Category: Economy

MIL-OSI Economics: Barclays is scaling Microsoft 365 Copilot to 100,000 employees, putting AI in every employee’s hands. This will simplify how they access information, get things done, and make Copilot the UI for Barclays AI.

Source: Microsoft

Headline: Barclays is scaling Microsoft 365 Copilot to 100,000 employees, putting AI in every employee’s hands. This will simplify how they access information, get things done, and make Copilot the UI for Barclays AI.

A strong move – not just a tech upgrade, but a shift in daily workflows at scale. When Copilot becomes the UI, it’s less about features and more about how decisions, documents, and dialogue are all being reframed through AI. Curious to see how this plays out in regulated environments like finance.

MIL OSI Economics –

June 10, 2025
MIL-OSI Economics: Authority contributing to global fintech event

Source: Isle of Man

Published on: 09 June 2025

The Head of Innovation Strategy at the Isle of Man Financial Services Authority is taking part in an international conference focusing on fintech innovation and emerging technologies.

Ros Lynch has been invited to contribute to a panel discussion at the Global Government Fintech Lab 2025 in Dublin on Wednesday 11 June. The flagship event brings together professionals from more than 20 countries to share expertise and experience about how financial authorities are using technology to improve their operations and delivery.

Ros is appearing alongside panellists from Latvia, Portugal and Ireland to discuss how regulators and supervisors are seeking to foster financial innovation to achieve better outcomes for stakeholders.

Participating in the one-day conference supports the Authority’s international engagement and its commitment to embracing innovation within an appropriately regulated environment.

Ros said: ‘This is an excellent opportunity to tap into the expertise of fintech professionals from around the world. The Authority continues to work collaboratively with industry, government and international partners to promote the Isle of Man as a good place to locate and grow tech-focused businesses.’

She added: ‘We place a strong focus on data and technology to support our risk-based approach to supervising the Island’s finance sector. The panel discussion will provide an opportunity for me to showcase how a smaller jurisdiction such as ours can harness the power of fintech innovation to enhance regulatory efficiency and responsiveness.’

MIL OSI Economics –

June 10, 2025
MIL-OSI Economics: Development Asia: Moa Housing: A Small-Scale Approach to Transform Seoul’s Aging Neighborhoods
Source: Asia Development Bank

Introduction

The city of Seoul’s Moa Housing initiative is an innovative urban renewal strategy launched in 2022 to revitalize aging, low-rise residential areas that are difficult to redevelop on a larger scale. These neighborhoods—developed in the 1960s and 1980s—consist of compact, multi-family housing districts with narrow streets, insufficient parking, outdated infrastructure, and limited green spaces.

To overcome these challenges, the initiative introduces a new model that consolidates small plots of land for collective development, enabling residents to build high-quality housing while securing underground parking, green spaces, and other infrastructure. Once consolidated and infrastructure is established, these areas are designated as “Moa Towns.”

Unlike conventional redevelopment—which can take 10 years and require two-thirds of buildings to be in poor condition—Moa Housing operates on a faster four to five-year timeline. It streamlines the process and offers favorable conditions, including regulatory exemptions and incentives. The program is built on resident participation, supported by public–private partnerships, and aims to provide 30,000 new homes across 100 Moa Towns in 25 years, with the first town scheduled for completion in 2028.
What is the Moa Housing initiative?

Moa Housing is a maintenance project in which homeowners collectively own and manage individual parcels of land and develop them together into high-quality housing on a block-by-block basis. It is a small-scale urban renewal model focused on low-rise residential areas that are hard to redevelop under traditional large-scale projects.

How does the Moa Housing model work?

The model gathers low-rise areas (within 100,000 square meters) with a mix of old and new buildings, establishes a regional unit, and creates a management plan. Once underground parking and green spaces are secured, the area is designated as a “Moa Town” and implemented through a streamlined process with better incentives than conventional redevelopment.

What problems does Moa Housing address?

Moa Housing targets long-standing issues common in aging, low-rise neighborhoods that hinder livability and safety. These include:

High-density housing areas with illegal parking and resident conflict

Narrow streets that obstruct fire trucks and emergency response

Topographical challenges that make access during emergencies and evacuation difficult

Inadequate infrastructure such as parking lots, parks, and green space

Fragmented development when using building-by-building improvements

How does Moa Housing differ from conventional redevelopment?

Moa Housing offers a more flexible and expedited alternative to traditional redevelopment models. Key differences include the following:

Traditional redevelopment requires at least two-thirds of buildings be in poor condition—Moa Housing does not.

Projects can proceed without major building deterioration in hard-to-develop locations.

Moa Housing projects are exempt from architectural and urban management standards, such as height and floor area ratio, as long as site conditions are met.

Timeline is significantly faster: 4–5 years versus 10 years or more for conventional projects.

How are Moa Towns selected?

There are two methods:

A contest conducted by borough offices

Consultation based on residents’ proposals

After meeting eligibility conditions, a management plan must be submitted to the autonomous district. The required conditions are:

At least two cooperatives must be established to implement small-scale housing maintenance.

Consent from at least two-thirds of the land area targeted by the project must be obtained.

As of June 2025, 111 neighborhoods have been selected as Moa Town project sites. One site is currently under construction and expected to be completed around 2028.

What happens once an area is designated as a Moa Town?

Each autonomous district prepares a Moa Town Management Plan, which is shared with residents and reviewed by a committee. After approval, the plan is granted legal status as a “small housing maintenance management area.” The project then proceeds.

What financial support does the city provide?

The Seoul Metropolitan Government pledges to provide 70% of the establishment cost (up to 380 million won per site) for management plan formulation. The remaining 30% is covered by the district.

What kinds of projects are included under Moa Housing?

Moa Housing includes various small-scale maintenance types under the Small-scale Housing Maintenance Act:

Autonomous housing maintenance

Street housing maintenance

Small-scale reconstruction

Small-scale redevelopment

Projects are implemented through joint development using architectural agreements.

What types of improvements are made in Moa Towns?

Moa Towns are designed to enhance livability through shared infrastructure and better land use. These improvements include:

Underground parking lots and increased green spaces

Community and shared facilities along low-rise streets

Upgraded living infrastructure, including community amenities

More integrated, accessible environments for residents

What makes the business model feasible and attractive?

The Moa Housing model streamlines redevelopment and offers strong financial and regulatory support, including:

Shorter business cycle of 4–5 years compared to 10 years

Exemptions from zoning and urban design rules

Upzoning and simplified commercial use changes

Government subsidies improve project profitability

Public architect support for design and planning

Were there any early difficulties with the project?

Residents initially had limited understanding of the project’s scope, and promotional efforts were insufficient. Momentum improved after the SH Corporation launched a pilot Moa Town site, focusing on areas with constraints (e.g., height restrictions) and helping raise awareness.

What are some example sites of Moa Housing in action?

An old low-rise residential area near Jungnang Station with a high density of multi-family dwellings.

Junghwa 1-dong, Jungnang-gu: Existing dilapidated housing is being transformed into a complex with new infrastructure and essential amenities.

What are the long-term goals and outcomes of the project?

Moa Housing aims to transform Seoul’s aging neighborhoods into vibrant, sustainable communities. Its key goals include:

Deliver 30,000 homes in 25 years

Designate 100 Moa Towns across Seoul

Rejuvenate aging districts while addressing housing shortages

Enhance quality of life and revitalize local economies

Promote energy-efficient buildings, green spaces, and job creation

How does Moa Housing promote inclusion and diversity in housing?

By providing a range of housing types, the initiative accommodates varied income levels and lifestyles, promoting a more inclusive housing market.

The Moa Town project is predicated on the principle of community participation, with residents playing an active role in the planning and execution of the project. Residents are directly involved in the planning and implementation of the project, creating a customized residential environment that reflects the actual needs and wants of the residents. The development of the local economy is twofold: (i) it contributes to improving living spaces, and (ii) it contributes to the economic development of the local area.

What are the economic development benefits?

Moa Housing injects public funds into key infrastructure like public parking and parks, which improves local conditions and boosts business profitability. The simplified regulatory framework enhances efficiency for developers.

What partnerships support Moa Housing?

Moa Housing is driven by collaboration between the public and private sectors to ensure efficient project delivery. This joint approach ensures cost-effective execution.

Public sector: responsible for licensing, financing, and infrastructure

Private sector: responsible for construction and project implementation

Figure 1: Overview of available support for joint project

Source: Seoul Metropolitan Government.

What are the risks or drawbacks of the model?

While Moa Housing offers many benefits, it also faces some limitations that can impact implementation:

Higher construction costs than typical redevelopment

Requires resident consent, which may be hard to obtain

Less popular than large-scale complexes

As a new initiative, outcomes are not yet fully determined

When selectively applied, Moa Housing facilitates more efficient urban maintenance.

What lessons can cities learn from Moa Housing?

The initiative provides valuable insights into small-scale, community-centered urban renewal:

Supports structural change in low-rise housing at appropriate densities

Addresses issues such as isolated projects, inadequate infrastructure, and disconnected living environments

Demonstrates how community engagement, sustainable design, and localized planning can deliver high-impact results

Offers a scalable, replicable model for other urban centers facing similar renewal challenges
MIL OSI Economics –
June 10, 2025
MIL-OSI Economics: BYD’s growth hinges on EV demand stability and financial transparency, says GlobalData

Source: GlobalData

BYD’s growth hinges on EV demand stability and financial transparency, says GlobalData

Posted in Business Fundamentals

Following the news that China-based electric vehicle (EV) giant BYD Co Ltd is under scrutiny as its rapidly rising accounts payables raise concerns over a potential hidden debt burden;

Murthy Grandhi, Company Profiles Analyst at GlobalData, a leading data and analytics company, offers his view:

“BYD posted record 2024 results with revenues of $108.1 billion (CNY777.1 billion) (+29% year-on-year (YoY)) and net profit of $5.6 billion (CNY40.2 billion) (+34% YoY). However, experts warn that the company’s growing reliance on supply chain financing could expose it to serious financial risks if market conditions deteriorate.

“Despite holding $17.8 billion (CNY102.5 billion) in cash and reducing total debt to $5.8 billion (CNY194.2 billion), BYD’s accounts payables rose 24.3% YoY to $33.6 billion (CNY241.6 billion) in 2024, reaching $34.9 billion (CNY250.8 billion) by March 2025. Over five years, this figure has grown at a CAGR of 41.2%, outpacing both revenue and profit growth.

“BYD’s financing method involves issuing commercial paper to suppliers, who then sell it to banks. These are treated as trade finance, not corporate debt. However, if credit sentiment shifts, this paper could trade below par. Banks may demand cash, suppliers may go unpaid, and production lines could stall—like Evergrande’s liquidity crisis.

“The broader risk is systemic. BYD anchors a vast ecosystem of parts suppliers, particularly in Guangdong and Hunan provinces, employing over 900,000 people. A disruption in payments could trigger a liquidity shock across the supply chain.

“GlobalData emphasizes that this model is only vulnerable under significant market stress. If EV demand drops or credit tightens, BYD may need to accelerate supplier payments or seek external funding—both of which could strain its liquidity. BYD’s capacity to sustain growth while ensuring financial transparency will be vital to preserving investor confidence amid its increasingly leveraged expansion.”

MIL OSI Economics –

June 10, 2025
MIL-OSI New Zealand: Speech: APAC energy capital assembly, Singapore
Source: New Zealand Government

I am delighted to be here in Singapore once again, to speak to you in my capacity as New Zealand’s Minister for Resources and Associate Minister for Energy.

If you haven’t heard of me before today, I’m proud to declare myself the champion of New Zealand’s petroleum and minerals sector.

I want to thank the Energy Council for asking me to speak with you today on the significant changes that have happened in my country and what is still changing now.

I’d also like to take a moment to acknowledge some of our growing oil and gas producers here today, such as Wai-Lid Wong from Matahio, who can attest to the positive changes I’m going to talk to you about this morning. And we also have Richard Beament from Horizon Oil here with long-term joint venture investments in our gas fields.

Thank you gentlemen for the part you are playing in continuing to grow this sector in New Zealand.

The coalition Government I am a part of is injecting life back into New Zealand’s economy through increased foreign investment, trade, regional development, and energy security.

The strategic and responsible development of New Zealand’s oil and gas resources presents us with a significant opportunity.

A productive oil and gas sector is critical to ensuring enough gas to keep our lights on, the economy growing, and keep de-industrialisation at bay. As a food bowl for Asia, I believe we need to keep investing in gas for all its uses.

New Zealand has a well-established, innovative and highly skilled oil and gas sector on the West of our North Island in the Taranaki region and we wish to keep it that way.

Our Government sees reliable ongoing gas production contributing to our national self-sufficiency and domestic resilience and a critical part of our export-led recovery.

Our gas reserves data tells us a concerning story, but introduces opportunity for the sector. I intend to leave no stone unturned to ensure all our current and future energy sector participants have the confidence and see the right market incentives to keep our businesses operating and growing.

I’ll be the first to reflect and acknowledge that confidence in our gas sector took a significant hit when the petroleum exploration ban was introduced in 2018. The ban impacted investment in our producing fields and barred new exploration.

As a country we have seen the impact of this. We have listened, we have heard, and we are changing it now.

This is why I am advancing two critical policies in legislation right now – to help secure our short and mid-term energy future as we transition towards more renewable energy forms.

I am reversing the ban on offshore oil and gas exploration, and changing settings to make sure we are balancing Crown risk in decommissioning, while not disincentivising ongoing investment in our existing fields.

As part of this we are giving the oil and gas exploration market a new Open Market Application process meaning all acreage is open for application, and you’re not restricted to block offers.

I am pleased to tell you today that the Government has set aside $NZ200 million to become a cornerstone investor in new gas projects. These will be business case-based with a likely government stake of up to 15 per cent for each successful project.

This will make our Government a contracted partner in the project.

Having skin in the game as a cornerstone investor demonstrates our own commitment to meeting our future gas needs. If we really want to address the current reality that we rely on imported coal, not domestic gas, to get through winter, we must be prepared to stand alongside our petroleum sector as a co-investor.

We see this as a strong signal to make it clear to foreign investors, explorers, and producers, that New Zealand is leaving the past behind and wants investment in new petroleum opportunities.

But, although there is still much to do on the West Coast, we don’t want you to constrain your thinking to just that part of our beautiful country. New Zealand has frontier offshore basins off the east coast of both Islands. We have the East Coast basin, Canterbury basin, and the Great South Basin. For these there are existing open geodata sets with our regulators and companies such as SLB, here with us, who have still confidential commercial exploration data available to you.

As well as the $NZ200m, the Government has announced a raft of other changes that will get New Zealand back on track and open for business.

What we have seen peak interest around the world is our innovative Fast-track Approvals Act passed last year. This provides an approvals pathway for cutting red tape, but not cutting corners, and projects of regional or national significance to be approved in months, not years.

In our recent Budget, we announced Investment Boost – a 20 percent first-year capital depreciation policy, this is in addition to normal accounting depreciation standards and is in effect now.

This supports our already attractive tax expense claim, depreciation, and royalty rebate regime settings supporting you run your business, and contributing to the cost of decommissioning at project end of life.

We are overhauling our Overseas Investment Act. The reforms shift the Act’s focus to emphasise economic benefits, replacing the presumption that foreign investment is a privilege. Most applications—excluding residential land, farmland, and fishing quota—will now be processed within 15 days.

We are in the process of entirely rewriting our Resource Management legislation. Introduced in 1991 it was world-leading for the time in managing our natural and physical resources and replaced over 50 previous pieces of legislation. However, after 34 years this legislation is no longer fit for purpose and we appreciate how it’s holding back investment and development in every sector, including residential building. We will see this reform completed in this term of government, and until then the Fast Track Approvals Act supports projects get started today.

I am also interested in maximising the potential of our geothermal and natural hydrogen resources.

New Zealand has long been a user of geothermal energy. It currently makes up nearly 20 percent of our electricity generation. But we see so much more potential with new technology in super-critical and other next-generation geothermal.

We have ringfenced $NZ60 million for pre-feasibility of next generation geothermal and we expect to see exploratory drilling next year.

Unlike many renewable energy sources, geothermal energy provides critical continuous baseload energy and electricity generation. This is particularly important in the context of our energy security challenges.

