Category: Economy

MIL-OSI USA: WSJ Editorial Highlights Tillis Bill to End Predatory Litigation Funding Practices

US Senate News:

Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Yesterday, The Wall Street Journal published an editorial supporting the Tackling Predatory Litigation Funding Act, legislation introduced by Senator Thom Tillis (R-NC) which would impose a new tax on profits earned by third-party entities that finance civil litigation and curb predatory practices in the litigation funding industry.
Read the full op-ed here or below.
Ending a Tax Break for LawsuitsWSJJune 4, 2025
Why are foreign investment funds that finance predatory lawsuits against U.S. companies allowed to dodge taxes on their legal payouts? Good question, and now North Carolina Sen. Thom Tillis and Oklahoma Rep. Kevin Hern are seeking to close this anti-growth loophole.
Third-party litigation financing has exploded in recent years as private investment funds chase high returns goosed by America’s tort-friendly legal system. Investors give law firms money to recruit plaintiffs and file often meritless lawsuits against companies in return for a share of the eventual settlement or judgment.
Annual returns average about 25% thanks to jackpot jury verdicts, which also create an incentive for businesses to settle claims early to avoid costly, drawn-out litigation. In 2023, 39 investors had committed some $15.2 billion in capital to U.S. commercial litigation, according to the litigation finance advisory firm Westfleet Advisors.
Investment funds such as Fortress Investment Group have financed major mass torts, including Roundup fertilizer claims against Bayer AG and talc litigation against Johnson & Johnson. Fortress, which is majority owned by an Abu Dhabi sovereign wealth fund, has also harassed Apple and Intel with dubious patent lawsuits.
Third-party financing arrangements with law firms are typically not required to be disclosed, so foreign investors could be funding lawsuits with the goal of harming U.S. businesses that may be competitors. Bloomberg Law last year detailed how Russian oligarchs had dodged sanctions by funding lawsuits in the U.S.
Here’s the kicker: Foreign investors in U.S. litigation don’t have to pay tax on lawsuit proceeds because the tax code exempts foreigners from paying U.S. capital-gains tax, and their legal payouts are treated as capital gains. American litigation funders pay tax at the capital gains rate (23.8%), while the actual plaintiffs in lawsuits pay at the ordinary income rate.
The preferential tax treatment for funders, especially foreigners, is an incentive to plow money into lawsuits rather than business investment that creates jobs, boosts productivity and improves living standards. Lawsuits do the opposite. Costs of defending against litigation get passed along to workers, consumers and shareholders.
Enter Messrs. Tillis and Hern, who are seeking to add a provision to the current tax bill that would require U.S. and foreign litigation funders to pay tax on their earnings at the ordinary income rate (typically 37%), plus a 3.8% surcharge. This could discourage excessive litigation, which the U.S. Chamber of Commerce says costs U.S. households some $4,200 each in 2022.
Will Hild of the right-leaning outfit Consumers’ Research recently tweeted that the Tillis-Hern provision would “rob everyday Americans of a fundamental tool in fighting back” against “large, woke corporations.” This is a giant red herring. The provision wouldn’t ban third-party funding lawsuits. It would merely eliminate a tax break for them.
Excessive litigation is a tax on everyday Americans, which is why Republican Governors like Georgia’s Brian Kemp and Florida’s Ron DeSantis have championed tort reform. Oklahoma Gov. Kevin Stitt last week signed legislation that will ban lawsuit funding from entities controlled by foreign adversaries and cap non-economic damages in personal injury suits at $500,000.
The plaintiffs lobby has the Senate votes to block national tort reform with a 60-vote filibuster. But Republicans only need 51 votes in their reconciliation bill to ensure that the tax code doesn’t give the Abu Dhabi wealth fund a tax break for funding lawsuits that harm America.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Congressmen Sorensen Confronts Army Secretary on Job Cuts at the Rock Island Arsenal During House Armed Services Committee Hearing

Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

Congressman Sorensen to Army Secretary Dan Driscoll: “We Can’t Afford for Expertise to be Lost [at the Rock Island Arsenal], […] Where We Have Always Bolstered Our Munition Production”

Congressmen Eric Sorensen (IL-17) confronted U.S. Army Secretary Dan Driscoll about the proposed job cuts at the Rock Island Arsenal during a House Armed Services Committee hearing. Congressman Sorensen expressed concerns that cuts at the Arsenal would damage our nation’s military readiness and demanded answers from Secretary Driscoll on the impact cuts would have on our national security.

“I’m proud to stand up in Washington D.C. for the hardworking men and women at the Rock Island Arsenal who help to protect our national security and ensure our military’s readiness across the globe,” said Congressman Sorensen. “I took my concerns about job cuts at the Arsenal straight to the Army Secretary so we can get a clear picture of the impact this will have on my neighbors. Any decisions about the future of the Arsenal needs to be transparently discussed and well thought out because the work there is too important for our country.”

During the hearing, Secretary Driscoll also acknowledged to Congressman Sorensen that the Rock Island Arsenal is the “gem in the assets and the tools that we have.”

You can watch the full exchange with Secretary Driscoll HERE.

As a new member of the House Armed Services Committee, Congressman Sorensen has leveraged his position to strongly advocate for the Rock Island Arsenal. He led a bipartisan effort with Senators Chuck Grassley, Dick Durbin, and Tammy Duckworth to ensure the Department of Defense would not be jeopardizing our country’s military readiness with large job cuts. Earlier this year, he introduced the Arsenal Workload Sustainment Act, which would ensure the Rock Island Arsenal can remain competitive, create good-paying jobs, and sustain the regional economy.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Congresswoman Cherfilus-McCormick Statement Condemns Trump’s New Travel Ban

Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

WASHINGTON, DC – Today, Congresswoman Sheila Cherfilus-McCormick (D-FL) released the following statement in response to President Trump’s renewed travel ban targeting a dozen countries, including Haiti, and imposing partial restrictions on others such as Venezuela and Cuba.

“This renewed travel ban is baseless and harmful. There is no data or evidence to justify that Haitians are a threat to national security. It does not make us safer—it only spreads fear, isolates communities, and contradicts the principles our nation was built on.

“They are hardworking, resilient, and deeply committed to the American dream. Like so many immigrant communities, they contribute to the strength, economy, and vibrancy of South Florida and this country.

“This ban will hurt everyone. Families will be torn apart. American businesses will suffer. Our economy in South Floridawill feel the impact.

“I remain committed to defending the diverse communities of South Florida and will keep fighting to ensure the United States remains a beacon of hope for those seeking a better future.”

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MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Reps. Salinas and Panetta Reintroduce the Farmers Feeding America Act

Source: US Representative Andrea Salinas (OR-06)

Today, U.S. Representatives Andrea Salinas (OR-06) and Jimmy Panetta (CA-19) introduced the Farmers Feeding America Act, a bill that would help food banks meet demand and ensure families stay fed and healthy by expanding the U.S. Department of Agriculture’s (USDA) ability to purchase food directly from producers, including Oregon’s small family farms.

Washington, DC – Today, U.S. Representatives Andrea Salinas (OR-06) and Jimmy Panetta (CA-19) introduced the Farmers Feeding America Act, a bill that would help food banks meet demand and ensure families stay fed and healthy by expanding the U.S. Department of Agriculture’s (USDA) ability to purchase food directly from producers, including Oregon’s small family farms.

“The pandemic, lingering inflation, and the Trump Administration’s disastrous policies have all made it harder for working families to make ends meet in recent years, and food banks have struggled to keep up with record demand,” said Rep. Salinas. “Now, Republicans are trying to force through partisan legislation that would threaten food assistance for over 800,000 Oregonians. I voted against that bill, and I’m proud to introduce the Farmers Feeding America Act to expand The Emergency Food Assistance Program. This bill will ensure our local food banks are fully stocked, support local farmers, and help families put food on the table.”

“Many working families across my congressional district and throughout the country rely on food banks to put food on the table,” said Rep. Panetta. “The Farmers Feeding America Act would strengthen working families, and by allowing the USDA to purchase food directly from local farmers for food banks, the bill would also bolster our communities. At a time when there are politicians who want to cut these types of essential benefits, we are working hard to fight hunger by supporting agriculture and ensuring that working families have access to healthy food.”

In 2023, 13.5 percent of Americans — or 18 million households — were food insecure. However, as higher prices continue to impact working families’ ability to afford food and basic necessities, local food banks are often unable to meet the need in their communities. Meanwhile, Republicans are pushing ahead with legislation to attack core nutrition benefits, taking food assistance away from at least 3 million Americans.

The Farmers Feeding America Act would significantly increase funding for The Emergency Food Assistance Program (TEFAP). TEFAP provides commodities like fruits and vegetables, as well as monetary support, to food banks, food pantries, soup kitchens, shelters, and other types of emergency feeding organizations. In addition to serving individuals, TEFAP supports local agriculture by enabling USDA to purchase food directly from producers.

Along with Reps. Salinas and Panetta, the legislation is cosponsored by Reps. Becca Balint (VT-AL), Salud Carbajal (CA-24), Troy Carter (LA-02), Emanuel Cleaver II (MO-05), Jim Costa (CA-21), Suzan DelBene (WA-01), Christopher Deluzio (PA-17), Cleo Fields (LA-06), Robert Garcia (CA-42), Raja Krishnamoorthi (IL-08), Mary Gay Scanlon (PA-05), Melanie Stansbury (NM-01), Marilyn Strickland (WA-10), Shri Thanedar (MI-13), Jill Tokuda (HI-02), Juan Vargas (CA-52).

The bill is also endorsed by the following organizations, in alphabetical order: Alliance to End Hunger, Door Dash, Feeding America, Marion Polk Food Share, Second Harvest of Santa Cruz County, Second Harvest of Silicon Valley.

“With food prices and food insecurity on the rise, this necessary investment will help struggling families put nutritious food on the table,” said Minerva Delgado, Director of Coalitions & Advocacy, Alliance to End Hunger.

“In every community across the U.S., people are working hard to provide for themselves and their families. Yet in 2023, 47 million people—1 in 7 people—experienced food insecurity in the U.S., according to the USDA. The Emergency Food Assistance Program, or TEFAP, helps bridge the food gap for millions of families and individuals by moving nutritious foods from U.S. farmers to local food banks. But in recent years, TEFAP support has decreased as demand for food assistance has increased. TEFAP and additional USDA foods received by the Feeding America network have dropped by more than 50% from 2020-2023—dropping from 3 billion pounds to less than 1.4 billion pounds per year. The Farmers Feeding America Act introduced by Reps. Andrea Salinas and Jimmy Panetta would strengthen TEFAP, a cornerstone of the charitable food system, and ensure equitable access to the program for noncontiguous states. We urge Congress to ease the strain on our nation’s food banks by including this crucial provision in the upcoming Farm Bill,” said Vince Hall, Chief Government Relations Officer, Feeding America.

“Families and children are facing tough times right now. More than ever, our community needs the Farmers Feeding America Act to make sure children and families have the food they need to thrive,” said Rick Gaupo, President & CEO, Marion Polk Food Share.

Second Harvest Santa Cruz County CEO Erica Padilla Chavez: “With food insecurity on the rise in our community and food prices continuing to climb, the need to support the Farmers Feeding America Act has never been more urgent. It is critical that our federal government not only address hunger but also sustains our local agriculture – an essential part of both our economy and our hunger relief efforts.”

Leslie Bacho, CEO, Second Harvest of Silicon Valley: “The Farmers Feeding America Act is a practical solution that bridges communities—connecting local farmers with families in need and strengthening our food system. In Silicon Valley, where the cost of living is among the highest in the nation and 1 in 6 of our neighbors turn to Second Harvest of Silicon Valley for food assistance, we see this urgent need firsthand every day. At a time when the need for food assistance touches every community, this legislation affirms a shared commitment to ensuring no one goes hungry. Investing in TEFAP is not just about feeding families; it’s about reinforcing the resilience and well-being of all our communities.”

To read the full text of this legislation, click here.

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MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Cornyn Op-Ed: Congress Must Reimburse Texas for President Biden’s Border Security Malpractice

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senator John Cornyn (R-TX) authored the following op-ed on FoxNews.com calling out former President Biden’s failure to secure the southern border and detailing his top reconciliation priority: ensuring the federal government reimburses Texas for the billions it spent on Operation Lone Star when Joe Biden refused to do so.

Congress Must Reimburse Texas for President Biden’s Border Security Malpractice

Senator Cornyn

FoxNews.com

June 5, 2025

https://www.foxnews.com/opinion/sen-john-cornyn-congress-must-reimburse-texas-for-bidens-border-security-malpractice

The government’s most basic duty is to keep its citizens safe. President Biden woefully neglected to fulfill this obligation, allowing our borders to be overrun by millions of unvetted illegal immigrants, criminal aliens, and cartels smuggling deadly synthetic opioids. Far from Washington, border states like Texas were left to suffer the consequences. Texas spent billions of dollars on Operation Lone Star in attempt to abate this catastrophe. We all owe Governor Abbott a debt of gratitude for doing what the Biden administration wouldn’t, but we also owe Texas a monetary debt. Now the bill is due: it’s time for the federal government to pay Texas taxpayers back.

From the moment he arrived at 1600 Pennsylvania Avenue, President Biden reversed the previous administration’s successful immigration policies: he ended President Trump’s “Remain in Mexico” policy; directed DHS to halt construction of the border wall, instead using federal funds to store wall materials; and ended Title 42, the COVID-era policy that was our last line of defense against the incoming migrant surge.

President Biden oversaw a crisis on our southern border that far surpassed illegal migration numbers from prior decades. In Biden’s four years, CBP encountered over 10 million illegal immigrants. More than 1.7 million known gotaways evaded Border Patrol entirely and are freely roaming somewhere in the interior of our country. Hundreds of thousands of Americans died from overdose of synthetic opioids including fentanyl, a drug manufactured with Chinese precursor chemicals and smuggled through our open border by drug cartels. Innocent Americans such as Laken Riley and Jocelyn Nungaray died at the hands of illegal migrant criminals.

Despite the immigration authorities that were already available to President Biden, he threw up his hands, claiming that there was nothing more he could do – all while his designated Secretary for Homeland Security reassured the public that the border was “secure.” But facts don’t lie. The whole world knew America’s borders were wide open.

This tragic crisis was felt most acutely in Texas. My state shares the longest border with Mexico, and with the President missing in action in the midst of a disaster, Governor Abbott had to intervene. Under Operation Lone Star, Texas law enforcement apprehended over half a million illegal immigrants, including more than 50,000 criminal arrests. They built more than 240 miles of border barriers, seized over half a billion deadly doses of fentanyl, and reduced illegal immigration into Texas by 87%, according to the Governor. However, these efforts cost upwards of $11 billion, a pretty penny for Texans to pay for the basic safety and security that the federal government owes its people.

If there is any lingering question that President Biden’s policies are to blame for the mess we saw at our southern border, consider President Trump’s swift success in reversing the damage. As soon he was elected and even before he took office, the migrant flows began to subside. In the first two weeks of 2025, CBP encounters were nearly 50% lower than they were at the same point in 2021, at the start of the Biden administration. In President Trump’s first 100 days in office, daily border encounters decreased by 95%.

