store manager had falsified identification documents and consumer information to create services and had used the identities of First Nations consumers who were not aware that their identities had been used. The report identified 82 contracts that appeared to have been fraudulently completed without consumer knowledge.

    After Optus was notified of the conduct the subject of the report, including through its senior management, it referred and sold outstanding debts associated with some of those contracts to third party debt collection and factoring agencies. Some consumers whose identities were associated with the relevant customer accounts were subject to threats of legal proceedings being commenced against them and of reporting defaults to credit reporting bodies. Some customers continued to be pursued by third party collections agencies until as late as July 2024 and Optus had not taken steps to stop that occurring.

    Background

    Optus is Australia’s second largest telecommunications provider. It is a wholly-owned subsidiary of Singtel Optus Pty Ltd, a foreign owned private company.

    In Australia, Optus’s retail stores are either:

    • owned and operated directly by Optus RetailCo Pty Ltd; or
    • owned and operated through third party licensees, through Retail License Agreements. For example, prior to Optus buying back certain stores, all Optus stores in the Adelaide region were owned and operated by Mavaya Pty Ltd, and all Optus stores in the Northern Territory, as well as several in regional Queensland, were owned and operated by Suntel Communications Pty Ltd.

    The ACCC commenced court action against Optus on 31 October 2024. The investigation was prompted by a referral from the Telecommunications Industry Ombudsman.

    MIL OSI News –

  • MIL-OSI China: 2025 Summer Davos to be held in late June

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

    BEIJING, June 17 — The 2025 Summer Davos forum will be held from June 24 to 26 in north China’s Tianjin Municipality, with all preparations for the meeting having been finalized, the organizers said on Tuesday.

    Also known as the 16th Annual Meeting of New Champions of the World Economic Forum, this year’s Summer Davos forum is themed “Entrepreneurship in the New Era” and is expected to bring together around 1,800 participants from over 90 countries and regions, the organizers told a press conference in Beijing.

    This year’s forum will focus on five key areas — deciphering the world economy, outlook on China, industries disrupted, investing in people and the planet, and new energy and materials.

    Through this year’s Summer Davos, China will reaffirm its commitment to pursuing high-level opening up and to sharing opportunities brought about by its development with the rest of the world, said Chen Shuai, an official with the National Development and Reform Commission.

    As one of the most dynamic regions in the world, Asia drives 60 percent of global economic growth, with China accounting for half of that contribution, according to Gim Huay Neo, managing director of the World Economic Forum.

    She noted that this year’s Summer Davos forum will provide opportunities for participants to deepen their understanding of development trends in China and Asia.

    MIL OSI China News –

  • MIL-OSI Australia: ACT Budget 2025–26: Strengthening Access to Justice for Vulnerable Canberrans

    Source: Northern Territory Police and Fire Services



    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 18/06/2025

    The ACT Government is investing over $15 million in practical, targeted justice initiatives to ensure vulnerable Canberrans can continue to access the legal services they need, when they need them.

    The 2025–26 ACT Budget is supporting key legal assistance services, justice reform initiatives, and the growing need for responsive support for victims of crime, people on low income, women, First Nations peoples and culturally diverse communities.

    Attorney-General Tara Cheyne said the Budget would strengthen frontline legal services and improve outcomes for people facing disadvantage, hardship or discrimination.

    “We know that early access to the right legal advice can make a huge difference, especially for those facing complex barriers to justice,” Minister Cheyne said.

    “This Budget delivers for the community. It supports culturally safe, accessible legal help, expands frontline capacity in our courts, and continues critical programs that put the needs of vulnerable people at the centre of the justice system.”

    Key measures in the 2025–26 ACT Budget include:

    • Appointment of a tenth Magistrate to the ACT Magistrates Court, to improve processing times and address growing demand in civil and criminal matters.
    • Additional funding for the Office of the Director of Public Prosecutions’ Witness Assistance Scheme and to meet the increased demands of an expanded judiciary.
    • Funding for legal assistance providers, including the Women’s Legal Centre, Canberra Community Law, the Aboriginal Legal Service, and CARE Financial Counselling.
    • Investment in the ACT Human Rights Commission, to continue the Intermediary Program, which provides targeted services for vulnerable complainants, witnesses and accused persons in the criminal justice system.
    • Funding will also support Legal Aid ACT’s services across a number of programs, including legal aid assistance grants, ensuring coordinated support across the legal system.
    • Additional funding for the Victims Services Scheme and Financial Assistance Scheme administered by Victims Services ACT, to respond to growing demand and provide financial assistance and support for victims of crime.
    • Implementation of a sexual assault advocate pilot program to support victims’ access to specialist services and conducting of investigations in a more victim-centric and trauma-informed way.
    • Support for the ACT Government Solicitor’s Office to meet increased demand for legal advice under the Human Rights Act 2004, and to establish a new regulatory prosecution function that will strengthen enforcement and compliance across government.
    • Funding to enhance the Coroner’s Court with increased resourcing to manage caseloads and support efficient and sensitive handling of matters that often involve vulnerable individuals and families.

    Treasurer Chris Steel said the Government was investing in long-term justice capability while continuing to target the areas of greatest community need.

    “The ACT has a proud record of social justice and legal inclusion. These investments ensure justice is not just a principle, but a lived reality for people who need support the most,” Minister Steel said.

    “We’re taking a whole-of-system view, supporting frontline organisations, reforming service delivery, and improving our ability to respond to challenges through programs like the Intermediary Service and increased court capacity.”

    This package builds on the ACT Government’s commitment to a fair, inclusive and accessible justice system, especially for people who experience disadvantage or barriers in engaging with legal processes.

    “By building legal capability and ensuring services are culturally safe and responsive, we’re not only supporting individuals, we’re reducing the long-term burden on the justice system as a whole,” Minister Cheyne said.

    – Statement ends –

    Chris Steel, MLA | Tara Cheyne, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

  • MIL-OSI: ArrowMark Financial Corp. Announces Q1 2025 Results and Cash Distribution of $0.45 per Share for the Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, June 17, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp. (Nasdaq: BANX) (“ArrowMark Financial” or the “Company”), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of $0.45 per share for the second quarter 2025. The total distribution of $0.45 per share will be payable on June 27, 2025 to shareholders of record on June 23, 2025.

    “We are very pleased to announce the net income for Q1 2025 was $0.58 per share, well in excess of the quarterly distribution amount of $0.45 per share. Over the past four years, the Fund has consistently over-earned its quarterly distribution rate. This has allowed the Fund to deliver on its objective to provide shareholders with consistent income,” said Chairman & CEO Sanjai Bhonsle.

    About ArrowMark Financial Corp.

    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.

    Disclaimer and Risk Factors:

    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.

    Contact:

    BANX@destracapital.com

    Destra Capital Advisors LLC (877) 855-3434
    Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.

    The MIL Network –

  • MIL-OSI: Kroll Bond Rating Agency Revises Dime Community Bancshares, Inc.’s Ratings Outlook from “Stable” to “Positive”

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., June 17, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Kroll Bond Rating Agency (“KBRA”), in a report dated June 17, 2025, revised its ratings outlook from “Stable” to “Positive.” Kroll’s deposit and senior unsecured debt rating for Dime Community Bank is BBB+.

    According to the KBRA report, the revision of the Outlook to “Positive” primarily reflects the strong execution of strategic initiatives in recent years, particularly capitalizing on disruption and dislocation across the Company’s footprint following area bank failures in 2023. A key success has been the onboarding of deposit-focused teams, which has significantly improved the liquidity and funding profile, with the Company now outperforming peers on most key metrics.

    Over the past two years, Dime has added $2 billion in core deposits, with a healthy DDA mix which has contributed to lower deposit costs than most KBRA-rated peers. The inflow of liquidity has also enabled a meaningful reduction in wholesale funding and supported the loan diversification growth efforts.

    KBRA noted that Dime’s ratings are also supported by its long-standing outperformance in credit quality, demonstrated across multiple cycles. Since the onset of the global financial crisis, the Company’s NCO ratio has averaged 15 bps, highlighting its disciplined credit culture. Dime has reported a minimal level of problem loans, well-contained NCOs and improving risk ratings.

    Stuart H. Lubow, President and Chief Executive Officer, stated, “KBRA has recognized the progress we have made in creating a high-quality balance sheet. As we continue to execute on our growth plan, we are pleased to see our ratings outlook revised to Positive.”

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces Acquisition of US-Based Cheba Hut Franchising, Inc.’s Trademarks, a 10% Dividend Increase, and an Increase in Size of its Acquisition Facility

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that it has acquired the trademarks and certain other intellectual property used by Cheba Hut Franchising, Inc. (“Cheba Hut”) of Fort Collins, Colorado, adding a ninth royalty stream (and the second based in the United States) to DIV’s portfolio. All dollar amounts in this news release, unless specifically denominated in U.S. dollars, are represented in Canadian dollars.

    Highlights

    • Acquisition of Cheba Hut’s worldwide trademark portfolio and certain other intellectual property rights for US$36 million and certain additional consideration
    • Initial annual royalty revenue from Cheba Hut of US$4 million, representing approximately 7% of DIV’s pro-forma adjusted revenue1
    • The royalty grows at a fixed rate equal to the greater of 3.5% and the U.S. Consumer Price Index (“U.S. CPI”) + 1.5% per year
    • Annual dividend on DIV’s common shares to be increased 10% from 25 cents per share to 27.5 cents per share, effective July 1, 2025
    • DIV’s strong balance sheet enabled it to fund the Transaction without the need to raise equity

    1. Pro-forma adjusted revenue is a non-IFRS financial measure and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Acquisition Overview

    DIV and its wholly-owned subsidiary Cheeb Royalties Limited Partnership (“Cheeb LP”) entered into an acquisition agreement dated June 17, 2025 (the “Acquisition Agreement”) with Cheba Hut and an affiliate of Cheba Hut pursuant to which Cheeb LP acquired (the “Acquisition”) Cheba Hut’s worldwide trademarks portfolio and certain other intellectual property rights utilized by Cheba Hut in its fast casual, toasted sub sandwich restaurants (the “Cheba Rights”) for a purchase price (the “Purchase Price”), of US$36 million cash. The Purchase Price was funded with (i) approximately US$18 million drawn from DIV’s amended acquisition facility (further details below) (the “Acquisition Facility”), (ii) approximately US$8 million from DIV’s cash on hand, (iii) US$5 million drawn from a new senior credit facility issued to Cheeb LP (the “Cheeb Credit Facility”), and (iv) US$5 million drawn from a new senior term credit facility issued to DIV (the “Additional Term Facility”).

    Immediately following the closing of the Acquisition, DIV licensed the Cheba Rights in the United States back to Cheba Hut for 50 years, in exchange for an initial royalty payment of US$4 million per annum (the “Royalty” and together with the Acquisition, the “Transaction”). The Royalty will be automatically increased at a rate equal to the greater of 3.5% and the U.S. CPI + 1.5% per year without any further consideration payable by DIV or Cheeb LP. Cheba Hut may also increase the annual royalty payable on April 1st of each year following the closing (each an “Adjustment Date”) subject to Cheba Hut satisfying certain royalty coverage tests. The amount of each royalty increase cannot be less than US$500,000 per annum and must, in respect of amounts over that threshold, be in increments of US$100,000 per annum. In consideration for a royalty increase on an Adjustment Date, Cheeb LP will pay an amount to Cheba Hut in cash, based on a multiple between 7 and 8 times (depending on certain conditions being met) the incremental annual royalty purchased, as additional consideration for the Cheba Rights.

    Payment of the Royalty will be secured by a general security agreement granted by Cheba Hut to Cheeb LP, and by secured corporate guarantees to be granted to Cheeb LP by several affiliates of Cheba Hut.

    The Acquisition is expected to increase DIV’s tax pools by approximately $51 million to a total of approximately $424 million, which can be depreciated over time to reduce DIV’s cash taxes. Amounts paid for incremental annual royalties will also increase DIV’s tax pools.