We will have a geothermal strategy completed by the end of this year.

We are blessed with a geology permissive to the production of induced Orange Hydrogen, as well as natural ‘White’ Hydrogen prospects. Right now, regulators are undertaking public consultation on our country’s hydrogen policy settings, and we expect to see considerations for Cabinet later this year.

So, as you’ve heard the changes our Government has introduced or that are passing through Parliament right now will:
- reverse the oil and gas exploration ban entirely
- start a new open market application process for any acreage you see as prospective
- address petroleum decommissioning requirements to align us with best practice
- share risk through government co-investment through our $NZ200m fund
- make for fast project consent approvals through our Fast-track Approvals process
- give overseas investors certainty, whenever there is an investment that invokes the Overseas Investment Act, a decision being made in weeks.
Travelling with me I have officials from New Zealand and our chief exploration and production geologist, and for those of you I’m not already scheduled to see I’d encourage you to introduce yourselves or talk with my team.

MIL OSI New Zealand News –
June 10, 2025
MIL-OSI United Nations: Secretary-General’s remarks at the opening of the UN Ocean Conference [bilingual, as delivered; scroll down for all-French]

Source: United Nations

Monsieur le Président de la République française, Cher Emmanuel Macron
Señor Presidente de la República de Costa Rica, Estimado Rodrigo Chaves Robles

Excellences, chers amis,
Dear President of the French Republic, Dear Emmanuel Macron
Mr. President of the Republic of Costa Rica, Dear Rodrigo Chaves Robles
Excellencies, dear friends,

Permettez-moi tout d’abord de remercier nos hôtes, les gouvernements de la France et du Costa Rica, d’avoir organisé cette conférence.
Let me begin by thanking our hosts, the Governments of France and Costa Rica, for convening this conference.

Et merci à tous d’être là, à Nissa la bella – ville à la mer d’azur et au ciel pur.
And thank you all for being here, in “Nissa la bella” – city of azure seas and clear skies.

Nous voici réunis sur les rives de la Méditerranée, carrefour de continents, de cultures et de commerce.
We gather beside the Mediterranean – a crossroads of continents, cultures, and commerce.

Une mer qui, depuis des millénaires, est source de vie – et qui nous rappelle notre profonde dépendance à l’égard de l’océan.
A sea that has sustained life for millennia –reminding us of our deep dependence on the ocean.

L’océan produit la moitié de l’oxygène que nous respirons.
The ocean generates half of the oxygen we breathe.

Il nourrit 3 milliards de personnes et fait vivre 600 millions d’autres.
It feeds 3 billion people and sustains 600 million livelihoods.

L’économie des océans a plus que doublé en 30 ans – et elle continue de croître.
The ocean economy has more than doubled in 30 years – and keeps growing.

Le transport maritime assure, à lui seul, plus de 80 % du commerce mondial.
Maritime transport alone moves over 80 per cent of global trade.

L’océan est notre bien commun par excellence.
The ocean is the ultimate shared resource.

Pourtant, nous sommes en train de le piller.
But we are failing it.

Les stocks de poissons s’effondrent.
Fish stocks are collapsing.

La surconsommation et la pêche illégale poussent des espèces au bord de l’extinction.
Over-consumption and illegal fishing are pushing marine life to the brink.

Chaque année, 23 millions de tonnes de plastique sont déversées dans les eaux et asphyxient les écosystèmes.
Plastic pollution is choking ecosystems – with 23 million tonnes of waste entering waters every year.

Les émissions de carbone provoquent l’acidification et le réchauffement des océans – détruisant les récifs de corail et accélérant la montée des eaux.
Carbon emissions are driving ocean acidification and heating – destroying coral reefs and accelerating sea level rise.

Si on ne change pas de cap, cette acceleration va submerger les deltas, detruire les récoltes et engloutir les littoraux, menaçant la survie même de nombreuses îles.
If we do not change course, this rise will submerge deltas, destroy crops, and swallow coastlines – threatening many islands’ survival.

L’océan absorbe désormais 90 % de l’excédent de chaleur piégé par les gaz à effet de serre.
The ocean now stores 90 per cent of the excess heat trapped by greenhouse gases.

Autant de symptômes d’un système en crise… et qui s’auto-alimente.
These are symptoms of a system in crisis – and they are feeding off each other.

Brisant les chaînes alimentaires… Anéantissant les moyens de subsistance… Augmentant l’insécurité.
Unravelling food chains. Destroying livelihoods. Deepening insecurity.

Cette insécurité est exacerbée par la criminalité : piraterie, trafic d’êtres humains, réseaux organisés et pillage des ressources volent des vies, freinent le développement et privent les communautés côtières de leurs droits.
And insecurity is rising not only from natural forces – but from criminal ones. Piracy, organized crime, human trafficking, and the looting of natural resources are threatening lives, undermining development, and robbing coastal communities of their rights.

Ladies and gentlemen,

Since the last UN Ocean Conference in Lisbon, we have seen progress.

We have also seen a growing awareness of the deep interconnection between preserving biodiversity and marine ecosystems, combatting climate change, and stopping pollution.

The Kunming-Montreal Global Biodiversity Framework set a bold pledge:

To conserve and manage at least 30 per cent of marine and coastal areas by 2030.

Member States also adopted the Agreement on Marine Biological Diversity of Areas beyond National Jurisdiction – a historic breakthrough.

I urge all delegations to ratify it – and welcome good news delivered by President Macron and the momentum this Conference is generating toward its swift entry into force.

I also call on all countries to agree on an ambitious and legally binding treaty on plastic pollution – this year.

It is essential to successfully conclude the agreement on fisheries currently discussed at World Trade Organization.

The International Maritime Organization committed to reach net-zero emissions from shipping by 2050.

And last year’s General Assembly Meeting on Sea Level Rise underscored that statehood and sovereignty cannot be undermined by rising seas.

This proves multilateralism works – but only if we match words with action.

By developing concrete national plans aligned with global targets;

By harnessing science, driving innovation, and ensuring fair access to technology;

By empowering fishers, Indigenous peoples, and youth;

And above all, by investing.

SDG 14 on life below water remains one of the least funded Sustainable Development Goals.

This must change – through increased public finance, greater support from development banks, and bold models to unlock private capital.

I urge all countries to come forward with bold pledges.

Small Island Developing States need support to build resilience and thrive in the blue economy.

Many struggle to access healthy, affordable food – underscoring the urgent need to restore local fisheries and strengthen ocean-based food systems.

We must also strengthen maritime security as a pillar of sustainable development.

And we must embed ocean priorities across climate, food systems and sustainable finance.

Because without a healthy ocean, there can be no healthy planet.

Finally, nations are also navigating new waters on seabed mining:

I support the ongoing work of the International Seabed Authority on this important issue.

The deep sea cannot become the Wild West.

Ladies and gentlemen,

We live in an age of turmoil, but the resolve I see here gives me hope.

Hope that we can turn the tide.

That we can move from plunder to protection.

From exclusion to equity.

From short-term exploitation to long-term stewardship.

We know it’s possible.

When we reached a global moratorium on commercial whaling, whale populations recovered.

When we protect marine areas, life returns.

Today, we have the opportunity to restore marine abundance.

What was lost in a generation can return in a generation.

The ocean of our ancestors – teeming with life and diversity – can be more than legend.

It can be our legacy.

I wish you a successful conference.

Thank you.

****

[All-French]

Monsieur le Président de la République française, Cher Emmanuel Macron
Monsieur le Président de la République du Costa Rica, Cher Rodrigo Chaves Robles

Excellences, chers amis,

Permettez-moi tout d’abord de remercier nos hôtes, les gouvernements de la France et du Costa Rica, d’avoir organisé cette conférence.

Et merci à tous d’être là, à Nissa la bella – ville à la mer d’azur et au ciel pur.

Nous voici réunis sur les rives de la Méditerranée, carrefour de continents, de cultures et de commerce.

Une mer qui, depuis des millénaires, est source de vie – et qui nous rappelle notre profonde dépendance à l’égard de l’océan.

L’océan produit la moitié de l’oxygène que nous respirons.

Il nourrit 3 milliards de personnes et fait vivre 600 millions d’autres.

L’économie des océans a plus que doublé en 30 ans – et elle continue de croître.

Le transport maritime assure, à lui seul, plus de 80 % du commerce mondial.

L’océan est notre bien commun par excellence.

Pourtant, nous sommes en train de le piller.

Les stocks de poissons s’effondrent.

La surconsommation et la pêche illégale poussent des espèces au bord de l’extinction.

Chaque année, 23 millions de tonnes de plastique sont déversées dans les eaux et asphyxient les écosystèmes.

Les émissions de carbone provoquent l’acidification et le réchauffement des océans – détruisant les récifs de corail et accélérant la montée des eaux.

Si on ne change pas de cap, cette accélération va submerger les deltas, détruire les récoltes et engloutir les littoraux – menaçant la survie même de nombreuses îles.

L’océan absorbe désormais 90 % de l’excédent de chaleur piégé par les gaz à effet de serre.

Autant de symptômes d’un système en crise… et qui s’auto-alimente.

La montée des eaux submerge les deltas, détruit les récoltes et engloutit les littoraux, menaçant la survie même de nombreuses îles.

L’océan est pris au piège d’un cercle vicieux – victime et accélérateur du changement climatique.

Brisant les chaînes alimentaires… Anéantissant les moyens de subsistance… Augmentant l’insécurité.

Cette insécurité est exacerbée par la criminalité : piraterie, trafic d’êtres humains, réseaux organisés et pillage des ressources volent des vies, freinent le développement et privent les communautés côtières de leurs droits.

Mesdames et Messieurs,

Depuis la dernière Conférence des Nations Unies sur l’océan, qui s’est tenue à Lisbonne, des progrès ont été accomplis.

Nous avons également vu une prise de conscience croissante des liens profonds entre la préservation de la biodiversité et des écosystèmes marins, la lutte contre le changement climatique et l’arrêt de la pollution.

Le Cadre mondial de la biodiversité de Kunming-Montréal contient un engagement audacieux :

Conserver et gérer au moins 30 % des zones marines et côtières d’ici à 2030.

Les États Membres ont également adopté l’Accord portant sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale, qui marque une avancée historique.

J’exhorte toutes les délégations à ratifier cet accord et je me félicite des bonnes nouvelles partagées par le President Macron et de l’impulsion donnée par la Conférence pour en favoriser l’entrée en vigueur rapide.

Par ailleurs, j’appelle tous les pays à s’entendre cette année sur un traité ambitieux et juridiquement contraignant sur la pollution plastique.

Il est également essentiel de conclure avec succès l’accord sur la pêche actuellement discuté à l’Organisation mondiale du commerce.

L’Organisation maritime internationale est résolue à faire en sorte que, d’ici à 2025, le transport maritime ne produise plus aucune émission nette.

L’année dernière, durant la réunion de l’Assemblée générale sur l’élévation du niveau de la mer, il a été dit avec force que la montée des eaux ne saurait porter atteinte à la souveraineté et à l’intégrité des États.

Toutes ces initiatives montrent que le multilatéralisme fonctionne, mais seulement si nous traduisons nos paroles en actes.

En développant des plans nationaux concrets alignés sur les objectifs mondiaux.

En exploitant la science, en stimulant l’innovation, et en garantissant un accès équitable à la technologie.

En donnant des moyens d’action aux pêcheurs, aux populations autochtones, aux scientifiques et aux jeunes.

Et, par-dessus tout, en investissant.

L’objectif de développement durable no 14 relatif à la vie aquatique demeure l’un des objectifs de développement durable les moins bien financés.

Les choses doivent changer. Pour cela, il faut augmenter les financements publics, accroître l’appui apporté par les banques de développement et favoriser l’afflux de capitaux privés grâce à des modèles de financement audacieux.

J’exhorte tous les pays à prendre des engagements ambitieux [et je remercie ceux qui l’ont déjà fait].

Les petits États insulaires en développement ont besoin d’aide pour renforcer leur résilience et prospérer dans l’économie bleue.

Nombreux sont ceux qui peinent à se procurer une alimentation saine à un coût abordable, ce qui montre combien il est urgent de restaurer les pêches locales et de renforcer les systèmes alimentaires basés sur l’océan.

Nous devons également renforcer la sécurité maritime qui est l’un des piliers du développement durable.

Nous devons intégrer les priorités liées à l’océan dans toutes nos activités touchant le climat, les systèmes alimentaires et la finance durable.

Car sans un océan en bonne santé, il ne peut y avoir de planète en bonne santé.

Enfin, l’exploitation minière des fonds marins pose aux pays de nouveaux défis.

Je soutiens les travaux en cours de l’Autorité internationale des fonds marins sur cet enjeu important.

Les grands fonds ne peuvent pas devenir un Far West.

Mesdames et Messieurs,

Nous vivons une époque de troubles, mais la détermination que je constate ici me donne de l’espoir.

J’espère que nous pourrons redresser la situation.

Que nous pourrons remplacer le pillage par la protection.

L’exclusion par l’équité.

La surexploitation à court terme par la bonne gestion à long terme.

Nous savons que c’est possible.

Lorsque nous sommes parvenus à un moratoire mondial sur la chasse commerciale à la baleine, les populations de baleines se sont reconstituées.

Lorsque nous protégeons des aires marines, la vie revient.

Aujourd’hui, nous avons la possibilité de redonner à l’océan son abondance.

Ce qui a été perdu en l’espace d’une génération peut renaître en l’espace d’une autre.

L’océan qu’ont connu nos ancêtres, qui regorgeait de vie et de diversité, peut être davantage qu’une légende.

Il peut être notre héritage.

Que votre conférence soit couronnée de succès.

Je vous remercie.

MIL OSI United Nations News –

June 10, 2025
MIL-OSI United Nations: Secretary-General’s remarks at the Summit “Africa for the Ocean” [All-French, as delivered; scroll down for All-English]

Source: United Nations

Votre Altesse Royale, Princesse Lalla Hasnaa du Royaume du Maroc,
Monsieur le Président de la République française, Cher Emmanuel Macron,
Excellences, Chers amis,

Je vous remercie d’organiser ce sommet afin de réaffirmer un message clair :

Les destins de l’Afrique et de l’océan sont profondément liés.

Pour des millions de personnes à travers le continent, l’océan est source de vie, d’identité, de promesses.

Avec plus de 30 000 kilomètres de littoral et 38 États côtiers, l’Afrique est une puissance maritime.

Son avenir s’écrit aussi dans ses eaux.

Mais cette richesse bleue est trop souvent sous-évaluée et surexploitée.

L’insécurité maritime menace la paix.

La pollution empoisonne les côtes et les écosystèmes.

Et la crise climatique – dont l’Afrique n’est pourtant pas responsable – ravage ses rivages.

Face à ces défis, l’Afrique propose, innove, agit.

Elle forge des solutions qui inspirent bien au-delà du continent.

Nous le voyons dans des projets ambitieux de coopération régionale – ou encore la Stratégie intégrée de l’Union africaine pour les mers et les océans à l’horizon 2050.

Et nous le voyons dans les négociations internationales, où l’Afrique fait entendre sa voix avec force.

L’Accord sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale – l’Accord BBNJ – en est un exemple.

Le Groupe africain a été un acteur central des négociations, obtenant des engagements sur le partage équitable des avantages, le renforcement des capacités et le transfert de technologies marines.

À ce jour, 28 États africains ont signé l’Accord. Trois l’ont déjà ratifié. Peut-être que ces chiffres sont déjà surpassés par les chiffres que le Président de la République a annoncé ce matin.

Et plusieurs autres prévoient de le faire aujourd’hui, lors de la cérémonie spéciale sur les traités pour l’Accord BBNJ.

C’est un signal fort : l’Afrique est au cœur de l’action pour les océans.

Mais pour libérer pleinement ce potentiel, il faut un sursaut politique et financier.

Cela commence par renforcer la sécurité maritime face aux menaces transnationales – piraterie, trafic d’armes et d’êtres humains et crime organisé.

Les Nations Unies continueront de soutenir les efforts africains, notamment à travers l’Architecture de Yaoundé, qui a contribué à une baisse significative des actes de piraterie dans le golfe de Guinée.

