NewzIntel.com

Category: Economy

  • MIL-OSI: Veeco Announces Date for First Quarter Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., April 16, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) plans to release its first quarter 2025 financial results after the market closes on Wednesday, May 7, 2025. The company will host a conference call to review these results starting at 5:00 PM ET that day.

    To join the call, dial 1-877-407-8029 (toll free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco’s website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website beginning at 8:00 PM ET that same evening.

    About Veeco
    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, metal organic chemical vapor deposition (MOCVD), and chemical vapor deposition (CVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

    Veeco Contacts:                                
    Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
    Media: Brenden Wright | (516) 714-1202 | bwright@veeco.com

            

    The MIL Network –

  • MIL-OSI: Kingsoft Cloud Announces Pricing of Public Equity Offering

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, April 16, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced the pricing of its underwritten public offering (the “Public Offering”) of 18,500,000 of American depositary shares (the “ADSs”), each representing 15 ordinary shares of the Company, at a price of US$11.27 per ADS or a total of 277,500,000 ordinary shares at a price of HK$5.83 per ordinary share, based upon each ADS representing 15 ordinary shares and an exchange rate of HK$7.7574 to US$1.00, the spot rate of exchange at the time of pricing. All ADSs will be offered by Kingsoft Cloud. Investors have an option to receive ordinary shares of the Company to be traded on the HKEX (the “Shares”) in lieu of ADSs in this offering.

    Subject to customary closing conditions, the underwriters expect to (i) deliver the ADSs against payment to the purchasers on or about April 17, 2025, on a “T+1” basis, through the facilities of the Depository Trust Company in the U.S.; and (ii) deliver the ordinary shares against payment therefor through the facilities of the Central Clearing and Settlement System in Hong Kong on or about April 25, 2025, on a “T+5” basis. In addition, Kingsoft Cloud has granted the underwriters a 30-day option to purchase up to an additional 2,775,000 ADSs at the Public Offering price, less underwriting discounts and commissions, which purchase, if applicable, will be settled only in ADSs.

    Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering.

    Concurrently with, and subject to, among other closing conditions, the completion of the Public Offering, the Company’s existing shareholder, Kingsoft Corporation Limited (“Kingsoft Corporation”) has agreed to purchase from the Company 69,375,000 of its ordinary shares at a price per share equal to the Public Offering price per ordinary shares, in a concurrent private placement (the “Concurrent Private Placement”). The Concurrent Private Placement to Kingsoft Corporation is being made pursuant to Regulation S of the Securities Act of 1933, as amended. The Concurrent Private Placement constitutes connected transactions within the meaning of the Listing Rules of The Stock Exchange of Hong Kong Limited and are subject to, among other conditions, (i) the approval by independent shareholders in a shareholder meeting the Company plans to convene, and (ii) the completion of the Public Offering.

    The gross proceeds to Kingsoft Cloud from the Public Offering and the Concurrent Private Placement, assuming the underwriters do not exercise its option to purchase additional ADSs, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately US$260.7 million. The Company plans to use the net proceeds from the Public Offering and the Concurrent Private Placement for (i) investments in upgrading and expanding infrastructure, (ii) investments in technology and product development, and (iii) general corporate and working capital purposes.

    The ADSs and ordinary shares are offered in the Public Offering pursuant to an automatic shelf registration statement on Form F-3 filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed Public Offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-866-718-1649 or by emailing prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; China International Capital Corporation Hong Kong Securities Limited, 29/F International Finance Center, No.1 Harbor View Street, Central, Hong Kong, by email at ecm_supernova_plus@cicc.com.cn; Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, or by phone at +852 2203-8166 or by email at asia.ecm.internal@list.db.com; HSBC Securities (USA) Inc. sales representative or by emailing ny.equity.syndicate@us.hsbc.com; or Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY, 10036, United States, or by telephone at +1 (800) 294-1322 or by email at dg.prospectus_requests@bofa.com.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to”, “could”, “potential” or other similar expressions. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; Kingsoft Cloud’s ability to monetize its customer base; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Kingsoft Cloud Holdings Limited

    Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

    For more information, please visit: http://ir.ksyun.com.
      
    For investor and media inquiries, please contact:

    Kingsoft Cloud Holdings Limited
    Nicole Shan
    Tel: +86 (10) 6292-7777 Ext. 6300
    Email: ksc-ir@kingsoft.com

    The MIL Network –

  • MIL-Evening Report: Election Diary: there were a couple of ‘moments’ in second Albanese-Dutton encounter

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Two “moments” stuck out in Wednesday’s leaders’ debate, the second head-to-head of the campaign.

    Peter Dutton cut his losses over his faux pas this week when he wrongly named Indonesian president Prabowo Subianto as having said there had been a Russian approach to base aircraft in Papua.

    So that was a mistake, ABC moderator David Speers asked. “It was a mistake.”

    The other “moment” was in a discussion about negative gearing, when Anthony Albanese denied the government had sought modelling on that. The public service “certainly wasn’t commissioned by us to do so”. In fact, we know Treasurer Jim Chalmers asked Treasury to do it.

    That enabled Dutton to repeat a favourite Coalition line. “This prime minister has a problem with the truth.” (Albanese has given grist for this line by his denial earlier in the campaign that he fell off a stage, when the footage contradicted him.)

    While the leaders were predictably well-rehearsed across the broad sweep of issues, they could not prevent their weak spots being put on display.

    Albanese struggled with something that has not been canvassed enough.Wasn’t there a case for more means testing of some of the big spending the government has undertaken?

    Then of course there was the perennially unanswerable question: when will power prices come down? The PM squirmed.

    Dutton left us no more informed about what a Coalition government would cut to finance his programs, although he did concede, when asked whether cuts to the public service would be enough to cover all his spending, “The short answer is no”.

    On climate change, the opposition leader looked awkward, when asked what seemed simple questions, such as whether the impact of climate change was getting worse. That’s a judgement he’d prefer to leave to others, “because I’m not a scientist”.

    Aware that he is paying a political cost by being painted as Trump-lite, Dutton dodged when asked whether he trusted Trump. “I don’t know Donald Trump” was his lame response (although he continues to declare himself confident of being able to get a deal on tariffs with him).

    Albanese, for his part, said he had “no reason not to trust him”.

    The PM reconfirmed that in tariff discussions with the US, Australia’s critical minerals were on the table, but lacked clarity when pressed on what precisely was Australia’s proposed critical minerals reserve.

    The two leaders were at one on being behind AUKUS (just like they are on not touching negative gearing) despite increasing criticism of the agreement in Australia.

    Housing was thoroughly canvassed but without taking us much further. It now seems it is the politicians against the experts, many of whom are sceptical of much of both sides’ offerings.

    Speers’ raising the issue of renters was a reminder that the housing issue in this campaign – at least as it’s being argued by the main parties – has been firmly focused on promoting ownership. The plight of renters has been the bailiwick of the Greens.

    Asked about the one big reform change they’d like to be remembered for, Albanese nominated affordable child care.

    Dutton went to a more ambitious level, nominating energy, which was, he said, “the economy”, an inevitably more contestable area than childcare. This opened the usual claims and counter-claims about nuclear.

    For those who want to hear the next round of the leaders’ duelling, they will meet again on April 27 on commercial TV.

    Business signals post-election fight on gender-based undervaluation of work

    The Albanese government has made reducing the gender pay gap one of its signature issues. Among other initiatives, its legislation in 2022 required the Fair Work Commission to take into account the need to achieve gender equality.

    The commission’s expert panel for pay equity has been investigating five areas: pharmacists, health workers, social and community services employees, dental assistants, and child care workers.

    On Wednesday its results were released, finding gender-based undervaluation of work in all these areas and proposing pay rises up to 35%.

    There is an immediate determination for pharmacists, who will receive a 14.1% pay rise phased in over three years. In the other areas, a process of further hearings will commence.

    The government reacted cautiously. The bill for the wages of many workers in the care sector falls on to the public purse.

    A Labor spokesperson said: “A re-elected Albanese Government will engage positively with the Commission consistent with the principles set out in our submission [to the expert panel] , including our obligation to manage any changes in a fiscally and economically responsible manner”.

    The Australian Industry Group declared “many employers will struggle to meet the scale of the increased costs proposed”.

    “Industry will be  anxiously awaiting  the response of the major sides of politics  to the decision and what concrete commitments will be made to assist employers in grappling  with its implications.”

    The last thing the government wants to make on this before the election is a “concrete commitment”.

    Michelle Grattan 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. Election Diary: there were a couple of ‘moments’ in second Albanese-Dutton encounter – https://theconversation.com/election-diary-there-were-a-couple-of-moments-in-second-albanese-dutton-encounter-254586

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: 200 years ago, France extorted Haiti in one of history’s greatest heists – and Haitians want reparations

    Source: The Conversation – USA – By Marlene L. Daut, Professor of French and African American Studies, Yale University

    A French propaganda engraving from 1825 depicts King Charles X bestowing freedom on a Black man kneeling before him in chains. ‘S.M. Charles X, le bien-aimé, reconnaissant l’indépendance de St. Domingue,’ 1825, Bibliothèque Nationale de France, Cabinet des Estampes, CC BY-SA

    In 2002, Haiti’s former president Jean-Bertrand Aristide argued that France should pay his country $US22 billion.

    The reason? In 1825, France extracted a huge indemnity from the young nation, in exchange for recognition of its independence.

    April 17, 2025, marks the 200th anniversary of that indemnity agreement. On Jan. 1 of this year, the now-former president of Haiti’s Transitional Presidential Council, Leslie Voltaire, reminded France of this call when he requested that France “repay the debt of independence and reparations for slavery.” In March, tennis star Naomi Osaka, who is of Haitian descent, added her voice to the chorus in a tweet wondering when France would pay Haiti back.