    Founded in 1998, Cheba Hut has 77 fast casual, toasted sub sandwich restaurants in the US. All of Cheba Hut’s locations are franchised, except for two corporate stores and substantially all future growth is currently expected to result from opening additional franchised locations. Cheba Hut had US$149 million of system sales2 and SSSG2 of 5% in 2024. Cheba Hut is forecasting over US$187 million in system sales2 in the fiscal year ended December 31, 2025.

    2. System sales and same store sales growth (SSSG) are supplementary financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Sean Morrison, Chief Executive Officer of DIV, stated, “The Cheba Hut trademark acquisition and royalty agreement adds a ninth royalty stream to DIV’s portfolio, representing approximately 7% of DIV’s pro-forma adjusted revenue3 and is another step in our strategy of purchasing royalties from a diverse group of proven multi-location businesses and franchisors. We believe Cheba Hut’s impressive track record of growth is a result of its strong store-level economics, quality of its franchisees and experience of its management team. Scott Jennings, the founder of Cheba Hut, and his management team represent a great partner for DIV, as they strongly believe in the continued success of Cheba Hut over the long term and therefore partnering with DIV was far superior to selling equity ownership. We look forward to working with Scott and Cheba Hut’s management team to continue expanding the business across the U.S.

    DIV has worked to promote its royalty model in the U.S. market and now, with its second US-based royalty transaction, is building significant momentum in that market. Such continued momentum in the U.S. franchisor market will become significant to DIV as it scales its business going forward.

    Further, DIV’s strong balance sheet (cash on hand, under-levered existing royalty LP’s, an unused acquisition facility) enabled it to fund the Transaction without the need to raise equity. DIV’s less than 100% payout ratio4, automated DRIP program and ability to refinance existing LP’s will enable it to substantially pay down the acquisition facility within 12 months. This is a game-changer for DIV as all prior trademarks acquisitions have been funded concurrently, or shortly thereafter, with a sizeable equity raise.”

    Scott Jennings, stated, “DIV understands and believes that leaving us in control of our company keeps us in the best position to sustain our controlled growth. In addition, we can continue to take care of our product, partners, crew, and most importantly our CUSTOMERS the way we have for the last 27 years. We thank DIV for believing in Cheba Hut and helping us stay in excellent position to keep our soul intact for the next 50 years and beyond!!!”

    3. Pro-forma adjusted revenue is a non-IFRS financial measure, and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Amendment to Acquisition Facility

    DIV amended its Acquisition Facility to increase the size from $50 million to $70 million and extend the maturity date to May 30, 2027, and thereafter to June 17, 2028 (if certain conditions are met).

    DIV and Cheeb LP Credit Facilities

    Cheeb LP financed US$5 million of the Purchase Price with new bank debt having a term of three years from closing. The Cheeb Credit Facility is non-amortizing and has a floating interest rate equal to SOFR + 2.5% per annum; however, DIV will have 90 days following closing to effectively fix the interest rate on 75% of the amount borrowed under this facility through an interest rate swap. The Cheeb Credit Facility is secured by the Cheba Rights and the Royalty payable by Cheba Hut, and has covenants customary for this type of a credit facility.

    DIV financed approximately US$18 million of the Purchase Price from the Acquisition Facility as amended and described above. The approximately US$18 million drawn on the Acquisition Facility is interest-only for twelve months and thereafter amortizes over a 60-month period. In connection with the Transaction, DIV financed US$5 million of the Purchase Price from an Additional Term Facility of US$5 million with a term of approximately 18 months. The Additional Term Facility is non-amortizing and has a floating interest rate based on SOFR plus a spread based on prevailing market rates. The Additional Term Facility is secured by a general security interest over the assets of the Corporation and, if requested by the lender, may be secured by specific assignments of certain material agreements entered into by the Corporation from time to time, and has covenants customary for this type of credit facility. DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions.

    Dividend Policy Increase

    DIV’s board of directors has approved an increase in DIV’s dividend policy to increase its annualized dividend from 25.0 cents per share to 27.5 cents per share effective July 1, 2025, an increase of 10%. DIV estimates its pro-forma payout ratio4 will be approximately 94.9% (pro-forma payout ratio, net of DRIP is approximately 83.0%)4.

    4. Pro-forma payout ratio and pro-forma payout ratio, net of DRIP are non-IFRS ratios, and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Investor Conference Call

    Management of DIV will host a conference call on Wednesday, June 18, 2025, at 7:00 am Pacific Time (10:00 am Eastern Time). To participate by telephone across Canada, call toll free at 1 (800)  717-1738 or 1 (289) 514-5100 (conference ID 02753). The presentation will be followed by a question-and-answer session. An archived telephone recording of the call will be available until Wednesday, September 17, 2025, by calling 1 (888) 660-6264 or 1 (289) 819-1325 (playback passcode: 02753 #). The management presentation for the conference call will be available on DIV’s website https://www.diversifiedroyaltycorp.com/investors/investor-presentation/ prior to the call. Alternatively, the link to the webcast of the conference can be found below:

    https://onlinexperiences.com/Launch/QReg/ShowUUID=AE82A2E9-8F95-4F22-BF7D-3DF54A94A39D

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations across 19 U.S. states.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information or financial outlook in this news release includes, but are not limited to, statements made in relation to: the increase in DIV’s annual dividend; statements related to the expected tax implications of the Acquisition on DIV; substantially all future growth for Cheba Hut is currently expected to result from opening additional franchised locations; Cheba Hut’s forecasted system sales in the fiscal year ended December 31, 2025; the expected financial impact of the Transaction on DIV, including on its pro-forma payout ratio, pro-forma payout ratio, net of DRIP and pro-forma adjusted revenue; DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions; the continued expansion in the U.S. franchisor market and the expected effect on DIV and its business; DIV’s intention to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time; and DIV’s corporate objectives. The forward-looking information and financial outlook contained herein involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied therein. DIV believes that the expectations reflected in the forward-looking information and financial-outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will realize the expected benefits of the Transaction, or that it will be accretive; the actual tax implications of the Acquisition and the Transaction on DIV will be consistent with the tax implications expected by DIV; Cheba Hut will pay the Royalty and otherwise comply with its obligations under the agreements governing the Transaction; Cheba Hut will not be adversely affected by the other risks facing its business; DIV may not complete any further royalty acquisitions; DIV may not increase its dividend in accordance with the currently expected timing or amounts; DIV will be able to make monthly dividend payments to the holders of the DIV common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and the “Risk Factors” section of its management’s discussion and analysis for the three months ended March 31, 2025 that are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    In formulating the forward-looking statements contained herein, management has assumed that, among other things, Cheba Hut will be successful in meeting its stated corporate objectives, including its growth targets; DIV will realize the expected benefits of the Transaction; the Cheba Hut business will not suffer any material adverse effect; the actual tax implications of the Acquisition, the Transaction and the payment of the Royalty will be consistent with the tax implications expected by DIV; and the business and economic conditions affecting DIV and Cheba Hut will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitute a “financial outlook” within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction, the Cheeb Credit Facility, the Additional Term Facility and the dividend increase and may not appropriate for other purposes.

    All of the forward-looking information and financial outlook disclosed in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments contemplated thereby will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV contemplated by such forward-looking information and financial outlook contained herein. The forward-looking information and financial outlook included in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends, the performance of its royalty partners and the financial impacts to DIV of the Transaction. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation, its royalty partners and the Transaction than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures used in this news release do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    The non-IFRS financial measure used in this news release is pro-forma adjusted revenue, which includes as components the following non-IFRS financial measures: DIV royalty entitlement, adjusted revenue and run-rate adjusted revenue. Run-rate adjusted revenue is calculated as the sum of DIV’s adjusted revenue for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025. Pro-forma adjusted revenue is calculated as the run-rate adjusted revenue plus the amount of the initial adjusted revenue contribution payable by Cheba Hut. DIV management believes run-rate adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues, and pro-forma adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues after giving effect to the Transaction. For an explanation of the composition of DIV royalty entitlement and adjusted revenue, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein.

    The following table reconciles revenue for the three months ended December 31, 2024 and March 31, 2025 to pro-forma adjusted revenue and run-rate adjusted revenue:

    (Cdn$000’s)  (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Revenues 17,032 15,639 65,342
    DIV royalty entitlement 1,320 1,329 5,298
    Adjusted revenue 18,352 16,968 70,640
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025(1)     668
    Run-rate adjusted revenue      71,308
           
    Cheba Hut contribution(2)     5,600
    Pro-forma adjusted revenue     76,908
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000 payable by Cheba Hut, multiplied by a USD to CAD exchange rate of $1.4:1

    The non-IFRS ratios used in this news release are pro-forma payout ratio and pro-forma payout ratio, net of DRIP, which include as components the following non-IFRS financial measures: EBITDA, normalized EBITDA, distributable cash, run-rate distributable cash, pro-forma distributable cash, pro-forma dividends declared and DIV royalty entitlement net of NND Royalties LP expenses. Run-rate distributable cash is calculated as the sum of DIV’s distributable cash for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the after-tax amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, less adjustments for interest income and current tax. Pro-forma distributable cash is calculated as run-rate distributable cash plus the amount of the initial adjusted revenue contribution payable by Cheba Hut, less incremental operating expenses, interest expenses and taxes. DIV management believes run-rate distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after adjusting for non-recurring expenses and pro-forma distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after giving effect to the Transaction. Pro-forma dividends declared is calculated as DIV’s new annualized dividend of $0.275 per share multiplied by the number of DIV common shares issued and outstanding as of March 31, 2025. Pro-forma dividends declared is used to calculate the pro-forma payout ratio, and thus management believes that it provides useful information as to DIV’s expected future aggregate annualized dividend payments. Pro-forma payout ratio is calculated as pro-forma dividends declared divided by pro-forma distributable cash. Pro-forma payout ratio, net of DRIP is calculated as the difference of (X) pro-forma dividends declared less (Y) dividends paid by DIV in the form of DIV common shares issued under DIV’s dividend reinvestment plan (“DRIP”) at an estimated participation rate of 12.5%, divided by pro-forma distributable cash. For an explanation of the composition of EBITDA, normalized EBITDA, distributable cash and DIV royalty entitlement net of NND Royalties LP expenses, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein. DIV management believes that (i) pro-forma payout ratio provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend, and (ii) pro-forma payout ratio, net of DRIP provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend after adjusting for dividends paid by DIV in the form of DIV common shares issued under the DRIP.

    The following table reconciles net income for the three months ended December 31, 2024 and March 31, 2025, to run-rate distributable cash and pro-forma distributable cash and illustrates the calculation of pro-forma payout ratio and pro-forma payout ratio, net of DRIP:

    (Cdn$000’s) (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Net income 4,015 7,993 24,016
           
    Interest expense on credit facilities 3,368 3,150 13,036
    Income tax expense 1,653 2,997 9,300
    Depreciation expense 25 24 98
    EBITDA 9,061 14,164 46,450
           
    Adjustments:      
    Share-based compensation 645 368 2,026
    Other finance costs, net (2,044) 995 (2,098)
    Fair value adjustment on financial instruments 15 (904) (1,778)
    Payment of lease obligations (28) (28) (112)
    DIV royalty entitlement net of NND Royalties LP expenses 1,314 1,325 5,278
    Impairment loss 8,204 – 16,408
    Normalized EBITDA 17,167 15,920 66,174
    Add: interest income 139 135 548
    Less: Distributions on exchangeable MRM units (34) (48) (164)
    Less: current tax expense (1,301) (1,719) (6,040)
    Less: interest expense on credit facilities (3,368) (3,150) (13,036)
    Distributable cash 12,603 11,138 47,482
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025, net of taxes(1)     487
    Interest income adjustment     (493)
    Current tax adjustment     (2,000)
    Run-rate distributable cash     45,476
    Cheba Hut distributable cash contribution(2)     3,075
    Pro-forma distributable cash     48,551
           
    Pro-forma dividends declared(3)     46,081
    Pro-forma payout ratio     94.9%
           
    Pro-forma dividends declared, net of DRIP(4)     40,321
    Pro-forma payout ratio, net of DRIP     83.0%
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate, less marginal income taxes assumed at 27%

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000, multiplied by a USD to CAD exchange rate of $1.4:1, less incremental operating expenses of $50,000, interest expense of $1,890,000 and taxes of $586,000

    3) Calculated as the number of DIV common shares issued and outstanding as of March 31, 2025 (167,567,468) multiplied by the new annualized dividend of $0.275 per share

    4) Calculated as pro-forma dividends declared, multiplied by 1 minus the effective DRIP rate of 12.5%

    System Sales is a supplementary financial measure and is a reference to the top-line sales revenue reported to Cheba Hut by all Cheba Hut franchisees. System sales is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. The Corporation believes system sales is a useful measure as it provides investors with an indication of performance of the franchisees underlying Cheba Hut’s business.