Cela passe également par une gouvernance océanique fondée sur la science et la coopération.

Il faut lutter contre la pollution et la pêche illicite, non déclarée et non réglementée, renforcer les capacités de collecte et de partage des données océanographiques, et protéger la biodiversité.

Nous devons valoriser les énergies marines renouvelables, l’aquaculture et le tourisme durable, autant de sources d’emplois décents – notamment pour les jeunes et les femmes.

Mais ces efforts ne porteront pleinement leurs fruits que si l’Afrique est connectée – dans ses territoires et avec le reste du monde.

Les océans africains doivent devenir de véritables corridors d’intégration – reliant pays côtiers et enclavés, au service d’une croissance partagée.

Cela suppose des investissements concrets dans les infrastructures maritimes et portuaires : des ports interconnectés, résilients face au changement climatique, capables de répondre aux besoins d’un commerce en croissance.

Les États sans littoral doivent être reliés aux chaînes de valeur mondiales.

Aucun pays ne doit rester à quai.

Mais pour que cette transformation soit durable et équitable, nous devons mettre fin aux injustices historiques.

Ces injustices se traduisent aussi dans l’océan : les investissements ont trop souvent contourné l’Afrique, alors même que ses ressources marines étaient exploitées par d’autres.

Le Pacte pour l’Avenir, adopté en septembre dernier, appelle à une réforme profond des institutions financières mondiales – afin qu’elles soient au service de tous.

Il est temps que les pays en développement soient équitablement représentés dans ces institutions. D’ailleurs, comme au Conseil de Sécurité des Nations-Unies.

Nous avons besoin d’un système qui reflète les réalités du XXIème siècle – un système plus juste, plus solidaire et plus efficace.

C’est pourquoi j’appelle les institutions financières, les bailleurs bilatéraux et multilatéraux, les banques de développement et le secteur privé à répondre présent – y compris lors de la quatrième Conférence internationale sur le financement du développement à Séville.

Chers amis,

De Dakar à Djibouti, du Cap à Casablanca, l’Afrique prouve qu’on peut conjuguer prospérité et préservation.

Le monde a besoin de l’Afrique pour répondre aux défis de l’océan.

Et l’océan a besoin d’une Afrique qui trace sa voie et navigue résolument vers l’avenir.

Je vous remercie.

***
[All-English]

Your Royal Highness, Princess Lalla Hasnaa of the Kingdom of Morocco,
Mr. President of the French Republic, Dear Emmanuel Macron,
Excellencies, Dear friends,

Thank you for organizing this summit to reaffirm a clear message:

The destinies of Africa and the ocean are deeply linked.

For millions of people across the continent, the ocean is a source of life, identity and promise.

With over 30,000 kilometers of coastline and 38 coastal states, Africa is a maritime powerhouse.

Its future is also written in its waters.

But this blue wealth is too often undervalued and overexploited.

Maritime insecurity threatens peace.

Pollution poisons coasts and ecosystems.

And the climate crisis – that Africa did little to cause – is ravaging its shores.

In the face of these challenges, Africa is proposing, innovating, taking action.

It is forging solutions that inspire far beyond the continent.

We see this in ambitious regional cooperation projects – and in the African Union’s 2050 Integrated Maritime Strategy for the Seas and Oceans to 2050.

And we see it in international negotiations, where Africa is making its voice heard loud and clear.

The Agreement on Marine Biological Diversity beyond Areas of National Jurisdiction – the BBNJ Agreement – is one example.

The African Group was a key player in the negotiations, securing commitments on equitable benefit sharing, capacity building and marine technology transfer.

To date, 28 African states have signed the Agreement. Three have already ratified it. These numbers have increased with the news that President Macron shared with us earlier today.

And several more are planning to do so today, at the special treaty ceremony for the BBNJ Agreement.

This is a strong signal: Africa is at the heart of ocean action.

But to fully unleash this potential, we need a political and financial surge.

This begins by strengthening maritime security in the face of transnational threats – piracy, arms and human trafficking and organized crime.

The United Nations will continue to support African efforts, notably through the Yaoundé Architecture, which has contributed to a significant decline in acts of piracy in the Gulf of Guinea.

This also requires ocean governance based on science and cooperation.

We must combat pollution and illegal, unreported and unregulated fishing, strengthen capacities for collecting and sharing oceanographic data, and protect biodiversity.

We must promote renewable marine energies, sustainable aquaculture and tourism – all of which create decent jobs, in particular for young people and women.

But these efforts will only bear fruit if Africa is connected — within its territories and with the rest of the world.

Africa’s oceans must become integration corridors – linking coastal and landlocked countries, for a shared growth.

This calls for concrete investments in maritime infrastructures – interconnected ports, resilient to climate change, capable of meeting the needs of growing trade.

Landlocked states must be connected to global value chains.

No country should be left behind.

But for this transformation to be sustainable and equitable, we must put an end to historical injustices.

These injustices are also reflected in the ocean: investments have too often bypassed Africa, even as its marine resources were exploited by others.

The Pact for the Future, adopted last September, calls for deep reforms of global financial institutions – so that they serve everyone.

It is time for developing countries to be fairly represented in these institutions.

We need a system that reflects the realities of the 21st century – a system that is more just, more supportive, and more effective. As is the the case with the United Nations Security Council.

That is why I call on financial institutions, bilateral and multilateral donors, development banks and the private sector to step up – including at the Fourth International Conference on Financing for Development in Seville.

Dear friends,

From Dakar to Djibouti, from Cape Town to Casablanca, Africa is proving that prosperity and preservation can go hand in hand.

The world needs Africa to meet the ocean’s challenges.

And the ocean needs an Africa that charts its own course and navigates decisively toward the future.

Thank you.

MIL OSI United Nations News –

June 10, 2025
MIL-OSI China: L.A. Olympic organizers confident to cover estimated cost

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

Los Angeles Olympics organizers believe they are on track to meet or exceed their corporate fundraising goals in an effort to ensure that public funding will not be needed to pay for the Games, reported the Los Angeles Times on Monday.

LA28 organizers aren’t concerned about visa issues and travel bans preventing athletes from competing, with its chairman Casey Wasserman saying that taxpayers shouldn’t be worried they will be handed a bill for the 2028 Olympics.

“We are really confident in the progress we’ve made,” said Wasserman. “We’re focused on what we’ve always done to deliver the greatest Games we are capable of delivering in this city in the most fiscally responsible way that pays dividends for every member of our Olympic movement and our community.”

“With the city of Los Angeles facing deep financial problems and transportation updates lagging behind schedule, LA28 is under pressure to deliver a completely privately funded Games,” noted the report.

The private group says it remains up to the challenge as fundraising for the Los Angeles Games has been “going gangbusters,” John Slusher, chief executive of LA28’s commercial operation, said in an interview.

The Los Angeles Olympic Games will open on July 14, 2028. According to the latest financial report filed to the city in March, LA28 plans to cover the proposed 7.1 billion U.S. dollars cost with about one-third of the projected revenue coming from domestic sponsorships and another one-third coming from ticketing and hospitality.

MIL OSI China News –

June 10, 2025
MIL-OSI New Zealand: Universities – Economists urge action to prevent ‘AI poverty traps’ – UoA

Source: University of Auckland (UoA)

Artificial intelligence could deepen inequality and create ‘AI-poverty traps’ in developing nations, write economists Dr Asha Sundaram and Dr Dennis Wesselbaum in their paper ‘Economic development reloaded: the AI revolution in developing nations’.

Sundaram, an associate professor at the University of Auckland Business School, and Wesselbaum, an associate professor at the University of Otago, say developing countries lack the necessary infrastructure and skilled labour force to capitalise on AI’s potential.

“The downside is that there isn’t a lot of capacity in some countries in terms of digital infrastructure, internet, mobile phone penetration,” says Sundaram.

“Much of the technology is controlled by firms like Google and OpenAI, raising the risk of over-reliance on foreign tech, potentially stifling local innovation.”

Without strategic interventions, Wesselbaum says AI may create an ‘AI-poverty trap’: locking developing nations into technological dependence and widening the gap between global economies.

“For developing countries, AI could be a game-changer; boosting productivity, expanding access to essential services, and fostering local innovation – if the right infrastructure and skills are in place.”

Financial support from developed countries and international bodies like the UN could help cover upfront costs through grants, loans and investment incentives, according to the research.

“We also need robust legal and regulatory frameworks to support responsible AI by addressing data privacy, ethics, and transparency concerns,” says Sundaram.

The economists argue that in developing AI policies, the international community must learn from the successes and failures of foreign aid.

“Aid has often failed to spur lasting growth in developing countries,” says Sundaram, “partly because it can create dependency, reducing self-reliance and domestic initiatives.”

She highlights a need for policies to mitigate the downsides of AI, both in developed and developing countries.

Such policies could include an international tax regime that would allow countries to capture tax revenue from economic activities driven by AI inside their borders.

Sundaram’s involved in one such project in Ethiopia where artificial intelligence is being harnessed by the government and the country’s largest telecom provider to support small businesses excluded from formal banking due to lack of collateral.

By analysing mobile money transactions and how much these businesses pay and receive, algorithms estimate how much credit can safely be offered, enabling small loans and helping integrate marginalised enterprises into the formal economy.

Artificial intelligence holds the power to transform development trajectories, but without targeted investments and inclusive policies, says Wesselbaum, it risks deepening the digital divide and entrenching global inequality.

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI: MediPharm Labs’ Founder-CEO Pat McCutcheon Throws his Support behind Apollo Capital as Dissident

Source: GlobeNewswire (MIL-OSI)

McCutcheon Agrees with Apollo that Urgent Change is Needed, including Complete Turnover at the Board Level after Years of Value-Destruction

Apollo Capital Announces Filing of Circular Addendum to
Reflect McCutcheon’s Endorsement

SHAREHOLDERS ARE URGED TO VOTE THE GOLD CARD “FOR” APOLLO CAPITAL’S SIX DIRECTOR NOMINEES AND NOT VOTE MEDIPHARM’s GREEN CARD

TORONTO, June 09, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”), one of MediPharm Lab Corp’s (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, or the “Company”) largest investors, is very pleased to announce that Pat McCutcheon, a founder, former CEO, director and Chairman of MediPharm, has joined Apollo Capital as a co-dissident in its battle to bring integrity, transparency and prosperity back to MediPharm’s long-suffering shareholders.

Pat McCutcheon stated: “I have been observing Apollo’s activist campaign from the sidelines, and I can no longer just sit by and watch. I still feel a deep responsibility to the Company, its employees and the shareholders who have invested millions into the vision of MediPharm being the global leader in medical cannabis and cannabis derived pharmaceutical products. Over the past three years, the share price has collapsed while the senior management team has been paid over $10,000,000, a compensation program that should never have been approved by the independent Directors. Management has failed to capitalize on the medical cannabis opportunity and taken the Company away from its founding vision by entering the recreational market, taking on dilutive M&A transactions and recently announcing a return to cultivating cannabis. This is not the MediPharm investors have supported.

I have gotten to know Regan McGee & his team of proposed directors. The directors have a broad range of relevant experience including medical cannabis experience, turn-around experience, and extensive capital markets experience. Regan has demonstrated himself to be a skilled investor who has been successful in both start-ups and turn-around projects. He’s also overcome great personal adversity, showing that he never backs down from a fight. In terms of the negative statements from MediPharm about Regan, the ones that I have been able to independently verify have turned out to be simply fabrications that appear to be part of MediPharm’s campaign to discredit and defame Regan. I believe the attacks on Regan & his business record are not factual and more importantly hide the real issues that shareholders should be considering such as compensation, dilution & the share price. On each of these fronts, I believe the Apollo directors are a better choice than the directors put forward by the current Board.

We need to focus on the real issues – who is going to drive the stock price higher. Apollo only makes money when the stock price goes up, as all the shareholders do together. This is why I support the Apollo team. I’m asking shareholders to vote GOLD at this year’s AGM. We do not have time to wait.”

Apollo notes that its business model with MediPharm is highly aligned with shareholders. As an activist investor, it looks to make investments in poorly managed companies where new governance and management can work to improve the share price for Apollo and all other investors. Apollo’s business model is to buy stock in target companies and work with frustrated shareholders to secure the majority of votes needed to replace board members and executives with ones focused on share value growth. Apollo does not “take over” or otherwise control its target companies, rather it appoints directors who recognize their legal fiduciary duty to act in the best interests of all common shareholders.

Regan McGee of Apollo Capital commented: “We are immensely proud to welcome Pat McCutcheon as a co-dissident. Pat is responsible for helping to build MediPharm into an absolute powerhouse in the cannabis industry, and I can only imagine how difficult it has been for him to watch the Company he loves so much be mismanaged virtually to the point of insolvency.

Pat and I want exactly the same thing – to restore value to MediPharm shareholders and to usher in a new era of profitability, good governance and most importantly, accountability. We both believe that if we all come together and take urgent action, the future for the MediPharm will be bright.”

In connection with the addition of Mr. McCutcheon as a “dissident” within the meaning of applicable corporate laws, an addendum dated June 4, 2025 (the “Addendum”) to the dissident information circular dated May 15, 2025 (the “Circular”) has been filed on www.SEDARPLUS.ca under MediPharm’s profile. Shareholders are encouraged to read the Circular, as supplemented and amended by the Addendum.

Apollo Capital’s strategic five-pillar plan for MediPharm has been made available in detail at www.curemedipharm.com. With shareholder support, we can turn MediPharm around and transform it into the world’s leading medical cannabis company.

Apollo Capital urges shareholders to vote for change by voting the GOLD CARD by June 12, 2025. Shareholders are urged NOT to sign or return the green proxy cards sent by the Company.

Contacts

For Shareholders:
Carson Proxy
North American Toll-Free Phone: 1-800-530-5189
Local or Text Message: 416-751-2066 (collect calls accepted)
E: info@carsonproxy.com

For Media:
media@curemedipharm.com

This solicitation is being made by and on behalf of the Concerned Shareholder, who, as of the date of this Circular, beneficially owns or controls, directly and indirectly through its wholly-owned subsidiary, Nobul Technologies Inc., 12,491,500 common shares of the Company (“Common Shares”), representing approximately 3% of the total Common Shares issued and outstanding, and not by the management of the Company (“Management”).

Legal Disclosures

Information in Support of Public Broadcast Exemption under Canadian Law

In connection with the annual general and special meeting (the “Annual Meeting”) of shareholders of MediPharm, Apollo Capital has filed an amended and restated dissident information circular dated May 15, 2025 (the “Circular”), as amended and supplemented by an addendum to the Circular subsequently filed by Apollo Capital and Patrick McCutcheon (together, the “Concerned Stakeholder”) dated June 4, 2025 (the “Addendum” and together with the Circular, the “Amended Circular”), each in compliance with applicable corporate and securities laws. The Concerned Stakeholder has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Amended Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Amended Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of the Concerned Stakeholder’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Amended Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE AMENDED CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Amended Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Amended Circular and other relevant documents by contacting the Concerned Stakeholder’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.

Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by the Concerned Stakeholder and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

This press release and any solicitation made by the Concerned Stakeholder is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of the Concerned Stakeholder who will not be specifically remunerated therefor. In addition, the Concerned Stakeholder may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

Apollo Capital has entered into an agreement with Carson Proxy for solicitation and advisory services in connection with the solicitation of proxies by the Concerned Stakeholder for the Annual Meeting, for which Carson Proxy will receive a fee from Apollo Capital not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide the Concerned Stakeholder with certain communications, public relations and related services, for which G&Co will receive, from Apollo Capital, a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that the Concerned Stakeholder’s nominees make up a majority of the board of directors of MediPharm (the “Board”) following the Annual Meeting, plus excess fees, related costs and expenses.

No member of the Concerned Stakeholder nor any of their respective associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of the Concerned Stakeholder nor any of their respective associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors and the election of directors to the Board.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of the Concerned Stakeholder and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and the Concerned Stakeholder disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Concerned Stakeholder hereafter becomes aware, except as required by applicable law.

Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP

The MIL Network –

June 10, 2025
MIL-OSI New Zealand: Government backing rural resilience and wellbeing

Source: New Zealand Government

The government is boosting support for rural resilience and wellbeing announced by Mental Health Minister Matt Doocey and Rural Communities Minister Mark Patterson.