    As a scholar of 19th-century Haitian history and culture, I’ve dedicated a significant portion of my research to exploring Haiti’s particularly strong legal case for restitution from France.

    The story begins with the Haitian Revolution.

    France instituted slavery in the colony of Saint-Domingue on the western third of the island of Hispaniola – today’s Haiti – in the 17th century. In the late 18th century, the enslaved population rebelled and eventually declared independence. In the 19th century, the French demanded compensation for the former enslavers of the Haitian people, rather than the other way around.

    Just as the legacy of slavery in the United States has created a gross economic disparity between Black and white Americans, the tax on its freedom that France forced Haiti to pay – referred to as an “indemnity” at the time – severely damaged the newly independent country’s ability to prosper.

    The cost of independence

    Haiti officially declared its independence from France on Jan. 1, 1804. In October 1806, following the assassination of Haiti’s first head of state, the country was split into two, with Alexandre Pétion ruling in the south and Henry Christophe ruling in the north.

    Despite the fact that both Haiti rulers were veterans of the Haitian Revolution, the French had never quite given up on reconquering their former colony.

    In 1814, King Louis XVIII, restored as king after the overthrow of Napoléon earlier that year, sent three commissioners to Haiti to assess the willingness of the country’s rulers to surrender. Christophe, crowned king in 1811, remained obstinate in the face of France’s exposed plan to bring back slavery. Threatening war, the most prominent member of Christophe’s cabinet, Baron de Vastey, insisted,“ Our independence will be guaranteed by the tips of our bayonets!”

    In contrast, Pétion, the ruler of the south, was willing to negotiate, hoping that the country might be able to pay France for recognition of its independence.

    In 1803, Napoléon had sold Louisiana to the United States for US$15 million. Using this number as his compass, Pétion proposed paying the same amount. Unwilling to compromise with those he viewed as “runaway slaves,” Louis XVIII rejected the offer.

    Pétion died suddenly in 1818, but Jean-Pierre Boyer, his successor, kept up the negotiations. Talks, however, continued to stall due to Christophe’s stubborn opposition.

    “Any indemnification of the ex-colonists,” Christophe’s government stated, was “inadmissible.”

    Once Christophe died in October 1820, Boyer was able to reunify the two sides of the country. However, even with the obstacle of Christophe gone, Boyer repeatedly failed to successfully negotiate France’s recognition of independence. Determined to gain at least suzerainty over the island – which would have made Haiti a protectorate of France – Louis XVIII rebuked the two commissioners Boyer sent to Paris in 1824 to try to negotiate an indemnity in exchange for recognition.

    On April 17, 1825, Charles X, brother to Louis XVIII and the new French king, performed a sudden about-face. Charles X issued a decree stating that France would recognize Haitian independence but only at the price of 150 million francs – or nearly twice the 80 million francs the U.S. had paid for the Louisiana territory.

    Baron de Mackau, whom Charles X sent to deliver the ordinance, arrived in Haiti in July, accompanied by a squadron of 14 brigs of war carrying more than 500 cannons.

    His instructions stated that his “mission” was “not a negotiation.” It was not diplomacy either. It was extortion.

    Amid the threat of violent war and a looming economic blockade, on July 11, 1825, Boyer signed the fatal document, which stated, “The present inhabitants of the French part of St. Domingue shall pay … in five equal installments … the sum of 150,000,000 francs, destined to indemnify the former colonists.”

    French prosperity built on Haitian poverty

    Newspaper articles from the period reveal that the French king knew the Haitian government was hardly capable of making these payments, as the amount was nearly six times Haiti’s total annual revenue. The rest of the world seemed to agree that the agreement was absurd. One British journalist noted that the “enormous price” constituted a “sum which few states in Europe could bear to sacrifice.”

    Forced to borrow 30 million francs from French banks to make the first two payments, it was hardly a surprise to anyone when Haiti defaulted soon thereafter. Still, a subsequent French king sent another expedition in 1838 with 12 warships to force the Haitian president’s hand. The 1838 revision, inaccurately labeled “Traité d’Amitié” – or “Treaty of Friendship” – reduced the outstanding amount owed to 60 million francs, but the Haitian government was once again ordered to take out crushing loans to pay the balance.

    It was the Haitian people who suffered the brunt of the consequences of France’s theft. Boyer levied draconian taxes in order to pay back the loans. And while Christophe had been busy developing a national school system during his reign, under Boyer, and all subsequent presidents, such projects had to be put on hold. Moreover, researchers have found that the independence debt and the resulting drain on the Haitian treasury were directly responsible not only for the underfunding of education in 20th-century Haiti, but also for the lack of health care and the country’s inability to develop public infrastructure.

    A 2022 analysis by The New York Times, furthermore, revealed that Haitians ended up paying more than 112 million francs over seven decades, or $560 million – estimated between $22 billion and $44 billion in today’s dollars. Recognizing the gravity of this scandal, French economist Thomas Piketty has argued that France should repay at least $28 billion to Haiti in restitution.

    A debt that’s both moral and material

    Former French presidents, from Jacques Chirac to Nicolas Sarkozy to François Hollande, have a history of punishing, skirting or downplaying Haitian demands for recompense.

    In May 2015, when Hollande became only France’s second head of state to visit Haiti, he admitted that his country needed to “settle the debt.” Later, realizing he had unwittingly provided fuel for the legal claims already prepared by attorney Ira Kurzban on behalf of the Haitian people, Hollande clarified that he meant France’s debt was merely “moral.”

    To deny that the consequences of slavery were also material is to deny French history itself. France belatedly abolished slavery in 1848 in its remaining colonies of Martinique, Guadeloupe, Réunion and French Guyana, which are still territories of France today. Afterward, the French government demonstrated once again its understanding of slavery’s relationship to economics when it financially compensated the former “owners” of enslaved people.

    The resulting racial wealth gap is no metaphor. In metropolitan France, 14.1% of the population lives below the poverty line. In Martinique and Guadeloupe, in contrast, where more than 80% of the population is of African descent, the poverty rates are 38% and 46%, respectively. The poverty rate in Haiti is even more dire at 59%. And whereas the gross domestic product per capita – the best measure of a country’s standard of living – is $44,690 in France, it’s a mere $1,693 in Haiti.

    These discrepancies can be viewed as the concrete consequences of stolen labor from generations of Africans and their descendants.

    In recent years, French academics have begun to increasingly contribute to the conversation about the longitudinal harms the indemnity brought to Haiti. Yet what effectively amounts to a statement of “no comment” has historically been the only response from France’s current government under President Emmanuel Macron.

    Yet if recent reports prove accurate, on the bicentennial of the indemnity “agreement,” Macron plans to issue a “landmark statement” about France’s “colonial legacy,” along with several “memory initiatives,” designed to “keep the memory of slavery alive throughout the national territory, as in Haiti.”

    But to me, the only initiative from France that would matter would be one detailing how it plans to provide economic recompense to Haitians.

    This is an updated version of an article originally published on June 30, 2020.

    Marlene L. Daut 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. 200 years ago, France extorted Haiti in one of history’s greatest heists – and Haitians want reparations – https://theconversation.com/200-years-ago-france-extorted-haiti-in-one-of-historys-greatest-heists-and-haitians-want-reparations-254550

    MIL OSI – Global Reports –

  • MIL-OSI Global: Railways were essential to carrying out the Holocaust – decades later, corporate reckoning continues

    Source: The Conversation – USA – By Sarah Federman, Associate Professor of Conflict Resolution, Kroc School of Peace Studies, University of San Diego

    Liliane Lelaidier-Marton stands in front of the kind of car her parents were forced into in Drancy, France, when deported to their deaths. Sarah Federman

    The Holocaust could not have happened without the railways.

    Preeminent Holocaust scholar Raul Hilberg underscored that almost everyone murdered at a camp arrived by train, including Jews, political prisoners and other “undesirables.” Since the 1990s, groups of survivors have asked European railway companies to acknowledge and atone for their critical role – a reminder that war, genocide and other atrocities cannot occur without corporate participation.

    One long-running attempt met a setback on Feb. 21, 2025, when the U.S. Supreme Court threw out an appeals court ruling in favor of survivors seeking atonement from Hungary’s state railways. The lower court held that plaintiffs could sue the company over looting during the deportation of 440,000 Jews, most of whom were murdered at Auschwitz-Birkenau. The Supreme Court disagreed, however, saying the case did not warrant an exception to law protecting foreign governments from being sued in U.S. courts.

    SS personnel select Hungarian Jews for life or death after their arrival at Auschwitz.
    Bernhard Walter/Yad Vashem via Wikimedia Commons

    Even without legal rulings, however, survivors have sometimes mobilized enough public support to force rail companies to confront their complicity.

    I wrote a book about one such case: the French national railways’ multiple roles in World War II, and the company’s 30-year struggle to make amends. I dug through archives and legal documents and spoke to over 120 experts – including historians, legislators, executives and more than 90 Holocaust survivors – about what obligations, if any, they believe railways have today.

    The French national railways’ wartime activities and slow roll to accountability helped me better understand and articulate productive ways that companies can respond to demands for atonement decades or more after the events.

    The author stands with Daniel Urbejtel, one of the youngest people who survived deportation to Auschwitz.
    Sarah Federman

    Multiple wartime roles

    The French railway company, known as the SNCF, played more than one role during the war. Depending on which facts you focus on, you can see the company as a victim, hero or perpetrator.

