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Category: Economy

  • MIL-OSI: Moomoo Foundation Celebrates 2025 Financial Literacy Month

    Source: GlobeNewswire (MIL-OSI)

    • Partnered with Working in Support of Education (W!se)
    • Continued Campus Tour with Columbia University and New Jersey City University (NJCU)
    • Published Financial Literacy Survey with moomoo’s North America users

    JERSEY CITY, N.J., April 28, 2025 (GLOBE NEWSWIRE) — The intuitive global trading platform moomoo and its Moomoo Foundation with the dedication to boosting financial literacy, are excited to announce its 2025 plan to celebrate the financial literacy month with its North American users and communities worldwide.

    This year, the moomoo foundation is partnering with the New York city-based educational nonprofit Working in Support of Education (W!se) to recognize the 100 Best W!se High Schools Teaching Personal Finance at Touro College in Midtown New York. Moomoo’s US CEO Neil McDonald presented awards to representatives from the 100 highest ranking high schools whose students excelled on W!se’s Financial Literacy Certification Test in the 2023-24 school year. Always held during April -Financial Literacy Month – the 100 best ceremony, is the first and only national ranking award to honor outstanding schools from W!se’s national network whose students performed well on the Test.

    In addition, Moomoo Foundation will host a series of financial literacy seminars across the New York and New Jersey area. Moomoo Technology’s Vice President of Strategy Justin Zacks spoke about stock market fundamentals and equity trading at Columbia University on April 25 and will conduct a seminar at NJCU’s business school on May 2. Working with Columbia’s GCC and NJCU’s Student Development & Community Engagement team, moomoo continues its efforts of bringing financial inclusion to empower individual investors of all kinds, irrespective of ethnicity, age or gender, with the tools they need to make informed investment decisions.

    Zacks said, “we are thrilled to extend our educational mission to the diverse academic audience in the Tri-State Area. These events reflect our long-term mission to inspire financial literacy at an early age and strengthen our community engagement with underserved demographics at every level of learning.”

    To understand investors’ financial health and their personal finance behaviors and habits, moomoo also conducted a quarterly survey with its North American users. As the U.S. markets notched a second consecutive year of over 20% price appreciation. Many retail investors gained a positive return financially, but a new tariff policy and signs of an economic slowdown made some of them concerned.

    The majority of moomoo users are better off than last year and many are able to save a consistent amount some of which is going into stocks. Low income and housing is a headwind for some and is preventing them from saving.

    Moomoo’s users in Canada are closely watching political developments both at home and in the US in order to help them adjust their spending plans.

    For more details, please download the moomoo North America financial literacy whitepaper here.

    About Moomoo Foundation

    Moomoo Foundation is a non-profit initiative launched by Moomoo, an intuitive investment and trading platform dedicated to financial empowerment. The foundation seeks to further Moomoo’s mission by promoting financial literacy, advancing economic equality, and fostering technological innovation.

    Through strategic partnerships and targeted grants, Moomoo Foundation focuses on nurturing fintech startups that share its vision, working to build a more inclusive and forward-thinking financial landscape.

    Our commitment goes beyond traditional philanthropy. At Moomoo Foundation, we are dedicated to establishing a sustainable, long-term approach that ensures our efforts make a lasting impact. We believe in equipping those we support with the knowledge, tools, and resources they need to shape their own financial journey and thrive as active participants in the investment world. For more information, please visit moomoo’s official website at

    https://www.moomoo.com/us/moomoofoundation 

    About the Survey

    The survey included approximately 1200 registered moomoo users in North America (1000 U.S. users, 200 Canada users) from March 14 to March. 23, 2025. The data shown in the survey represents the opinion of those surveyed and may change based on the market and other conditions. The survey results provided herein may not represent other customers’ experience, and there is no guarantee of future performance or success and should also not be construed as investment advice. Experiences may differ than the ones represented here. Investing involves risks regardless of the strategy selected.

    This whitepaper is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Past investment performance does not indicate or guarantee future success. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions.

    We do not provide tax advice and any tax-related information provided is general in nature and should not be considered tax advice. Consult a tax professional regarding your specific tax situation.

    Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., Investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC.

    About moomoo
    Moomoo is a leading global investment and trading platform dedicated to empowering investors with user-friendly tools, data, and insights. Our platform is designed to provide essential information and technology, enabling users to make more-informed investment decisions. With advanced charting tools, pro-level analytical features, moomoo evolves alongside our users, fostering a dynamic community where investors can share, learn, and grow together.

    Founded in the U.S., moomoo operates globally, serving investors in countries such as the US, Singapore, Australia, Japan, Canada and Malaysia. As a subsidiary of a Nasdaq-listed Futu Holdings (FUTU), we take pride in our role as a global strategic partner of the Nasdaq, earning numerous international accolades from renowned industry leaders such as Benzinga and Fintech Breakthrough. Moomoo has also received multiple awards in the US, Singapore, and Australia for its innovative, inclusive approach to investing.

    For more information, please visit moomoo’s official website at www.moomoo.com or feel free to email us: pr@us.moomoo.com.

    Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., Investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC.

    Investing is risky. Securities offered through Moomoo FInancial Inc. Member FINRA/SIPC

    W!se and Nasdaq are independent third parties, not affiliated with Moomoo Financial Inc., Moomoo Technologies Inc., or its affiliates.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5a4ba7f-fa71-4fad-8fb2-6066d1f2c32c

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Fortinet Threat Report Reveals Record Surge in Automated Cyberattacks as Adversaries Weaponize AI and Fresh Techniques

    Source: GlobeNewswire (MIL-OSI)

    FortiGuard Labs 2025 Global Threat Landscape Report highlights a boom in Cybercrime-as-a-Service on the darknet, fueling a lucrative market for credentials, exploits, and access

    SUNNYVALE, Calif., April 28, 2025 (GLOBE NEWSWIRE) —
            
    News Summary

    Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the release of the 2025 Global Threat Landscape Report from FortiGuard Labs. The latest annual report is a snapshot of the active threat landscape and trends from 2024, including a comprehensive analysis across all tactics used in cyberattacks, as outlined in the MITRE ATT&CK framework. The data reveals that threat actors are increasingly harnessing automation, commoditized tools, and AI to systematically erode the traditional advantages held by defenders.

    “Our latest Global Threat Landscape Report makes one thing clear: Cybercriminals are accelerating their efforts, using AI and automation to operate at unprecedented speed and scale,” said Derek Manky, Chief Security Strategist and Global VP Threat Intelligence, Fortinet FortiGuard Labs. “The traditional security playbook is no longer enough. Organizations must shift to a proactive, intelligence-led defense strategy powered by AI, zero trust, and continuous threat exposure management to stay ahead of today’s rapidly evolving threat landscape.”

    Key findings from the latest FortiGuard Labs Global Threat Landscape Report include:

    • Automated scanning hits record highs as attackers shift left to identify exposed targets early. To capitalize on newfound vulnerabilities, cybercriminals are deploying automated scanning at a global scale. Active scanning in cyberspace reached unprecedented levels in 2024, rising by 16.7% worldwide year-over-year, highlighting a sophisticated and massive collection of information on exposed digital infrastructure. FortiGuard Labs observed billions of scans each month, equating to 36,000 scans per second, revealing an intensified focus on mapping exposed services such as SIP and RDP and OT/IoT protocols like Modbus TCP.
    • Darknet marketplaces fuel easy access to neatly packaged exploit kits. In 2024, cybercriminal forums increasingly operated as sophisticated marketplaces for exploit kits, with over 40,000 new vulnerabilities added to the National Vulnerability Database, a 39% rise from 2023. In addition to zero-day vulnerabilities circulating on the darknet, initial access brokers are increasingly offering corporate credentials (20%), RDP access (19%), admin panels (13%), and web shells (12%). Additionally, FortiGuard Labs observed a 500% increase in the past year in logs available from systems compromised by infostealer malware, with 1.7 billion stolen credential records shared in these underground forums.
    • AI-powered cybercrime is scaling rapidly. Threat actors are harnessing AI to enhance phishing realism and evading traditional security controls, making cyberattacks more effective and difficult to detect. Tools like FraudGPT, BlackmailerV3, and ElevenLabs are fueling more scalable, believable, and effective campaigns, without the ethical restrictions of publicly available AI tools.
    • Targeted attacks on critical sectors intensify. Industries such as manufacturing, healthcare, and financial services continue to experience a surge in tailored cyberattacks, with adversaries deploying sector-specific exploitations. In 2024, the most targeted sectors were manufacturing (17%), business services (11%), construction (9%), and retail (9%). Both nation-state actors and Ransomware-as-a-Service (RaaS) operators concentrated their efforts on these verticals, with the United States bearing the brunt of attacks (61%), followed by the United Kingdom (6%) and Canada (5%).
    • Cloud and IoT security risks escalate. Cloud environments continue to be a top target, with adversaries exploiting persistent weaknesses such as open storage buckets, over-permissioned identities, and misconfigured services. In 70% of observed incidents, attackers gained access through logins from unfamiliar geographies, highlighting the critical role of identity monitoring in cloud defense.
    • Credentials are the currency of cybercrime. In 2024, cybercriminals shared over 100 billion compromised records on underground forums, a 42% year-over-year spike, driven largely by the rise of “combo lists” containing stolen usernames, passwords, and email addresses. More than half of darknet posts involved leaked databases, enabling attackers to automate credential-stuffing attacks at scale. Well-known groups like BestCombo, BloddyMery, and ValidMail were the most active cybercriminal groups during this time and continue to lower the barrier to entry by packaging and validating these credentials, fueling a surge in account takeovers, financial fraud, and corporate espionage.

    CISO Takeaway: Strengthening Cyber Defenses Against Emerging Threats
    Fortinet’s Global Threat Landscape Report provides rich details on the latest attacker tactics and techniques while also delivering prescriptive recommendations and actionable insights. Designed to empower CISOs and security teams, the report offers strategies to counter threat actors before they strike, helping organizations stay ahead of emerging cyberthreats.

    This year’s report includes a “CISO Playbook for Adversary Defense” that highlights a few strategic areas to focus on:

    • Shifting from traditional threat detection to continuous threat exposure management: This proactive approach emphasizes continuous attack surface management, real-world emulation of adversary behavior, risk-based remediation prioritization, and automation of detection and defense responses. Utilizing breach and attack simulation (BAS) tools to regularly assess endpoint, network, and cloud defenses against real-world attack scenarios ensures resilience against lateral movement and exploitation.
    • Simulating real-world attacks: Conduct adversary emulation exercises, red and purple teaming, and leverage MITRE ATT&CK to test defenses against threats like ransomware and espionage campaigns.
    • Reducing attack surface exposure: Deploy attack surface management (ASM) tools to detect exposed assets, leaked credentials, and exploitable vulnerabilities while continuously monitoring darknet forums for emerging threats.
    • Prioritizing high-risk vulnerabilities: Focus remediation efforts on vulnerabilities actively discussed by cybercrime groups, leveraging risk-based prioritization frameworks such as EPSS and CVSS for effective patch management.
    • Leveraging dark web intelligence: Monitor darknet marketplaces for emerging ransomware services and track hacktivist coordination efforts to preemptively mitigate threats like DDoS and web defacement attacks.

    Discover how FortiGuard Labs Advisory Services combine cutting-edge technology and expert services to help organizations strengthen their security posture before threats emerge. In the event of an incident, FortiGuard Labs offers swift, effective response and in-depth forensic analysis to minimize impact and prevent future intrusions, delivering comprehensive protection in today’s increasingly volatile digital landscape.

    Additional Resources

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Aktsiaselts Infortar 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval.

    Major events

    Maritime transport

    In the summer, Infortar invested €110 million in acquiring Tallink Grupp (Tallink) shares, increasing its shareholding in Tallink to 68.5%.

    The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totalled 777,000.

    Energy

    Infortar’s subsidiary, Elenger Grupp (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

    In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

    Real estate

    Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics centre in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

    Key figures of financial year

    Key figures 12 months 2024 12 months 2023
    Sales revenue. m€ 1 371.775 1 084.626
    Gross profit. m€ 128.628 149.473
    EBITDA. m€ 145.275 143.283
    EBITDA margin (%) 10.6% 13.2%
    Operating profit. EBIT. m€ 77.024 123.628
    Total profit(-loss). m€1,2 193.670 293.830
    EPS (euros)2 9.36 14.62
    Total equity m€ 1 166.221 820.210
    Total liabilities m€3 1 223.287 441.160
    Net debt m€4 1 055.708 354.045
    Investment loans to EBITDA (ratio)5 3.0x 1.7x

    1.The 2024 financial year total profit includes a one-off revaluation of €94 million, mainly arising from the acquisition of Tallink. The 2023 financial year profit includes a one-off revaluation of €159 million, mainly arising from the acquisition of Gaso.

    2. In the Q4 and 12-month annual results reported on 25 February 2025, the consolidated total profit for the financial year was €173.351 million, and earnings per share (EPS) amounted to €8.46. Adjustments have been made in the audited figures, mainly related to the purchase price allocation of Tallink Grupp, resulting in an increase of €20.319 million in the total profit for the annual year and an increase of earnings per share (EPS) by 0.9 euros.

    3–4. The significant increase in liabilities and net debt is due to the consolidation of Tallink’s loans into Infortar’s financial statements in 2024.

    5. Infortar Group’s investment loans / EBITDA ratio. For 2024 Tallink’s 12-month EBITDA (€265.447 million) has been used for comparability purposes

    Revenue

    2024. financial year, the group´s consolidated sales revenue increased by €287.149 million reaching €1 371.775 million (compared to €1 084.626 million in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

    EBITDA and Segment Reporting

    Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was €175.181 million (compared to €214.528 million in the 2023 financial year). In segment reporting 100% Tallink results are presented.

    Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

    Energy Segment: The EBITDA for the energy segment of the 2024 financial year was €77.235 million (compared to €135.999 million in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

    Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was €13.567 million (compared to €12.39 million in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

    Total Profit

    The consolidated total profit for the 2024 financial year was €193.67 million (compared to €293.83 million in the 2023 financial year). One-off significant impacts included the effects related to the acquisition of Tallink in 2024 and Latvian gas distribution company Gaso in 2023. The consolidated operating profit for the 2024 financial year was €77.024 million (compared to €123.628 million in 2023).

    Investments

    Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biomethane plant next to the farm for local biomethane production. Infortar invested €110 million in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

    Infortar subsidiary Elenger signed a €120 million agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

    Financing

    Loan and lease liabilities amounted to €1 223.287 million in 2024 financial year (compared to €441.16 million in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations.

    Proportionally to the growth in assets, Infortar’s net debt increased by €701.663 million, reaching €1 055.708 million (compared to €354,045 million in 2023 financial year). The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per financial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results.

    Consolidated statement of profit or loss and other comprehensive income

    (in thousands of EUR) 12 months 2024 12 months 2023
    Revenue 1 371 775 1 084 626
    Cost of goods (goods and services) sold -1 243 034 -934 811
    Write-down of receivables -113 -342
    Gross profit 128 628 149 473
    Marketing expenses -21 086 -1 620
    General administrative expenses -50 438 -22 085
    Profit (loss) from biological assets -139 0
    Profit (loss) from the change in the fair value of the investment property -949 -4 074
    Profit (loss) from changes in the fair value of fixed assets -8 691  
    Unsettled gain/loss on derivative financial instruments 26 672 1 969
    Other operating revenue 4 682 2 523
    Other operating expenses -1 655 -2 558
    Operating profit 77 024 123 628
    Profit (loss) from investments accounted for by equity method 22 974 39 639
    Financial income and expenses 13 392 0
    Other financial investments -50 -4
    Interest expense -38 274 -22 573
    Interest income 4 979 2 765
    Profit (loss) from changes in exchange rates 100 -173
    Gain from bargain purchase 93 659 159 158
    Total financial income and expenses 73 806 139 173
    Profit before tax 173 804 302 440
    Corporate income tax 19 866 -8 610
    Profit for the financial year 193 670 293 830
    including:    
    Profit attributable to the owners of the parent company 191 253 293 778
    Profit attributable to non-controlling interest 2 417 52
    Other comprehensive income    
    Items that will not be reclassified to profit or loss    
    Revaluation of post-employment benefit obligations -141 -44
    Items that may be subsequently reclassified to the income statement:    
    Revaluation of risk hedging instruments -45 792 -58 189
    Exchange rate differences attributable to foreign subsidiaries 53 -42
    Total of other comprehensive income -45 880 -58 275
    Total income 147 790 235 555
    including:    
    Comprehensive profit attributable to the owners of the parent company 145 514 235 503
    Comprehensive profit attributable to non-controlling interest 2 417 52
    Ordinary earnings per share (in euros per share) 9,36 14,62
    Diluted earnings per share (in euros per share) 9,12 14,15

    Consolidated statement of financial position

    (in thousands of EUR) 31.12.24 31.12.23
    Current assets    
    Cash and cash equivalents 167 579 87 115
    Short-term derivatives 8 333 28 728
    Settled derivative receivables 676 5 958
    Other prepayments and receivables 155 351 162 575
    Prepaid taxes 3 831 925
    Trade and other receivables 38 517 20 185
    Prepayments for inventories 2 498 3 493
    Inventories 215 914 146 884
    Biological assets 941 0
    Total current assets 593 640 455 863
    Non-current assets    
    Investments to associates 16 603 346 014
    Long-term derivative instruments 3 214 1 125
    Long-term loans and other receivables 35 163 9 072
    Investment property 67 931 176 024
    Property, plant and equipment 1 909 458 446 748
    Intangible assets 38 874 14 366
    Right-of-use assets 47 598 11 300
    Biological assets 2 753 0
    Total non-current assets 2 121 594 1 004 649
    TOTAL ASSETS 2 715 234 1 460 512
         
    (in thousands of EUR) 31.12.24 31.12.23
    Current liabilities    
    Loan liabilities 497 162 184 259
    Rental liabilities 9 020 1 766
    Payables to suppliers 87 941 74 751
    Tax obligations 49 354 32 822
    Buyers’ advances 31 126 3 099
    Settled derivatives 8 728 1 463
    Other current liabilities 63 431 10 851
    Short term derivatives 27 704 3 659
    Total current liabilities 774 466 312 670
    Non-current liabilities    
    Long-term provisions 9 946 8 399
    Deferred taxes 2 816 33 233
    Other long-term liabilities 43 209 30 679
    Long-term derivatives 1 471 186
    Loan-liabilities 676 670 246 410
    Rental liabilities 40 435 8 725
    Total non-current liabilities 774 547 327 632
    TOTAL LIABILITIES 1 549 013 640 302
         
    (in thousands of EUR) 31.12.24 31.12.23
    Equity    
    Share capital 2 117 2 105
    Own shares -72 -95
    Share premium 32 484 29 344
    Reserve capital 212 205
    Option reserve 6 223 3 864
    Hedging reserve* -21 674 24 118
    Unrealised exchange rate differences 45 -39
    Post-employment benefit obligation reserve -185 -44
    Retained earnings from previous periods 890 167 759 918
    Total equity attributable to equity holders of the Parent 909 317 819 376
    Minority interests 256 904 834
    Total equity 1 166 221 820 210
         
    TOTAL LIABILITIES AND EQUITY 2 715 234 1 460 512

    Consolidated statement of cash flows

    Cash flows from operating activities    
    (in thousands of EUR) 12 months
    2024    		 12 months
    2023
    Profit for the financial year 193 670 293 830
    Adjustments:    
    Depreciation, amortisation, and impairment of non-current assets 68 251 19 655
    Change in the fair value of the investment property -22 974 -39 639
    Change in the value of derivatives -1 483 54 122
    Other financial income/expenses -112 030 -161 965
    Calculated interest expenses 38 274 22 573
    Profit/loss from non-current assets sold -955 -91
    Income from grants recognised as revenue -643 784
    Corporate income tax expense -19 866 8 610
    Income tax paid -10 551 -267
    Change in receivables and prepayments related to operating activities 52 023 54 540
    Change in inventories -12 831 -61 914
    Change in payables and prepayments relating to operating activities -81 275 -406
    Change in biological assets -322 0
    Total cash flows from operating activities 89 288 189 832
         
    Cash flows from investing activities    
    Purchases of associates 0 -10 314
    Purchases of subsidiaries -111 684 -103 414
    Received dividends 20 862 0
    Given loans 1 918 6 652
    Interest gain 4 953 2 691
    Purchases Investment property -10 352 -18 304
    Purchases of property, plant and equipment -27 835 -18 143
    Proceeds from sale of property 1 561 -252
    Total cash flows used in investing activities -120 577 -141 084
         
    Cash flows used in financing activities 12 months
    2024    		 12 months
    2023
    Proceeds from targeted financing 225 0
    Changes in overdraft 12 863 14 348
    Proceeds from borrowings 358 731 287 606
    Repayments of borrowings -151 790 -312 846
    Repayment of finance lease liabilities -11 300 -2 233
    Interest paid -39 153 -22 224
    Dividends paid -60 997 -15 750
    Gain from share emission 3 174 29 464
    Total cash flows used in financing activities 111 753 -21 635
         
    TOTAL NET CASH FLOW 80 464 27 113
    Cash at the beginning of the year 87 115 60 002
    Cash at the end of the period 167 579 87 115
    Net (decrease)/increase in cash 80 464 27 113

    The 2024 Annual Report of Aktsiaselts Infortar is attached to this notice and will be made available on the website Reports | Infortar.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    • 2024_majandusaasta aruanne ENG
    • AS Infortar 2024 audit

    The MIL Network –

    April 29, 2025

  • MIL-OSI: GDS Files 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, April 28, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the “SEC”) on April 28, 2025 U.S. Eastern Time.