“We’re backing Rural Support Trusts by committing $3 million over the next four years, to help improve rural communities’ access to primary mental health services and specialist services,” Mr Doocey says.

“A range of services already exist, this is about making them easier to access, better connected, and focused on delivering support that makes a difference for people in rural communities.

“Whether it’s help on the farm, over the phone, or at a local event, we’re ensuring rural people know where to turn and can get support when they need it.”

This funding is on top of the ongoing funding of $3 million over the next four years allocated to Rural Support Trusts through the Ministry for Primary Industries (MPI).

“The Government is also investing $2 million of Health funding in the Rural Wellbeing Fund. Building on from Budget announcements this means the Rural Wellbeing Fund will double to $4 million over the next four years,” Mr Doocey says.

“The Rural Wellbeing Fund will be specifically focused on supporting the wellbeing and resilience of hard-working New Zealanders who live outside of the major centres.”

Mr Patterson says the package reflects the realities of rural life and the need for practical, locally driven support.

“I am delighted that we are bolstering funding to support those who need help the most – living rurally presents a unique set of challenges which include isolation and lack of services. When added pressures arise, rural people can find themselves facing challenging situations in need of mental wellbeing support.

“This is about investing in the people who drive our primary industries — and making sure they’re connected to the right support, whether it’s peer networks, wellbeing initiatives, or expert advice,” Mr Patterson says.

“It’s about building resilience and supporting rural New Zealand to stay strong, stay productive, and keep powering the country forward.”

“When rural communities mental health and wellbeing are supported, economy is stronger for it,” Mr Doocey says.

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI USA: Senator Marshall on Newsmax: Failure Is Not an Option

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) joined Wake Up America on Newsmax today to discuss President Donald Trump’s ‘One Big, Beautiful Bill’ and the violent riots in Los Angeles, California, that have erupted in response to Immigration and Customs Enforcement (ICE) doing its job to remove criminal illegal aliens from our country and make America safe again.

[embedded content]

Click HERE or on the image above to watch Senator Marshall’s full interview.
On getting President Trump’s ‘One Big, Beautiful Bill’ across the finish line:
“We are not going to go home this summer without finishing this bill. Failure is not an option. This bill is going to prevent the largest tax increase in American history. It’s going to give Americans $1,000 a month more of their own money. They’ll take home $1,000 more a month. If we don’t pass this bill, that evaporates. We have to deliver [on] the President’s agenda to secure the border.
“… In this bill, there’s enough money for 2,000 miles of barrier. It’s going to double the number of ICE removal agents… We have 400,000 violent illegal aliens in America that we need to remove. It’s easy to spend $100,000 on their removal. So, failure is not an option.
“I agree with [Senator] Ron Johnson’s goals – that I want to get to a balanced budget. I believe we’ll do that over four years’ time. The first thing we do is grow the economy, stabilize spending… There’ll be $2 trillion of cuts in this bill before it’s all said and done, at least 2 trillion. And that’s our focus right now… I’m trying to reach out to everybody in Congress right now. Where else can we trim some money? I’m working hard on Medicaid. That would be my area of expertise. So, we’ll get there, but we have a lot of work to do now in the next three weeks.”
On the timeline of the Senate passing the ‘One Big, Beautiful Bill’:
“I wouldn’t plan on any big plans over July 4. I think that the Senate will take it right up to that day. We’re supposed to be done on Thursday before July 4. I bet we’re here all weekend. I bet we give it over to the House. Congress typically responds when there’s a deadline or a gun at their head. So, I wouldn’t make any big plans for July 4 if I was on the House side.”
On the un-American, anti-ICE riots in Los Angeles:
“Thank God we’ve had Donald Trump as our president. He’s not going to tolerate this one bit. Look these rioters have defaced a federal property. They’re setting cars on fire, and they’re treating our law enforcement horribly. President Trump is not going to tolerate that. I hope he doubles up the number of troops that were sitting there. We need to send a loud and clear message that under Donald Trump, we’re not going to tolerate this type of violence, this type of vandalism.
“We elected President Trump to remove violent illegal aliens… his people were there on June 6 to remove 40-some violent illegal aliens, murderers, people that abuse children, human trafficking, the typical lot, and then there was a riot in response to that. We need to empower President Trump. Thank God that Donald Trump is there sticking up for our military and sticking up for our law enforcement.”

MIL OSI USA News –

June 10, 2025
MIL-OSI USA: Senator Marshall Calls for Full Funding of State and Local Law Enforcement Drug Interdiction Program

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) is asking the Senate Appropriations Committee to fully fund the High Intensity Drug Trafficking Area (HIDTA) program, which works with state and local law enforcement offices across the U.S. to foster collaboration, share resources, and leverage expertise to keep communities safe.
This effort follows the release of President Trump’s FY26 Budget, which calls for a 35% reduction in HIDTA funding, as well as the transfer of the program from the Office of National Drug Control Policy to the Department of Justice. Should this transfer and funding reduction occur, the Midwest HIDTA branch would lose approximately $5 million in annual resources and its ability to tailor strategies to regional needs. Both consequences would undermine the program’s mission to effectively reduce the impact of drug trafficking.
“As the son of a police chief, the safety of all Americans will always be one of my top priorities,” said Senator Marshall. “Our local law enforcement officers are the front lines of our battle against drug and human trafficking. The HIDTA program effectively utilizes local, state and federal resources to help law enforcement agencies better understand and combat threats and criminal activity in their communities.”
“Continued funding for the HIDTA Program is critical to supporting state, local, and tribal law enforcement agencies working to keep our communities safe and to ensuring a response tailored to the unique drug threats in each region,” said Daniel Neill, Executive Director of the Midwest HIDTA. “It is equally important that HIDTA remain under ONDCP to preserve the neutrality, balance, and ability of Executive Boards to address drug threats specific to their communities. We appreciate Senator Marshall’s leadership during this pivotal time.”
This effort follows the release of President Trump’s FY26 Budget, which calls for a 35% reduction in HIDTA funding, as well as the transfer of the program from the Office of National Drug Control Policy to the Department of Justice. Should this transfer and funding reduction occur, the Midwest HIDTA branch would lose approximately $5 million in annual resources and its ability to tailor strategies to regional needs – both consequences would undermine the program’s ability to effectively reduce the impact of drug trafficking.
“Cutting HIDTA funding will weaken the ability of state, federal and local enforcement operations to stop the influx of fentanyl, methamphetamine, and other illicit drugs that fuel addiction and violent crime,” said KBI Director Tony Mattivi. “Without continued support, our communities will face increased risks from the spread of these substances and the influence of drug cartels.”
“The Sheriffs of Kansas and the Kansas Sheriffs Association greatly appreciate Senator Marshall’s efforts to fully fund the HIDTA program,” said Scott Braun, Ellis County Sheriff and President of the Kansas Sheriffs’ Association. “HIDTA substantially supports financially numerous drug task forces across Kansas who target the large-scale drug dealers in our State. This is a unique collaboration with local, state, and federal law enforcement in combating the illicit drug activity across Kansas.”
“Midwest HIDTA is a valuable partner in assisting local and state law enforcement in their battle against illicit narcotics, particularly deadly fentanyl,” said Chief Karl Oakman, Kansas City Police. “A budget cut will significantly set back the gains made to reduce fentanyl trafficking in middle America.”
“The Midwest HIDTA program is a critical asset in our fight against drug trafficking and substance abuse in Kansas and beyond,” said Courtney Leslie, President of the Kansas Association of Chiefs of Police. “It provides essential resources and fosters collaboration among law enforcement agencies to combat the growing threat of illicit drug networks. Senator Marshall’s commitment to fully funding this program highlights his dedication to the safety and well-being of our communities, and to protecting and reducing the flow of dangerous drugs across Kansas.”
Background:

There are 33 HIDTAs across the U.S. that incorporate counties from all 50 states.
The Midwest HIDTA represents over 200 law enforcement personnel in Missouri, Iowa, Kansas, Nebraska, South Dakota, and North Dakota.
The program operates under the Office of the National Drug Control Policy and helps deliver funding and expertise to local law enforcement agencies to combat domestic and international drug trafficking organizations.
The goal of the Midwest HIDTA is to facilitate coordination between regional drug-control efforts to reduce drug trafficking and its harmful consequences.
More than 90% of the Midwest HIDTA’s funding is allocated directly to state and local law enforcement agencies.

MIL OSI USA News –

June 10, 2025
MIL-OSI New Zealand: Keynote speech: WasteMINZ conference

Source: New Zealand Government

Kia ora tatou. My warmest greetings to you all.
It’s a pleasure to be here with you at this year’s WasteMINZ Conference — the flagship event for New Zealand’s waste, resource recovery, and contaminated land sectors.
For over 30 years, this conference has been a space for industry leaders and innovators to come together — to be inspired, to share ideas, and to shape the future of this essential work.
Thank you for the opportunity to join you today.
As I begin, I’d like to acknowledge Parul Sood, Chair of the WasteMINZ Board, along with the board members, CEO Nic Quilty and her team, and all of today’s delegates.
I also want to recognise the ongoing work of WasteMINZ members — your contribution to the sector is important and appreciated.
Today, I’d like to update you on several key areas I’m working on as Minister for the Environment.
Over the past year and a half, I’ve been focused on delivering the Government’s priorities for waste, contaminated sites, and broader environmental challenges.
We know the waste sector has long-standing issues.
But these challenges come with opportunities to improve outcomes for both the natural world and our communities.
Before I expand on the Government’s work on waste, I’d like to start with some announcements.
Last year, as part of Budget 2024, I announced the Government has changed the Waste Minimisation Act 2008 to allow the waste disposal levy to be spent on a wider range of activities.
As part of this, levy funds were allowed to support local authorities with the costs of managing waste from emergencies.
We know the frequency and magnitude of emergency events are increasing, partly due to the rise in severe weather events.
Emergency events often generate large volumes of waste, which needs to be dealt with quickly.
Today, I am pleased to confirm that we have now established emergency waste funding.
The funding will support councils with the cost of managing waste following an emergency, including repairing or replacing damaged waste infrastructure.
The Canterbury and Kaikōura earthquakes, recent cyclones, the Auckland Anniversary floods, and many other large-scale events have underscored the importance of resilient waste management and minimisation facilities and services.
So far, the costs of managing waste caused by these events have been dealt with on an ad-hoc basis, with no standing funds available to support councils.
The emergency waste funding will give councils timely access to funding to deal with waste in the aftermath of emergency events.
This will reduce the financial burden of these events on central and local government.
The simple application process means councils will be able to quickly and easily access funding.
Waste management in emergency events is a critical service to get up and running quickly, to reduce public health risks and support communities to get back on their feet.
This new funding will help councils and communities when they need it most.
Now, I would like to draw your attention to a new report on construction and demolition waste, which I know is a topic you will be keenly interested in.
Construction projects are essential to growing our economy.
However, they also leave behind a staggering amount of waste, which places a burden on New Zealand’s landfills and the environment.
Yesterday, the Ministry for the Environment published the first national baseline report for construction and demolition waste.
This baseline measure is the first of its kind in New Zealand.
It will help us evaluate the state of construction and demolition waste, giving us a starting point for comparing changes over time.
The national baseline report provides an overview of how much construction and demolition waste New Zealand is sending to landfill, and what materials make up this waste stream.
The results show that construction and demolition waste is New Zealand’s largest waste stream and highlight the significant role that surplus soil and rubble play.
To cover off a few key statistics from the report:
An estimated 5.25 million tonnes of construction and demolition waste was disposed at levied facilities (class 1-4) in 2023. This represents almost 70 per cent of all waste disposed at levied facilities.
Of all levied construction and demolition waste disposed, nearly 80 per cent of that waste is soil or rubble.
Of the remaining construction and demolition waste, timber, plastics, plasterboard and textiles (i.e. carpet) make up notable proportions of the overall waste stream.
Further to these findings, as many of you will know, last month I met with the WasteMINZ sector group on surplus soils.
This was to discuss the group’s proposal to develop a national soils management framework through a Waste Minimisation Fund grant.
I would like to thank Nic Quilty, Parul Sood, Rod Lidgard and James Corbett for taking the time to meet with me to discuss this important issue.
I understand managing surplus soils is a long-standing challenge, with no national rules or clear guidance on how to reuse them.
The national baseline report highlights the scale of the problem.
Valuable soil resources are being lost to landfill, with clean or slightly contaminated soils often unnecessarily landfilled.
This contributes to landfill overuse, emissions, and high project costs.
For these reasons, I am pleased to confirm today that I support the WasteMINZ proposal to fund a national soils management framework.
Ministry for the Environment officials will be working with WasteMINZ to develop a phased approach for addressing these issues.
Details are still to be finalised, and the sector will be kept updated.
Following these announcements, I’d like to now move on to our waste strategy and work programme.
You may be aware that I recently launched the Government’s strategy to reduce waste and improve how it’s managed in New Zealand.
The strategy sets out the Government’s approach to reducing the environmental and economic harm caused by waste.
Alongside that, I confirmed a comprehensive waste work programme to implement the strategy’s goals.
You’ll be aware of some changes made late last year to existing waste policies.
We’re reducing costs to ratepayers by leaving decisions about kerbside collections, including food scraps, up to local councils.
The Waste Minimisation Fund will continue to support councils that choose to adopt these services.
We’ve also removed the 2025 deadline to phase out all PVC and polystyrene food and drink packaging.
We have had a positive response from industry on this decision as it gives them more time to adopt alternatives, while ensuring that new regulations are practical and workable.
These adjustments support our waste strategy while minimising cost-of-living pressures.
Our waste work programme is well underway, and I’d like to start by highlighting the proposed amendments to our waste legislation.
These changes would replace the Waste Minimisation Act 2008 and the Litter Act 1979, with the aim of reducing inefficiencies and providing greater clarity around the roles of central government, local government, and the wider waste sector.
We recently consulted on these proposals, which aim to make the legislative framework clearer and more effective.
Consultation closed on 1 June, and I want to sincerely thank everyone who took the time to make a submission.
Officials are now carefully considering that feedback to help inform the policy development.
The aim is to introduce the new legislation before the next general election.
We also recently asked New Zealanders to share their views on proposed regulations to improve the way waste from commonly used farm plastic products is managed.
We’re proposing new regulations to support a national product stewardship scheme covering agrichemical containers and other farm plastics, such as bale wrap.
As someone who has lived on a farm almost all my life, I know how important this is.
It would bring together the services of existing schemes Agrecovery and Plasback, simplifying recycling and disposal for farmers and growers, and expanding access into a nationwide service.
This scheme would be funded through an advance disposal fee and offer free, nationwide take-back services.
And it won’t just benefit farmers—sectors like forestry, tourism, hospitality, and manufacturing could also participate.
We have had strong engagement and feedback throughout the consultation process.
Thank you to everyone who shared their valuable insights.
In addition to the consultation on farm plastics, I’d like to provide a brief update on the progress of other product stewardship schemes.
Product stewardship schemes are designed to ensure everyone in a product’s life cycle shares responsibility to reduce its environmental impact at the end of its life.
The Tyrewise scheme is a strong example of this principle in action.
Tyrewise addresses the estimated 6.5 million tyres that reach end of life in New Zealand each year.
Since going live last September, the scheme has collected and repurposed more than 2.8 million tyres into fuel and other useful products.
It is also on track to exceed its first-year targets – an incredible achievement.
I commend everyone involved in the development and daily operation of the scheme for their dedication and impact.
I also want to acknowledge the efforts of everyone involved in the accredited synthetic refrigerants scheme, known as Cool-Safe.
This scheme has been operating since 1993 and has now successfully collected over 600,000 kilograms of synthetic refrigerants, significantly reducing their environmental impact.
We are actively working with this scheme and the wider industry to support the responsible end-of-life management of these gases.
Earlier this year I received the Plastic Packaging Product Stewardship scheme co-design recommendations report.
I want to sincerely thank everyone who contributed to this report – it represents the culmination of over two years of dedicated work.
We will carefully consider the recommendations and continue to work with stakeholders to plan the next steps in developing this important scheme.
Work is also progressing on electrical and electronic products (e-waste).
I’m aware safe battery disposal is a growing concern for the sector, as improperly disposed of batteries pose significant fire risks.
There is currently a high level of activity in the battery space, with multiple stakeholders across industry and government actively engaged.
This momentum is encouraging, and I look forward to seeing continued progress toward a safe, more sustainable approach to managing e-waste in New Zealand.
Another area of focus focuses is remediating contaminated sites, including historic landfills vulnerable to weather events.
Historic landfills can be compromised by erosion, storm surges, rainfall events, high river levels and flooding.
There are hundreds of historic landfills and contaminated sites around New Zealand vulnerable to severe weather.
Remediating these sites is vital for protecting our environment from harm.
No-one wants a repeat of the Fox River landfill event in 2019.
Communities should not be left dealing with the aftermath of old landfill breaches.
Acting early to remediate these sites also saves money in the long run.
Councils have been asking for more support – and now they have it.
Last year, I opened the new Contaminated Sites and Vulnerable Landfills Fund, a $20 million fund to support councils and landowners.
This fund replaces the previous Contaminated Sites Remediation Fund and significantly increases support.
Regional, unitary and territorial authorities can now apply.
The Ministry is actively supporting councils with applications.
There has been great progress already, like the remediation project at Tāhunanui Beach in Nelson where $2.9 million of Government support has helped remove more than 10,000 cubic metres of contaminated material from underneath the beach carpark.
This project is a great example of what this new fund can support.
More information is on the Ministry for the Environment website.
I would like to now move onto our work in improving recycling.
Standardising the materials accepted in kerbside recycling was a vital first step — sending a clear signal to businesses and households about what can be recovered through kerbside systems across New Zealand.
Thank you to everyone who helped develop this policy.
There is still work to do, but the new Recycling Leadership Forum is a great next step.
The forum is exploring challenging kerbside issues, including the tricky items that don’t currently fit the system.
I’m watching their work with interest and expect to receive their first report on potential solutions soon.
Plastic is part of daily life, and while it has benefits, it creates far-reaching waste problems.
On the international stage, New Zealand is playing a part in negotiating a treaty to tackle plastic pollution globally.
Our delegation is heading to the next round of negotiations in Geneva in August.
Domestically, we continue to reduce waste and support recycling innovation.
The latest Our Environment 2025 report shows that our landfills received 11 per cent less waste per capita in 2023 than the peak in 2018.
The Waste Minimisation Fund is providing grant funding to upgrade resource recovery centres, transfer stations, and materials recovery facilities to increase the volume and quality of recovered plastic materials.
The fund is also supporting the construction of processing infrastructure to facilitate the reuse of this recovered material, stimulating the local economy and reducing our reliance on overseas markets.
We’re managing hard-to-recycle plastics and working with industry to move away from problematic packaging like PVC and polystyrene.
Thank you for your efforts.
I understand that tomorrow, Ministry for the Environment officials will be speaking to the waste work programme in more detail.
I encourage you to attend and ask any questions you may have.
In closing, I want to thank you for your time, for your contributions, and for your commitment to innovation. Your leadership matters.
Together, we are building a more resilient and sustainable New Zealand—for our people, our economy, and our environment.
I wish you all the very best for the rest of the conference.
Thank you.