    With roughly 500,000 employees at the time, the company found itself in the crosshairs of the Nazi occupation. When France capitulated to Germany on June 22, 1940, the country was divided into occupied and free zones, and the French national railways were put under German command.

    Unlike companies such as Hugo Boss, which made Nazi uniforms, the SNCF did not financially profit from the occupation. To the contrary, Germans rarely paid the rail company the full amounts due. Machines were destroyed, an estimated 24,000 railway workers were sent to forced labor, and 2,229 railway workers were murdered.

    After the war, the acts of the brave railway workers came to light. Some slowed trains so deportees could jump off; some found other ways to facilitate escapes. Near the city of Lille, some SNCF workers helped save dozens of Jewish children. Most importantly, some workers coordinated with the French Resistance on D-Day, sabotaging trains to prevent German armaments from reaching the Normandy beaches and fighting off the Allies.

    After the war, the SNCF amplified heroic stories with the help of the French government, using a film, pamphlets and other means.

    ‘La Bataille du Rail,’ a 1946 film about French railway workers during the war.

    These stories are true – even if those workers made up less than 1% of the workforce. Surely, some stories were never told. But even if we double or triple the number, such resistance was an exception, not the rule.

    Senior executives reported on acts of sabotage and did little to save their own Jewish colleagues. In fact, Vichy France – the wartime collaborationist government – put the head of the SNCF, Pierre-Eugene Fournier, in charge of liquidating Jewish businesses. He did so efficiently and complained only about German interference.

    French Jews are forced into a train during deportations in Marseille in January 1943.
    Wolfgang Vennemann/German Federal Archives via Wikimedia Commons, CC BY-SA

    The SNCF transported approximately 76,000 Jewish deportees in merchandise cars to the German border, where a Nazi train driver carried them on to their deaths. While it’s possible the company didn’t understand the mass murder occurring at Auschwitz or other camps, drivers knew they carried unwilling passengers crammed together with little food, water or air in extreme weather without stopping. The deportation trains continued for two months after D-Day.

    Push for justice

    Yet SNCF’S image as part of the Resistance lived on in France until the 1990s, when survivors first approached the company for atonement. SNCF escaped legal liability, but public pressure forced the company to respond. Though it never financially compensated victims directly, the SNCF did commission an independent study, opened its archive to the public, made statements of regret and contributed to Holocaust commemoration and education.

    A couple married for over 50 years discovered that their fathers were deported on the same train.
    Sarah Federman

    The conversation then moved beyond French borders. In 2014, after Holocaust survivors protested the SNCF’s bids for contracts in the U.S., French and American ambassadors hammered out a US$60 million fund to compensate survivors who were not covered by other programs.

    The SNCF’s journey toward accountability encouraged debates involving rail companies in the Netherlands, Belgium and Hungary, which had also transported hundreds of thousands of people to their deaths.

    In 2019, Holocaust survivor Salo Muller successfully lobbied the Dutch state-owned railways for an apology and compensation for deportees. The company gave €15,000 – about $16,500 – to each survivor who had been forced to pay for their own ticket to be transported in horrific conditions to death camps. In the case of deceased survivors, the railway offered half that amount to heirs.

    Not about the money

    Liliane Lelaidier-Marton in front of a memorial at Drancy, France, where her father was deported.
    Sarah Federman

    In 2012, historian Michael Marrus invited me to join him at Corporate Liability for Human Rights Violations, a conference at the University of Tel Aviv. There, he slapped his hands on the table and all but shouted to his senior colleagues, “It’s not about the money!”

    Judicial rulings and financial payouts make headlines and create important precedents. But my interviews with survivors confirmed the spirit of Marrus’ words: “People want to set the record straight, to tell the story, and to have their history constitute a warning.”

    Liliane Lelaidier-Marton took me to the Shoah Memorial in Drancy, France, where her parents had been interned before deportation. She appreciated the memorials and visitor center, which acknowledge her loss and their suffering. Renée Fauguet-Zejgman and I went to a ceremony in Paris together so she could read her murdered father’s name – an opportunity sponsored, in part, by the SNCF. Daniel Urbejtel, one of the youngest to survive Auschwitz, didn’t hold on to special anger against the railways. But when I told him about their statement of regret and funding of memorial sites, he said, “I’m glad that they did that.”

    Renée Fauguet-Zejgman points to her father’s name on a memorial in Paris.
    Sarah Federman

    Leo Bretholz, who jumped out of an SNCF train bound for Auschwitz, wanted a verbal acknowledgment of the harm and an apology along with compensation. Stanley Kalmanovitz, who received over $200,000 from the 2014 settlement for his deportation to Auschwitz, told me, “The money came at a good time in my life … but this is not a settlement of conscience.” He knew the railway company was trying to win U.S. contracts and saw the money as a way to get survivors out of the way.

    Motivations aside, Kalmanovitz wondered what people today expect from the SNCF workers during the war. He said, “What was the French railroad supposed to do? Someone has a gun at your head, what do you do? You take the bullet? Then, if everyone takes a bullet, who’s left?”

    Historians only know of one French train driver who defied orders to drive his train. Léon Bronchart refused to drive a train filled with either German soldiers or political prisoners. He lost his bonus and title, but not his life.

    While a number of survivors I spoke with wanted SNCF to atone, others expressed misgivings about holding today’s company accountable for the actions of its predecessors.

    Thousands of Jews around Paris were arrested in July 1942, including more than 4,000 children. Most were later deported to Auschwitz.
    Antoine Gyori/Sygma via Getty Images

    Restoring dignity

    Today, some companies are trying to address their connections to mass atrocities: not only the Holocaust, but also other genocides, the transatlantic slave trade, colonialism and even ecological destruction.

    I encourage companies, institutions and ambassadors to focus on addressing harm, rather than on calculating their institution’s percentage of guilt or complicity. These difficult – if not impossible – calculations distract institutions from supporting the innocent people grappling with the aftermath and from preventing future harm.

    While money matters, people also want their dignity restored and suffering acknowledged – and companies can do this work without lawsuits prompting them. When they do it on their own, stakeholders see their efforts as evidence of a moral conscience rather than an economic necessity.

    This look back encourages stakeholders to consider how today’s corporate actions may be judged in the years ahead. Will future generations celebrate or condone their use of natural resources, labor practices or any participation in the deportations of their day?

    Sarah Federman received funding from the Fondation pour la Memorial de la Shoah to conduct research on the SNCF in France. During her time as a doctoral student, George Mason University’s Carter School for Peace and Conflict Resolution awarded Federman the Presidential Scholarship in support of this research.

    – ref. Railways were essential to carrying out the Holocaust – decades later, corporate reckoning continues – https://theconversation.com/railways-were-essential-to-carrying-out-the-holocaust-decades-later-corporate-reckoning-continues-250008

    MIL OSI – Global Reports –

  • MIL-OSI: Athene Enhances Flagship Annuity Products, Expands Innovative Preset Allocation Feature

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, April 16, 2025 (GLOBE NEWSWIRE) — Athene, the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), today announced new features on two of its flagship annuity products, designed to simplify the user experience.

    The Athene AccumulatorSM Fixed Indexed Annuity products now include Preset Allocations, a simplified allocation feature designed to make sophisticated diversification strategies easier to implement. In addition, the Athene ProtectorSM Fixed Indexed Annuity products now include a streamlined index lineup and new interest crediting strategies and rider options to help clients more easily navigate the product and focus on its protection features. Both products are designed to provide protected accumulation.

    “Athene is on a mission to make annuity products simpler to understand and easier to use,” said Mike Downing, Athene Chief Operating Officer. “These enhancements are about providing the best possible experience to financial professionals so that they can help their clients retire with certainty.”

    These enhancements are part of Athene’s ongoing efforts to simplify the user experience for annuity products. Earlier this year, Athene and Jackson National Life Insurance Company became the first carriers to complete a paperless transaction for replacement annuity business as part of the Insured Retirement Institute’s (IRI) Digital First Initiative.

    “Athene’s leadership is transforming the annuity experience for consumers and financial professionals,” said Downing. “Paperless replacements help reduce the processing time from 2-4 weeks to 48-72 hours. Now product-level enhancements like these can save financial professionals even more time as they set their clients up for success.”

    About Athene
    Athene is the leading retirement services company with over $360 billion of total assets as of December 31, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Alyssa Castelli
    Director, External Relations
    +1 (646) 768-7304
    Alyssa.castelli@athene.com

    The MIL Network –

  • MIL-OSI: Global AI Diagnostics Market to Reach $8.54 Billion By 2033 as Industry Sees Increasing R&D and Strategic Collaborations

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 16, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Artificial intelligence (AI) is being utilized for disease detection in the global markets. In today’s AI-driven world, the use of deep learning algorithms and AI tools in diagnostics can improve the accuracy, speed and efficiency for diagnosing patients with minimal errors. The introduction of AI tools in diagnostics has revolutionized the healthcare industry with supporting the doctors in advanced disease diagnosis and providing personalized treatments to patients with better judgements and quick results. According to Precedence Research, the global artificial intelligence in diagnostics market size was exhibited at USD 1.61 billion in 2024 and is projected to hit around USD 8.54 billion by 2033, growing at a CAGR of 20.37% during the forecast period 2024 to 2033. The report said: “The advances in digital biomarkers technology which uses real-time monitoring systems for early disease diagnosis and prediction has also enhanced the AI in diagnostics market growth. The application of AI tools in diagnostics has led to analyzing medical images for assessing disease progression, predicting patient outcomes, processing and storing of patient data which includes electronic health records (EHRs), identifying patterns and anomalies in patient data and symptom checkers for providing potential diagnosis.”   Active healthcare/tech companies active in the markets include: Avant Technologies Inc. (OTCQB: AVAI), Illumina Inc. (NASDAQ: ILMN), Tempus AI, Inc. (NASDAQ: TEM), Medtronic plc (NYSE: MDT), Spectral AI, Inc. (NASDAQ: MDAI).