    The annual report can be accessed on the Company’s investor relations website at investors.gds-services.com and on the SEC’s website at www.sec.gov. The Company will provide hardcopies of the annual report, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to ir@gds-services.com.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    The MIL Network –

    April 29, 2025

  • MIL-OSI: MEXC Announces the Listing of MilkyWay (MILK) with 448,000 MILK and 50,000 USDT Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 28, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces the upcoming listing of MilkyWay (MILK) on April 29, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC is launching a special event with a prize pool of 448,000 MILK and 50,000 USDT for both new and existing users.

    MilkyWay is a next-generation restaking protocol addressing security fragmentation across modular blockchains. As a liquid staking solution within the Celestia ecosystem and the leading restake protocol under Initia, it allows staked assets to secure multiple chains while improving capital efficiency through liquid staking (milkTIA) and AVS integration. It is currently integrated with over 10 DeFi protocols, including Osmosis, Levana, and Mars, offering users services such as trading, leverage, lending, and yield farming.MilkyWay’s TVL currently reaches $190 million.

    $MILK is the governance token of the MilkyWay ecosystem. Holders can stake to support network security, vote on proposals, and earn rewards through staking, liquidity incentives, and ecosystem growth. 10% of the total supply is airdropped to Celestia TIA stakers as a tribute to early supporters.

    To celebrate the listing, MEXC will launch an Airdrop+ event from April 28, 2025, 13:00 to May 8, 2025, 10:00 (UTC). The event includes the following benefits:
    Benefit 1: Deposit and share 336,000 MILK (New user exclusive)
    Benefit 2: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)
    Benefit 3: Invite new users and share 112,000 MILK (For all users)

    The listing of MilkyWay (MILK) is just the latest example of MEXC’s dedication to bringing the most innovative and timely assets to its platform. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

    For full event details and participation rules, visit here.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73192371-340b-4487-b735-2023126ae5f7

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Champion Safe Company Wraps Up a Strong Showing at the 154th NRA Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    PROVO, UT, April 28, 2025 (GLOBE NEWSWIRE) — Champion Safe Company, a leading manufacturer of premium safes and wholly-owned subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB), America’s Patriotic Brand (americanrebel.com), is proud to announce a strong and successful presence at the 154th NRA Annual Meetings & Exhibits held this past weekend in Atlanta, Georgia. Champion’s booth saw steady traffic and enthusiastic interest from NRA members passionate about protecting their firearms, their families, and their Second Amendment rights.

    “Our team was energized by the incredible passion and patriotism of the NRA members we met in Atlanta,” said Tom Mihalek, CEO of Champion Safe Company. “It’s clear that Champion’s commitment to building safes with American-made steel and uncompromising strength really resonates with people who care deeply about freedom and security.”

    Throughout the event, attendees explored Champion’s full lineup of gun safes and vault doors, drawn to the company’s reputation for superior strength, fire protection, and craftsmanship. Many took advantage of show specials, and the strong interest in Champion products led to a significant boost to the brand during the weekend.

    “The NRA Annual Meeting is a reminder of why we do what we do,” Mihalek added. “Champion safes are built to protect the rights, values, and possessions that matter most to Americans.”

    Champion Safe Company extends its thanks to the NRA, the City of Atlanta, The Atlanta Safe House and the thousands of attendees who made the 154th Annual Meeting a tremendous success.

    For more information about Champion Safe, visit championsafe.com.

    About Champion Safe Company

    Champion Safe Company has been at the forefront of safe manufacturing for over 25 years, offering a range of high-quality safes designed for ultimate security and fire protection. With a commitment to craftsmanship and innovation, Champion Safes are trusted by homeowners, gun owners, and businesses across the nation.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebel.com/investor-relations.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of the meeting, actual effect of the meeting on sales, margin and profit growth, our ability to effectively execute our business plan, and the Risk Factors contained within AREB’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023 and Form 10-Q for the nine months ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact:
    ir@americanrebel.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI Global: Italy’s Meloni is positioning herself as bridge between EU and Trump – but will it work?

    Source: The Conversation – Global Perspectives – By Julia Khrebtan-Hörhager, Associate Professor of Critical Cultural & International Studies, Colorado State University

    Italy Prime Minister Giorgia Meloni looks to thread a divide. Brendan Smialowski/AFP via Getty Images

    Italian Prime Minister Giorgia Meloni recently became the first European leader to visit the United States after President Donald Trump announced a new tariff regime on trading partners, including a 20% levy on imports from the European Union.

    While those tariffs are currently on hold, the ongoing threat of them being enacted provided a telling backdrop for Meloni’s mid-April 2025 visit.

    Controversial and often perceived by critics as calculating, Meloni has walked a tightrope between European Union solidarity and embracing far-right causes since becoming Italy’s prime minister in 2022. She was the only European leader to attend Trump’s inauguration in January 2025 and counts tech titan Elon Musk among her allies.

    In many ways, Meloni reflects Europe’s own identity crisis: a regional power with global ambition. Italy, after all, was a founding pillar of the European Union, hosting the signing of the Treaties of Rome in 1957 establishing the European common market. Yet, for decades, Italy has often stood just outside the core of EU influence, overshadowed by the Franco-German partnership.

    Still, when the moment is right, Italy knows how to wield its leverage, especially as a bridge between clashing camps in Brussels.

    In Washington, Meloni made her pitch to Trump: a tighter ideological alliance over shared disdain for “woke” politics, diversity, equity and inclusion agendas, and lax immigration. She offered a sweetener – more Italian investment in the U.S. as a sop to the transatlantic trade dispute. But she also reiterated her and the EU’s support for Ukraine, a direct contrast to Trump’s skepticism to continued U.S. support in Ukraine’s conflict with Russia.

    In so doing, Meloni has cast herself as someone who can serve both Brussels and Washington without burning bridges on either side. The gamble? That balancing act could backfire. Trump’s demands over trade and increased defense spending by NATO countries force Meloni to choose between appeasing Washington or staying in line with EU norms. Her overtures to Trump risk alienating key European allies who are wary of his disruptive politics.

    In trying to play both sides, she could end up isolated from both – undermining Italy’s credibility and influence on the world stage.

    Italy was a founder member of the European Union, but it is often a third wheel behind Germany and France.
    Simona Granati/Corbis/Corbis via Getty Images

    Meloni as a bridge

    The story of modern Italy has been one of playing off sides.

    During the Cold War, Italy walked a fine line between NATO commitments and accommodating a powerful domestic Communist Party.

    Italy was regularly governed by a series of often fraught center-right coalitions that were forced to navigate fractious politics and quid pro quo political violence between the far right and far left. The center-right Christian Democrats that dominated this period married conservatism at home with a strong pro-European outlook.

    In the first decades after the Cold War ended, Italy continued to carve out its own lane – pushing for leniency on issues like immigration and fiscal rules. The period saw Italy oscillate between pro-European integration and bouts of euroscepticism, with successive governments frequently challenging Brussels over budgetary constraints or border management.

    Meloni’s own rise is deeply rooted in the post-2015 tensions, when Italy – overwhelmed by the Mediterranean migrant crisis – felt abandoned by its European partners. Her party’s hard-line stance on immigration capitalized on public frustration. While she now presents herself as firmly pro-EU, it’s a version of Europe that aligns with her own vision: more secure borders, stronger national sovereignty and less technocratic interference.

    Ironically, as the bloc itself drifts rightward on migration, Meloni’s positions no longer seem so fringe – perhaps allowing her to embrace the EU pragmatically, even as she critiques it ideologically. Meloni’s own background and rise reflect this ambiguity and duality. Emerging from a political movement with fascist roots, she now presents herself as a passionate Europeanist and pacifist while maintaining right-wing positions on immigration and cultural issues.

    Meloni has governed in that fashion: cultivating ties with conservative heavyweights like Trump and right-wing European leaders, pushing back against Brussels on contentious policy issues, but also remaining firmly committed to the European project when it suits her. Especially when the economy is at stake.

    Meloni as pragmatic European

    Meloni’s strongly nationalist rhetoric and right-wing cultural views might appear at odds with the EU’s purpose, but her approach to the continent is highly pragmatic.

    While she regularly critiques EU bureaucracy at home, her government remains the largest recipient of EU recovery funds, securing €191.5 billion (US$218 billion) from the EU’s post-COVID recovery plan program. That critical cash infusion for an aging country with persistently sluggish growth comes with a commitment to enact a series of stringent fiscal reforms and austerity measures by 2026. In addition, Italy continues to benefit from long-standing cohesion and structural funds, particularly the economically struggling south,.

    Meanwhile, Meloni’s support for Ukraine helps her stand apart from pro-Russia voices in her coalition and strengthens Italy’s standing with NATO and the EU. It’s another strategic move that boosts her credibility both at home and abroad. Far from being a fringe player, Italy under Meloni is central to the EU’s narrative of unity, solidarity and survival.

    A spaghetti Western alliance?

    While Meloni reconciles her nationalist views vis-a-vis the supranationalist EU, she has also prioritized selling her idea of Italy on a bilateral basis.

    That has largely focused on a shrewd charm offensive in the U.S., particularly since the return of Trump, whose right-wing administration provides any easy fit for Meloni. She has attempted to play both Trump and Musk to Italy’s advantage, leveraging Rome’s geopolitical position to secure economic agreements and ease tensions wrought by Trump tariffs, which Meloni called “wrong.”

    Trump has been quick to praise her stance against “anti-woke” politics, while Meloni promises to help resolve trade issues and boost U.S. gas imports, all while keeping Italy at the forefront of negotiations. With Musk, she has attempted to position Italy as a key partner in tech and energy, navigating the global game with both finesse and ambition.

    Italy runs a substantial trade surplus with the U.S. and underspends on NATO defense – two things that typically trigger Trump’s criticism. Yet with Meloni, Trump has been full of admiration: “She’s taken Europe by storm,” he said in April, agreeing during their last meeting to meet again in Rome in the near future.

    Italian Prime Minister Giorgia Meloni, left, has expressed solidarity with Ukrainian President Volodymyr Zelenskyy.
    Thierry Monasse/Getty Images

    Meloni’s diplomatic ambitions extend beyond the U.S., including making moves in the Middle East, particularly with Saudi Arabia. By promoting Italy as a gateway to Europe, she is securing key investments in energy and infrastructure, while boosting Italian exports and increasing her diplomatic leverage. The fact that many in Europe, and indeed Italy, eye such overtures toward Saudi money with distaste, appears neither here nor there. After all, in Italy there has long been an attitude among leaders that “money does not smell” – or “pecunia non olet” as the locals say – a phrase that by legend was uttered by Emperor Vespasian while slapping a tax on public urinals.

    Will all roads lead to Rome?

    While Meloni’s approach of casting Italy as a bridge between the U.S. and Europe may yield some short-term diplomatic gains, it’s nonetheless a delicate path fraught with risk. Cozying up to Washington under Trump, whose policies – especially on trade – have engendered widespread outrage in Europe, risks ruffling feathers in Brussels. Indeed, while Trump praised Meloni’s leadership, and both sides talked trade with no urgency on tariffs, Europe watched warily.

    Trying to navigate between Trump’s protectionist leanings and the EU’s collective trade stance could leave Meloni unable to satisfy either side. Should Trump push for concessions – like shrinking Italy’s trade surplus with the U.S. or increasing defense spending – Meloni may find herself at odds with EU standards and alienating European partners. But leaning too far into EU alignment – and the bloc’s commitment to Ukraine – risks souring her ties with Trump’s camp, potentially weakening her influence across the Atlantic.

    In trying to please both Washington and Brussels, Meloni could end up with enemies on both fronts – and very few wins to show for it.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Italy’s Meloni is positioning herself as bridge between EU and Trump – but will it work? – https://theconversation.com/italys-meloni-is-positioning-herself-as-bridge-between-eu-and-trump-but-will-it-work-254955

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI Global: Oshikatsu, the fandom phenomenon Japan hopes can boost its flagging economy

    Source: The Conversation – Global Perspectives – By Fabio Gygi, Senior Lecturer in Anthropology, SOAS, University of London

    Posters in Tokyo’s enormous Shinjuku railway station are normally used for advertising commodities like cosmetics and food, as well as new films. But occasionally you may happen across a poster with a birthday message and a picture of a young man, often from a boy band and typically with impeccable looks.

    These posters are created by specialised advertising companies and are paid for by adoring fans. They are part of a phenomenon called oshikatsu, a term coined in recent years that is made from the Japanese words for “push” and “activity”.

    Oshikatsu refers to the efforts fans engage in to support their favourite oshi, which can mean an entertainer, an anime or manga character, or a group they admire and want to “push”.

    A considerable part of this support is economic in nature. Fans attend events and concerts, or buy merchandise such as CDs, posters and other collectables. Other forms of oshikatsu are meant to spread the fame of their idol by sharing content about their oshi, engaging in social media campaigns, and writing fan fiction or drawing fan art.

    A birthday message for Kogun, a South Korean singer trying to make it in Japan, in 2022.
    Fabio Gygi, CC BY-NC-ND

    Oshikatsu developed out of the desire of fans to have a closer link to their idols. The combination of oshi and katsu first appeared on social media networks in 2016 and became widespread as a hashtag on Twitter in 2018. In 2021, oshikatsu was nominated as a candidate for Japan’s word of the year, a sign that its use had become mainstream.

    Now, it has appeared on the radar of corporate Japan. The reason for this is a burst of inflation in recent years, caused by pandemic supply chain disruption and geopolitical shocks, that has caused Japanese consumers to reduce their spending.

    However, with wages set to rise again for the third time in three years, the government is cautiously optimistic that economic growth can be rekindled through consumer-driven spending. Entertainment and media companies are looking to oshikatsu as a potential driver of this, although it is unclear whether the upcoming pay hikes will be sufficient.

    A widespread phenomenon

    Contrary to popular perception, oshikatsu is no longer the purview solely of subcultures or young people. It has made inroads with older age groups in Japan as well.

    According to a 2024 survey by Japanese marketing research company Harumeku, 46% of women aged in their 50s have an oshi that they support financially. Older generations tend to have more money to spend, especially after their own children have finished education.

    Oshikatsu also signifies an interesting reversal in terms of gender. While husbands in the traditional Japanese household are still expected to be breadwinners, in oshikatsu it is more often women who financially support young men.

    How much fans spend on their oshi depends. According to a recent survey by Japanese marketing company CDG and Oshicoco, an advertising agency specialising in oshikatsu, the average amount fans spend on activities related to their oshis is 250,000 yen (about £1,300) annually.

    This contributes an estimated 3.5 trillion yen (£18.8 billion) to the Japanese economy each year, and accounts for 2.1% of Japan’s total annual retail sales.

    Oshikatsu will drive up consumer spending. But I doubt it will have the impact on the Japanese economy that the authorities are hoping for. For the younger fans, the danger is that government approval will kill any kind of cool clout, making oshikatsu less appealing to these people in the long run.

    And if you support an oshi who has not yet made it, you may have a stronger sense that your support matters. Hence some of the spending will go directly to individuals, rather than to established corporate superstars. But it’s also possible that struggling young oshis may spend more of this money than established celebrities.

    Japan hopes that fandom can help revitalise its economy.
    amri48 / Shutterstock

    The international press is focusing either on the economic side of oshikatsu, or on the quirkiness of “obsessive” fans who get second jobs to support their oshi and mothers spending large sums on a man half their age. But what such coverage misses is the slow yet profound societal transformation that oshikatsu is a sign of.

    Research from 2022 on people engaging in oshikatsu makes clear that “fan activities” address a deep wish for connection, validation and belonging. While this could be satisfied by friendship or an intimate partnership, an increasing number of Japanese young adults feel that such relationships are “bothersome”.

    Young men are leading in this category, especially those who do not work as white-collar corporate workers with relatively stable jobs, the so-called salarymen. Many who work part time or in blue-collar jobs are finding it difficult to imagine a future in which they have families.

    The tertiary sector is thus changing to accommodate an increasing number of services that turn intangible things such as friendship, companionship and escapist romance fantasies into paid-for services.

    From non-sexual cuddling to renting a friend for the day or going on a date with a cross-dressing escort, temporary respite from loneliness can be sought on a per-hour basis. As a result, human connection itself is becoming something that can be consumed for a fee.

    On the other hand, sharing oshikatsu activities can create new friendships. Fans coming together to worship their idols collectively is a powerful way of creating new communities. It remains to be seen how these shifts in the way people relate to each other will shape the future of Japan’s economy and society.

    Fabio Gygi 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. Oshikatsu, the fandom phenomenon Japan hopes can boost its flagging economy – https://theconversation.com/oshikatsu-the-fandom-phenomenon-japan-hopes-can-boost-its-flagging-economy-253853

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI United Kingdom: From concept to commercialisation: Defence Innovation Loans are open

    Source: United Kingdom – Government Statements

    News story

    From concept to commercialisation: Defence Innovation Loans are open

    Aimed at SMEs, DASA’s Defence Innovation Loans are designed to bridge the gap between product development and commercialisation.