    Same store sales growth or SSSG is a supplementary financial measure and is a reference to the percentage increase in system sales over the prior comparable period for Cheba Hut locations that were in operation in both the current and prior periods, excluding stores that were permanently closed. The Corporation believes that SSSG is a useful measure as it provides investors with an indication of the change in year-over-year sales of Cheba Hut locations.

    Third Party Information

    This news release includes information obtained from third party reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners and Cheba Hut. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Corporate Update and Legend Removal Process for All U.S. Investors From the 2021 Financings

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today provides a corporate update and announces legend removal process for all U.S. investors from the 2021 Financings (as defined below).

    Highlights:

    • Restrictive Legend Removal: The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (as defined below) the opportunity to remove the restrictive legend on share certificates at no cost to the investor. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.
    • Cash Conservation Update: In February 2025, the Company converted US$18.0 million to Canadian dollars at an exchange rate of 1.42. Since then, the US dollar to Canadian dollar exchange rate has decreased to 1.36 as of June 16, 2025, resulting in a foreign exchange gain of approximately US$0.8 million on that portion of the cash. The Company currently holds US$37.0 million (C$50.3 million) in cash, remains debt-free, and has no outstanding legal payables.
    • Credit Portfolio Update: The Company currently holds 532,720 carbon credits from cookstove projects and 18,990 carbon credits from water purification projects under the Community Carbon Stream. A breakdown of credit vintage, project ID and registry information is provided below.
    • Notice of Arbitration: The Company has filed a Notice of Arbitration in Ontario against Will Solutions Inc.
    • AGM Reminder: The Company’s Annual General Meeting (the “AGM”) of holders of common shares of the Company (“Common Shares”) will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    Restrictive Legend Removal:

    The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (defined below) the opportunity to remove the restrictive legend from their share certificates—or from book-entry shares, as applicable—without the need for the shareholder to pay for a legal opinion, regardless of whether a particular shareholder intends to sell or actually sells the shares into the public market. This service is being provided at no cost to all qualifying investors. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.

    The blanket opinion provides that the removal of the restrictive legend is now permissible under Section 4(a)(1) of the Securities Act of 1933.

    While removing the legend is permissible, it is not required. Shareholders are not required to take any action if they prefer to keep the restrictive legend in place.

    Marin Katusa, CEO of the Company, stated “The vast majority of the capital raised for Carbon Streaming came from the financings throughout the 2021 calendar year. Since those financings in 2021, over 700 U.S. residents who invested in those financings have been unable to deposit their shares into a brokerage firm or freely sell those shares because of the restrictive legend that is applied to U.S. investors investing in private placements.

    The typical process to remove a restrictive legend is done on a one-off basis, meaning each U.S resident must complete the removal of the restrictive legend on their own. This is the first time a publicly listed Canadian company, such that we are aware, has offered the removal of the restrictive legend through a digitalized process applicable to a large group of U.S. investors (over 700 shareholders at the same time) to simplify and expediate the process of removing the restrictive U.S. legend.

    We approached DealMaker in early 2025 with the concept to digitalize the legend removal process for the U.S. investors. The Company worked with DealMaker on the 2021 Financings where all subscription forms were digitalized and the funding process was completed.

    I am especially proud of the innovation of this potential solution to U.S. legend removals, as it will ultimately cost less than 5% of the quotes the Company initially received to obtain a global opinion letter for the removal the U.S. restrictive legend through the traditional process. In addition, DealMaker has agreed to not charge for their services.”

    Eligibility for Blanket Removal

    Holders of Common Shares are eligible if they are US residents, non affiliates and acquired the Common Shares pursuant to:

    • that certain private placement of special warrants issued on July 20, 2021,
    • that certain private placement of Common Shares issued on March 11, 2021,
    • that certain private placement of Common Shares issued on May 12, 2021,
    • that certain private placement of Common Share issued on January 27, 2021,
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 22, 2020, and
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 16, 2020.

    (collectively, the “2021 Financings”)

    Timing and Process to Participate in Blanket Removal

    Holders who are eligible will receive an email from DealMaker on or about June 23, 2025 with instructions on how to participate.

    If you are a U.S. investor and do not want to register your shares into a brokerage account or sell your shares, then no action is required. This service is being offered by the Company to U.S. investors who acquired their shares in the 2021 Financings, are not affiliates and who have the restrictive legend on their share certificates—or book-entry shares, as applicable and wish to deposit them in a brokerage account or sell their shares in the public market.

    Marin Katusa, CEO, further added: “DealMaker handled the 2021 Financings for the Company which included the digitalizing subscription forms and managing the subscription wires from the investors in a professional, efficient and low-cost manner. We strongly believe that this innovative solution we have created with DealMaker to remove the U.S. restrictive legends will be equally successful. We are grateful for DealMaker’s innovative approach and commitment to excellence, which continues to streamline our investor communications and elevate the overall experience for our shareholders.”

    Cash Conservation

    As of June 16, 2025, the Company has US$37.0 million in cash (C$50.3 million), remains debt-free, and has no outstanding legal payables. With cash generated from the sale of carbon credits held by the Company, interest earned on the Company’s cash balance, and substantial reductions in operating expenses to date, the Company expects a significant improvement in operating cash flow in 2025 when compared to previous years. The Company currently has three full-time employees and a part-time CFO, with a combined annual base compensation of approximately US$0.5 million, while the CEO and Board of Directors are not collecting any salaries, fees, nor equity-based compensation of any kind.

    Carbon credits held by the Company as of June 16, 2025

               
    Project Registry Project ID Vintage Credits available for sale  
    Uganda cookstove project Gold Standard GS12119 2022 53,801  
        GS10967 2023 129,383  
        GS12119 2023 199,340  
        GS12120 2023 41,514  
        GS12120 2024 15,432  
            439,470  
    Uganda household safe water project Gold Standard GS10968 2022 38  
        GS10968 2023 14,373  
            14,411  
    Tanzania cookstove project Verra VCS2676 2022 27,492  
        VCS2676 2023 60,788  
            88,280  
    Mozambique cookstove project Gold Standard GS11211 2022 1,401  
      Gold Standard GS12638 2023 3  
      Gold Standard GS12638 2024 296  
      Gold Standard GS11211 2024 3,270  
            4,970  
    Malawi household safe water project Gold Standard GS11245 2022 988  
      Gold Standard GS11245 2023 3,310  
      Gold Standard GS11245 2024 281  
            4,579  
               

    The Company has been in discussions with several different parties regarding the sale of its existing carbon credits. While current market pricing for cookstoves remains weak, the Company continues to advance its marketing efforts. A new initiative by the Company leverages AI-driven analysis of public disclosures to identify active buyers of environmental attributes. This effort is helping the Company more effectively target potential buyers for its current credit inventory, without incurring additional cost.

    Notice of Arbitration – Will Solutions.

    On June 16, 2025, the Company delivered a written Notice of Arbitration in Ontario to Will Solutions Inc. and the ADR Chambers. As previously disclosed, in the third quarter of 2024, the Company exercised its contractual rights to terminate the purchase sale agreement dated June 20, 2022 with Will Solutions Inc. (the “Sustainable Community Stream”) as a result of, among other things, the failure of Will Solutions Inc. to meet its milestone related to the registration of its Ontario project and its failure to develop and implement the project in accordance with the project plan (including continued delays in project development activities and lower-than-expected project enrollments). The Company has advanced $4.0 million of the upfront deposit to Will Solutions Inc. under the Sustainable Community Stream. The Company will continue to pursue all of its rights and interests.

    2025 Annual General Meeting

    The Company’s AGM will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Cautionary Statement Regarding Forward-Looking Information
    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash conservation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; statements with respect to the eligibility, timing, process and completion of restrictive legend removal; statements with respect to the expected improvement in operating cash flow in 2025 when compared to previous years; statements with respect to the effectiveness and cost of AI-driven analysis of public disclosures to identify active buyers of environmental attributes; statements regarding the Company’s intention to pursue all of its rights and interests under the Sustainable Community Stream; and statements with respect to the timing of the Company’s AGM.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Topnotch Crypto Launches Free Cloud Mining App to Simplify Access to Digital Asset Mining

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, June 18, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto, a global player in the cloud mining sector, has officially launched its free cloud mining mobile application. Designed to simplify digital asset mining for everyday users, the new app leverages artificial intelligence and renewable energy to deliver efficient, 24/7 automated mining without the need for hardware or technical expertise.

    The application aims to make digital asset mining more accessible by offering a streamlined, mobile-first experience. Built with a focus on energy efficiency, the app runs on 100% green power sourced from Nordic wind and solar infrastructure. Its AI-based computing system dynamically allocates resources to optimize performance and reduce energy costs.

    “We developed this app to lower the barrier of entry into digital asset mining,” said a spokesperson from Topnotch Crypto. “With just a smartphone, users can now participate in the growing digital economy in a secure and sustainable way.”

    Why do more than 8 million users around the world favor Topnotch Crypto?

    Key Features of the New App:

    • Hardware-Free Mining: No mining rigs required. All operations are cloud-based.
    • Green Energy Integration: Fully powered by renewable sources to reduce carbon footprint.
    • Multi-Currency Support: Enables mining across 12 major cryptocurrencies including BTC, ETH, and FIL.
    • Security-Centric Design: ISO 27001 certified with 98% of user assets stored in cold wallets.
    • AI Optimization: Automated computing resource allocation for greater efficiency and uptime.

    Click to download the free app, both iOS and Android versions are available.

    The app also allows users to monitor mining performance, manage digital assets, and access support directly from their mobile device. It is available on both Android and iOS platforms.

    This launch comes at a time when the global cloud mining industry is projected to grow rapidly. According to Bloomberg New Energy Finance, the market is expected to see a compound annual growth rate of approximately 47% between 2025 and 2028. Solutions that combine cloud infrastructure, AI, and green energy are increasingly seen as foundational to the next era of digital mining.

    About Topnotch Crypto

    Topnotch Crypto was legally established in 2020 under British supervision. With “zero threshold, low risk, and high transparency” as its core advantages, it has built a new channel to crypto assets for global users.

    Visit https://topnotchcrypto.com to register now and share the stable passive income and unlimited growth opportunities under the wave of digital gold with 8 million users around the world!

    Application download: https://topnotchcrypto.com/download/

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of financial loss. You are strongly advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces June 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of June 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).                                                        

    The ex-distribution date for all Open-End Funds is June 26, 2025. The ex-distribution date for all closed-end funds is June 30, 2025.