    The report continued: “Moreover, the rising prevalence of chronic and non-communicable diseases (NCDs) is fueling the market growth of AI in diagnostics as the demand for advanced and digital healthcare solutions is increasing worldwide. The rapid developments in cutting-edge AI tools in diagnostics and the surging investments in R&D of industries in enhancing diagnostic proficiency for improved patient outcomes is driving the market. North America dominated the AI in diagnostics market in 2024. With the presence of key market players and cutting-edge advancements in technologies integrated with AI-powered tools has expanded the market growth in this region. The rise in investments in R&D, support from government initiatives and increased fundings from private and public organizations for producing AI-enhanced diagnostic tools is strengthening the industries in the region.”

    Avant Technologies, Inc. (OTCQB: AVAI) and JV Partner, Ainnova, Accelerate Expansion Across Latin America Following Key Role at Healthcare Innovation Summit – Avant Technologies, Inc. (“Avant” or the “Company”) and its partner, Ainnova Tech, Inc., (Ainnova), a leading healthcare technology company focused on revolutionizing early disease detection using artificial intelligence (AI), today announced that following Ainnova’s sponsorship and its CEO’s key role at the 2025 Healthcare Innovation Summit in Mexico City, both Avant and Ainnova, through their joint venture, Ai-nova Acquisition Corp. (AAC), are building on Ainnova’s strong presence in Mexico by expanding its footprint across Latin America.

    Ainnova has initiated its first commercial pilots in both Chile and the Dominican Republic to work directly with prestigious hospitals that cover the full spectrum of care—from primary to highly specialized services. These pilot programs aim to demonstrate, (i) cost reduction in preventive diagnostics; (ii) increased efficiency in medical resource allocation and patient flow; (iii) enhanced institutional reputation driven by technological innovation; and (iv) improved profitability for participating healthcare centers through optimized patient referrals.

    The pilot programs leverage Ainnova’s proprietary Vision AI platform to identify health risks in real time, which enable seamless referrals for specialty care or further diagnostic tests when a positive risk is detected. The broader vision for the joint venture involves deploying an automated, low-cost retinal imaging device integrated with its AI-driven platform to deliver comprehensive preventive risk screening. From just two retinal images, blood pressure and some lab test information, the system will assess risks for: cardiovascular disease (CVD), type 2 diabetes, liver fibrosis, and chronic kidney disease (CKD).

    The message that Ainnova’s CEO, Vinicio Vargas, continues to convey to audiences around the world is that this accessible, fast, and scalable solution is designed to support early intervention and targeted treatment strategies, with the ambition of reaching millions of patients globally in the coming years.

    Avant has partnered with Ainnova to form AAC so the two companies can advance and commercialize Ainnova’s technology portfolio worldwide. AAC has the global licensing rights for the portfolio, including its Vision AI platform and its versatile retinal cameras.

    Avant and Ainnova have identified Brazil and the United States as key strategic markets. Ainnova is currently addressing regulatory pathways in Brazil with the support of its MDSAP certification to meet ANVISA requirements, paving the way for rapid market entry. CONTINUED… Read this and more news for Avant Technologies at:   https://www.financialnewsmedia.com/news-avai/

    In other developments and happenings in the markets recently include:

    Medtronic plc (NYSE: MDT), a global leader in healthcare technology, recently announced late-breaking data on five-year outcomes from the Evolut Low Risk Trial. Data shows, versus surgery, the Evolut™ transcatheter aortic valve replacement (TAVR) system delivers a numerically lower rate of all-cause mortality or disabling stroke at five years, strong valve performance and durable clinical outcomes. The findings were presented as late-breaking clinical science at the American College of Cardiology’s Annual Scientific Session & Expo and simultaneously published in the JACC, the flagship journal of the American College of Cardiology.

    The Evolut Low Risk Trial was a randomized, multicenter, international study assessing the safety and efficacy of the Evolut TAVR system versus surgery in low-risk patients. These patients had a predicted 30-day mortality risk <3%, as assessed by a local heart team. 1,414 patients were randomized, with 730 receiving TAVR with either a Medtronic Evolut R, PRO, or CoreValve™ and 684 undergoing surgery.

    Spectral AI, Inc. (NASDAQ: MDAI), a leading developer of the AI-driven DeepView® System, which uses multi-spectral imaging and AI algorithms to predict burn healing potential, recently announced the successful completion of a debt financing agreement of up to $15.0 million in funding from Avenue Venture Opportunities Fund II, L.P., a fund of Avenue Capital Group, with an initial draw down of $8.5 million. In connection with this debt financing, the Company also raised $2.7 million of equity financing from institutional as well as existing investors. With total cash on hand now of over $14 million and potential access to additional debt of $6.5 million, Spectral AI is able to accelerate its product commercialization efforts, including the upcoming U.S. launch of its DeepView System.

    The term of the financing agreement is for three years, with an interest-only payment period of no less than 15 months, which can be extended to 24 months upon achieving the milestones laid out in the second financing tranche. The second financing tranche, which is contingent upon FDA clearance of the DeepView System, includes an additional $6.5 million in debt financing and a $7.0 million equity raise to be completed by the Company. The financing also includes warrant coverage equal to 8.5% of the total funding commitment from Avenue Capital Group, with an exercise price of $1.80 per share.   As part of the financing, the Company has agreed to a market standstill with no additional stock sales by the Company for a period of at least six months. SP Angel Corporate Finance LLP acted as the sole placement agent for the participation of existing UK investors. Dominari Securities LLC acted as the sole placement agent for U.S. investors.

    Illumina Inc. (NASDAQ: ILMN) and Tempus AI, Inc. (NASDAQ: TEM) recently announced a collaboration to accelerate clinical adoption of next-generation sequencing tests through novel evidence generation. The collaboration will combine leading Illumina AI technologies with Tempus’s comprehensive multimodal data platform to train genomic algorithms and ultimately accelerate clinical adoption of molecular testing for patients.

    “In the era of true precision medicine, every patient who is battling complex disease should be routed to the optimal therapy based on molecular insights,” said Everett Cunningham, chief commercial officer of Illumina. “We envision a world where the full range of molecular profiling is available as part of the standard of care—not just in cancer, but in cardiology, neurology, immunology, and every other category of disease.”

    Today, patients frequently miss the benefit of precision medicine because molecular profiling is not yet standard across disease areas and regions. This collaboration will leverage Tempus multimodal data to further improve Illumina’s AI-driven molecular analysis technologies and generate new insights supporting the clinical value of sequencing. These insights will be used to build evidence packages needed to standardize use of comprehensive genomic profiling and other molecular testing across all major diseases.

    “By expanding our collaboration with Illumina, we are combining our strengths in technology and data analytics with their strengths in developing new sequencing technologies to drive forward innovation and advance precision medicine,” said Terron Bruner, chief commercial officer of Tempus.

    The program builds on a long-standing collaboration between the companies, which has focused on developing tools and assays to address gaps in testing needs from preemptive screening through therapy selection, health economics, and bioinformatics pipelines to improve patient outcomes and research.

    About FN Media Group:

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    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    The MIL Network –

  • MIL-OSI: Fortinet Releases its 2024 Sustainability Report

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., April 16, 2025 (GLOBE NEWSWIRE) — News Summary

    Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today released its 2024 Sustainability Report, outlining the company’s approach, key commitments, and progress on the sustainability topics that matter most to the company and its stakeholders.

    “As digital transformation accelerates, cybersecurity is more critical than ever to safeguarding businesses, the global economy and society at large,” said Michael Xie, Founder, President and CTO at Fortinet. “Fortinet is committed to having our products, services, and people contribute to building a more secure and sustainable society–from improving the environmental impact of our products through energy efficiency and more sustainable packaging, to our commitment to closing the cybersecurity skills gap by training 1 million individuals by 2026. We are proud of the progress we’ve made and remain committed to integrating sustainability across all aspects of our operations.”

    As cybersecurity continues to play a leading role in enabling a sustainable digital future, Fortinet remains committed to protecting people, businesses, and communities worldwide while operating responsibly and minimizing its environmental footprint.

    Highlights from the Fortinet 2024 Sustainability Report include:

    • Driving innovation and responsible technology to secure the digital world: With nearly 1,400 patents issued and more than 450 pending, Fortinet continues to pioneer AI-powered security solutions, collaborating with organizations such as University of California (UC) Berkeley, the World Economic Forum, and the Cybersecurity and Infrastructure Security Agency (CISA) to advance AI use in cybersecurity. In 2024, Fortinet also became one of the early signatory of CISA’s Secure by Design pledge, reinforcing its commitment to security at every stage of the product lifecycle.
    • Strengthening global efforts to combat cybercrime: In 2024, Fortinet deepened its engagement with numerous global organizations dedicated to halting cybercrime, supporting major initiatives such as INTERPOL’s Operation Serengeti and the World Economic Forum Cybercrime Atlas Project. These collaborative efforts in 2024 contributed to over 1,000 arrests, the dismantling of 134,000+ malicious networks, and the recovering of $44 million USD.
    • Accelerating climate action with near-term, science-based targets: In 2024, Fortinet’s near-term greenhouse gas emissions reduction targets were validated by the Science Based Targets initiative. These climate near-term targets include scopes 1 and 2 emissions, aligned with a 1.5°C trajectory to limit global warming, as well as scope 3 targets focused on supplier and customer engagement to drive emission reductions across the value chain.
    • Improving product energy efficiency and sustainable packaging: In 2024, Fortinet introduced new FortiGate models that are, on average, 61% more energy efficient than previous generations. Additionally, the company expanded its efforts to minimize environmental impact by launching 22 FSC-certified packaging models, prioritizing plastic-free packaging across 86 top-selling products, and avoiding 387 metric tons of CO2e emissions, including 77 metric tons of plastic reduction.
    • Addressing the cybersecurity skills gap and expanding access to education: Since 2022, Fortinet has trained more than 630,000 individuals in cybersecurity through the Fortinet Training Institute initiatives. In 2024, Fortinet joined the European Commission’s Cybersecurity Skills Academy, committing to train 75,000 people in the EU by 2027. Fortinet also contributed to the World Economic Forum’s 2024 Strategic Cybersecurity Talent Framework, helping to shape global best practices for sustainable cybersecurity talent development.
    • Upholding strong business ethics and information security practices: In 2024, 100% of Fortinet’s top contract manufacturers (covering 90% of spend) and distributors completed business ethics and compliance training. Fortinet expanded its ISO 27001/17/18 certifications and its SOC2 Type II examinations, achieving 81 information security certifications and examinations strengthening data protection and privacy measures.