This dramatic sea change resulted from President Trump and U.S. Department of Homeland Secretary Kristi Noem’s commonsense policies. On day one, President Trump declared a national emergency at the southern border. He ended President Biden’s “catch and release” policy and reinstated his own tried-and-tested “Remain in Mexico” policy. ICE arrests have increased by more than 600%, while arrests of criminal migrants have doubled.

The Trump administration’s policies are a welcome change from the past four years of disaster under the Biden administration. But the damage Texas experienced and the financial sacrifice we made for the good of the country must be fully repaid.

The federal government under President Biden created this crisis, and Congress must rectify it. Texans have had to bear the brunt of open borders, rampant crime, and deadly fentanyl for four years, costing the state billions of dollars to fill in for our absentee commander in chief.

In late January, Governor Abbott asked Congress to reimburse Texas for the $11.1 billion dollars that Texas taxpayer spent. I immediately began working in partnership with President Trump, Senate Majority Leader Thune, Speaker Johnson, and Texas Republicans in the House, to ensure Congress fulfills this request through the reconciliation bill, also known as the “One Big Beautiful Bill.”

Texas Republicans make up the largest Republican delegation in the U.S. House of Representatives; thus the Speaker could not pass a bill without support from this key voting bloc. It was unacceptable that the initial text of the legislation released by the House did not reimburse Texas. But thanks to coordinating efforts with Congressman Chip Roy (TX-21), language to reimburse states like Texas was added to the legislation during the amendment process, and the House passed these provisions in the One Big Beautiful Bill.

The next hurdle is to shepherd our reimbursement provisions through the Senate. I will continue working with Leader Thune, Governor Abbott, and President Trump to ensure the Senate includes even stronger language in the One Big Beautiful Bill and that Texas specifically will be rightfully repaid for Operation Lone Star. I will continue fighting to ensure this language remains in the final version of the One Big Beautiful Bill that will go to the President’s desk.

The road to victory is long, but if there’s one thing us Texans know how to do it’s to stay the course and defy the odds. President Biden abdicated his responsibility as commander in chief at the southern border. It’s now up to Congress to reverse the damage and make Texas taxpayers whole.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: CLARKE ISSUES STATEMENT ON TRUMP’S TRAVEL BAN 2.0

Source: United States House of Representatives – Congresswoman Yvette D Clarke (9th District of New York)

FOR IMMEDIATE RELEASE:

June 5, 2025

MEDIA CONTACT:

e:jessica.myers@mail.house.gov

c: 202.913.0126

Washington, D.C. — Today, Congresswoman Yvette D. Clarke (NY-09) issued the following statement:

“Donald Trump’s latest travel ban is not a new policy; it’s a dangerous sequel to the same discriminatory playbook he used during his first term with the infamous Muslim Ban.

“That policy tore families apart, sowed fear in immigrant communities, and betrayed America’s values. Now, with a wider list of targeted nations, he is doubling down on the same hateful rhetoric and xenophobic strategy. The ban’s scope and lack of nuanced security assessments reveal its true nature: a political maneuver rooted in prejudice rather than a genuine effort to protect our nation. This renewed travel ban is nothing short of a thinly veiled continuation of his anti-immigrant, anti-Black, and anti-Muslim agenda, and it is rooted in the very foundation set by Project 2025.

“Let me be clear: this latest travel ban is not a matter of national security, but is rather a blatant continuation of Donald Trump’s longstanding war on Black and brown immigrants. From the moment he referred to African nations as ‘shithole countries,’ his agenda has been crystal clear: to demonize and shut out people of color from the promise of America.

“The Ninth Congressional District of New York represents a cultural mosaic of diversity, and I see every day how immigrant families strengthen our neighborhoods, drive our economy, and enrich our culture. My heart breaks for my constituents, because this disturbing decision doesn’t just impact the millions still confined to their home nations. It cuts off the lifeline of their family members who have found a new home in my district and across America who rely on resources from their families here in the states. They all deserve dignity — not discrimination. I stand with them, and I will use every tool at my disposal in Congress to oppose this unjust and un-American ban.”

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MIL OSI USA News –

June 6, 2025
MIL-OSI: Orrstown Bank Promotes Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region

Source: GlobeNewswire (MIL-OSI)

HARRISBURG, Pa., June 05, 2025 (GLOBE NEWSWIRE) — Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ: ORRF), is pleased to announce the promotion of Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region, effective immediately.

Zachary Khuri, who most recently served as Market President for Orrstown Bank’s Central Pennsylvania Region, brings more than 20 years of banking experience to his new role. Since joining Orrstown Bank in 2019, Khuri has played a pivotal role in expanding the Bank’s market share and strengthening relationships throughout the region. As Chief Revenue Officer, he will lead the Bank’s revenue-generating lines of business across its entire footprint. Khuri holds a bachelor’s degree in Finance from Shippensburg University, an MBA from Penn State Harrisburg, and is a graduate of the Duke University Fuqua School of Business Executive Leadership Program.

“Zack’s strategic mindset, deep understanding of our markets, and proven leadership make him the ideal person to help guide Orrstown Bank’s continued growth,” said Thomas R. Quinn, Jr., President and CEO of Orrstown Bank. “He embodies our culture of collaboration and client focus, and we are thrilled to welcome him to this role.”

In conjunction with Khuri’s promotion, Joshua Hocker has been named Market President for the Central Pennsylvania Region, succeeding Khuri in the role. Hocker, who most recently served as Director of Middle Market Lending for Orrstown Bank, brings a strong track record of commercial banking success and deep knowledge of the Central Pennsylvania market to his new position. Mr. Hocker holds a bachelor’s degree in Business Administration from West Virginia University and an MBA from Penn State University.

“Josh has consistently demonstrated an ability to build strong client relationships and deliver meaningful results,” said Adam L. Metz, Chief Operating Officer at Orrstown Bank. “His leadership will ensure we continue delivering exceptional value to our clients and communities across the Central Pennsylvania Region.”

About Orrstown

With $5.4 billion in assets, Orrstown Financial Services, Inc. (the “Company”) and its wholly owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Adams, Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company’s executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on the NASDAQ Global Select Market under the symbol “ORRF.” For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue. For media inquiries or further information, please contact:

John Moss
SVP, Director of Marketing and Client Experience, Orrstown Bank
717-747-1520
jmoss@orrstown.com

The MIL Network –

June 6, 2025
MIL-OSI: Hawthorn Bancshares Announces New Common Stock Repurchase Program

Source: GlobeNewswire (MIL-OSI)

JEFFERSON CITY, Mo., June 05, 2025 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, announced that its Board of Directors approved a new common stock repurchase program authorizing the repurchase of up to $10.0 million in market value of the Company’s common stock. The new common stock repurchase program replaces the Company’s prior common stock repurchase program.

Management was given discretion to determine the number and pricing of the shares to be purchased, as well as, the timing of any such purchases. The timing and total amount of stock repurchases will depend upon market and other conditions and may be made from time to time in open market purchases or privately negotiated transactions. The program has no termination date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock.

The repurchased shares will be held in treasury and may be used by the Company for general corporate purposes, including stock-based employee benefit plans and stock dividends. It is expected that the stock repurchases will be funded by cash generated through cash on hand, operations and other sources. At June 3, 2025, the Company had 6,946,656 common shares outstanding.

About Hawthorn Bancshares, Inc.

Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

Contact:

Hawthorn Bancshares, Inc.
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com

Statements made in this press release that suggest Hawthorn Bancshares’ or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

The MIL Network –

June 6, 2025
MIL-OSI USA: Reps. Lawler, Cleaver Reintroduce Bipartisan HUD Legislation To Ensure Annual Oversight
Source: US Congressman Mike Lawler (R, NY-17)

Washington, D.C. – 6/5/25… Today, Congressman Mike Lawler (NY-17) and Congressman Emanuel Cleaver II (MO-05) reintroduced the HUD Accountability Act of 2025, a bipartisan measure that would require the Secretary of Housing and Urban Development to testify before Congress on an annual basis. The bill aims to strengthen transparency and ensure HUD leadership is held accountable amid an ongoing housing affordability crisis.

The HUD Accountability Act, which passed committee last Congress with bipartisan backing, would require the HUD Secretary to testify annually for five years before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee.

The legislation outlines key areas for testimony, including:
- Progress in addressing the affordable housing and homelessness crises
- The condition and performance of HUD programs, including public housing
- Oversight efforts to combat waste, fraud, and abuse
- The financial status of FHA’s mortgage insurance funds
- The capacity of the Department to deliver on its statutory mission
- And any other relevant agency operations and priorities
“With families in New York and across the country being crushed by skyrocketing housing costs, Congress needs to take this crisis seriously, and that starts with oversight,” said Congressman Lawler. “In the past, there have been long gaps between appearances by the HUD Secretary before the Financial Services Committee. That lack of regular oversight isn’t acceptable. Our bill ensures the Secretary testifies annually on the Department’s programs, finances, and priorities.”

“Last Congress, I hosted the first congressional field hearing in Rockland County in years to hear directly from constituents about how high housing costs are affecting their lives,” Congressman Lawler concluded. “Whether it’s addressing the workforce housing crunch or improving HUD oversight, I’m focused on bringing greater transparency and accountability to programs meant to serve the American people.”

“Whether a Republican or Democratic administration, it is imperative that the people’s representatives have an opportunity to provide oversight of the Executive Branch on behalf of the public, which includes bringing Cabinet officials before Congress to explain their policymaking actions and motivations,” said Congressman Cleaver. “I was proud to support this bipartisan legislation last Congress, and I’m happy to reintroduce it with Congressman Lawler as we seek to lower housing costs and ensure transparency for the American people.”

Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

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Full text of the bill can be found HERE.

MIL OSI USA News –
June 6, 2025
MIL-OSI USA: Tiffany Demands PSC to Prioritize Baseload Power Sources, Ensure Affordable Energy for Wisconsinites

Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

WASHINGTON, DC – Today, Congressman Tom Tiffany (WI-07) sent a letter to Summer Strand, Chair of the Public Service Commission (PSC), calling for Wisconsin to lead the way in affordable energy production. Specifically, the letter asks the PSC not to prematurely close coal-fired plants and ensure reliable baseload power to make our state more competitive.

In the letter, Tiffany writes, “If Wisconsin is going to maintain its role as a world-class manufacturing state, we must keep all of our current power plants online and bring new generation online for the future. This is particularly critical as we enter a new era of artificial intelligence and data centers, which require a steady supply of reliable, and low-cost energy, such as coal, natural gas, and nuclear power generation.”

“As you evaluate the future of Wisconsin’s grid, I urge you to resist pressure to close any coal-fired plants prematurely. As you know, shuttering these facilities presents risks – which helps explain why we’ve already seen planned closures of existing coal plants delayed, such as Columbia Energy Center. In short, coal fired plants are a backbone of baseload power, and cannot simply be replaced with intermittent generation provided by wind and solar,” Tiffany added.

“As the Trump administration removes barriers to growth and opportunity, the choice is ours. Will our state keep up with the growing demand for energy, or will we play second fiddle to other states? Will we move to shore up our state’s industrial prowess and prepare for the family-wage jobs of the future by tapping into Made in America energy, or will we allow the radical “climate” lobby to make Wisconsinites poorer while enriching the “green energy” crony capitalists who finance them? We must make sure we are in a position to win and continue to grow, otherwise we run the risk of becoming California; or even worse, Spain or Portugal,” Tiffany concluded.

You may read the full letter here.

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MIL OSI USA News –

June 6, 2025
MIL-OSI Banking: African Development Bank and IATI hold workshop for Francophone West Africa governments to strengthen development effectiveness

Source: African Development Bank Group
The African Development Bank and the International Aid Transparency Initiative (IATI) concluded a workshop on Thursday aimed at enhancing the use of development finance data to support national planning, coordination, and accountability. The workshop was attended by government representatives from Francophone West Africa.

MIL OSI Global Banks –

June 6, 2025

MIL-OSI: Crypto Casino Trends 2025: Winna Prioritizes Speed and Privacy Over Flashy Bonuses

Source: GlobeNewswire (MIL-OSI)

Las Vegas, NV, June 05, 2025 (GLOBE NEWSWIRE) — Among several new entrants, Winna reflects a growing trend in crypto gambling: fast crypto payouts, privacy-centric onboarding, and a focus on esports betting. Its instant withdrawal time and privacy-first approach have earned it top rankings as the best crypto casino for players seeking speed and discretion.

Winna’s streamlined interface, blockchain-native architecture, and smart bonus structures position it not just as an alternative—but as a frontrunner in the race for the best crypto casino experience.

Platform Overview: Winna – A Crypto Casino for Modern Gamblers

Winna is a lean, high-performance gambling platform tailored for cryptocurrency users. From its clean UI to its turbo-fast transactions, everything is built to match the expectations of today’s crypto-native players.

Platform Highlights:

Launch: 2024
License: Tobique Gaming License
Game Library: 2,000+ titles (slots, tables, live games, esports, sportsbook)
Crypto Accepted: BTC, ETH, DOGE, USDT, SOL, BNB, TRX, LTC, USDC
Average Withdrawal Time: <10 minutes
Verification: No KYC for crypto users

As a top-rated crypto casino, Winna competes directly with longer-established platforms by excelling in three areas: speed, privacy, and personalized rewards.

Why Winna Is the Crypto Casino for Privacy and Payout Speed

Online forums, Telegram groups, and gambling review sites consistently highlight why Winna is emerging as one of the best crypto casinos on the market:

Verified Fast Withdrawals:
Crypto users report consistent sub-10-minute withdrawal speeds. Bitcoin withdrawals often complete in under 12 minutes, placing Winna among the fastest-paying crypto casinos today.
No-KYC Simplicity:
Players register with just an email—no documents, no verification delay. This level of anonymity is rare, even among so-called best crypto casino options.
Game Quality and Focus:
Rather than padding its numbers with low-tier games, Winna offers over 2,000 high-quality titles. Feedback from early users helped shape its game portfolio, emphasizing high-RTP slots and competitive esports betting—features core to any best crypto casino rating.
Crypto-Friendly Promotions:
Bonuses are structured with crypto players in mind. Instead of convoluted fiat-like wagering requirements, Winna’s promos reward play activity, not paperwork.
24/7 Support:
A core expectation of a best bitcoin casino is round-the-clock assistance. Winna meets this standard with live chat, email, and Telegram support in multiple languages.
Enterprise-Grade Security:
With 2FA, SSL, cold wallet crypto storage, and provably fair games, Winna meets all the requirements for being a trusted and secure crypto casino.

Bonuses That Set Winna Apart from Other Crypto Casinos

Where many platforms offer flashy but hollow promotions, Winna focuses on value-driven bonus structures that reward real players:

Welcome Package:
New players receive a 60% rakeback deal and a deposit bonus. This combination makes it one of the best bonus packages among crypto casinos.
Daily/Weekly Tournaments:
Compete for share in $25,000 prize pools, win free spins, and participate in rotating slot events—standard perks among top crypto casinos.
Real Cashback:
Automatic cashback on net losses increases retention and offers consistent value—a key feature of the best crypto gambling sites.
Esports-Focused Offers:
Esports fans get unique bet insurance and odds boosts, positioning Winna as not just the best bitcoin casino, but one of the few built with esports bettors in mind.
Loyalty VIP Club:
Earn faster payouts, exclusive tournaments, and tiered bonuses. The VIP program is a major draw for high-volume players across Reddit crypto casino communities.