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI New Zealand: Students benefitting from record number of new teachers

Source: New Zealand Government

The Government’s ensuring more children learn from quality teachers by delivering the largest annual increase in the teaching workforce in two decades.
“We want to grow, promote and support the education workforce who every day deliver real change in the classroom. We are providing a world-leading education system with all the support teachers need to deliver it. It’s really encouraging this is resulting in more people choosing to become teachers,” Education Minister Erica Stanford says.
The schooling teacher workforce grew by 2.5% in 2024, delivering 1,864 new teachers, the largest year-on-year increase since records began in 2009 and slightly outpaced student roll growth. 1,128 new teachers were in primary, while secondary teachers grew by 736.
“We’re seeing growth across the board. Every region has more teachers than it did a year ago, with particularly strong increases in South and West Auckland, Waikato, Bay of Plenty, Wellington and Canterbury. That’s a clear sign our reform of the education system is giving people the confidence to choose teaching as a career.”
In 2024:

First-time domestic enrolments in Initial Teacher Education rose by 6.3%, from 3,400 to 3,615. This includes increases across early childhood, primary, and secondary sectors, marking the highest entry rate into teaching since 2009.
the average total pay for primary teachers was over $94,000 and around $101,000 for secondary teachers.
on average, secondary principals were paid over $200,000 while primary principals were paid over $150,000.

“From scholarships and onsite training pathways to removing financial barriers like registration fees, we’ve made it easier for people to take that first step into the classroom, and it’s working.”
“We know there’s still more to do to ensure every student has a quality teacher in front of them. That’s why Budget 2025 includes even more investment to grow and strengthen the profession” says Minister Stanford
Budget 2025 includes $53 million to cover teacher registration fees through to 2028, alongside expanded training pathways for aspiring principals and support for returning and overseas-trained teachers.
“Great teachers are the single most important factor in a child’s education. We’re backing our education workforce — from training to registration to the classroom — because when we support teachers, we support better outcomes for every learner,” Ms Stanford says.

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI New Zealand: Legislation introduced to restrict farm-to-forest conversions

Source: New Zealand Government

Today Agriculture and Forestry Minister Todd McClay introduced long awaited legislation that will put a stop to large-scale farm-to-forestry conversions – delivering on a key election promise to protect the future of New Zealand food production.
“For too long, productive sheep and beef farms have been replaced by pine trees in the race for carbon credits. That ends under this Government,” Mr McClay says.
“The Climate Change Response (Emissions Trading Scheme – Forestry Conversions) Amendment Bill will restrict wholesale conversions of farmland to exotic forestry by stopping LUC 1-5 land from entering the ETS and capping new ETS registrations on LUC 6 land.
“It will also protect farmers’ ability to diversify – allowing up to 25 per cent of a farm to go into trees, while stopping the kind of blanket ETS planting that’s been gutting rural communities in places like the East Coast, Wairarapa, the King Country, and Southland.”
As previously announced the new restrictions will take effect from 4 December 2024. The law will:

Restrict farm conversions to exotic ETS forests on high-to-medium versatility farmland (LUC classes 1-6)
A limit of 15,000 hectares per year for exotic conversions on medium versality farmland (LUC class 6)
The annual limit of 15,000 hectares for LUC 6 farmland will be allocated by a ballot process, including a reserved quota for small block holders, with the first ballot proposed to be held in mid-2026.
Allow for up to 25 per cent of a farm’s LUC 1-6 land to still be planted in exotic forestry for the ETS, ensuring farmers retain flexibility and choice.
Protect specific categories of Māori-owned land, in line with Treaty obligations
The Bill proposes time-limited transitional exemptions in rare cases for people who were in the process of afforestation prior to these changes originally being announced on 4 December 2024.
To be eligible for a transitional exemption, applicants need to show sufficient evidence that they made a qualifying forestry investment between 1 January 2021 and 4 December 2024.
Transactions that commenced after this date will not be eligible to register in the ETS.
The applicant will need to demonstrate that the investment relates to the specific Land Use Capability (LUC) class 1–6 land they are applying to register in the ETS.
Registry of 25 per cent of LUC 1-5 land will be registered against the properties title to restrict further planting as a result of subdivision.

“Labour’s careless ETS settings turbocharged the sell-off of our farming base. They let speculators put short-term profits ahead of long-term food production. That was careless – and it ends now,” Mr McClay says.
“This Government is backing farmers, restoring balance, and making sure the ETS doesn’t come at the cost of New Zealand’s rural economy.
“This policy is pro-farming, pro-food production, pro-commercial forestry and pro-rural New Zealand.”
The legislation is now before Parliament and is to come into force October 2025.
For more information: Forestry ETS Changes

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI New Zealand: Unexpected path to study at EIT helps T&G employee

Source: Eastern Institute of Technology

1 minute ago

An offer to support a friend’s studies unexpectedly set T&G’s Malandi Fourie on her own path of horticulture education through EIT.

The South African-born assistant manager at T&G Global in Hawke’s Bay has completed levels 3 and 4 of the New Zealand Certificate in Horticulture Production (Fruit Production) and is now working towards the NZ Diploma in Horticulture Production (Level 5).

Although she had experience working with plants through her family’s nursery in South Africa, Malandi never imagined she would formally study horticulture, until a friend, feeling nervous about classroom learning, needed support.

Malandi Fourie is studying the NZ Diploma in Horticulture Production (Fruit Production) at EIT while working full-time at T&G.

“I started the level 3 qualification two years ago just to help a friend who didn’t feel comfortable being in class alone. I ended up loving it and decided to carry on for myself.”

She has now been in the industry for eight years and has worked her way up through various roles at T&G over the last six-and-a-half years from orchard hand to senior leading hand, then block lead, and now assistant manager.

“It’s a very humble feeling, working outside in orchards. Being a Christian, I believe we were told to work the soil. But more than that, I’m here for the people, because I believe people grow the trees.”

That people-first mindset has shaped her leadership style. Malandi says supporting others, especially women in the industry, is one of the most fulfilling parts of her job. From mental health struggles to financial hardship, she’s seen how practical skills, and a sense of purpose can help people reclaim confidence and direction.

“They learn new skills, gain confidence, and feel proud of what they’re doing. It’s like they can breathe again.”

As a mother of two children aged 17 and 20, Malandi admits balancing work, study and family life has been challenging. But completing her qualifications means a great deal.

“I never finished my studies in South Africa, so this feels like closing a loop. It’s also about inspiring others. If I can do it, they can too.”

She describes her experience at EIT as supportive and hands-on. “The tutors are passionate. They treat you like adults. It’s not just sitting in a classroom, they get you up, get you outside, and keep it practical.”

Lisa Turnbull, Assistant Head of School Primary Industries, said Malandi’s journey is a wonderful example of personal and professional growth.

“Her dedication to learning, leadership in the workplace, and commitment to supporting others embody values we strive to nurture at EIT.

The team is proud to have been part of her journey thus far and looks forward to seeing her continue to make a meaningful impact in the industry.”

MIL OSI New Zealand News –

June 10, 2025
MIL-OSI: Five Star Bank expands Bay Area presence with new office in Walnut Creek

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., June 09, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank, today announced the planned opening of its newest office in Walnut Creek, marking a significant expansion of its Bay Area footprint.

“Fueled by post-pandemic migration and a vibrant small business sector, Walnut Creek has experienced steady commercial growth and rising demand for high-tech and high-touch financial services,” said Executive Vice President / San Francisco Bay Area President, DJ Kurtze. “With existing client relationships in Walnut Creek — including local favorites like in-coming Original Joe’s and Calicraft Brewing Co., — Five Star Bank is seizing the opportunity to provide responsive banking solutions to more East Bay clients.”

Five Star Bank’s Walnut Creek expansion builds on its broader growth strategy, following the opening of its San Francisco office in September 2024, and demonstrates its commitment to strategic investment in Northern California. The approximately 4,128 square foot, full-service branch will be located at The Plaza at Walnut Creek at 1333 North California Boulevard, Suite 510, in Walnut Creek. The new Walnut Creek office, which is expected to open in the third quarter of 2025, allows Five Star Bank to better serve its growing portfolio of clients in the region, ranging from family-owned businesses to professional service firms shaping the local economy. The space will also accommodate the bank’s growing team, with approximately one-third of its Bay Area employees already based in the East Bay.

“We are very pleased to open a new office in Walnut Creek which serves as a natural extension of Five Star Bank’s commitment to the dynamic communities of the East Bay,” said Five Star Bank President and Chief Executive Officer, James Beckwith. “Walnut Creek’s thriving business landscape, highly skilled workforce and strong community values make it an ideal location for us to expand our presence. This office enhances our ability to deliver personalized, relationship-based banking while supporting continued growth for our clients and our team. We’re proud to invest in a city that reflects the future of the Bay Area.”

About Five Star Bancorp
Five Star Bancorp is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The bank has eight branches in Northern California. For more information, visit https://www.fivestarbank.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Investor contact
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media contact
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

June 10, 2025
MIL-OSI USA: Attorney General Alan Wilson urges Congress to pass bipartisan bill to stop abusive mortgage data practicesRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson is calling on Congress to swiftly pass the Homebuyers Privacy Protection Act of 2025 (H.R. 2808 / S. 1467), a bipartisan, bicameral bill aimed at protecting Americans from the invasive and deceptive practice of mortgage credit “trigger leads.”

Attorney General Wilson, joined by Attorneys General Marty Jackley (SD), Jeff Jackson (NC), and Aaron Ford (NV), is leading the charge on behalf of consumers who have been overwhelmed by unsolicited calls and texts after applying for a mortgage. These communications often stem from the legal but abusive sale of consumer data allowed under the federal Fair Credit Reporting Act (FCRA).

“When someone applies for a mortgage, their private information should not become a public free-for-all,” said Attorney General Wilson. “Trigger leads turn a life milestone into a marketing feeding frenzy, where bad actors exploit personal data to bombard consumers with misleading offers, and in some cases, outright deception.”

The Homebuyers Privacy Protection Act would restrict trigger lead usage to businesses with a prior relationship with the consumer or those who have received explicit consent. This targeted reform protects privacy while preserving healthy market competition.

For years, state attorneys general have been hamstrung by federal law, with preemption under the FCRA blocking stronger state-level protections. The result? Inconsistent state efforts and limited recourse for consumers.

“This legislation puts an end to a loophole that has enabled abuse and confusion. It is a commonsense solution that ensures consumers maintain control over their data during one of the biggest financial decisions of their lives,” Wilson added. “It’s time for Congress to act.”

In 2023, a similar measure passed the U.S. Senate unanimously. With growing bipartisan momentum and cross-industry support, the attorneys general are urging Congress to once again deliver this critical consumer protection reform.

You can read the full letter here.

MIL OSI USA News –

June 10, 2025
MIL-OSI Security: Founder of Sexual Wellness Company “OneTaste” and Former Head of Sales Convicted of Forced Labor Conspiracy

Source: Office of United States Attorneys

Defendants Nicole Daedone and Rachel Cherwitz Used Deception and Abuse to Obtain Their Victims’ Labor and Services

Earlier today, in federal court in Brooklyn, a federal jury convicted Nicole Daedone, the founder and former Chief Executive Officer of OneTaste, Inc. (OneTaste), a sexual wellness education company, and Rachel Cherwitz, the company’s former head of sales, of forced labor conspiracy in connection with their coercive scheme to obtain the labor and services of certain OneTaste employees. To achieve their goal, the defendants and their co-conspirators subjected the victims to economic, sexual, emotional, financial, and psychological abuse, as well as surveillance, indoctrination, and intimidation. The verdict was returned after a five-week trial before United States District Judge Diane Gujarati. When sentenced, Daedone and Cherwitz each face up to 20 years in prison.

Joseph Nocella, Jr., United States Attorney for the Eastern District of New York and Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the verdict.

“The jury’s verdict has unmasked Daedone and Cherwitz for who they truly are: grifters who preyed on vulnerable victims by making empty promises of sexual empowerment and wellness only to manipulate them into performing labor and services for the defendants’ benefit,” stated United States Attorney Nocella. “I commend the witnesses who testified at trial notwithstanding the trauma that they experienced at the defendants’ direction. It is my hope that the just conclusion of this process will bring them closure, and that future charlatans think twice about exploiting human beings in this manner.”

“Today’s verdict sends a clear message— controlling your labor force by relying on lies, manipulation, and abuse is a crime. The victims in this case were offered sexual empowerment and wellness as a pathway to healing past trauma, but instead received various forms of abuse and manipulation on behalf of Daedone and Cherwitz for the financial benefit of OneTaste. The FBI will continue to ensure those responsible for forced labor schemes are made to answer for their crimes,” stated FBI Assistant Director in Charge Raia.

OneTaste was a privately held company founded by Daedone in 2004. Its principal place of business was San Francisco, California, and it operated at various locations within New York, Los Angeles, Denver, Austin, and London. OneTaste promoted itself as a sexually focused wellness education company that offered hands-on classes on “orgasmic mediation” (OM), which involved stroking a woman’s genitals for 15 minutes. OneTaste generated revenue by providing courses, coaching, OM events, and less-publicized courses in other sexual practices in exchange for a fee.