    Open-End Funds Ticker
    Symbol    		 Distribution
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0866 06/26/2025 07/03/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 06/26/2025 07/03/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1300 06/26/2025 07/03/2025 Monthly
    Purpose Active Balanced Fund – ETF Units PABF $0.1650 06/26/2025 07/03/2025 Quarterly
    Purpose Active Conservative Fund – ETF Units PACF $0.1900 06/26/2025 07/03/2025 Quarterly
    Purpose Active Growth Fund – ETF Units PAGF $0.1550 06/26/2025 07/03/2025 Quarterly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 06/26/2025 07/03/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 06/26/2025 07/03/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 06/26/2025 07/03/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 06/26/2025 07/03/2025 Monthly
    Purpose International Tactical Hedged Equity Fund – ETF Series PHW $0.1500 06/26/2025 07/03/2025 Quarterly
    Purpose International Dividend Fund – ETF Series PID $0.0780 06/26/2025 07/03/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 06/26/2025 07/03/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 06/26/2025 07/03/2025 Monthly
    Purpose Diversified Real Asset Fund – ETF Series PRA $0.2100 06/26/2025 07/03/2025 Quarterly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 06/26/2025 07/03/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 06/26/2025 07/03/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2500 06/26/2025 07/03/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 06/26/2025 07/03/2025 Monthly
    Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series YAVG $0.1800 06/26/2025 07/03/2025 Monthly
    Coinbase (COIN) Yield Shares Purpose ETF – ETF Series YCON $0.3000 06/26/2025 07/03/2025 Monthly
    Costco (COST) Yield Shares Purpose ETF – ETF Series YCST $0.1200 06/26/2025 07/03/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 06/26/2025 07/03/2025 Monthly
    Tech Innovators Yield Shares Purpose ETF – ETF Series YMAG $0.2000 06/26/2025 07/03/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.2400 06/26/2025 07/03/2025 Monthly
    Netflix (NFLX) Yield Shares Purpose ETF – ETF Series YNET $0.1500 06/26/2025 07/03/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 06/26/2025 07/03/2025 Monthly
    Palantir (PLTR) Yield Shares Purpose ETF – ETF Series YPLT $0.2500 06/26/2025 07/03/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 06/26/2025 07/03/2025 Monthly
    UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series YUNH $0.1100 06/26/2025 07/03/2025 Monthly
               
    Closed-End Funds Ticker
    Symbol    		 Distribution 
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 06/30/2025 07/14/2025 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $0.0700¹ 06/30/2025 07/14/2025 Monthly
               

    Estimated June 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The June 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker
    Symbol    		 Estimated
    Distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3405 06/26/2025 07/03/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2175 06/26/2025 07/03/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1030 06/26/2025 07/03/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3375 06/26/2025 07/03/2025 Monthly
               

    Purpose expects to issue a press release on or about June 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be June 26, 2025.

    1. Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    2. Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

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

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Logan Ridge Finance Corporation Announces Adviser Funded Cash Payment to Shareholders in Connection with its Merger with Portman Ridge Finance Corporation

    Source: GlobeNewswire (MIL-OSI)

    The Company’s Investment Adviser Will Finance an Incremental $0.47 Per Share Payment to Logan Ridge Shareholders Immediately Prior to Closing.

    Payment Effectively Results in Logan Ridge Shareholders Receiving 100% of NAV as of March 31, 2025 Adjusted for Estimated Transaction Costs.

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”), today announced that it has entered into an agreement with Mount Logan Management LLC, LRFC’s investment adviser (“Mount Logan” or “Investment Adviser”), in connection with its previously announced merger with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN” and the “Merger”).

    Pursuant to the terms of the agreement, and contingent upon the closing of the Merger, LRFC’s Investment Adviser will finance a pre-closing cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025. This payment, when combined with the previously announced Tax Distribution of no less than $1,000,000, or $0.38 per share, and the 1.5x PTMN shares received for each LRFC share outstanding, will equal 100% of Logan Ridge’s net asset value (“NAV”), based on both Logan Ridge’s and Portman Ridge’s respective NAVs per share as of March 31, 2025 adjusted for estimated transaction costs.

    All terms and conditions of the Merger remain unchanged and in full effect. The Mount Logan funded payment outlined above represents a commitment by Mount Logan to the combined company and was designed to further align the Merger with shareholder feedback, while maintaining the core strategic and financial rationale for the combination.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of LRFC and PTMN, and Head of the BC Partners Credit Platform, stated, “We are pleased to announce this agreement, which will provide enhanced value to Logan Ridge shareholders through an additional $0.47 per share payment. We appreciate our shareholders’ support and constructive engagement throughout this process and we look forward to successfully closing the Merger.”

    Special Meeting of Shareholders

    The LRFC special meeting is scheduled for June 20, 2025, at 10:30 am ET. LRFC urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of LRFC can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/LRFC2025SM, or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3962.

    About Logan Ridge Finance Corporation

    LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC (“Sierra Crest”). PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners Advisors L.P. (“BC Partners”) is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the LRFC shareholders in connection with the Proposal will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer (PTMN and LRFC)
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Portman Ridge Finance Corporation Announces Corporate Rebranding, New Monthly Base Distribution, and Value Creation Initiatives

    Source: GlobeNewswire (MIL-OSI)

    Company to be Renamed “BCP Investment Corporation” and Trade Under New Ticker “BCIC”

    Transition to Paying the Quarterly Base Distribution Monthly in 2026

    Company, Management, Adviser and Other Affiliates Intend to Acquire up to 20% of Common Shares Over Next 24 Months to the Extent the Stock Trades Below 80% of NAV

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”), today announced several updates and initiatives, aimed at enhancing shareholder value. These initiatives include a corporate name change, the transition to paying a monthly distribution, and an enhanced stock purchase program. These changes will go into effect following the successful closing of the merger with Logan Ridge Finance Corporation (“LRFC”).

    Upon closing, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation (the “Company” or “BCIC”). In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”. This change better reflects the fact that the Company is fully integrated into the broader BC Partners Credit Platform and the credit platform’s commitment to the Company, which is a leading global alternative asset manager with almost $9.0 billion in assets under management across its credit platforms.

    Additionally, beginning in 2026, the Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. The quarterly supplemental distributions will continue to approximate 50% of the incremental net investment income earned in excess of the base monthly distributions. We believe that the transition to a monthly base distribution will be valued by investors and has the potential to increase liquidity in the Company’s stock.

    To further align our interests with shareholders and drive additional value creation, the Company, along with its management, its adviser and their affiliates intend to acquire up to 20% of the Company’s outstanding common stock over the next 24 months to the extent the Company’s shares continue to trade below 80% of net asset value (“NAV”), which implies a share price of $15.08 based Portman Ridge’s March 31, 2025 NAV per share, or a 31% premium to PTMN’s June 16, 2025 closing market price. These purchases will begin no earlier than 60 calendar days following the date of the closing of the LRFC merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. In this regard and as previously announced, PTMN’s Board of Directors has authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025 to March 31, 2026. The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company’s broader value creation initiatives.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of PTMN and Head of the BC Partners Credit Platform, stated, “The corporate rebranding of Portman Ridge to BCP Investment Corporation reflects the Company’s affiliation with the broader BC Partners Credit Platform and underscores the significance of the Company to the platform as well as the credit platform’s commitment to its success.

    Finally, we remain committed to addressing the discount to NAV at which our shares currently trade as well as increasing our ownership in the Company for better alignment with shareholders. We believe these value creation initiatives represent a thoughtful and constructive framework that supports long-term value creation for our shareholders.”

    Special Meeting of Shareholders

    The PTMN special meeting is scheduled for June 20, 2025, at 10:00 am ET. PTMN urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of PTMN can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3911.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. PTMN’s filings with the Securities and Exchange Commission (“SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and future share repurchase/purchase activity. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in Registration Statement and Joint Proxy Statement (in each case, as defined below). Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This document relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    PTMN, its directors, certain of its executive officers and certain employees and officers of PTMN’s investment adviser and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of LRFC’s investment adviser, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Portman Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    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, (the “Partnership Agreement”), 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

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s 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.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    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: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    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, (the “Partnership Agreement”), 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

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s 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.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    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: ServisFirst Bancshares, Inc. Declares Second Quarter Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., June 17, 2025 (GLOBE NEWSWIRE) — ServisFirst Bancshares, Inc., (NYSE: SFBS) (“ServisFirst”), the holding company for ServisFirst Bank, today announces: At a meeting held on June 16, 2025, its Board of Directors declared a quarterly cash dividend of $0.335 per share, payable on July 9, 2025, to stockholders of record as of July 1, 2025.  

    About ServisFirst Bancshares, Inc.

    ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Atlanta, Birmingham, Charleston, Dothan, Huntsville, Mobile, Montgomery, North Carolina, Northwest Florida, Tennessee, Virgina Beach, and West Central Florida. ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbank.com.

    More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbank.com or by calling (205) 949-0302.

    Contact: ServisFirst Bank
    Davis Mange (205) 949-3420
    DMange@servisfirstbank.com

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Honored with Best of State Award for Credit Unions in Business Services

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, June 17, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is proud to announce it has been honored with the prestigious 2025 Best of State Award for Best Credit Union in the Business Services category, a recognition that reflects the credit union’s unwavering commitment to putting its members first—including its thriving community of business members.

    A Media Snippet accompanying this announcement is available in this link.

    This latest accolade underscores Mountain America’s dedication to empowering businesses with innovative financial solutions, personalized service, and a mission-driven approach that prioritizes people over profits. Whether it’s helping small businesses grow or providing expert financial advice to entrepreneurs, Mountain America remains steadfast in its core purpose: guiding members forward.

    “We are honored to receive this year’s Best of State Award for Credit Unions in business services,” said Sterling Nielsen, president and CEO of Mountain America Credit Union. “This award belongs to our incredible team and our members. It reflects our commitment to always putting our members—individuals and businesses alike—at the center of everything we do. Whether through digital innovation or one-on-one financial guidance, we strive to help our members reach their goals and build lasting success.”

    The Best of State recognition follows another significant national honor—Mountain America was recently ranked among the Top 5 Large Credit Unions in the nation for Customer Service Excellence by J.D. Power, highlighting the institution’s superior service across both individual and business banking relationships.

    Mountain America continues to invest in services that meet the evolving needs of businesses, from flexible lending options to advanced digital banking tools, all backed by the credit union’s hallmark personalized service.

    The Best of State Awards recognize individuals, businesses, and organizations that demonstrate excellence and innovation in their field, contribute positively to the quality of life in Utah, and differentiate themselves through superior performance.

    For more information on business services offered by Mountain America Credit Union, visit macu.com/business.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure cutting-edge mobile banking technology, over 100 branches across multistate region, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Honored with Best of State Award for Credit Unions in Business Services

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, June 17, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union is proud to announce it has been honored with the prestigious 2025 Best of State Award for Best Credit Union in the Business Services category, a recognition that reflects the credit union’s unwavering commitment to putting its members first—including its thriving community of business members.

    A Media Snippet accompanying this announcement is available in this link.

    This latest accolade underscores Mountain America’s dedication to empowering businesses with innovative financial solutions, personalized service, and a mission-driven approach that prioritizes people over profits. Whether it’s helping small businesses grow or providing expert financial advice to entrepreneurs, Mountain America remains steadfast in its core purpose: guiding members forward.

    “We are honored to receive this year’s Best of State Award for Credit Unions in business services,” said Sterling Nielsen, president and CEO of Mountain America Credit Union. “This award belongs to our incredible team and our members. It reflects our commitment to always putting our members—individuals and businesses alike—at the center of everything we do. Whether through digital innovation or one-on-one financial guidance, we strive to help our members reach their goals and build lasting success.”

    The Best of State recognition follows another significant national honor—Mountain America was recently ranked among the Top 5 Large Credit Unions in the nation for Customer Service Excellence by J.D. Power, highlighting the institution’s superior service across both individual and business banking relationships.

    Mountain America continues to invest in services that meet the evolving needs of businesses, from flexible lending options to advanced digital banking tools, all backed by the credit union’s hallmark personalized service.