    Industry Recognition for Responsible Business Practices
    Fortinet’s continued progress in sustainability and responsible business practices has been recognized through multiple industry accolades, including:

    • Inclusion in the 2024 Dow Jones Best-in-Class World and North America Indices for the third consecutive year, reflecting its leadership in corporate responsibility.
    • An improved CDP Climate Change rating, moving from a B- to a B score, reflecting strengthened climate action and transparency.
    • Recognition as a 2024 “Best Company to Work For” by Glassdoor and a “Great Place to Work,” underscoring Fortinet’s commitment to fostering a workplace where everyone can thrive.
    • Recognized as No. 7 on Forbes’ Most Trusted Companies in America 2025 list—and the most trusted U.S.-based cybersecurity company.

    Fortinet’s 2024 Sustainability Report references the Task Force on Climate-related Financial Disclosures (TCFD), the Global Reporting Initiative (GRI) Standards, Sustainability Accountability Standards Board (SASB) Standards and the United Nations Sustainable Development Goals (UN SDGs). The report details Fortinet’s progress and metrics across the following eight priority issues: innovation and responsible technology; cybercrime disruption; climate change; product environmental impacts; inclusion and belonging; cybersecurity skills gap; business ethics; and information security and data privacy.

    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.

    Media Contact: Investor Contact: Analyst Contact:
    Stephanie Lira
    Fortinet, Inc.
    408-235-7700
    pr@fortinet.com     		 Aaron Ovadia
    Fortinet, Inc.
    408-235-7700
    investors@fortinet.com    		 Brian Greenberg
    Fortinet, Inc.
    408-235-7700
    analystrelations@fortinet.com

    The MIL Network –

  • MIL-OSI: FFB Bancorp Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.

    First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:

    • Pre-tax, pre-provision income increased 10% to $12.01 million.
    • Net income increased 4% to $8.10 million.
    • Return on average equity (“ROAE”) was 18.83%.
    • Return on average assets (“ROAA”) was 2.14%.
    • Net interest margin expanded 20 basis points to 5.35% from 5.15%.
    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 21% to $28.48 million.
    • Total assets increased 12% to $1.56 billion.
    • Total portfolio of loans increased 18% to $1.09 billion.
    • Total deposits increased 10% to $1.32 billion.
    • Shareholder equity increased 26% to $174.71 million.
    • Book value per common share increased 27% to $55.52.
    • The Company’s tangible common equity ratio was 11.20%, while the Bank’s regulatory leverage capital ratio was 14.66%, and the total risk-based capital ratio was 21.09% at March 31, 2025.

    “In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics,” said Steve Miller, President & CEO. “The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program.”

    “During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward.”

    Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:

    Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.

    Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor’s degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.

    Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor’s degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.

    “We are delighted to welcome Linda and Miles to our Company’s Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success,” said Mark Saleh, Chairman of the Boards. “Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders’ equity at March 31, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended March 31, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.

    Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. “The increase in net interest income compared to prior year was primarily driven by loan portfolio growth,” said Bhavneet Gill, Chief Financial Officer. “We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024.”

    The Company’s net interest margin (“NIM”) increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. “Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter,” noted Gill.

    The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.

    Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.

    Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. “These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes (in thousands)
    Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    ISO Partner Sponsorship $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365   $ 3,763,289  
    FFB Payments- Sub-ISO Merchants   21,551     22,950     24,661     24,414     19,370  
    FFB Payments – Direct Merchants   97,095     91,133     64,512     76,059     77,349  
    Total volume $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838   $ 3,860,008  
    Merchant ISO Processing Revenues (in thousands)
    Source of Revenue Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenue*:          
    ISO Partner Sponsorship $ 2,410   $ 2,535   $ 2,284   $ 2,156   $ 2,183  
               
    Gross Revenue:          
    FFB Payments- Sub-ISO Merchants   745     764     810     795     672  
    FFB Payments – Direct Merchants   4,709     4,262     2,476     3,117     3,213  
        5,454     5,026     3,286     3,912     3,885  
    Gross Expense:          
    FFB Payments- Sub-ISO Merchants   616     638     723     675     518  
    FFB Payments – Direct Merchants   2,558     2,511     1,766     1,989     1,842  
        3,174     3,149     2,489     2,664     2,360  
    Net Revenue:          
    FFB Payments- Sub-ISO Merchants   129     126     87     120     154  
    FFB Payments – Direct Merchants   2,151     1,751     710     1,128     1,371  
    FFB Payments Net Revenue   2,280     1,877     797     1,248     1,525  
    Net Merchant Services Income: $ 4,690   $ 4,412   $ 3,081   $ 3,404   $ 3,708  
     
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
     

    Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.

    There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.

    Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.

    Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order,” said Miller.

    Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.

    Balance Sheet Review

    Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.

    The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.

    Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.

    The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.

    Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company’s investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.

    Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.

    Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at March 31, 2025:

    Liquidity Source (in thousands) March 31, 2025 December 31, 2024
         
    Cash and cash equivalents $ 103,071   $ 63,415  
    Unpledged investment securities, fair value   104,732     118,957  
    FHLB advance capacity   338,036     304,077  
                 
    Federal Reserve discount window capacity   130,590     166,475  
    Correspondent bank unsecured lines of credit   70,000     91,500  
      $ 746,429   $ 744,424  
     

    The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.

    Shareholders’ equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.

    Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Delinquent accruing loans 30-59 days $ 16,147   $ 1,386   $ 17,533  
    Delinquent accruing loans 60-89 days   218     1,319     1,537  
    Delinquent accruing loans 90+ days   —     46     46  
    Total delinquent accruing loans $ 16,365   $ 2,751   $ 19,116  
           
    Non-Accrual Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Loans on non-accrual $ 15,366   $ —   $ 15,366  
    Non-accrual loans with SBA guarantees   11,371     —     11,371  
    Net Bank exposure to non-accrual loans $ 3,995   $ —   $ 3,995  
     

    There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.

    “We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans.”

    “We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 18% from a year ago with commercial real estate (“CRE”) loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands) CRE Office Exposure of March 31, 2025
    Region Owner-Occupied Non-Owner Occupied Total
    Central Valley $ 27,314   $ 13,544   $ 40,858  
    Southern California   2,271     352     2,623  
    Other California   4,492     3,948     8,440  
    Total California   34,077     17,844     51,921  
    Out of California   —     527     527  
    Total CRE Office $ 34,077   $ 18,371   $ 52,448  
     

    The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios For the Quarter Ended:
    March 31, 2025   December 31, 2024   March 31, 2024
    BALANCE SHEET- ENDING BALANCES:          
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Total portfolio loans   1,092,441       1,071,079       926,781  
    Investment securities   313,826       322,186       328,906  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Shareholders equity, net   174,711       168,392       138,716  
               
    INCOME STATEMENT DATA          
    Operating revenue   28,476       28,247       23,610  
    Operating expense   16,467       13,270       12,701  
    Pre-tax, pre-provision income   12,009       14,977       10,909  
    Net income after tax   8,098       9,718       7,790  
               
    SHARE DATA          
    Basic earnings per share $ 2.56     $ 3.06     $ 2.46  
    Fully diluted EPS $ 2.55     $ 3.05     $ 2.46  
    Book value per common share $ 55.52     $ 53.02     $ 43.69  
    Common shares outstanding   3,146,727       3,175,817       3,175,048  
    Fully diluted shares   3,175,178       3,189,949       3,170,981  
    FFBB – Stock price $ 76.50     $ 97.97     $ 82.99  
               
    RATIOS          
    Return on average assets   2.14 %     2.53 %     2.32 %
    Return on average equity   18.83 %     23.11 %     23.27 %
    Efficiency ratio   57.83 %     46.19 %     52.96 %
    Adjusted efficiency ratio   52.54 %     39.57 %     47.82 %
    Yield on earning assets   6.31 %     6.24 %     6.15 %
    Yield on investment securities   4.36 %     4.34 %     4.47 %
    Yield on portfolio loans   6.81 %     6.95 %     6.68 %
    Cost to fund earning assets   0.96 %     1.00 %     1.00 %
    Cost of interest-bearing deposits   2.60 %     2.69 %     2.57 %
    Net Interest Margin   5.35 %     5.24 %     5.15 %
    Equity to assets   11.20 %     11.20 %     9.94 %
    Net loan to deposit ratio   82.74 %     83.39 %     77.20 %
    Full time equivalent employees   175       168       147  
               