As proven at trial, between 2006 and May 2018, Daedone and Cherwitz obtained the labor and services of multiple young women who had turned to OneTaste for healing and spirituality by coercing them to perform labor, including sexual labor, for the defendants’ benefit. OneTaste advertised that its courses and teachings could heal past sexual trauma and dysfunction. Daedone and Cherwitz used abusive and manipulative tactics designed to control OneTaste members by making them emotionally and psychologically dependent on OneTaste, including encouraging them to incur debt by opening lines of credit to finance the expensive courses, subjecting them to constant surveillance in communal homes, collecting sensitive information about their prior trauma and sexual histories, depriving them of sleep, and subjecting them to sexual abuse.

Once they had secured the loyalty and indebtedness of certain OneTaste members, Daedone and Cherwitz engaged in abusive employment practices. They directed OneTaste members to work long hours seven days per week with little or no compensation; that work included manual labor and the provision of sexual services. For example, Daedone and Cherwitz coerced their victims to sexually service OneTaste’s current and prospective investors, clients and employees for the financial benefit of the company. Three witnesses testified about how they were coerced into becoming a “handler” for OneTaste’s initial investor, who was also Daedone’s boyfriend, which required them to live with him, perform demeaning sex acts at his direction, and cook for him. Multiple other witnesses testified that they were coerced under threat of termination, demotion, ostracism, and financial and spiritual ruin by Daedone and Cherwitz into performing various sex acts with OneTaste’s potential clients and investors. In 2017, Ms. Daedone sold OneTaste—a company built on the backs of coerced and unpaid or substantially underpaid labor—for $12 million.

The government’s case is being handled by the Office’s Human Trafficking and Civil Rights Section. Assistant United States Attorneys Kayla C. Bensing, Kaitlin T. Farrell, Nina C. Gupta, and Sean Michael Fern are in charge of the prosecution with assistance from Paralegal Specialists Liam McNett and Marlane Bosler.

The Defendants:

NICOLE DAEDONE
Age: 57
New York, New York

RACHEL CHERWITZ
Age: 44
Philo, California

MIL Security OSI –

June 10, 2025
MIL-OSI Security: Nigerian citizen sentenced in million-dollar stolen mail credit card fraud scheme

Source: Office of United States Attorneys

HOUSTON – A 64-year-old man who illegally resided in Houston has been sentenced for his role in a large-scale mail theft and credit card fraud scheme, announced U.S. Attorney Nicholas J. Ganjei.

Omokehinde Muyiwa Oyegoke-Tewogbade pleaded guilty Feb. 19.

U.S. District Judge Andrew S. Hanen has now ordered him to serve 24 months in federal prison and to pay restitution in the amount of $839,555.75. Not a U.S. citizen, he is expected to face removal proceedings following his imprisonment as Oyegoke-Tewogbade had overstayed his visa and was unlawfully present in the United States.

Over a six-month period between November 2022 and May 2023, Oyegoke-Tewogbade and co-conspirators schemed to steal U.S. mail containing new credit cards and bank statements intended for account holders. They contacted financial institutions to activate the stolen cards, increased credit limits and altered account information. They then used the cards to purchase goods, services, gift cards, cash and merchandise at retail stores.

In total, they fraudulently activated at least 120 stolen credit cards, causing an estimated $1 million in losses to Chase Bank.

Four others had also previously pleaded guilty to the same charges – Christopher McGee, 43, Daniel Sanchez, 37, Bradley Kane Zarco, 39, and Travis Castaneda Qawasmeh, 28, all of Houston. Sanchez has already been sentenced to 41 months, while the others are pending their hearings.

Oyegoke-Tewogbade will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

U.S. Postal Inspection Service conducted the investigation. Assistant U.S. Attorney Karen Lansden prosecuted the case.

MIL Security OSI –

June 10, 2025
MIL-OSI Security: New Orleans Woman Guilty of Wire Fraud for Fraudulent Vehicle Purchase Scheme

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that KENDRA WALKER (“WALKER”), age 41, a resident of New Orleans, pled guilty on June 5, 2025 before United States District Judge Barry W. Ashe on June 5, 2025, to conspiracy to commit wire fraud, in violation of Title 18, United States Code, Section 1349.

According to court documents, in 2022, WALKER conspired with her father, Kenneth Richmond, to use fake and stolen personal identifying information to make fraudulent vehicle purchases from a local car dealership. The vehicle purchases were financed through a financial institution, and several of the loans went into default. WALKER also made three vehicle purchases in her own name using a fake Social Security Number in Georgia. In total, WALKER caused the financial institution to approve approximately $216,939 in loans for fraudulent applications. Richmond was also charged in this case and pled guilty for his role in this scheme in May 2025.

In pleading guilty, WALKER faces up to twenty (20) years in prison and up to three (3) years of supervised release. WALKER also faces a fine of up to $250,000, and payment of a mandatory special assessment fee of $100.

Judge Ashe set sentencing in this matter for September 25, 2025.

Acting U.S. Attorney Simpson praised the work of the United States Secret Service, St. John the Baptist Parish Sheriff’s Office, and the Louisiana Department of Public Safety. The prosecution of this case is being handled by Assistant United States Attorney Maria M. Carboni of the Financial Crimes Unit.

MIL Security OSI –

June 10, 2025
MIL-OSI: Mirastar Federal Credit Union Celebrates 75th Birthday, Honors Legacy of Service and Community Impact

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif. and MORGAN HILL, Calif. and GILROY, Calif., June 09, 2025 (GLOBE NEWSWIRE) — Mirastar Federal Credit Union commemorates its 75th birthday on June 14, 2025, celebrating a rich history of service, innovation, and community partnership. Originally founded in 1950 as Santa Clara County Employees Credit Union, seven Santa Clara County employees pooled together $103 to start a not-for-profit financial cooperative. That small credit union has grown to serve nearly 50,000 members, evolving to meet the needs of a diverse and expanding community. The credit union is now known as Mirastar Federal Credit Union.

From its first branch in Gilroy in 1970 to the recent opening of the West Tasman Campus branch in 2025, Mirastar’s journey is marked by a steadfast commitment to accessibility, inclusion, and the financial well-being of its members. The credit union’s transformation from Santa Clara County Employees Credit Union to Mirastar reflects its enduring mission to create strong, vibrant communities where prosperity is within reach for everyone.

“With our new name, Mirastar, we honor our legacy as Santa Clara County Employees Credit Union and embrace a future where prosperity is within reach for everyone,” stated Rebecca Reynolds Lytle, President and CEO of Mirastar Federal Credit Union. “’Mira’ means ‘to look’ in Spanish, and combined with ‘star,’ our name invites us all to look upward, to aspire, to dream, and to rise together. Our rebrand is more than a new logo or colors; it’s a renewed commitment to building strong, vibrant communities and providing equitable access to financial opportunities for all.”

A cornerstone of Mirastar’s impact is the Mirastar Community Impact Fund, which in 2024 provided over $205,000 in support to nonprofit organizations across Santa Clara and San Benito counties. The fund focuses on four key areas: Children & Education, Community Health & Well-Being, Financial Wellness & Inclusion, and Community Partnership. Initiatives have included scholarships for local students, support for food distribution programs, and partnerships with organizations like Downtown Streets Team, Loaves & Fishes Family Kitchen, and Bill Wilson Center.

Mirastar’s team members and their families exemplify the credit union’s volunteer spirit, contributing more than 3,300 hours of service in 2024 alone. Volunteer efforts range from packing lunches for farm workers and assembling bicycles for underserved children to supporting classroom teachers and participating in community events like the annual Back-to-School Drive and Teddy Bears on Patrol.

“For 75 years, Mirastar has been guided by the principle that we rise by lifting each other up. Our legacy is built on trust, service, and a deep commitment to our members and communities. As we look to the future with a new name and expanded charter, we invite our members to share the gift of membership with friends and family. Together, we’re building a brighter, more inclusive tomorrow,” stated Reynolds Lytle.

With its expanded federal charter, Mirastar now welcomes nearly one million underserved and lower-income individuals across the region, encouraging current members to invite others to join and benefit from people-first financial services. For more information, visit www.mirastarfcu.org.

Mirastar Federal Credit Union

Mirastar Federal Credit Union (formally Santa Clara County Federal Credit Union) is a federally insured, member-owned, not-for-profit financial cooperative. Since 1950, Mirastar Federal Credit Union has dedicated itself to serving its members and communities with affordable, high-quality financial services that empower them to achieve their goals. A pinnacle of the credit union’s efforts is a community outreach program provides free financial education, volunteer support, and resources to local nonprofit organizations. Mirastar Federal Credit Union believes that when our communities thrive, we all succeed. For more information about Mirastar Federal Credit Union and their commitment to exceptional member service, please visit Mirastarfcu.org or call 408.282.0700.

Amy Ivey
SVP Marketing
Mirastar Federal Credit Union
aivey@mirastarfcu.org
www.mirastarfcu.org

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/4dd4f1c1-1c6f-46dd-b210-44d552931835

https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ca6893-12c8-48d0-b69e-97faaf71fd0a

The MIL Network –

June 10, 2025
MIL-OSI USA: Trump Accounts Will Chart the Path to Prosperity for a Generation of American Kids

US Senate News:

Source: US Whitehouse
Today, President Donald J. Trump joined top business leaders and lawmakers to hail the creation of “Trump Accounts” — a provision in the One Big Beautiful Bill that will create tax-deferred investment accounts for all newborn American children.
Trump Accounts, which will be seeded with a one-time government contribution of $1,000 and be private property of the child’s guardian, will track a stock index and allow for additional private contributions of up to $5,000 per year. This will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning.
Here’s what they’re saying:
Dell CEO Michael Dell: “We see … the establishment of these Trump Accounts as a simple yet powerful way to transform lives. Decades of research has shown that giving children a financial head start profoundly impacts their long-term success. With these accounts, children will be much more likely to graduate from college, to start a business, to buy a home, and achieve lifelong financial stability.”
Goldman Sachs CEO David Solomon: “This initiative gets at the core of binding those future generations to the benefits and the potential of America’s great companies and markets. Early childhood investments have far-reaching benefits, and Goldman Sachs is proud to support his initiative … Our economy’s future vitality is dependent on young people understanding the power of investing for the long term.”
Uber CEO Dara Khosrowshahi: “What if we could give that same powerful, real, tangible hope that comes from having a stake in your own future and a stake in the best companies in the world to every single child that’s born in this country? That’s the promise of the Invest in America Act. It’s not just an account; it’s a launchpad. It puts the unstoppable engine of compounding to work for our kids, building a future for them from day one.”
Altimeter Capital CEO Brad Gerstner: “This is aligning every child in America with the upside of free markets and the benefits, and that is your Main Street agenda … It makes America an ownership society again because all of those kids will see the benefit of compounding interest … You are giving the shot for every American to feel like they’re in the game again.”
Speaker Mike Johnson: “If you have a 401(k), you understand the power of investing early for the future. Trump Accounts take that same principle and they apply it from the very beginning of Americans’ lives … It’s a bold, transformative policy that gives every eligible American child a financial head start from day one … Trump Accounts are all about setting up the next generation for success.”
House Ways & Means Committee Chair Jason Smith: “The Trump investment accounts will be a game-changer for new parents even before their newborn baby can walk or talk. Their child will have money saved to one day learn a trade, start a business, or to buy a home. Every child born under this policy will have a better shot at a future. It does not matter if they live on a city block or on a county road — this will make a significant difference to their lives.”
Together with historic tax cuts, an increased child tax credit, higher wages, and monumental economic growth, the One Big Beautiful Bill will change the lives of middle-class families across America.

MIL OSI USA News –

June 10, 2025
MIL-OSI Security: DHS Announces It Will Forgive Failure to Depart Fines for Illegal Aliens who Self-Deport Through the CBP Home App

Source: US Department of Homeland Security

With a free flight, $1,000 stipend, and forgiveness of fines, illegal aliens have no excuse to stay in the United States 

WASHINGTON — Today, the Department of Homeland Security (DHS) announced illegal aliens who self-deport through the CBP Home App will receive forgiveness of any civil fines or penalties for failing to depart the United States (U.S.). Currently an illegal alien can be fined nearly $1,000 per day they do not depart after a final deportation order. Additionally, an illegal alien can also be fined for failing to depart in a timely manner after a voluntary departure order. DHS has issued over 9,000 fine notices to illegal aliens for a total of almost $3 billion. In addition, DHS has made the CBP Home Mobile App more user friendly by eliminating certain steps and making it easier than ever for illegal aliens to self-deport. 

“If you are here illegally, use the CBP Home App to take control of your departure and receive financial support to return home,” said Secretary Kristi Noem. “If you don’t, you will be subjected to fines, arrest, deportation and will never be allowed to return. If you are in this country illegally, self-deport NOW and preserve your opportunity to potentially return the legal, right way.”  

Illegal aliens who use the CBP Home Mobile App to self-deport also receive cost-free travel and a $1,000 exit bonus, paid after their return is confirmed through the app. Self-deportation is the safest and most cost-efficient way to leave the U.S. By self-deporting, illegal aliens take control of their departure and may preserve the opportunity to come back to the U.S. the right and legal way in the future.  

CBP Home is available for free on any Apple or Android device via Apple’s App Store and Google Play, or directly from DHS.gov. For further information, visit DHS.gov/CBPhome.  

MIL Security OSI –

June 10, 2025
MIL-OSI: FARMERS AND MERCHANTS BANCSHARES, INC. DECLARES CASH DIVIDEND OF $0.34 PER SHARE

Source: GlobeNewswire (MIL-OSI)

HAMPSTEAD, Md., June 09, 2025 (GLOBE NEWSWIRE) — On June 9, 2025, the Board of Directors of Farmers and Merchants Bancshares, Inc., the parent of Farmers and Merchants Bank, declared a cash dividend on the common stock of $0.34 per share, which will be paid on July 25, 2025 to stockholders of record on July 11, 2025.

Please visit the investor relations section of our website, www.fmb1919.bank. It includes press releases, financial information, stock information, peer analysis, and information about Farmers and Merchants Bancshares, Inc.’s officers and directors.

About Farmers and Merchants Bancshares, Inc.

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

FOR FURTHER INFORMATION CONTACT:

Mr. Gary A. Harris

President & CEO

(410) 374-1510, Ext. 1104

Farmers and Merchants Bancshares, Inc.

4510 Lower Beckleysville Rd, Suite H

Hampstead, Maryland 21074

The MIL Network –

June 10, 2025
MIL-OSI United Kingdom: UK to become world leader in drug discovery as Technology Secretary heads for London Tech Week
Source: United Kingdom – Executive Government & Departments

Press release

UK to become world leader in drug discovery as Technology Secretary heads for London Tech Week

New project to make the UK a leader in AI-drug discovery, as Imperial College also partners with the World Economic Forum on AI-Driven Innovation Centre.
New OpenBind consortium to make the UK a leader in AI-driven drug discovery – slashing the cost of drug discovery and development by as much as £100 billion.

Imperial College London to partner with World Economic Forum to deliver new AI-Driven Innovation Centre – boosting AI adoption and innovation to grow the economy

Peter Kyle to set out plans at London Tech Week for technology to go further and faster in unlocking the growth driving the government’s Plan for Change

People around the world are set to benefit from new breakthroughs in AI-driven drug discovery to tackle previously untreatable diseases and transforming patient outcomes using British AI and research expertise.

Announced today, the UK’s ‘OpenBind’ consortium will use breakthrough experimental technology to generate the world’s largest collection of data on how drugs interact with proteins, the building blocks of the body. This will be twenty times greater than anything collected over the last fifty years – cementing the UK’s position as a global hub for AI-driven drug discovery.

This will support the training of new AI models that can identify promising new drugs, giving researchers an unparalleled ability to open up new fronts in the fight against disease- slashing development costs by up to £100 billion and sparking the innovation and economic growth which underpins the government’s Plan for Change.