Game Library: Why Winna Delivers One of the Best Crypto Casino Experiences

Winna may not have the biggest library, but it’s carefully built for maximum entertainment value, ensuring every title contributes to a high-quality crypto gambling experience.

Top-Tier Slots:
Sweet Bonanza, Gates of Olympus, and dozens of bonus-buy, high-RTP options make Winna’s selection one of the most player-friendly in the best crypto casino category.
Live Dealer Games:
Blackjack, roulette, and live game shows hosted by real dealers 24/7—streamed in HD and optimized for mobile.
Table Games:
Multi-version blackjack, poker, and roulette variants allow both casual and expert players to thrive.
Crypto Sportsbook & Esports Betting:
Bet on esports tournaments and real-world sports events with competitive odds and real-time stats. These features elevate Winna into the elite tier of crypto casinos with integrated sportsbooks.
Instant Win and Crash Games:
Perfect for quick-session players who prefer high-volatility, fast-paced experiences.

Crypto Support and Security: Foundation of the Winna Crypto Casino

Accepted Coins:

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Binance Coin
Solana (SOL)
Dogecoin (DOGE)
Litecoin (LTC)
Tron (TRX)
USDC (USDC)

Fiat-to-Crypto Integration (coming soon):

Visa
Apple Pay
Mastercard
Google Pay

Security Systems:

SSL encryption on all data
Cold wallet storage of crypto funds
Two-factor authentication
Fairness-verified RNG and provably fair systems
GDPR-compliant data privacy protocols

Together, these systems reinforce Winna’s role as one of the safest crypto casinos in 2025.

Pros and Cons: Why Winna is Among the Best Crypto Casinos

Pros	Cons
5-minute average crypto withdrawals	Fiat payment features still in development
No KYC needed for crypto play	Smaller game count than legacy platforms
Excellent esports and sportsbook features
High-value welcome bonus & rakeback
Secure, anonymous crypto transactions
24/7 multilingual customer support

Winna’s mobile-optimized site delivers full access to the platform on any device—iOS or Android. Players can launch slots, watch live dealer games, and place real-time sports bets without losing functionality or speed.

Responsible Gambling Measures

As expected from any best crypto casino, Winna offers built-in player protection tools:

Daily/monthly deposit caps
Session time reminders
Temporary and permanent self-exclusion
“Cool off” features for short-term breaks
Integration with problem gambling helplines and support networks

FAQ – Quick Answers for Players Choosing Winna

Is Winna the best crypto casino for 2025?
Yes. Its speed, privacy, bonuses, and security place it among the absolute top crypto gambling sites this year.

Are withdrawals really under 10 minutes?
Yes. Most crypto withdrawals are processed within 6–8 minutes.

Do I need to verify my identity?
No. Crypto users can register and play completely anonymously.

Can I play on my phone?
Yes. The platform is fully mobile-optimized for browser play.

Does Winna support fiat deposits?
Not yet, but on-platform crypto purchases using Visa/Mastercard are in development.

What makes Winna different from other top crypto casinos?
It prioritizes privacy, esports integration, player-focused rewards, and speed—without bloated extras or delays.

Final Thoughts: Why Winna Is the Best Crypto Casino for Real Players

Winna isn’t just another crypto casino—it’s a purpose-built ecosystem designed for speed, fairness, and real player value. Its withdrawal speed, no-KYC onboarding, competitive esports betting, and rakeback structure all align with what today’s crypto users want.
Unlike platforms that rely heavily on marketing spin, Winna delivers consistent, measurable value where it matters most. While Jackbit was once considered a strong option, its recent wave of negative press, delayed payouts, and inconsistent bonus policies have significantly tarnished its reputation. Many experienced players now consider it unreliable and no longer representative of the crypto-first gambling model.

If you’re looking for the best crypto casino for 2025, Winna is not just a contender—it’s already the choice for thousands of informed players.

Disclaimer:

Gambling entails risks and should be approached with caution. Users must be of legal gambling age in their jurisdiction. This article is for informational and promotional purposes only and does not constitute financial advice.

Always gamble responsibly and within your means. The publisher, affiliates, and authors are not liable for losses arising from use of this content. Brand names and trademarks belong to their respective owners.

The MIL Network –

June 6, 2025

MIL-OSI: Xtract One Announces Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced fiscal third quarter results for the three months ended April 30, 2025. All information is in Canadian dollars unless otherwise indicated.

Third Quarter Highlights

Quarterly revenue of $3.5 million for the three months ended April 30, 2025 versus $4.7 million in the prior-year period.
Gross margin of 57% for the third quarter of fiscal 2025 versus 58% in the prior-year period.
Total contract value of new bookings¹ was $4.6 million for the three months ending April 30, 2025 as compared to $9.5 million for the same period last year.
Contractual backlog was $15.4 million at the end of the third quarter as compared to $13.8 million in the prior-year period, excluding an additional $21.1 million of agreements pending installation1 versus approximately $12.8 million at the end of the third quarter of fiscal 2024.
Subsequent to the quarter, the Company announced that its new innovative security platform, Xtract One Gateway, has been certified in Canada and the U.S and is on track to start shipping in July, with a current aggregate order value of approximately $6.7 million across five different customers. The Company has completed numerous demonstrations and trials across the education, healthcare and manufacturing and distribution markets.

“While revenue was lower than anticipated for the quarter due to some delayed deployments, we remain on track for a solid year of performance and continue to have a growing backlog that strengthens our outlook for the future,” stated Peter Evans, Chief Executive Officer of Xtract One. “As recently announced, our Xtract One Gateway will start shipping this July, and we already have $6.7 million of orders in hand. While increasing our expectations for the quarters to come, recent investments in inventory and product rollout reduced our cash level during the period, which was expected. At the same time, we’ve announced several exciting developments including new wins with the Colorado Rockies and an international entertainment giant which, along with other awards, position us well for the year ahead. We remain upbeat about the fourth quarter and look to end fiscal 2025 on a high note.”

Financial Results for the Three Month Period Ended April 30, 2025

Consolidated revenue was $3.5 million for the three months ended April 30, 2025 as compared to $4.7 million for the same period last year, reflecting timing of order deployments. Gross profit was $2.0 million, or a gross profit margin of 57%, in the fiscal 2025 third quarter versus $2.7 million, or a gross profit margin of 58%, in the prior-year period.

Comprehensive loss was $3.3 million for the three month period ended April 30, 2025 as compared to $2.7 million for the same period in fiscal 2024, reflecting a reduced gross profit offset by lower overall operating costs.

This press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2025 and 2024, which can be found on the Company’s website and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Conference Call Details

Xtract One will host a conference call to discuss its results tomorrow, June 6, 2025 at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

The webcast and presentation will be accessible on the company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).

About Xtract One Technologies

Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.

About Threat Detection and Security Solutions

Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

For further information, please contact:

Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

¹Supplementary Financial Measures:

The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.

CAUTIONARY DISCLAIMER STATEMENT:

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Unaudited Interim Statements of Loss and Comprehensive Loss for the Three and Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the three and nine months ended April 30, 2025 and 2024:

		Three months ended April 30,							Nine months ended April 30,
			2025			2024				2025			2024

Revenue		$	3,466,433		$	4,683,639			$	10,506,459		$	10,720,050

Cost of revenue			1,489,181			1,977,223				3,811,031			4,145,551

Gross profit		$	1,977,252		$	2,706,416			$	6,695,428		$	6,574,499

Operating expenses
	Selling and marketing	$	1,563,446		$	1,259,445			$	4,451,180		$	4,066,829
	General and administration		1,854,764			1,936,552				5,367,644			5,277,387
	Research and development		1,638,988			2,182,756				5,078,617			5,967,553
	Loss on inventory write-down		26,868			4,167				308,297			111,180
	Loss on retirement of assets		2,029			40,538				23,704			40,538
Total operating expenses		$	5,086,095		$	5,423,458			$	15,229,442		$	15,463,487

Loss before the undernoted			(3,108,843	)		(2,717,042	)			(8,534,014	)		(8,888,988	)

Other income
	Interest and other income		28,606			44,704				170,196			197,287

Net loss for the period		$	(3,080,237	)	$	(2,672,338		)	$	(8,363,818	)	$	(8,691,701		)

Other comprehensive income (loss) for the period
	Currency translation differences for foreign operations		(197,348	)		–				348,771			–

Comprehensive loss for the period		$	(3,277,585	)	$	(2,672,338		)	$	(8,015,047	)	$	(8,691,701		)

Weighted average number of shares			218,426,987			200,110,734				218,415,199			198,924,490

Basic and diluted loss per share		$	(0.02	)	$	(0.01	)		$	(0.04	)	$	(0.04	)

Unaudited Interim Statements of Financial Position as of April 30, 2025 and July 31, 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as of April 30, 2025 and July 31, 2024:

		April 30, 2025			July 31, 2024
Assets
Current assets
	Cash and cash equivalents (Note 15)	$	1,921,103		$	8,628,521
	Receivables (Note 4)		1,301,903			3,862,199
	Prepaid expenses and deposits		2,423,043			949,012
	Current portion of deferred cost of revenue (Note 6)		397,649			371,309
	Inventory (Note 5)		3,463,467			3,688,246

			9,507,165			17,499,287

Property and equipment (Note 7)			2,326,031			2,135,956
Intangible assets (Note 8)			4,730,705			4,465,755
Non-current portion of deferred cost of revenue (Note 6)			280,467			496,868
Right of use assets (Note 9)			928,941			344,304

Total assets		$	17,773,309		$	24,942,170

Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$	1,771,976		$	3,991,292
	Current portion of deferred revenue (Note 10)		5,247,967			3,443,524
	Current portion of lease liability (Note 9)		156,797			190,400

			7,176,740			7,625,216
Non-Current liabilities
	Non-current portion of deferred revenue (Note 10)		2,841,068			3,155,579
	Non-current portion of lease liability (Note 9)		923,972			190,526

		$	10,941,780		$	10,971,321

Shareholders’ equity
	Share capital (Note 13)	$	144,398,090		$	144,372,452
	Contributed surplus		17,014,039			16,163,950
	Accumulated deficit		(154,929,371	)		(146,565,553	)
	Accumulated other comprehensive income		348,771			–

		$	6,831,529		$	13,970,849

Total liabilities and shareholders’ equity		$	17,773,309		$	24,942,170

Unaudited Interim Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the nine month periods ended April 30, 2025 and 2024:

			Nine months ended April 30,
				2025			2024
Cash flow used in operating activities
	Loss for the period		$	(8,363,818	)	$	(8,691,701	)
	Adjustment for:
		Share-based compensation (Notes 13, 14)		858,758			668,555
		Depreciation (Notes 7, 9, 12)		1,084,022			938,567
		Amortization (Notes 8, 12)		637,279			604,425
		Finance cost (Notes 9)		34,020			17,839
		Loss on retirement of assets		23,704			40,538
		Loss on inventory (Note 5)		308,297			111,180

				(5,417,738	)		(6,310,597	)
	Changes in non-cash working capital
		Receivables		2,610,436			(3,266,008	)
		Prepaid expenses and deposits		(1,469,555	)		334,746
		Inventory		(793,081	)		(3,664,444	)
		Deferred cost of revenue (Note 6)		190,061			172,754
		Accounts payable and accrued liabilities		(2,232,051	)		942,696
		Deferred revenue		1,540,851			5,357,879

	Cash used in operating activities			(5,571,077	)		(6,432,974	)

Cash flow used in investing activities
	Purchase of property, plant and equipment (Note 7)			(185,045	)		–
	Internally developed intangible assets (Note 8)			(729,730	)		–
	Proceeds from disposal of property, plant and equipment			1,000			–
	Acquisition of right of use asset (Note 9)			(5,028	)		–

	Cash used in investing activities			(918,803	)		–

Cash flow used in financing activities
	Proceeds on issue of share capital			16,970			8,131,985
	Lease payments (Note 9)			(214,358	)		(286,066	)

	Cash (used) received in financing activities			(197,388	)		7,845,919

	Effect of exchange rate changes on cash and cash equivalents			(20,150	)		–

Net (decrease) increase in cash and cash equivalents for the period			$	(6,707,418	)	$	1,412,945

Cash and cash equivalents beginning of the period				8,628,521			8,327,449

Cash and cash equivalents end of the period			$	1,921,103		$	9,740,394

The MIL Network –

June 6, 2025

MIL-OSI: Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process

Source: GlobeNewswire (MIL-OSI)

Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms
Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3%
Adjusted EBITDA¹ reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin¹ of 54.9%
Completes acquisition of Uklon, Ukraine’s leading ride-hailing business, and increases stake in Ukraine’s leading digital health platform Helsi, subsequent to quarter-end

KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group, Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025.

	1Q25	1Q24	YoY		1Q25	1Q24	YoY
	USD mln or %				UAH bln or %
Total operating revenue	255	186	37.1	%	10.6	7.1	49.6	%
Profit for the period	44	36	22.2	%	1.8	1.4	33.7	%
Adj. EBITDA¹	140	93	50.5	%	5.8	3.6	64.6	%
_{Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USD} _{End-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD} _{¹For more information, see section titled “Presentation of Non-IFRS Financial Measures” at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures.}

“Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth,” said Oleksandr Komarov, CEO of Kyivstar Group. “Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine’s digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.”

First Quarter 2025 Financial and Operational Highlights

Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25.
Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25.
Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customersⁱ reflecting increased adoption of digital products.
Digital Services Users: Total digital monthly active users across Kyivstar Group’s digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier.

Strategic Milestones:

Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets.
Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan.
Increased ownership stake in Helsi, Ukraine’s largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients’ access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024.

The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.’s filing of a registration statement on Form F-4 (File No. 333-287802) in conjunction with Kyivstar’s anticipated listing on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025.

With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at www.sec.gov.

Additional Information and Where to Find It

Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.

About Kyivstar Group

Kyivstar Group operates Ukraine’s leading digital operator, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua.

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.

About Cohen Circle

Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.

Financial Information Presented

Kyivstar Group’s results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (“IFRS”) and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period.

Forward-Looking Statements

This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

Presentation of Non-IFRS Financial Measures and Performance Metrics

In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the “Non-IFRS Financial Measures”), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU.

Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies.

The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively:

	Three months ended March 31, 2025	Three months ended March 31, 2024
(USD in millions)
*Profit for the period*	44		36
Income taxes	14		9
*Profit before tax*	58		45
Depreciation	31		31
Amortization	13		12
Impairment, net	2		1
Finance costs	21		21
Finance income	(7)		(8)
Other non-operating gain/(loss), net	1		(1)
Net foreign exchange (loss)/gain	21		(8)
*Adjusted EBITDA*	*140*		93
*Profit margin*	17%		19%
*Adjusted EBITDA Margin*	55%		50%

Key Performance Indicators

Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group’s customers but are proceeds received by other operators for the services received by its subscribers.

Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group’s digital products at any time during the one month prior to such measurement date.

Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once.