    The Defence and Security Accelerator (DASA) supported by Innovate UK Loans Ltd (Innovate UK) are working together to offer Defence Innovation Loans.

    This service provides an opportunity for single small and medium-sized enterprises (SMEs) with solutions to Defence themed problems to apply for a Defence Innovation Loan of between £100,000 and £1 million with a below market interest rate of 7.4% per annum. This loan can be used to cover up to 100% of eligible project costs to aid the commercialisation of the solution.

    Interested in a loan to boost your small business? Read the competition document here.

    Background

    Defence Innovation Loans were first introduced in June 2021 as a mechanism to help smaller organisations “build the business behind the innovation”. Since then, 8 companies have successfully secured a total of £6 million. Nearly all of these companies have gone on to secure further private investment worth a total of £16.9 million, creating 54 new jobs in defence innovation across the UK.

    Success Stories

    VRAI secured a Defence Innovation Loan to help commercialise their data capture and analysis technology. The technology, tested with the RAF, enabled trainers to assess and develop individualised training programmes for trainee pilots.

    Niall Campion, Founder of VRAI said: “Without DASA funding it would have been impossible for us to bring this product into the UK defence supply chain. By providing working capital while we demonstrate the value of the product in the defence industry, the Defence Innovation Loan will help us grow our business and deliver measurable improvements to training across defence and other simulation markets.”

    QUICKBLOCK, which develops lightweight, rapid assembly building blocks for force protection secured a Defence Innovation Loan, which amongst other things, has helped them to move their supplier base to Yorkshire, bolstering their supply chain and avoiding the recent shipping disruption in the Red Sea.

    QUICKBLOCK CEO, Andrew Vincent said:
    “We are incredibly grateful for the support from DASA. The project rapidly accelerated the development of our product for the Defence market and allowed us access to end-users that we would otherwise not have had.”

    Silicon Microgravity are using their Defence Innovation Loan to further develop their underground detection technology ready for trials in 2024. They are also using the money to help commercialise their product for security, border control, defence and civil engineering markets.

    Francis Neill, CEO of Silicon Microgravity said: “DASA have been absolutely fundamental in helping to get Silicon Microgravity to the stage where we will shortly be commercialising what is becoming recognised as world-leading technology in gravity sensing and inertial navigation.”

    Eligibility

    To take on a Defence Innovation Loan for a project you must:

    • be a UK registered SME
    • intend to exploit the results in the UK or overseas to make a significant and positive impact on the UK economy and / or productivity
    • give evidence that your business is suitable to take on a loan.
    • Only SMEs are eligible to apply for Defence Innovation Loans; individuals, academic institutions, research organisations and large companies are not eligible. Only single businesses can receive innovation loans, so joint applications with other organisations cannot be funded in this competition (subcontractors are allowed, see further details below). For more information on company sizes, please refer to the company accounts guidance (this is a change from the EU definition unless you are applying under State Aid).
    • Innovations must be fairly mature at TRL 6 and above to ensure that the solution can be commercialised within the time scale of the innovation loan. Applications must clearly evidence a Defence need for the innovative solution.

    Read the key competition information here.

    When can I apply?

    Now! The DIL FY25/26 Cycle 1 opened on 18 March and won’t close until 13 May, when Cycle 2 will open. To find the full schedule of cycles and dates head to this link.

    Queries

    We have made every effort to provide as much information as possible to ensure you have a full understanding of the Defence Innovation Loans that we offer. Please do read through the comprehensive competition document for full details. If you still have questions don’t hesitate to get in touch with our helpful team. Please see Points of Contact.

    Defence Innovation Loans, all you need to know.

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    Updates to this page

    Published 28 April 2025

    MIL OSI United Kingdom –

    April 29, 2025

  • MIL-OSI Global: Trump administration’s attempt to nix the labor rights of thousands of federal workers on ‘national security’ grounds furthers the GOP’s long-held anti-union agenda

    Source: The Conversation – USA – By Bob Bussel, Professor Emeritus of History and Labor Education, University of Oregon

    Airline passengers wait at a Transportation Security Administration checkpoint before boarding to flights in Denver in 2022. Patrick T. Fallon/AFP via Getty Images

    As the Trump administration seeks to shrink the federal workforce, slash nonmilitary spending and curb opposition to its policies, it is taking steps beyond the firing and furloughing of thousands of government workers.

    The government is also trying to strip hundreds of thousands of federal employees of their right to bargain collectively and have a voice in their conditions of employment.

    Citing “national security” concerns, President Donald Trump issued an executive order on March 27, 2025, that canceled collective bargaining agreements at more than 30 federal agencies, commissions and programs, including the Department of Veterans Affairs, the Environmental Protection Agency, the National Science Foundation and the Food and Drug Administration. A judge temporarily blocked the order’s enforcement on April 25.

    Over three decades of researching American unions, I’ve never witnessed such a sweeping assault on collective bargaining rights, which give workers represented by unions the ability to negotiate with employers about the terms of their employment.

    But advocates of strong labor rights should have known what might be in store given the labor policies recommended by the Heritage Foundation’s Project 2025. That document, which Trump disavowed on the campaign trail in 2024 but has embraced in practice during his second term, questions whether public-sector unions should exist at all.

    Keeping Americans ‘safe’

    The Trump administration’s broad attack on federal workers’ rights arrived less than three weeks after an earlier, similar action by Department of Homeland Security Secretary Kristi Noem.

    On March 7, Noem announced that the government was scrapping collective bargaining rights for all Transportation Security Administration workers, eliminating a 2024 agreement. She cited what she called an “irreconcilable conflict” between union representation for those 47,000 federal workers and national security.

    Only a “flexible, at-will” workforce can possess the “organizational agility” needed to “safeguard our transportation systems and keep Americans safe,” she said. Employers may fire “at-will” workers at their discretion with few limitations.

    Noem’s claim that unions and national security aren’t compatible strikes me as disingenuous.

    Unionized workforces have displayed in recent history both patriotism and dedication in their efforts to keep Americans safe. Unionized firefighters, police officers and other first responders rushed to the World Trade Center attempting to rescue those trapped inside on 9/11, for example.

    Similarly, many unionized public-sector workers risked their health during the toxic cleanup that followed the terrorist attacks.

    It is also worth noting that veterans comprise approximately 30% of the federal workforce. Their history of military service attests, I would argue, to their clear record of demonstrating loyalty and patriotism.

    To my eye, the argument that federal workers belonging to unions compromises national security appears to be more rooted in ideology than evidence.

    Demonstrators rally in support of federal workers outside the Department of Health and Human Services on Feb. 14, 2025, in Washington.
    AP Photo/Mark Schiefelbein

    TSA as a case study

    The TSA emerged as part of President George W. Bush’s administration’s response to the 9/11 attacks in 2001; it designated newly hired airport security officers as federal employees.

    At the time, Bush insisted that TSA security officers should not belong to a union. He invoked national security concerns, arguing that union representation would undercut the “culture of urgency” needed to wage the “war on terrorism.”

    TSA employees finally gained collective bargaining rights during the Obama administration when they joined the American Federation of Government Employees in 2011.

    But after joining a union, TSA workers were still paid less than most federal employees. And they still couldn’t appeal disciplinary cases outside of TSA’s authority to the external board used by other federal employees that they viewed as more impartial.

    However, in recent years, TSA workers have obtained wage increases and stronger rights of appeal, along with other advances contained in a 2024
    collective bargaining agreement that the American Federation of Government Employees described as “groundbreaking.” These gains included uniform allowances, greater input on safety concerns and a pledge to examine expanded child care options.

    Now, the union has sued Noem, another Trump administration official and the TSA itself to block the administration’s rollback of these workers’ rights and protect their 2024 contract.

    JFK empowered federal workers

    Federal employees had historically organized unions to advocate and lobby for their interests.

    However, these unions lacked the formal ability to negotiate with the federal government in a collective bargaining process where, as labor scholar Robert Repas has explained, “decisions are made jointly, rather than unilaterally,” or ultimately at managerial discretion.

    Their members did not gain collective bargaining rights until 1962 when President John F. Kennedy issued an executive order making that possible. Kennedy’s action reflected the view that government employees should not be denied basic union rights enjoyed by their private sector counterparts.

    Acknowledging concerns that union rights might limit the ability to exercise centralized command and control, Kennedy’s directive exempted the FBI, CIA and other agencies charged with national security functions from collective bargaining.

    Federal employees covered by the 1962 executive order were also barred from striking. They could not negotiate over wages and benefits; power to make these decisions remained in the hands of Congress.

    In 1978, Congress passed the Civil Service Reform Act, which expanded the right of federal employees to collectively bargain for better working conditions, which its authors said were “in the public interest.” This law created an authority to oversee federal labor relations and established an appeals board to adjudicate worker grievances.

    Although federal employees did not enjoy as many rights as most union members in the private sector, they did gain a stronger voice in determining their working conditions and accessing grievance procedures to address workplace issues and concerns.

    Reagan and the air traffic controllers union

    Three years later, however, President Ronald Reagan fired over 11,000 air traffic controllers who had gone on strike, even though they lacked the right to do so. The Federal Labor Relations Authority subsequently decertified their union, the Professional Air Traffic Controllers Organization – known as PATCO.

    The strike’s failure seriously diminished the economic and political leverage of all U.S. unions for years. Membership in private-sector unions has declined sharply, while public-sector union membership remained relatively stable at about 1 in 3 workers. Overall, just under 10% of U.S. workers belonged to a union in 2024.

    Besides seriously diminishing the labor movement’s power and influence, the PATCO strike also had important political consequences. In his book about this labor dispute, historian Joseph McCartin wrote that crushing the PATCO strike led the Republican Party “in the direction of an unambiguous antiunionism” and a heightened antipathy toward unions in the public sector.

    Members of PATCO, the air traffic controllers union, hold hands and raise their arms during a strike in 1981.
    Bettmann/Getty Images

    Long-term goal

    The White House’s attack on federal unions represents an attempt to fulfill a longtime ambition of conservative activists.

    Executive orders, which can be rescinded by any president, lack the power of laws.

    But Sens. Mike Lee of Utah and Marsha Blackburn of Tennessee, both Republicans, introduced a bill in March that would enshrine Trump’s executive order in law. If that bill were to become law, it would “end federal labor unions and immediately terminate their collective bargaining agreements,” Lee and Blackburn have said.

    Meanwhile, eight House Republicans have asked the president to reverse course on collective bargaining rights, as have all House Democrats. A bipartisan group of senators has made a similar request.

    As the courts make their determinations and political opposition gathers, the American public has, I believe, an important question to answer. Is the spirit of the Civil Service Reform Act of 1978 – that “labor organizations and collective bargaining in the civil service are in the public interest” – worth upholding?

    This question warrants careful consideration and scrutiny. How the courts, Congress and the public respond will have enormous consequences for federal workers and the future of the union movement and the state of American democracy.

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

    – ref. Trump administration’s attempt to nix the labor rights of thousands of federal workers on ‘national security’ grounds furthers the GOP’s long-held anti-union agenda – https://theconversation.com/trump-administrations-attempt-to-nix-the-labor-rights-of-thousands-of-federal-workers-on-national-security-grounds-furthers-the-gops-long-held-anti-union-agenda-252347

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI Global: Detroit’s lack of affordable housing pushes families to the edge – and children sometime pay the price

    Source: The Conversation – USA – By Meghan Wilson, Assistant Professor of American Politics and Public Policy, Michigan State University

    Some of Detroit’s unhoused population take refuge in abandoned buildings, cars and parks. Adam J. Dewey/Anadolu Agency via Getty Images

    As outside temperatures dropped to the low- to mid-teens Fahrenheit on Feb. 10, 2025, two children died of carbon monoxide toxicity in a family van parked in a Detroit casino parking garage.

    We are political scientists who study urban and housing public policies, and in the months since this tragedy, we took a deep look at the trends in homelessness and housing policies that foreshadowed the events of that night.

    More kids are experiencing homelessness

    One important trend is that the number of homeless children in the city reached a record high in 2024. This is true even though the overall numbers of people experiencing homelessness in the city is declining overall.

    According to the Point-in-Time count, 455 children were experiencing homelessness in Detroit on Jan. 31, 2024, up from 312 the year before. The count captures data for one night each year.

    Most of these children were unhoused but considered sheltered because they had a place to sleep in an emergency shelter or transitional housing, or were able to temporarily stay with family or friends.

    Nineteen of the kids were unsheltered – meaning they were sleeping in places not designed for human habitation, like cars, parks or abandoned buildings.

    A different set of data comes from the Detroit Public Schools. The district looked at the entire 2022-2023 school year and found that roughly 1 in 19 students were unhoused at some point during that nine-month period — more than double the number in the 2019-2020 school year.

    A lack of temporary solutions

    The lack of adequate funding and staffing in the city’s shelter system means unhoused people often struggle to access temporary shelter beds.

    That includes kids. Even though the city prioritizes giving beds to the most vulnerable, the number of unsheltered children of school age has nearly tripled in three years, rising from an estimated 48 in the school year beginning in September 2019 to 142 in the school year beginning in September 2022. These figures align with the rise in unsheltered children recorded in the one-night Point-in-Time count, which increased from four in 2016 to 19 in 2024.

    The end of COVID-era funding that prevented many evictions is likely to increase the need for shelter and put additional strain on Detroit’s response to the crisis.

    Gaps in a vital system

    Children who experience housing insecurity are often caught in the middle of bureaucracy and failed regulation.

    The mother of the children who died in February had reached out to the city in November 2024 when they were staying with a family member. The mother noted that she wanted to keep all five of her children together.

    According to a report issued by the city, the Detroit Housing Authority did not follow up with her. Her situation was not considered an emergency at the time of contact since she was sheltered with family.

    At the time of the call, the family was a Category 2: immediate risk of homelessness – in other words, not the highest priority under the emergency shelter grants guideline. If the city had deemed the situation an emergency, protocol would be to dispatch immediate support for the family.

    The mother moved her family to the van after the request for help failed to provide a solution.

    The Detroit mayor’s office admitted that the family fell through the cracks and promised to expand available shelter beds and require homeless outreach employees to visit any unhoused families that call for help.

    “We have to make sure that we do everything possible to make sure that this doesn’t happen again,” Deputy Mayor Melia Howard told local media.

    More than 8 in 10 placed on wait list

    According to records from the Coordinated Assessment Model Detroit, the system responsible for connecting individuals to shelters, 82% of calls do not result in immediate help but rather being placed on a shelter waitlist. Similar to instances across the country, the wait time is long.

    Families in Detroit face an average wait of 130 days, while unaccompanied youth typically wait around 50 days.

    The long wait for shelter has contributed to the rise in people living on the streets or in their vehicles. The number of unsheltered individuals — including both adults and children — doubled from 151 in 2015 to 305 in 2024. This trend of increasing unsheltered homelessness contrasts with the overall decline in the total number of homeless people in the city, which is down from a peak of 2,597 in 2015.

    Children need safety and security to thrive.

    Their access to stable housing depends on their parents and what the adults in their life are able to provide. As rents increase in the city, some children are left vulnerable.

    Stricter regulations

    Over the past decade, Detroit, like many other U.S. cities, has experienced rising housing costs while wages fail to keep up, particularly for long-term residents.

    Since 2021, the number of rentals in the city has increased by 51%.

    Rents are also up. Since 2017, the average rent in Detroit has increased 55% for single-family homes and 43% for multifamily homes.

    While inflation and increased maintenance costs contribute to this rise, stricter rental regulations like the heightened enforcement of housing codes, expanded tenant protections and higher compliance cost for landlords have played an important role.

    Some landlords pass the expense of these regulations on to tenants, making housing less affordable. Others leave their properties vacant, pushing up prices by lessening the supply.

    The current average fair market rent for a two-bedroom apartment in Detroit is $1,314 per month. For the typical household in the city, this basic shelter cost, not including utilities, makes up 41% of the household income.

    For the lowest-income households, any unexpected expense can disrupt a delicate financial balance and lead to eviction and homelessness. Children in these situations often face major instability, moving between shelters – or, as in the case of the children who died in February, sleeping in cars.

    This kind of displacement disrupts education, strains mental health and increases exposure to danger.

    Detroit’s stricter housing regulations may have improved conditions for some renters, but a report by Outlier Media shows that only 8% of landlords are in compliance, leaving legacy residents in subpar rentals at higher prices.

    And these new rules have victims who are too often ignored until tragedy strikes.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Detroit’s lack of affordable housing pushes families to the edge – and children sometime pay the price – https://theconversation.com/detroits-lack-of-affordable-housing-pushes-families-to-the-edge-and-children-sometime-pay-the-price-251591

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI Global: Pope Francis filled the College of Cardinals with a diverse group of men – and they’ll be picking his successor

    Source: The Conversation – USA – By Joanne M. Pierce, Professor Emerita of Religious Studies, College of the Holy Cross

    The Catholic Church’s 115 cardinal-electors take part in a mass in St. Peter’s Basilica on March 12, 2013, ahead of entering the conclave for a papal election. Michael Kappeler/picture alliance via Getty Images

    Following the death of 88-year-old Pope Francis on Easter Monday, several cardinals who were already in Rome, or who traveled only short distances to arrive, held the first of several meetings – general congregations – to discuss preparations for the papal funeral and the election to follow.

    The College of Cardinals – which will elect the next pope – has 252 members, but only 135 can vote. Only those younger than 80 as of the day of a pope’s death may cast a ballot. Theoretically, church law allows the College of Cardinals to elect any Catholic man in the world to become the next pope – but in reality, as has been the case for more than 600 years, one of those cardinal-electors will almost certainly be Francis’ successor.

    As a specialist on medieval Catholicism and worship, I have studied how the role of cardinals has developed over time and how it has changed in the 20th and 21st centuries.

    How role of cardinals evolved

    During the early centuries of Christianity, three classes of ordained minsters came about to lead and serve Christian communities: bishops, priests and deacons.

    Bishops supervised local church communities and presided at liturgical ceremonies in the main churches – cathedrals. Priests advised the bishops and led individual communities – parishes. Deacons tended to the needs of the poor, widows and orphans and took care of community finances. They also had a special role during some worship services and often acted as the bishop’s secretaries.

    Over time, seven of these deacons in key Roman churches served as special advisers to the bishop of Rome, the pope. They came to be called cardinals, from Latin “cardo” – meaning hinge – and “cardinalis” meaning key or principal. Later popes would choose priests and bishops to be cardinals as well.

    Electing the pope

    In the earlier centuries, popes would be elected by the clergy and people of the city of Rome. As time went on, these elections could be manipulated by local civic leaders, wealthy families and political leaders outside of Rome and Italy.

    It was not until the 11th century that Pope Nicholas II formulated a process for selecting a new pope: election by an assembly of cardinals. However, it was not always possible for all the cardinals – known as the College of Cardinals – to come together, due to age, illness or distance. Those who had to travel long distances might arrive too late to vote.

    In order to avoid continued outside interference, Pope Gregory X in the 13th century adopted a new procedure: the conclave. Cardinals would remain in a locked location – from the Latin cum clave, “with a key” – in isolation from outside influences until the election concluded.

    The rules governing the conclave changed slightly over the years. The leader of the College of Cardinals is called the dean of the college. Over the centuries, his duties have come to include organizing the conclave, assisted by other Vatican officials. The size of the college has also varied over time but has steadily increased despite efforts to limit its size.