    The Best of State Awards recognize individuals, businesses, and organizations that demonstrate excellence and innovation in their field, contribute positively to the quality of life in Utah, and differentiate themselves through superior performance.

    For more information on business services offered by Mountain America Credit Union, visit macu.com/business.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure cutting-edge mobile banking technology, over 100 branches across multistate region, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI Canada: Chair’s Summary

    Source: Government of Canada – Prime Minister

    The Leaders of the Group of Seven (G7) gathered in Kananaskis, Alberta, from June 15-17, 2025, with the objective of building stronger economies by making communities safer and the world more secure, promoting energy security and accelerating the digital transition, as well as fostering partnerships of the future.  

    Five decades after its founding in 1975, the G7 continues to demonstrate its value as a platform for advanced economies to coordinate financial and economic policy, address issues of peace and security, and cooperate with international partners in response to global challenges.  

    G7 Leaders focused on economic developments. In a context of rising market volatility and shocks to international trade, as well as longer-term trends toward fragmentation and global imbalances, they discussed the need for greater economic and financial stability, technological innovation, and an open and predictable trading regime to drive investment and growth. They considered ways to collaborate on global trade to boost productivity and grow their economies, emphasizing energy security and the digital transition. They acknowledged that both are underpinned by secure and responsible critical mineral supply chains and that more collaboration is required, within and beyond the G7. Leaders undertook to safeguard their economies from unfair non-market policies and practices that distort markets and drive overcapacity in ways that are harmful to workers and businesses. This includes de-risking through diversification and reduction of critical dependencies. Leaders welcomed the new Canada-led G7 initiative – the Critical Minerals Production Alliance – working with trusted international partners to guarantee supply for advanced manufacturing and defence.

    G7 Leaders expressed support for President Trump’s efforts to achieve a just and lasting peace in Ukraine. They recognized that Ukraine has committed to an unconditional ceasefire, and they agreed that Russia must do the same. G7 Leaders are resolute in exploring all options to maximize pressure on Russia, including financial sanctions. The G7 met with President of Ukraine, Volodymyr Zelenskyy, and Secretary General of the North Atlantic Treaty Organization, Mark Rutte to discuss their support for a strong and sovereign Ukraine, including budgetary defence and recovery and reconstruction support.

    G7 Leaders reiterated their commitment to peace and stability in the Middle East. They exchanged on the evolving situation, following Hamas’s terrorist attacks against Israel on October 7, 2023, and the active conflict between Israel and Iran. Leaders discussed the importance of unhindered humanitarian aid to Gaza, the release of all hostages and an immediate and permanent ceasefire. Leaders also talked about the need for a negotiated political solution to the Israeli-Palestinian conflict that achieves lasting peace. Leaders affirmed Israel’s right to defend itself, and were clear that Iran can never have a nuclear weapon. They underlined the importance of protecting civilians. They expressed their readiness to coordinate to safeguard the stability of international energy markets. They urged that the resolution of this crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza. G7 Leaders released a statement on recent developments between Israel and Iran.

    Leaders highlighted the importance of a free, open, prosperous and secure Indo-Pacific, based on the rule of law, and discussed growing economic cooperation with the region. They stressed the importance of constructive and stable relations with China, while calling on China to refrain from market distortions and harmful overcapacity, tackle global challenges and promote international peace and security. Leaders discussed their ongoing serious concerns about China’s destabilizing activities in the East and South China Seas and the importance of maintaining peace and stability across the Taiwan Strait. They expressed concern about DPRK’s nuclear weapons and ballistic missile programs and the need to jointly address DPRK cryptocurrency thefts fueling these programs. The need to resolve the abductions issue was also raised. Leaders acknowledged the links between crisis theatres in Ukraine, the Middle East and Indo-Pacific. Leaders discussed other instances of crisis and conflict, including in Africa and Haiti. 

    The G7 Leaders underscored their resolve to ensure the safety and security of communities. They condemned foreign interference, underlining the unacceptable threat of transnational repression to rights and freedoms, national security and state sovereignty. Leaders highlighted the importance of ongoing collaboration to promote border security and counter migrant smuggling and illicit synthetic drug trafficking, noting recent successes. They stressed the need to work with countries of origin and transit countries. Leaders discussed the impacts of increasingly extreme weather events around the world. They highlighted the need for more international collaboration to prevent, fight and respond to wildfires, which are destroying homes and ecosystems, and driving pollution and emissions. 

    The G7 welcomed participation in the Summit by the President of South Africa, Matamela Cyril Ramaphosa, President of Brazil, Luiz Inácio Lula da Silva, President of Mexico, Claudia Sheinbaum, President of the Republic Korea, Lee Jae-myung, Prime Minister of India, Narendra Modi, and Prime Minister of Australia, Anthony Albanese, as well as UN Secretary General, António Guterres, and President of the World Bank, Ajaypal Singh Banga. Together, they identified ways to collaborate on energy security in a changing world, with a focus on advancing technology and innovation, diversifying and strengthening critical mineral supply chains, building infrastructure, and mobilizing investment. They discussed just energy transitions as well as sustainable and innovative solutions to boost energy access and affordability, while mitigating the impact on climate and the environment. They talked about the consequences of growing conflicts for shared prosperity, including energy security, and the need to work towards a shared peace. 

    Leaders and guests had a productive discussion on the importance of building coalitions with reliable partners – existing and new – that include the private sector, development finance institutions and multilateral development banks, to drive inclusive economic growth and advance sustainable development. The upcoming United Nations’ Fourth International Conference on Financing for Development was raised as an opportunity to continue these discussions, including on private capital mobilization. 

    G7 Leaders agreed to collaborate with partners on concrete outcomes that deliver for everyone. To this end, they agreed to six joint statements. Their commitments included: 

    • Securing high-standard critical mineral supply chains that power the economies of the future.
    • Driving secure, responsible and trustworthy AI adoption across public and private sectors, powering AI now and into the future, and closing digital divides.
    • Boosting cooperation to unlock the full potential of quantum technology to grow economies, solve global challenges and keep communities secure.
    • Mounting a multilateral effort to better prevent, fight and recover from wildfires, which are on the rise around the world.
    • Protecting the rights of everyone in society, and the fundamental principle of state sovereignty, by continuing to combat foreign interference, with a focus on transnational repression.
    • Countering migrant smuggling by dismantling transnational organized crime groups. 

    G7 Leaders welcomed the endorsement by many outreach partners of the Critical Minerals Action Plan and the Kananaskis Wildfire Charter. 

    Discussions at the Kananaskis Summit were informed by the recommendations of the G7 Gender Equality Advisory Council (GEAC), which stressed the social and economic benefits of gender equality, and of all G7 engagement groups. 

    The G7 remains committed to working with domestic and international stakeholders and partners, including local governments, Indigenous Peoples, civil society, industry and international organizations, to advance shared priorities. 

    The G7 will continue its work under Canada’s presidency throughout 2025, and looks forward to France’s leadership in 2026.

    MIL OSI Canada News –

  • MIL-OSI China: Chinese vice premier urges improved industrial innovation, sound development of platform economy

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

    Chinese vice premier urges improved industrial innovation, sound development of platform economy

    GUANGZHOU, June 17 — Chinese Vice Premier Zhang Guoqing has stressed the importance of efforts to improve the efficiency and quality of industrial innovation, and to promote the sound development of the platform economy.

    Zhang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an investigation and research tour in south China’s Guangdong Province, which lasted from Sunday to Tuesday.

    He said that efforts should be made to integrate scientific and technological innovation deeply with industrial innovation, and to improve the platform economy’s governance system to create a fair and orderly development environment for the sector.

    According to Zhang, it is imperative that we use technological innovation as a guide, promote the research and development of key core technologies, and build a virtuous cycle in which technological breakthroughs drive industrial upgrading.

    He also stressed the importance of improving laws and regulations related to the platform economy’s rules, algorithms, charges and livestreaming sales, of strengthening regular supervision, and of cracking down harshly on irregularities stemming from irrational rat-race competition.

    MIL OSI China News –

  • MIL-OSI: PBK Miner: Revolutionizing Bitcoin Mining with Free Cloud Mining and Sustainable Technology

    Source: GlobeNewswire (MIL-OSI)

    Carshalton, UK, June 17, 2025 (GLOBE NEWSWIRE) — PBK Miner is a UK-based company that has reshaped the cryptocurrency mining landscape with its innovative cloud mining contracts. Today, the company takes a deep dive into how its platform is leading the latest cryptocurrency cloud mining revolution. The cloud mining service provided by PBK Miner is designed to help users increase their income in a passive way, allowing them to accumulate cryptocurrency wealth in the shortest possible time.

    With the continuous advancement of technology, the world is gradually moving towards an operating model based on renewable energy. PBK Miner uses renewable energy such as solar energy and wind energy to power its cloud mining business, significantly reducing mining costs and feeding excess electricity back to the grid. This not only effectively saves energy consumption, but also brings considerable returns to investors, demonstrating the huge potential of new energy.

    In the fast-growing cryptocurrency space, simplicity and profitability are crucial, and the cloud mining offered by the company is undoubtedly an attractive option for newcomers who want to earn a stable income.

    What is Cloud Mining

    Cloud mining is a remote cryptocurrency mining technology that covers a variety of cryptocurrencies, such as Bitcoin mining. In this way, users can use the computing power of cloud mining companies to achieve profitability and avoid personal investment in hardware and maintenance. Users can access large mining farms with powerful computing power, which will work tirelessly to crack cryptocurrency puzzles and receive cryptocurrency rewards.

    Benefits of Cloud Mining

    • Easy investment: Users can easily invest without complicated procedures
    • No need to buy hardware: Users do not need to buy any professional mining equipment, which lowers the investment threshold.
    • No technical knowledge required: For beginners, cloud mining has low technical requirements and is easy to get started
    • No operating costs: Users do not need to bear operating costs such as electricity and maintenance fees during the mining process
    • Flexibility and reliability: Cloud mining provides flexible options, and users can adjust their investment strategies according to their needs
    • Start immediately: Interested users can quickly start mining without tedious preparations

    Why choose PBK Miner

    PBK Miner is committed to providing efficient and clean energy. The platform was founded in the UK in 2019 and currently has more than 8 million members worldwide. Since its establishment, the company has always focused on the Bitcoin mining business. At present, PBK Miner not only has advanced mining technology, but also has deployed multiple large-scale mining farms. According to statistics provided by the company, PBK Miner accounts for about 5.3% of the global computing power.

    About PBK Miner

    Founded in 2019 and headquartered in England, PBK Miner is a global leader in the cryptocurrency cloud mining industry. After years of development and continuous growth, we currently have more than 100 large-scale environmentally friendly energy mining farms around the world, with users in 183+ countries and regions. We are deeply trusted by more than 8 million users around the world and are committed to always being at the forefront of blockchain and cryptocurrency technology applications.

    PBK Miner Platform Advantages

    Cutting-edge equipment: The platform uses equipment provided by top mining machine manufacturers such as Bitmain, Antminer, and Jueneng Combination Miner to ensure the stable operation and efficient production capacity of Bitcoin mining machines.

    Legality and global users: PBK Miner was legally established in the UK in 2019 and is protected and regulated by the British government. With advanced technology, it has attracted more than 8 million real users around the world.

    Intuitive interface: The platform’s user-friendly interface design allows cryptocurrency novices to easily get started and navigate smoothly.

    Support for a variety of popular cryptocurrencies: Users can settle a variety of popular cryptocurrencies, such as USDT-TRC20, BTC, ETH, LTC, USDC, BNB, USDT-ERC20, BCH, DOGE, SOL (Solana), XRP, etc.

    Stable income: The contracts launched by the platform have daily income, and the principal is automatically returned when the contract expires to ensure the safety of user investment.