Contact Information

Kyivstar Group

Media and Investor Contact:
Kyivstar@icrinc.com

VEON Media Contact
Email: pr@veon.com

ⁱ Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period)

The MIL Network –

June 6, 2025

MIL-OSI: Kyivstar Group Reaches Nasdaq Listing Milestone with Public Filing of Registration Statement on Form F-4

Source: GlobeNewswire (MIL-OSI)

KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group Ltd., Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced the public filing of its Registration Statement on Form F-4 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”).

This filing represents a milestone in Kyivstar Group’s plans to be listed on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”) that was announced on March 18, 2025.

Today, as we announce the public filing of our Registration Statement, we are excited to complement our operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market,” said Oleksandr Komarov, CEO of Kyivstar Group. “We are excited to be a company that not only delivers exceptional value to our customers, but also represents a compelling investment opportunity for U.S. and global investors interested in Ukraine’s growth and resilience.”

The closing of the business combination is expected to occur during the third quarter of 2025 and is subject to the approval of Cohen Circle’s shareholders and other customary closing conditions.

Additional Information and Where to Find It

Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement”) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.

About Kyivstar Group

Kyivstar Group operates Ukraine’s leading provider of mobile communication, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine by 2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.

About Cohen Circle

Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.

Forward-Looking Statements

This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

Contact Information

Kyivstar Group

Media and Investor Contact:
Kyivstar@icrinc.com

VEON

Media Contact:
Email: pr@veon.com

The MIL Network –

June 6, 2025
MIL-OSI: Navient holds 2025 annual shareholder meeting, appoints Edward Bramson as board chair

Source: GlobeNewswire (MIL-OSI)

HERNDON, Va., June 05, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today held its 2025 Annual Meeting of Shareholders. Shareholders voted in accordance with the recommendations of the company’s board of directors to approve three proposals, including the election of seven nominees to the board.

Linda Mills did not stand for reelection at the 2025 annual meeting. Ms. Mills joined the Navient board of directors in 2014 and served as chair since 2019.

“Linda’s leadership and service on the board since Navient’s inception are greatly appreciated,” said Dave Yowan, president and CEO of Navient. “Her valuable perspectives have been integral to Navient’s continued success.”

Also today, Edward Bramson was elected chair of the board of directors. The current directors are Edward Bramson, Frederick Arnold, Anna Escobedo Cabral, Larry Klane, Michael Lawson, Jane Thompson, and David Yowan.

Mr. Bramson is a partner in Sherborne Investors, a turnaround investment firm. He joined Navient’s board in 2022 and became vice chair in 2024. Mr. Bramson has also served as chairman or chief executive officer of several other publicly traded companies in a range of commercial and financial sectors.

Final voting results are available on a Form 8-K filed with the SEC at SEC.gov and on Navient.com/investors.

About Navient
Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

Contact:
Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

The MIL Network –

June 6, 2025

MIL-OSI: Firm Capital Property Trust Announces Results of Annual Meeting of Unitholders

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust“), (TSX: FCD.UN) is pleased to announce the voting results for its Annual and Special Meeting of unitholders (“Unitholders”) of Trust Units (“Units”) of the Trust held on June 5, 2025 (the “Meeting”).

All the matters put forward before Unitholders for consideration and approval as set out in the Trust’s management information circular dated April 23, 2025 (the “Circular“) were approved by the requisite majority of votes cast at the Meeting. In particular, Unitholders approved the election of all trustee nominees, the approval of MNP LLP as the Trust’s auditors, approving for a period of three years, all unallocated options, rights and other entitlements issuable pursuant to the Trust’s option plan and approving for a period of three years, all unallocated entitlements issuable pursuant to the Trust’s incentive arrangements, all as described in the Circular. The results of the votes on the board of trustees of the Trust is as follows:

Nominee	Votes “For”	% Votes “For”	Votes “Withheld”	% of Votes “Withheld”
Geoffrey Bledin	9,172,015	99.4%	55,306	0.6%
Eli Dadouch	7,857,717	85.2%	1,369,604	14.8%
Stanley Goldfarb	9,120,792	98.8%	106,529	1.2%
Jonathan Mair	7,835,944	84.9%	1,391,377	15.1%
Robert McKee	7,835,844	84.9%	1,391,477	15.1%
Sandy Poklar	7,810,534	84.6%	1,416,787	15.4%
Lawrence Shulman	9,149,407	99.2%	77,914	0.8%
Howard Smuschkowitz	9,151,255	99.2%	76,066	0.8%
Manfred Walt	9,150,997	99.2%	76,324	0.8%
Victoria Granovski	7,812,809	84.7%	1,414,512	15.3%
Jeffrey Goldfarb	9,150,557	99.2%	77,264	0.8%

9,340,241 Units were represented by Unitholders in person or by proxy at the Meeting, representing approximately 25.3% of the total issued and outstanding Units at the record date for the Meeting. Full details of the voting results will be posted under the Trust’s profile on www.sedarplus.ca.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

FORWARD LOOKING INFORMATION

This press release contains contain forward-looking statements within the meaning of applicable securities laws including, among others, statements associated with the opportunities that may be available to the Trust and statements regarding the business of the Trust. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Trust’s Annual Information Form for the year ended December 31, 2024 under “Risks and Uncertainties” (a copy of which can be obtained at www.sedarplus.ca). Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedarplus.ca.

For further information, please contact:

Robert McKee	Sandy Poklar
President & Chief Executive Officer	Chief Financial Officer
(416) 635-0221	(416) 635-0221

For Investor Relations information, please contact:

Victoria Moayedi
Director, Investor Relations
(416) 635-0221

The MIL Network –

June 6, 2025

MIL-OSI USA: Hickenlooper, Colleagues Demand Analysis of Impact of Trump Admin’s Layoffs on Federal Water Programs

US Senate News:

Source: United States Senator for Colorado John Hickenlooper

25% staff reduction at Bureau of Reclamation threatens dam safety, water delivery

WASHINGTON – U.S. Senator John Hickenlooper joined seven of his Democratic colleagues on the Senate Energy and Natural Resources Committee to call on Department of the Interior (DOI) Acting Inspector General (IG) Caryl Brzymialkiewicz to evaluate the impact of the Trump administration’s layoffs at the Bureau of Reclamation (BOR) on key BOR programs, including delivering water and reliable electricity to millions of Americans.

“Recent reductions in workforce significantly threaten BOR’s ability to safely and reliably deliver water to communities and farmers, keep waterways flowing for fish and wildlife across the western United States, and produce reliable electricity,” the senators wrote.

The BOR is the largest wholesale water supplier in the United States and delivers trillions of gallons of water to more than 31 million people. The BOR also is the second-largest producer of hydroelectric power in the country. The facilities operated by BOR generate 40 million megawatt-hours of electricity each year.

The BOR has reportedly lost around 25% of the agency’s work force – approximately 1,400 public servants – since the Trump administration began illegally firing federal workers.

The senators continued: “BOR needs experienced personnel with the necessary expertise to manage critical infrastructure. We are concerned that the Administration’s actions to gut the agency of qualified public servants could leave critical water infrastructure and communities vulnerable to operational disruptions.”

The senators requested the IG evaluate whether recent workforce reductions at BOR inhibit the Bureau from carrying out its obligations.

The full text of the letter is available HERE and below.

Dear Acting Inspector General Brzymialkiewicz:

We write to request that your office evaluate the extent to which workforce reductions at the Bureau of Reclamation (“Bureau” or “BOR”) prevent the agency from fulfilling its statutory mission and implementing relevant programs and activities authorized by Congress. The Bureau is the largest wholesaler of water in the United States—delivering trillions of gallons of water to more than 31 million people. The Bureau is also the second largest producer of hydroelectric power in the country. The facilities BOR operate generate 40 million megawatt-hours of electricity each year. However, recent reductions in workforce significantly threaten BOR’s ability to safely and reliably deliver water to communities and farmers, keep waterways flowing for fish and wildlife across the western United States, and produce reliable electricity.

According to reports, BOR has lost 1,400 public servants since the administration began its assault on the federal workforce. The positions reportedly eliminated include mechanics, engineers, and fish biology specialists—personnel with considerable expertise. Through firings of probational workers, buyouts, early retirements, and other related actions, BOR has shrunk by 25 percent. This workforce reduction has lacked a coherent, mission- and safety- driven strategy and instead led to the departure of experienced personnel—some with over 20 years of experience—leaving the Bureau susceptible to operational disruptions.

Rapid reductions to BOR’s workforce raise significant concerns about the Bureau’s ability to meet its core responsibilities, particularly inspecting dams and identifying threats to public safety. BOR manages over 450 dams throughout 17 western states. Previously, BOR’s dam safety program identified over 300 high and significant hazard dams at more than 200 facilities. The age and complex nature of dam systems necessitates having experienced staff trained in the operation of such systems. In fact, as your office identified in a September 2023 report, approximately 90 percent of BOR’s dams are more than 50 years old and “[a]ging dams increase the risk of dam failures.” BOR needs experienced personnel with the necessary expertise to manage critical infrastructure. We are concerned that the administration’s actions to gut the agency of qualified public servants could leave critical water infrastructure and communities vulnerable to operational disruptions.

Your office is responsible for promoting “accountability, integrity, economy, efficiency, and effectiveness within” the DOI and identifying “ways to improve the DOI’s programs and operations by offering specific, actionable recommendations that lead to positive change.” We therefore urge you to evaluate whether recent workforce reductions at BOR inhibit the Bureau from carrying out its obligations.

Thank you for your attention to this important matter.

Sincerely,

MIL OSI USA News –

June 6, 2025
MIL-OSI United Kingdom: We applaud Syria’s determination to ensure Assad’s chemical weapons programme is destroyed: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Speech

We applaud Syria’s determination to ensure Assad’s chemical weapons programme is destroyed: UK statement at the UN Security Council

Statement by Caroline Quinn, UK Deputy Political Coordinator, at the UN Security Council meeting on Syria.

Let me start by welcoming the strong commitment of the Syrian government to turn the page of history. We applaud Syria’s determination to ensure once and for all that the Assad era chemical weapons programme is destroyed.

The UK is greatly encouraged by Syria’s operational and logistical support to the deployments carried out by the Organisation for the Prohibition of Chemical Weapons, including access to sites and people, and by Syria’s commitment to engage with the international community.

We also welcome the OPCW Technical Secretariat’s deployments to Syria in March and April. The persistence and professionalism shown by OPCW staff in Syria has been exceptional. As has the consistently high quality of the Technical Secretariat’s work on this important file in a very challenging technical environment.

Important progress has been made towards setting up OPCW offices in Syria and the collection and analysis of samples.

These are vital steps towards Syria’s full implementation of the Chemical Weapons Convention and UN Security Council resolution 2118, which the Assad regime so flagrantly violated.

There is, however, President, much more work to do in a difficult operational environment.

Due to the secrecy and complexity of Assad’s illegal chemical weapons programme, the precise extent of the challenge ahead is still unknown.

Allow me to make three brief points.

Firstly, both the Syrian government and the OPCW will need to be operationally agile to address any proliferation or health risks found in inspecting sites of concern.

The OPCW’s role is vital. As mandated by the Chemical Weapons Convention and by resolution 2118, the OPCW must verify the Syrian-led declaration and destruction of any remaining elements of Assad’s chemical weapons programme.

Secondly, to achieve this, the OPCW will need technical, financial and logistical assistance from the international community.

The OPCW has provided States Parties with its estimated costs for its work in Syria.

The UK has already provided more than $1 million to the OPCW Syria Missions to support their immediate work and will look to provide further assistance.

We join High Representative Nakamitsu in encouraging others to also provide the necessary resources. In particular, President, we welcome Qatar’s role in representing Syria at the OPCW in The Hague.

Finally, military action by neighbouring states risks delaying OPCW deployments as well as the preservation of evidence at chemical weapons sites. We therefore urge Israel to de-escalate their actions in Syria.

President, we have a historic opportunity to rid Syria of Assad’s chemical weapons.

Let us do our part to support Syria and the OPCW, to enable the new Syrian government to finally close the file on the scourge of chemical weapons use, and on this dark chapter in Syria’s history.

Updates to this page

Published 5 June 2025

MIL OSI United Kingdom –

June 6, 2025

MIL-OSI: IDT Corporation Reports Third Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Gross Profit +15% Year-over-Year to $112 MM; Record Gross Profit Margin of 37.1%
Income from Operations +133% to $27 MM; Adjusted EBITDA +57% to $32 MM
GAAP EPS Increased to $0.86 from $0.22; Non-GAAP EPS Increased to $0.90 from $0.38

NEWARK, NJ, June 05, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its third quarter fiscal year 2025, the three months ended April 30, 2025.

THIRD QUARTER HIGHLIGHTS

(Throughout this release, unless otherwise noted, results for the third quarter of fiscal year 2025 (3Q25) are compared to the third quarter of fiscal year 2024 (3Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)

●

Key Businesses / Segments

○

NRS

■

Recurring revenue: +23% to $29.4 million;

■

Income from operations: +29% to $6.2 million;

■

Adjusted EBITDA: +29% to $7.2 million;

■

‘Rule of 40’ score: 49;

○

BOSS Money / Fintech segment

■

BOSS Money transactions: +27% to 6.0 million;

■

BOSS Money revenue: +25% to $34.4 million;

■

Fintech segment gross profit: +31% to $22.6 million;

■

Fintech segment income from operations: +$4.9 million, to $4.3 million;

■

Fintech segment Adjusted EBITDA: +$4.8 million, to $5.0 million;

○

net2phone

■

Subscription revenue: +7% to $21.5 million (+11% on a constant currency basis);

■

Income from operations: +188% to $1.4 million;

■

Adjusted EBITDA: +50% to $3.2 million;

○

Traditional Communications

■

Gross profit: +5% to $43.4 million;

■

Income from operations: +39% to $17.3 million;

■

Adjusted EBITDA: +30% to $19.3 million;

●

IDT Consolidated

○

Revenue: +1% to $302.0 million;

○

Gross profit (GP) / margin: GP +15% to $112.0 million; GP margin +470 bps to 37.1%;

○

Income from operations: +133% to $26.6 million;

○

GAAP EPS: Increased to $0.86 from $0.22;

○

Non-GAAP EPS: Increased to $0.90 from $0.38;

○

Adjusted EBITDA: +57% to $32.2 million;

○

CapEx: +14% to $5.4 million.

REMARKS BY SHMUEL JONAS, CEO

IDT’s third quarter was solid, with strong year-over-year gains, while slightly softer than our second quarter in part because of expected seasonal factors. Year-over-year revenue growth, and continued expansion of each of our business segments’ bottom-line results, drove a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated Adjusted EBITDA, and a 290% increase in EPS.

At NRS, recurring revenue increased 23% year-over-year, powered by a 37% revenue increase from NRS’ largest vertical, Merchant Services, and a 33% increase in SaaS Fees, which more than offset a 12% decrease in Advertising & Data revenue. Income from operations and Adjusted EBITDA were both up by 29% year-over-year, and the business has generated a record $32 million in Adjusted EBITDA over the past twelve months.

Looking ahead, we continue to focus on developing new offerings that leverage the NRS platform to enable retailers to compete more effectively with large retail chains. For instance, independent neighborhood retailers have not yet meaningfully benefitted from the consumer shift to online ordering and delivery. We are working to change that by integrating our network with online ordering and delivery platforms, enabling retailers on the NRS network to provide hyper-fast local delivery of sundries and prepared foods. The 100 or so retailers we have signed up so far are already receiving, in aggregate, over 2000 delivery orders a week.