    Starting in the 19th century, popes began expanding the size and geography of the college. Once dominated by European and especially Italian cardinals, popes began to choose new cardinals from different areas of the globe. For example, the first cardinals born in North America were named: John McClosky, archbishop of New York, was named cardinal in 1875; James Gibbons, archbishop of Baltimore in 1886, and Elzéar-Alexandre Taschereau, archbishop of Quebec, also in 1886.

    The College of Cardinals receives final instructions from the Grand Marshal before adjourning to the Sistine Chapel to begin voting for a new pope in 1922.
    Bettmann via Getty Images

    The expansion of the college gathered momentum in the mid-20th century. The first native-born bishops from Asia were named at this time – for example, from China in 1946, Japan and the Philippines in 1960, and Sri Lanka in 1965. The first native-born cardinals of both Mexico and Uruguay were named in 1958, and the first native-born African of modern times, from Tanzania, was named in 1960. Popes continued this trend through the later 20th and early 21st centuries.

    Different visions

    By the time of his death, Francis had named a large number of new, non-European cardinals, especially from the Global South, where Catholicism is expanding. Currently, out of a total of 252 cardinals, 138 are non-European. Importantly, out of a total 135 cardinals eligible to vote, 82 are not from Europe, which makes a record number of non-Europeans eligible to vote.

    In addition, at this conclave, 80% of the cardinal-electors have been named by Francis: that is 108 cardinals out of 135. This is an overwhelming number, representing a wide variety of Catholic communities from several different cultures. A new pope must be elected with a two-thirds majority of the votes: a total of 90 votes. If no candidate receives 90 votes, balloting continues as scheduled.

    As I see it, there are several issues likely to arise and influence the vote for the upcoming election. Some of the cardinal-electors may want to choose a cardinal with more progressive views. But other cardinals, even if chosen by Francis, still might prefer to choose a more conservative candidate, to moderate what they see as the progressive agenda of the past 12 years. Their appointment by Francis doesn’t mean that they automatically agree with all of his ideas.

    In addition, specific issues facing the church will also shape opinions. Perhaps the most important include dealing with the scandal of clergy sexual abuse cases; the role of women in the church; and the treatment of immigrants and other instances of economic and social injustice.

    Catholics around the world will be praying for the Holy Spirit to guide the hearts and minds of the cardinals as they fill out their ballots. Many will hope for a pope as inspiring as his predecessor, one who can face the challenging problems of an increasingly complex world.

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

    – ref. Pope Francis filled the College of Cardinals with a diverse group of men – and they’ll be picking his successor – https://theconversation.com/pope-francis-filled-the-college-of-cardinals-with-a-diverse-group-of-men-and-theyll-be-picking-his-successor-254976

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI Global: Cancer research in the US is world class because of its broad base of funding − with the government pulling out, its future is uncertain

    Source: The Conversation – USA – By Jeffrey MacKeigan, Professor of Pediatrics and Human Development, Michigan State University

    Without federal support, the lights will turn off in many labs across the country. Thomas Barwick/Stone via Getty Images

    Cancer research in the U.S. doesn’t rely on a single institution or funding stream − it’s a complex ecosystem made up of interdependent parts: academia, pharmaceutical companies, biotechnology startups, federal agencies and private foundations. As a cancer biologist who has worked in each of these sectors over the past three decades, I’ve seen firsthand how each piece supports the others.

    When one falters, the whole system becomes vulnerable.

    The United States has long led the world in cancer research. It has spent more on cancer research than any other country, including more than US$7.2 billion annually through the National Cancer Institute alone. Since the 1971 National Cancer Act, this sustained public investment has helped drive dramatic declines in cancer mortality, with death rates falling by 34% since 1991. In the past five years, the Food and Drug Administration has approved over 100 new cancer drugs, and the U.S. has brought more cancer drugs to the global market than any other nation.

    But that legacy is under threat. Funding delays, political shifts and instability across sectors have created an environment where basic research into the fundamentals of cancer biology is struggling to keep traction and the drug development pipeline is showing signs of stress.

    These disruptions go far beyond uncertainty and have real consequences. Early-career scientists faced with unstable funding and limited job prospects may leave academia altogether. Mid-career researchers often spend more time chasing scarce funding than conducting research. Interrupted research budgets and shifting policy priorities can unravel multiyear collaborations. I, along with many other researchers, believe these setbacks will slow progress, break training pipelines and drain expertise from critical areas of cancer research – delays that ultimately hurt patients waiting for new treatments.

    A 50-year foundation of federal investment

    The modern era of U.S. cancer research began with the signing of the National Cancer Act in 1971. That law dramatically expanded the National Cancer Institute, an agency within the National Institutes of Health focusing on cancer research and education. The NCI laid the groundwork for a robust national infrastructure for cancer science, funding everything from early research in the lab to large-scale clinical trials and supporting the training of a generation of cancer researchers.

    This federal support has driven advances leading to higher survival rates and the transformation of some cancers into a manageable chronic or curable condition. Progress in screening, diagnostics and targeted therapies – and the patients who have benefited from them – owe much to decades of NIH support.

    The Trump administration is cutting billions of dollars of biomedical research funding.

    But federal funding has always been vulnerable to political headwinds. During the first Trump administration, deep cuts to biomedical science budgets threatened to stall the progress made under initiatives such as the 2016 Cancer Moonshot. The rationale given for these cuts was to slash overall spending, despite facing strong bipartisan opposition in Congress. Lawmakers ultimately rejected the administration’s proposal and instead increased NIH funding. In 2022, the Biden administration worked to relaunch the Cancer Moonshot.

    This uncertainty has worsened in 2025 as the second Trump administration has cut or canceled many NIH grants. Labs that relied on these awards are suddenly facing funding cliffs, forcing them to lay off staff, pause experiments or shutter entirely. Deliberate delays in communication from the Department of Health and Human Services have stalled new NIH grant reviews and funding decisions, putting many promising research proposals already in the pipeline at risk.

    Philanthropy’s support is powerful – but limited

    While federal agencies remain the backbone of cancer research funding, philanthropic organizations provide the critical support for breakthroughs – especially for new ideas and riskier projects.

    Groups such as the American Cancer Society, Stand Up To Cancer and major hospital foundations have filled important gaps in support, often funding pilot studies or supporting early-career investigators before they secure federal grants. By supporting bold ideas and providing seed funding, they help launch innovative research that may later attract large-scale support from the NIH.

    Without the bureaucratic constraints of federal agencies, philanthropy is more nimble and flexible. It can move faster to support work in emerging areas, such as immunotherapy and precision oncology. For example, the American Cancer Society grant review process typically takes about four months from submission, while the NIH grant review process takes an average of eight months.

    Ted Kennedy Jr., right, and Jeff Keith raise money for the American Cancer Society in 1984.
    Mikki Ansin/Getty Images

    But philanthropic funds are smaller in scale and often disease-specific. Many foundations are created around a specific cause, such as advancing cures for pancreatic, breast or pediatric cancers. Their urgency to make an impact allows them to fund bold approaches that federal funders may see as too preliminary or speculative. Their giving also fluctuates. For instance, the American Cancer Society awarded nearly $60 million less in research grants in 2020 compared with 2019.

    While private foundations are vital partners for cancer research, they cannot replace the scale and consistency of federal funding. Total U.S. philanthropic funding for cancer research is estimated at a few billion dollars per year, spread across hundreds of organizations. In comparison, the federal government has typically contributed roughly five to eight times more than philanthropy to cancer research each year.

    Industry innovation − and its priorities

    Private-sector innovation is essential for translating discoveries into treatments. In 2021, nearly 80% of the roughly $57 billion the U.S. spent on cancer drugs came from pharmaceutical and biotech companies. Many of the treatments used in oncology today, including immunotherapies and targeted therapies, emerged from collaborations between academic labs and industry partners.

    But commercial priorities don’t always align with public health needs. Companies naturally focus on areas with strong financial returns: common cancers, projects that qualify for fast-track regulatory approval, and high-priced drugs. Rare cancers, pediatric cancers and basic science often receive less attention.

    Industry is also saddled with uncertainty. Rising R&D costs, tough regulatory requirements and investor wariness have created a challenging environment to bring new drugs to market. Several biotech startups have folded or downsized in the past year, leaving promising new drugs stranded in limbo in the lab before they can reach clinical trials.

    Without federal or philanthropic entities to pick up the slack, these discoveries may never reach the patients who need them.

    A system under strain

    Cancer is not going away. As the U.S. population ages, the burden of cancer on society will only grow. Disparities in treatment access and outcomes persist across race, income and geography. And factors such as environmental exposures and infectious diseases continue to intersect with cancer risk in new and complex ways.

    Addressing these challenges requires a strong, stable and well-coordinated research system. But that system is under strain. National Cancer Institute grant paylines, or funding cutoffs, remain highly competitive. Early-career researchers face precarious job prospects. Labs are losing technicians and postdoctoral researchers to higher-paying roles in industry or to burnout. And patients, especially those hoping to enroll in clinical trials, face delays, disruptions and dwindling options.

    Researchers have been rallying to protect the future of science in the U.S.
    AP Photo/John McDonnell

    This is not just a funding issue. It’s a coordination issue between the federal government, academia and industry. There are currently no long-term policy solutions that ensure sustained federal investment, foster collaboration between academia and industry, or make room for philanthropy to drive innovation instead of just filling gaps.

    I believe that for the U.S. to remain a global leader in cancer research, it will need to recommit to the model that made success possible: a balanced ecosystem of public funding, private investment and nonprofit support. Up until recently, that meant fully funding the NIH and NCI with predictable, long-term budgets that allow labs to plan for the future; incentivizing partnerships that move discoveries from bench to bedside without compromising academic freedom; supporting career pathways for young scientists so talent doesn’t leave the field; and creating mechanisms for equity to ensure that research includes and benefits all communities.

    Cancer research and science has come a long way, saving about 4.5 million lives in the U.S. from cancer from 1991 to 2022. Today, patients are living longer and better because of decades of hard-won discoveries made by thousands of researchers. But science doesn’t run on good intentions alone. It needs universities. It needs philanthropy. It needs industry. It needs vision. And it requires continued support from the federal government.

    Jeffrey MacKeigan receives funding from NIH National Cancer Institute. He has consulting agreements with Merck and scholarly activity with the Translational Genomics Research Institute and the Van Andel Research Institute.

    – ref. Cancer research in the US is world class because of its broad base of funding − with the government pulling out, its future is uncertain – https://theconversation.com/cancer-research-in-the-us-is-world-class-because-of-its-broad-base-of-funding-with-the-government-pulling-out-its-future-is-uncertain-254536

    MIL OSI – Global Reports –

    April 29, 2025

  • MIL-OSI USA: ICE expands Federal Police of Brazil partnership in new memorandum of understanding

    Source: US Immigration and Customs Enforcement

    WASHINGTON — U.S. Immigration and Customs Enforcement Homeland Security Investigations announced an expanded partnership with the Federal Police of Brazil April 22 in a collaborative bid to combat transnational crime.

    HSI International Operations Deputy Assistant Director Jeff DaRin and PF Director of International Cooperation Felipe Tavares Seixas signed the memorandum of understanding at ICE headquarters in Washington, D.C.

    “This partnership will enable our agents and officers to collaborate seamlessly on high-impact investigations, strengthening our collective ability to address security threats and protect the well-being of citizens in both countries,” said DaRin.

    The memorandum upholds HSI’s longstanding, cooperative relationship with PF and establishes a robust framework for directly sharing criminal investigative intelligence, best practices and methodologies for investigating transnational crime across North and South America.

    “Today’s signing ceremony is not just a formal agreement, but a testament to our shared commitment to fighting crime and protecting our citizens,” said Tavares Seixas. “By leveraging our collective resources and expertise, we will make substantial strides in combating transnational crime and safeguarding the security of our nations.”

    HSI and PF have collaborated for over 20 years to combat some of the world’s most significant transnational criminal organizations, with a particular focus on human smuggling and trafficking, firearms trafficking, child exploitation, cybercrimes and financial criminal networks.

    Most recently, HSI and PF took down a transnational criminal organization allegedly responsible for smuggling hundreds of individuals from Brazil to the United States in March, with support from multiple partners.

    For more news and information on ICE’s efforts to enforce our nation’s immigration laws and combat transnational crime, follow us on X at @ICEgov and @HSI_HQ.

    MIL OSI USA News –

    April 29, 2025

  • MIL-OSI: Block Advisors by H&R Block Now Accepting Entries for Second Annual ‘Fund Her Future’ Grant Program Created to Help Female Founders Thrive, Fuel Small Business Growth

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., April 28, 2025 (GLOBE NEWSWIRE) — Block Advisors by H&R Block today announced the return of its Fund Her Future grant program. Starting today, applications are being accepted through May 30, 2025. In its second year, the 2025 program is recognizing six women-owned small businesses with high growth and community impact potential. Grant recipients will receive a combined award of $100,000 in funding plus a year of small business services from Block Advisors valued at nearly $30,000.

    Despite women being one of the fastest-growing segments of new small business owners, female entrepreneurs face more hurdles compared to male entrepreneurs when it comes to accessing capital and resources. The 2024 State of Women’s Small Business Report by Block Advisors found that 42% of women business owners who applied for a bank loan were never approved, and nearly 90% of women reported relying on personal finances and credit cards to fund their ventures due to the lack of accessible funding.

    “We understand the challenges entrepreneurs face as they grow their businesses. They need more than just capital; they need trusted expertise that saves them time and puts their mind at ease,” said Jamil Khan, Chief Small Business Officer at H&R Block. “That’s why Fund Her Future provides not only financial support but also access to Block Advisors year-round small business services, including such business-critical services as tax preparation, payroll, bookkeeping and business structure analysis.”

    Fund Her Future Entries Now Open

    The 2025 program will award up to one small business owner a grant package of $50,000. Up to five additional recipients will receive a $10,000 grant. All winners will receive a year of access to Block Advisors small business services.

    To apply, applicants must be over 18 years old and an owner of a United States-based business. Other eligibility requirements can be found on the Fund Her Future website. Businesses that demonstrate community impact are especially encouraged to apply. Submissions to the 2025 Fund Her Future small business grant program are being accepted from April 28 through May 30. Recipients will be notified by the end of July. 

    Driving Impact, Fueling Growth: The Success Stories of Fund Her Future 2024

    Last year’s Fund Her Future grant program received more than 6,000 applicants and awarded grants to five entrepreneurs whose businesses were poised to achieve growth with the right resources.

    Grant recipient Heather Jiang, who owns Allégorie, a NYC-based small-batch accessory line that turns food waste into fashion, leveraged her grant winnings to expand her product lines and hire additional staff. The Block Advisors services Jiang received as part of the grant package helped her position her company for long-term success. “There is a sense of relief in handing off my bookkeeping to a Block Advisors expert,” Jiang explained. “It frees up my time to focus on other aspects of the business. They ensure everything is handled properly. The recognition from the grant has been amazing, as well. We’ve seen a 50 percent increase in online traffic to our website since the 2024 grant was announced.”

    Erica Cole is the owner of Richmond-based No Limbits, an accessible apparel brand for people with lower limb differences, those with limited dexterity in their hands and arms, individuals with sensory processing challenges and wheelchair users. When asked about the impact of winning a Fund Her Future grant, Cole shared “the funding and small business support from Block Advisors has allowed me to scale my business. It enabled me to launch my sensory-friendly collection in Walmart and acquire Buck & Buck, a leader in adaptive apparel.”

    Ameka Coleman, owner of Strands of Faith based in Pearl, MS, is a former healthcare professional who started her company after noticing many healthcare patients lacked access to non-toxic haircare products that celebrated their textured hair. “This grant allowed us to onboard two more hospital networks, which significantly increases demand for our products. We’re looking at a 400% increase in revenue from this workstream,” said Coleman.

    To learn more, including how to apply to the 2025 Fund Her Future Grant program, visit www.BlockAdvisors.com/FundHerFutureGrant. For more information about Block Advisors and its year-round services for small businesses, visit www.BlockAdvisors.com.

    About H&R Block
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    The MIL Network –

    April 29, 2025

  • MIL-OSI Europe: Luis de Guindos: Presentation of the ECB Annual Report 2024 to the Committee on Economic and Monetary Affairs of the European Parliament

    Source: European Central Bank

    Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament

    Brussels, 28 April 2025

    It is a pleasure to present the ECB’s Annual Report for 2024 to this esteemed Committee. Concurrently, we are also publishing our response to the European Parliament’s resolution on our previous Annual Report. These elements – our Annual Report, today’s discussion and our response to your resolution – are central to the ECB’s accountability to the European Parliament and highlight the open dialogue between our institutions.

    In my remarks today, I will discuss the economic and financial stability landscape and consider the challenges that lie ahead. I will share the ECB’s assessment and underline the need to invest in measures to enhance Europe’s resilience amid a volatile external environment and an uncertain outlook.

    Economic developments and monetary policy

    As highlighted in the Annual Report, economic activity in the euro area began to recover gradually in 2024. Incoming data suggest modest growth in the first quarter of 2025. However, risks have intensified amid exceptional uncertainty, largely related to trade. Euro area exporters are now facing new barriers, and tensions in financial markets and geopolitical uncertainty will likely weigh on business investment. In this environment, consumers may become cautious about the future and hold back spending.

    In the medium term, a resilient labour market, higher real incomes and the impact of our monetary policy easing should support spending. Moreover, recent policy initiatives focused on defence spending and infrastructure investment at both national and EU levels are expected to positively affect activity and strengthen long-term growth.

    Turning to inflation, headline figures fell further towards the ECB’s 2% target in 2024, supported by our then restrictive monetary policy. Looking ahead, inflation is expected to hover around our target. However, global trade disruptions are adding uncertainty to the inflation outlook. Declining energy prices, further wage moderation and a stronger euro could dampen inflation, potentially amplified by weaker demand for euro area exports and a re-routing of other countries’ exports into the euro area. Conversely, a fragmentation of global supply chains could raise import prices and hence inflation.

    Following a period of holding interest rates steady in early 2024, the ECB started reducing its key interest rates in June. So far, we have lowered the rate on the deposit facility by 175 basis points to 2.25%, in view of the disinflation process being well on track. We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. Especially given current uncertainty, we will continue to follow a data-dependent and meeting-by-meeting approach to setting the appropriate monetary policy stance, and we are not pre-committing to a particular rate path.

    Maintaining financial stability

    Let me also say a few words on financial stability in the light of recent developments.

    The recent trade policy upheaval has triggered the most significant financial market turmoil since the pandemic. While euro area banks’ valuations have also been affected, their fundamentals remain robust and they are well positioned to withstand potential shocks thanks to their sizeable capital and liquidity buffers.

    But despite the resilience of our financial sector, these developments warrant careful monitoring. Sharp adjustments in financial markets could become disorderly, particularly if they are amplified by the growing size and influence of non-bank financial institutions. In addition, trade conflicts could pose challenges for both households and corporates, translating into rising credit risk for banks and non-banks alike. Finally, a combination of weaker growth and heightened spending needs could increase pressures on government finances.

    To ensure our banking system remains resilient in this environment, we need a regulatory framework that is fit for purpose. Decisive action is required to move us closer to completing the banking union. This includes an effective crisis management and deposit insurance framework that extends to small and medium-sized banks, and progress on a European deposit insurance scheme. The recent financial market turmoil also highlights that non-banks must be subject to robust rules, and that gaps in the regulatory framework need to be closed so they are not treated differently to regular banks.