    BALANCE SHEET- AVERAGES          
    Total assets   1,531,573       1,529,439       1,347,625  
    Total portfolio loans   1,076,848       1,038,215       925,561  
    Investment securities   325,699       333,135       315,820  
    Total deposits   1,300,550       1,299,069       1,149,117  
    Shareholders equity, net   174,410       167,268       134,621  
                           
    Consolidated Balance Sheet (unaudited) March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    ASSETS          
    Cash and due from banks $ 83,033     $ 43,905     $ 37,360  
    Interest bearing deposits in banks   20,038       19,510       53,556  
    CDs in other banks   1,724       1,723       1,693  
    Investment securities   313,826       322,186       328,906  
    Loans held for sale   —       —       —  
               
    Construction & land development   12,649       26,522       77,318  
    Residential RE 1-4 family   17,146       16,846       16,114  
    Commercial real estate   696,625       669,285       545,358  
    Agriculture   104,616       90,017       63,281  
    Commercial and industrial   260,063       267,948       224,551  
    Consumer and other   1,342       461       159  
    Portfolio loans   1,092,441       1,071,079       926,781  
    Deferred fees & discounts   (3,946 )     (4,200 )     (4,181 )
    Allowance for credit losses   (12,913 )     (11,834 )     (10,407 )
    Loans, net   1,075,582       1,055,045       912,193  
               
    Non-marketable equity investments   8,890       8,891       7,357  
    Cash value of life insurance   12,496       12,402       12,119  
    Accrued interest and other assets   44,787       40,466       41,911  
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
               
    LIABILITIES AND EQUITY          
    Non-interest bearing deposits $ 825,404     $ 828,508     $ 751,636  
    Interest checking   109,555       62,034       54,659  
    Savings   54,686       55,219       52,090  
    Money market   218,940       212,322       220,559  
    Certificates of deposits   111,796       126,294       121,585  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Short-term borrowings   10,000       —       —  
    Long-term debt   38,046       38,007       39,638  
    Other liabilities   17,238       13,352       16,212  
    Total liabilities   1,385,665       1,335,736       1,256,379  
               
    Common stock   35,693       38,436       36,910  
    Retained earnings   156,235       148,138       121,780  
    Accumulated other comprehensive loss   (17,217 )     (18,182 )     (19,974 )
    Shareholders’ equity   174,711       168,392       138,716  
    Total liabilities and shareholders’ equity $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Consolidated Income Statement (unaudited) Quarter ended:
    (in thousands) March 31, 2025   December 31, 2024   March 31, 2024
               
    INTEREST INCOME:          
    Loan interest income $ 18,069   $ 18,131     $ 15,372  
    Investment income   3,499     3,631       3,512  
    Int. on fed funds & CDs in other banks   574     504       255  
    Dividends from non-marketable equity   132     137       129  
    Total interest income   22,274     22,403       19,268  
               
    INTEREST EXPENSE:          
    Int. on deposits   2,891     3,115       2,518  
    Int. on short-term borrowings   31     12       149  
    Int. on long-term debt   451     464       464  
    Total interest expense   3,373     3,591       3,131  
    Net interest income   18,901     18,812       16,137  
    PROVISION FOR CREDIT LOSSES   1,164     1,671       378  
    Net interest income after provision   17,737     17,141       15,759  
               
    NON-INTEREST INCOME:          
    Total deposit fee income   849     856       796  
    Debit / credit card interchange income   191     196       167  
    Merchant services income   7,864     7,562       6,068  
    Gain on sale of loans   261     929       451  
    Loss (gain) on sale of investments   —     (482 )     (373 )
    Other operating income   410     374       364  
    Total non-interest income   9,575     9,435       7,473  
               
    NON-INTEREST EXPENSE:          
    Salaries & employee benefits   8,056     5,177       6,582  
    Occupancy expense   353     411       383  
    Merchant services operating expense   3,174     3,149       2,360  
    Other operating expense   4,884     4,533       3,376  
    Total non-interest expense   16,467     13,270       12,701  
               
    Income before provision for income tax   10,845     13,306       10,531  
    PROVISION FOR INCOME TAXES   2,747     3,588       2,741  
    Net income $ 8,098   $ 9,718     $ 7,790  
    ASSET QUALITY March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    Delinquent accruing loans 30-60 days $ 17,533     $ 4,886     $ 3,220  
    Delinquent accruing loans 60-90 days   1,537       2,449       1,950  
    Delinquent accruing loans 90+ days   46       987       1,332  
    Total delinquent accruing loans $ 19,116     $ 8,322     $ 6,502  
               
    Loans on non-accrual $ 15,366     $ 9,894     $ 7,156  
    Other real estate owned   —       —       —  
    Nonperforming assets $ 15,366     $ 9,894     $ 7,156  
               
    Delinquent 30-60 / Total Loans   1.60 %     0.46 %     0.35 %
    Delinquent 60-90 / Total Loans   0.14 %     0.23 %     0.21 %
    Delinquent 90+ / Total Loans   — %     0.09 %     0.14 %
    Delinquent Loans / Total Loans   1.75 %     0.78 %     0.70 %
    Non-accrual / Total Loans   1.41 %     0.92 %     0.77 %
    Nonperforming assets to total assets   0.98 %     0.66 %     0.51 %
               
    Year-to-date charge-off activity          
    Charge-offs $ 167     $ 1,287     $ —  
    Recoveries   —       35       4  
    Net charge-offs (recoveries) $ 167     $ 1,252     $ (4 )
    Annualized net loan losses to average loans   0.06 %     0.12 %     — %
               
    CREDIT LOSS RESERVE RATIOS:          
    Allowance for credit losses $ 12,913     $ 11,834     $ 10,407  
               
    Total loans $ 1,092,441     $ 1,071,079     $ 926,781  
    Purchased govt. guaranteed loans $ 16,081     $ 16,323     $ 19,642  
    Originated govt. guaranteed loans $ 45,285     $ 42,737     $ 38,228  
               
    ACL / Total loans   1.18 %     1.10 %     1.12 %
    ACL / Loans less 100% govt. gte. loans (purchased)   1.20 %     1.12 %     1.15 %
    ACL / Loans less all govt. guaranteed loans   1.25 %     1.17 %     1.20 %
    ACL / Total assets   0.83 %     0.79 %     0.75 %
    SELECT FINANCIAL TREND INFORMATION For the Quarter Ended:
    March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Mar. 31, 2024
    BALANCE SHEET- PERIOD END          
    Total assets $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723   $ 1,395,095  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,092,441     1,071,079     998,222     969,764     926,781  
    Investment securities   313,826     322,186     345,428     345,491     328,906  
               
    Non-interest bearing deposits   825,404     828,508     826,708     731,030     751,636  
    Interest bearing deposits   494,977     455,869     460,241     437,927     448,893  
    Total deposits   1,320,381     1,284,377     1,286,949     1,168,957     1,200,529  
    Short-term borrowings   10,000     —     —     68,000     —  
    Long-term debt   38,046     38,007     37,967     39,678     39,638  
               
    Total equity   191,928     186,574     176,350     167,286     158,690  
    Accumulated other comprehensive loss   (17,217 )   (18,182 )   (12,715 )   (18,646 )   (19,974 )
    Shareholders’ equity   174,711     168,392     163,635     148,640     138,716  
               
    QUARTERLY INCOME STATEMENT          
    Interest income $ 22,274   $ 22,403   $ 21,404   $ 20,887   $ 19,268  
    Interest expense   3,373     3,591     3,617     3,581     3,131  
    Net interest income   18,901     18,812     17,787     17,306     16,137  
    Non-interest income   9,575     9,435     7,616     7,423     7,473  
    Gross revenue   28,476     28,247     25,403     24,729     23,610  
               
    Provision for credit losses   1,164     1,671     762     291     378  
               
    Non-interest expense   16,467     13,270     12,735     13,285     12,701  
    Net income before tax   10,845     13,306     11,906     11,153     10,531  
    Tax provision   2,747     3,588     3,343     3,077     2,741  
    Net income after tax   8,098     9,718     8,563     8,076     7,790  
               
    BALANCE SHEET- AVERAGE BALANCE          
    Total assets $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255   $ 1,347,604  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,076,848     1,038,215     982,152     954,871     925,561  
    Investment securities   325,699     333,135     343,096     334,416     315,820  
               
    Non-interest bearing deposits   850,426     838,748     822,200     758,977     755,603  
    Interest bearing deposits   450,124     460,321     432,143     440,147     393,514  
    Total deposits   1,300,550     1,299,069     1,254,343     1,199,124     1,149,117  
    Short-term borrowings   2,856     951     —     10,053     9,562  
    Long-term debt   38,028     37,989     39,479     39,660     39,620  
               
    Shareholders’ equity   174,410     167,268     161,363     141,881     134,621  
                                   

    Contact: Steve Miller – President & CEO
    Bhavneet Gill – EVP & CFO
    (559) 439-0200

    The MIL Network –

  • MIL-OSI: MiddleGround Capital Hires Private Equity Industry Veteran Jonathan La as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Ky., April 16, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has hired Jonathan La as Chief Financial Officer. He reports to Christopher Speight, Partner, and works in MiddleGround’s New York office. He began the position in February 2025.

    In this role, Jonathan is responsible for all aspects of the firm’s financial operations, as well as for accurate and timely financial reporting. Additionally, he leads the Accounting and Fund Accounting teams for all of MiddleGround’s U.S. and European offices. Jonathan joins MiddleGround Capital with 25 years of experience in the private equity industry, including serving for 17 years at Monomoy Capital Partners as Director of Finance. He was involved in all aspects of financial planning, treasury functions and tax structuring, and implemented new ERP and budgeting systems to increase efficiency and reporting capabilities.