BOSS Money, our remittance platform, increased transactions by 27% and revenue by 25%. The growth rates have been impacted by the deliberate shift we made last summer to prioritize gross profit per transaction in our retail channel rather than market share, and by a recent shift in customer preferences toward larger send amounts per remittance through fewer transactions. The Fintech segment, which includes BOSS Money and early stage fintech initiatives, generated over $5 million in Adjusted EBITDA – compared to $244 thousand in the year ago quarter. Looking ahead, Boss Money is working on initiatives to drive sustained long-term growth and innovations that reduce cross border friction and increase profitability.

net2phone continued its steady progress with balanced growth in the U.S., Brazil, and Mexico. The team has done a great job growing its business while holding the line on overhead. net2phone’s Adjusted EBITDA margin reached 15% in 3Q25. net2phone began to offer its AI Agents this quarter and customers are already seeing the benefits, including enhanced efficiency. Even as we deploy AI Agents refined for specific market verticals, we are preparing to launch another AI-powered service which internally we refer to as ‘Coach.’ We think that it will be very successful.

In our Traditional Communications segment, income from operations and Adjusted EBITDA both jumped by over 30% year-over-year to $17.3 million and $19.3 million, respectively, underscoring that this segment continues to be a long-term cash generator.

I want to wrap up by thanking the millions of customers who put some of their hard-earned wages to work through our BOSS offerings, and the business customers around the world who rely on us to enhance their businesses and communications. Our ability to provide these services depends on the dedication of our employees who have been executing and innovating on so many fronts, and on our stockholders who entrust us with their capital. I am grateful for your continued patronage and support.

(This release discloses certain Non-GAAP financial measures (Adjusted EBITDA, Non-GAAP EPS and NRS ‘Rule of 40’) as well as certain Key Performance Metrics (net2phone subscription revenue, netphone constant currency subscription revenue growth rate, net2phone operating margin, net2phone Adjusted EBITDA margin, NRS Monthly Average Recurring Revenue, and BOSS Money transactions and digital send volume). Please see the explanations of those measures and metrics, the reasons for their inclusion and reconciliations at the end of this release.)

3Q25 RESULTS BY SEGMENT

National Retail Solutions (NRS)

National Retail Solutions (NRS)
(Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Terminals and payment processing accounts
Active POS terminals		35,600			34,800			30,300			+17.6	%
Payment processing accounts		25,500			23,900			19,500			+31.1	%

Recurring revenue
Merchant Services & Other	$	19.7		$	18.1		$	14.4			+37.3	%
Advertising & Data	$	5.9		$	10.0		$	6.7			(12.3		)%
SaaS Fees	$	3.9		$	3.5		$	2.9			+32.8		%
Total recurring revenue	$	29.4		$	31.6		$	24.0			+22.9	%
POS terminal sales	$	1.7		$	1.3		$	1.8			(2.9		)%
Total revenue	$	31.1		$	33.0		$	25.7			+21.1	%

Monthly average recurring revenue per terminal	$	279		$	310		$	271			+3.0		%

Gross profit	$	28.4		$	30.3		$	22.1			+28.4		%
Gross profit margin		91.3	%		91.8	%		86.1	%		+520		bps
Technology & development	$	2.3		$	2.2		$	1.7			+32.5		%
SG&A	$	20.0		$	19.0		$	15.7			+27.8		%
Income from operations	$	6.2		$	9.1		$	4.8			+29.3		%
Adjusted EBITDA	$	7.2		$	10.1		$	5.6			+28.6		%
CapEx	$	1.9		$	0.9		$	0.9			+115.2		%

NRS Take-Aways / Updates:

●

NRS added approximately 900 net active terminals and approximately 1,600 net payment processing accounts during 3Q25. As mentioned in the prior quarter’s earnings release, net active terminal additions for 3Q25 included churn of approximately 300 terminals operating in seasonal stores.

●

The 37% year-over-year increase in Merchant Services & Other revenue was driven by the increase in payment processing accounts, and by higher merchant services revenue per account, reflecting in part the ongoing, gradual migration of customer payment preference from cash to credit and debit cards.

●

NRS Advertising & Data revenue declined 12.3% year-over-year due to NRS’ decision to slow sales to one large programmatic partner in order to limit potential bad debt risk exposure. NRS’ direct channel advertising sales, as well as sales to other programmatic partners, remained robust.

●

NRS has begun rolling out the first of several planned integrations of its POS platform with leading online ordering and delivery services. The first integration, with DoorDash, went live this quarter.

Fintech

Fintech
(Transactions and $s in millions, except for average revenue per transaction)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ, $)
BOSS Money transactions		6.0			5.7			4.7				+27.0	%

Fintech Revenue
BOSS Money	$	34.4		$	33.5		$	27.6				+24.7	%
Other	$	4.2		$	3.3		$	3.9				+7.0	%
Total Revenue	$	38.6		$	36.8		$	31.5				+22.5	%

Gross profit	$	22.6		$	21.7		$	17.3				+30.6	%
Gross profit margin		58.5	%		58.9	%		54.9	%			+360	bps
Technology & development	$	2.2		$	2.3		$	2.5				(11.9	)%
SG&A	$	16.0		$	16.3		$	15.3				+5.2	%
Income (loss) from operations	$	4.3		$	3.1		$	(0.6	)		+$	4.9
Adjusted EBITDA	$	5.0		$	3.9		$	0.2			+$	4.8
CapEx	$	0.8		$	0.8		$	1.0				(19.8	)%

Fintech Take-Aways:

●	The 27% increase in BOSS Money transactions comprised a 32% year-over-year increase in digital channel transactions and an 8% increase in retail channel transactions.

●	BOSS Money revenue increased 25% year-over-year driven by a 31% increase in digital channel revenue.

●

Digital channel send volume, or the amount of principal transferred by BOSS Money customers using the BOSS Money and BOSS Revolution apps, grew 40% year-over-year as customers increased their amount sent per transaction while reducing the frequency of transactions. BOSS Money is testing strategies to optimize pricing given this recent dynamic.

●	The robust increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven primarily by BOSS Money revenue and gross margin growth, coupled with improved operating leverage as BOSS Money continues to scale.

net2phone

net2phone
(Seats in thousands at end of period. $ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Seats		415			410			384			+7.9	%

Revenue
Subscription revenue	$	21.5		$	21.0		$	20.0			+7.4	%
Other revenue	$	0.5		$	0.5		$	0.6			(25.9	)%
Total Revenue	$	22.0		$	21.5		$	20.7			+6.4	%

Gross profit	$	17.5		$	17.0		$	16.4			+6.9	%
Gross profit margin		79.6	%		79.2	%		79.2	%		+40	bps
Technology & development	$	2.9		$	2.8		$	2.8			+4.8	%
SG&A	$	13.0		$	13.0		$	13.0			(0.3	)%
Income from operations	$	1.4		$	1.1		$	0.5			+188	%
Adjusted EBITDA	$	3.2		$	2.9		$	2.1			+50.2	%
CapEx	$	1.4		$	1.8		$	1.6			(12.5	)%

net2phone Take-Aways:

●

The 8% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served, which generate significantly higher revenue and margin per seat, increased by 9% year-over year.

●

Subscription revenue increased by 7% year-over-year. The increase was tempered by the FX impact of a strengthened U.S. dollar versus local currencies in Latin America. On a constant currency basis, subscription revenue increased by 11% year over year, significantly higher than its rate of seat growth, as net2phone focuses on increasing ARPU.

●

Income from operations increased 188% and Adjusted EBITDA increased 50% year-over-year, as operating margin increased to 6% from 2%, and Adjusted EBITDA margin increased to 15% from 10% in 3Q24.

●

In 3Q25, net2phone began to deploy AI Agents, scalable virtual assistants providing exceptional customer experiences across sales, support, and administrative tasks. AI Agents have the potential to become significant revenue growth drivers in the coming quarters.

●

net2phone is also preparing to launch an AI-powered offering that analyzes interactions to deliver real-time insights and personalized coaching for optimized performance.

Traditional Communications

Traditional Communications
($ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Revenue
IDT Digital Payments	$	102.6		$	101.6		$	101.6			+1.0	%
BOSS Revolution	$	51.7		$	53.3		$	63.2			(18.1	)%
IDT Global	$	50.0		$	51.3		$	50.1			(0.0	)%
Other	$	5.9		$	5.8		$	6.9			(14.9	)%
Total Revenue	$	210.2		$	212.0		$	221.7			(5.2	)%

Gross profit	$	43.4		$	43.1		$	41.2			+5.3	%
Gross profit margin		20.7	%		20.3	%		18.6	%		+210	bps
Technology & development	$	5.4		$	5.4		$	5.6			(4.3	)%
SG&A	$	20.5		$	19.4		$	22.7			(9.5	)%
Income from operations	$	17.3		$	18.1		$	12.5			39.2	%
Adjusted EBITDA	$	19.3		$	20.2		$	14.9			30.1	%
CapEx	$	1.3		$	1.2		$	1.2			+5.6	%

Traditional Communications Take-Aways:

●	Even as revenue decreased continuing an expected trend, gross profit increased year over year and sequentially.

●	Income from operations and Adjusted EBITDA benefitted from the growth in gross profit and the reduction in SG&A expense.

OTHER FINANCIAL RESULTS

Consolidated results for all periods presented include corporate overhead. In 3Q25, Corporate G&A expense increased to $2.7 million from $2.3 million in 3Q24.

As of April 30, 2025, IDT held $223.8 million in cash, cash equivalents, debt securities, and current equity investments. Also at April 30, 2025, current assets totaled $498.3 million and current liabilities totaled $287.2 million. The Company had no outstanding debt at the quarter end.

Net cash provided by operating activities was $75.7 million in 3Q25 compared to $9.5 million in 3Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities was $66.1 million in 3Q25 compared to $8.2 million in 3Q24. The large, year-over-year increase in cash reflects, for the most part, the timing of disbursement prefunding payments made by IDT to cover anticipated BOSS Money weekly remittance activity.

Capital expenditures increased to $5.4 million in 3Q25 from $4.7 million in 3Q24.

DIVIDEND

The Board of Directors of IDT Corporation has approved payment of a quarterly dividend of $0.06 on IDT’s Class A and Class B Common stock. Payment will be made on June 18, 2025 to stockholders of record at the close of business on June 9^th.

IDT EARNINGS ANNOUNCEMENT INFORMATION

This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

IDT will host an earnings conference call beginning at 5:00 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the U.S.) or 1-973-528-0011 (international) and provide the following access code: 491722.

A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the U.S.) or 1-919-882-2331 (international) and provide this replay passcode: 52353. The replay will also be accessible via streaming audio at the IDT investor relations website.

ABOUT IDT CORPORATION

IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

CONTACT

IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

	April 30, 2025			July 31, 2024
	(Unaudited)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	199,948		$	164,557
Restricted cash and cash equivalents		123,129			90,899
Debt securities		18,683			23,438
Equity investments		5,187			5,009
Trade accounts receivable, net of allowance for credit losses of $8,416 at April 30, 2025 and $6,352 at July 31, 2024		43,084			42,215
Settlement assets, net of reserve of $1,869 at April 30, 2025 and $1,866 at July 31, 2024		25,160			22,186
Disbursement prefunding		43,381			30,736
Prepaid expenses		13,837			17,558
Other current assets		25,865			25,927
Total current assets		498,274			422,525
Property, plant, and equipment, net		38,980			38,652
Goodwill		26,454			26,288
Other intangibles, net		5,372			6,285
Equity investments		6,904			6,518
Operating lease right-of-use assets		2,013			3,273
Deferred income tax assets, net		16,106			35,008
Other assets		6,805			11,546
Total assets	$	600,908		$	550,095

Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	17,250		$	24,773
Accrued expenses		91,408			103,176
Deferred revenue		27,513			30,364
Customer funds deposits		121,765			91,893
Settlement liabilities		14,105			12,764
Other current liabilities		15,121			16,374
Total current liabilities		287,162			279,344
Operating lease liabilities		1,213			1,533
Other liabilities		1,682			2,662
Total liabilities		290,057			283,539
Commitments and contingencies
Redeemable noncontrolling interest		11,357			10,901
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued		—			—
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2025 and July 31, 2024		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,528 and 28,177 shares issued and 23,656 and 23,684 shares outstanding at April 30, 2025 and July 31, 2024, respectively		285			282
Additional paid-in capital		307,757			303,510
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,872 and 4,493 shares of Class B common stock at April 30, 2025 and July 31, 2024, respectively		(143,853	)		(126,080	)
Accumulated other comprehensive loss		(19,812	)		(18,142	)
Retained earnings		141,753			86,580
Total IDT Corporation stockholders’ equity		286,163			246,183
Noncontrolling interests		13,331			9,472
Total equity		299,494			255,655
Total liabilities, redeemable noncontrolling interest, and equity	$	600,908		$	550,095

IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2025			2024			2025			2024
	(in thousands, except per share data)

Revenues	$	301,985		$	299,643		$	914,901		$	896,946
Direct cost of revenues		190,023			202,599			583,201			608,982
Gross profit		111,962			97,044			331,700			287,964
Operating expenses:
Selling, general and administrative (i)		72,267			68,962			214,039			200,685
Technology and development (i)		12,744			12,640			38,115			37,975
Severance		190			779			600			1,648
Other operating expense, net		175			3,231			403			3,041
Total operating expenses		85,376			85,612			253,157			243,349
Income from operations		26,586			11,432			78,543			44,615
Interest income, net		1,566			1,162			4,347			3,201
Other income (expense), net		2,608			(3,273	)		2,533			(6,326	)
Income before income taxes		30,760			9,321			85,423			41,490
Provision for income taxes		(7,798	)		(2,979	)		(21,766	)		(10,918	)
Net income		22,962			6,342			63,657			30,572
Net income attributable to noncontrolling interests		(1,270	)		(791	)		(4,448	)		(2,937	)
Net income attributable to IDT Corporation	$	21,692		$	5,551		$	59,209		$	27,635
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.86		$	0.22		$	2.35		$	1.10
Diluted	$	0.86		$	0.22		$	2.34		$	1.09
Weighted-average number of shares used in calculation of earnings per share:
Basic		25,165			25,345			25,177			25,233
Diluted		25,249			25,516			25,312			25,380

(i) Stock-based compensation included in total operating expenses	$	946		$	2,118		$	2,720		$	5,375

IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2025			2024
	(in thousands)
Operating activities
Net income	$	63,657		$	30,572
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,702			15,256
Deferred income taxes		18,902			8,830
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets		4,465			3,010
Stock-based compensation		2,720			5,375
Other		1,735			4,065
Change in assets and liabilities:
Trade accounts receivable		(4,649	)		(9,000	)
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets		(8,932	)		6,797
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(19,486	)		(10,467	)
Customer funds deposits		25,327			1,243
Deferred revenue		(3,382	)		(2,903	)
Net cash provided by operating activities		96,059			52,778
Investing activities
Capital expenditures		(15,507	)		(13,621	)
Purchase of convertible preferred stock in equity method investment		(926	)		(1,513	)
Purchases of debt securities and equity investments		(29,083	)		(27,593	)
Proceeds from maturities and sales of debt securities and redemptions of equity investments		35,005			41,527
Net cash used in investing activities		(10,511	)		(1,200	)
Financing activities
Dividends paid		(4,036	)		(1,269	)
Distributions to noncontrolling interests		(100	)		(62	)
Proceeds from borrowings under revolving credit facility		24,551			32,864
Repayment of borrowings under revolving credit facility.		(24,551	)		(32,864	)
Purchase of restricted shares of net2phone common stock		—			(3,558	)
Proceeds from exercise of stock options		—			172
Repurchases of Class B common stock		(17,773	)		(7,207	)
Net cash used in financing activities		(21,909	)		(11,924	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		3,982			(5,632	)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents		67,621			34,022
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		255,456			198,823
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	323,077		$	232,845

Supplemental schedule of non-cash financing activities
Shares of the Company’s Class B common stock issued to executive officers for bonus payments	$	1,824		$	1,495
Value of the Company’s Class B common stock exchanged for National Retail Solutions shares	$	442		$	6,254
Shares of the Company’s Class B common stock issued for business acquisition	$	—		$	100

Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2025 and 2024

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed (a) Adjusted EBITDA for 3Q25, 2Q25, and 3Q24, (b) non-GAAP earnings per diluted share (Non-GAAP EPS) for 3Q25 and 3Q24, and (c) NRS’ and Fintech segment’s ‘Rule of 40’ score for 3Q25. These are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures.

Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allow for greater transparency of the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating expense, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating expense, net in 3Q25, 2Q25, and 3Q24 primarily includes legal fees related to Straight Path Communications Inc.’s stockholders’ class action and equipment write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

The ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS provider’s revenue growth rate plus its EBITDA margin should equal or exceed 40 percent. The ‘Rule of 40’ is typically used to assess a company’s balance between growth and profitability. A total of over 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for management and investors to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

NRS’ ‘Rule of 40’ score is computed by adding (a) the growth rate of NRS’ recurring revenue for the relevant period compared to the corresponding year ago period to (b) NRS’ Adjusted EBITDA margin for the twelve month period through the end of the current period. NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its total GAAP revenue. Adjusted EBITDA is a non-GAAP measure as discussed above. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by GAAP revenue for the relevant period.

Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, (i) income (loss) from operations for IDT’s reportable segments and (ii) net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. Also following is NRS’ ‘Rule of 40’ score computation including the reconciliation of NRS’ Adjusted EBITDA to the most directly comparable GAAP measure, NRS’ income from operations.

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended April 30, 2025 (3Q25)
Net income attributable to IDT Corporation	$	21.7
Adjustments:
Net income attributable to noncontrolling interests		1.3
Net income		23.0
Provision for income taxes		7.8
Income before income taxes		30.8
Interest income, net		(1.6	)
Other income, net		(2.6	)
Income (loss) from operations		26.6		$	17.3	$	1.4	$	6.2	$	4.3	$	(2.6	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.7		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	32.2		$	19.3	$	3.2	$	7.2	$	5.0	$	(2.6	)

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended January 31, 2025 (2Q25)
Net income attributable to IDT Corporation	$	20.3
Adjustments:
Net income attributable to noncontrolling interests		1.9
Net income		22.2
Provision for income taxes		7.7
Income before income taxes		29.9
Interest income, net		(1.4	)
Other income, net		(0.2	)
Income (loss) from operations		28.3		$	18.1	$	1.1	$	9.1	$	3.1	$	(3.1	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.8		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	34.0		$	20.2	$	2.9	$	10.1	$	3.9	$	(3.1	)

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech			Corporate
Three Months Ended April 30, 2024 (3Q24)
Net income attributable to IDT Corporation	$	5.6
Adjustments:
Net income attributable to noncontrolling interests		0.8
Net income		6.3
Provision for income taxes		3.0
Income before income taxes		9.3
Interest income, net		(1.2	)
Other expense, net		3.3
Income (loss) from operations		11.4		$	12.5	$	0.5	$	4.8	$	(0.6	)	$	(5.7	)
Depreciation and amortization		5.1			2.0		1.6		0.8		0.7			–
Severance expense		0.8			0.4		0.1		–		–			0.3
Other operating expense, net		3.2			–		–		–		0.1			3.2
Adjusted EBITDA	$	20.6		$	14.9	$	2.1	$	5.6	$	0.2		$	(2.3	)

IDT Corporation
Reconciliation of Earnings per share to Non-GAAP EPS
(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

	3Q25			3Q24

Net income attributable to IDT Corporation	$	21.7		$	5.6
Adjustments (add) subtract:
Stock-based compensation		(0.9	)		(2.1	)
Severance expense		(0.2	)		(0.8	)
Other operating expense, net		(0.2	)		(3.2	)
Total adjustments		(1.3	)		(6.1	)
Income tax effect of total adjustments		(0.3	)		(2.0	)
		1.0			4.1
Non-GAAP net income	$	22.7		$	9.7

Earnings per share:
Basic	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – basic	$	0.90		$	0.38

Weighted-average number of shares used in calculation of basic earnings per share		25.2			25.3

Diluted	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – diluted	$	0.90		$	0.38

Weighted-average number of shares used in calculation of diluted earnings per share		25.2			25.5

IDT Corporation
NRS’ ‘Rule of 40’ Score
For 3Q25
(unaudited) in millions. Figures may not foot due to rounding to millions.

	4Q24		1Q25		2Q25		3Q25		Trailing Twelve Months (TTM) 3Q25

Reconciliation of NRS’ Income from Operations to Adjusted EBITDA

Income from operations	$	6.0	$	6.6	$	9.1	$	6.2	$	28.0
Depreciation and amortization		0.9		1.0		1.0		1.0		3.9
Other operating expense, net		0.2		–		–		–		0.2
Adjusted EBITDA	$	7.1	$	7.6	$	10.1	$	7.2	$	32.0

	3Q25			3Q24

NRS’ ‘Rule of 40’ Score

NRS recurring revenue	$	29.4		$	24.0
NRS other revenue		1.7			1.8
NRS total revenue	$	31.1		$	25.7

NRS recurring revenue growth rate		23	%

NRS TTM Adjusted EBITDA from above	$	32.0
NRS TTM total revenue		122.7
NRS TTM Adjusted EBITDA margin		26	%

Rule of 40		49	%

Explanation of Key Performance Metrics

net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

Constant currency as it relates to revenue provides a framework for assessing net2phone’s performance that excludes the effect of foreign currency rate fluctuations. To determine net2phone’s subscription revenue growth on a constant currency basis, current period revenues from entities reporting in currencies other than U.S. Dollars (USD) were converted to USD at the average monthly exchange rates in effect during the prior fiscal year’s comparative period instead of the average monthly exchange rates in effect during the current period.

net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue as defined above by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

BOSS Money transactions are a nonfinancial metric that measures customer usage during a reporting period. BOSS Money’s digital send volume is the aggregate amount of principal remitted by BOSS Money’s digital customers – those using the BOSS Money and BOSS Revolutions apps to originate remittances. Digital send volume is a key metric for evaluating the operational performance of the digital channel of the remittance business, and for comparing the performance of BOSS Money’s digital channel to competitors in the remittance business as well as to performance to other temporal periods.

# # #

The MIL Network –

June 6, 2025

MIL-OSI USA: Durbin On Republicans’ Reconciliation Bill: The American People Did Not Vote For This Disaster

US Senate News:

Source: United States Senator for Illinois Dick Durbin

June 05, 2025

In a speech on the Senate floor, Durbin slammed the Republican reconciliation plan that will kick 16 million Americans off their health care coverage, close rural hospitals

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) delivered a speech on the Senate floor exposing the disastrous provisions in the Republicans’ reconciliation plan that will slash health care and eliminate jobs to pay for tax cuts for billionaires. In his remarks, Durbin underscored that this legislation will harm Americans, as the Congressional Budget Office (CBO) released new estimates showing that 16 million Americans will lose their health insurance under this plan.

“What exactly were people voting for in the last presidential election? Well, many things… but the recurring theme seems to be the cost of living for the average family, the ability of mothers and fathers to make ends meet, and to see a realization of their dreams and aspirations. But we were told, over and over again, that families across this country were being overwhelmed by the cost of living, gas, groceries, housing. And so they gave a majority of the votes to President Trump, who promised he would ‘Make America Great Again.’ Since taking office, I don’t believe that the President has come near to keeping his promise,” Durbin began. “Instead he has hired many of his billionaire buddies and cut deals with the ultra-wealthy that will harm the same Americans who voted for him.”

“Hidden in more than 1,000 pages in the bill that passed the House of Representatives is a plan, a laundry list of things, that I don’t believe Americans even considered voting for in the last November election. They’re going to have a devastating impact on families in states, red and blue alike… Billionaires are going to win, and American families are going to lose,” Durbin said.

Durbin spoke about the impact of the $800 billion cuts to Medicaid included in the reconciliation bill, emphasizing that if those cuts are carried out, rural hospitals will be forced to close because they rely on Medicaid funding to operate. Nationwide, half of all rural hospitals already operate with negative margins, and more than 300 rural hospitals are at immediate risk of closure, including 26 in Kansas, 22 in Alabama, and nine in Missouri.

“Do you think the voters in last November’s election for President of the United States would actually vote to close down their local hospital? That’s what’s looming,” Durbin continued. “Three weeks ago, 20 hospital administrators from across the state of Illinois, from Chicago down to the southernmost part of our state, all took a special trip to Washington to warn me that the bill that was pending before the House of Representatives threatened the survival of hospitals across our state. These are hospitals which are not only critical for providing professional medical care, delivering babies, saving people’s lives who were in automobile accidents, but also major parts of the local economy.”

“You come to rural, small town Midwest America and ask the impact of the local hospital, and they’ll tell you, ‘we don’t know that we can keep a business or attract a business if we didn’t have it. We count on it every day to be there when we need it.’ And, secondly, it’s a major employer. In fact, in most towns, the biggest employers in downstate,” Durbin said. “Then they warned me, many of these hospitals are hanging on by a thread. The money that they receive from government insurance programs like Medicaid keeps the doors open and the lights on and the doctors in town. And now we have a proposal from Republicans to cut that Medicaid benefit and coverage for 16 million Americans.”

As if those deep cuts to Medicaid and the Affordable Care Act were not harmful enough, Republicans have included a $500 billion cut to Medicare, despite promises to protect the program in their reconciliation bill.

“Now you dig deeply into this Republican budget bill that has come over from the House of Representatives, and it turns out… they’re also cutting Medicare,” Durbin said. “Republicans couldn’t help themselves, they slashed Medicare benefits and reduced access to hospitals, nursing homes, and medications for seniors in all 50 states.”

“Why would Republicans in Congress take a wrecking ball to these two major parts of our health care system? To provide money for tax breaks for the wealthiest people in America,” Durbin continued.

“It sounds like Republicans in Congress want to be the ones deciding who is worthy of health care in America. But Americans who depend on Medicaid are not strangers. They’re your neighbors. They’re people at your church, at your school, and at your work. It probably is your family too. If you or your loved one gets sick, will congressional Republicans deem you worthy of seeing a doctor?” Durbin said.

Durbin continued on, arguing that the American people did not vote to lose their health care to pad the pockets of billionaires.

“Is that what this election was all about? Did the American people vote for tax cuts for billionaires? I don’t think so,” Durbin said.

“A party like the Republicans who claim they’re the party of the working class. ‘Working class’ billionaires? They refuse to put their money where their mouth is,” Durbin said. “Republicans in Congress may try to say they’re just trying to lower your taxes, but most of the benefit is going to wealthy people who won’t even notice it.”

“Under the Republican plan, taxpayers in the wealthiest 0.1 percent would get a $300,000 tax cut every year… Why? At the expense of health care for 16 million Americans?” Durbin said.

Durbin also emphasized that the Republican plan would jeopardize thousands of jobs created by the Democrats’ Inflation Reduction Act, which invested in clean energy jobs across the country. Since the passage of the legislation, 85 percent of investment in clean energy technologies has landed in Republican districts.

“In just two years since passing the Inflation Reduction Act, businesses have announced 340 new clean technology projects. One estimate says that this will create 150,000 permanent jobs,”Durbin said. “The Republicans ‘big, ugly bill’ puts these jobs at risk, taking a hatchet to tax policy that make these projects possible. The promise of a Republican repeal has already scared the private sector into withdrawing a $14 billion investment and cancelling 10,000 clean energy manufacturing jobs. Why would the so-called party of the working class want to give their own constituents a pink slip?”

Durbin concluded his remarks by urging his Republican colleagues in the Senate to oppose the legislation that will only benefit billionaires at the expense of their constituents.

“My Republican colleagues must know that this plan does not ‘Make America Great Again.’ It makes our debt the greatest in the history of our nation. It harms families in red and blue states,”Durbin said.

“I urge a handful of my Republican colleagues, and that’s all it takes, show some courage, show some common sense. Tell the folks in the House, and tell the White House as well, this approach is not going to work. Taking health insurance away from 16 million Americans, more than has ever happened in the history of this country, is fundamentally unfair, and we all know it,” Durbin said.

“I urge my Republican colleagues to listen to their constituents. Because I know Americans who voted for Trump in November, did not vote for what I just described,” Durbin concluded his speech.

Video of Durbin’s remarks on the Senate floor is available here.

Audio of Durbin’s remarks on the Senate floor is available here.

Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

-30-

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Executive Business Meeting

US Senate News:

Source: United States Senator for Illinois Dick Durbin

June 05, 2025

During his remarks, Durbin condemned the systematic gutting of the Department of Justice under AG Bondi

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, delivered an opening statement during today’s Senate Judiciary Committee executive business meeting. Durbin’s opening statement outlined the Trump Administration’s systematic gutting of Department of Justice (DOJ) and FBI anti-corruption efforts, gutting of independent ethics review at DOJ, Attorney General Bondi’s conflicts of interest, and more.

Key Quotes:

“Under the Trump Administration, the Department of Justice is systematically removing the structure charged with fighting corruption in our government… In one of her first official acts, Attorney General Bondi disbanded the FBI’s Foreign Influence Task Force and restricted enforcement of the Foreign Agents Registration Act, despite the growing threat of foreign influence campaigns by hostile nations. Unfortunately, this was no surprise since the Attorney General herself was formerly a paid foreign agent of the government of Qatar. As a former head of FBI counterintelligence put it, this has created a ‘free for all for foreign intelligence services seeking influence on our government.’”

“In another shocking move, President Trump ordered a halt to the enforcement of the Foreign Corrupt Practices Act. This landmark law prohibits companies from bribing foreign officials… After endless, baseless accusations that the Biden Administration weaponized DOJ, it is the Trump Administration that is making it easier to target its enemies, stifle dissent, and seek retribution.”

“The Trump Administration also removed the senior career ethics official at DOJ who advised on conflicts of interest and other ethical issues—and put these duties in the hands of two inexperienced political appointees who are personally beholden to the Attorney General.”

“In the absence of these internal guardrails, it’s not surprising that we’re witnessing outrageous misconduct. Attorney General Bondi did not recuse herself from President Trump’s solicitation of a free jet from the royal family of Qatar, despite the fact that AG Bondi was a registered foreign agent for [Qatar].”