    The ECB supports efforts to simplify the regulatory framework. However, this should not be confused with deregulation. The resilience of our financial system can largely be attributed to the rules established since the global financial crisis. Financial stability is a global public good – it is in everybody’s interest and must remain the long-term goal.

    Europe’s future policy priorities

    A strong and resilient financial sector will also play a crucial role – alongside the public sector – in financing Europe’s key policy priorities as we confront a series of generational challenges.

    The defence investments foreseen in the EU will have an impact on national public finances. By spending jointly through EU-level initiatives, we can achieve greater scale, reduce costs and strengthen our strategic autonomy – all while supporting long-term growth and fiscal sustainability.

    In addition to the pressing security challenges, investing in the green transition and digital innovation remains vital to boosting Europe’s competitiveness and closing the productivity gap with our global peers.

    Finally, the evolving global landscape underscores the need to strengthen trade within the EU’s Single Market, as emphasised by the European Commission.[1] A more integrated and deeper Single Market is essential if we are to achieve the scale required for European firms to thrive and expand, thereby enhancing our resilience against external shocks. We also need to ensure that innovative firms can access the financing they need in order to grow. In this context, completing the savings and investment union is both urgent and essential.

    Conclusion

    Faced with a complex and uncertain landscape, the ECB remains firmly committed to its primary mandate of maintaining price stability. This is the most important contribution we can make towards fostering a strong and prosperous Europe.

    I know that both our institutions are united by our commitment to serve the people of Europe, within our respective mandates. Our dialogue today is testament to this.

    I now look forward to your questions.

    MIL OSI Europe News –

    April 29, 2025

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.4 Million for the First Quarter of 2025; Highlighted by Loan and Deposit Growth and Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.36 million, or $0.32 per diluted share, for the first quarter of 2025, compared to net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, and $407,000, or $0.10 per diluted share, for the first quarter of 2024. First Quarter 2025 financial results are unaudited.

    Results for the first quarter of 2025 included a $385,000 provision for credit losses, compared to a $374,000 provision for credit losses in the fourth quarter of 2024, and a $450,000 provision for credit losses in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income increased to $2.33 million in the first quarter of 2025, compared to $1.93 million in the preceding quarter and $1.04 million in the first quarter of 2024.

    “Endeavor’s first quarter performance marks a great start to the year, underscoring our continued commitment to delivering value to our shareholders and the businesses we serve,” stated Julie Glance, CFO. “We allocated significant resources toward growing the company and expanding our team in 2024, and our first quarter operating results demonstrate the positive impact of these investments on our earnings. We experienced meaningful growth in both loans and deposits, coupled with continued margin expansion. Net loans increased 4.6% during the quarter and 34.9% year-over-year. Additionally, total deposits grew nicely during the quarter, increasing 4.2% compared to the prior quarter end and 27.2% over the prior year. For a community bank like Endeavor, deposits are the most integral component in keeping our balance sheet healthy and keeping us lending to our business clients. We will continue to focus on deposit gathering in the year ahead, with an emphasis on bringing in full client relationships to grow our core deposit base.”

    Income Statement 
    Strong first quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $11.1 million, an increase of $365,000 compared to the preceding quarter, while total interest expenses decreased $130,000 during the same timeframe. Net interest income was $7.0 million in the first quarter of 2025, which was an increase of $495,000, or 7.6% compared to the preceding quarter and a 39.5% increase compared to the first quarter of 2024.

    “The 15-basis point increase in our net interest margin during the first quarter of 2025, compared to the prior quarter, was primarily the result of strong loan growth, in addition to improving funding costs,” said Dan Yates, CEO. “In the current rate environment, we continue to actively manage our asset-liability mix to protect our net interest margin, while ensuring competitive loan and deposit pricing across our portfolio.”

    The Company’s net interest margin increased 15 basis points to 4.12% in the first quarter of 2025 compared to 3.97% in the fourth quarter of 2024 and increased 44 basis points compared to 3.68% in the first quarter of 2024. The yield on total earning assets remained strong, decreasing only 2 basis points during the first quarter of 2025 to 6.52%, compared to 6.54% in the preceding quarter, and up from 6.23% in the first quarter of 2024. The cost of deposits decreased to 2.58% in the first quarter, compared to 2.76% in the fourth quarter, and unchanged from 2.76% in the first quarter of 2024.

    Non-Interest income was $183,000 in the first quarter of 2025, an increase of $23,000 or 14% compared to the fourth quarter of 2024, and a slight increase compared to $151,000 in the first quarter of 2024.

    Non-Interest expense was $4.86 million in the first quarter of 2025, an increase of $112,000 compared to the fourth quarter of 2024, and an increase of $725,000 compared to the first quarter of 2024. The higher expenses year-over-year were largely due to strategic investment in staff throughout 2024. “During 2024, Endeavor made significant investments in our team, increasing headcount by over 30%. These investments are now yielding results, as revenue growth driven by our expanded capabilities has more than offset the increase in expenses this quarter. The strong improvement in the efficiency ratio is also evidence that the 2024 additional hires are now fully engaged and productive driving the efficiency ratio from 79.9% in first quarter 2024, to 71.2% in fourth quarter 2024, to 67.6% in first quarter 2025. We have fewer new hires planned for 2025, and as we continue to leverage our expanded team we are well positioned for additional earnings growth throughout the remainder of the year,” said Yates.

    A significant portion of the annual board compensation will be paid in the second quarter of 2025 in contrast to 2024 in which the compensation was $312,000 in the first quarter. Adjusting the first quarter 2025 net income for the timing of board compensation and the annual expense for a contract negotiation, net income would have been reduced to $1.2 million in first quarter 2025.

    The Company’s annualized return on average equity for the first quarter of 2025 was 11.68%, compared to 9.35% in the fourth quarter of 2024 and 3.79% in the first quarter of 2024. The annualized return on average assets for the first quarter of 2025 was 0.79% compared to 0.65% in the fourth quarter of 2024 and 0.29% in the first quarter of 2024.

    Balance Sheet 
    Total assets increased by $26.2 million, or 3.9%, during the first quarter of 2025 to $704.6 million at March 31, 2025, compared to $678.3 million at December 31, 2024, and increased $138.7 million, or 24.5%, compared to March 31, 2024. Balance sheet liquidity remains strong with cash balances of $80.9 million, which represents 11.5% of total assets as of March 31, 2025. The Company’s bond portfolio increased $609,000 during the first quarter of 2025 to $26.4 million as of March 31, 2025, representing 3.7% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window totaled $210.0 million as of quarter end.

    “Our results for the first quarter emphasized the effort of our strong, experienced team, and our commitment to expanding our brand of business banking, which includes growing both sides of the balance sheet while maintaining strong credit quality,” said Steve Sefton, President. “Loan growth and new loan originations remained strong during the first quarter of 2025, as we continue to seek out high quality lending opportunities in our markets.”

    Total loans outstanding increased $26.0 million, or 4.6%, during the first quarter of 2025 to $597.8 million at March 31, 2025, compared to $571.8 million three months earlier, and increased $154.6 million, or 34.9%, when compared to $443.2 million a year earlier. Total non-performing loans decreased to 0.40% of the total loan portfolio as of March 31, 2025, compared to 0.46% in the prior quarter. The Company had no net charge offs during the first quarter of 2025, or in the prior quarter.

    Total deposits increased $24.9 million, or 4.1%, during the quarter to $626.2 million at March 31, 2025, compared to $601.2 million three months earlier, and increased $134.0 million, up 27.2% when compared to $492.2 million a year earlier. The loan to deposit ratio was 95.5% at March 31, 2025, compared to 95.1% at December 31, 2024, and 90.1% as of March 31, 2024.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposits maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $82.6 million at March 31, 2025, and $113.7 million as of December 31, 2024. To support strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of March 31, 2025, total wholesale deposits, excluding the reciprocal deposits, was $60.2 million, representing 8.9% of total deposits compared to $60.7 million, or 10.1% of total deposits as of December 31, 2024.

    Shareholders’ equity was $47.7 million at March 31, 2025, compared to $46.0 million at December 31, 2024, and $42.5 million at March 31, 2024. Tangible book value per share increased to $13.49 at March 31, 2025, compared to $13.20 three months earlier and $12.64 a year earlier.

    Capital 
    The Bank’s Tier 1 leverage ratio was 10.57% as of March 31, 2025, compared to 10.90% at December 31, 2024. The Tier 1 risk-based capital ratio was 10.47% as of March 31, 2025, compared to 10.71% on December 31, 2024, and the Total risk-based capital ratio was 11.65% compared to 11.90% three months earlier, all of which were well above regulatory minimums.

    About Endeavor Bancorp 
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    Endeavor Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.

    EDVR Shareholders 
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements 
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

               
    SELECTED FINANCIAL DATA
    (In thousands of dollars, except for ratios and per share amounts)
    Unaudited
              Three Months Ended        
        March 31, 2025 December 31, 2024   March 31, 2024
        (Consolidated) (Consolidated)   (Consolidated)
    SUMMARY OF OPERATIONS          
    Interest income   $ 11,119   $ 10,754     $ 8,516  
    Interest expense     4,106     4,236       3,488  
    Net interest income     7,013     6,518       5,029  
    Provision for credit losses     385     374       450  
    Net interest income after loss provision     6,628     6,144       4,580  
    Non-interest income     183     160       151  
    Non-interest expense     4,864     4,752       4,139  
    Income before tax     1,947     1,552       591  
    Federal income tax expense     372     296       117  
    State income tax expense     214     171       66  
    Net income   $ 1,361   $ 1,084     $ 407  
               
    Core pretax earnings*   $ 2,332   $ 1,926     $ 1,041  
    *excludes taxes and provision for loan losses              
               
    PER COMMON SHARE DATA          
    Number of shares outstanding (000s)*     3,503     3,494       3,422  
    *Adjusted for May 2024 Stock Dividend          
    Earnings per share, basic   $ 0.39   $ 0.31     $ 0.12  
    Earnings per share, diluted   $ 0.32   $ 0.25     $ 0.10  
    Book Value per share   $ 13.61   $ 13.17     $ 12.43  
               
    BALANCE SHEET DATA          
    Assets   $ 704,564   $ 678,332     $ 565,881  
    Investments securities     26,385     25,777       13,432  
    Total loans, net of unearned income     597,846     571,817       443,203  
    Total deposits     626,165     601,219       492,169  
    Borrowings     26,721     26,697       27,090  
    Shareholders’ equity     47,667     46,009       42,526  
    Loan to Deposit ratio     95.48 %   95.11 %     90.05 %
    Wholesale Deposits to Total Deposits     8.90 %   10.10 %    
               
    AVERAGE BALANCE SHEET DATA          
    Average assets   $ 697,617   $ 660,748     $ 557,691  
    Average total loans, net of unearned income     589,037     549,340       434,999  
    Average total deposits     618,844     582,583       514,445  
    Average shareholders’ equity     47,256     46,117       43,247  
               
    ASSET QUALITY RATIOS          
    Net (charge-offs) recoveries   $ –   $ –     $ –  
    Net (charge-offs) recoveries to average loans     0.00 %   0.00 %     0.74 %
    Non-performing loans as a % of loans     0.40 %   0.46 %     0.07 %
    Non-performing assets as a % of assets     0.34 %   0.38 %     0.05 %
    Allowance for loan losses as a % of total loans     1.36 %   1.37 %     1.45 %
    Non-performing assets as a % of allowance for loan losses     29.60 %   33.27 %     4.66 %
               
    FINANCIAL RATIOSSTATISTICS          
    Annualized return on average equity     11.68 %   9.35 %     3.79 %
    Annualized return on average assets     0.79 %   0.65 %     0.29 %
    Net interest margin     4.12 %   3.97 %     3.68 %
    Efficiency ratio     67.59 %   71.17 %     79.91 %
               
    CAPITAL RATIOS          
    Tier 1 leverage ratio — Bank     10.57 %   10.90 %     12.18 %
    Common equity tier 1 ratio — Bank     10.47 %   10.71 %     12.49 %
    Tier 1 risk-based capital ratio — Bank     10.47 %   10.71 %     12.49 %
    Total risk-based capital ratio –Bank     11.65 %   11.90 %     13.69 %
               
    TCE/TA *     6.77 %   6.78 %     7.52 %
    Tangible Book Value per Share   $ 13.49   $ 13.20     $ 12.64  
               
    *Non-GAAP financial measure.          
    Unaudited financials 2025          
               

    Endeavor Bancorp Contact Information:  
    (858) 230.5185  
    Dan Yates, CEO  
    dyates@bankendeavor.com   
      
    (858) 230.4243  
    Steve Sefton, President  
    ssefton@bankendeavor.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Beeline teams up with Rabbu to make finding and funding short term rental properties frictionless

    Source: GlobeNewswire (MIL-OSI)

    Providence, RI, April 28, 2025 (GLOBE NEWSWIRE) — Beeline Loans, Inc., a wholly-owned subsidiary of Beeline Holdings (NASDAQ: BLNE) a tech-forward mortgage originator focused on delivering fast, flexible financing solutions, today announced a strategic partnership with Rabbu, a leading short-term rental (STR) analytics platform used by over one million investors. The partnership creates a streamlined pipeline for investors—from identifying STR properties to securing tailored financing—all in one ecosystem.

    Rabbu’s free Airbnb calculator allows users to enter any U.S. property address to receive data-driven projections, including estimated annual revenue, average daily rates, and expected occupancy. Now, with integrated access to Beeline’s investment property loans, users can move directly from analysis to action.

    “This partnership expands our reach into one of the most dynamic segments in residential real estate,” said Nick Liuzza, CEO of Beeline. “We’re connecting the dots—discovery, funding, and ultimately, management—to deliver a truly frictionless STR investment experience.”

    Beeline’s investment lending business has seen significant growth over the past 12 months. In 2024, more than half of its loan volume was dedicated to investment properties, with STR financing emerging as a leading driver. The company supports a full spectrum of borrower profiles through its DSCR, bank statement, and conventional loan products—all optimized for speed and simplicity.

    The Rabbu partnership complements Beeline’s existing collaboration with Red Awning, a full-service STR management platform. Together, the trio forms a powerful, end-to-end solution: identify with Rabbu, finance with Beeline, manage with Red Awning.

    Beeline also announced during its recent earnings call that April is expected to be its strongest revenue month since the market downturn, with increased investor demand and product diversification contributing to the momentum.

    About Beeline

    Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, AI-powered platform, Beeline delivers a faster, smarter path to home loans—whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions.

    About Rabbu

    Rabbu helps real estate investors find and evaluate high-performing short-term rental properties. It offers revenue estimates, ROI insights, and market data tools to analyze both on-market and off-market deals. Users can explore listings, connect with agents and lenders, and make informed investment decisions—all through a streamlined platform focused on Airbnb-style rental income.

    To learn more about Beeline’s innovative financing for investment properties, visit makeabeeline.com. To explore high-performing short-term rental opportunities, visit rabbu.com.

    For more information, please contact Beeline at IR@Makeabeeline.com.    

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Citizens Community Bancorp, Inc. Reports First Quarter 2025 Earnings of $0.32 Per Share; Book Value Per Share Up 8% and Tangible Book Value Per Share Up 10% Since March 31, 2024, After Annual Dividend Payment of $0.36 Per Share

    Source: GlobeNewswire (MIL-OSI)

    EAU CLAIRE, Wis., April 28, 2025 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.2 million and earnings per diluted share of $0.32 for the first quarter ended March 31, 2025, compared to $2.7 million and earnings per diluted share of $0.27 for the fourth quarter ended December 31, 2024, and $4.1 million and $0.39 earnings per diluted share for the quarter ended March 31, 2024, respectively.

    The Company’s first quarter 2025 operating results reflected the following changes from the fourth quarter of 2024: (1) decrease in net interest income of $0.1 million as two fewer days in the quarter were largely offset by an increase in the net interest margin of 6 basis points; (2) a smaller negative provision for credit losses of $0.3 million compared to $0.5 million in the fourth quarter; (3) higher non-interest income of $0.6 million primarily due to $0.5 million higher gain on sale of loans and $0.3 million higher net gains on sale of equity securities in the first quarter of 2025; and (4) lower non-interest expense primarily due to lower compensation and related benefits of $0.2 million and lower losses on repossessed assets of $0.2 million.

    Book value per share improved to $18.02 at March 31, 2025, compared to $17.94 at December 31, 2024, and $16.61 at March 31, 2024. Tangible book value per share (non-GAAP)1 was $14.79 at March 31, 2025, compared to $14.69 at December 31, 2024, and a 10.1% increase from $13.43 at March 31, 2024. For the first quarter of 2025, tangible book value was positively impacted by (1) net income, (2) the impact of lower long-term interest rates which decreased the net unrealized loss on the available for sale securities portfolio, and (3) amortization of intangibles which were largely offset by the payment of the annual $0.36 per share dividend. Stockholders’ equity as a percentage of total assets was 10.12% at March 31, 2025, compared to 10.24% at December 31, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)1 decreased modestly to 8.45% at March 31, 2025, compared to 8.54% at December 31, 2024, largely due to the payment of the dividend.

    “I am pleased with results in a quarter that is seasonally the slowest for us because of winter. The balance sheet is well positioned for the remainder of 2025 with strong capital and liquidity positions, strong ACL reserves and credit metrics in our historical range. Our TCE at 8.5% provides a cushion for uncertainty like we have seen thus far in 2025 and for share repurchases. Our liquidity position, including the loan to deposit ratio below 90% is expected to support quality, well priced loan growth in the low to mid-single digit percentages with strategic, relationship borrowers. Our markets remain stable with unemployment below national averages and tariff exposure appears to be indirect should this risk persist. We believe loan repricing and originations will benefit our net-interest margin expansion, especially in the second half of 2025, and throughout 2026, as well as will the impact of deposit repricing,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

    March 31, 2025, Highlights:

    • Quarterly earnings were $3.2 million, or $0.32 per diluted share for the quarter ended March 31, 2025, an increase compared to earnings of $2.7 million, or $0.27 per diluted share for the quarter ended December 31, 2024, and a decrease from $4.1 million, or $0.39 per diluted share for the quarter ended March 31, 2024.
    • Net interest income decreased $0.1 million to $11.6 million for the current quarter ended March 31, 2025, from $11.7 million for the quarter ended December 31, 2024, and from $11.9 million for the quarter ended March 31, 2024. The decrease in net interest income from the fourth quarter of 2024 was primarily due to two fewer days in the quarter which was mostly offset by an increase in net interest margin of six basis points.
    • The net interest margin increased to 2.85%, primarily due to lower deposit costs. The net interest margin increase in the first quarter of 2025 was negatively impacted by three basis points from lower deferred fee accretion compared to the fourth quarter of 2024 due to lower payoffs in the first quarter of 2025.
    • Negative provision for credit losses of $0.25 million, $0.45 million, and $0.80 million were recorded during the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The first quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.35 million partially offset by a $0.10 million increase in off-balance sheet ACL due to an increase in unfunded loan commitments.
    • Non-interest income increased by $0.6 million in the first quarter of 2025 to $2.6 million from $2.0 million the prior quarter due to $0.5 million of higher gain on sale of loans, $0.3 million of higher net gains on equity securities partially offset by lower loan fees and service charges of $0.2 million due to lower customer activity. Total non-interest income for the quarter ended March 31, 2025, was $0.7 million lower than first quarter 2024 primarily due to lower gain on sale of loans and net realized gains on debt securities.
    • Non-interest expense decreased $0.3 million to $10.5 million from $10.8 million for both the fourth quarter of 2024 and the first quarter of 2024. The $0.3 million decrease in non-interest expense compared to the linked quarter was largely due to lower compensation due to lower incentive costs and lower losses on repossessed assets, partially offset by higher other expense. The $0.3 million decrease from the first quarter of 2024 was due to a $0.4 million decrease in other expenses resulting from lower SBA recourse reserve expense.
    • Loans receivable decreased $16.3 million during the first quarter ended March 31, 2025, to $1.353 billion compared to the prior quarter end, largely due to the seasonal impact of lower activity.
    • Total deposits increased $35.5 million during the quarter ended March 31, 2025, to $1.524 billion. Total deposit growth reflected the seasonal growth in municipal deposits of $20.8 million, which typically decreases in the middle two quarters before increasing in the fourth quarter. Growth in retail and commercial areas was partially offset by the reduction of $6.3 million in wholesale deposits due to reduction in brokered deposits.
    • The last remaining Federal Home Loan Bank advance was repaid in the quarter, resulting in no advances at March 31, 2025, down from $5.0 million at December 31, 2024, and $39.5 million one year earlier.
    • The effective tax rate was 19.6% for the quarter ended March 31, 2025, compared to 19.5% for the quarter ended December 31, 2024, and 21.3% for the quarter ended March 31, 2024.
    • Nonperforming assets increased $0.3 million during the quarter to $14.5 million at March 31, 2025, compared to $14.2 million at December 31, 2024.
    • Special mention loans increased $6.5 million to $15.0 million at March 31, 2025, from $8.5 million in the previous quarter. The increase was largely due to one C&I relationship that showed weaker cash flow than expected.
    • The efficiency ratio was 73% for the quarter ended March 31, 2025, compared to 76% for the quarter ended December 31, 2024.

