Category: Economy

MIL-OSI: ERAG Energie & Rohstoff AG PCC Announces Convertible Loan Agreement 2024 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 February 8, 2024, HMS Bergbau AG (“HMS”), a joint actor of the Acquiror, entered into a Convertible Loan Agreement with Belmont Resources Inc. (TSX-V: BEA) (the “Issuer”) in the principal amount of CAD $368,000. The Loan bore no interest and was payable on or before July 1, 2024. If the Issuer failed to repay the Loan in full on or before July 1, 2024, interest on arrears of 12% per annum was payable by the issuer beginning on July 2, 2024. HMS had the option to have the Loan repaid through the issuance of 9,200,000 common shares at a deemed value of $0.04 per share.

Immediately prior to the entering into of the Convertible Loan Agreement, the Acquiror owned and controlled 14,000,000 Common Shares of the Issuer, representing approximately 15.11% of the issued and outstanding Common Shares of the Issuer.

As a result of HMS 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 and HMS together held a total of 23,200,000 Common Shares, representing approximately 22.8% of the Issuer’s issued and outstanding Common Shares.

Subsequently HMS exercised its conversion right and on March 6, 2024 HMS was issued 9,200,000 Common Shares of the Issuer. As a result of the conversion of the Loan and immediately following conversion, the Acquiror and HMS together held a total of 23,200,000 Common Shares, representing approximately 22.8% of the Issuer’s issued and outstanding Common Shares.

The Convertible Loan Agreement was entered into for business and investment purposes. The Acquiror and HMS may, depending on market and other conditions, increase or decrease their 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
MIL-OSI USA: Senator Markey Condemns Republicans’ Egregious Attack on Clean Air and Public Health

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Washington (June 5, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works (EPW) Committee and co-chair of the Senate Climate Change Task Force, today released the following statement after Senate Republicans released the Environment and Public Works portion of their reconciliation bill text.
“Time is revealing Senate Republicans’ willingness to abandon communities nationwide and put Oil Above All —above the law, above the economy, and above the health and wallets of working families. Their proposed cuts would eliminate the safeguards and funding needed to reduce harmful air pollution and environmental health risks. Their cuts would also destroy the $20 billion climate bank I secured in the Inflation Reduction Act, which was already at work creating jobs, lowering Americans’ energy costs, strengthening our energy independence, and combating the climate crisis.
“Republicans have no interest in bringing down costs or helping everyday Americans. Instead, they are picking winners and losers to deliver a big bonus to Big Oil and Gas. Republicans want to cut funding for clean energy, community resilience, and pollution reduction, all while giving polluters a golden ticket to skirt any meaningful reviews to get their projects permitted – rubberstamping dangerous polluting infrastructure.
“These Republican cuts will ensure frontline and fenceline communities continue to bear the burden of disproportionate levels of pollution. Ripping away the tools needed to curb methane and reduce carbon and hazardous pollutants will only make Americans sicker while the rich get richer. We must say no to these dangerous cuts and stop this big billionaire sell-out once and for all.”
Senator Markey secured numerous provisions in the historic Inflation Reduction Act, including the creation of a $27 billion national climate financing network based on his National Climate Bank Act with Senator Chris Van Hollen (D-Md.) and Congresswoman Debbie Dingell (MI-06). He also secured historic environmental justice funding for air quality monitoring, environmental inequity mapping, and addressing extreme heat.
Senator Markey has been a champion of vehicle emission standards that would be rolled back by the Senate reconciliation text, which would increase pollution and force drivers to pay more at the pump. He has also long championed a robust National Environmental Policy Act, which the Senate Republican bill undermines with an opt-in fee for project sponsors to pay to expedite their project’s environmental review and avoid judicial review – rubberstamping potentially harmful infrastructure.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Sen. Markey Hosts Listening Session on the Impacts of Republican Attacks on Digital Equity

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Senate Republicans recently voted to repeal an FCC rule increasing access to Wi-Fi hotspots for students and educators at home
Washington (June 5, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, hosted a virtual listening session Wednesday to hear from digital equity advocates about the impacts of the Trump administration’s efforts to cut funding for digital equity programs in Massachusetts and across the country. From the administration’s termination of Digital Equity Act funding, to Republican efforts to block E-Rate funding for Wi-Fi hotspots for students and educators at home, these actions have had dire consequences for efforts to close the digital divide. More than 200 digital equity champions from across Massachusetts joined the Senator’s listening session to share their stories.
“Trump’s decision to cancel funding for Digital Equity Act grants is reckless, short-sighted, and illegal,” said Senator Markey. “These grants were promises — real, actionable investments in real communities to bridge the very real gaps in internet access, digital skills, and opportunity. I appreciated listening to and learning from the many digital equity advocates in Massachusetts about the impact these cuts will have on their organizations and the populations they serve. I will carry their stories with me in our fight for a just digital future.”
“Everyone deserves access to the internet. It’s essential for being able to participate in our economy and utilize the resources and services that so many of us rely on,” said Massachusetts Governor Maura Healey. “It’s terrible that the Trump Administration is blocking our efforts to bring internet access to veterans, rural communities and individuals with disabilities across the state. They need to restore this funding.”
“Massachusetts is committed to empowering our most vulnerable citizens with digital skills training, devices and other resources to thrive in our digital society,” said Michael Baldino, Director of the Massachusetts Broadband Institute. “As we work to achieving universal access to reliable broadband service, we are disappointed that the federal government has stripped critical funds that are necessary for us to implement our statewide digital equity plan.”
“Through Ameelio’s work, correctional staff see how connection to the outside world betters everyone behind bars – the incarcerated people and their fellow officers alike,” said April Feng, CEO of Ameelio. “When people are connected to those who they love and those who love them, to the best parts of their lives, they have hope. And that hope will sustain them to serve their time meaningfully, go to school, find a job, build a home, and enable a future. Investing in digital equity behind the walls is not just a matter of improving conditions for incarcerated individuals — it is a public safety and economic imperative.”
Senator Markey is the House author of the E-Rate program, which has invested nearly $62 billion to connect schools and libraries to the internet across the country. Massachusetts schools and libraries have received more than $895 million from the E-Rate program and another $97 million from the Emergency Connectivity Fund, a $7 billion program that Senator Markey created within the American Rescue Plan to provide devices and connectivity for students and educators at home.

MIL OSI USA News –

June 6, 2025

MIL-OSI: Lendmark Financial Services Unveils its Strategic Growth Plan for Florida

Source: GlobeNewswire (MIL-OSI)

LAWRENCEVILLE, Ga., June 05, 2025 (GLOBE NEWSWIRE) — Lendmark Financial Services (Lendmark), a leading provider of personalized loan solutions, today announced plans to expand its retail branch footprint across North and Central Florida. Beginning with the debut of its Ocala branch last week, the company plans to add more than 10 branch locations in or around Gainesville, Jacksonville, Orlando, Tallahassee, and Tampa. In tandem, the lender will also expand its other financing solutions, providing loans for customers of small, independent automobile dealerships and retail businesses.

Celebrating 29 years in business this August, Lendmark has opened more than 200 branches in the past five years alone, resulting from strategically intentional growth coast-to-coast. The company continues to expand into new regions, most recently Wisconsin, with a branch portfolio of more than 520 locations across 22 states.

Lendmark plans to add approximately 25 more branches to its overall portfolio in 2025. Though data-driven site selection, disciplined execution and planful acquisitions are contributing factors, the company’s growth strategy truly begins with putting people first.

“We’re ready to rise and shine – like only Lendmark can – as we bring our first-rate service excellence to communities across the Sunshine State to meet the financial needs of more Floridians,” said Bret Hyler, President and Chief Operating Officer of Lendmark. “We believe the Lendmark experience is underpinned by the level of empathy and trust our loan consultants build with customers in each branch, growing into genuine relationships that, in many cases, last beyond the life of the loan.”

With two existing branches in the Brandon and Orlando markets, Lendmark is primed to welcome thousands of Florida customers to its planned branch openings over the next three-to-five years, starting with Ocala and then its St. Augustine location later this summer.

Better Together: Florida Growth Driven by Relationship-based Approach

Lendmark’s approach to lending begins with the fundamental premise that lending solutions should be in the best interest of the customer and the lender. This helps drive a satisfactory loan experience and positive customer outcome. The company remains laser-focused on creating a differentiated customer experience that fosters deep relationships with individual customers, business partners, and the local community at large.

“What sets Lendmark apart is the way that we connect with and care for each customer who walks through our doors. This is a business where our local branch, retail and auto sales teams know you by name and greet you with a warm ‘hello’ at every interaction,” continued Hyler. “We take time to meet the communities we’ll be serving before we move in, and we’re excited to support new customers across Florida, including small businesses and individuals.”

Lendmark loans are used to purchase local goods and services, such as car and home repairs, personal care, debt consolidation, household goods, and more. With every loan solution offered, the company ensures that its customers have simple and affordable fixed terms, and a payment that works within their household budget.

As part of the loan experience, the company also offers a curated selection of credit and insurance ancillary products to customers. These optional products, such as Involuntary Unemployment Insurance (IUI), are intended to help cover unplanned life events, like the unexpected loss of a job, that could occur during the life of the loan. These consumer-driven choices help protect the borrower’s credit profile so that the loan associated with their unplanned life event does not negatively impact their credit history.

Lendmark Serves: Doing Good by Giving Back

Giving back to the people and places Lendmark serves is at its core. Each year, employees around the country support dozens of causes in the communities where they live and work, participating in local volunteer activities and championing Lendmark’s signature philanthropic initiative,‘Climb to Cure,’ which kicked off in 2015.

The company will raise over $10 million by August 31, 2025 to mark its 10-year anniversary partnering with CURE Childhood Cancer, an Atlanta-based nonprofit dedicated to funding lifesaving pediatric cancer research that is utilized nationwide.

So far, Lendmark’s employees, partners and customers have rallied together to raise $8.83 million, all of which directly supports CURE in its fight to conquer childhood cancer while caring for recently diagnosed patients and their families.

About Lendmark Financial Services

Lendmark Financial Services (Lendmark) provides personal and household credit and loan solutions for consumers. Founded in 1996, Lendmark strives to be the lender, employer, and partner of choice by helping consumers meet both planned and unplanned life events through affordable loan offerings.

Lendmark currently operates more than 520 branches in 22 states across the country, providing personalized services to customers and retail business partners with every transaction. Lendmark is headquartered in Lawrenceville, Ga.

For more information, visit www.lendmarkfinancial.com.

Media Contacts
Lisa Burby Vice President, Corporate Communications lburby@lendmarkfinancial.com 678-913-1720	Jeff Hamilton Senior Manager, Corporate Communications jhamilton@lendmarkfinancial.com 678-625-3128

The MIL Network –

June 6, 2025

MIL-OSI: Concrete Pumping Holdings Reports Second Quarter Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

DENVER, June 05, 2025 (GLOBE NEWSWIRE) — Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the second quarter ended April 30, 2025.

Second Quarter Fiscal Year 2025 Summary vs. Second Quarter of Fiscal Year 2024 (where applicable)

Revenue of $94.0 million compared to $107.1 million.
Gross profit of $36.2 million compared to $41.8 million.
Income from operations of $8.3 million compared to $12.1 million.
Net loss of $0.0 million compared to net income of $3.0 million.
Net loss attributable to common shareholders was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share.
Adjusted EBITDA¹ of $22.5 million compared to $27.5 million, with Adjusted EBITDA margin¹ of 23.9% compared to 25.7%
Amounts outstanding under debt agreements were $425.0 million with net debt¹ of $387.2 million. Total available liquidity at quarter end was $352.5 million compared to $216.9 million one year ago.
Leverage ratio¹ at quarter end of 3.7x.

Management Commentary

“In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions,” said CPH CEO Bruce Young. “Despite these pressures, we delivered solid results by remaining focused on cost discipline, fleet optimization, and strategic pricing across our businesses.”

“Our U.S. Concrete Waste Management segment once again delivered strong growth, highlighting both the appeal of our unique offering and the rising demand for sustainable jobsite solutions. Although our U.S. Concrete Pumping segment remains affected by weakness in commercial construction and, more recently, by emerging challenges in residential construction, the infrastructure market has remained resilient, helping to partially offset broader market pressures and support the segment’s performance.”

“We remain committed to generating strong free cash flow, deleveraging the balance sheet, and pursuing disciplined, strategic M&A that complements our core capabilities and geographic footprint. These priorities position us well for long-term value creation. While the near-term demand backdrop remains challenged, we are confident that our leadership position, operational discipline, and breadth of service offerings will allow us to capitalize on the eventual recovery in commercial construction activities.”

______________
¹ Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Second Quarter Fiscal Year 2025 Financial Results

Revenue in the second quarter of fiscal year 2025 was $94.0 million compared to $107.1 million in the second quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects.

Gross profit in the second quarter of fiscal year 2025 was $36.2 million compared to $41.8 million in the prior year quarter. Gross margin declined 50 basis points to 38.5% compared to 39.0% in the prior year quarter.

General and administrative expenses (“G&A”) in the second quarter declined 6% to $27.9 million compared to $29.7 million in the prior year quarter primarily due to lower labor costs of approximately $1.3 million and non-cash decreases in amortization expense of $0.8 million. As a percentage of revenue, G&A costs were 29.7% in the second quarter compared to 27.7% in the prior year quarter.

Net loss in the second quarter of fiscal year 2025 was $0.0 million compared to net income of $3.0 million in the prior year quarter. Net loss attributable to common shareholders in the second quarter of fiscal year 2025 was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share, in the prior year quarter.

Adjusted EBITDA in the second quarter of fiscal year 2025 was $22.5 million compared to $27.5 million in the prior year quarter. Adjusted EBITDA margin was 23.9% compared to 25.7% in the prior year quarter.

Liquidity

On April 30, 2025, the Company had debt outstanding of $425.0 million, net debt of $387.2 million and total available liquidity of $352.5 million.

Segment Results

U.S. Concrete Pumping. Revenue in the second quarter of fiscal year 2025 was $62.1 million compared to $74.6 million in the prior year quarter. The decline was driven by a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Net loss in the second quarter of fiscal year 2025 was $1.6 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $12.7 million in the second quarter of fiscal year 2025 compared to $17.5 million in the prior year quarter. These decreases were largely driven by the decrease in revenue, as discussed above.

U.S. Concrete Waste Management Services. Revenue in the second quarter of fiscal year 2025 increased 7% to $18.1 million compared to $16.9 million in the prior year quarter. The increase was driven by organic growth and pricing improvements. Net income in the second quarter of fiscal year 2025 was $1.2 million compared to net income of $1.1 million in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 increased 12% to $6.7 million compared to $5.9 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to higher revenue and disciplined cost control.

U.K. Operations. Revenue in the second quarter of fiscal year 2025 was $13.8 million compared to $15.5 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work. Net income in the second quarter of fiscal year 2025 was $0.4 million compared to $1.0 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the second quarter of fiscal year 2025 compared to $4.1 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue.

Fiscal Year 2025 Outlook

The Company now expects fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow² to be approximately $45.0 million. These expectations assume the construction market will not start to meaningfully recover until fiscal year 2026 and that the Company continues to strengthen its organizational infrastructure and invest in its fleet to position the business for growth in fiscal 2026.