    Professional team: The platform has an experienced IT team and a 24/7 real-time customer service team to solve problems for users at any time.

    Affiliate Program: By referring a friend, you can earn up to $30,000 in referral bonuses, increasing your earning opportunities.

    How to join PBK Miner

    Register: Register now to get a $10 bonus ($0.60 for daily sign-in).

    Choose a contract: After successfully registering, the next step is to choose a mining contract that meets your goals and budget. PBK Miner offers a variety of contracts to meet different needs, whether you are a novice or an experienced miner, you can easily get started.

    Start making profits: After selecting and activating a mining contract, you just need to wait for the system to do all the work for you. PBK Miner’s advanced technology ensures that your mining operations run efficiently, thereby maximizing your potential profits.

    Choose the contract that suits your investment strategy:

    Experience contract: investment amount: $100, total net profit: $100 + $7.

    Classic contract: investment amount: $500, total net profit: $500 + $32.5.

    Classic contract: investment amount: $3000, total net profit: $3000 + $870.

    Prepaid contract: investment amount: $5000, total net profit: $5000 + $2325.

    Advanced contract: investment amount: $10,000, total net profit: $10,000 + $7425.

    As your mining activity progresses, earnings will begin to accumulate in your account. You can track your mining progress through the platform dashboard and withdraw your earnings when you are ready.

    For more information about the new contract, please visit the official PBK Miner platform website: https://pbkminer.com/.

    In short 

    PBK Miner is a company legally registered in the UK, focusing on network encryption technology services. It is authorized and regulated by the UK Financial Services Authority and strictly abides by local laws and regulations. PBK Miner provides a simple and convenient way to make profits from cloud mining. Whether you are a mining novice or an experienced investor, the platform aims to help users easily maximize their profits.

    Start using PBK Miner’s worry-free cloud mining solution now and increase your income!

    For more details, please visit the PBK Miner official website:

    https://pbkminer.com/, or download our mobile apps from Google Play and Apple Store.

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI: Concerned Stockholders Affirm Nomination of Director Candidates to Drive Change at Ionic

    Source: GlobeNewswire (MIL-OSI)

    Reiterate Commitment to Fight for Liquidity and Transparency Against Entrenched Incumbents

    Set Record Straight on Ionic’s Most Recent Misleading Statements

    Urge Their Fellow Stockholders to Learn More About Their Plan for Change at www.ionicvote.com

    SAN FRANCISCO, June 17, 2025 (GLOBE NEWSWIRE) — Tony Vejseli, Chris Villinger, and Brett Perry (the “Concerned Stockholders”), stockholders of Ionic Digital Inc. (“Ionic” or the “Company”), today issued a public letter to their fellow stockholders announcing that, pursuant to the ruling of the Delaware Court of Chancery that the Ionic board of directors breached its fiduciary duty and ordering the Company to reopen its nomination window for director candidates, the Concerned Stockholders have submitted a new nomination of their two highly qualified candidates, Mike Abbate and Oliver Wiener, for the two Class I Board seats up for election at the Company’s 2025 annual meeting of stockholders scheduled for July 2, 2025.

    The full text of the letter can be found on the Concerned Stockholder’s website at www.ionicvote.com and below:

    Fellow Ionic Digital Stockholders:

    Tony Vejseli, Chris Villinger, and Brett Perry (together, the “Concerned Stockholders,” “we,” or “us”) are stockholders of Ionic Digital Inc. (“Ionic” or the “Company”) and have long been committed to fighting for the rights of our fellow stockholders. We believe our recent victory in the Delaware Court of Chancery, in which the court found that the Ionic board of directors (the “Board”) breached its fiduciary duties in seeking to entrench itself by reducing the size of the Board as a defensive tactic in the midst of a proxy contest. This ruling against each of the current Board members vindicates many of our concerns regarding the disgraceful lack of oversight and disregard for stockholder rights at Ionic.

    Pursuant to the court’s order that the Company reopen its nomination window for director candidates for election to the two open Class I Board seats at the Company’s 2025 annual meeting of stockholders scheduled for July 2, 2025 (the “Annual Meeting”), we are pleased to announce that we have re-nominated Mike Abbate and Oliver Wiener, two highly-qualified candidates whom we have vetted thoroughly and are confident possess the background and experience in capital markets, corporate finance and the cryptocurrency space that we believe is necessary drive the much-needed change highlighted by the Delaware Court of Chancery’s decision and finally put stockholder value first at Ionic. The bios of our candidates are below, and interested stockholders can learn more at www.ionicvote.com.

    We also feel it is critical to set the record straight regarding certain misleading claims made by Ionic in its latest stockholder communication. While we are confident that no stockholder of Ionic would take the current Board’s statements at face value, given its long history of obfuscation and documented failure to focus on stockholder interests, we believe that stockholders deserve the whole truth, and that the election at the Annual Meeting should be made on a fully-informed basis and not be manipulated by misleading insinuations and distortions.

    For instance, the Board purports to believe that our interests conflict with those of our fellow stockholders. But nothing could be further from the truth – our only interests, and the only interests of our director candidates, are in creating stockholder value and generating liquidity after the long and undeserved drought spearheaded by the incumbent Board. Neither we nor any of our director candidates have any commitment to pursuing any particular liquidity pathway, and if elected, Messrs. Abbate and Wiener would consider all options for liquidity consistent with their fiduciary duties to stockholders – something the incumbent Board is clearly and demonstrably incapable of doing itself.

    Ionic also attempts to smear Mr. Wiener’s stellar reputation as a successful veteran of fintech and blockchain-based investments by focusing exclusively on his experience as a member of the advisory board of FTX, an advisory position of platitude, not fiduciary duty. Ionic refuses to acknowledge Mr. Wiener’s deep experience with and understanding of the cryptocurrency industry, a depth of expertise not possessed by a single member of the incumbent Board.

    Ionic falsely claims that Elizabeth LaPuma is the only nominee with decades of experience in capital markets, corporate finance and corporate transformation – but Mr. Wiener, not Ms. LaPuma, is the only candidate for election to the Board who served as senior leadership of an investment bank for two decades and founded a private equity firm, bringing more capital markets and finance experience to the table than the entire incumbent Board, including Ms. LaPuma. We further emphasize that among the many impressive and relevant items on Mr. Wiener’s resume, there is not a single judgment by a court that he ever breached a fiduciary duty to his stockholders, nor any period of failure in which he sat on a board for a year and a half collecting obscene board fees and juggling a rotating cast of executives, consultants, and auditors while failing to deliver on repeated promises of liquidity for long-suffering stockholders – which is more than can be said for any member of the Ionic Board.

    Finally, we note that Ionic’s most recent stockholder communication includes some limited scraps of operational data, and we applaud the Company for recognizing, if only belatedly and only as a result of our hard-fought engagement, that it needs to communicate with stockholders. But we emphasize that these communications remain sporadic, opportunistic, and incomplete. It should be highly concerning to all Ionic stockholders that the Company has failed to produce an annual report or any standard financial disclosures. Critically, over a year and a half of existence, Ionic has still never released a single data point regarding its costs and expenses. In fact, we understand the Company has engaged three separate investment banks, but has failed to disclose exactly how much it is paying these expensive advisors. Stockholders deserve to know how much of our money is being burned by a Board that has already demonstrated that it doesn’t care about its duties to its stockholders.

    The Concerned Stockholders believe that the incumbent Board has had more than adequate opportunity to prove itself, and it has failed. Over the last year and a half, the incumbent Board has proven only that it lacks the necessary experience to oversee the business of Ionic. As Scott Flanders himself testified in the Delaware Court of Chancery, regarding the operations of the Company:

    “…material safety issues, just gross negligent construction, not adhering to any kind of best practices, the performance, and lack of responsiveness from Hut 8.”

    Stockholders deserve real change – we urge you to throw away your WHITE proxy card and vote for Mike Abbate and Oliver Wiener on the GOLD Proxy Card today to cast a vote for restoring transparency, accountability, and liquidity to Ionic.

    Learn more at www.ionicvote.com

    Contact Information
    Investor Contact:
    Saratoga Proxy Consulting LLC
    John Ferguson / Ann Marie Mellone
    (888) 368-0379
    (212) 257-1311
    info@saratogaproxy.com

    Our Candidates:

    Michael Abbate, age 46, currently serves as an Advisor to Figure Markets Holdings, Inc. (“Figure Markets”), a decentralized custody and exchange for financial assets, since February 2025. Previously, Mr. Abbate served as Chief Investment Officer of Figure Markets, from January 2024 to January 2025. Prior to Figure Markets, Mr. Abbate served as Managing Partner of NovaWulf Digital Management, LP (“NovaWulf”), an investment manager focused on digital assets, from August 2021 to January 2024 and as a private investor from January 2021 to August 2021. Earlier in his career, Mr. Abbate worked for over 16 years at King Street Capital Management, L.P., a leading global alternative asset manager, most recently as a Member, from March 2004 to December 2020. Mr. Abbate started his career as an investment banker in global technology at Morgan Stanley and received a Bachelor of Computer Science and Engineering from Dartmouth College.

    Oliver Wiener, age 47, has served as Founder and Managing Partner of Kensington Merchant Partners, a merchant bank, investment management and corporate development advisory business focused on Financials, Fintech, Insurance, Insuretech and Blockchain verticals, since January 2023. Previously, he served as a Portfolio Manager at Standard Investments LLC, an investment platform focused on the intersection of industry and technology, from May 2021 to December 2022. Prior to that, Mr. Wiener served as Co-Founder and Partner at BTIG, LLC, a global financial services firm, from March 2003 to May 2021. Mr. Wiener currently serves as a member of the board of directors of Chain Bridge I, a special situations fund focused on convertible bonds, SPAC securities, PIPEs, warrants and public equities, since February 2024, and The National Security Group, Inc., an insurance holding company, since October 2024. He has also served as a board observer at Figment Inc., a leading provider of blockchain infrastructure, since 2022, an advisory board member at Extend, an AI enabled post purchase protection Insurtech since 2021 and an advisor at Figment Capital, a Web3 infrastructure investment fund, since July 2021, Hangar, a private equity sponsor focused on technology and public sector markets, since March 2023, and the Opportunity Network, a non-profit focused on providing access to college and professional mobility for underrepresented students, since January 2021. He is also an active member of the Economic Club of New York and the University of Wisconsin College of Letters and Science Board of Visitors, as well as the UW Technology Entrepreneurship Office Advisory Council. Previously, he served as a member of the board of directors of Interchecks Technologies, Inc., a payment technology company, from January 2022 to January 2023, and as an advisory board member at Anchor Labs Inc., a software developer, from the spring of 2020 to the winter of 2023. Mr. Wiener also served as a founding member and President of the board of the Association for Digital Asset Markets, a private, non-profit, industry-led, broad-based association of firms operating in the digital asset space, from November 2018 to May 2021, and was a member of Prince’s Trust US Finance Committee from January 2019 to December 2023. Mr. Wiener began his career as an equities analyst at CIBC Oppenheimer. He received a B.A. in Political Science and International Relations from the University of Wisconsin-Madison.