    Balance Sheet and Asset Quality

    Total assets increased by $31.4 million during the quarter to $1.780 billion at March 31, 2025.

    Cash increased $50.0 million due to the growth in deposits and loan shrinkage growing our balances at the Federal Reserve.

    Securities available for sale (“AFS”) decreased $3.2 million during the quarter ended March 31, 2025, to $139.6 million from $142.9 million at December 31, 2024. The decrease was due to principal repayments of $2.6 million, and a corporate debt security maturity of $2.5 million, partially offset by lower pre-tax unrealized losses of $1.9 million.

    Securities held to maturity (“HTM”) decreased $1.2 million to $84.3 million during the quarter ended March 31, 2025, from $85.5 million at December 31, 2024, due to principal repayments.

    The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 14.38% of total assets at March 31, 2025, compared to 11.75% at December 31, 2024. On-balance sheet liquidity collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $852 million, or 314%, of uninsured and uncollateralized deposits at March 31, 2025, and $725 million, or 273%, at December 31, 2024.

    Loans receivable decreased $16.3 million during the first quarter ended March 31, 2025, to $1.353 billion compared to the prior quarter end, largely due to the seasonal impact of lower origination and funding activity.

    The office loan portfolio consisting of seventy-two loans totaled $28 million at March 31, 2025, compared to seventy-one loans totaling $28 million at December 31, 2024. Criticized loans in the office loan portfolio for the quarter ended March 31, 2025, totaled $0.5 million, the same amount at December 31, 2024, and there have been no charge-offs in the trailing twelve months.

    The allowance for credit losses on loans decreased by $0.34 million to $20.2 million at March 31, 2025, representing 1.49% of total loans receivable compared to 1.50% of total loans receivable at December 31, 2024. For the quarter ended March 31, 2025, the Bank recorded a negative provision of $0.25 million which included a negative provision on ACL for loans of $0.35 million, partially offset by a provision of $0.10 million on ACL for unfunded commitments due to an increase in unfunded commitments. 30-89 day loan delinquencies decreased to 0.15% of total loans at March 31, 2025, compared to a 0.33% delinquency ratio at December 31, 2024. The Bank had $0.007 million of net recoveries in the first quarter.

    Allowance for Credit Losses (“ACL”) – Loans Percentage

    (in thousands, except ratios)

      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024
    Loans, end of period $ 1,352,728     $ 1,368,981     $ 1,424,828     $ 1,428,588  
    Allowance for credit losses – Loans $ 20,205     $ 20,549     $ 21,000     $ 21,178  
    ACL – Loans as a percentage of loans, end of period   1.49 %     1.50 %     1.47 %     1.48 %

    In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.435 million at March 31, 2025, $0.334 million at December 31, 2024, and $0.975 million at March 31, 2024, classified in other liabilities on the consolidated balance sheets.

    Allowance for Credit Losses – Unfunded Commitments:
    (in thousands)

        March 31, 2025
    and Three Months
    Ended    		   December 31, 2024
    and Three Months
    Ended    		   March 31, 2024
    and Three Months
    Ended
    ACL – Unfunded commitments – beginning of period   $ 334   $ 460     $ 1,250  
    (Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations     101     (126 )     (275 )
    ACL – Unfunded commitments – end of period   $ 435   $ 334     $ 975  
                           

    Special mention loans increased by $6.5 million to $15.0 million at March 31, 2025, compared to $8.5 million at December 31, 2024. The increase was largely due to one C&I relationship as noted earlier.

    Substandard loans increased by $0.7 million to $19.6 million at March 31, 2025, compared to $18.9 million at December 31, 2024.

    Nonperforming assets increased modestly by $0.3 million to $14.5 million at March 31, 2025, compared to $14.2 million at December 31, 2024.

      (in thousands)
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Special mention loan balances $ 14,990   $ 8,480   $ 11,047   $ 8,848   $ 13,737
    Substandard loan balances   19,591     18,891     21,202     14,420     14,733
    Criticized loans, end of period $ 34,581   $ 27,371   $ 32,249   $ 23,268   $ 28,470
                                 

    Deposit Portfolio Composition
    (in thousands)

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Consumer deposits $ 861,746   $ 852,083   $ 844,808   $ 822,665   $ 827,290
    Commercial deposits   423,654     412,355     406,095     395,148     400,910
    Public deposits   211,261     190,460     176,844     187,698     202,175
    Wholesale deposits   26,993     33,250     92,920     114,033     97,114
    Total deposits $ 1,523,654   $ 1,488,148   $ 1,520,667   $ 1,519,544   $ 1,527,489
                                 

    At March 31, 2025, the deposit portfolio composition was 56% consumer, 28% commercial, 14% public, and 2% wholesale deposits compared to 57% consumer, 28% commercial, 13% public, and 2% wholesale deposits at December 31, 2024.

    Deposit Composition By Type
    (in thousands)

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Non-interest-bearing demand deposits $ 253,343   $ 252,656   $ 256,840   $ 255,703   $ 248,537
    Interest-bearing demand deposits   386,302     355,750     346,971     353,477     361,278
    Savings accounts   167,614     159,821     169,096     170,946     177,595
    Money market accounts   370,741     369,534     366,067     370,164     387,879
    Certificate accounts   345,654     350,387     381,693     369,254     352,200
    Total deposits $ 1,523,654   $ 1,488,148   $ 1,520,667   $ 1,519,544     1,527,489
                                 

    Uninsured and uncollateralized deposits were $271.7 million, or 18% of total deposits, at March 31, 2025, and $265.4 million, or 18% of total deposits, at December 31, 2024. Uninsured deposits alone at March 31, 2025, were $444.4 million, or 29% of total deposits, and $428.0 million, or 29% of total deposits at December 31, 2024.

    The last remaining Federal Home Loan Bank advance was repaid in the quarter, resulting in no advances at March 31, 2025, down from $5.0 million at December 31, 2024, and $39.5 million one year earlier.

    No common stock was repurchased in the first quarter of 2025. There are 238 thousand shares remaining available to repurchase under the July 2024 Board of Director repurchase authorization.

    Review of Operations

    Net interest income decreased $0.1 million for the quarter ended March 31, 2025, to $11.6 million from $11.7 million for the quarter ended December 31, 2024, and decreased $0.3 million from $11.9 million for the quarter ended March 31, 2024. The decrease in net interest income compared to the fourth quarter of 2024 was primarily due to two fewer days of interest income or approximately $0.2 million, the impact of smaller average assets of $0.2 million, offset by an increase in net interest margin of six basis points or $0.3 million. The net interest margin increase was negatively impacted by 3 basis points due to lower deferred fee accretion compared to the fourth quarter resulting from lower loan payoffs.

    Net interest income and net interest margin analysis:
    (in thousands, except yields and rates)

      Three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin    		   Net
    Interest
    Income    		   Net
    Interest
    Margin
    As reported $ 11,594     2.85 %   $ 11,708     2.79 %   $ 11,285     2.63 %   $ 11,576     2.72 %   $ 11,905     2.77 %
    Less accretion for PCD loans   (36 )   (0.01)%     (42 )   (0.01)%     (45 )   (0.01)%     (62 )   (0.01)%     (75 )   (0.02)%
    Less scheduled accretion interest   (33 )   (0.01)%     (33 )   (0.01)%     (33 )   (0.01)%     (32 )   (0.01)%     (33 )   (0.01)%
    Without loan purchase accretion $ 11,525     2.83 %   $ 11,633     2.77 %   $ 11,207     2.61 %   $ 11,482     2.70 %   $ 11,797     2.74 %

    The table below shows the impact of certificate, loan and securities contractual fixed rate maturing and repricing.

    Portfolio Contractual Repricing:
    (in millions, except yields)

      Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026   FY 2027
    Maturing Certificate Accounts:                              
    Contractual Balance $ 174     $ 101     $ 28     $ 23     $ 8     $ —     $ —     $ 8  
    Contractual Interest Rate   4.59 %     3.98 %     3.72 %     3.66 %     3.47 %     — %     — %     4.01 %
    Maturing or Repricing Loans:                              
    Contractual Balance $ 52     $ 18     $ 55     $ 45     $ 51     $ 120     $ 98     $ 243  
    Contractual Interest Rate   6.62 %     6.14 %     4.64 %     4.53 %     4.18 %     3.61 %     3.72 %     4.66 %
    Maturing or Repricing Securities:                              
    Contractual Balance $ 5     $ 3     $ 4     $ 2     $ 7     $ 7     $ 3     $ 6  
    Contractual Interest Rate   5.64 %     4.07 %     4.31 %     3.72 %     3.57 %     3.44 %     3.27 %     4.47 %
                                                                   

    Non-interest income increased by $0.6 million in the first quarter of 2025, to $2.6 million from $2.0 million the prior quarter due to $0.5 million of higher gain on sale of loans and $0.3 million of higher net gains on equity securities. Total non-interest income for the quarter ended March 31, 2025, was $0.7 million lower than first quarter 2024 primarily due to lower gain on sale of loans and net realized gains on debt securities.

    Non-interest expense decreased $0.3 million to $10.5 million from $10.8 million for both the previous quarter and the quarter one year earlier. The $0.3 million decrease in non-interest expense compared to the linked quarter was largely due to lower compensation due to lower incentive costs and lower losses on repossessed assets. The $0.3 million decrease from the first quarter of 2024 was largely due to a $0.4 million decrease in other expense due to lower SBA recourse reserve expense.

    Provision for income taxes increased to $0.8 million in the first quarter of 2025, from $0.7 million in the fourth quarter of 2024, largely due to higher pre-tax income. The effective tax rate was 19.6% for the quarter ended March 31, 2025, 19.5% for the quarter ended December 31, 2024, and 21.3% for the quarter ended March 31, 2024.

    These financial results are preliminary until the Form 10-Q is filed in May 2025.

    About the Company

    Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 21 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our ability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 13, 2025 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

    1Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

    Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

    Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

    Contact: Steve Bianchi, CEO
    (715)-836-9994

    (CZWI-ER)

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Balance Sheets
    (in thousands, except share data)
     
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (audited)    		   September 30, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    Assets              
    Cash and cash equivalents $ 100,199     $ 50,172     $ 36,632     $ 28,638  
    Securities available for sale “AFS”   139,642       142,851       149,432       151,672  
    Securities held to maturity “HTM”   84,301       85,504       87,033       89,942  
    Equity investments   5,462       4,702       5,096       3,281  
    Other investments   12,496       12,500       12,311       13,022  
    Loans receivable   1,352,728       1,368,981       1,424,828       1,450,159  
    Allowance for credit losses   (20,205 )     (20,549 )     (21,000 )     (22,436 )
    Loans receivable, net   1,332,523       1,348,432       1,403,828       1,427,723  
    Loans held for sale   3,296       1,329       697       —  
    Mortgage servicing rights, net   3,583       3,663       3,696       3,774  
    Office properties and equipment, net   16,649       17,075       17,365       18,026  
    Accrued interest receivable   5,926       5,653       6,235       6,324  
    Intangible assets   800       979       1,158       1,515  
    Goodwill   31,498       31,498       31,498       31,498  
    Foreclosed and repossessed assets, net   876       915       1,572       1,845  
    Bank owned life insurance (“BOLI”)   26,296       26,102       25,901       25,836  
    Other assets   16,416       17,144       16,683       16,219  
    TOTAL ASSETS $ 1,779,963     $ 1,748,519     $ 1,799,137     $ 1,819,315  
    Liabilities and Stockholders’ Equity              
    Liabilities:              
    Deposits $ 1,523,654     $ 1,488,148     $ 1,520,667     $ 1,527,489  
    Federal Home Loan Bank (“FHLB”) advances   —       5,000       21,000       39,500  
    Other borrowings   61,664       61,606       61,548       67,523  
    Other liabilities   14,594       14,681       15,773       11,982  
    Total liabilities   1,599,912       1,569,435       1,618,988       1,646,494  
    Stockholders’ Equity:              
    Common stock— $0.01 par value, authorized 30,000,000; 9,989,536, 9,981,996, 10,074,136, and 10,406,880 shares issued and outstanding, respectively   100       100       101       104  
    Additional paid-in capital   114,477       114,564       115,455       118,916  
    Retained earnings   80,439       80,840       78,438       71,831  
    Accumulated other comprehensive loss   (14,965 )     (16,420 )     (13,845 )     (18,030 )
    Total stockholders’ equity   180,051       179,084       180,149       172,821  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,779,963     $ 1,748,519     $ 1,799,137     $ 1,819,315  
                                   

    Note: Certain items previously reported were reclassified for consistency with the current presentation.

    CITIZENS COMMUNITY BANCORP, INC.
    Consolidated Statements of Operations
    (in thousands, except per share data)
     
      Three Months Ended
      March 31, 2025
    (unaudited)    		   December 31, 2024
    (unaudited)    		   March 31, 2024
    (unaudited)
    Interest and dividend income:          
    Interest and fees on loans $ 18,602     $ 19,534     $ 20,168  
    Interest on investments   2,501       2,427       2,511  
    Total interest and dividend income   21,103       21,961       22,679  
    Interest expense:          
    Interest on deposits   8,597       9,273       9,209  
    Interest on FHLB borrowed funds   11       65       512  
    Interest on other borrowed funds   901       915       1,053  
    Total interest expense   9,509       10,253       10,774  
    Net interest income before provision for credit losses   11,594       11,708       11,905  
    (Negative) provision for credit losses   (250 )     (450 )     (800 )
    Net interest income after provision for credit losses   11,844       12,158       12,705  
    Non-interest income:          
    Service charges on deposit accounts   423       450       471  
    Interchange income   518       550       541  
    Loan servicing income   559       520       582  
    Gain on sale of loans   720       218       1,020  
    Loan fees and service charges   120       292       230  
    Net realized gains on debt securities   —       —       —  
    Net gains (losses) on equity securities   10       (287 )     167  
    Other   243       266       253  
    Total non-interest income   2,593       2,009       3,264  
    Non-interest expense:          
    Compensation and related benefits   5,597       5,840       5,483  
    Occupancy   1,287       1,217       1,367  
    Data processing   1,719       1,743       1,597  
    Amortization of intangible assets   179       179       179  
    Mortgage servicing rights expense, net   140       107       148  
    Advertising, marketing and public relations   167       218       164  
    FDIC premium assessment   198       192       205  
    Professional services   508       514       566  
    Losses on repossessed assets, net   4       247       —  
    Other   664       552       1,068  
    Total non-interest expense   10,463       10,809       10,777  
    Income before provision for income taxes   3,974       3,358       5,192  
    Provision for income taxes   777       656       1,104  
    Net income attributable to common stockholders $ 3,197     $ 2,702     $ 4,088  
    Per share information:          
    Basic earnings $ 0.32     $ 0.27     $ 0.39  
    Diluted earnings $ 0.32     $ 0.27     $ 0.39  
    Cash dividends paid $ 0.36     $ —     $ 0.32  
    Book value per share at end of period $ 18.02     $ 17.94     $ 16.61  
    Tangible book value per share at end of period (non-GAAP) $ 14.79     $ 14.69     $ 13.43  

    Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    (in thousands, except per share data)

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    GAAP pretax income $ 3,974   $ 3,358   $ 5,192
    Branch closure costs (1)   —     —     —
    Pretax income as adjusted (2) $ 3,974   $ 3,358   $ 5,192
    Provision for income tax on net income as adjusted (3)   777     656     1,104
    Net income as adjusted (non-GAAP) (2) $ 3,197   $ 2,702   $ 4,088
    GAAP diluted earnings per share, net of tax $ 0.32   $ 0.27   $ 0.39
    Branch closure costs, net of tax   —     —     —
    Diluted earnings per share, as adjusted, net of tax (non-GAAP) $ 0.32   $ 0.27   $ 0.39
               
    Average diluted shares outstanding   10,000,818     10,033,957     10,443,267

    (1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
    (2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
    (3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

    Loan Composition

    (in thousands)

      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024
    Total Loans:              
    Commercial/Agricultural real estate:              
    Commercial real estate $ 709,975     $ 709,018     $ 730,459     $ 729,236  
    Agricultural real estate   71,071       73,130       76,043       78,248  
    Multi-family real estate   237,872       220,805       239,191       234,758  
    Construction and land development   58,461       78,489       87,875       87,898  
    C&I/Agricultural operating:              
    Commercial and industrial   109,620       115,657       119,619       127,386  
    Agricultural operating   29,310       31,000       27,550       27,409  
    Residential mortgage:              
    Residential mortgage   129,070       132,341       134,944       133,503  
    Purchased HELOC loans   2,560       2,956       2,932       2,915  
    Consumer installment:              
    Originated indirect paper   3,434       3,970       4,405       5,110  
    Other consumer   4,679       5,012       5,438       5,860  
    Gross loans $ 1,356,052     $ 1,372,378     $ 1,428,456     $ 1,432,323  
    Unearned net deferred fees and costs and loans in process   (2,542 )     (2,547 )     (2,703 )     (2,733 )
    Unamortized discount on acquired loans   (782 )     (850 )     (925 )     (1,002 )
    Total loans receivable $ 1,352,728     $ 1,368,981     $ 1,424,828     $ 1,428,588  
                                   

    Nonperforming Assets
    Loan Balances at Amortized Cost

    (in thousands, except ratios)