Based at Diamond Light Source – the UK’s national synchrotron facility at the Harwell Science Campus in Oxfordshire – the consortium will close critical data gaps, driving breakthroughs in healthcare which will unlock new avenues for drugs that can treat and beat diseases, as well as helping scientists harness the transformative potential of engineering biology to face down a range of other issues, such as designing new enzymes to tackle plastic waste.

The consortium, backed with up to £8 million of investment from DSIT’s newly established Sovereign AI Unit, will be led by some of the world’s leading scientific minds including Professor Charlotte Deane at the University of Oxford, Professor Frank von Delft at Diamond Light Source and the University of Oxford, and David Baker, Chemistry Nobel Prize winner and head of the Institute for Protein Design at Washington University.

The Secretary of State for Science, Innovation, and Technology, Peter Kyle said:

London Tech Week is where we lay down a marker – not just as a government with technology at the heart of our agenda, but as a country that will harness its opportunities for the global good.

OpenBind is a prime example of how we’re doing exactly that. Through home-grown AI expertise, we will be the driving force that doesn’t just treat, but beats disease – benefitting every person in the world.

This week, we’ll have plenty more to say on how we’re using technology to drive growth, improve public services, and transform communities all over the country – delivering a Plan for Change grounded in action, not words.

This investment will also help to unlock unique strategic capabilities for UK AI and biosciences, securing the nation’s critical influence over a sector fundamental to growth, health, and wellbeing.

Investors from industry and philanthropy will be convened shortly to have the opportunity to co-invest and take the project to a point of maximum ambition. These discussion will include a roundtable at 10 Downing Street including Isomorphic Labs, Astex Pharmaceuticals, Apheris, Chai Discovery, Genentech, Genesis Therapeutics, Odyssey Therapeutix, Pfizer Inc, and Renaissance Philanthropy.

Professor Gianluigi Botton, CEO, Diamond Light Source, said:

At Diamond Light Source, a Joint Venture between the UK government through STFC and the Wellcome Trust, we are proud to be at the forefront of the UK’s ambition to lead the world in AI-driven drug discovery.

OpenBind represents an exciting step forward in harnessing our unique capabilities to generate the high-quality data that AI needs to revolutionise healthcare, helping to cement the UK’s position as a global hub for bioscience innovation.

Sir Demis Hassabis, CEO, Isomorphic Labs, said:

High-quality biochemical data supports superior AI models, which in turn helps us design new drug candidates faster.

We’re delighted to partner with the OpenBind Consortium and the UK government to cultivate this vital resource. This is a brilliant initiative for UK science, and we’re proud to support it from its inception.

Artificial Intelligence has become one of the key drivers of the government’s Plan for Change, with its adoption across the economy sparking economic growth and creating jobs. Earlier this year the Prime Minister launched the AI Opportunities Action Plan – taking forward 50 recommendations which will mainline the technology into all sectors of the economy.  

To accelerate AI’s rollout even further, Imperial College London has today announced it will partner with the World Economic Forum to deliver a Centre for AI Driven Innovation based in the UK. This dedicated centre will cement the UK’s global position as a leader in the technology, driving innovation by unlocking AI’s potential to transform economies across various sectors. The Centre will join the World Economic Forum’s Centre for the Fourth Industrial Revolution (C4IR) Network – a global network of 21 independent centres which bring together public and private sectors to maximise technological benefits while minimising risks.

The UK government will work with both organisations to co-design the Centre’s activities in alignment with the government’s ambitions to harness AI to deliver a new era of growth and opportunity.

Hugh Brady, President, Imperial College London said:

This is a pivotal moment for UK innovation where the power and creativity of our science and technology can drive economic growth. This new Centre for AI Driven Innovation will unlock AI’s potential to transform existing industries.

Anchored in the World Economic Forum global network of Centres for the Fourth Industrial Revolution, the new Centre hosted by Imperial creates a powerful multi-stakeholder platform from research through to scalable real-world innovation and adoption.

Børge Brende, President and CEO of World Economic Forum said:

We are excited to collaborate with Imperial College London and the Department for Science, Innovation and Technology to launch the Centre for AI Driven Innovation, the first UK-based centre in the World Economic Forum’s global Network of Centres for the Fourth Industrial Revolution.

This milestone comes at a pivotal moment, as AI emerges as a powerful catalyst for prosperity and accelerated transformation across all sectors of the economy. The Centre will play a key role in helping the UK shape the global AI innovation agenda, providing a unique platform for collaboration with one of the world’s largest multistakeholder communities of AI experts.

The announcements come as the Technology Secretary prepares to deliver his keynote address to London Tech Week later today, where his speech will set out the range of actions the government is taking to harness technology to boost growth, improve public services, and unlock new opportunities for communities across the UK.

Further commentary welcoming today’s announcements:

Professor Charlotte Deane of the University of Oxford said:

OpenBind realises a major gear-shift for AI in drug discovery by investing in the data that powers it.

This funding will mean we can begin generating a catalogue that not only dwarfs in quantity everything messily accumulated over half a century, but transcends it in quality and is geared towards powering the AI algorithms.

Professor Frank von Delft of Diamond Light Source and the University of Oxford said:

OpenBind is unique double opportunity: whereas to date we experimental scientists have generated data as a byproduct of answering our scientific questions, now we combine forces with AI scientists and produce the data their AIs actually need. And to do so, we will align several very different types of experiments, harnessing recent dramatic advances, including those we’ve achieved at Diamond.

As this accelerates drug design, we will gain currently unthinkable ways to dissect how diseases work and what to do about them.

Robin Roehm, CEO and co-founder of Apheris said:

The utility of AI models in predicting protein-small molecule structure and affinity pairs hinges on the quality and scale of training data.

The life sciences sector urgently needs more comprehensive data, and collaborative networks like the AI Structural Biology Consortium where multiple Pharmas jointly collaborate are an example of this. OpenBind has the potential to transform small molecule drug discovery by developing datasets that are orders of magnitude larger than what is currently available.

Karmen Čondić-Jurkić, Executive Director and Co-Founder, Open Molecular Software Foundation (OMSF) said:

OMSF is excited to participate in OpenBind and contribute to building open datasets and infrastructure that will power the next generation of ML/AI models for drug discovery. Expanding high-quality public datasets is essential for advancing molecular science, both for training and validating new computational approaches.

We believe this collaboration is an opportunity to bring experimental and computational researchers closer together, accelerating innovation across the field.

Mohammed AlQuraishi, Founder, OpenFold; Professor, Departments of Systems Biology and Computer Science, Columbia University, said:

The task of predicting structures of molecules bound to proteins is challenged by a severe paucity of data, crucial for training data-hungry machine learning models such as OpenFold3.

The OpenBind project is poised to transform this dynamic, first by providing significant amounts of new and diverse structural data to fuel machine learning, and second by working synergistically with OpenFold to focus data acquisition on molecules and proteins with the greatest potential for improving the accuracy of predictive models.

David Rees PhD FMedSci, FRSC, Chief Scientific Officer, Astex Pharmaceuticals, Cambridge, UK.

As a pioneer in fragment-based drug discovery, Astex is excited to be involved in this new initiative to build a unique database that will help the UK to remain at the forefront of developments in this field.

Training AI models with experimentally determined protein-ligand crystal structure data can significantly accelerate the drug discovery process and deliver new medicines more efficiently.

Dr Ed Griffen, Technical Director at MedChemica said:

At MedChemica we apply chemistry machine learning at scale and speed to design and analyse large data sets to give exploitable knowledge.

One of the critical areas of weakness in drug discovery is relating how protein-drug structures are related to how strongly a possible drug binds to that protein structure. The goal of OpenBind is to gather and analyse enough of the right data so that machine learning can make useful predictions. With better predictions we can run drug hunting projects faster and cheaper, bringing new therapies to the clinic more quickly.

OpenBind is a keystone in the bridge from basic science to new ways of treating the diseases and conditions that afflict patients world wide. OpenBind’s scale is globally strategic and leading beyond what is being done anywhere else. MedChemica is delighted and proud to be able to contribute to this endeavour.

Joshua Meier, Co-founder and CEO, Chai Discovery, said:

The UK’s OpenBind initiative provides the rich, open data frontier our AI models need to design better medicines faster, and we’re excited to contribute our open state-of-the-art structure prediction technology to this national effort.

Notes to editors

OpenBind will create the largest open dataset of experimentally validated drug–protein interactions in history. By addressing a long-standing gap in pharmaceutical R&D: the lack of high-quality, large-scale datasets linking small molecules to the proteins they bind. These datasets are essential for training high quality AI models for early-stage drug design.

OpenBind will deploy automated chemistry and high-throughput X-ray crystallography to eventually generate more than 500,000 protein – ligand complex structures and affinity measurements over 5 years. This would represent a 20-fold increase over all public data produced in the last half-century – filling a critical gap in the data ecosystem that has slowed the development and evaluation of modern generative models.

OpenBind provides a foundational dataset that will underpin progress across multiple areas of technology – including structure prediction, generative molecular design, docking, and active learning workflows. It is designed to work in synergy with other emerging approaches to help reduce trial-and-error experimentation, inform candidate selection, and support more systematic exploration of chemical space.

OpenBind’s senior consortium principal investigators are:

Professor Frank von Delft (Diamond Light Source and University of Oxford)

Professor Charlotte Deane (University of Oxford)

Dr John Chodera (Memorial Sloan Kettering Cancer Centre)

Dr Mark Murcko (MIT and Disruptive Biomedical LLC)

Professor Mohammed AlQuraishi (Columbia University)

Professor David Baker (University of Washington)

Dr Ed Griffen (MedChemica Limited)

Professor Paul Brennan (University of Oxford)

Professor Sir David Stuart (Diamond Light Source)

Dr Martin Walsh (Diamond Light Source)

About Diamond Light Source

Diamond Light Source provides industrial and academic user communities with access to state-of-the-art analytical tools to enable world-changing science. Shaped like a huge ring, it accelerates electrons to near light speeds, producing a light 10 billion times brighter than the sun, which is then directed off into 35 laboratories known as beamlines. In addition to these, Diamond offers access to several integrated laboratories including the world-class Electron Bio-imaging Centre (eBIC) and the Electron Physical Science Imaging Centre (ePSIC).    

Diamond serves as an agent of change, addressing 21st century challenges such as disease, clean energy, food security and more. Since operations started, more than 16,000 researchers from both academia and industry have used Diamond to conduct experiments, with the support of approximately 800 world-class staff. More than 14,000 scientific articles have been published by our users and scientists.    

Funded by the UK government through the Science and Technology Facilities Council (STFC), and by the Wellcome Trust, Diamond is one of the most advanced scientific facilities in the world, and its pioneering capabilities are helping to keep the UK at the forefront of scientific research.    

Diamond was set-up as an independent not for profit company through a joint venture, between the UKRI’s Science and Technology Facilities Council and one of the world’s largest biomedical charities, the Wellcome Trust – each respectively owning 86% and 14% of the shareholding.    

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

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Published 9 June 2025
MIL OSI United Kingdom –
June 10, 2025
MIL-OSI: iDox.ai Launches Redaction Engine That Learns You: Personalized AI Now Available
Source: GlobeNewswire (MIL-OSI)

Fremont, California, June 09, 2025 (GLOBE NEWSWIRE) — iDox.ai has launched a significant enhancement to its document redaction tool platform, iDox.ai Redact, with the introduction of Personalized AI, a suite of features that allows redaction tools to intelligently adjust based on document type, redaction history, and user behavior.

iDox.ai Logo

The Personalized AI update addresses the growing demand for smarter and more adaptable document processing in industries handling sensitive information, including legal, healthcare, finance, and law enforcement. Rather than relying on static rules, iDox.ai Redact now learns over time, providing users with redaction tools that become increasingly accurate and tailored to their workflows.

Key components of the release include:
- Document Type Recognition: The AI automatically identifies document categories—such as contracts, medical records, or police reports—and adjusts its logic to match relevant redaction standards. This includes context-aware entity detection, like patient identifiers in medical files or license numbers in law enforcement records.
- Adaptive Entity Recognition: The system identifies and redacts sensitive content based on prior user actions, learning from ongoing redaction behavior to improve future performance.
- Regulation-Aware Data Profiles: Now supports a broad range of sensitive information types—including PII, PHI, racial covenants, and key business and financial data—with built-in awareness of compliance standards like HIPAA, GDPR, and FOIA.
- Manual Edits and Overrides: Users retain full control with the ability to fine-tune or override AI suggestions through a real-time editing interface.
- Whitelisting Functionality: Organizations can preserve specific terms or phrases from redaction, such as job titles or internal codes, improving accuracy and consistency.
- User and Team Learning: The system evolves with each user and team’s redaction patterns, allowing it to provide more precise, context-appropriate suggestions as it accumulates insights.
“Our mission with Personalized AI is to deliver smarter, more human-aware redaction,” said Jeremy Wei, Founder of iDox.ai. “It’s about context, control, and continuously improving performance tailored to each organization’s needs.”

The Personalized AI capabilities are now available to all current users of iDox.ai Redact. This release strengthens iDox.ai’s position at the forefront of AI-driven redaction by uniting adaptive personalization with deep regulatory awareness, enabling organizations to safeguard sensitive data while keeping pace with changing compliance requirements.

About iDox.ai

Designed for compliance-intensive environments, iDox.ai leverages artificial intelligence to automate and optimize document workflows across industries, with a primary focus on protecting sensitive data through features like PDF redaction, data security, and extraction.

The MIL Network –
June 10, 2025
MIL-OSI: CEA Industries Enters Canadian Vape Market with Completion of Fat Panda Acquisition
Source: GlobeNewswire (MIL-OSI)

Closes Acquisition of Leading Vape Operator with 33 Locations and Over 50% Market Share in Central Canada

Adds High-Margin, CAD $38.5 Million Revenue Platform to Accelerate Growth and Drive Shareholder Value

Conference Call Scheduled for June 11, 2025 at 4:30pm ET to Review the Supporting Investor Presentation on the CEA Industries Website

Louisville, Colorado, June 09, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced the completion of its acquisition of Fat Panda Ltd. (“Fat Panda”), Central Canada’s largest independent vape retailer and vertically integrated manufacturer. The acquisition accelerates CEA’s strategic diversification while establishing a scalable platform in one of the fastest-growing sectors of the regulated nicotine market.

Founded in 2013, Fat Panda operates 33 high-traffic retail locations across Manitoba, Ontario, and Saskatchewan, supported by a national e-commerce platform. The company’s vertically integrated model includes ISO-certified manufacturing facilities for its e-liquid production and direct supplier relationships, enabling product consistency, streamlined sourcing, and improved cost structure. With over 50% regional market share and a loyal customer base, Fat Panda generated approximately CAD $38.5 million (USD $28.5 million) in revenue with 39% gross margins and CAD $8.0 million (USD $5.9 million) (before ownership distributions) in adjusted EBITDA in the fiscal year ended April 30, 2024, based on preliminary unaudited results.

“This acquisition marks a significant milestone for CEA as we expand into a dynamic, high-growth regulated vertical benefiting from strong consumer demand,” said Tony McDonald, Chairman and CEO of CEA Industries. “Fat Panda brings an established brand, experienced leadership, and a highly profitable operating model that can be rapidly scaled with our capital and strategic support. Importantly, this acquisition exemplifies our commitment to identifying accretive opportunities that can unlock meaningful long-term value for our shareholders.”

“Joining CEA Industries provides the financial strength and operational support to accelerate our vision,” said Jordan Vedoya, Co-Founder and President of Fat Panda. “We are excited to deepen our footprint, elevate our e-commerce presence, and continue delivering value through Fat Panda’s customer-centric approach across Canada’s regulated vape industry.”

Fat Panda will operate under its existing brand led by the current management team to ensure a seamless transition with uninterrupted operations. Mr. Vedoya will also lead integration efforts and spearhead expansion across both retail and digital channels.