________________
² Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.

Share Repurchase Program

In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company’s share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. All authorizations are set to expire on December 31, 2026.

During the six months ended April 30, 2025, the Company repurchased 1,311,386 shares for a total of $7.8 million at an average share price of $5.97 per share. Including the new $15.0 million share repurchase authorization approved in June 2025, a total of $24.2 million would have been available for purchase under the Company’s repurchase program as of April 30, 2025.

“Today’s additional $15.0 million share repurchase authorization reflects our commitment to driving shareholder value,” said Bruce Young. “Our disciplined approach to capital allocation, strong free cash flow and consistent operational execution have allowed us to support the growth of our businesses while delivering expected shareholder returns and creating long-term value.”

Conference Call

The Company will hold a conference call on Thursday, June 5, 2025, at 5:00 p.m. Eastern time to discuss its second quarter 2025 results.

Date: Thursday, June 5, 2025
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13752905

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860.

The conference call will be broadcast live and is available for replay here (https://viavid.webcasts.com/starthere.jsp?ei=1714111&tp_key=af0b6ebb93) as well as the investor relations section of the Company’s website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through June 12, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13752905

About Concrete Pumping Holdings

Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across 22 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 21 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

Forward‐Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company’s fiscal year 2025 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP.

EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Reconciliation of Net Debt” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization.

Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

Contact:

Company: Iain Humphries Chief Financial Officer 1-303-289-7497	Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 BBCP@gateway-grp.com


Concrete Pumping Holdings, Inc.
Condensed Consolidated Balance Sheets

	As of April 30,			As of October 31,
(in thousands, except per share amounts)	2025			2024
Current assets:
Cash and cash equivalents	$	37,788		$	43,041
Receivables, net of allowance for doubtful accounts of $881 and $916, respectively		48,378			56,441
Inventory		6,157			5,922
Prepaid expenses and other current assets		11,231			6,956
Total current assets		103,554			112,360

Property, plant and equipment, net		412,967			415,726
Intangible assets, net		99,793			105,612
Goodwill		223,998			222,996
Right-of-use operating lease assets		24,757			26,179
Other non-current assets		11,437			12,578
Deferred financing costs		2,284			2,539
Total assets	$	878,790		$	897,990

Current liabilities:
Revolving loan	$	–		$	20
Operating lease obligations, current portion		4,860			4,817
Accounts payable		12,341			7,668
Accrued payroll and payroll expenses		11,757			14,303
Accrued expenses and other current liabilities		27,069			28,673
Income taxes payable		1,861			850
Total current liabilities		57,888			56,331

Long term debt, net of discount for deferred financing costs		417,346			373,260
Operating lease obligations, non-current		20,418			21,716
Deferred income taxes		84,402			86,647
Other liabilities, non-current		11,891			13,321
Total liabilities		591,945			551,275


Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of April 30, 2025 and October 31, 2024		25,000			25,000

Stockholders’ equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 52,132,683 and 53,273,644 issued and outstanding as of April 30, 2025 and October 31, 2024, respectively		6			6
Additional paid-in capital		388,737			386,313
Treasury stock		(35,972	)		(25,881	)
Accumulated other comprehensive income (loss)		3,089			(483	)
Accumulated deficit		(94,015	)		(38,240	)
Total stockholders’ equity		261,845			321,715

Total liabilities and stockholders’ equity	$	878,790		$	897,990


Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Operations

	Three Months Ended April 30,						Six Months Ended April 30,
(in thousands, except per share amounts)	2025			2024			2025			2024

Revenue	$	93,958		$	107,062		$	180,404		$	204,773
Cost of operations		57,776			65,295			112,987			129,692
Gross profit		36,182			41,767			67,417			75,081
Gross margin		38.5	%		39.0	%		37.4	%		36.7	%

General and administrative expenses		27,922			29,712			55,672			61,570
Income from operations		8,260			12,055			11,745			13,511

Interest expense and amortization of deferred financing costs		(8,554	)		(6,903	)		(14,769	)		(13,426	)
Loss on extinguishment of debt		–			–			(1,392	)		–
Interest income		260			30			673			90
Change in fair value of warrant liabilities		–			–			–			130
Other income (expense), net		28			44			62			84
Income (loss) before income taxes		(6	)		5,226			(3,681	)		389

Income tax expense (benefit)		(2	)		2,180			(1,038	)		1,169

Net income (loss)		(4	)		3,046			(2,643	)		(780	)

Less preferred shares dividends		(426	)		(430	)		(865	)		(870	)

Loss available to common shareholders	$	(430	)	$	2,616		$	(3,508	)	$	(1,650	)

Weighted average common shares outstanding
Basic		52,699			53,430			52,875			53,501
Diluted		52,699			54,380			52,875			53,501

Net income per common share
Basic	$	(0.01	)	$	0.05		$	(0.07	)	$	(0.03	)
Diluted	$	(0.01	)	$	0.05		$	(0.07	)	$	(0.03	)


Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Cash Flows

	For the Six Months Ended April 30,
(in thousands, except per share amounts)	2025			2024

Net loss	$	(2,643	)	$	(780	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash operating lease expense		2,575			2,567
Foreign currency adjustments		(54	)		(451	)
Depreciation		20,726			20,565
Deferred income taxes		(2,706	)		(590	)
Amortization of deferred financing costs		896			890
Amortization of intangible assets		6,058			7,771
Stock-based compensation expense		905			1,273
Change in fair value of warrant liabilities		–			(130	)
Loss on extinguishment of debt		1,392			–
Net gain on the sale of property, plant and equipment		(188	)		(1,147	)
Other operating activities		(46	)		65
Net changes in operating assets and liabilities:
Receivables		8,407			6,279
Inventory		(130	)		612
Other operating assets		(6,297	)		(2,420	)
Accounts payable		4,296			(1,218	)
Other operating liabilities		(2,424	)		(3,841	)
Net cash provided by operating activities		30,767			29,445

Cash flows from investing activities:
Purchases of property, plant and equipment		(19,491	)		(28,817	)
Proceeds from sale of property, plant and equipment		3,232			5,236
Net cash used in investing activities		(16,259	)		(23,581	)

Cash flows from financing activities:
Proceeds on long term debt		425,000			–
Payments on long term debt		(375,000	)		–
Proceeds on revolving loan		124,474			167,611
Payments on revolving loan		(124,494	)		(170,138	)
Dividends paid		(53,132	)
Payment of debt issuance costs		(8,153	)		–
Purchase of treasury stock		(8,508	)		(3,017	)
Other financing activities		(136	)		1,409
Net cash used in financing activities		(19,949	)		(4,135	)
Effect of foreign currency exchange rate changes on cash		188			366
Net increase (decrease) in cash and cash equivalents		(5,253	)		2,095
Cash and cash equivalents:
Beginning of period		43,041			15,861
End of period	$	37,788		$	17,956


Concrete Pumping Holdings, Inc.
Segment Revenue

	Three Months Ended April 30,				Change
(in thousands, unless otherwise stated)	2025		2024		$			%
U.S. Concrete Pumping		62,109	$	74,617	$	(12,508	)		(16.8	)%
U.S. Concrete Waste Management Services⁽¹⁾		18,057		16,898		1,159			6.9	%
U.K. Operations		13,792		15,547		(1,755	)		(11.3	)%
Total revenue	$	93,958	$	107,062	$	(13,104	)		(12.2	)%
(1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded.

	Six Months Ended April 30,				Change
(in thousands, unless otherwise stated)	2025		2024		$			%
U.S. Concrete Pumping	$	119,022	$	141,300	$	(22,278	)		(15.8	)%
U.S. Concrete Waste Management Services⁽¹⁾		34,750		32,518		2,232			6.9	%
U.K. Operations		26,632		30,955		(4,323	)		(14.0	)%
Total revenue	$	180,404	$	204,773	$	(24,369	)		(11.9	)%
(1) For the six months ended April 30, 2025 and 2024, intersegment revenue of $0.2 million isexcluded.

Concrete Pumping Holdings, Inc.

Segment Adjusted EBITDA and Net Income (Loss)

During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.

	Three Months Ended April 30, 2024						Six Months Ended April 30, 2024
(in thousands)	U.S. Concrete Pumping			U.S. Concrete Waste Management Services			U.S. Concrete Pumping			U.S. Concrete Waste Management Services
As Previously Reported
Net income (loss)	$	(999	)	$	3,001		$	(7,843	)	$	5,406
Interest expense and amortization of deferred financing costs, net of interest income		6,193			–			11,947			–
EBITDA		15,979			6,188			23,016			11,568
Stock-based compensation		737			–			1,273			–
Other expense (income), net		(7	)		–			(27	)		(7	)
Other Adjustments		514			–			3,668			–
Adjusted EBITDA		17,223			6,188			27,930			11,561

Recast Adjustment
Net income (loss)	$	1,936		$	(1,936	)	$	5,578		$	(5,578	)
Interest expense and amortization of deferred financing costs, net of interest income		(1,566	)		1,566			(3,323	)		3,323
EBITDA		370			(370	)		2,255			(2,255	)
Stock-based compensation		(189	)		189			(350	)		350
Other expense (income), net		–			–			3			(3	)
Other Adjustments		67			(67	)		(774	)		774
Adjusted EBITDA		248			(248	)		1,134			(1,134	)

Current Report As Recast
Net income (loss)	$	937		$	1,065		$	(2,265	)	$	(172	)
Interest expense and amortization of deferred financing costs, net of interest income		4,627			1,566			8,624			3,323
EBITDA		16,349			5,818			25,271			9,313
Stock-based compensation		548			189			923			350
Other expense (income), net		(7	)		–			(24	)		(10	)
Other Adjustments		581			(67	)		2,894			774
Adjusted EBITDA		17,471			5,940			29,064			10,427


Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss) Continued

	Net Income (Loss)
	Three Months Ended April 30					Change
(in thousands, unless otherwise stated)	2025			2024		$			%
U.S. Concrete Pumping	$	(1,601	)	$	937	$	(2,538	)		*
U.S. Concrete Waste Management Services		1,202			1,065		137			(12.9	)%
U.K. Operations		395			1,044		(649	)		(62.2	)%
Total	$	(4	)	$	3,046	$	(3,050	)		(100.1	)%
*Change is not meaningful

	Adjusted EBITDA
	Three Months Ended April 30					Change
(in thousands, unless otherwise stated)	2025			2024		$			%
U.S. Concrete Pumping	$	12,663		$	17,471	$	(4,808	)		(27.5	)%
U.S. Concrete Waste Management Services		6,655			5,940		715			12.0	%
U.K. Operations		3,179			4,137		(958	)		(23.2	)%
Total	$	22,497		$	27,548	$	(5,051	)		(18.3	)%

	Net Income (Loss)
	Six Months Ended April 30						Change
(in thousands, unless otherwise stated)	2025			2024			$			%
U.S. Concrete Pumping	$	(4,681	)	$	(2,265	)	$	(2,416	)		(106.7	)%
U.S. Concrete Waste Management Services		1,426			(172	)		1,598			*
U.K. Operations		612			1,527			(915	)		(59.9	)%
Other		–			130			(130	)		*
Total	$	(2,643	)	$	(780	)	$	(1,863	)		(238.8	)%
*Change is not meaningful

	Adjusted EBITDA
	Six Months Ended April 30						Change
(in thousands, unless otherwise stated)	2025			2024			$			%
U.S. Concrete Pumping	$	21,800		$	29,064		$	(7,264	)		(25.0	)%
U.S. Concrete Waste Management Services		11,701			10,427			1,274			12.2	%
U.K. Operations		6,007			7,339			(1,332	)		(18.1	)%
Total	$	39,508		$	46,830		$	(7,322	)		(15.6	)%


Concrete Pumping Holdings, Inc.
Quarterly Financial Performance

(dollars in millions)	Revenue		Net Income			Adjusted EBITDA¹		Capital Expenditures²		Adjusted EBITDA less Capital Expenditures		Earnings (Loss) Per Diluted Share

Q1 2024	$	98	$	(4	)	$	19	$	17	$	3	$	(0.08	)
Q2 2024	$	107	$	3		$	28	$	7	$	21	$	0.05
Q3 2024	$	110	$	8		$	32	$	6	$	26	$	0.13
Q4 2024	$	111	$	9		$	34	$	2	$	32	$	0.16
Q1 2025	$	86	$	(3	)	$	17	$	4	$	13	$	(0.06	)
Q2 2025	$	94	$	–		$	22	$	12	$	10	$	(0.01	)

¹Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
²Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:
*Q1 2024 capex includes approximately $5 million growth investment.
*Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment.
*Q3 2024 capex includes approximately $4 million growth investment.
*Q4 2024 capex includes approximately $3 million growth investment.
*Q1 2025 capex includes approximately $2 million growth investment.
*Q2 2025 capex includes approximately $2 million growth investment.


Concrete Pumping Holdings, Inc.
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA

	Three Months Ended April 30,						Six Months Ended April 30,
(dollars in thousands)	2025			2024			2025			2024
Consolidated
Net income (loss)	$	(4	)	$	3,046		$	(2,643	)	$	(780	)
Interest expense and amortization of deferred financing costs, net of interest income		8,294			6,873			14,096			13,336
Income tax expense (benefit)		(2	)		2,180			(1,038	)		1,169
Depreciation and amortization		13,584			14,239			26,784			28,337
EBITDA		21,872			26,338			37,199			42,062
Loss on debt extinguishment		–			–			1,392			–
Stock based compensation		538			737			905			1,273
Change in fair value of warrant liabilities		–			–			–			(130	)
Other expense (income), net		(28	)		(44	)		(62	)		(84	)
Other adjustments(1)		115			517			74			3,709
Adjusted EBITDA	$	22,497		$	27,548		$	39,508		$	46,830

U.S. Concrete Pumping
Net income (loss)	$	(1,601	)	$	937		$	(4,681	)	$	(2,265	)
Interest expense and amortization of deferred financing costs, net of interest income		5,211			4,627			8,522			8,624
Income tax expense (benefit)		(482	)		515			(1,662	)		(1,588	)
Depreciation and amortization		9,006			10,270			18,081			20,500
EBITDA		12,134			16,349			20,260			25,271
Loss on debt extinguishment		–			–			862			–
Stock based compensation		371			548			609			923
Other expense (income), net		(4	)		(7	)		(18	)		(24	)
Other adjustments(1)		162			581			87			2,894
Adjusted EBITDA	$	12,663		$	17,471		$	21,800		$	29,064

U.S. Concrete Waste Management Services
Net income (loss)	$	1,202		$	1,065		$	1,426		$	(172	)
Interest expense and amortization of deferred financing costs, net of interest income		2,369			1,566			4,141			3,323
Income tax expense		332			1,067			415			1,982
Depreciation and amortization		2,651			2,120			4,927			4,180
EBITDA		6,554			5,818			10,909			9,313
Loss on debt extinguishment		–			–			530			–
Stock based compensation		167			189			296			350
Other expense (income), net		(12	)		–			(14	)		(10	)
Other adjustments		(54	)		(67	)		(20	)		774
Adjusted EBITDA	$	6,655		$	5,940		$	11,701		$	10,427

⁽¹⁾Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the six months ended April 30, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