      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024
    Nonperforming assets:              
    Nonaccrual loans              
    Commercial real estate $ 4,948     $ 4,594     $ 4,778     $ 5,350  
    Agricultural real estate   5,934       6,222       6,193       382  
    Construction and land development   —       103       106       —  
    Commercial and industrial (“C&I”)   701       597       1,956       422  
    Agricultural operating   725       793       901       1,017  
    Residential mortgage   782       858       1,088       1,145  
    Consumer installment   1       1       20       36  
    Total nonaccrual loans $ 13,091     $ 13,168     $ 15,042     $ 8,352  
    Accruing loans past due 90 days or more   568       186       530       256  
    Total nonperforming loans (“NPLs”) at amortized cost   13,659       13,354       15,572       8,608  
    Foreclosed and repossessed assets, net   876       915       1,572       1,662  
    Total nonperforming assets (“NPAs”) $ 14,535     $ 14,269     $ 17,144     $ 10,270  
    Loans, end of period $ 1,352,728     $ 1,368,981     $ 1,424,828     $ 1,428,588  
    Total assets, end of period $ 1,779,963     $ 1,748,519     $ 1,799,137     $ 1,802,307  
    Ratios:              
    NPLs to total loans   1.01 %     0.98 %     1.09 %     0.60 %
    NPAs to total assets   0.82 %     0.82 %     0.95 %     0.57 %

    Average Balances, Interest Yields and Rates

    (in thousands, except yields and rates)

        Three Months Ended
    March 31, 2025    		   Three Months Ended
    December 31, 2024    		   Three Months Ended
    March 31, 2024
        Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Average interest earning assets:                                    
    Cash and cash equivalents   $ 47,835   $ 524   4.44 %   $ 26,197   $ 327   4.97 %   $ 13,071   $ 191   5.88 %
    Loans receivable     1,363,352     18,602   5.53 %     1,396,854     19,534   5.56 %     1,456,586     20,168   5.57 %
    Investment securities     228,514     1,808   3.21 %     235,268     1,940   3.28 %     243,991     2,060   3.40 %
    Other investments     12,498     169   5.48 %     12,318     160   5.17 %     13,350     260   7.83 %
    Total interest earning assets   $ 1,652,199   $ 21,103   5.18 %   $ 1,670,637   $ 21,961   5.23 %   $ 1,726,998   $ 22,679   5.28 %
    Average interest-bearing liabilities:                                    
    Savings accounts   $ 167,001   $ 407   0.99 %   $ 162,501   $ 383   0.94 %   $ 176,838   $ 421   0.96 %
    Demand deposits     382,355     2,033   2.16 %     346,411     1,891   2.17 %     353,995     2,017   2.29 %
    Money market accounts     365,528     2,535   2.81 %     351,566     2,720   3.08 %     377,475     2,920   3.11 %
    CD’s     343,751     3,622   4.27 %     374,087     4,279   4.55 %     360,177     3,851   4.30 %
    Total deposits   $ 1,258,635   $ 8,597   2.77 %   $ 1,234,565   $ 9,273   2.99 %   $ 1,268,485   $ 9,209   2.92 %
    FHLB advances and other borrowings     64,635     912   5.72 %     72,431     980   5.38 %     124,701     1,565   5.05 %
    Total interest-bearing liabilities   $ 1,323,270   $ 9,509   2.91 %   $ 1,306,996   $ 10,253   3.12 %   $ 1,393,186   $ 10,774   3.11 %
    Net interest income       $ 11,594           $ 11,708           $ 11,905    
    Interest rate spread           2.27 %           2.11 %           2.17 %
    Net interest margin           2.85 %           2.79 %           2.77 %
    Average interest earning assets to average interest-bearing liabilities           1.25             1.28             1.24  
                                               

    Wholesale Deposits
    (in thousands)

      Quarter Ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Brokered certificate accounts $ 5,489   $ 14,123   $ 48,578   $ 54,123   $ 43,507
    Brokered money market accounts   5,053     5,002     18,076     42,673     40,429
    Third party originated reciprocal deposits   16,451     14,125     26,266     17,237     13,178
    Total $ 26,993   $ 33,250   $ 92,920   $ 114,033   $ 97,114
                                 

    Key Financial Metric Ratios:

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Ratios based on net income:          
    Return on average assets (annualized) 0.74 %   0.61 %   0.90 %
    Return on average equity (annualized) 7.26 %   6.00 %   9.57 %
    Return on average tangible common equity4(annualized) 9.28 %   7.72 %   12.26 %
    Efficiency ratio 73 %   76 %   71 %
    Net interest margin with loan purchase accretion 2.85 %   2.79 %   2.77 %
    Net interest margin without loan purchase accretion 2.83 %   2.77 %   2.74 %
    Ratios based on net income as adjusted (non-GAAP)          
    Return on average assets as adjusted2(annualized) 0.74 %   0.61 %   0.90 %
    Return on average equity as adjusted3(annualized) 7.26 %   6.00 %   9.57 %
                     

    Reconciliation of Return on Average Assets

    (in thousands, except ratios)

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
           
    GAAP earnings after income taxes $ 3,197     $ 2,702     $ 4,088  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,197     $ 2,702     $ 4,088  
    Average assets $ 1,763,191     $ 1,771,351     $ 1,834,152  
    Return on average assets (annualized)   0.74 %     0.61 %     0.90 %
    Return on average assets as adjusted (non-GAAP) (annualized)   0.74 %     0.61 %     0.90 %
                           

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Equity

    (in thousands, except ratios)

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    GAAP earnings after income taxes $ 3,197     $ 2,702     $ 4,088  
    Net income as adjusted after income taxes (non-GAAP) (1) $ 3,197     $ 2,702     $ 4,088  
    Average equity $ 178,470     $ 179,242     $ 171,794  
    Return on average equity (annualized)   7.26 %     6.00 %     9.57 %
    Return on average equity as adjusted (non-GAAP) (annualized)   7.26 %     6.00 %     9.57 %
                           

    (1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

    Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

    (in thousands, except ratios)

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Total stockholders’ equity $ 180,051     $ 179,084     $ 172,821  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (800 )     (979 )     (1,515 )
    Tangible common equity (non-GAAP) $ 147,753     $ 146,607     $ 139,808  
    Average tangible common equity (non-GAAP) $ 146,083     $ 146,676     $ 138,692  
    GAAP earnings after income taxes   3,197       2,702       4,088  
    Amortization of intangible assets, net of tax   144       144       141  
    Tangible net income $ 3,341     $ 2,846     $ 4,229  
    Return on average tangible common equity (annualized)   9.28 %     7.72 %     12.26 %
                           

    Reconciliation of Efficiency Ratio

    (in thousands, except ratios)

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Non-interest expense (GAAP) $ 10,463     $ 10,809     $ 10,777  
    Less amortization of intangibles   (179 )     (179 )     (179 )
    Efficiency ratio numerator (GAAP) $ 10,284     $ 10,630     $ 10,598  
               
    Non-interest income $ 2,593     $ 2,009     $ 3,264  
    Add back net losses on debt and equity securities   —       (287 )     —  
    Subtract net gains on debt and equity securities   10       —       167  
    Net interest income   11,594       11,708       11,905  
    Efficiency ratio denominator (GAAP) $ 14,177     $ 14,004     $ 15,002  
    Efficiency ratio (GAAP)   73 %     76 %     71 %
                           

    Reconciliation of tangible book value per share (non-GAAP)

    (in thousands, except per share data)

    Tangible book value per share at end of period March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total stockholders’ equity $ 180,051     $ 179,084     $ 180,149     $ 176,045     $ 172,821  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (800 )     (979 )     (1,158 )     (1,336 )     (1,515 )
    Tangible common equity (non-GAAP) $ 147,753     $ 146,607     $ 147,493     $ 143,211     $ 139,808  
    Ending common shares outstanding   9,989,536       9,981,996       10,074,136       10,297,341       10,406,880  
    Book value per share $ 18.02     $ 17.94     $ 17.88     $ 17.10     $ 16.61  
    Tangible book value per share (non-GAAP) $ 14.79     $ 14.69     $ 14.64     $ 13.91     $ 13.43  
                                           

    Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

    (in thousands, except ratios)

    Tangible common equity as a percent of tangible assets at end of period March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total stockholders’ equity $ 180,051     $ 179,084     $ 180,149     $ 176,045     $ 172,821  
    Less: Goodwill   (31,498 )   $ (31,498 )   $ (31,498 )   $ (31,498 )     (31,498 )
    Less: Intangible assets   (800 )   $ (979 )   $ (1,158 )   $ (1,336 )     (1,515 )
    Tangible common equity (non-GAAP) $ 147,753     $ 146,607     $ 147,493     $ 143,211     $ 139,808  
    Total Assets $ 1,779,963     $ 1,748,519     $ 1,799,137     $ 1,802,307     $ 1,819,315  
    Less: Goodwill   (31,498 )     (31,498 )     (31,498 )     (31,498 )     (31,498 )
    Less: Intangible assets   (800 )     (979 )     (1,158 )     (1,336 )     (1,515 )
    Tangible Assets (non-GAAP) $ 1,747,665     $ 1,716,042     $ 1,766,481     $ 1,769,473     $ 1,786,302  
    Total stockholders’ equity to total assets ratio   10.12 %     10.24 %     10.01 %     9.77 %     9.50 %
    Tangible common equity as a percent of tangible assets (non-GAAP)   8.45 %     8.54 %     8.35 %     8.09 %     7.83 %
                                           

    1Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

    2Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

    3Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

    4Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

    The MIL Network –

    April 29, 2025

  • MIL-OSI: reAlpha Tech Corp. Appoints Cristol Rippe as CMO

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ohio, April 28, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (“reAlpha” or the “Company”), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, is pleased to announce the appointment of Cristol Rippe as Chief Marketing Officer, effective immediately. In this role, Ms. Rippe will oversee and expand all aspects of brand, marketing, and communications of the Company, reporting directly to the Company’s President and Chief Operating Officer, Mike Logozzo.

    Ms. Rippe brings over 20 years of experience building and scaling high-growth organizations in the fintech and real estate sectors. Most recently, she served as Chief Marketing Officer at Landed, a mission-driven fintech that helped essential professionals access homeownership. There, she led the company’s go-to-market strategy, expanding services nationally and more than doubling both the business-to-business and business-to-consumer pipelines. Prior to Landed, she was the founding marketing leader at Root Insurance, where she built and led the marketing team through rapid scale-up, helping the company grow to over $600 million in annual written premiums. At Root, she drove more than 500% YoY growth and led a full-funnel marketing strategy that dramatically increased brand awareness and drove rapid, sustainable growth. She also played a key role in Root’s successful IPO in October 2020, further demonstrating her ability to build brand equity and deliver results in high-stakes environments.

    “Cristol’s arrival marks an exciting new chapter for the reAlpha executive team,” said Mike Logozzo, President and Chief Operating Officer of reAlpha. “Her proven ability to drive growth, elevate brand presence, and scale marketing functions aligns directly with our mission to simplify homebuying through AI. Cristol brings both strategic vision and operational expertise, and her leadership is already making a strong contribution to our organization.”

    Ms. Rippe’s appointment comes after reAlpha’s announcement of a media-for-equity deal with Mercurius Media Capital in March of this year, worth $5 million. Under the terms of the agreement, reAlpha gains access to Mercurius’ media expertise and U.S. multi-channel media partners on a media credits to equity basis. Ms. Rippe will help refine reAlpha’s brand messaging and capitalize on the Mercurius arrangement to grow reAlpha’s brand awareness.

    “reAlpha is redefining how people buy and finance homes, and I’m incredibly honored to join at this inflection point,” said Ms. Rippe. “The combination of AI, real estate, and consumer-first innovation is rare and powerful. I look forward to helping unlock reAlpha’s next phase of growth.”

    About reAlpha Tech Corp.

    reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit www.realpha.com.

    Forward-Looking Statements
    The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the appointment of Ms. Rippe as Chief Marketing Officer and the anticipated benefits thereof. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; reAlpha’s inability to accurately forecast demand for short-term rentals, corporate relocation programs and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Relations Contact:
     Adele Carey, VP of Investor Relations
    investorrelations@realpha.com

    Media Contact:
    Fatema Bhabrawala, Director of Media Relations
    FBHabrawala@allianceadvisors.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Plymouth Rock Assurance and New Jersey Business and Industry Association Align to Launch Insurance Discount Program

    Source: GlobeNewswire (MIL-OSI)

    WOODBRIDGE, N.J., April 28, 2025 (GLOBE NEWSWIRE) — Plymouth Rock Assurance, a leading auto and home insurance provider in the Northeast, is proud to announce its affiliation with the New Jersey Business and Industry Association (NJBIA). This opportunity reflects Plymouth Rock’s commitment to supporting NJBIA members and their employees with valuable benefits, tailored coverage options, and dedicated service.

    The program offers personal auto insurance discounts and is available to all members and their employees of the NJBIA in New Jersey. It includes unique benefits like Get Home Safe® tax and rideshare reimbursement and Crashbusters® mobile claim service, in addition to the quality coverage and friendly service consistently offered by Plymouth Rock.

    “We are excited to start working with NJBIA to enhance their value proposition to members and their employees,” said Adam Van Loon, Chief Partnerships Officer, Plymouth Rock Management Company of New Jersey. “Plymouth Rock is committed to supporting NJBIA with personal auto insurance solutions that offer valuable discounts, unique benefits and superior service.”

    “The New Jersey Business and Industry Association is proud to offer NJBIA’s members and its employees access to exceptional auto insurance savings and personalized coverage options through our affiliation with Plymouth Rock,” said Michele Siekerka, Esq., President and CEO of NJBIA. “We are excited about this offering, which supports our ongoing commitment to deliver meaningful benefits to New Jersey’s business community.”

    About Plymouth Rock
    Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want—online, with a mobile app, by phone, or by contacting their Plymouth Rock agent. Customers can chat, text, or email to get answers quickly and easily. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $2.3 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Pennsylvania.

    Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. You can learn more about us by visiting plymouthrock.com.

    About NJBIA
    The New Jersey Business and Industry Association is New Jersey’s voice for business, advocating tirelessly for an affordable and regionally competitive business climate to support New Jersey job creators. In addition, NJBIA provides resources, money savings benefits and products, information and services to help make the Garden State’s businesses prosperous. We are the nation’s largest statewide employer association.

    Founded in 1910, as the New Jersey Manufacturers Association, today, NJBIA represents all types of employers and entrepreneurs from the corner pizza shop to the Fortune 500’s. Our association committees and programs bring together our job creators around issues that impact them in growing their business as we collectively aspire to see New Jersey reclaim its stature as the Innovation State.

    For more information on NJBIA please visit njbia.org.

    Contact:
    Kaitlynn Cooney
    kcooney@v2comms.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Hallador Energy Company Schedules First Quarter 2025 Conference Call for May 12, 2025 at 5:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., April 28, 2025 (GLOBE NEWSWIRE) — Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”), will host a conference call on Monday, May 12, 2025, at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. The Company’s results will be reported in a press release prior to the call.

    Hallador’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions prior to the call by emailing the Company’s investor relations team, Elevate IR, at HNRG@elevate-ir.com.

    Date: Monday, May 12, 2025
    Time: 5:00 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.

    About Hallador Energy Company

    Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one-Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at www.halladorenergy.com.

    Company Contact

    Marjorie Hargrave
    Chief Financial Officer
    MHargrave@halladorenergy.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    HNRG@elevate-ir.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI: One Stop Systems to Report First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ESCONDIDO, Calif., April 28, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, announced today that the Company will release its first quarter 2025 financial results before the market opens on Wednesday, May 7, 2025. A webcast and conference call will be held that same day at 10:00 a.m. ET to review the Company’s results.

    Conference Call and Webcast

    Domestic: 1-800-717-1738
    International: 1-646-307-1865
    Conference ID: 57745 (required for entry)
    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1710966&tp_key=28a1f0fc7f

    Conference Call Replay

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 1157745

    A replay of the call will be available after 1:00 p.m. ET on May 7, 2025, through May 21, 2025.

    About One Stop Systems
    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require-and OSS delivers-the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Forward-Looking Statements
    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    The MIL Network –

    April 29, 2025

  • MIL-OSI USA: Report to the President on Protecting Children from Surgical and Chemical Mutilation Executive Summary

    US Senate News:

    Source: The White House
    Background
    Under President Biden, the Federal government promoted a grotesque social and scientific experiment on American children. During the first three years of his administration alone, more than 7,000 children were administered puberty blockers and cross-sex hormones. Over 4,000 were subjected to sex-trait modification surgical interventions, such as mastectomies. These interventions were marketed to children on the basis of ideologically driven and financially motivated junk-science.
    On January 28, 2025, President Trump signed Executive Order 14187, “Protecting Children from Chemical and Surgical Mutilation.” EO 14187 prohibits Federal departments from funding, sponsoring, assisting, or facilitating the chemical and surgical mutilation of minors and directs them to stop these immoral, unjust, and disproven practices more broadly to the greatest extent possible. The following sections summarize initial steps taken to implement this Order.
    Restoring Scientific Integrity
    Section 3(i) directs agencies to rescind or amend all policies that rely on the “Standards of Care Version 8” developed by the World Professional Association for Transgender Health (WPATH). These standards were not drafted based on scientific evidence, but on political considerations. During the drafting process, then-Assistant Secretary for Health, Admiral Levine, lobbied WPATH to drop its proposed age limits for surgical mutilation. Levine then issued Federal guidance titled “Gender-affirming Care and Young People,” which promoted the chemical sterilization and surgical mutilation of minors.
    After President Trump took office in January, the Department of Health and Human Services (HHS) immediately removed this document, along with other pseudo-scientific information, from its webpages. On February 14, a court order compelled HHS to display this document and other pseudoscientific webpages. HHS followed the court order, but provided a notice that it disavows Levine’s document – and all materials that cite WPATH – in the strongest possible terms.
    Section 3(ii) directs HHS to publish an evidence-based review of the literature on best-practices to promote the health of children who assert gender dysphoria. HHS has coordinated with a team of eight distinguished scholars, and will publish this review by the 90-day deadline.
    Promoting Accurate Information
    Section 3(b) directs HHS to use “all available methods” to increase data quality to improve practices “for improving the health of minors with gender dysphoria.”
    The lead researcher of one notable study, funded by the National Institute for Health (NIH), withheld its results from the public for political reasons. The NIH has taken, and will continue to take, all necessary and proper steps to ensure accountability and transparency for all taxpayer-funded studies.
    HHS is reviewing data tools to ensure that Federal data collection reflects biological reality and provides medically useful information.
    Stopping Taxpayer-Funded Child Experimentation and Mutilation
    Section 4 directs HHS to “immediately take appropriate steps to ensure that [medical] institutions receiving federal research or education grants end the chemical and surgical mutilation of children.”
    HHS has eliminated 215 such grants, saving taxpayers over $477 million. Two examples include: a $1,319,024 grant to the Center for Innovative Public Health research for “#TranscendantHealth – Adapting an LGB+ inclusive teen pregnancy prevention program for transgender boys;” and a $5,955,310 grant to Boston Children’s Hospital for “TransHealthGUIDE: Transforming Health for Gender-Diverse Young Adults Using Intervention to Drive Equity.”
    Ensuring Proper Medical Treatment
    Section 5 directs HHS to take all appropriate actions to end the chemical and surgical mutilation of children. On March 5, the Centers for Medicare & Medicaid Services (CMS) issued a Quality and Safety Special Alert Memo entitled “Protecting Children from Chemical and Surgical Mutilation,” which alerted providers to the dangers of chemical mutilation as well as the lack of medical evidence supporting their use. Among other provisions, the letter stated that:
    it is of utmost importance that all providers follow the highest standards of care and adhere closely to the foundational principles of medicine, especially as it comes to America’s children. This CMS alert to providers on the dangerous chemical and surgical mutilation of children, including interventions that cause sterilization, is informed by a growing body of evidence and protective policies across the world.
    Within days, similar letters were sent by the Substance Abuse and Mental Health Services Administration, the Health Resources and Services Administration, and the Office of the Assistant Secretary for Health.
    This administration is preparing other actions in accordance with Section 5. HHS, through CMS, is also exploring every avenue to increase access to detransition care.
    Pursuant to Section 6, the Department of Defense has required its health services contractors to discontinue child mutilation as a covered benefit. Pursuant to Section 7, the Office of Personnel Management has excluded coverage for the mutilation of the children of the Federal civilian workforce beginning in Plan Year 2026.
    Ensuring Equal Protection and Rule of Law
    Pursuant to Section 8, the Department of Justice (DOJ) has prepared guidance regarding enforcement of 18 U.S.C. § 116, prioritizing protection against female genital mutilation, and will convene State Attorneys General to coordinate enforcement. It has also initiated investigations of multiple entities that have misled the public about the long-term side effects of chemical and surgical mutilation under the Food, Drug, and Cosmetic Act.
    DOJ has drafted and submitted legislation creating a private right of action, with a long statute of limitations, for children whose bodies have been chemically and surgically damaged and their parents, for additional review. DOJ will also establish a “Parental Rights Task Force” to vindicate the rights of parents in states like California, where parental refusal to consent to the mutilation of their children can enable the state to remove children from parental custody, and to further uphold parents’ recognized constitutional rights.  