Strategic Benefits of the Transaction
- Leads Central Canada’s Regulated Vape Market – Fat Panda operates 33 corporate-owned stores across three provinces with over 50% regional market share, establishing immediate category leadership.
- Expands Scalable Omnichannel Platform – Combines a national e-commerce footprint with high-traffic retail locations, driving over CAD $2 million in annual online sales.
- Drives Margin Accretion Through Vertical Integration – In-house manufacturing and direct supplier relationships support 39% gross margins and CAD $8.0 million in adjusted EBITDA in fiscal year 2024.
- Establishes Durable Competitive Moat – Proprietary product formulations, a robust trademark portfolio, and regulatory alignment under the Tobacco and Vaping Products Act (TVPA) differentiate Fat Panda in the dynamic regulatory landscape.
- Enables Platform Growth Through Expansion and M&A – With CEA Industries capital and strategic support, Fat Panda is positioned to open new locations, acquire complementary retailers, and scale profitably across Canada.
Transaction Terms

The CAD $18.0 million (USD $12.6 million) purchase price comprises approximately CAD $12.1 million in cash, 39,000 shares of CEAD common stock with an agreed value of CAD $700,000, and seller notes totaling CAD $2.56 million. A portion of the purchase price was funded by a short-term loan from a United States based lender in the amount of USD $4.0 million, which is due in six months. In addition, CAD $2.6 million has been placed in escrow to support post-closing adjustments, indemnity obligations, and employee-related matters.

Conference Call and Investor Presentation

CEA Industries will host a conference call to discuss the acquisition and strategic implications for the Company on Wednesday, June 11, 2025 at 4:30pm ET. A live webcast and accompanying investor presentation will be available on the Investor Relations section of the Company’s website at www.ceaindustries.com.

To access the call, please use the following information:

A replay of the webcast will be available shortly after the event and archived online.

About CEA Industries Inc.

CEA Industries Inc. (NASDAQ: CEAD) is a growth-oriented company focused on building category-leading businesses in regulated consumer markets. With a focus on the high-growth, Canadian nicotine vape industry, one of the fastest-expanding segments of the global nicotine market, CEA Industries targets scalable operators with strong regulatory alignment, defensible market share, and high-margin business models. The Company provides capital, operational expertise, and strategic resources to accelerate retail expansion, strengthen e-commerce infrastructure, and drive long-term value creation in performance-driven sectors. For more information, visit www.ceaindustries.com.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Non-GAAP Financial Measures

To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

Investor Contact:

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
info@ceaindustries.com
(720) 330-2829

The MIL Network –
June 10, 2025

MIL-OSI: ETC Announces Fiscal 2025 Full Year and Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

SOUTHAMPTON, Pa., June 09, 2025 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the fourteen week period ended February 28, 2025 (the “2025 fiscal fourth quarter”) and the fifty-three week period ended February 28, 2025 (“fiscal 2025”).

Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “Our strong backlog and pipeline of opportunities once again translated into increases in net sales, gross profit margin, operating income and net income. These results reflect growth in each of our business units with sales increasing to $62.9 million, gross profit increasing to $18.5 million, and net income increasing to $13.1 million or $0.75 diluted earnings per share in fiscal 2025 as compared to net income of $1.8 million or $0.09 diluted earnings per share in fiscal 2024. We believe we remain well positioned for the future with a backlog of $87 million and strong pipeline of opportunities at February 28, 2025.”

Fiscal 2025 Results of Operations

Net Income

Net income was $13.1 million, or $0.75 diluted earnings per share, in fiscal 2025, compared to net income of $1.8 million during fiscal 2024, equating to $0.09 per diluted share. The $11.2 million variance is primarily attributable to a $19.6 million increase in sales, a $6.1 million increase in gross profit, slightly offset by a $0.8 million increase in operating expenses. Fiscal 2025 is also being positively impacted by an income tax benefit of $5.6 million, primarily associated with the partial reversal of valuation allowance previously recorded against the deferred tax asset. The deferred tax asset valuation allowance on federal deferred tax assets and certain state deferred tax assets was reversed in fiscal 2025, as it is now more likely than not that the Company will be able to fully realize these deferred tax assets.

Net Sales

Net sales for fiscal 2025 was $62.9 million, an increase of $19.6 million, or 45.3%, compared to fiscal 2024 net sales of $43.3 million. The increase is a result of higher International sales of $13.4 million, of which $9.3 million are within Aircrew Training Solutions (“ATS”) and $3.5 million are within Commercial Industrial Systems (“CIS”) as well as higher Domestic sales of $6.2 million, $6.0 million of which are within CIS. Further, sales in fiscal 2025 increased the greatest within the ATS business unit and Sterilizer Systems business unit, accounting for $9.9 and $7.4 million, respectively, of the overall increase of $19.6 million.

Gross Profit

Gross profit for fiscal 2025 was $18.5 million compared to $12.5 million in fiscal 2024, an increase of $6.1 million, or 48.7%. The increase in gross profit was primarily due to higher net sales within the ATS and Sterilizers System business units. Gross profit margin as a percentage of net sales increased to 29.4% in fiscal 2025 compared to 28.8% in fiscal 2024.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for fiscal 2025 was $10.3 million compared to $9.5 million in fiscal 2024, an increase of $0.8 million, or 8.1%. An increase in selling and marketing expenses, primarily driven by higher sales and an increase in general and administrative expenses, due primarily to an increase in salary and related expenses, along with an increase in professional fees was offset slightly by a decrease in research and development expenses.

Interest Expense, Net

Interest expense, net, for fiscal 2025 was $1.2 million compared to $0.9 million in fiscal 2024, an increase of $0.3 million, or 31.6%, due primarily to higher borrowing attributable to the leaseback of the Southampton, Pennsylvania demonstration equipment in fiscal 2025.

Other (Income) Expense, Net

Other income, net, for fiscal 2025 was ($0.4) million, compared to other expense, net, of $0.3 million in fiscal 2024 a favorable variance of ($0.7) million, or (221.5%) attributable to a gain realized from the sale of the Southampton, Pennsylvania demonstration equipment in fiscal 2025.

Income (Benefit) Taxes

As of February 28, 2025, the Company reviewed the components of its deferred tax assets and determined, based upon all available information, that it is more likely than not that deferred tax assets relating to its federal deferred tax assets and certain state deferred tax assets will be realized. Accordingly, we reversed the previously recorded valuation allowance against these deferred tax assets. If in the future there is a change in our ability to realize these deferred tax assets, then our tax valuation allowance may increase in the period in which we determine that realization is no longer more likely than not. An income tax benefit of $5.6 million was recorded in fiscal 2025 compared to income tax benefit of $0.1 million recorded in fiscal 2024.

Fiscal 2025 Fourth Quarter Results of Operations

Net Income

Net income was $7.6 million, or $0.45 diluted earnings per share, in the 2025 fiscal fourth quarter, compared to net income of $2.8 million during the 2024 fiscal fourth quarter, equating to $0.17 diluted earnings per share. The $4.8 million variance is a result of $2.7 million of increased sales, $0.6 million increase in other income attributable to the sale of the Company’s demonstration equipment offset slightly by an 8.9% decrease in gross profit margin percentage, primarily attributable to increased aeromedical center building sales and higher interest expense attributable to the demonstration equipment lease. The 2025 fiscal fourth quarter is also being positively impacted by a $5.5 million increase in income tax benefit attributable to the reversal of the deferred tax asset valuation allowance.

Net Sales

Net sales for the 2025 fiscal fourth quarter were $19.1 million, an increase of $2.7 million, or 16.4%, compared to net sales of $16.4 million for the 2024 fiscal fourth quarter. The increase reflects higher overall sales within the ATS and Sterilizer Systems business units.

Gross Profit

Gross profit was $4.7 million in the 2025 fiscal fourth quarter, a decrease of $0.8 million, or 14.5% compared to gross profit of $5.5 million for the 2024 fiscal fourth quarter. Gross profit margin as a percentage of net sales decreased to 24.6% in the 2025 fiscal fourth quarter compared to 33.5% in 2024 fiscal fourth quarter. The majority of the decrease was a direct result of the increase in aeromedical center building sales, which is lower margin then ETC’s core business as the work is being performed by a sub-contracted construction firm. Excluding the aeromedical center building sales, gross profit margin would have been approximately 29.7%. As the building construction of the aeromedical center accelerates over the next year, ETC expects gross profit margin to be lower in fiscal 2026 as compared to fiscal 2025.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal fourth quarter were $2.7 million, an increase of $0.2 million, or 6.1%, compared to $2.5 million for the 2024 fiscal fourth quarter. The increase in operating expenses was due primarily to higher general and administrative expenses slightly offset by lower selling and marketing and research and development expenses in the 2025 fiscal fourth quarter compared to the 2024 fiscal fourth quarter.

Interest Expense, Net

Interest expense, net, for the 2025 fiscal fourth quarter was $0.6 million compared to $0.2 million in the 2024 fiscal fourth quarter, an increase of $0.4 million, or 146.6%, reflecting increased borrowing attributable to the leaseback of the demonstration equipment in 2025 fiscal fourth quarter.

Other (Income) Expense, Net

Other income, net, for 2025 fiscal fourth quarter was ($0.5) million, compared to other expense, net, of $0.1 million in 2024 fiscal fourth quarter, a favorable variance of ($0.6) million, or (721.0%) attributable to a gain realized from the sale of the Southampton, Pennsylvania demonstration equipment in the 2025 fiscal fourth quarter.

Income (Benefit) Taxes

An income tax benefit of $5.7 million was recorded in the fiscal 2025 fourth quarter compared to an income tax benefit of $0.2 million in the 2024 fiscal fourth quarter. The increase in the income tax provision in the 2025 fiscal fourth quarter was driven primarily by the reversal of the valuation allowance on federal deferred tax assets and certain state deferred tax assets. This reversal is attributable to the change in the Company’s operating profit and expected ability to realize these deferred tax assets.

Liquidity and Capital Resources

As of February 28, 2025, the Company’s availability under the PNC Revolving Line of Credit was $2.2 million. This reflected cash borrowings of $14.3 million and net outstanding standby letters of credit of approximately $3.5 million. As of June 9, 2025, the date of our most current Revolving Line of Credit statement, the Company’s availability under the PNC Revolving Line of Credit was approximately $1.2 million. The Company had working capital of $19.7 million as of February 28, 2025 compared to working capital of $8.7 million as of February 23, 2024. The increase in working capital was primarily the result of a significant increase in contract assets and reduction in contract liabilities partially offset by a decrease in prepaid assets and increase in accounts payable, trade and an increase in the current portion of lease obligations. With unused availability under the Company’s various current lines of credit, the further conversion of contract assets and inventory into cash, the collection of milestone payments associated with several International contracts, and expected deposits on fiscal 2026 bookings, the Company anticipates its sources of liquidity will be sufficient to fund its operating activities, anticipated capital expenditures, and debt repayment obligations throughout fiscal 2025.

On February 3, 2025, the Company entered into a Financing and Security Agreement with Coeur Capital, Inc. that provided for a line of credit of up to $3.0 million. The company is able to draw on the line transferring and assigning acceptable accounts receivable to Coeur Capital. The Financing and Security Agreement remains in full force until terminated by either party upon advanced written notice. As of February 28, 2025, the Company’s availability under this Financing and Security Agreement was $3.0 million. As of June 9, 2025, the date of our report, the Company’s availability under this Financing and Security Agreement with Coeur Capital was $3.0 million.

Cash flows from operating activities

During fiscal 2025, cash flows used by operating activities were $3.9 million, an increase of $0.2 million compared to fiscal 2024 cash flows used by operating activities of $3.7 million. Cash flows in fiscal 2025 increased as a result of the increase in contract assets and decrease in contract liabilities partially offset by net income for the fiscal year.

Cash flows from investing activities

Cash flows from investing activities primarily relates to funds for capital expenditures in property, plant, and equipment and software development. The Company’s fiscal 2025 investing activities provided $3.6 million as compared to fiscal 2024 investing activities which used $0.3 million. The change in investing activities is attributable to $4.0 million from the sale leaseback of the demonstration equipment in Southampton, Pennsylvania.

Cash flows from financing activities

During fiscal 2025, the Company’s financing activities provided $1.7 million from borrowings under the Company’s credit facility to support the significant increase in manufacturing, compared to fiscal 2024 borrowings of $2.7 million.

About ETC

ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight: altitude (hypobaric) chambers; hyperbaric chambers for multiple persons (multiplace chambers) collectively, Aircrew Training Systems (“ATS”);; (ii) Advanced Disaster Management Simulators (“ADMS”); (iii) steam and gas (ethylene oxide) sterilizer systems (“Sterilizer Systems” or “Sterilizers”); and (iv) Environmental Testing and Simulation Systems (“ETSS”).

We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; and (ii) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) sterilizer systems; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic and international customers for the sale of sterilizer systems and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

Forward-looking Statements

This news release contains forward-looking statements, which are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries, the economy and other factors that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.


Table A

Environmental Tectonics Corporation
Consolidated Comprehensive Statement of Operations and Comprehensive Income


(in thousands, except per share information)	Fifty-three / Fifty-two weeks ended						Variance
	February 28, 2025			February 23, 2024			($)			(%)
Net sales	$	62,943		$	43,307		$	19,636		45.3
Cost of goods sold		44,420			30,848			13,572		44.0
Gross Profit		18,523			12,459			6,064		48.7
Gross profit margin %		29.4	%		28.8	%		0.6	%	2.1	%

Operating expenses		10,260			9,494			766		8.1
Operating income		8,263			2,965			5,298		178.7
Operating margin %		13.1	%		6.8	%		6.3	%	92.6	%

Interest expense, net		1,183			899			284		31.6
Other (income) expense, net		(361	)		297			(658	)	-221.5
Income before income taxes		7,441			1,769			5,672		320.6
Pre tax margin %		11.8	%		4.1	%		7.7	%	187.8	%

Income tax provision (benefit)		(5,622	)		(51	)		(5,571	)	10923.5
Net income		13,063			1,820			11,243		617.7
Preferred Stock Dividends		(493	)		(484	)		(9	)	1.9
Income attributable to common and participating shareholders	$	12,570		$	1,336		$	11,234		840.9

Per share information:
Basic earnings per common and participating share:
Distributed earnings per share:
Common	$	–		$	–
Preferred	$	0.08		$	0.08		$	–		0.0
Undistributed earnings per share:
Common	$	0.81		$	0.09		$	0.72		800.0
Preferred	$	0.81		$	0.09		$	0.72		800.0
Diluted earnings per share	$	0.75		$	0.09		$	0.66		733.3

Total basic weighted average common and participating shares		15,572			15,569

Total diluted weighted average shares		16,655			15,569

Table B

Environmental Tectonics Corporation
Consolidated Comprehensive Statement of Operations and Comprehensive Income

	Fourteen / Thirteen weeks ended						Variance
(in thousands, except per share information)	February 28, 2025			February 23, 2024			($)			(%)
Net sales	$	19,098		$	16,414		$	2,684		16.4
Cost of goods sold		14,394			10,915			3,479		31.9
Gross Profit		4,704			5,500			(795	)	-14.5
Gross profit margin %		24.6	%		33.5	%		-8.9	%	-26.7	%

Operating expenses		2,665			2,513			153		6.1
Operating income		2,039			2,987			(948	)	-31.6
Operating margin %		10.7	%		18.2	%		-7.5	%	-40.8	%

Interest expense, net		613			249			365		146.6
Other (income) expense, net		(504	)		81			(584	)	-721.0
Income before income taxes		1,930			2,658			(728	)	-27.4
Pre-tax margin %		10.1	%		16.2	%		-6.2	%	(38.2	)

Income tax provision (benefit)		(5,682	)		(171	)		(5,511	)	3222.8
Net income		7,612			2,829			4,783		169.1
Preferred Stock dividends		(130	)		(121	)		(9	)	7.4
Income attributable to common and participating shareholders	$	7,482		$	2,708		$	4,774		176.3

Per share information:
Basic earnings per common and participating share:
Distributed earnings per share:
Common	$	–		$	–		$	–
Preferred	$	0.02		$	0.02		$	–		0.0
Undistributed earnings per share:
Common	$	0.48		$	0.17		$	0.31		182.4
Preferred	$	0.48		$	0.17		$	0.31		182.4
Diluted earnings per share	$	0.45		$	0.17		$	0.28		164.7


Total basic weighted average common and participating shares		15,582			15,569

Total diluted weighted average shares		16,725			15,569

The MIL Network –

June 10, 2025

Category: Economy

UK to become world leader in drug discovery as Technology Secretary heads for London Tech Week

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About Diamond Light Source

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