	Three Months Ended April 30,						Six Months Ended April 30,
(dollars in thousands)	2025			2024			2025			2024
U.K. Operations
Net income	$	395		$	1,044		$	612		$	1,527
Interest expense, net		714			680			1,433			1,389
Income tax expense		148			598			209			775
Depreciation and amortization		1,927			1,849			3,776			3,657
EBITDA		3,184			4,171			6,030			7,348
Other expense (income), net		(12	)		(37	)		(30	)		(50	)
Other adjustments		7			3			7			41
Adjusted EBITDA	$	3,179		$	4,137		$	6,007		$	7,339

Other
Net income	$	–		$	–		$	–		$	130
EBITDA		–			–			–			130
Change in fair value of warrant liabilities		–			–			–			(130	)
Adjusted EBITDA	$	–		$	–		$	–		$	–


Concrete Pumping Holdings, Inc.
Reconciliation of Net Debt

	April 30,			July 31,			October 31,			January 31,			April 30,
(in thousands)	2024			2024			2024			2025			2025
Senior Notes		375,000			375,000			375,000			425,000			425,000
Revolving loan draws outstanding		16,428			–			20			–			–
Less: Cash		(17,956	)		(26,333	)		(43,041	)		(85,132	)		(37,788	)
Net debt	$	373,472		$	348,667		$	331,979		$	339,868		$	387,212


Concrete Pumping Holdings, Inc.
Reconciliation of Historical Adjusted EBITDA

(dollars in thousands)	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025				Q2 2025
Consolidated
Net income (loss)	$	(3,826	)	$	3,046		$	7,560		$	9,427		$	(2,639	)	$	(4	)
Interest expense and amortization of deferred financing costs		6,463			6,873			6,261			5,976			5,802			8,294
Income tax expense (benefit)		(1,011	)		2,180			3,081			3,854			(1,036	)		(2	)
Depreciation and amortization		14,097			14,239			14,491			14,283			13,200			13,584
EBITDA		15,723			26,338			31,393			33,540			15,327			21,872
Transaction expenses		–			–			–			–			–			–
Loss on debt extinguishment		–			–			–			–			1,392			–
Stock based compensation		536			737			644			477			367			538
Change in fair value of warrant liabilities		(130	)		–			–			–			–			–
Other expense (income), net		(39	)		(44	)		(276	)		(47	)		(34	)		(28	)
Other adjustments⁽¹⁾		3,191			517			(123	)		(290	)		(41	)		115
Adjusted EBITDA	$	19,281		$	27,548		$	31,638		$	33,680		$	17,011		$	22,497

⁽¹⁾Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

The MIL Network –

June 6, 2025

MIL-OSI: Byrna Technologies Announces Preliminary Fiscal Second Quarter Record Revenues of $28.5 Million

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., June 05, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal second quarter ended May 31, 2025.

Preliminary Second Quarter Results
Based on preliminary unaudited results, Byrna expects total revenue for the fiscal second quarter of 2025 to be $28.5 million, representing a 41% increase from $20.3 million in the fiscal second quarter of 2024. The record Q2 performance was driven by strong early demand for the new Byrna Compact Launcher (CL), which launched on May 1, along with meaningful channel expansion.

E-commerce sales grew 15% year-over-year, supported by growing brand recognition and an increasingly balanced channel mix.

Dealer sales rose 106% year-over-year to $7.5 million, driven by early success in the Company’s partnership with Sportsman’s Warehouse, which soft-launched Byrna products in select stores during the second quarter. As of quarter-end, the program had rolled out an initial group of stores featuring shop-in-shop formats, with in-store ‘Byrna Genius’ installations expected to begin in July to support continued growth and deepen in-store engagement. Growth in the dealer channel also reflected continued momentum from Byrna’s traditional distributor network.

International sales rose 86%, including approximately $800,000 in royalty revenue from Byrna LATAM, which is up from a negligible base in the prior year period.

To ensure sufficient supply for the CL launch and build inventory across product lines, Byrna produced 38,237 Compact Launchers in the quarter, contributing to a total of 63,835 launchers manufactured.

Management Commentary
“We are continuing to raise the bar at Byrna and are encouraged with our ability to generate a record $28.5 million in revenue for the second quarter,” said Byrna CEO Bryan Ganz. “While we saw softness in overall consumer spending throughout the quarter, the launch of the CL and sustained expansion of our total addressable market helped drive a 41% year-over-year increase in revenue. This success is a testament to the growing strength of our brand and the innovation behind the CL.

“Over the past six months, we’ve steadily ramped production to support a successful launch of the CL. With the rollout now underway and a healthy inventory of SD and LE launchers in place, we are transitioning to a steady-state production cadence of 15,000 launchers per month. Combined with the ramping Sportsman’s Warehouse partnership and an expanded influencer roster—including the recent addition of Tucker Carlson—we’re well positioned to maintain momentum through the second half of 2025 and beyond.”

Preliminary Fiscal Second Quarter 2025 Sales Breakdown:

Sales Channel ($ in millions)	Q2 2025	Q2 2024	% Change
Web	16.6	14.4	15%
Byrna Dedicated Dealers	7.5	3.6	106%
Law Enforcement / Schools / Pvt Security	0.1	0.0	120%
Retail Stores	0.8	0.2	223%
International	3.6	1.9	86%
Total Sales	28.5	20.3	41%

Conference Call
Byrna plans to report its full financial results for the fiscal second quarter in July, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the second fiscal quarter 2025, the timing of the release of full financial results for the quarter, expectations for future sales growth and demand trends, the impact of marketing strategies, the anticipated performance of new products and retail store expansion, and the Company’s ability to sustain momentum throughout 2025. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners or endorsers; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or tariffs, sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

The MIL Network –

June 6, 2025

MIL-OSI: Oportun Completes $439 Million Asset Backed Securitization

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., June 05, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced the issuance of $439 million of two-year revolving fixed rate asset-backed notes secured by a pool of unsecured and secured installment loans.

The offering included five classes of fixed rate notes: Class A, Class B, Class C, Class D, and Class E. Fitch rated all classes of notes, assigning ratings of AAA, AA-, A-, BBB-, and BB-, respectively. Goldman Sachs & Co. LLC served as the sole structuring agent and co-lead, and Deutsche Bank Securities Inc., Jefferies and Natixis Corporate & Investment Banking also served as co-leads.

The weighted average coupon on the transaction was 5.57%, and the weighted average yield was 5.67%. The Class A notes were priced with a coupon of 4.88% per annum; the Class B notes were priced with a coupon of 5.28% per annum; the Class C notes were priced with a coupon of 5.52% per annum; the Class D notes were priced with a coupon of 6.45% per annum; and the Class E notes were priced at 98.95% with a coupon of 9.40% and a yield of 10.19% per annum.

“This transaction marks an important milestone for Oportun and reflects a growing recognition of the strength and resilience of our business. Achieving our first AAA rating demonstrates how far we’ve come in expanding access to affordable credit,” said Paul Appleton, Interim Chief Financial Officer at Oportun. “The 5.67% yield on this bond issuance was 1.28% lower than our prior ABS transaction in January, reflecting robust investor demand and creating greater efficiency and value — both for Oportun and for the members we serve.”

For more information visit oportun.com. The notes were offered pursuant to Rule 144A under the Securities Act of 1933, as amended.

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

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

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

Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

The MIL Network –

June 6, 2025
MIL-OSI Russia: Dmitry Chernyshenko: Seven winners of the third wave of selection of research centers in the field of artificial intelligence will receive 4.7 billion rubles

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

At the Government Coordination Centre, Deputy Prime Minister Dmitry Chernyshenko presented the results of the selection of the third wave of research centres in the field of artificial intelligence (AI). The winning universities and research organisations will receive grants to conduct research and create breakthrough world-class industry solutions.

Dmitry Chernyshenko reported that the winners were HSE University, Innopolis, ISP RAS, ITMO University, MIPT, Skoltech, and for the first time, Lomonosov Moscow State University will be involved in the research.

“Each of the seven selected third wave centers will receive 676 million rubles for two years – until 2026 – to conduct fundamental research in the field of strong, trusted, multi-agent AI. The total amount of budget funding will be 4.7 billion rubles for all centers,” he added.

The Deputy Prime Minister noted that President Vladimir Putin and Prime Minister Mikhail Mishustin set the task of focusing on fundamental areas in the field of AI and conducting research in other areas, but with the mandatory use of AI technologies. Within the framework of the federal project “Artificial Intelligence”, the operator of which is the Ministry of Economic Development, a grant competition is being held for research centers.

“Investments in AI research centers have already proven their effectiveness. The first wave of centers dealt with issues of strong, trusted, ethical artificial intelligence. The second wave is dedicated to industry research for medicine, transport, industry and smart cities. These centers create almost half of all Russian scientific groundwork in AI. President Vladimir Putin set the task of publishing at least 450 papers at top-level conferences in the field of AI in the world by 2030 – A*. We see that investments are achieving results, so the Government continues to develop such support programs,” Dmitry Chernyshenko emphasized.

He added that an important foresight session on fundamental and exploratory research in the field of AI was held in 2024. At it, leading Russian scientists with a global reputation identified 10 priority areas for the development of science in the field of artificial intelligence in the coming years.

“These areas are a strategic benchmark for public investment, which, as a rule, also attracts off-budget investment. The selection of the third wave was carried out taking into account these priorities, and we plan to conduct further research in Russia in relation to them. The Ministry of Economic Development and the Ministry of Education and Science are also preparing a unified research program in the field of AI, which will consolidate this logic,” concluded Dmitry Chernyshenko.

He asked the selected centers to support the winners and prize winners of the AI Olympiads, who also took part in the event.

A total of 19 applications from centers from 10 regions of Russia were submitted for selection. The centers’ programs state the key areas of foresight in fundamental and exploratory research in the field of AI, conducted in 2024: agent/multi-agent systems, elements of strong AI, fundamental and generative AI models.

“Artificial intelligence today has a significant impact on the development of many sectors of the economy. On the instructions of the President, the national strategy for the development of AI until 2030 is being implemented. Support for the activities of research centers in this area is a critically important tool that allows us to create a research base for the comprehensive development of sovereign AI in the country,” said First Deputy Minister of Economic Development Maxim Kolesnikov.

Grigory Bokov, Director of the Research Center for Artificial Intelligence at Lomonosov Moscow State University, said that the goal of their center is to develop modern artificial intelligence technologies, including in the direction of so-called general artificial intelligence, capable of solving a wide range of problems, just as humans do.

“We combine deep scientific research with applied developments that can already be in demand in the economy, industry, medicine and education. The project involves specialists from seven departments of Moscow State University, including leading Russian and foreign scientists,” he said.

Expert support for the competitive selection and subsequent support for the implementation of research center activity programs is provided by the Strategic Agency for Support and Formation of AI Developments (SAPFIR), a project office created on the basis of the Skolkovo Foundation.

“In the next two years, SAPFIR will focus on supporting research centers to achieve all their goals in both the scientific and commercial parts. Their activities will contribute to the creation of a technological reserve for Russia in the field of artificial intelligence, as well as attracting and developing the best personnel in the country,” said SAPFIR Director Tatyana Soyuznova.

Let us recall that in 2021, the first wave of research centers in the field of AI was selected as part of the federal project “Artificial Intelligence” (national program “Digital Economy”). Six scientific and educational organizations received state support totaling more than 8 billion rubles. Their work resulted in 165 articles in leading scientific journals, 206 publications at top-level conferences, as well as the creation and support of 15 frameworks. Together with 36 industrial partners, including Sber, Yandex, MTS and other large companies, the centers have already implemented about 50 applied solutions.

As part of the second selection wave, support was received by industry AI centers based at leading universities and research centers, such as the N.N. Blokhin National Medical Research Center of Oncology, S.P. Korolev Samara University, and others. These centers focus on training industry specialists, creating databases, and supporting specialized frameworks. RUB 3.8 billion from the federal budget has been allocated to finance their activities in 2023–2026.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

June 6, 2025
MIL-OSI: Binah Capital Group Announces PKS Investments as Finalist in Two Categories for the 2025 Wealth Management Industry Awards

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, Inc. (“Binah Capital”) (NASDAQ: BCG), a financial services enterprise supporting the growth of independent financial advisors, today announced that PKS Investments (“PKS”), a Binah Capital Group company, has been named a finalist in two categories for the prestigious 2025 Wealth Management Industry Awards (“The Wealthies”). The categories are Transition Support / Transition Services, recognizing PKS’s excellence in advisor transition solutions, and Chief Executive Officer of the Year, recognizing Katherine Flouton, CEO of PKS Investments.

This dual recognition underscores Binah’s unmatched commitment to leadership and operational excellence in supporting independent financial advisors through critical growth and transition stages.

With decades of experience and a proven, scalable process, PKS has successfully supported thousands of advisor transitions, helping firms navigate change with confidence, clarity, and continuity. Through high-touch service model, operational excellence, and strategic leadership, PKS has redefined the benchmark for transition support within the wealth management industry.

“We are incredibly proud to see Katherine Flouton and PKS Investments recognized among the industry’s top innovators,” said Craig Gould, Chief Executive Officer of Binah Capital Group. “These nominations reflect our unwavering commitment to empowering independent advisors with the leadership, infrastructure, and flexibility they need to thrive in an evolving landscape.”

Now in its 11th year, the Wealth Management Industry Awards is the only awards program of its kind to honor outstanding achievements by companies, organizations and individuals that support financial advisor success.

A panel of judges made up of top names in the industry, led by WealthManagement.com director of editorial strategy and operations David Armstrong, chose the finalists and will determine the winners, which each year recognizes the firms and individuals who are bringing new innovations to market that make a real difference to the daily activities of financial advisors. Winners will be announced at a gala and awards ceremony in New York City on September 4th.

About Binah Capital Group
Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace. For more, please visit: www.binahcap.com.

About Purshe Kaplan Sterling Investments
Purshe Kaplan Sterling Investments (PKS) is a leading independent broker-dealer offering comprehensive support services for financial advisors nationwide. PKS’s flexible affiliation models, operational precision, and client-first philosophy enable advisors to deliver outstanding service while growing their businesses with confidence.

Contact:

Binah Capital Investor Relations
ir@binahcap.com

Binah Capital Public Relations
media@binahcap.com

The MIL Network –

June 6, 2025
MIL-OSI USA: Securing a Healthier Future for SUNY Downstate
Source: US State of New York

overnor Kathy Hochul today received the Downstate Community Advisory Board proposal for the more than $1 billion State reinvestment in SUNY Downstate’s hospital. Following months of community input and engagement, the advisory board advanced a proposal that aims to stabilize and renovate the facility and deliver a modern hospital to Central Brooklyn.

“Central Brooklyn deserves world-class health care, and with this historic $1 billion investment, we’re securing a brighter, healthier future for SUNY Downstate and the communities it serves,” Governor Hochul said. “This plan was shaped by the voices of those who know and rely on Downstate — community members, faculty and staff — and their input was critical to getting this right. I’m grateful to SUNY and the advisory board for their commitment to building a strong, sustainable future SUNY Downstate, and I look forward to thoroughly reviewing the proposed plan.”