“Attorney General Bondi also appears to be reaping the financial rewards of her loyalty to the President. She has been deeply financially entangled with President Trump for years. Most notably, she earned at least $3 million on the merger that formed Trump Media and has held millions of dollars in Trump Media stock. She sold that stock under suspicious circumstances on a historic day—April 2, 2025. This was the same day President Trump announced his hairbrained tariff scheme that crashed the stock market and destroyed $10 trillion in wealth in three days… The share price of Trump Media plummeted 15 percent, yet Bondi appears to have avoided substantial financial loss.”

“The Justice Department is involved in other activities that bear notice today. During his controversial and disgraceful tenure as Interim U.S. Attorney for the District of Columbia, Ed Martin fired numerous career prosecutors simply because they were assigned to work on January 6 cases. Mr. Martin was rewarded with a plum position at the Justice Department as the very first political appointee to serve as pardon attorney. During his short time in this role, Martin has overseen pardons of numerous Trump donors and supporters.”

“In light of these concerns, we have a responsibility to call Attorney General Bondi under oath soon. So, I ask again, I hope we have that oversight hearing in the soon in the future.”

Durbin also spoke in support of David Waterman, nominated to be the U.S. Attorney for the Southern District of Iowa. President Biden nominated Mr. Waterman last February and the Senate Judiciary Committee reported his nomination last April. Mr. Waterman became a victim of then-Senator Vance’s effort to block all U.S. Attorney nominees during under the Biden Administration.

Video of Durbin’s opening statement is available here.

Audio of Durbin’s opening statement is available here.

Footage of Durbin’s opening statement is available here for TV Stations.

-30-

MIL OSI USA News –

June 6, 2025
MIL-OSI United Kingdom: Data confirms Protocol damage to GB to NI Trade

Source: Traditional Unionist Voice – Northern Ireland

Commenting on the latest data from the Office for National Statistics TUV leader Jim Allister KC MP said:

“The statistics published by the Office for National Statistics today are damning. They confirm that the Protocol, rebranded as the Windsor Framework, is driving down trade from Great Britain into Northern Ireland.

“The figures speak for themselves. In 2020, before the imposition of the Protocol, 20.1% of GB manufacturing firms sold to Northern Ireland. Now that figure has collapsed to just 12.9%. In the retail and wholesale sector, the drop is just as stark—from 17.5% down to 12.4%. And across all business sizes and sectors, the share of GB firms trading with NI has fallen by around a third.

“Behind those numbers are real consequences: fewer choices for consumers in Northern Ireland, higher costs for local businesses, and Northern Ireland’s economy being nudged ever closer to the orbit of the Republic of Ireland. That is not accidental — it is the direct consequence of the framework.

“The figures also reveal something else: businesses are not just ceasing trade with Northern Ireland; even those who continue are scaling back. For example, in the retail sector, 14.2% of GB firms report declining sales to Northern Ireland, with only a tiny 1.5% seeing an increase. And 11.4% have stopped trading with Northern Ireland altogether.

“Small and medium-sized enterprises — the backbone of the UK economy — are being disproportionately hit. The extra bureaucracy, costs, and delays caused by the Irish Sea border are discouraging trade.

“When asked directly, GB and NI firms identified the Protocol/Windsor Framework as a major challenge to intra-UK trade. In manufacturing, 24.1% of businesses reported it as a problem. Across all sectors, almost one in every nine businesses pointed to the Framework as a barrier to doing business within their own country.

“So much for the promise of unfettered access.

“This new data from the UK’s own official statistics body corroborates previous findings from NISRA, which showed that while NI imports from GB rose 24% between 2020 and 2023, imports from the Republic of Ireland soared by 51%. That speaks to nothing less than a fundamental reorientation of Northern Ireland’s trade, away from our most important market and towards Dublin.“

MIL OSI United Kingdom –

June 6, 2025
MIL-OSI USA: REPS. CLARKE AND VAN DUYNE LAUNCH BIPARTISAN CREATORS CAUCUS TO BRING FRESH PERSPECTIVES TO POLICY PROCESS

Source: United States House of Representatives – Congresswoman Yvette D Clarke (9th District of New York)

FOR IMMEDIATE RELEASE:

June 5, 2025

MEDIA CONTACT:

e: jessica.myers@mail.house.gov

c: 202.913.0126

WASHINGTON, DC – Today, Representatives Yvette D. Clarke (D-NY) and Beth Van Duyne (R-TX) held a press conference to launch the first-of-its-kind bipartisan Congressional Creators Caucus. The purpose of this new caucus is to bring the perspectives of online content creators into the public policy arena to educate Members of Congress on the unique challenges they face as the new start-ups of the modern economy. The Members were joined by numerous creators, including Matthew (MatPat) and Stephanie Patrick, founders of Edutainment Brand Theorist Media.

The rapid advancements in technology and the rise of social media platforms in the 21st century have brought about the emergence of not only creators but a thriving new sector: the Creator Economy, the vibrant ecosystem of online content creators operating on digital platforms, and the diverse businesses that have emerged to support them. As these digital entrepreneurs build businesses and their impact continues to grow, ensuring their voices are heard in the legislative process is imperative.

“As digital content creators’ online presence continues to reach billions globally, Congress must work to ensure resources and protections are in place to support their success in this new era of start-ups,” said Rep. Clarke. “Congress has a responsibility to meet this moment. That’s why I am proud to establish this caucus as a first-of-its-kind bipartisan forum for content creators and Congress to work together to address the challenges they face as nontraditional small businesses owners. Creators’ voices deserve to be heard throughout the policy making process, and the Creators Caucus is the key to ensuring they are.”

“The Congressional Creators Caucus seeks to empower more Americans to follow their dreams, build their own small businesses, and share their unique perspectives with the world,” said Rep. Van Duyne. “The Creators Caucus hopes to bring better understanding to how these developing small businesses are operating, what struggles they face, and how Congress can work with them to foster growth, opportunity, safety, and security for our digital creators and their viewers alike.”

“The creator economy is a powerful economic engine in the United States, making significant contributions to GDP and job growth. Creators are building business, growing audiences, and sharing their voices online. We are thankful to Representatives Clarke and Van Duyne for launching the Congressional Creators Caucus and look forward to continuing the work to support the growing creator ecosystem,” Alexandra Veitch, Senior Director, YouTube Government Affairs & Public Policy.

Watch the full press conference HERE.

View photos from the press conference HERE.

###

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Congressman Valadao Joins Bipartisan Coalition to Introduce Legislation Supporting Central Valley Families
Source: United States House of Representatives – Congressman David G Valadao (CA-21)

WASHINGTON – Today, Congressman David Valadao (CA-22) joined Reps. Jared Golden (ME-02), Young Kim (CA-40), and Jennifer McClellan (VA-04) to introduce the Supporting Healthy Moms and Babies Act. This bipartisan bill would help mitigate the cost burden on families with private insurance plans throughout pregnancy by designating prenatal, birth, and postpartum care as essential health benefits (EHBs) and eliminating cost-sharing from these services. The Senate companion bill was introduced by Sens. Cindy Hyde-Smith (R-MS), Tim Kaine (D-VA), Josh Hawley (R-AR), and Kirsten Gillibrand (D-NY).

“The cost of maternal care is already expensive, and too often, families with private insurance are hit with surprise medical bills they didn’t see coming,” said Congressman Valadao. “Building a family already comes with so much uncertainty, but designating maternal care as an essential health benefit and eliminating cost-sharing will give parents some peace of mind during one of life’s most important moments. I’m proud to join my colleagues in supporting this practical, bipartisan solution that puts families first.”

“Pregnancy and childbirth are a normal part of family life, so insurance companies should treat it like the routine care it is and cover the cost,” said Rep. Golden. “It shouldn’t cost thousands of dollars to give birth at the hospital, and other necessary maternity services shouldn’t be a luxury. This is simple, commonsense reform and will make it easier for Mainers to start and grow families on their own terms without a huge hospital bill.”

“Americans shouldn’t have to choose between starting a family and being strapped in debt. Unfortunately, rising living costs on top of excessive hospital and health care fees after giving birth deter individuals from becoming parents,” said Rep. Kim. “We should do what we can to make life more affordable, which is why I’m proud to help lead the charge to cut childbirth cost-sharing fees and ensure women, babies and families receive the care they deserve without astronomical costs.”

“When my daughter was born by emergency C-section nine weeks early, I wanted to focus all my attention on my recovery and her well-being for the six weeks she was in the NICU, not our medical bills,” said Rep. McClellan. “The Supporting Healthy Moms and Babies Act will provide more pregnant and postpartum patients the peace of mind that they can access care without worrying about how to pay for it.”

Supporting organizations include: American Principles Project, Concerned Women for America, Jesuit Conference Office of Justice and Ecology, Americans United for Life, Susan B. Anthony Pro-Life America, Students for Life, LiveAction, Life Defenders, March for Life, the Catholic Health Association of the United States, American College of Obstetrics and Gynecologists, American Medical Association, American Hospital Association, American Society for Reproductive Medicine, Association of Women’s Health, Obstetric and Neonatal Nurses, Association of Maternal & Child Health Programs, March of Dimes, and National Partnership for Women & Families.

The Supporting Healthy Moms and Babies Act would:
- Designate prenatal, birth, and postpartum care as essential health benefits (EHBs) under private insurance plans.
- Eliminate cost-sharing for all in-network childcare services, and out-of-network care when no in-network provider is available.
- Mandate full coverage for ultrasounds, miscarriage care, delivery services, and postpartum care for up to a year after birth.
- Provide mental health coverage for spouses and adoptive parents.
Background:

While Medicaid covers the full cost of childbirth for those enrolled, families with private insurance plans routinely face thousands in unexpected expenses—often as much as $3,000 to $10,000—due to high deductibles, coverage gaps, and confusing hospital pricing. By designating prenatal, delivery, and postpartum care as essential health benefits and eliminating cost-sharing for in-network services, this bill offers families greater financial predictability and reduces the medical debt that disproportionately impacts new parents.

Read the full resolution here.

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MIL OSI USA News –
June 6, 2025
MIL-OSI New Zealand: Milestone in protection of Franz Josef from floods

Source: New Zealand Government

A major step in protecting Franz Josef township on the West Coast has been officially completed.
Stage 1 of the Franz Josef Flood Protection Scheme, a major regional infrastructure project supported by a $9.2 million government grant will boost the resilience and safety of Franz Josef, Regional Development Minister Shane Jones says.
“The vulnerability of Franz Josef to flooding is well known. The completion of stage 1 works – installing stopbanks on the north side of the Waiho River, is the first step toward protecting the community and local economy against flooding events,” Mr Jones says.
Stage 1 was funded through a 2021 COVID-19 Response and Recovery Fund – Infrastructure Reference Group (IRG) grant.
Mr Jones was at Franz Josef today to formally mark the end of stage 1 works.
“Last year, I announced a $6m grant from the Regional Infrastructure Fund to co-fund stage 2 of the flood protection scheme, including construction of new stopbanks and strengthening of existing stopbanks along the southern side of Waiho River.
“This investment will further strengthen Franz Josef’s ability to withstand extreme weather events and provide the community more time for effective long-term planning,” Mr Jones says.
Editors’ note
The Regional Infrastructure Fund (RIF) is a $1.2 billion capital fund with the primary purpose of accelerating infrastructure projects, particularly with a focus on water storage, energy, Māori economic development, growth, and resilience, to make a difference in our regions.
In August 2024, the Government committed $200 million of the RIF to flood resilience and announced $101.1 million of investment into 42 flood resilience projects across New Zealand, which included Stage 2 of the Franz Josef Flood Protection Scheme.
More information about the RIF can be found on the Grow Regions website

MIL OSI New Zealand News –

June 6, 2025
MIL-OSI USA: Sorensen Stands Up for Illinois Families as Republicans Push to Slash SNAP in House Agriculture Committee

Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

Congressman Eric Sorensen (IL-17) is preparing to defend access to food for working families, children, seniors, and veterans as the House Agriculture Committee meets to consider a Republican proposal to cut over $300 billion from critical programs. These cuts are expected to fall almost entirely on the Supplemental Nutrition Assistance Program (SNAP), which helps more than 42 million Americans—including over 16 million children—afford groceries.

“I won’t stand by while House Republicans try to balance the budget by taking food away from the people I represent,” said Congressman Eric Sorensen. “Cutting SNAP by $290 billion isn’t about fiscal responsibility—it’s a reckless attack on our neighbors who are struggling to keep up with rising food prices.”

In Illinois’ 17th District, 64,000 families rely on SNAP to help make ends meet. Local grocers, farmers markets, and food producers also depend on SNAP purchases to stay afloat contributing to the local economy while feeding their communities. In 2023, SNAP supported over $3.9 billion in purchases from small grocers and nearly $70 million in purchases from farmers and farmers markets across the country.

Congressman Sorensen will speak out against these proposed cuts during today’s Agriculture Committee meeting, urging his colleagues to protect SNAP and defend the health and well-being of everyday Americans.

You can view and download a video of Congressman Sorensen’s message to Illinois families during the Agriculture Committee hearing here.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: ICYMI: Hickenlooper Slams Trump Administration Policies Threatening Colorado Small Businesses, Public Lands, Rural Health Care

US Senate News:

Source: United States Senator for Colorado John Hickenlooper

WASHINGTON – In case you missed it, U.S. Senator John Hickenlooper made stops in Denver, Estes Park, and Evans last week to call out Trump administration attacks on Colorado’s public lands, small businesses, and rural health care.

On Tuesday, Hickenlooper held a press conference with Colorado business owners at Four Noses Brewing Company to highlight how the Trump administration’s erratic tariff policies are harming local businesses.

“Tariffs cramp businesses and provide a level of uncertainty that is almost untenable and ends up meaning that people can’t make the investments in their business to grow,” said Hickenlooper. “…I think we are perilously close to sliding into a recession or maybe even worse, stagflation.”

Then on Wednesday, Hickenlooper joined Congressman Joe Neguse, public lands advocates, and local elected officials to call out the Trump administration’s threats to Colorado’s national parks and public lands – including Rocky Mountain National Park.

Watch the recap HickTok HERE

“Our lands are under siege… But we fight, we’re beaten, we rise and fight again,” Hickenlooper said at the press conference.

He highlighted the damage caused by the DOGE layoffs at the Department of the Interior and U.S. Forest Service, and warned that proposed budget cuts could hamstring wildland firefighting efforts. He also criticized the Trump administration proposals to sell our public lands and emphasized the importance of continued collective action to fight back.

Afterwards, Hickenlooper visited Sunrise Community Health at the Monfort Family Clinic in Evans to highlight the dangerous cuts to Medicaid proposed in the House-passed Republican budget. Cuts of more than $700 billion from Medicaid and Affordable Care Act coverage would strip health care from 16 million Americans.

Check out the event coverage below.

WATCH: CBS Denver: Hickenlooper Tours 4 Noses Brewing Company to Highlight Tariffs

WATCH: ABC Denver 7: Senator Hickenlooper Highlights Tariffs at 4 Noses Brewery

WATCH: Fox 31 Denver: Hickenlooper Talks About Tariffs with Area Business Owners

Colorado Public Radio: Hickenlooper Highlights Trump’s Erratic Trade War

Colorado Newsline: Colorado businesses struggle amid uncertainty of fluctuating Trump tariffs (Company leaders tell Sen. Hickenlooper they seek stability)

Colorado small businesses from various sectors have made changes to their operations and even lost customers as a result of uncertainty around Trump administration tariffs.