    “Having worked with Jonathan for many years at Monomoy, I can say that MiddleGround is very fortunate to have such an experienced financial expert on board,” said John Stewart, Founding and Managing Partner of MiddleGround. “His expertise in middle market private investment accounting practices is second to none, and his help in building efficient reporting structures and processes will be a great asset for our stakeholders.”

    Prior to Monomoy, Jonathan worked at Evercore Partners, where he helped transition the books and records of the private equity funds in-house for IPOs. Before that, he was at BISYS, a private equity fund administrator, managing various private equity funds, fund of funds and hedge funds clients. He began his career at Deloitte & Touche LLP in their private equity audit practice.

    “MiddleGround’s focus on continual improvement and operational excellence across its platform investments makes it a true innovator in the private equity space,” said Jonathan. “I’m very excited to help further those efforts from a financial, accounting, and tax perspective.”

    Jonathan graduated from Bernard M. Baruch College with a Bachelor of Business Administration in Accounting, and is a CPA.

    About MiddleGround Capital
    MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.85 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

    MiddleGround Capital Media Contacts
    Doug Allen/Maya Hanowitz
    Dukas Linden Public Relations
    MiddleGround@dlpr.com
    +1 (646) 722-6530

    The MIL Network –

  • MIL-OSI: Tenable Appoints Steve Vintz and Mark Thurmond as Co-CEOs

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md., April 16, 2025 (GLOBE NEWSWIRE) — Tenable®, the exposure management company, today announced that its Board of Directors has unanimously appointed Steve Vintz and Mark Thurmond as co-Chief Executive Officers on a permanent basis. Following an extensive search process that considered both internal and external candidates, the Board concluded that Vintz and Thurmond are best positioned to move the company forward. The decision reflects the Board’s confidence in the strength of their leadership following a successful interim period during which they drove significant operational and strategic momentum. The Board also intends to appoint Vintz and Thurmond to the Board immediately following the company’s annual shareholder meeting to be held on May 14, 2025.

    Vintz, Tenable’s Chief Financial Officer since 2014, and Thurmond, who has served as Chief Operating Officer since 2020, bring deep industry and operational experience. Under the co-CEO structure, Vintz will oversee product, cyber security, corporate development and all general and administrative functions, while Thurmond will oversee GTM functions including sales, professional services, technical support, marketing, and customer success. Together, they will continue to guide the company’s mission to help organizations understand and reduce cyber risk across their modern attack surfaces.

    “Mark and Steve have demonstrated exceptional leadership and alignment during their time as interim co-CEOs,” said Art Coviello, Chairman of the Tenable Board of Directors. “Their collaborative leadership style, deep industry knowledge, and customer-first mindset have already created strong results. We are confident in their ability to continue driving innovation and long-term value for all stakeholders.”

    Under their interim leadership, Tenable has expanded its customer footprint, with strong adoption of the Tenable One Exposure Management platform and growing momentum behind Tenable Cloud Security. They also completed the strategic acquisition of Vulcan Cyber, advancing Tenable’s product roadmap with the expected launch of a significantly expanded version of Tenable One that we believe will be the most comprehensive exposure management platform on the market.

    “We are honored to lead Tenable as co-CEOs and energized by the opportunity ahead,” said Vintz and Thurmond in a joint statement. “We have tremendous belief in Tenable’s mission, team and market position, and we’re excited to build on our momentum to deliver meaningful outcomes for our customers, employees and shareholders.”

    Coviello, a respected cybersecurity leader, will remain Chairman of the Board. Additionally, Steve Vintz will continue to serve as Chief Financial Officer, while the company conducts a CFO search.

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Media Contact:
    Tenable
    tenablepr@tenable.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding the effects of appointing the co-CEOs, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements 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, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 as well as other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    The MIL Network –

  • MIL-OSI: Plumas Bancorp Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

    Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

    Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

    Balance sheet Highlights
    March 31, 2025 compared to March 31, 2024

    • Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
    • Total deposits increased by $73 million, or 5.6% to $1.4 billion.
    • Borrowings decreased by $105 million, or 87.5% to $15 million.
    • Total equity increased by $26 million, or 16.2% to $187.6 million.
    • Book value per share increased by $4.29, or 15.7% to $31.68.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, “The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

    Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

    Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

    Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

    On March 31, 2025, approximately 77% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

    Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

    During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

    Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   March 31, 2025     March 31, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   250       900  
    Losses charged to allowance   (312 )     (680 )
    Recoveries   185       70  
    Balance, end of period $ 13,319     $ 13,157  
    Reserve for Unfunded
    Commitments    		  

    March 31, 2025

    		      

    March 31, 2024
    Balance, beginning of period $ 620     $ 799  
    Provision charged to operations   –       (79 )
    Balance, end of period $ 620     $ 720  


    Bank Term Funding Program (BTFP)

    At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

    Shareholders’ Equity

    Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

    Net Interest Income and Net Interest Margin

    Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

    Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

    Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

    Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

    Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts – $770 thousand and savings deposits – $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

    Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

    Non-Interest Income/Expense

    During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

    During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS  
    (In thousands)
    (Unaudited)
      As of March 31,      
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 87,327   $ 128,231   $ (40,904)   (31.9)%
    Investment securities 447,293   447,445   (152)   (0.0)%
    Loans, net of allowance for credit losses 1,000,651   966,141   34,510   3.6%
    Premises and equipment, net 12,349   12,960   (611)   (4.7)%
    Right-of-use assets 24,003   25,295   (1,292)   (5.1)%
    Bank owned life insurance 16,628   16,206   422   2.6%
    Real estate acquired through foreclosure 91   357   (266)   (74.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 39,448   38,196   1,252   3.3%
    Total assets $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,373,061   $ 1,299,688   $ 73,373   5.6%
    Lease liabilities 24,523   25,424   (901)   (3.5)%
    Accrued interest payable and other liabilities 33,105   33,730   (625)   (1.9)%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,445,689   1,478,842   (33,153)   (2.2)%
    Common stock 29,454   28,492   962   3.4%
    Retained earnings 179,411   156,414   22,997   14.7%
    Accumulated other comprehensive loss, net (21,262)   (23,415)   2,153   9.2%
    Shareholders’ equity 187,603   161,491   26,112   16.2%
    Total liabilities and shareholders’ equity $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED MARCH 31, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,590   $ 20,026   $ 564   2.8%
    Interest expense 2,051   2,569   (518)   -20.2%
    Net interest income before provision for credit losses 18,539   17,457   1,082   6.2%
    Provision for credit losses 250   821   (571)   (69.5)%
    Net interest income after provision for credit losses 18,289   16,636   1,653   9.9%
    Non-interest income 3,213   2,140   1,073   50.1%
    Non-interest expense 11,466   10,397   1,069   10.3%
    Income before income taxes 10,036   8,379   1,657   19.8%
    Provision for income taxes 2,856   2,125   731   34.4%
    Net income $ 7,180   $ 6,254   $ 926   14.8%
                   
    Basic earnings per share $ 1.21   $ 1.06   $ 0.15   14.2%
    Diluted earnings per share $ 1.20   $ 1.05   $ 0.15   14.3%
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
    (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Year Ended
      3/31/2025   12/31/2024     3/31/2024     12/31/2024   12/31/2023
    EARNINGS PER SHARE                        
    Basic earnings per share $ 1.21     $ 1.31     $ 1.06     $ 4.85     $ 5.08  
    Diluted earnings per share $ 1.20     $ 1.29     $ 1.05     $ 4.80     $ 5.02  
    Weighted average shares outstanding   5,911       5,900       5,887       5,895       5,863  
    Weighted average diluted shares outstanding   6,002       5,995       5,946       5,968       5,934  
    Cash dividends paid per share 1 $ 0.30     $ 0.27     $ 0.27     $ 1.08     $ 1.00  
                             
    PERFORMANCE RATIOS (annualized for the three months)                
    Return on average assets   1.79 %     1.87 %     1.55 %     1.74 %     1.88 %
    Return on average equity   16.0 %     17.1 %     16.4 %     17.2 %     23.4 %
    Yield on earning assets   5.50 %     5.50 %     5.30 %     5.49 %     5.03 %
    Rate paid on interest-bearing liabilities   1.14 %     1.27 %     1.33 %     1.39 %     0.67 %
    Net interest margin   4.95 %     4.90 %     4.62 %     4.79 %     4.71 %
    Noninterest income to average assets   0.80 %     0.53 %     0.53 %     0.53 %     0.68 %
    Noninterest expense to average assets   2.85 %     2.57 %     2.57 %     2.56 %     2.36 %
    Efficiency ratio 2   52.7 %     50.4 %     53.1 %     51.3 %     46.6 %
                       