The proposal from the advisory board will:
- Retain all current inpatient and outpatient services, including maternity and kidney transplant services
- Convert all double occupancy rooms to private rooms with showers and add additional rooms, resulting in 225 operational beds (with the goal of increasing the current 165 average daily census)
- Modernize and expand the emergency department to 45 stations
- Establish/renovate dedicated inpatient specialty units for cardiology, oncology, and orthopedics
- Build a new hospital annex, including a state-of-the-art ambulatory surgery center that expands services in oncology and cardiology
- Address the mechanical, electrical, and plumbing infrastructure issues that have resulted in repeated system failures
- Improve leadership and operations to achieve greater operational sustainability
SUNY Chancellor John B. King Jr. said, “SUNY Downstate has long served as a cornerstone of care for Brooklynites – and as a result of Governor Hochul’s leadership and investment, it will continue to do so long into the future. Thank you to Governor Hochul, to the advisory board, and to every community member who contributed to this proposal that will ensure a strong and sustainable SUNY Downstate hospital for the communities we are proud to serve.”

The advisory board’s task was to consider recommendations to establish a reasonable, scalable and fiscally responsible plan for the financial health, viability, and sustainability of SUNY Downstate within a range of available funds.

The advisory board – consisting of healthcare and community leaders – worked throughout the past nearly six months to gather input and ideas directly from the community to inform the proposal. Over the course of their deliberations, the advisory board:
- Held four public hearings (one more than statutorily required) on January 22, February 27, March 13, and April 28, with two in Community Board #9 and two in Community Board #17
- Met with numerous community stakeholders including the SUNY Downstate Medical School Department Chairs, the Brooklyn for Downstate advocacy group (twice), the leadership at SUNY Downstate, and other regional healthcare providers
- Carefully reviewed analysis of the community health needs (including the Brooklyn for Downstate data needs analysis and recommendations for the future of SUNY Downstate, the Community Health Needs Assessment 2022 prepared by the NYC Health & Hospitals, and the New York State Department of Health’s Study of Healthcare System Inequities and Perinatal Access in Brooklyn report), Downstate Hospital’s financials, and the condition of Downstate Hospital’s physical plant
- Engaged a team of consultants to provide expert analysis, infrastructure assessment, financial modeling, architectural and engineering scenarios, and coordination, including ADENA Consulting Group, LLC, QPK Design, Ramboll, Ewing Cole, and Kaufman Hall. In addition, at stakeholders’ request, the advisory board engaged Deloitte to independently assess the reasonableness of the financial modeling and identify options to reduce the ongoing operating deficit.
After gathering public and stakeholder input over many months, the approach now recommended by the advisory board was presented to the public as an option under consideration at the fourth public hearing on April 28. View materials from the public hearings here.

Downstate’s hospital provides inpatient and outpatient health care services in Central Brooklyn and leads in research and scholarship to address health disparities in New York City and across the state.

Last year, SUNY Downstate’s hospital faced a $100 million annual deficit and was at risk of being unable to operate without additional funding, while contending with a hospital facility in disrepair and vulnerable to major crises, including recent major infrastructure incidents.

In response, Governor Hochul worked with the Legislature and SUNY to develop a plan to engage community leaders in developing a sustainable future for Downstate and provided a historic capital investment. The Governor championed $750 million in capital funding for SUNY Downstate’s hospital in the 2024-25 and 2025-26 Enacted State Budgets, and directed SUNY to dedicate its anticipated $50 million annual capital allocations in each of the next seven years to bring the total investment to more than $1 billion.

SUNY Downstate Health Sciences University President Dr. Wayne J. Riley said, “This plan represents an extraordinary investment in SUNY Downstate’s hospital and a bright future for our patients, our students, and our faculty and staff. I want to thank Governor Hochul, the Brooklyn legislative delegation, the SUNY Board of Trustees and Chancellor King, the faculty and staff of SUNY Downstate, and the faith leaders, labor organizations, and other community stakeholders who have worked together to envision a strong and achievable future for SUNY Downstate.”

SUNY Trustee and Chair of the Academic Medical Centers and Hospitals Committee Eric Corngold said, “SUNY is proud of the unique and important role SUNY Downstate plays in Central Brooklyn and New York State. We are committed to a strong and sustainable future for SUNY Downstate and grateful to Governor Hochul for a historic investment in SUNY Downstate’s hospital.”

New York State Health Commissioner Dr. James V. McDonald said, “Governor Hochul has shown a strong commitment to strengthening health care across New York—from expanding mental health services to supporting the nursing workforce and modernizing medical facilities. Investing in SUNY Downstate’s hospital is a critical step that will improve health outcomes and better serve the residents of Central Brooklyn.”

SUNY Downstate Chair of the Department of Community and Family Health Dr. Enitza George, M.D., MBA, MSAI. said, “After six months of working with the DCAB members, I believe these recommendations truly reflect our commitment to listening to the community. We carefully considered what’s needed and balanced it with what’s possible given the current funding. I’m genuinely excited about what’s next—for Brooklyn as a whole and for Downstate in particular.”

SUNY Downstate Community Advisory Board Member Pastor Louis Hilton Straker Jr. said, “Reinvesting in Downstate will not only mean improved care, it will also mean a sense of safety and dignity for Central Brooklynites. Over the last year, we’ve seen how different voices and perspectives can enter a room and come together to deliver for our communities. Let Downstate serve as a sign of hope on what we can do when New Yorkers stand by each other and insist on solutions.”

SUNY Downstate Community Advisory Board Member Dr. Lesly Kernisant said, “In my decades of caring for Brooklyn patients, a simple fact is clear: modern facilities and comprehensive services lead to improved care. This investment in SUNY Downstate’s future–which includes vital support for maternal health care–marks an important moment in the collective effort to reduce health disparities and secure a better future for our community.”

Senate Majority Leader Andrea Stewart-Cousins said, “Securing this historic investment in SUNY Downstate is a major victory for Brooklyn—preserving critical services, modernizing the hospital, and reaffirming our commitment to equitable, high-quality care. By establishing the Community Advisory Board, we ensured that the voices of patients, workers, and the community were central to every discussion about Downstate’s future. I applaud Senator Myrie and all my Brooklyn colleagues whose tireless advocacy made this moment possible and who continue to lead the charge toward the full revitalization of SUNY Downstate Medical Center.”

Assemblymember Amy Paulin said, “Securing $1 billion for Downstate is historic – I applaud Governor Hochul and the community leaders who helped shape this proposal. This is an important moment to be investing in our healthcare ecosystem, and Downstate’s modernization can serve as a model for vulnerable facilities across the state.”

Assemblymember Brian Cunningham said, “As the representative for Central Brooklyn and SUNY Downstate, I have made it a priority to advocate to Governor Hochul and legislative leaders for the investments this hospital needs to serve our community and the city. Through this year’s budget process, we fought to secure critical funding for Downstate and for the healthcare infrastructure that so many New Yorkers rely on. With federal threats to Medicaid mounting, this new commitment from the state could not be more important. I commend the Governor for her leadership in protecting access to care and driving equity across the healthcare system.

Assemblymember Rodneyse Bichotte Hermelyn said, “SUNY Downstate was founded 165 years ago, and served as a vital healthcare institution and safety-net hospital, helping over 300,000 Brooklynites annually, regardless of their ability to pay. In recent years, our borough’s only academic medical center kept trying to provide innovative, high-quality-care for all, while its 19th century infrastructure crumbled; putting the Downstate Hospital in serious peril; while leaving our most vulnerable constituents with next-to-nothing for healthcare. Gov. Hochul took decisive action, when other leaders swept this problem under the rug, and worked with the Brooklyn Delegation and our communities to deliver a one billion-dollar solution ensuring a bright future for SUNY Downstate and the Brooklynites who depend on it. Thank you to the Advisory Board for providing a blueprint to revitalize SUNY Downstate into a world-class, state-of-the-art health center that will truly save the lives of Brooklynites today and for decades to come.”

New York City Council Member Farah N. Louis said, “I wholeheartedly applaud Governor Hochul for this historic and transformative $1 billion investment in SUNY Downstate Medical Center—a bold commitment that demonstrates extraordinary leadership and responsiveness to the urgent needs of Central Brooklyn residents. Knowing that this funding will restore full inpatient and outpatient care over 200 beds is a massive achievement in our fight to save this institution. As our community continues to advocate for a transformative and responsive investment, I am proud that our concerns were heard to bring modernized facilities and high-quality services to the working-class families of Central Brooklyn. Governor Hochul listened to the needs of our neighborhoods and I look forward to the strengthening of this essential institution.”

New York City Council Member Mercedes Narcisse said, “This $1 billion investment and the restoration of 225 beds are crucial steps in ensuring Downstate stays open and continues to serve our community. I am deeply grateful to Governor Hochul for her leadership and unwavering commitment to preserving this essential healthcare institution in Central Brooklyn. By implementing the majority of the Downstate Community Advisory Board’s recommendations, we are listening to those who know best and ensuring a brighter, healthier future for all who rely on Downstate.”

Bishop Orlando Findlayter said, “We’ve seen private hospitals across the city close or limit services in recent years, which has been a rising threat to the healthcare of New Yorkers in underserved communities. But thanks to leadership from the Governor and our local community, Downstate will ensure the long-term commitment of all existing inpatient and outpatient services, and will serve as a beacon of care and community.”

Assemblymember Latrice Walker said, “The release of the Downstate Community Advisory proposal for the reinvestment of more than $1 billion is a victory for the entire Central Brooklyn community, including the constituents of my district who rely on SUNY Downstate Hospital. I’d like to thank all the people who have fought so hard to get us to this point. That includes advocates, SUNY leadership, lawmakers, union leaders, and members of the faith and medical communities. And, of course, we would not be at this critical juncture without the leadership of Gov. Kathy Hochul. The proposal, which follows months of community input, retains kidney transplant and maternity services – which are priorities for my community, as we battle high rates of diabetes and fight for better Black maternal health outcomes. I look forward to the modernization of the emergency department, infrastructure upgrades and many other improvements stemming from the proposal. We have collectively struck a decisive blow in the ongoing effort to combat health disparities in Brooklyn communities of color. The quality of one’s care should not be determined by zip code.”

MIL OSI USA News –
June 6, 2025
MIL-OSI USA: Fellowship Allows NYS Artists to Partner with State Agencies
Source: US State of New York

overnor Kathy Hochul announced the launch of a new opportunity for New York State artists to partner with State agencies to develop innovative engagement for key state initiatives. Administered by the New York State Council on the Arts (NYSCA), the State of the Arts Fellowship will bring artists and State government together to foster community connection, enhance public spaces, and amplify vital public service initiatives.

“New York State artists inspire audiences worldwide with their artistry and innovation and are one of our most important resources,” Governor Hochul said. “By combining our renowned creative talent with our hard-working State agencies, we will discover new solutions to important state initiatives.”

Guidelines for the program are available at arts.ny.gov/SOAfellow. The deadline is July 8, 2025 at 5:00 p.m. Fellows will be announced by fall 2025.

The State of the Arts Fellowship will embed selected artists within three State agencies for year-long residencies beginning in fall 2025. Artists from all disciplines — including visual, performance, literature, film, and interdisciplinary practices — are invited to apply for this unique opportunity.

The inaugural placements are:
- Office of General Services (OGS): revitalizing the Empire State Plaza through creative, community focused programming. (Albany)
- Office of Mental Health (OMH): destigmatizing mental health issues and promoting access to OMH services. (at least one facility serving a rural upstate area and at least one in the NYC region)
- Office of Victim Services (OVS): working with underserved populations to reduce barriers to access the Fair Access to Victim Compensation Act. (Brooklyn or Albany)
Through a collaborative process, fellows will work closely with State agencies to address pressing issues and implement projects that leave a lasting impact on communities across New York. Fellows will be chosen by the host agency and NYSCA. Award amount per artist fellow is $60,000, inclusive of all project expenses.

New York State Council on the Arts Director Erika Mallin said, “NYSCA has long recognized the essential role that artists play in our state: as changemakers and futurists, as bridge builders between communities, and as teachers and leaders. We are so proud to lead this important program that will bring artists and government together to benefit the health and well-being of all New Yorkers.”

New York State Office of General Services Commissioner Jeanette Moy said, “OGS is proud to be among the state agencies selected to participate in the State of the Arts Fellowship hosted by NYSCA. Through this collaboration, OGS will be exploring placemaking strategies for the Empire State Plaza to deepen our connection with neighboring communities and enhance our public spaces to be more welcoming, vibrant, and reflective of the people we serve. This work will guide and inform future decision making across our entire portfolio. I would like to thank Governor Hochul and NYSCA for their dedication to finding new ways to engage with our state’s communities through this innovative program.”

New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, “We are deeply thankful to be among the agencies chosen by the New York State Council on the Arts to host an artist fellowship. This collaborative work will provide a new and creative approach to de-stigmatizing mental health and demonstrating recovery is both possible and accessible. Portraying individuals in recovery will acknowledge the progress they’ve made and inspire others. This fellowship represents Governor Hochul’s innovative approach to using the arts to promote the important work our state agencies undertake to help and serve New Yorkers.”

New York State Office of Victim Services Director Bea Hanson said, “Art has the power to transcend barriers and bring people together. We are thrilled to participate in the Artist Fellowship program, which will help us to better connect with victims and survivors of crime and improve access to the critical financial assistance available through OVS. I thank Governor Hochul and the Council on the Arts for their support and vision in creating this program.”

About the New York State Council on the Arts
The mission of the New York State Council on the Arts is to foster and advance the full breadth of New York State’s arts, culture and creativity for all. For FY 2026, the Council on the Arts will award over $161 million, serving organizations and artists across all 10 of the state’s regions. The Council on the Arts further advances New York’s creative culture by convening leaders in the field and providing organizational and professional development opportunities and informational resources. Created by Governor Nelson Rockefeller in 1960 and continued with the support of Governor Hochul and the New York State Legislature, the Council is an agency that is part of the Executive Branch. For more information on NYSCA, please visit arts.ny.gov/SOAfellow, and follow NYSCA’s Facebook page, on X @NYSCArts and Instagram @NYSCouncilontheArts.

MIL OSI USA News –
June 6, 2025
MIL-OSI USA: Attorney 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 Global: The proposed Strong Borders Act gives police new invasive search powers that may breach Charter rights

Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

The new Liberal government has tabled its first bill in Parliament, the Strong Borders Act, or Bill C-2. Buried within it are several new powers that give police easier access to our private information.

The bill responds to recent calls to beef up the enforcement of our border with the United States. It gives customs and immigration officials new powers: to search items being exported, like potentially stolen vehicles, and to deport migrants believed to be abusing Canada’s refugee protections.

New police powers

But while facing pressure from the U.S. to act, the Canadian government is using the apparent urgency of the moment to give police and intelligence agents a host of new powers to search our private data — powers that have nothing to do with the border.

Some of them are already controversial and will no doubt be tested in the Supreme Court of Canada, if and when they’re passed. But many have also been on the wish list of previous governments, as part of “lawful access” bills that would make it easier for police to obtain details about a person’s online activity in cases involving child pornography, financial or gang-related crime.

Why now? Why make another attempt to lower the barriers to police access to private data? And what is the controversy over these new powers?