    The MIL Network –

  • MIL-OSI USA: Sen. Scott Champions Historic Senate Passage of GENIUS Act

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Today, the United States Senate passed the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act – legislation Senator Tim Scott (R-S.C.) co-sponsored and championed as it advanced through the Senate. The GENIUS Act – which is led by Senator Bill Hagerty (R-Tenn.) and also cosponsored by Senator Kirsten Gillibrand (D-N.Y.), Senator Cynthia Lummis (R-Wyo.), and Senator Angela Alsobrooks (D-Md.) – establishes a first of its kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security. Under Senator Scott’s leadership, the bill passed the Senate Banking Committee in March, with every Republican and five Democrats supporting it.
    “Today is a bold step forward – not just for financial innovation, but for American leadership, consumer protection, and economic opportunity. With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty and proving that bipartisan, principled leadership can still deliver real results for the American people. This did not happen by accident. It happened because we led – across the aisle and with purpose. I’m especially grateful to Senator Hagerty for his leadership, as well as the hard work of many of my colleagues to get this across the finish line,” said Senator Scott.
    BACKGROUND:
    Upon becoming Chairman of the Senate Banking Committee, Scott pledged to advance a regulatory framework that will provide clarity for the digital assets industry and promote consumer choice, education, and protection. Building on that promise, Senator Scottcreated the first-ever Subcommittee on Digital Assets, led by Senator Cynthia Lummis (R-Wyo.).
    In its first legislative markup of the 119th Congress, and after considering nearly 40 amendments to the bill, the Senate Banking Committee voted to advance the GENIUS Act, with every Republican and five Democrats supporting it. 
    Ahead of the Senate’s vote on the bill, key stakeholders voiced support for the legislation. After the Senate voted to begin consideration of the bill, Senator Scott issued astatement and spoke on the Senate floor highlighting the importance of passing the bill, noting that the GENIUS Act is the result of months of good-faith, bipartisan negotiations and has benefited from extensive consultation with industry participants, legal and academic experts, and government stakeholders. 
    To read Senator Scott’s op-ed in the Washington Examiner on the GENIUS Act, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Introduces The Bicycles For Rural African Transport Act

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    June 17, 2025

    WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL) introduced the Bicycles for Rural African Transport Act, legislation that would establish within the United States Agency forInternational Development (USAID) a program to promote mobility in rural communities using affordable, sustainable bicycles to support access and key development objectives. 

    “U.S. foreign assistance makes up less than one percent of the federal budget—yet, it can yield millions in returns, both financially and in lives saved.  Sometimes, the simplest of tools, like a bicycle, can help make incredible progress,” said Durbin.  “Since 2019, I have worked through the appropriations process to push USAID to invest in locally appropriate and sustainable bicycles, which help meet needs in health care, education, and women and girls’ empowerment. Now that the Trump Administration has gutted USAID and is trying to jam a rescissions package through the Senate that strips global funding for the most vulnerable abroad, we need this legislation more than ever.”

    “Reliable, purpose-built bicycles are among the most cost-effective tools to improve access to healthcare, education, and economic opportunities in rural communities. We applaud Senator Durbin’s leadership in reintroducing the Bicycles for Rural African Transport Act, which recognizes that mobility is foundational to development. This bill has the power to accelerate progress and unlock potential for millions of people,” said Dave Neiswander, CEO, World Bicycle Relief.

    This Bicycles for Rural African Transport Act builds on the work Durbin has done through the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs (SFOPS) in the annual appropriations package in recent years, to provide modest funding and a comprehensive USAID assessment for a pilot program related to bicycles that has been successful at helping get girls to school, providing health services, allowing farmers to take their crops to market, and more. This bill would effectively codify those efforts, and requires USAID to report on such projects from which the agency can continue to build.  

    The legislation also emphasizes partnerships with existing entities, such as Chicago-based World Bicycle Relief, with successful models for providing access to affordable bicycles to achieve development objectives. Founded in 2005, World Bicycle Relief partners with communities across nearly two dozen countries to establish and manage a sustainable transportation ecosystem that has delivered nearly 900,000 sustainable bicycles and supported more 4.4 million people.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: CLEARED FOR TAKEOFF: Warnock, Ossoff Secure Over $14 Million in Federal Funding for Georgia Airports through Bipartisan Infrastructure Law

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    CLEARED FOR TAKEOFF: Warnock, Ossoff Secure Over $14 Million in Federal Funding for Georgia Airports through Bipartisan Infrastructure Law

    Southwest Georgia Regional Airport in Albany will receive $1,757,262 for infrastructure improvements
    Savannah/Hilton Head International Airport will receive $11,398,769 for taxiway upgrades, road construction, and more
    Additional communities receiving federal funding include BLAIRSVILLE, BUTLER, CANON, COCHRAN, MONROE, PEACHTREE CITY
    Senator Warnock: “Georgia is one of the most important aviation states in the nation, and I will always be committed to ensuring our economy and infrastructure can reach new heights”
    Senator Ossoff: “Georgia’s airports are a key driver of job creation and economic competitiveness. Alongside Senator Reverend Warnock, we are pleased to announce this funding through the bipartisan infrastructure law for airport upgrades across the State of Georgia”

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA) and Jon Ossoff (D-GA) announced new federal investments to upgrade Georgia’s airports through the Bipartisan Infrastructure Law, legislation championed by the senators for its investments in Georgia. Senators Warnock and Ossoff announced airports in Savannah, Albany, and six additional communities across Georgia will receive a total of $14,107,485 for infrastructure upgrades. The federal funding will be used for taxiway and runway upgrades, road construction, a planning study, and more.

    “This new investment is a testament to the good we can accomplish when we center the people in policymaking,” said Senator Reverend Warnock. “Georgia is one of the most important aviation states in the nation, and I will always be committed to ensuring our economy and infrastructure can reach new heights.”

    “Georgia’s airports are a key driver of job creation and economic competitiveness. Alongside Senator Reverend Warnock, we are pleased to announce this funding through the bipartisan infrastructure law for airport upgrades across the State of Georgia. Our bipartisan infrastructure law will continue to deliver long-overdue upgrades to Georgia’s infrastructure for years to come,” said Senator Ossoff. 

    More information on these federal grants can be found below:

    Locality Airport Description Amount
    Albany Southwest Georgia Regional Airport Taxiway upgrades, pavement upgrades $1,757,262
    Blairsville Blairsville Airport Runway infrastructure upgrades $159,000
    Butler Butler Municipal Airport Runway infrastructure upgrades $110,000
    Canon Franklin-Hart Airport Runway infrastructure upgrades $201,744
    Cochran Cochran Airport Runway infrastructure upgrades $159,000
    Monroe Cy Nunnally Memorial Airport Runway infrastructure upgrades $159,000
    Peachtree City Atlanta Regional Falcon Field Runway infrastructure upgrades $162,710
    Savannah Savannah/Hilton Head International Airport Taxiway upgrades, road construction, planning study, expanded apron space $11,398,769

    A longtime champion for Georgia’s aviation industry, last year Senator Warnock secured provisions in the FAA Reauthorization law that will help transform the aviation industry, including provisions to bolster the aviation workforce pipeline and invest in our aviation economy. In May 2025, Senators Warnock and Ossoff announced more than $13 million in federal funding from the Bipartisan Infrastructure Law to upgrade and help maintain Georgia’s regional airports. Last summer, Senator Warnock toured Gulfstream headquarters in Savannah, Georgia, as well as Savannah Tech’s Crossroads Aviation Campus to meet with current students who are training to work at Gulfstream or in Georgia’s aviation economy. In 2023, Senator Warnock visited Savannah/Hilton Head International Airport to review progress on federally funded projects, including construction of a security checkpoint expansion. In April 2023, Senator Warnock met with local aviation workers and leaders at DeKalb-Peachtree Airport in Chamblee, Georgia to discuss the challenges and opportunities facing workers on the frontlines of the aviation industry; following his visit, the Senator introduced the AIRWAYS Act to strengthen the aviation workforce by recruiting and training future industry workers from all zip codes. Additionally, in 2022 Senators Warnock and Ossoff secured $13.5 million to update nine airports across Georgia, including Augusta Regional Airport and Columbus Airport. The awards announced today were made possible by the Bipartisan Infrastructure Law, which included at least $619 million for Georgia’s airports to improve efficiency, upgrade terminals, and more. 

    MIL OSI USA News –

  • MIL-OSI USA: CLEARED FOR TAKEOFF: Warnock, Ossoff Secure Over $14 Million in Federal Funding for Georgia Airports through Bipartisan Infrastructure Law

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    CLEARED FOR TAKEOFF: Warnock, Ossoff Secure Over $14 Million in Federal Funding for Georgia Airports through Bipartisan Infrastructure Law

    Southwest Georgia Regional Airport in Albany will receive $1,757,262 for infrastructure improvements
    Savannah/Hilton Head International Airport will receive $11,398,769 for taxiway upgrades, road construction, and more
    Additional communities receiving federal funding include BLAIRSVILLE, BUTLER, CANON, COCHRAN, MONROE, PEACHTREE CITY
    Senator Warnock: “Georgia is one of the most important aviation states in the nation, and I will always be committed to ensuring our economy and infrastructure can reach new heights”
    Senator Ossoff: “Georgia’s airports are a key driver of job creation and economic competitiveness. Alongside Senator Reverend Warnock, we are pleased to announce this funding through the bipartisan infrastructure law for airport upgrades across the State of Georgia”

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA) and Jon Ossoff (D-GA) announced new federal investments to upgrade Georgia’s airports through the Bipartisan Infrastructure Law, legislation championed by the senators for its investments in Georgia. Senators Warnock and Ossoff announced airports in Savannah, Albany, and six additional communities across Georgia will receive a total of $14,107,485 for infrastructure upgrades. The federal funding will be used for taxiway and runway upgrades, road construction, a planning study, and more.

    “This new investment is a testament to the good we can accomplish when we center the people in policymaking,” said Senator Reverend Warnock. “Georgia is one of the most important aviation states in the nation, and I will always be committed to ensuring our economy and infrastructure can reach new heights.”

    “Georgia’s airports are a key driver of job creation and economic competitiveness. Alongside Senator Reverend Warnock, we are pleased to announce this funding through the bipartisan infrastructure law for airport upgrades across the State of Georgia. Our bipartisan infrastructure law will continue to deliver long-overdue upgrades to Georgia’s infrastructure for years to come,” said Senator Ossoff. 

    More information on these federal grants can be found below:

    Locality Airport Description Amount
    Albany Southwest Georgia Regional Airport Taxiway upgrades, pavement upgrades $1,757,262
    Blairsville Blairsville Airport Runway infrastructure upgrades $159,000
    Butler Butler Municipal Airport Runway infrastructure upgrades $110,000
    Canon Franklin-Hart Airport Runway infrastructure upgrades $201,744
    Cochran Cochran Airport Runway infrastructure upgrades $159,000
    Monroe Cy Nunnally Memorial Airport Runway infrastructure upgrades $159,000
    Peachtree City Atlanta Regional Falcon Field Runway infrastructure upgrades $162,710
    Savannah Savannah/Hilton Head International Airport Taxiway upgrades, road construction, planning study, expanded apron space $11,398,769

    A longtime champion for Georgia’s aviation industry, last year Senator Warnock secured provisions in the FAA Reauthorization law that will help transform the aviation industry, including provisions to bolster the aviation workforce pipeline and invest in our aviation economy. In May 2025, Senators Warnock and Ossoff announced more than $13 million in federal funding from the Bipartisan Infrastructure Law to upgrade and help maintain Georgia’s regional airports. Last summer, Senator Warnock toured Gulfstream headquarters in Savannah, Georgia, as well as Savannah Tech’s Crossroads Aviation Campus to meet with current students who are training to work at Gulfstream or in Georgia’s aviation economy. In 2023, Senator Warnock visited Savannah/Hilton Head International Airport to review progress on federally funded projects, including construction of a security checkpoint expansion. In April 2023, Senator Warnock met with local aviation workers and leaders at DeKalb-Peachtree Airport in Chamblee, Georgia to discuss the challenges and opportunities facing workers on the frontlines of the aviation industry; following his visit, the Senator introduced the AIRWAYS Act to strengthen the aviation workforce by recruiting and training future industry workers from all zip codes. Additionally, in 2022 Senators Warnock and Ossoff secured $13.5 million to update nine airports across Georgia, including Augusta Regional Airport and Columbus Airport. The awards announced today were made possible by the Bipartisan Infrastructure Law, which included at least $619 million for Georgia’s airports to improve efficiency, upgrade terminals, and more. 