…Hickenlooper said people well versed in economics tell him that “tariffs have never worked” except in specific situations. He said all tariffs do is create “a level of uncertainty that is almost untenable” and prevents businesses from growing and maintaining supply chain relationships.

“All these tariffs, in one way or another, they’re not bringing manufacturing back to this country,” Hickenlooper said. “What they’re doing is putting an unbearable burden on small businesses like we see here.”

Colorado Times Recorder: Hickenlooper Meets With Small Business Owners Who Face Tariff Uncertainty

Sen. John Hickenlooper (D-CO) met with small business owners from across Colorado today, all of whom emphasized that the uncertainty of federal tariff policy has caused market chaos.

…“The fact that we have tariffs at a time when most of the people I know who really understand economics believe that tariffs have never worked except in very surgical situations in the past,” Hickenlooper said. “Tariffs [as they are being implemented] provide a level of uncertainty that is almost untenable and ends up with people being unable to make the investments they need to make for their business to grow. We’ve seen that over the past couple of months. We are perilously close to sliding into a recession or… even stagflation.”

Colorado Public Radio: Hickenlooper highlights the tariff pain inflicted on Colorado companies

President Donald Trump’s erratic tariff policy is whipsawing Colorado’s entrepreneurs.

“Predictability matters,” Sen. John Hickenlooper said Tuesday during a press conference with business owners at 4 Noses Brewing Company in Denver. “Being able to count on your relationships with your supply chain, your wholesalers, your retailers, to build a business. Those are the essential characteristics and we’re losing that literally in the blink of an eye.”

No corner of the state’s business ecosystem is untouched by President Trump’s on-again-off-again approach to levying tariffs. Hickenlooper was joined by representatives from a diverse set of Colorado companies, including a pet food manufacturer, a craft brewery, an environmental equipment manufacturer and a machine part manufacturer.

Axios Denver: Colorado breweries fret about tariffs amid trade war

…Driving the news: U.S. Sen. John Hickenlooper, a former Wynkoop Brewing owner, is raising awareness about the tariffs’ potential to hike the price of ingredients, equipment and packaging.

“Tariffs cramp businesses and provide a level of uncertainty that is almost untenable,” Hickenlooper said during a visit earlier this week to Denver’s 4 Noses Brewing, where he sipped a beer fresh from the canning line and listened to local business owners talk about how the tariffs are hurting their businesses.

WATCH: MSNBC: Long lines, dirty bathrooms, overflowing trash – Trump cuts leave national parks in crisis

WATCH: Denver 7: Hickenlooper hosts press conference in Estes Park

Estes Park Trail Gazette: Sen. John Hickenlooper from Lake Estes: ‘Our lands are under siege’

…With the Rocky Mountains serving as his backdrop, Hickenlooper encouraged backers to take to social media and create a groundswell of support for his bill aimed at establishing a deficit-neutral reserve fund relating to preventing the use of proceeds from public land sales, and to reduce the federal deficit, according to the bill.

“What we need to do is use social media like we’ve never used it before. We need to make sure our networks of people, tell their networks of people, what this really means, what this could do when you cripple an outdoor recreation economy that is actually paying for the maintenance, the preservation, and the access to these incredible public lands,” Hickenlooper said.

“Our lands are under siege, between what DOGE has done, the firings, if you add the people at the Forest Service, the National Parks, basically the Department of the Interior, all the different components that it takes to run our parks. That’s 6,000 people that have either been fired or pushed out of their jobs,” Hickenlooper said.

“We’re being attacked in every direction, especially in climate change. But we fight, we’re beaten, we rise and fight again.”

Colorado Newsline: Public lands advocates fear for Colorado’s national parks under Trump budget proposals

After the 2013 Colorado floods devastated communities surrounding Rocky Mountain National Park, locals worked tirelessly to get their businesses back up and running in time for the peak fall season.

The federal government shut down for about two weeks shortly after the flood, but U.S. Sen. John Hickenlooper, a Democrat who was governor at the time, said Colorado agreed to pay the salaries for every employee in Rocky Mountain National Park so the park could still be open to visitors.

“That’s the way the state government, the federal government used to work together around public lands, and I think it’s worth revisiting that it was a team effort, that everyone was on the same page,” Hickenlooper said. “The businesses desperately needed that retail period to be open to maximize the largest influx of visitors’ to Estes Park, and we got it.”

That spirit of cooperation is a far cry from the threatened cuts to National Park Service staff and funding under President Donald Trump’s administration, Hickenlooper and other public lands advocates said in Estes Park Wednesday. Hickenlooper and U.S. House Assistant Minority Leader Joe Neguse, a Lafayette Democrat, called on Congress and Trump to reverse the cuts and maintain protections for the country’s public lands.

…Hickenlooper said over 6,000 people who work to take care of national parks and national forests across different agencies have either been fired or left their jobs.

“We’re going to see more risk this summer and this spring from wildfires, from extreme weather,” Hickenlooper said. “We’re going to see more risks than we’ve seen before in all … aspects of the droughts we’ve had and the water we have to use, at a time when we’re dramatically diminishing the number of firefighters we’re going to have available to fight fires in the West.”

Outside Magazine: John Hickenlooper: The Fight Over America’s Public Lands Has Become “All Out War”

On Wednesday, May 28, Colorado Senator John Hickenlooper stood alongside state congressman John Neguse near the entrance to Rocky Mountain National Park. The two lawmakers spoke about the ongoing fight to protect public lands and the federal agencies that oversee them.

Greeley Tribune: Sen. Hickenlooper visits Sunrise Community Health to discuss Medicaid cuts

If lawmakers in the U.S. Senate vote to pass new Medicaid requirements recently approved by the House, Sunrise Community Health CEO Mitzi Moran estimates about a quarter of patients in the nonprofit health care system could lose coverage.

“Seven thousand to 14,000 of our patients could fall off Medicaid as a result of these changes,” Moran told U.S. Sen. John Hickenlooper on Wednesday. “That’s disastrous for them. While they could still come to us because we offer a sliding fee scale, what happens if they have a hospital visit or if they need to see a specialist?”

Hickenlooper visited the Monfort Family Clinic in Evans on Wednesday to discuss the potential cuts with staff and local members of the health care community.

…Though patients would still be able to utilize that sliding pay scale even without Medicaid, Hickenlooper and Moran expressed concerns about how these cuts would still jeopardize the clinic. If Sunrise receives less pay for the care it provides, Moran said it would need to become a very different organization to remain operational.

…Current estimates from the Congressional Budget Office indicate the changes to Medicaid would result in 8.6 million Americans losing coverage, including more than 1 million in Colorado.

“I can’t believe our House members pushed this budget,” Hickenlooper said.“There are four Republican House members from Colorado, and I know they’ve received calls about Medicaid. If all four of our guys voted together, they could’ve stopped it.”

Hickenlooper believes his tour of the Monfort clinic and discussions about the bill’s impacts will help in his fight to stop the bill from being passed in the Senate. However, he is unsure whether it will be sufficient to convince enough senators to push back.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Attorney General Bonta Issues Builder’s Remedy Legal Alert: Local Governments Must Comply with California Housing Law
Source: US State of California

Alert emphasizes the importance of lawful and consistent processing of Builder’s Remedy applications across California

OAKLAND — California Attorney General Rob Bonta today issued a legal alert to help California local officials understand the importance of the consistent statewide interpretation and application of California’s Housing Accountability Act (HAA) — including local governments’ responsibility to timely process Builder’s Remedy applications. In the alert, Attorney General Bonta analyzes two recent court cases involving the cities of La Cañada Flintridge and Goleta to explain these responsibilities and highlight that local governments’ faithful and expedient discharge of their duties is essential to resolving California’s housing shortage crisis and making housing more affordable for all Californians.

“California courts have been very clear about the interpretation of California housing law and the responsibility of local governments to follow the law and swiftly process Builder’s Remedy applications,” said Attorney General Bonta. “The legal alert today is intended to ensure local governments understand their responsibility to facilitate affordable housing: California expects nothing less and is committed to ensuring that all cities and counties are part of the solution — no exceptions.”

Background on Housing Element and the Builders Remedy

Under the state’s Housing Element Law, every city and county in California must periodically update its housing element to meet its share of the regional and statewide housing needs. Among other things, a compliant housing element must include an assessment of housing needs, an inventory of resources and constraints relevant to meeting those needs, and a program to implement the policies, goals, and objectives of the housing element.

Under California’s HAA, failure to adopt a timely and compliant local housing plan triggers the so-called “Builder’s Remedy.” Under the HAA’s Builder’s Remedy provision, local governments subject to the Builder’s Remedy may not deny certain housing projects — in particular, those that include certain thresholds of low- or moderate-income units — for inconsistency with zoning or land use designation. While developers have submitted dozens of Builder’s Remedy applications in the past years, many noncompliant jurisdictions have been failing to process those applications in a timely fashion, leaving the state of California no choice but to step in.

In the legal alert today, Attorney General Bonta highlights the results of two cases that make clear local governments’ responsibility and legal duty to process builders remedy applications.

Cal. Housing Defense Fund v. City of La Cañada Flintridge

In 2023, Attorney General Bonta, Governor Newsom, and the California Department of Housing and Community Development (HCD) filed a request to intervene in Cal. Housing Defense Fund v. City of La Cañada Flintridge, in order to uphold California’s housing laws, and reverse the City of La Cañada Flintridge’s denial of a mixed-use affordable housing project after it failed to comply with Housing Element Law between October 15, 2021 and November 17, 2023 — also the time period in which the project’s application was considered. The affordable housing project, pursuant to the Builder’s Remedy, would bring approximately 80 mixed-income residential dwelling units, 14 hotel units, and 7,791 square feet of office space to the community.

In 2024, the court held that La Cañada Flintridge did not have a housing element in substantial compliance with state law at the time a Builder’s Remedy application was submitted and ordered the City to process the application in accordance with the law. La Cañada Flintridge appealed this decision and was subsequently ordered to either post an appeal bond of $14 million or dismiss its appeal. La Cañada Flintridge dismissed its appeal.

The key takeaways in this case include:
- A Builder’s Remedy application vests at the time of submission of a SB 330 preliminary development application — a city cannot ‘backdate’ its housing element compliance date to an earlier date so as to avoid approving a Builder’s Remedy application.
- The refusal to process a timely Builder’s Remedy application is a violation of the HAA.
Shelby Family Partnership, L.P. v. City of Goleta

In 2024, Attorney General Bonta filed an amicus brief in support of a proposed affordable housing project in Goleta — a city located in Santa Barbara County that is experiencing an acute housing shortage. A housing development project by the Shelby Family Partnership would have created 56 single-family homes, 13 of which would be affordable to lower-income households. In 2023, Goleta unlawfully refused to process an SB 330 preliminary application, seeking to add the aforementioned affordable homes, based on its theory that SB 330 applies only to “new” projects.

On February 26, 2025, the superior court issued an order requiring Goleta to process the at-issue affordable housing project pursuant to state law, finding that:
- SB 330 is not limited only to “new” development projects and does not prevent applicants from amending an existing project — including submitting an application under the Builder’s Remedy; and
- Local governments cannot disapprove qualifying housing development projects, except in narrowly defined circumstances pursuant to the HAA.
The legal alert goes on to explain consequences for the failure to properly implement in the Builder’s Remedy, such as a referral to and intervention by the Attorney General and penalties under the HAA — including a minimum fine of $10,000 per unit of the proposed project. If a local government appeals a court order finding that the local government violated the HAA, the local government must post an appeal bond or dismiss its appeal. The appeal bond guarantees that a project remains financially viable if the city or county loses the appeal. In 2024, La Cañada Flintridge appealed the decision ordering it to process a lawful builder’s remedy application, and was ordered to either post an appeal bond of $14 million or dismiss its appeal. La Cañada Flintridge dismissed its appeal. These consequences emphasize the importance of the HAA and California’s intent to further promote housing development projects.

The full legal alert can be found here.

MIL OSI USA News –
June 6, 2025
MIL-OSI: ERAG Energie & Rohstoff AG PCC Announces Convertible Loan Agreement 2023 with Belmont Resources Inc. and Early Warning Report

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) — ERAG Energie & Rohstoff AG PCC (the “Acquiror”) announces that on October 19, 2023 it entered into a Convertible Loan Agreement with Belmont Resources Inc. (TSX-V: BEA) (the “Issuer”) in the principal amount of CAD $210,000. The Loan bore no interest and was payable on or before April 1, 2024. If the Issuer failed to repay the Loan in full on or before April 1, 2024, interest on arrears of 12% per annum was payable by the issuer beginning on April 2, 2024. The Acquiror had the option to have the Loan repaid through the issuance of 7,000,000 Common Shares at a deemed value of $0.03 per share.

Immediately prior to entering into the Convertible Loan Agreement, the Acquiror owned and controlled 7,000,000 Common Shares of the Issuer, representing approximately 8.89% of the issued and outstanding Common Shares of the Issuer. The Acquiror continued to hold that number and percentage of Common Shares (on a non-diluted basis) immediately after entering into the Convertible Loan Agreement.

As a result of entering into the Convertible Loan Agreement, on a partially diluted basis (i.e., assuming full conversion of the Loan immediately after entering into the Convertible Loan Agreement), the Acquiror held a total of 14,000,000 Common Shares immediately after entering into the Convertible Loan Agreement, representing approximately 16.3% of the Issuer’s issued and outstanding Common Shares.

The Acquiror subsequently exercised its conversion right and on January 18, 2024 the Acquiror was issued 7,000,000 Common Shares of the Issuer. As a result of the conversion of the Loan and immediately following conversion, the Acquiror held a total of 14,000,000 Common Shares, representing approximately 15.11% of the Issuer’s issued and outstanding Common Shares.

The Convertible Loan Agreement was entered into for business and investment purposes. The Acquiror may, depending on market and other conditions, increase or decrease its beneficial ownership of or control or direction over the Issuer’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The Acquiror has filed an Early Warning Report pursuant to National Instrument 62-103F1 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction with the applicable securities regulatory authorities. To obtain a copy of the early warning report filed by the Acquiror, please contact the Acquiror c/o Gritt Bürger at +41 79 214 1614 or refer to the Company’s SEDAR+ profile at www.sedarplus.ca.

ERAG Energie & Rohstoff AG PCC
Gritt Bürger, Director
finance@erag.biz

The MIL Network –

June 6, 2025

Category: Economy

Congressman Sorensen to Army Secretary Dan Driscoll: “We Can’t Afford for Expertise to be Lost [at the Rock Island Arsenal], […] Where We Have Always Bolstered Our Munition Production”

We applaud Syria’s determination to ensure Assad’s chemical weapons programme is destroyed: UK statement at the UN Security Council

Updates to this page

In a speech on the Senate floor, Durbin slammed the Republican reconciliation plan that will kick 16 million Americans off their health care coverage, close rural hospitals

During his remarks, Durbin condemned the systematic gutting of the Department of Justice under AG Bondi