Gaps in the law

The Charter of Rights and Freedoms protects the right to privacy of anyone in Canada. Police need authority — explicit permission set out somewhere in the law — to carry out a search or seizure of our private data for an investigative purpose.

A law that allows police to do this must itself be reasonable, in the sense of striking the right balance between law enforcement and individual privacy.

For the first 20 years of the web, it wasn’t clear what the police could or couldn’t do to gather information about us online.

The Supreme Court held in 2014 that when police ask Shaw or Telus to give them a name attaching to an online account, this amounts to a search. While a person’s name and address may not reveal much on its own, the court held, it opens a door to something very private: a person’s entire search history.

But the court in that case did not decide what kind of power police needed to make this demand, only that police need permission in law to make it.

In Canadian law, requesting a name and address attached to an online account amounts to a search.
(Shutterstock)

In 2024, the Supreme Court held that when police ask for an internet protocol (IP) address linked to a person’s online activity, even that is private because it can open a window onto a lot more personal information.

Police have been using warrant provisions in the Criminal Code to make a demand for an IP address, or the name and address linked to an online account. To get a warrant, in most cases, they need to show a judge they have reason to believe a crime has been committed that is linked to the account — in other words, they must show probable cause.

Police have complained about how difficult this can be in some cases. They’ve long been calling for more tools.

Expansive new powers

The Strong Borders Act makes it easier for police and other state agents in a few ways.

It will be easier to get a warrant because the new bill allows police to ask service providers like Shaw or Telus — without a warrant — whether they have information about an IP address or a person’s account.

To then obtain that information, police need a warrant — but on the lower standard of reasonable suspicion of a crime, instead of probable cause. This can also apply to foreign entities like Google or Meta.

Canadian Security Intelligence Service agents can ask a provider like Shaw or Google whether they have information about an account holder on no grounds at all. But in this case, the person of interest can’t be a citizen or a permanent resident.

Compelling providers

More concerning are powers in the bill compelling companies like Google or Apple, along with Shaw and Telus, to assist police in obtaining access to private data.

Any company that provides Canadians with a service that stores or transmits information in digital form — pretty much anything we do on a phone or computer — can be ordered to help police gain immediate access to our data.

The bill does this by stipulating that a company can be told to install “any device, equipment or other thing that may enable an authorized person to access information.”

There are important limits on this. Police can only gain access if they have a warrant or other lawful permission. And a service provider need not comply with any order that would “introduce a systemic vulnerability,” like compelling them to install a backdoor to encryption.

But the point is that these new powers compel companies to implement “capabilities” for “extracting… information that is authorized to be accessed.” They turn the brands we have an intimate relationship with — gmail, iCloud, Instagram and many others — into tools of the state.

Future challenges

For some of us, the thought that Apple or Google can now be conscripted to serve as a state agent to facilitate ready access to private data is unsettling. Even if there are safeguards.

Courts will have to decide at some point whether searches conducted under these new powers strike a reasonable balance between law enforcement and personal privacy. Courts have held that our privacy interest in personal data is high.

Whether police interest in quicker and easier access to that data in certain cases is equally high is an open question. But one thing is clear: it doesn’t seem to have much to do with the border.

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

– ref. The proposed Strong Borders Act gives police new invasive search powers that may breach Charter rights – https://theconversation.com/the-proposed-strong-borders-act-gives-police-new-invasive-search-powers-that-may-breach-charter-rights-258257

MIL OSI – Global Reports –

June 6, 2025
MIL-OSI Africa: Ecobank Transnational Incorporated Appoints Group Chief Financial Officer Ayo Adepoju as Group Executive Director

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

LOMÉ, Togo, June 5, 2025/APO Group/ —

The Board of Directors of Ecobank Transnational Incorporated (ETI) (www.Ecobank.com), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.

Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.

As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.

Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.

Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.

Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future. I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record. His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”

Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth. His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”

Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.

He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.

This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.

MIL OSI Africa –

June 6, 2025
MIL-OSI USA: Cortez Masto Pushes for Strategic Grazing to Reduce Wildfire Risk
US Senate News:
Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Strategic Grazing to Reduce the Risk of Wildfire Act, which would direct the Department of the Interior (DOI) and the U.S. Forest Service (USFS) to collaborate with grazing allotment holders, States, Tribes, and local fire departments to create a strategy to use targeted grazing to manage hazardous fuels and reduce risks from wildfires.

“As the West continues to face the threat of wildfires, it’s essential that we look for ways to protect our communities from devastation,” said Senator Cortez Masto. “This bill takes a wildfire prevention and mitigation strategy that’s been proven to work and puts it in place at the federal level. We must make sure there’s an overarching plan to combat these fires that have become all too frequent.”

Lisa Levine, Director of the Nevada Rural Electric Association said, “We applaud Senator Cortez Masto for bringing forward this common-sense approach to reducing and mitigating wildfires. Nevada has a rich history of cattle grazing that this legislation utilizes for vegetation management. Delivering affordable electricity that is reliable and resilient is the mission of NREA members. Wildfires pose significant risks to communities and the power grid, preventative tools such as this are key to combatting them. That is why we strongly support this bill.”

David Cochran, Reno Fire Department Chief said, “Managing risk associated with wildfire is a collaborative effort that requires state, local, and federal agencies to work together to ensure the safety of communities in high-risk areas and protect the livelihoods of people who depend on public lands. Senator Cortez Masto’s Strategic Grazing to Reduce Risk of Wildfire Act would create a framework through which local fire departments, like the Reno Fire Department, can work with grazing allotment holders and federal land management agencies to strategically reduce hazardous fuels in areas likely to be affected by wildfire. Strategic grazing is a proven tool in the fight against wildfire and this legislation would help to promote its use.”

Vinson Guthreau, Executive Director of the Nevada Association of Counties said, “The threat of wildfire in Nevada is ever present, and our Counties are on the front lines of responding to those disasters. NACO’s statewide, 17 county membership appreciates this innovative wildfire mitigation approach to prevent fires before they start while also providing grazing opportunities to the agriculture industry which plays a significant role in our state’s economy. We commend Senator Cortez Masto for bringing this beneficial and important legislation forward.”

Martin Paris, Executive Director of the Nevada Cattlemen’s Association said, “Livestock grazing is a proven and cost-effective tool to reduce both the occurrence and severity of wildfires. It helps decrease hazardous fuel loads and prevent the spread of invasive annual grasses. The Nevada Cattlemen’s Association greatly appreciates Senator Cortez Masto for addressing the needs of livestock producers while helping to prevent the devastating impacts of wildfire on rangelands, wildlife, and urban areas alike.”

Kaitlynn Glover, Executive Director of the Public Lands Council and National Cattlemen’s Beef Association Natural Resources said, “Ranchers and researchers alike know that grazing prevents wildfires. Not only is livestock grazing proven to reduce the risk of catastrophic wildfire, but grazing also reduces the intensity and speed of fire if one breaks out. Western ranchers stand ready to be partners with the federal government in reducing catastrophic wildfire, and Senator Cortez Masto’s strategic grazing legislation is welcomed by rural communities across the West that know all too well the threat that wildfire poses.”

Historic drought conditions across the West have led to devastating fires that grow in scale and intensity every year. According to the National Interagency Fire Center, since 2015, wildfires have burned over 75 million acres across the West. In Nevada specifically, 8.8 million acres have burned in the past two decades, threatening people’s safety, homes, and livelihoods. They also pose tremendous risk to wildlife and the landscapes that serve as their habitats.

Pilot programs across the United States, including some in Nevada, have shown that the use of strategic grazing can reduce hazardous fuels and slow the spread of a wildfire. The Strategic Grazing to Reduce the Risk of Wildfire Act directs federal agencies to consider the following in the development of the strategic grazing framework:
- Targeting specific high-risk areas for grazing – especially those near populated areas.
- Using temporary grazing permits to reduce risks caused by annual grasses or invasive grasses like cheatgrass that burn easily and help fires spread more quickly.
- Recommending the use of strategic grazing when providing technical assistance to communities and Tribes undertaking their own wildfire risk management projects.
- Reimbursing States, local governments, Tribes, and local firefighting agencies who use strategic grazing on federal lands in coordination with federal land management agencies.
Read the full bill here.

Senator Cortez Masto has led efforts to support Nevada firefighters and combat the wildfire crisis in the West, securing billions in the Bipartisan Infrastructure Law and the Inflation Reduction Act to support wildfire risk reduction and new firefighting equipment. In November, she visited the burn scar of the Davis Fire and discussed key resources she’s delivered for wildfires fuels reduction in Northern Nevada. She also ensured all federal wildland firefighters – including many working in Nevada – got a significant pay raise in 2023 and helped designate the Sierra and Elko Fronts as Wildfire Crisis Strategy Landscapes for wildfire prevention efforts.
MIL OSI USA News –
June 6, 2025
MIL-OSI USA: At Hearing, Senator Murray Highlights Lack of Transparency from Trump Administration, Presses Nominees on Commitment to Following the Law

US Senate News:

Source: United States Senator for Washington State Patty Murray
*** VIDEO of Senator Murray’s questioning HERE***
Washington, D.C. — Today, at a Senate Health, Education, Labor, and Pensions (HELP) Committee hearing to consider pending education and labor nominations, U.S. Senator Patty Murray (D-WA), a former chair and senior member of the HELP Committee, questioned Deputy Secretary of Education nominee Dr. Penny Schwinn, and Assistant Secretary for the Office for Civil Rights (OCR) nominee Kimberly Richey. Senator Murray pressed Dr. Schwinn on whether she’ll ensure the National Center for Education Statistics (NCES) annual Condition of Education report, which is required by law and is overdue, is finally submitted—and NCES fulfills its requirement to administer the National Assessment of Educational Progress, (NAEP). Senator Murray pressed Ms. Richey on how firing half the staff at OCR could possibly help reduce the 25,000 case backlog.
[PENNY SCHWINN]
Senator Murray began by asking Dr. Schwinn about the Condition of Education report which the Department is required by law to publish: “For nearly 160 years, the federal government has published the Condition of Education report, which is really critical to help us understand how students and schools are doing. But this year, for the first time ever, the National Center for Education Statistics missed its June 1 deadline to publish the report, which is actually required by law. This happened after the Department fired almost all of the National Center for Education Statistics staff and canceled contracts that was needed to complete that work. Now all we have is a bare bones ‘highlight’ document with no explanation to Congress or to the public. And that is really unacceptable—students, families, teachers all deserve to see a full report. And this is not just about one report. NCES is also responsible for administering the National Assessment of Educational Progress, NAEP, which you referred to Dr. Schwinn, also required by law as you know. I have written the Secretary on this issue and not yet received an adequate response. And the Department has not yet provided a promised briefing to me on NAEP. So, Dr. Schwinn I want to ask you, if you’re confirmed, will you ensure that NCES finally, and fully, and promptly produces a complete Condition of Education report, and has the staff that it needs to carry out all of its statutory required duties, including NAEP?”
Dr. Schwinn responded, “If confirmed, I will absolutely ensure that we follow all of the laws that you all have passed and certainly want to reinforce our commitment to NAEP and its full execution.”
“Clearly, the decimation of NCES has compromised its ability to provide the data that we in Congress and the public rely on. So, I hope you will work to see that those cuts are reversed. Cause we can’t afford to fly blind when it comes to knowing how our students and our schools are doing. I look forward to working with you on that,” said Senator Murray.
Senator Murray turned to questioning Ms. Schwinn about the Department’s low rate of review for schools identified as needing additional support, following complaints: “Dr. Schwinn, the bipartisan Every Student Succeeds Act, which we wrote on this committee under Senator Alexander, I helped write that as well with him. It requires states to identify and support their most struggling schools. But according to the GAO now, less than half of the schools that were identified for additional support have compliant improvement plans. The Department has only reviewed three out of five states total so far this year—and with no plans for further oversight. And it’s really hard to imagine that the rate of review improves because of the massive staff cuts we’ve seen across the Department. So, I wanted to ask you what is your proposal to improve the Department’s rate of review—and therefore help our nation’s struggling schools and students?”
“I think the most important thing in your question is to say that there must be a commitment to showing our most struggling schools improve because our students deserve that. If confirmed, one of my top priorities is going to be looking at any of the departments within the Department of Education and ensuring that we know our statutory obligations, certainly to Congress, that we have the most efficient practices in place, and that we meet our obligations. And I look forward to working with you on any of those,” replied Dr. Schwinn.
“Would you commit to publicly reporting the Department’s monitoring findings and state responses, so Congress, and educators, and students, and families can see where struggling schools are?” asked Senator Murray.
Dr. Schwinn answered, “I would certainly want to discuss that with Secretary McMahon, but I would absolutely want to work with your office on that project.”
[KIMBERLY RICHEY]
Senator Murray continued her questioning by addressing the backlog of cases at OCR, “Ms. Richey, do you believe that the staff at OCR are important to protect students’ civil rights?”
“I do Senator,” replied Ms. Richey.
“And do you believe that every complaint must be investigated in a timely way?” asked Senator Murray.
“I do,” responded Ms. Richey.
Senator Murray inquired, “Well, earlier this week, Secretary McMahon, appearing before another committee, told me the current backlog is 2,500 cases. The Department later clarified to me that it is actually 25,000 backlog. This administration has fired more than half of the staff at OCR and President Trump is now asking in his budget to slash that $49 million next year. So, explain to me how those firings and that funding cut will help reduce that backlog? I want to understand how you’re going to square that circle.”
Ms. Richey avoided the question, “As you can imagine, as a nominee I do not have access to information with regard to the decisions that are being made at the Department. I am not in communication with OCR leadership or the Secretary. One of the reasons why this role is so important to me is because I am always going to advocate for OCR to have the resources it needs to do its job. I think that what it means is that I am going to have to be really strategic, if I’m confirmed, stepping into this role, helping come up with a plan where we can address these challenges.”
“I think it’s pretty clear if you have a 25,000 case backlog, and you fire half the staff and cut the budget by 36 percent, it’s going to be pretty hard to get those cases through,” Senator Murray concluded.
A senior member and former chair of the HELP Committee, Senator Murray has championed students and families at every stage of her career—fighting to help ensure every child in America can get a high-quality public education. Among other things, Senator Murray negotiated the bipartisan Every Student Succeeds Act (ESSA), landmark legislation that she got signed into law, replacing the broken No Child Left Behind Act. As a longtime appropriator, she has successfully fought to boost funding to support students and invest in our nation’s K-12 schools, and she has secured significant increases to the Pell Grant so that it goes further for students pursuing a higher education. Senator Murray also successfully negotiated the FAFSA Simplification Act, bipartisan legislation to reform the financial aid application process, simplify the FAFSA form for students and parents, and significantly expand eligibility for federal aid.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Governor Newsom provides eligible homeowners $20,000 through new CalAssist Mortgage Fund for California disaster survivors

Source: US State of California 2

Jun 5, 2025

What you need to know: California is launching the CalAssist Mortgage Fund on June 12, 2025, to provide $105 million in relief offering up to $20,000 to homeowners whose homes were destroyed in recent disasters, including the Los Angeles firestorms.