    MIL OSI USA News –

  • MIL-OSI Australia: Changes to reserve allocations

    Source: New places to play in Gungahlin

    What are the changes?

    From 7 December 2024, the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024External Link (the Regulation) changes the way allocations from reserves count towards an individual’s contribution caps.

    Before 7 December 2024, certain reserve allocations by a complying superannuation plan for an individual counted towards the individual’s concessional contributions cap. This could result in excess concessional contributions for the individual.

    From 7 December 2024, the Regulation:

    • counts those allocations towards the individual’s non-concessional contributions cap instead of their concessional contributions cap
    • updates the drafting used to describe those allocations, and
    • excludes from the non-concessional contributions cap an additional class of reserve allocation (from a pension reserve), making allocations of that class effectively ‘uncapped’.

    These changes are not limited to reserves associated with legacy pension products (although the changes may be applicable to such reserves).

    See Other concessional and other non-concessional contributions for more information on when reserve allocations by Australian Prudential Regulation Authority (APRA) funds will need to be reported.

    Reserve allocations before 7 December 2024

    Before 7 December 2024, 2 classes of reserve allocation counted towards the concessional contributions cap:

    1. A particular allocation of an assessable contribution.
    2. Any other allocation (‘a capped allocation’) that did not fall within various specified exclusions.

    In other words, for allocations other than assessable contributions (the first class mentioned above), a ‘catch-all’ mechanism counted towards the concessional contributions cap all allocations that did not fall within the specified exclusions (the second class mentioned above).

    The exclusions (‘excluded allocations’) did not count towards the concessional contributions cap, with the result that they could be made without contribution cap taxation consequences for the member.

    Capped allocations before 7 December 2024

    An allocation was a capped allocation unless it was an excluded allocation. The excluded allocations were:

    • a certain type of rollover superannuation benefit
    • an amount of applicable fund earnings transferred from a foreign super fund included in the assessable income of the plan
    • a refund of excess capped fees and costs charged to a member
    • a ‘fair and reasonable allocation’, which could be made from any kind of reserve (subject to fund rules and regulatory requirements), being an allocation
      • made to each member of the fund, or each member of a class of member
      • for which the amount allocated was less than 5% of the value of the member’s interest at the time of allocation, and
      • that would not have been assessable income of the fund if it were made as a contribution
    • the following types of pension reserve allocation
      • an allocation to satisfy a pension liability
      • an allocation on the commutation of an income stream, except as a result of the death of the primary beneficiary, to the recipient to commence another income stream as soon as practicable
      • certain allocations on the commutation of an income stream as a result of the death of the beneficiary.

    Reserve allocations from 7 December 2024

    From 7 December 2024, the Regulation counts capped allocations towards the non-concessional contributions cap instead of the concessional contributions cap. The mechanism for counting allocations has not changed: a reserve allocation counts towards the non-concessional contributions cap it if does not fall within specified exclusions.

    Each class of exclusion specified for the concessional contributions cap before 7 December 2024 has been specified for the non-concessional contributions cap from that date. This means types of allocations that fell within those exclusions before 7 December 2024 continue to be uncapped if made from that date. The Regulation makes no change to the treatment of allocations of certain assessable contributions, which continue to count towards the concessional contributions cap.

    The drafting of the ‘fair and reasonable’ and ‘pension reserve’ exclusions in the Regulation has been updated. As a result, the exclusions do not mirror those specified for the concessional contributions cap word-for-word. One class of excluded allocation – ‘pension reserve allocation except as a result of death – after commutation to commence another income stream’ – is not explicitly specified as an exclusion for the purposes of the non-concessional contributions cap, because it falls within a new pension reserve exclusion discussed below (‘excluded cessation allocation’).

    The table below lists these exclusions for the concessional contributions cap and their non-concessional contributions cap equivalents (legislative references are to the Income Tax Assessment (1997 Act) Regulations 2021 (ITAR (1997 Act) 2021).

    Table: Excluded allocations before and from 7 December 2024

    Class of excluded allocation

    Exclusion from counting towards concessional contributions cap – before 7 December 2024 (repealed)

    Exclusion from counting towards the non-concessional contributions cap – from 7 December 2024

    Fair and reasonable allocation

    Former subsection 291‑25.01(4)

    Subsection 292-90.02(2)

    Pension reserve allocation – to satisfy pension liability

    Former paragraph 291‑25.01(5)(a)

    Subsection 292-90.02(3)

    Pension reserve allocation except as a result of death – after commutation to commence another income stream

    Former paragraph 291‑25.01(5)(b)

    Subsection 292-90.02(4)

    Pension reserve allocation after death – to discharge pension reserve liabilities as a result of death

    Former subparagraph 291‑25.01(5)(c)(i)

    Subsection 292-90.02(5)

    Pension reserve allocation after death – paid as lump-sum and death benefit

    Former subparagraph 291‑25.01(5)(c)(ii)

    Subsection 292-90.02(6)

    Counting allocations towards the non-concessional contributions cap instead of the concessional contributions cap will affect the amount that can be allocated to some individuals without incurring contribution cap taxation consequences.

    For example, some individuals have a nil non-concessional contributions cap. If a reserve allocation counts towards the individual’s non-concessional contributions cap in those circumstances, the amount of the allocation will exceed their non-concessional contributions cap.

    Example: remediation payment allocations

    A superannuation fund maintains an operational risk reserve, the purpose of which includes the remediation of amounts wrongly charged to member accounts.

    As part of one such remediation exercise, amounts are allocated to a class of members in the fund on 1 January 2025 in a manner that does not satisfy:

    • the ‘fair and reasonable’ allocation exclusion, or
    • any other exclusion from the non-concessional contributions cap.

    As the allocations were made for those members on or after 7 December 2024, they count towards the amount of the members’ non-concessional contributions for the 2024–25 financial year.

    End of example

    New class of excluded allocation from 7 December 2024

    From 7 December 2024, the Regulation also excludes another broad class of pension reserve allocation for an individual. An allocation (an ‘excluded cessation allocation’) from a reserve of a complying superannuation plan for an individual is excluded if:

    • the reserve is a pension reserve of the plan
    • the reserve is used to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream of which the individual is the recipient
    • the superannuation income stream is commuted or ceases
    • the commutation or cessation is not a result of the death of the primary beneficiary
    • the amount is allocated from the reserve for the individual as a result of the individual having been (before the commutation or cessation) the recipient of the superannuation income stream, and
    • where the reserve relates to more than one superannuation income stream, the allocation is fair and reasonable having regard to
      • for each superannuation income stream that has not been commuted or ceased – the value of the interest that supports the superannuation income stream, and
      • for each superannuation income stream that has been commuted or ceased – the value of the interest, that supported the superannuation income stream, immediately before the superannuation income stream was commuted or ceased.

    Definition of pension reserve

    From 7 December 2024, the Regulation provides that a reserve is a pension reserve of a complying superannuation plan at a particular time if the reserve is used at that time solely for the purpose (the ‘pension liability purpose’) of enabling the plan to discharge all or part of its pension liabilities (contingent or not) as soon as they become due. This definition is relevant not only for excluded cessation allocations, but also for the other excluded allocations (other than fair and reasonable allocations).

    In addition:

    • under the Regulation, certain allocations made as a result of commutation or cessation of a superannuation income stream are deemed to be a use of a reserve for a pension liability purpose, and
    • under transitional rules provided by the Regulation, certain allocations are disregarded in working out, for the purposes of excluded cessation allocations, whether a reserve is a pension reserve at a time occurring after commencement.

    The new definition of pension reserve and the 2 additions above are only relevant for determining excluded allocations from 7 December 2024. They do not apply when determining whether a reserve is a ‘pension reserve’ for the purposes of determining whether allocations are excluded from counting toward the concessional contributions cap before that date.

    Allocations deemed to be for a pension liability purpose

    From 7 December 2024, the Regulation provides, for the avoidance of doubt, that certain allocations (‘a deemed pension purpose allocation’) to a superannuation income stream recipient after the commutation or cessation of that income stream are taken to be made for the pension liability purpose: see subsection 292-90.02(8) of the ITAR (1997 Act) 2021. This ensures a reserve does not cease to be a pension reserve as a result of such allocations, including in at least the 2 following situations:

    • The active reserve situation – where the reserve is, apart from the deemed pension purpose allocation, a pension reserve because it is used solely for the purpose of discharging pension liabilities relating to one or more other income streams. The deemed pension purpose ensures the reserve continues to be a pension reserve after a deemed pension purpose allocation when continuing to discharge pension liabilities. Otherwise, the deemed pension purpose allocation and subsequent allocations to discharge pension liabilities would count towards the non-concessional contributions cap.
    • The dormant reserve situation – where the reserve is, apart from the deemed pension purpose allocation
      • not being used for the purpose of discharging pension liabilities (because all income streams the reserve previously supported have been commuted or ceased), and
      • used for no other purpose.

    In the dormant reserve situation, the deemed pension purpose allocation does not prevent the reserve from ceasing to be a pension reserve for the purpose of making further cessation allocations.

    There is no requirement that a deemed pension purpose allocation must be made within a specific period after the relevant commutation or cessation. If all other requirements for the allocation to be excluded are otherwise met, the allocations can be made long after the commutation or cessation.

    Example: dormant reserve

    A reserve established and used to support a single superannuation income stream:

    • commenced on 1 July 2005, and
    • ceased on 1 July 2020.

    Between the cessation of the income stream and 6 December 2024, the reserve was not used for any purpose. After 7 December 2024, the trustee allocates the remainder of the reserve to the recipient of the former income stream in circumstances that satisfy all other requirements to be an excluded cessation allocation.

    The allocation itself is deemed to be for a pension liability purpose. As a result, the reserve is a pension reserve at the time of the allocation.

    End of example

    Disregarded allocations

    The Regulation also contains a transitional provision. That provision disregards certain allocations made before 7 December 2024 in working out whether a reserve of a complying superannuation plan is a pension reserve for the purposes of making excluded cessation allocations.

    If one or more allocations before that date are the sole reason the reserve doesn’t otherwise meet the pension reserve definition for that purpose, disregarding the allocations ensures the definition is met.

    An allocation from the reserve is disregarded if:

    • the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream
    • the superannuation income stream was commuted or otherwise ceased
    • the allocation was made after the commutation or cessation, and
    • immediately before the commutation or cessation, the reserve was a pension reserve.

    In the case where the reserve only ever supported one income stream, if the above criteria are met, allocations after the income stream commuted or otherwise ceased and before 7 December 2024 are disregarded.

    In the case where the reserve was used to support more than one superannuation income stream, allocations made after the above requirements are met for the first time in relation to any of those income streams and before 7 December 2024 are disregarded. In effect, this could result in all allocations from the reserve occurring after that commutation or cessation being disregarded, even while the other income streams were still being supported by the reserve.

    Example: fair and reasonable allocations disregarded

    A reserve was established and used to support 2 lifetime pensions: income stream A and income stream B. Both commenced on 1 July 2005. Income stream A ceased on 1 July 2015, and income stream B ceased on 1 July 2020. The reserve met the definition of a pension reserve immediately before 1 July 2015. Between 1 July 2020 and 6 December 2024, fair and reasonable allocations were made to all members, but the reserve was otherwise used for no other purpose during that time.

    After 7 December 2024, the trustee allocates a part of the reserve to the recipient of former income stream A in circumstances that satisfy all requirements for that allocation to be an excluded cessation allocation. In particular, the fair and reasonable allocations do not prevent the reserve from satisfying the requirement that it be a pension reserve because the transitional provision disregards all allocations between 1 July 2015 and 6 December 2024.

    The cessation allocation itself is also deemed to be for a pension liability purpose. As a result, the reserve does not cease to be a pension reserve for the purposes of the Regulation because of the allocation, which may be relevant if a subsequent excluded cessation allocation is made to the recipient of former income stream B.

    End of example

    MIL OSI News –