    MIL OSI USA News –

    April 29, 2025

  • MIL-OSI Europe: OLAF tip-off leads to seizure of 1.5 tonnes of counterfeit sportswear

    Source: European Anti-Fraud Offfice

    Press release no. 9/2025
    PDF version 

    This press release is also available in Spanish.

    A major seizure of counterfeit t-shirts and uniforms bound for a high-profile football event was carried out in Spain on Friday, 25 April, thanks to crucial intelligence provided by OLAF. The operation is part of a wider effort led by OLAF, in close cooperation with the Spanish National Police and EU customs authorities, to combat a surge in counterfeit sportswear. 

    This coordinated initiative aims to block the entry of fake and substandard products into the EU market, thereby protecting consumers, safeguarding public health, and defending legitimate businesses across Europe. As counterfeit goods often bypass safety regulations, they can pose significant risks, particularly during high-demand periods surrounding major international sporting events.

    The operation on Friday resulted in the seizure of 59 boxes containing goods with a market value of approximately €570,000. It is believed that the sportswear was intended to be sold in connection with the Copa del Rey final taking place in Spain on 26 April.

    OLAF is currently coordinating ongoing activities across several Member States, providing relevant intelligence and information to support enforcement actions. This approach has already resulted in multiple successful seizures of counterfeit sportswear, with Spain recording the majority of recent interceptions.

    OLAF Director-General Ville Itälä said: “Counterfeit products not only harm the EU economy and legitimate businesses but can also pose health and safety risks to consumers. The upcoming sporting season has drawn the attention of criminal networks eager to exploit the market. The seizure in Spain is a clear example of what strong cooperation and timely intelligence sharing can achieve. OLAF remains committed to working with national and EU partners to prevent fake and potentially dangerous goods from reaching European consumers.” 

    OLAF will continue to monitor and coordinate activities in the field to combat the illicit trade in counterfeit goods, standing firm against those who attempt to exploit the EU market.

    For more information and video, please see the communication from the Spanish Police here
     

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.
     

    MIL OSI Europe News –

    April 29, 2025

  • MIL-OSI: Bitget Drops Exclusive LALIGA Skins: Trade in Style with Barça, Real Madrid & More

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 28, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has launched its innovative “Your Team, Your Skin: LALIGA on Bitget“ campaign in a move that blends the thrill of football with the excitement of crypto trading. The product update allows users to deck out their Bitget app with their favorite LALIGA team logo and compete for rewards, proving that in crypto, as in football, passion and strategy go hand in hand.

    Bitget, known for pushing the boundaries of user engagement, has leveled up its game by integrating LALIGA’s iconic team designs into its app interface. Now, traders can wear their team’s pride on their digital sleeves with this new trading kit. Whether you’re a die-hard FC Barcelona fan or ride with Real Madrid, your Bitget app can now feature your team’s logo.

    “We’re giving crypto enthusiasts a new way to show off their team spirit while they trade,” said Gracy Chen, Chief Executive Officer at Bitget. “Think of it as the ultimate crossover—where your trading app becomes as personalized as your fantasy football lineup. This campaign is a hat trick of engagement, personalization, and fun; whether you’re here for the trading or the trophies, there’s something for every fan.”

    This isn’t just a cosmetic upgrade—it’s a full-blown competition. Users earn points by completing gamified tasks tied to their chosen team, with weekly leaderboards tracking the top performers. The more you trade, the higher your team climbs. And just like in football, every point counts.

    Getting in on the action is simple yet thrilling. First, fans can personalize their Bitget trading experience by selecting their favorite LALIGA team’s iconic crests, transforming the app interface into a digital tribute to their football passion. Then the real competition begins: users earn points for their chosen squad by completing trading challenges and engaging with the platform, creating an exciting crossover between crypto activity and team pride. The stakes get higher each week as updated leaderboards showcase which club’s supporters are dominating the competition, blending trading prowess with undying fandom in a way that’s never been done before.

    LALIGA’s reputation for innovation and global appeal aligns perfectly with Bitget’s mission to make crypto trading more interactive and engaging. By blending sports fandom with financial markets, Bitget is redefining how users interact with their trading platforms, proving that crypto doesn’t have to be all charts and numbers. Sometimes, it’s about bragging rights too.

    The “Your Team, Your Skin” campaign is now live in the Bitget app. Download, customize, and start earning points today. Who said crypto trading couldn’t have a little fútbol flair?

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e187b7-cdfe-4cc7-9410-ec2319c1a0f9

    The MIL Network –

    April 29, 2025

  • MIL-OSI: MicroAlgo Announces Strong Net Income and Cash Growth in 2024, Driven by Robust Demand for Central Processing Algorithm Services

    Source: GlobeNewswire (MIL-OSI)

    Shenzhen, April 28, 2025 (GLOBE NEWSWIRE) — Shenzhen, China, April 28, 2025 – MicroAlgo Inc. (NASDAQ: MLGO), (the “Company”), a leading developer and application provider of bespoke central processing algorithms, today announced its financial results for the year ended December 31, 2024. The Company reported total revenues of RMB 541.5 million (USD 75.3 million) and net income of RMB 53.4 million (USD 7.3 million), marking a significant turnaround from the previous year’s net loss of RMB 266.2 million and net loss of RMB 46.54 million in 2022. This return to profitability is largely attributed to the company’s strategic shift away from its intelligent chips and services segment, and dedication of resources resulting in strong performance in its central processing algorithm services, which accounted for 100% of revenues in 2024.

    The Company’s strategic focus on central processing algorithm services has proven effective, with revenues from this segment reaching RMB 541.5 million (USD 75.3 million). MicroAlgo’s ability to provide comprehensive solutions that integrate these algorithms with its customers’ needs have proven successful. The Company’s ongoing investment in research and development, totaling RMB 111.7 million (USD 15.5 million) in 2024, has been crucial in driving innovation and maintaining a competitive edge in the rapidly evolving technology landscape.

    MicroAlgo’s success in 2024 demonstrates its ability to capitalize on the growing demand for central processing algorithm services in industries such as internet advertising and online gaming. The Company’s strategic initiatives, including expanding its application fields and diversifying its customer base, position it for continued growth and success in the central processing algorithm services industry. With a strong balance sheet, including cash and cash equivalents of approximately RMB 1,035.9 million (USD 144.1 million) as of December 31, 2024 (as compared to the RMB 317 million in 2023), MicroAlgo is well-positioned to pursue strategic opportunities and further enhance its technology capabilities.

    Quote from Min Shu, CEO of MicroAlgo:

    “We are very pleased with MicroAlgo’s performance in 2024, achieving profitability and demonstrating the strength of our central processing algorithm services segment. Our commitment to innovation and providing cutting-edge solutions has enabled us to deliver significant value to our customers. Looking ahead, we will continue to invest in research and development, expand our market reach, and pursue strategic opportunities to further solidify our position as a leader in the data intelligence processing industry. We are confident in our ability to drive sustainable growth and create long-term value for our shareholders.”

    The information disclosed in this press release does not purport to be complete and is qualified in its entirety by reference to the Company’s annual report on Form 20-F. The annual report, which contains the Company’s audited consolidate statements, can be accessed on the SEC’s website at http://www.sec.gov and on the Company’s investor relations website at http://ir.microalgor.com/.

    About MicroAlgo Inc.

    MicroAlgo Inc. (the “MicroAlgo”), a Cayman Islands exempted company, is dedicated to the development and application of bespoke central processing algorithms. MicroAlgo provides comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them to increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of MicroAlgo’s services includes algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. MicroAlgo’s ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for MicroAlgo’s long-term development.

    Safe Harbor / Forward-Looking Statements

    This press release contains statements that may constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of MicroAlgo, including those set forth in the Risk Factors section of MicroAlgo’s periodic reports on Forms 20-F and 6-K filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MicroAlgo’s expectations with respect to future performance and anticipated financial impacts of the business transaction.

    MicroAlgo undertakes no obligation to update these statements for revisions or changes after the date of this release, except as may be required by law.

    Contact

    MicroAlgo Inc.
    Investor Relations
    Email: ir@microalgor.com

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Sunrun Installs Solar Projects at Three Affordable Apartment Communities in Southern California, Providing Energy Bill Savings to 800 Renters

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced three new solar installations at affordable apartment communities in Orange County, California. Collectively, the new rooftop solar projects will provide monthly utility bill savings to approximately 800 low-income residents.

    Sunrun installed the solar systems in partnership with affordable housing providers at Arroyo Vista, Villa Plumosa, and Yorba Linda Palms apartment complexes. In total, the systems will provide 748 kilowatts of electricity, offsetting approximately 80% to 90% of the communities’ energy usage. All three projects are located in California’s 40th Congressional District, which U.S. Rep. Young Kim represents.

    “Rooftop solar energy in affordable housing communities I represent lowers utility bills for hardworking families struggling with rising living costs, creates local jobs here at home, and promotes U.S. energy dominance around the world,” said Rep. Young Kim. “I appreciate Sunrun’s work in our Southern California communities and will keep doing all I can to make life more affordable.”

    To commemorate the three projects, Sunrun executives joined Rep. Kim, other state and county elected officials, and Eden Housing’s CEO for a ribbon cutting event at the recently completed 1,120 solar panel installation at Arroyo Vista apartment complex in Mission Viejo.

    “We are so proud to be cutting energy bills for hundreds of hard-working residents in Southern California,” said Sunrun President and Chief Revenue Officer Paul Dickson. “This project is another example of how Sunrun is making solar energy—and the resulting savings—available to homeowners and renters of all income levels.”

    Through virtual net metering, each of the 156 apartment homes at Arroyo Vista is receiving approximately $60 in monthly energy bill savings.

    “Affordable housing is deeply needed in this part of Southern California and we are grateful to partner with Sunrun to make Arroyo Vista even more affordable for our residents through energy bill savings,” said Linda Mandolini, president and CEO of Eden Housing. “Supporting clean energy while also helping families stretch their hard-earned dollars is a win-win collaboration for our communities.”

    Due to energy inflation and three years of approved utility rate hikes for San Diego Gas & Electric, Arroyo Vista residents will likely save even more over time. Over the next 20 years, Sunrun’s solar installation at Arroyo Vista is projected to collectively save the low-income renters over $3.5 million on their electric bills.

    “When you’re on a fixed income, every penny counts, which is why I was especially happy to see the $60 savings on my power bill each month,” said Arroyo Vista resident Lametrius Freeman. “It feels great to be saving money and helping the environment at the same time. We’re grateful that Eden Housing and Sunrun made it possible.”

    The solar installation at the Villa Plumosa apartment complex, located in Yorba Linda, is also completed and operating, providing 76 affordable apartment homes with nearly $60 in monthly energy bill savings through virtual net metering. The new solar project at nearby Yorba Linda Palms will be operational this summer and will provide the complex’s 44 affordable apartment homes with over $75 in monthly energy savings.

    The projects participated in the state’s Solar On Multifamily Affordable Housing (SOMAH) program and the Low-Income Communities Investment Tax Credit (ITC) program, allowing residents to enjoy the benefits of solar energy at no cost to them. State funding for the three projects comes from polluters who purchase greenhouse gas allowances under the state’s cap-and-trade program.

    “SOMAH projects bring affordable, clean energy to hard working families who need it most, by significantly cutting monthly electricity bills,” said Lawrence Goldenhersh, President of the Center for Sustainable Energy, one of the SOMAH program administrators. “By lowering energy costs, we’re helping parents keep their homes running, care for their children, and protect their family’s health — creating lasting stability and opportunity for communities across California.”

    Sunrun currently serves more than 21,000 households in low-income multifamily properties. The solar projects create economic activity in their respective communities through significant investments at the time of installation, employment, and the ongoing financial benefits provided to renters.

    About Sunrun
    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

    Media Contact
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    Investor & Analyst Contact
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/74b9767f-3acc-44a2-841b-7625790af8f4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2de7b9c4-7029-485a-832b-fe1a7d294364

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c9760a53-6f61-4415-bd86-43cd863e6331

    The MIL Network –

    April 29, 2025

  • MIL-OSI: CareCloud Launches Healthcare AI Center Set to Become World’s Largest with 500 AI Professionals

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., April 28, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO), a leading provider of healthcare technology and generative AI solutions, today announced the official launch of its AI Center of Excellence (the “AI CoE”) — a major strategic initiative aimed at delivering scalable, domain-specific artificial intelligence solutions purpose-built for healthcare.

    “Our ground-breaking AI Center officially began operations earlier this month with an inaugural team of over 50 AI engineers, data scientists, and healthcare domain experts, marking a pivotal moment in CareCloud’s journey,” said Hadi Chaudhry, Co-CEO of CareCloud. “The AI Center of Excellence reflects our long-term vision to lead in healthcare transformation. By leveraging 25 years of clinical and financial data, CareCloud is building proprietary, purpose-driven AI solutions that empower providers to deliver better care—faster, smarter, and more efficiently.”

    The AI CoE operates under a dual-shore model, seamlessly combining global engineering talent with localized healthcare expertise. CareCloud plans to scale the team to 500 AI professionals between now and the fourth quarter of 2025 — a milestone that CareCloud believes will establish it as the largest dedicated healthcare AI initiative in the world. The AI CoE is fully self-funded, reflecting CareCloud’s strong operating cash flows, disciplined execution, and the scalability of its global delivery model. By leveraging a highly efficient cost structure that outperforms U.S.-based competitors, CareCloud is uniquely positioned to accelerate innovation at scale while delivering enterprise-grade solutions with exceptional cost-effectiveness.

    “The launch of CareCloud’s AI Center of Excellence marks a major step forward in our growth strategy,” said Stephen Snyder, Co-CEO of CareCloud. “RCM companies and other industry competitors without advanced AI capabilities are being left behind — survival and growth now depend on innovation at scale. With the launch of our AI Center of Excellence, CareCloud is not just adapting to this shift — we are driving it. By embedding AI across every level of our organization, we are building a more powerful, efficient, and future-ready company positioned to lead the next era of healthcare.”

    Some core focus areas of CareCloud’s AI CoE include:

    • Proprietary Healthcare AI Models: Developing intelligent, domain-specific models for clinical workflows, revenue cycle processes, and decision support.
    • Automation and Efficiency Gains: Streamlining clinical documentation, coding, claims management, prior authorizations, and compliance workflows.
    • Predictive and Preventive Analytics: Enabling earlier identification of reimbursement risks, denial causes, patient propensity-to-pay and operational bottlenecks.
    • Smarter Patient and Provider Engagement: Enhancing communication, scheduling, patient education, and satisfaction through AI-driven personalization.
    • Accelerated Innovation Across Platforms: Embedding AI natively across EHR, RCM, and digital health products to deliver real-time, scalable value.

    CareCloud’s deep domain expertise and rich historical datasets provide a significant advantage in training and refining accurate, compliant AI models. By tightly integrating AI across its technology stack, the company is poised to deliver enterprise-grade, HIPAA-compliant solutions with immediate real-world impact.

    As the healthcare industry rapidly embraces artificial intelligence, CareCloud’s AI CoE strengthens its role as an innovation leader — driving operational transformation, enhancing clinical outcomes, and reducing the administrative burden on providers.

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    Disclaimer

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

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact: 
    Norman Roth 
    Interim Chief Financial Officer and Corporate Controller 
    CareCloud, Inc.
    nroth@carecloud.com 

    Investor Contact:
    Stephen Snyder 
    Co-Chief Executive Officer 
    CareCloud, Inc. 
    ir@carecloud.com 

    The MIL Network –

    April 29, 2025

  • MIL-OSI: Northstrive Biosciences Co-Founder Featured on Bear Bull Traders Following Announcement of Positive FDA Response Supporting Submission of IND for EL-22 Phase 2 Clinical Trial

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Northstrive Biosciences Inc. (“Northstrive”), a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”), is proud to announce that Co-Founder Deniel Mero was recently featured in an exclusive interview hosted by Bear Bull Traders, a leading global online stock trading community for professional and aspiring traders.

    During the interview, Mr. Mero discussed Northstrive’s recent milestone: receiving preliminary meeting responses from the FDA regarding Northstrive’s nonclinical studies and clinical development plans for EL-22, administered in combination with GLP-1 receptor agonists. EL-22 is leveraging a myostatin-engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists.

    Bear Bull Traders is a respected trading education platform founded by bestselling author Andrew Aziz. Along with its 595,000 YouTube subscribers, Bear Bull Traders has an extensive network of over 7,000 active members and 100,000 newsletter subscribers worldwide, Bear Bull Traders offers a dynamic environment for traders through expert mentorship, live trading rooms, educational courses, and a vibrant, supportive community.

    “We are honored to share our story with the Bear Bull Traders community, that, like Northstrive, is committed to leveraging innovation,” said Deniel Mero, Co-founder of Northstrive Biosciences. “We believe the FDA responses encourage a path forward for filing an IND application to conduct a Phase 2 clinical trial in overweight or obese patients; addressing one of obesity’s biggest unmet needs.”

    The full interview featuring Deniel Mero can be viewed here.

    About Northstrive Biosciences Inc.

    Northstrive Biosciences Inc., a PMGC Holdings Inc. company, is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines. Northstrive’s lead asset, EL-22, leverages an engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. For more information, please visit www.northstrivebio.com.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    About Bear Bull Traders

    Bear Bull Traders is an international trading education community founded in 2015 by Andrew Aziz. With over 100,000 members globally, Bear Bull Traders offers comprehensive education, expert mentorship, and community support to empower traders toward success in financial markets.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    IR Contact:
    IR@pmgcholdings.com

    The MIL Network –

    April 29, 2025
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