LOS ANGELES — California is launching the CalAssist Mortgage Fund on June 12, 2025, to provide grants up to $20,000 to homeowners whose homes were destroyed or left uninhabitable in recent fire, floods, and other disasters. This includes those individuals whose homes were destroyed by the LA-area firestorms earlier this year.

“Homeowners whose home was destroyed in a recent fire, flood or other disaster deserve support in their recovery. We know that recovery takes time, and the state is here to support. Today, California is extending this ongoing support to disaster victims in Los Angeles and beyond, by assisting with mortgage payments to relieve financial pressure and stress as families rebuild and recover.”

Governor Gavin Newsom

This new disaster mortgage relief program, managed by the California Housing Finance Agency (CalHFA), will be paired with $25 million in additional housing counseling support through CalHFA’s National Mortgage Settlement Housing Counseling Program, and none of the funds impact the proposed 2025-2026 budget.

The CalAssist Mortgage Fund provides relief for the most vulnerable homeowners whose homes have been destroyed or left uninhabitable as the result of a disaster that received a State of Emergency proclamation by the Governor or a Major Disaster Declaration approved by the President between January 2023 and January 2025, such as the Eaton Fire, Palisades Fire, Park Fire and San Diego floods.

When applications open on June 12, eligible homeowners can apply for grants covering up to three months of mortgage payments, up to $20,000 total.

“When disaster strikes and families lose their homes, every step toward recovery makes a meaningful difference,” said Tomiquia Moss, Secretary of California’s Business, Consumer Services and Housing Agency. “The CalAssist Mortgage Fund will provide more than $100 million in valuable support to help ease the financial pressure survivors face, giving them a little more breathing room as they navigate the challenging path of rebuilding their lives.”

How to access funding

To provide time for affected homeowners to get prepared to apply, application and eligibility information about the CalAssist Mortgage Fund is now available at CalAssistMortgageFund.org. These grants do not have to be repaid and applying to the program is free. Grants will be sent directly to the approved homeowner’s mortgage servicer.

“For communities affected by disasters, the CalAssist Mortgage Fund will provide homeowners with financial assistance that allows them to focus on healing and recovery,” said Rebecca Franklin, Chief Deputy Director at CalHFA. “Hard-working families across the state, from Altadena to Chico, deserve relief as they work to recover from these devastating events.”

Homeowners can call the CalAssist Mortgage Fund for in-depth, one-on-one assistance with preparing and completing their application. Call 800-501-0019 from 8 a.m. – 5 p.m., Monday through Friday. Additionally, homeowners can also access free support and services from HUD-certified housing counseling agencies.

The Governor previously had secured commitments from more than 400 financial institutions, including five major lenders (Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo), to offer homeowners impacted by the L.A. wildfires a 90-day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies or charging late fees.

Fast-tracking rebuilding efforts

Governor Newsom has provided unprecedented support to assist Los Angeles’ recovery from this year’s firestorms. In addition to recently announcing a new AI tool to supercharge the approval of building permits, Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. Additionally, he signed an executive order to cut more red tape and continue streamlining rebuilding, recovery, and relief for survivors. The Governor also issued an executive order removing barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.

Giving survivors a stronger voice in recovery

To help provide the Los Angeles community with a stronger voice in the rebuilding and recovery efforts, Governor Newsom launched Engaged California, a new platform that gives Californians a unique opportunity to share their thoughts and connect with other people on topics that are important to them. It creates new opportunities for Californians to connect with their government to inform and shape policy through honest, respectful discussions. The program was launched in February with the first use case focusing on the impacts of the Los Angeles wildfires.

Press releases, Recent news

Recent news

Jun 4, 2025

News What you need to know: California added a record of nearly 7,000 megawatts of new clean energy capacity in 2024, marking the largest single-year increase in state history and the third consecutive year of unprecedented growth. SACRAMENTO – California has achieved…

Jun 4, 2025

News What you need to know: California leads the nation in strong gun safety laws, correlating with thousands of lives saved. Sacramento, California – Year after year, California is ranked as the #1 state in the country for its strong gun safety laws — along with some…

Jun 4, 2025

News SACRAMENTO – For the second year in a row, California ranks highest on Fortune 500’s list as the state with the most corporations generating the largest revenues. As host to 58 Fortune 500 companies, California leads the nation – followed by Texas with 54 and New…

MIL OSI USA News –

June 6, 2025
MIL-OSI Global: Labubus, Sonny Angels and Smiskis: Are blind toy boxes just child’s play or something more concerning?

Source: The Conversation – Canada – By Eugene Y. Chan, Associate Professor of Marketing, Toronto Metropolitan University

Collectible figurines on display at Pop Mart in Ivano-Frankivsk, Ukraine, on April 29, 2025. (Shutterstock)

If you’ve seen videos of people tearing into tiny toy packages online, or noticed teens obsessing over pastel-coloured figurines at the mall, you’ve probably encountered the global craze for blind box toys.

These small collectibles — usually figures of cartoonish characters — are sold in sealed packaging that hides which specific item is inside. You might get the one you want, or you might not. That uncertainty is part of the thrill.

Unlike traditional toys, these figures are marketed as collectibles. Many are part of themed series, with some designs labelled as “rare” or “secret,” appearing in as few as one in every 144 boxes. This sense of exclusivity fuels repeat purchases and has spawned a resale market where rare figures can command hundreds of dollars.

Popular among children and adults alike, blind box toys have grown into a billion-dollar industry. One of the more popular brands is Pop Mart, a Chinese toy company founded in 2010 known for its collectible designer toys sold in mystery packs.

Gen Z consumers, in particular, have embraced blind box toys both as a nostalgic pastime and as a form of legitimate collecting. The proliferation of unboxing videos on platforms like TikTok and YouTube, where creators open dozens of blind boxes on camera, has added to their appeal.

For many fans, these toys offer more than just cuteness: they also provide suspense, surprise and a rush of dopamine with every box opened. But how did this niche product become a global obsession?

From Tokyo streets to western malls

The origins of blind box toys trace back to East Asia. Capsule toy vending machines called gashapon originated in Japan in the 1960s. By the 1980s, they had become a cultural fixture. These machines dispense small toys in opaque plastic balls, with customers never quite sure which item they’ll receive.

In the early 2010s, Chinese companies like Pop Mart adapted the gashapon model for the mainstream retail space. Instead of vending machines, they began selling artist-designed vinyl toys in blind boxes at dedicated boutiques.

A tourist uses a gashapon machine in Osaka, Japan, in 2024. Gashapon machines are similar to the coin-operated toy vending machines seen outside grocery stores and other retailers in North America.
(Shutterstock)

Pop Mart’s success helped transform the blind box into a mainstream commercial phenomenon. Characters like Molly, Skullpanda and Dimoo became instant hits, combining Japanese kawaii esthetics with western pop art sensibilities.

Pop Mart figures have since developed a cult-like following. Many consumers treat the toys as affordable art objects, displayed in cabinets, on purses or traded online.

Today, blind box retail stores have expanded globally from Asia to Europe and North America. In October 2024, Pop Mart opened its first store in the Midwestern United States, located on Chicago’s Magnificent Mile at The Shops at North Bridge. The store offers exclusive products and taps into the growing demand for collectibles among American consumers.

The psychology behind the mystery

What makes blind box toys so hard to resist?

Their success relies on a psychological principle known as variable-ratio reinforcement — the same reward pattern that makes slot machines so addictive.

You never know exactly when you’ll score the item you’re after, but the possibility that the next box might contain it keeps people coming back. This unpredictability keeps people engaged, especially when the potential reward is framed as rare or valuable.

Cconsumer psychology research also suggests that anticipation plays a major role. Studies show that dopamine, the brain’s reward chemical, spikes not just when we get what we want, but when we anticipate it. The sealed packaging, the suspense of unwrapping and the hope for a rare figure all heighten this effect.

Sonny Angels on display in a store in Shenzhen, China, in March 2019.
(Shutterstock)

For younger collectors, the excitement of “the chase” can foster compulsive buying habits. This effect is amplified by the social influence of watching unboxings online or seeing friends complete their sets, and it becomes a powerful loop.

Even when buyers don’t get the figure they want, the sunk cost fallacy — the feeling that they’ve already invested too much time or money to walk away — keeps them buying more.

The hidden costs of blind boxes

As blind box toys surge in popularity, they have drawn criticism from consumer advocates, psychologists and environmentalists alike.

Some worry that blind boxes normalize gambling-like behaviours, especially among children. The randomness, excitement and promise of rare rewards closely mirror the mechanisms behind loot boxes in video games — another product that has sparked global concern over youth exposure to gambling psychology.

Several countries, including Belgium and the Netherlands, have regulated loot boxes under gambling laws. Blind boxes, though currently unregulated, may be next in line for scrutiny.

Read more:
Blind bags: how toy makers are making a fortune with child gambling

There are also environmental concerns. Many blind box toys come in excessive packaging — plastic wraps, foil bags, cardboard boxes — most of which is discarded immediately. The collectibles themselves are often made of non-recyclable plastics, raising questions about sustainability in an era of rising consumer awareness over waste.

Even among adult fans, some critics question whether blind boxes are designed less to bring joy and more to trigger compulsive consumption. The joy of collecting, they argue, is increasingly overshadowed by the mechanics of engineered desire.

What should we make of the blind box boom?

Blind box toys are not inherently harmful, and for many, they’re a source of fun, nostalgia and self-expression. They also offer an accessible way for consumers to engage with designer art in a collectible, miniature form, as many of them are created by individual artists.

But blind box toys also raise deeper questions about how modern marketing leverages psychological triggers associated with gambling, especially when it comes to children.

As these toys continue to gain traction in the West, it’s worth asking more critical questions, like: are we buying into mystery or are we being sold obsession and compulsion?

The blind box trend reflects broader shifts in how products are marketed, how value is perceived and how consumer behaviour is shaped in a digital, attention-driven economy. Understanding the forces at play may be the first step toward more informed — and perhaps more mindful — collecting.

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

– ref. Labubus, Sonny Angels and Smiskis: Are blind toy boxes just child’s play or something more concerning? – https://theconversation.com/labubus-sonny-angels-and-smiskis-are-blind-toy-boxes-just-childs-play-or-something-more-concerning-257611

MIL OSI – Global Reports –

June 6, 2025
MIL-OSI Europe: Written question – Balanced development clause for islands and mountain areas – E-002132/2025
Source: European Parliament
Question for written answer E-002132/2025
to the Commission
Rule 144
Georgios Aftias (PPE)

The European Union’s borders encompass 4 381 376 square kilometres, from the Aegean to Finland, Ireland, Portugal and Cyprus, with 65 992 kilometres of coastline. Islands are Europe’s natural borders. Covering an enormous area, they need immediate and balanced development as they tackle the effects of climate change, the demographic and housing crisis and illegal migration with limited access to new technologies and means of transport. Decisions must be coordinated and targeted. This makes it essential that we act immediately with the regions to ensure the balanced development of islands and mountainous areas, given that needs are very high.

In view of the above, can the Commission answer the following:

1.Will there be a mandatory provision for islands and mountain areas in the next Multiannual Financial Framework?

2.Will it act effectively to ensure that mountainous and island regions have adequate funding for goods and services?

3.By means of which financial instruments is it helping to strengthen the economic activities of these regions?

Submitted: 28.5.2025
Last updated: 5 June 2025
MIL OSI Europe News –
June 6, 2025
MIL-OSI Europe: Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Source: European Investment Bank

EIB
- EIB’s advisory services to work with Bulgarian government on greening coal-powered Maritsa East Complex
- Goal is to promote clean energy at site where open-pit mines operate
- EIB assistance to extend to Bulgarian efforts to boost EU funding
Bulgaria will receive advisory support from the European Investment Bank (EIB) for greening one of Europe’s largest sites for coal-fired electricity production – the Maritsa East Complex. Both sides today signed an agreement under which the EIB will advise the Bulgarian government as it pursues a plan to decarbonise the Maritsa East Complex, which generates up to 35% of the country’s electricity.

EIB Advisory will work with the Bulgarian Ministry of Energy to ensure the timely development of priority projects promoting renewable energy at the Maritsa East Complex, which has among the largest open-pit coal mines operating in Europe. EIB Advisory will also help to strengthen the Ministry’s capacity to manage complex projects and expand European Union funding.

“Fostering economic and social cohesion is at the heart of the EIB’s mission and we stand ready to support a just transition for the Bulgarian regions most affected by the shift away from mining and carbon-intensive energy production and industrial activities,” said EIB Vice-President Kyriacos Kakouris. “Our approach endeavours to ensure that no people or places are left behind in the transition to a low-carbon and climate-resilient economy and society.”

The burning of coal to produce electricity is major source of the greenhouse gases that cause climate change and cutting emissions at Maritsa East Complex is key for the clean-economy goals of Bulgaria and the EU as a whole.

“Efforts to decarbonise the Maritsa East Complex are key to its sustainable development and to ensuring conditions for competitiveness and growth of the economy and the better well-being of Bulgarians,” said Bulgarian Energy Minister Zhecho Stankov. “We are happy that the government has the EIB as a partner in the process. It is an institution with many years of experience and proven expertise. I am confident that this cooperation will ensure the sustainable long-term operation of the Maritsa East Complex in line with the challenges of the green future.”

The Ministry of Energy, supported by EIB Advisory under a technical assistance accord signed in early 2024, has made substantial progress in defining a strategic pathway for the transition of the Maritsa East Complex.

The assistance included a comprehensive analysis of the state of the complex, an assessment of existing infrastructure and the development of an investor roadmap. These efforts clarified the scope of high-impact projects that can be implemented in the near term to drive Bulgaria’s decarbonisation strategy. Investment priorities by the companies operating in the Maritsa East Complex were also identified, refining the list of strategic projects contributing to the transition efforts.

The EIB provides its advisory support under the European Commission’s InvestEU Advisory Hub to help Bulgaria’s coal-to-clean energy transition.

Background information

About the EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. 

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.   

In addition to financing, the EIB offers advisory services that help public and private partners develop and implement high-quality, investment-ready projects. In 2024 alone, EIB advisory teams helped mobilise over €200 billion of investments across Europe and beyond.

About the InvestEU Advisory Hub

The InvestEU programme provides the EU with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It helps mobilise private investments for the EU’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible.

The InvestEU Advisory Hub is the central entry point for project promoters and intermediaries seeking advisory support and technical assistance related to centrally managed EU investment funds. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners, who work directly together to help projects reach the financing stage.

EIB Advisory provides technical and financial expertise to support the development of sustainable and bankable projects in various sectors. In Bulgaria, EIB experts are assisting public authorities and businesses in preparing infrastructure investments in energy, energy efficiency, healthcare, transport and the environment, improving project planning and enhancing access to funding through tailored services and capacity building.

Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
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Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
©EIB
Download original

Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
Bulgaria to receive EIB support for decarbonising major site for coal-fired power production
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MIL OSI Europe News –
June 6, 2025
MIL-OSI Europe: Written question – Türkiye-gate – E-002081/2025
Source: European Parliament
Question for written answer E-002081/2025/rev.1
to the Commission
Rule 144
Emmanouil Fragkos (ECR)

The EU’s blatant disregard for Türkiye’s violations of international law and the country’s attacks on international peace remains inexplicable for all nations bordering Türkiye. Unfortunately, the methods employed by Türkiye – including by Diyanet, TİKA , TRT and Turkish banks within the EU – for ‘influencing’ EU policies need to be investigated.

Türkiye has been accused on numerous occasions of attempts to exert influence by means of illegal funding and political corruption at international level. In the US, the most recent and blatant example involved the Mayor of New York, Eric Adams. There has been a federal investigation into whether his election campaign in 2021 was illegally financed through persons with ties to the Turkish Government, with the digital devices of his associates also being seized. Furthermore, Michael Flynn, the former national security advisor to the US President, admitted that he had accepted payments to represent Turkish interests, which he had failed to declare as he advocated the extradition of Fethullah Gülen.

Türkiye has tried to exert influence through the unfair and illegal lobbying of diaspora organisations in Germany, the Netherlands and Belgium.

Can the Commission therefore answer the following:

1.Does it consider that the above cases establish a framework of suspicious Turkish conduct at international level, or does it believe that the country has only attempted to influence the US and not the EU, for whatever reason?

2.What steps has it taken and what steps is it planning to take to detect Turkish corruption in the Commission and its bodies and agencies?

Submitted: 22.5.2025
Last updated: 5 June 2025
MIL OSI Europe News –
June 6, 2025
MIL-OSI Europe: Written question – Measures to reduce cancer risk in children and young people – E-002125/2025
Source: European Parliament
Question for written answer E-002125/2025
to the Commission
Rule 144
Victor Negrescu (S&D)

It is estimated that in 2022, over 9 000 children up to the age of 14 were diagnosed with cancer and over 1 600 died from cancer in Europe. Moreover, there is an estimated 20 % gap in childhood cancer survival rates, with eastern European countries facing significant challenges. Discrepancies between EU countries can be seen in access to essential cancer medicines and to clinical trials for children and adolescents, which poses a significant challenge at EU level.

Given the ongoing need to drive change and continue reducing cancer risk in children and young people across the EU:

1.What measures will be included in the multiannual financial framework 2028-2034 to strengthen a robust European Health Union where all children and young people with cancer have equal access to high-quality care, diagnosis and treatment, ensuring the same hope of survival regardless of where they live?

2.Will the Commission maintain the spotlight on childhood cancer within Europe’s Beating Cancer Plan with regard to future EU actions in cancer research and innovation?

Submitted: 27.5.2025
Last updated: 5 June 2025
MIL OSI Europe News –
June 6, 2025
MIL-OSI Europe: EIB Group takes part in International Social Housing Festival in Dublin

Source: European Investment Bank

EIB

This week, a delegation from the European Investment Bank (EIB) Group attended the International Social Housing Festival in Dublin to highlight our support for the housing sector.

The EIB Group’s director for housing, Tanguy Desrousseaux, took part in a fireside chat alongside two housing providers in Ireland, the Housing Finance Association (HFA) and the Approved Housing Bodies (AHB).

The fireside chat focused on the partnership between the HFA and EIB, which has been instrumental in scaling up housing delivery in Ireland, and delved into opportunities for new agreements between the two institutions. Over the past eight years, the EIB has lent €750 million to the HFA, enabling the construction of over 5 000 affordable homes and the energy-efficient renovation of 550 homes.

The EIB Group’s managerial advisor for housing, Gerry Muscat, spoke at panels on “Ensuring Sustainability and Affordability – Challenges and Opportunities for the European Affordable Housing Plan.” and “Financing Affordable Housing in the EU – Opportunities and Challenges in the new European Context.” Meanwhile, Andrea Colantonio, a senior economist, represented the EIB Group in a jury at the European Responsible Housing Awards ceremony and participated in a panel event titled “Guiding Europe Home – The compass for a New Housing Paradigm.”

The conference follows a number of EIB Group housing events confirming its commitment to supporting the housing sector across Europe.

In July 2024, the EIB Group’s newly established Housing Task Force organised a kick-off event in Luxembourg featuring around 300 public and private stakeholders to discuss scaling up financial support for affordable and sustainable housing throughout the EU. The event was followed by technical meetings in Brussels and Milan in the autumn with stakeholders to help shape a pan-European investment platform alongside the Commission.

MIL OSI Europe News –

June 6, 2025
MIL-OSI Video: Opening of the 2025 UN Ocean Conference | United Nations (Nice, France)

Source: United Nations (Video News)

Our Ocean, Our Future, Our Responsibility

– Cultural Event
– Opening segment
– Beginning of the general debate

The high-level 2025 United Nations Conference to Support the Implementation of Sustainable Development Goal 14: Conserve and sustainably use the oceans, seas and marine resources for sustainable development (the 2025 UN Ocean Conference) will be co-hosted by France and Costa Rica and held in Nice, France, from 9 – 13 June 2025.

The overarching theme of the Conference is “Accelerating action and mobilizing all actors to conserve and sustainably use the ocean”. The Conference aims to support further and urgent action to conserve and sustainably use the oceans, seas and marine resources for sustainable development and identify further ways and means to support the implementation of SDG 14. It will build on existing instruments to form successful partnerships towards the swift conclusion and effective implementation of ongoing processes that contribute to the conservation and sustainable use of the ocean.

The Conference will involve all relevant stakeholders, bringing together Governments, the United Nations system, intergovernmental organizations, international financial institutions, other interested international bodies, non-governmental organizations, civil society organizations, academic institutions, the scientific community, the private sector, philanthropic organizations, Indigenous Peoples and local communities and other actors to assess challenges and opportunities relating to, as well as actions taken towards, the implementation of Goal 14.

The Conference will build on the previous UN Ocean Conferences, hosted by Sweden and Fiji in 2017 in New York and by Portugal and Kenya in 2022 in Lisbon.

2025 UN Ocean Conference website: https://sdgs.un.org/conferences/ocean2025

—

Watch the opening of the 2025 UN Ocean Conference in other languages (AR, CH, EN, FR, RU, SP) on the UN Web TV website: https://webtv.un.org/en/asset/k1k/k1kj0sjklh

https://www.youtube.com/watch?v=pWcCtCy8gDM

MIL OSI Video –

June 6, 2025
MIL-OSI USA: Moran Leads Effort to Secure Future of Red River Army Depot

Source: Congressman Nathaniel Moran (R-TX-01)

Congressman Nathaniel Moran (R-TX-01) issued the following statement regarding the future operations of the Red River Army Depot (RRAD).

Washington, D.C. — Today, Congressman Nathaniel Moran (R-TX-01) issued the following statement regarding the future operations of the Red River Army Depot (RRAD). Earlier this week, Congressman Moran led a letter to Secretary of Defense Pete Hegseth detailing the critical role that RRAD plays in military preparedness and the need to continue supporting RRAD operations and personnel. This letter, which was co-signed by 11 other members of the Texas Congressional Delegation, stated in part:

“As Congress works to help fulfill President Trump’s vision of peace through strength, it is critical that we place renewed emphasis on our nation’s maintenance and repair depots that directly support America’s soldiers, sailors, and airmen. For that reason, I strongly urge the Department of Defense to continue operations at Red River Army Depot at full operational capacity—and to actively pursue new mission-critical opportunities that expand its role in our national defense strategy.

RRAD is not only a cornerstone of America’s military logistics capability, it is also a model of cost-efficiency. Unlike many government facilities, RRAD is funded entirely by the workload it receives from military branches and commercial partners—making it self-sufficient, accountable, and agile. It doesn’t waste taxpayer dollars. It maximizes them.

We are actively pursuing conversations with the Department of Defense, the Department of the Army, and Army Chief of Staff General Randy A. George. While we await a formal response to our letter, I remain committed to safeguarding RRAD’s mission and ensuring it remains a key pillar of our national defense infrastructure.

We thank the Department of Defense for its continued dedication to national security and stand ready to work together to strengthen our industrial base, protect the jobs of thousands of skilled Texans, and fulfill our shared mission of peace through strength.”

This week’s letter from Congressman Moran to Secretary Hegseth comes just ahead of the recent visit to Washington, D.C. by representatives from the Texarkana area, who are advocating directly on behalf of RRAD’s mission and future growth. Congressman Moran and his staff have worked closely with these local leaders to support their visit and ensure their voices are heard at the highest levels of the Department of Defense and the U.S. Army.

“We are deeply grateful to Congressman Moran and our congressional delegation for their steadfast leadership and unwavering advocacy on behalf of Red River Army Depot,” said David Orr, Texarkana City Manager. “Their efforts highlight just how essential RRAD is—not only to the strength of our local economy, but to the readiness of our nation’s armed forces. I am proud to stand alongside them in urging continued investment in this world-class facility. Together, we are ensuring that Texarkana remains a vital partner in supporting the brave men and women who defend our freedom.”

Robin Hickerson, President and CEO of the Texarkana USA Regional Chamber of Commerce, added: “Red River Army Depot is a critical part of both our local economy and our national defense. It provides quality jobs for families across the region and plays a key role in supporting our military readiness. Our Chamber of Commerce Military Affairs Committee is honored to visit Washington, D.C., to advocate for the Depot, and we are beyond grateful to Congressman Moran for his unwavering commitment to RRAD and its mission.”

The full letter can be read here.

Background:

Congressman Moran and his colleagues from the Texas Congressional Delegation recently submitted a unified letter to Secretary of Defense Pete Hegseth and other senior officials, stressing RRAD’s strategic value and calling for continued and expanded operations at the site.

Located on 15,375 acres in Northeast Texas and housing over 1,400 buildings with more than 8 million square feet of industrial space, Red River Army Depot is a pivotal asset within the Army’s organic industrial base. As the designated Center of Industrial and Technical Excellence for Tactical Wheeled Vehicles, RRAD provides indispensable repair and remanufacturing support for critical military systems including the Mine Resistant Ambush Protected (MRAP) vehicle, the High Mobility Multipurpose Wheeled Vehicle (HMMWV), and the Bradley Fighting Vehicle.

Beyond the Army, RRAD also delivers support to the Marine Corps, Air Force, and Navy—making it a vital hub of inter-service readiness. Its 3,500-member workforce is lean, experienced, and capable of rapidly scaling operations to meet the evolving needs of our warfighters—having done so during previous combat operations in Iraq and Afghanistan, and now again as it provides assistance to U.S. allies in Israel and Ukraine.

###

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Bergman Fights to Keep Ski and Snowboard Hall of Fame in Ishpeming

Source: United States House of Representatives – Congressman Jack Bergman (MI-1)

This week, Rep. Jack Bergman sent a letter to the Michigan Economic Development Corporation (MEDC) and the Michigan Arts and Culture Council (MACC) admonishing them for their decision to disqualify the National Ski and Snowboard Hall of Fame and Museum in Ishpeming from receiving critical grant funding from the state of Michigan.

The National Ski and Snowboard Hall of Fame and Museum has been a cornerstone of Michigan’s Upper Peninsula tourism economy and a guardian of winter sports history for nearly three-quarters of a century.

In the letter, Rep. Bergman emphasized the cultural and economic importance of the institution, stating, “Located in Ishpeming – the birthplace of organized skiing in America – the Museum has, for nearly 75 years, contributed to the cultural and economic vitality of Michigan through its preservation of our state’s rich snowsports heritage and its promotion of tourism to the Upper Peninsula.”

“The Museum’s 2025–2026 grant application to MACC was recently disqualified due to what appears to have been a minor, unexplainable discrepancy in its Unique Entity Identifier (UEI). Although the Museum’s UEI was copied directly from SAM.gov into the Michigan SmartSimple portal utilized by MACC for this grant, a single character variation occurred in which the letter ‘Z’ was recorded as a ‘2’ – resulting in the UEI being submitted as ‘W1KCYK2JBAH6’ instead of ‘W1KCYKZJBAH6.’ Unfortunately, this discrepancy was not flagged at the time of submission, ultimately leading to the application’s disqualification.”

Rep. Bergman urged both MACC and MEDC to reconsider the application, adding, “Given the unique and irreplaceable role the Museum plays in preserving and promoting Michigan’s snowsports heritage — and the fact that other entities with similar clerical discrepancies reportedly received successful appeals — I urge both MACC and MEDC to reassess the Museum’s application and explore every possible option to provide support. Whether through grant reconsideration, administrative flexibility, or alternate funding sources, a solution must be found.”
You can read the full letter here.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: A Young Old: Remarks at the Third Annual Conference on Emerging Trends in Asset Management

Source: Securities and Exchange Commission

Thank you, Natasha [Vij Greiner]. Good morning and welcome to the Third Annual Conference on Emerging Trends in Asset Management. Before I begin, I must remind you that my views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.

Today’s four panels take us on a tour from the beginning of the ’40 Acts up to the most recent developments in asset management, and on to the developments likely to come in the near future. These panels are in keeping with the asset management industry, which is an iterative one in which new developments are rooted in the old. I am looking forward particularly to hearing from our “Forever Young” panel of former IM Directors who will reminisce on 85 years of the Investment Company and Investment Advisers Acts.

Thinking back to my arrival at the Division of Investment Management as a wide-eyed staff attorney 25 years ago makes me feel anything but young. But happy memories linger from my four years in the Division: Immersing myself in Division history with the well-worn green binder “bibles,” wrestling through current issues in a rulemaking, or imagining the future of asset management through the eyes of the red book. My colleagues, of course, were the highlight of that experience. Paul Roye as Division Director, Hunter Jones as remarkably patient supervisor, Bob Plaze as master rule-drafter, Martha Peterson as consummate mentor, and countless colleagues who only recently left the staff, including: Bill Middlebrooks, Beckie Marquigny, Chris Chow, Penelope Saltzman, Jennifer McHugh, Jennifer Sawin, Janet Grossnickle, and Nadya Roytblat, to name a few. These and other members of the Division staff poured themselves into administering the statutory framework within which the asset management industry has flourished.

Although I am not feeling it personally, the first panel’s “Forever Young” title is an apt reminder that the regulatory framework must retain nimbleness and flexibility even though these characteristics typically wane with age. As the panel embodies, however, the wisdom of the past should guide our exercise of that flexibility. The asset management industry is in the midst of an age of innovation, a topic which will occupy the last three panels. Continued product proliferation, increased retail access to private markets, and tokenization will expand the menu of investment options available to investors. Accompanying that expansion should be education, including the innovative use of new technological tools to educate investors and their financial professionals about innovative product offerings.

For the sake of portfolio diversification, retail investors need access to a broad range of investment opportunities. The breadth of the public markets, where retail investors do most of their investing, has suffered as the number of listed companies has declined,[1] companies wait longer to attempt an IPO, and several large companies dominate the public market indices. The Commission should work on reforming public company regulation to help address this decline. But some asset classes are not fit for the public markets. Accordingly, retail investors and the financial professionals that serve them also are looking for additional diversification in the private markets.

Commission rules and regulations along with Commission staff positions have contributed to keeping retail investors out of the private markets. We should consider how to amend the “accredited investor” definition in the Commission’s rules so that more people are eligible to invest in the private markets. In August 2020, the Commission supplemented slightly the existing net income and wealth categories for qualifying natural persons, a change the Commission admitted was marginal.[2] I would like to see more meaningful expansions as would many retail investors who resent being cut off from an increasingly large segment of the market. The Commission staff can take other steps at once to allow retail investors greater access to private markets. For example, as Chairman Atkins recently noted, since 2002, Commission staff has taken the position that closed-end funds investing 15% or more of their assets in private funds should impose a minimum initial investment requirement of $25,000 and restrict sales to investors that meet the accredited investor standard.[3] Neither the statute nor Commission rules require such limitations. Removing them would allow retail investors greater access to private investments through a closed-end fund wrapper with the benefit of professional management. I support the Chairman’s directive that the staff address this situation, including by ensuring that funds are making adequate disclosure regarding conflicts of interest, illiquidity, and fees for closed-end funds that trade on exchanges. We also should work with fund sponsors that want to experiment with interval funds.

Some retail investors also want to add digital assets to their investment portfolios. Until recently, the Commission mostly stymied their efforts to do so through convenient and cost‑efficient securities products. Some ’40 Act funds afforded investors indirect exposure to crypto assets, but only when pushed by the courts did the Commission greenlight the trading of spot bitcoin (and later spot ether) exchange-traded products under the 1933 Act. The Trading and Markets staff is working diligently through many applications to list a whole range of digital asset ETPs. A standardized approach for such ETPs could ease the burden for the industry and the SEC staff. Asset managers are also creating new products under the ’40 Act. Just as a reminder a fund that invests primarily in spot crypto assets that are not securities cannot register as an investment company under the ’40 Act.

Additional guidance could open the door to enhanced investor choice and increased portfolio diversification for investors. The Commission is working, for example, on providing clarity for investment advisers and investment companies. One area in which there is a lack of clarity is how investment advisers and investment companies can hold digital assets in compliance with the current Commission custody requirements. One issue causing significant uncertainty is whether using state-‑chartered limited purpose trusts as a custodian of crypto assets would be consistent with the custody requirements of the Investment Company Act and Investment Advisers Act, and particularly whether they meet the definition of a bank provided in both Acts. More options for crypto asset custody may be coming following the rescission of Staff Accounting Bulletin No. 121[4] and clarifying statements made by federal banking regulators, including the OCC.[5] I hope that the staff of the Division of Investment Management can clarify how funds and advisers can treat a state trust as a bank with respect to the custody of crypto assets. More permanent clarity about how to apply the custody provisions to digital assets requires a deeper look at whether the custody requirements should continue to be based solely on qualified custodian status rather than on principles and qualitative criteria that may better ensure the safe custody of crypto assets. The Commission also should address questions as to whether registered investment companies may obtain exposure to crypto assets through investments that do not trade on a U.S.-regulated exchange and the tokenization of securities issued by registered investment companies.

The third panel deals with product proliferation, a testament to the creativity of the asset management industry and the flexibility of the governing statutes. The growth in and variety of exchange-traded funds is remarkable. The breadth of offerings serves a wide diversity of investor needs and often does so very cost effectively. Some of these products are complex and not fit for every client portfolio. Some of these products are designed not to be held for more than a day. They are tools for managing risk and volatility, enhancing returns, and limiting loss. If used incorrectly, they can have the opposite effects. The staff of the Commission, which is not a merit regulator, works hard with registrants to get the disclosures right for these products. Given the importance of understanding how these products work, I would like the Commission to consider whether overly conservative regulatory limits on marketing funds serve inadvertently to inhibit educational efforts by fund sponsors for financial professionals and investors.[6]

I look forward to seeing asset managers continue to innovate to serve investor needs. I hope that the SEC will commit itself to apply the many years of experience we have accrued with the flexibility necessary to accommodate innovation by incumbents and new entrants to the industry. May the rest of the conference help you to gain wisdom from industry and regulatory veterans, while staying forever young.

[1] The number of public companies listed on exchanges has fallen from 5,243 in 2004 to 4,862 in 2024, calculated based on Monthly Stock data from Center for Research in Security Prices, LLC (CRSP). As the following paper details, public company counts differ depending on what types of companies they include. See Vladimir Ivanov, Michael Pessin & Albert Sheen, Courts of Reporting Issuers Subject to the Securities Act of 1934 and Public Firms in 2023, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission, at 7 (Apr. 28, 2025), https://www.sec.gov/files/dera-registrant-count-2504.pdf.

[2] The change allowed certain natural persons to qualify as accredited based on defined measures of professional knowledge, experience, or certifications. Accredited Investor Definition, Rel. Nos. 33-10824, 34-89669, 85 Fed. Reg. 64234 (Oct. 9, 2020), https://www.govinfo.gov/content/pkg/FR-2020-10-09/pdf/2020-19189.pdf. The Commission noted that it did not expect the number of newly eligible individual accredited investors to be significant compared to the number of individuals then eligible to participate in private offerings. Id. at 64243.

MIL OSI USA News –

June 6, 2025
MIL-OSI USA: Attorney General Bonta: Copper Wire Theft Leaves Californians in the Dark, We Must Ensure the Lights Stay On
Source: US State of California

LOS ANGELES – As part of a statewide effort to address the surge in copper wire theft and infrastructure vandalism, California Attorney General Rob Bonta today was joined by local law enforcement, business leaders, schools, utilities, and elected officials for a roundtable discussion. California has seen an increase in copper wire thefts throughout the state, which have left neighborhoods in the dark, resulted in telecommunication and utility outages, impacted business and agricultural operations, and threatened public safety. Alongside today’s roundtable, Attorney General Bonta issued a new law enforcement bulletin that summarizes the California statutes related to copper wire theft and laws governing junk dealers’ and recyclers’ obligations to collect and report information on copper transactions.

“My office won’t tolerate anyone vandalizing critical infrastructure and endangering our communities to make a buck off of stolen copper,” said Attorney General Bonta. “While the value of copper remains high, we can expect it will continue to be a target of theft and vandalism, unless we step in now and do something about it. From law enforcement to state and local government, the telecommunications industry to the business community, and advocacy organizations and nonprofits; we all have a role to play in preventing copper theft, securing our infrastructure, and protecting Californians. DOJ stands ready to support local law enforcement and work together to hold perpetrators accountable for their crimes.”

Between June and December 2024, the telecom industry alone reported nearly 6,000 incidents of copper theft and infrastructure vandalism nationwide. Roughly one-third – or 1,805 – of those incidents happened in California. Bad actors steal encased copper cables and cut them into short lengths before burning them to remove the sheathing to reveal the raw copper inside. That copper is then typically sold to scrap metal dealers, some of whom, in periods of high demand, are willing to accept the valuable commodity purportedly without knowing its origin. The ripple effect of each act of vandalism, each cable cut, is massive. From public safety to health care, energy, transportation, financial systems, IT, education, and more, life today can hardly function without the infrastructure behind communications systems.

Copper theft and vandalism causes:
If you notice any suspicious activity, please inform your local law enforcement immediately. It is crucial to report these thefts right away to prevent widespread communication disruptions and potentially save millions of dollars in damages.

A copy of the bulletin can be found here.

MIL OSI USA News –
June 6, 2025
MIL-OSI Security: Director General in Syria to Strengthen Cooperation in Safeguards, Cancer Care and Food Security

Source: International Atomic Energy Agency – IAEA

IAEA Director General Rafael Mariano Grossi meets with the President of Syria, Ahmed Al-Sharaa in Damascus on 4 June 2025. (Photo: D. Candano/IAEA)

The IAEA Director General has been in Syria this week to clarify remaining safeguards issues and support the country’s use of nuclear science and technology in the areas of human health, particularly cancer care and food and agriculture.

Mr Grossi met President Ahmed Al-Sharaa in Damascus on 4 June and recognised “his courage in cooperating with full transparency to close a chapter of Syria’s past that diverted resources necessary for development.”

Mr Grossi added: “With a new government committed to engaging with the international community, we have an opportunity to resolve outstanding issues.”

“Immediate and unrestricted access” to sites relevant for inspections was granted by President Al-Sharaa, and the Director General confirmed that IAEA teams conducted verification activities during his visit.

In his meeting with the Syrian President, Mr Grossi also announced a comprehensive programme to support the country with medical equipment and training for hospitals, as well as help in agriculture and water management. They also explored the possibility of nuclear power in Syria.

Honoured to meet Syrian President Ahmed Al-Sharaa in Damascus. I recognise his courage in cooperating with full transparency to close a chapter of Syria’s past that diverted resources necessary for development. Non-proliferation is peace, and peace enables development. pic.twitter.com/RdR9mp17yc

— Rafael Mariano Grossi (@rafaelmgrossi) June 4, 2025

During his visit, Mr Grossi also met Foreign Minister Asaad Al-Shaibani with whom he signed a Memorandum of Understanding to strengthen cooperation in the areas of food security and cancer control. The IAEA will support Syria with medical equipment and hospital training, as well as with assistance in food and agriculture to enhance food safety and security.

Today in Damascus, I signed an agreement with @syrianmofaex’s Asaad al-Shaibani to benefit the lives of Syria’s people: #Atoms4Food for better agriculture and nutrition & #RaysOfHope for access to cancer diagnosis and treatment.
A forward-looking step for our cooperation. pic.twitter.com/dKafVheQ2V

— Rafael Mariano Grossi (@rafaelmgrossi) June 4, 2025

Advancing Cancer Care

Each year, more than 1400 women in Syria are diagnosed with gynaecological cancer. For many, access to a specialized form of internal radiotherapy called brachytherapy could significantly improve chances of survival.

To help these women receive the treatment they need, the IAEA, through its Rays of Hope Initiative, is working with local medical teams to build Syria’s first fully equipped brachytherapy suite at Al-Biruni Hospital in Damascus. This life-saving facility is being made possible with the financial support of the government of Italy.

“We are supporting the reconstruction of Syria’s radiotherapy, nuclear medicine, and radiology services,” said Mr Grossi. “We’re providing equipment like CT scanners, brachytherapy machines for women’s cancers, and other tools not currently available in the country, and we will train personnel on the ground to use them.”

Atoms4Food

Through cooperation on Atoms4Food, the IAEA and Syria will work together to strengthen food security for the country’s population using nuclear and isotopic applications to improve agricultural practices.

“Food security is, of course, of great importance to Syria, and the IAEA is well positioned to assist,” said Mr Grossi. “Nuclear techniques can make a big difference in areas like crop development, water management, insect sterilization, or pest control. We do this around the world, and now we’re opening a new chapter for Syria and its people.”

Began important visit to Syria. Grateful to Atomic Energy Commission Director General Mudar Alokla for the warm welcome.
Our cooperation is key to closing outstanding issues and focusing on the much needed help @IAEAorg can provide Syria in health and agriculture. pic.twitter.com/ekEvcU0p7N

— Rafael Mariano Grossi (@rafaelmgrossi) June 4, 2025

Technical Cooperation and Capacity Building

Earlier this year, an IAEA expert mission travelled to Syria and carried out assessments on the status of Syria’s Secondary Standards Dosimetry Laboratory (SSDL) to provide recommendations to the Atomic Energy Commission of Syria (AECS) to enhance radiation safety in the country.

National radiotherapy services were also evaluated, and technical input delivered to strengthen clinical practices. Experts from the IAEA’s technical cooperation programme also held a series of technical training sessions and practical workshops on advanced radiotherapy techniques in Damascus.

As agreed yesterday with President Ahmed Al-Sharaa, @IAEAorg teams and I today had immediate and unrestricted access to sites relevant to clarifying Syria’s past nuclear activities.
A critical and transparent step towards resolving outstanding issues. pic.twitter.com/whO73GMLlF

— Rafael Mariano Grossi (@rafaelmgrossi) June 5, 2025

The IAEA will continue to support capacity building through the clinical training of local radiation oncologists, medical physicists and radiotherapy technologists while the brachytherapy machine is on its way to Al-Biruni Hospital.

The IAEA has been delivering support to Syria including medical equipment such as portable and mobile X ray machines, non-destructive testing devices and portable ultrasound units following the devastating earthquake in February 2023.

The mission of Mr Grossi to Syria this week was made possible with logistical support from the Government of Italy.

MIL Security OSI –

June 6, 2025
MIL-OSI: 401(K) Plan Sponsors Expected to Favor Blend Target Date Funds, according to PIMCO Consultant Survey
Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., June 05, 2025 (GLOBE NEWSWIRE) — Nearly two-thirds of institutional consultants and 80 percent of aggregators say they expect plan sponsors to increase their implementation of blend target date funds, retirement asset allocation vehicles that blend active and passive management approaches, according to the 19^th Annual Defined Contribution (DC) Consulting Study conducted by PIMCO, a global leader in active fixed income with expertise across public and private markets.

Institutional consultants and aggregators also said they plan to focus more research and ratings on blend TDFs; while aggregators, in particular, intend to significantly increase their focus on personalized TDFs, advisor managed accounts (AMAs) and dual qualified default investment alternatives, vehicles that start out as traditional TDFs and then transition to a more personalized solution as workers approach retirement.

Additionally, in the next year, roughly half of the consultants surveyed and one-third of the aggregators said they expect sponsors to adopt private market investments within their asset allocation offerings, with private credit as the most likely option.

PIMCO surveyed 35 consultants and advisory firms, who serve over 27,000 clients, as part of the firm’s effort to capture the breadth of views in the industry as well as services available amid rapidly changing demographics of plan participants. Published results were based on responses from firms with more than $8.8 trillion in DC assets under management.

“We have seen the emergence of new themes in our survey as the industry continues to evolve,” said Rene Martel, Managing Director and PIMCO’s Head of Retirement. “This year, blend TDFs and private investments have joined other priorities as plan sponsors broaden their offering to address the diverse needs of their participants.”

Other survey findings:
- Incorporating Collective Investment Trusts (CITs) is the most common priority of sponsors, followed by evaluating both guaranteed and non-guaranteed retirement income strategies.
- The overall number of fund options remains steady, with two-thirds, on average, focused on active management; consultant recommendations have a stronger bias towards active management in fixed income, capital preservation, and inflation mitigation.
- DC plan offerings continue to evolve, with a shift from passive to active fixed income and from active to passive equity; there is also growing adoption of active multi-asset inflation strategies and removal of balanced funds.
- Interest in multi-sector fixed income is increasing due to its potential to help savers accumulate wealth through a broader opportunity set, sector rotation, and potential for higher yield generation, along with aiming to produce consistent income generation to support retirees.
- When evaluating tradeoffs of guaranteed income products, consultants have a strong preference for opt-in solutions that offer fee transparency, liquidity, and immediate income upon annuitization.
A summary of the survey’s key findings can be found here: https://www.pimco.com/us/en/investment-strategies/dc-survey

About the Survey
In its 19th year, the PIMCO US Defined Contribution Consulting Study seeks to help consultants, advisors and plan sponsors understand the breadth of views and consulting services available within the defined contribution (DC) marketplace. Our 2025 study captures data, trends and opinions from 35 consulting and advisory firms who serve over 27,000 clients with aggregate DC assets in excess of $8.85 trillion as of the date survey responses were collected. All responses were collected from January 14 through March 10, 2025.

About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

The survey results contain the opinions of the respondents at the time of the survey and may not reflect current opinions or investment strategies. These results may or may not match the views of PIMCO and are not intended to be reflective of PIMCO’s opinions on the market or any particular investment style or strategy. This material is distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: agnes.crane@pimco.com

The MIL Network –
June 6, 2025