      3/31/2025   3/31/2024   12/31/2024   12/31/2023   12/31/2022
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 13,319   $ 13,157   $ 13,196   $ 12,867     $ 10,717  
    Allowance for credit losses as a percentage of total loans   1.32     1.35     1.30     1.34 %     1.18 %
    Nonperforming loans $ 3,686   $ 5,610   $ 4,105   $ 4,820     $ 1,172  
    Nonperforming assets $ 3,787   $ 6,000   $ 4,307   $ 5,315     $ 1,190  
    Nonperforming loans as a percentage of total loans   0.36     0.57     0.40     0.50 %     0.13 %
    Nonperforming assets as a percentage of total assets   0.23     0.37     0.27     0.33 %     0.07 %
    Year-to-date net charge-offs $ 127   $ 610   $ 1,046   $ 954     $ 935  
    Year-to-date net charge-offs as a percentage of average   0.05     0.25     0.11     0.10 %     0.11 %
    loans (annualized)        
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,922     5,896     5,903     5,872       5,850  
    Shareholders’ equity $ 187,603   $ 161,491   $ 177,899   $ 147,317     $ 119,004  
    Book value per common share $ 31.68   $ 27.39   $ 30.14   $ 25.09     $ 20.34  
    Tangible common equity3 $ 181,354   $ 155,048   $ 171,606   $ 140,823     $ 112,273  
    Tangible book value per common share4 $ 30.62   $ 26.30   $ 29.07   $ 23.98     $ 19.19  
    Tangible common equity to total assets   11.1     9.5     10.6     8.7 %     6.9 %
    Gross loans to deposits   73.6     75.1     74.1     71.9 %     62.6 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.3     11.0     11.9     10.8 %     9.2 %
    Common Equity Tier 1 Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Tier 1 Risk-Based Capital Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Total Risk-Based Capital Ratio   19.0     17.4     18.5     16.9 %     15.7 %
     
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                           
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                           
      For the Three Months Ended   For the Three Months Ended
      3/31/2025   3/31/2024
      Average       Yield/   Average       Yield/
      Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                      
    Loans (2) (3) $ 1,011,968   $ 15,396   6.17 %   $ 964,132   $ 14,592   6.09 %
    Investment securities   369,126     3,927   4.31 %     371,792     3,605   3.90 %
    Non-taxable investment securities (1)   74,883     583   3.16 %     108,175     791   2.94 %
    Interest-bearing deposits   61,409     684   4.52 %     75,005     1,038   5.57 %
    Total interest-earning assets   1,517,386     20,590   5.50 %     1,519,104     20,026   5.30 %
    Cash and due from banks   26,477             26,586        
    Other assets   86,335             80,508        
    Total assets $ 1,630,198           $ 1,626,198        
                           
    Interest-bearing liabilities:                      
    Money market deposits   279,184     1,145   1.66 %     211,183     375   0.71 %
    Savings deposits   323,449     206   0.26 %     335,565     180   0.22 %
    Time deposits   88,386     545   2.50 %     91,501     631   2.77 %
    Total deposits   691,019     1,896   1.11 %     638,249     1,186   0.75 %
    Borrowings   15,000     145   3.92 %     114,342     1,367   4.81 %
    Other interest-bearing liabilities   21,190     10   0.19 %     21,713     16   0.30 %
    Total interest-bearing liabilities   727,209     2,051   1.14 %     774,304     2,569   1.33 %
    Non-interest-bearing deposits   682,495             673,789        
    Other liabilities   38,096             24,440        
    Shareholders’ equity   182,398             153,665        
    Total liabilities & equity $ 1,630,198           $ 1,626,198        
    Cost of funding interest-earning assets (4)         0.55 %           0.68 %
    Net interest income and margin (5)     $ 18,539   4.95 %       $ 17,457   4.62 %
                           
    (1) Not computed on a tax-equivalent basis.                      
    (2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts   705     715       (10 )   (1.4 )%
    Interchange income $ 690   $ 739       (49 )   (6.6 )%
    Loan servicing fees   186     213       (27 )   (12.7 )%
    FHLB Dividends   137     137       –     – %
    Earnings on life insurance policies   109     96       13     13.5 %
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Loss on sale of investment securities   –     (19,826 )     19,826     100.0 %
    Other   1,386     212       1,174     553.8 %
    Total non-interest income $ 3,213   $ 2,140     $ 1,073     50.1 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,880   $ 5,366     $ 514     9.6 %
    Occupancy and equipment   2,014     1,690       324     19.2 %
    Outside service fees   1,263     1,132       131     11.6 %
    Merger and acquisition expenses   569     –       569     100.0 %
    Advertising and shareholder relations   262     244       18     7.4 %
    Professional fees   229     439       (210 )   (47.8 )%
    Armored car and courier   217     203       14     6.9 %
    Deposit insurance   182     187       (5 )   (2.7 )%
    Telephone and data communication   174     222       (48 )   (21.6 )%
    Director compensation and expense   167     167       –     – %
    Business development   167     153       14     9.2 %
    Loan collection expenses   72     104       (32 )   (30.8 )%
    Amortization of Core Deposit Intangible   44     51       (7 )   (13.7 )%
    Other   226     439       (213 )   (48.5 )%
    Total non-interest expense $ 11,466   $ 10,397     $ 1,069     10.3 %
                   
    PLUMAS BANCORP  
    SELECTED FINANCIAL INFORMATION  
     (Dollars in thousands)  
    (Unaudited)  
                     
    The following table shows the distribution of loans by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Commercial $ 77,745   7.7 %   $ 82,136   8.4 %  
    Agricultural   112,018   11.1 %     123,239   12.6 %  
    Real estate – residential   11,606   1.1 %     11,872   1.2 %  
    Real estate – commercial   660,926   65.4 %     562,870   57.7 %  
    Real estate – construction & land   46,730   4.6 %     64,547   6.6 %  
    Equity Lines of Credit   38,634   3.8 %     37,196   3.8 %  
    Auto   58,295   5.8 %     89,399   9.2 %  
    Other   4,769   0.5 %     4,953   0.5 %  
    Total Gross Loans $ 1,010,723   100 %   $ 976,212   100 %  
                     
       
    The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/25   3/31/25   3/31/24   3/31/24  
    Owner occupied $ 295,593   44.7 %   $ 194,954   34.6 %  
    Investor   365,333   55.3 %     367,916   65.4 %  
    Total real estate – commercial $ 660,926   100 %   $ 562,870   100 %  
                     
                     
    The following table shows the distribution of deposits by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Deposits in Each     Deposits in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Deposits   of Period   Total Deposits  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Non-interest bearing $ 676,461   49.3 %   $ 665,975   51.2 %  
    Money Market   290,125   21.1 %     214,257   16.5 %  
    Savings   323,496   23.6 %     328,781   25.3 %  
    Time   82,979   6.0 %     90,675   7.0 %  
    Total Deposits $ 1,373,061   100 %   $ 1,299,688   100 %  
                     

    The MIL Network –

  • MIL-OSI: 96% of Enterprises are Expanding Use of AI Agents, According to Latest Data from Cloudera

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., April 16, 2025 (GLOBE NEWSWIRE) — Cloudera, the only true hybrid platform for data, analytics, and AI, released the findings of its latest survey report, “The Future of Enterprise AI Agents.” The survey polled nearly 1,500 enterprise IT leaders across 14 countries to understand their adoption patterns, use cases, and sentiments around AI agents. Results show an overwhelming 96% of respondents have plans to expand their use of AI agents in the next 12 months, with half aiming for significant, organization-wide expansion. The applications for this deployment include performance optimization bots (66%), security monitoring agents (63%), and development assistants (62%).

    For business and IT leaders alike, agentic AI marks a new frontier—moving beyond traditional automation to systems that can reason, act, and adapt in real-time. When implemented effectively, these intelligent agents unlock operational agility, drive cost savings, and dramatically improve customer engagement. As a result, AI agents are quickly becoming a key source of competitive advantage, with 83% of organizations stating that investing in them is crucial to maintaining their edge in the market.

    In addition to the benefits of the technology, Cloudera’s survey answered some of the biggest questions around agentic AI, including:

    • How widely is this being adopted? Adoption is already underway. A majority (57%) of enterprise IT leaders report they’ve implemented AI agents in the past two years—21% in just the last year—signaling rapid momentum that’s only expected to grow.
    • How are organizations deploying agents? Two-thirds (66%) are building agents on enterprise AI infrastructure platforms, while 60% are leveraging agentic capabilities embedded in existing core applications. This hybrid approach reflects a clear preference for scalable, secure, and close-to-data deployments.
    • What’s getting in the way? The top three barriers are data privacy (53%), integration with legacy systems (40%), and high implementation costs (39%). These pain points all stem from a common root: the need for robust, unified data management and governance.
    • Where should companies begin? Start with a contained, high-impact project—such as an internal IT support agent. These “fast-to-value” use cases help teams prove ROI, build internal confidence, and lay the foundation for broader, scaled deployments.

    “AI agents have moved beyond experimentation—they’re now delivering real automation, efficiency, and business results. We’re seeing enterprises run hundreds of models in production, all demanding high-fidelity, well-managed data to drive better outcomes,” said Abhas Ricky, Chief Strategy Officer, Cloudera. “In 2025, agentic AI is taking center stage, building on the momentum of generative AI but with even greater operational impact. Cloudera is enabling this transformation through a robust Enterprise AI Ecosystem, helping global organizations design secure, scalable, and integrated AI workflows that turn data into action.”

    Cloudera’s report also addresses what enterprises are actually doing with AI agents. The top use cases vary by industry, shaped by the specific needs and priorities of each sector:

    • Finance & Insurance: Fraud detection (56%), risk assessment (44%), and investment advisory (38%) are the leading use cases. AI agents are flagging suspicious transactions in real time, simulating market scenarios to evaluate risk, and supporting advisors with personalized investment suggestions.
    • Manufacturing: Top applications include process automation (49%), supply chain optimization (48%), and quality control (47%). Agents are monitoring production lines to catch defects early, rerouting logistics to avoid delays, and streamlining repetitive tasks to improve efficiency.
    • Healthcare: Appointment scheduling (51%), diagnostic assistance (50%), and medical records processing (47%) are the most common use cases. AI agents are reducing admin burden by coordinating schedules, surfacing relevant EMR data, and helping clinicians identify conditions in imaging data.
    • Telecommunications: The telecoms industry is seeing substantial innovation fueled by AI. Customer support bots (49%), customer experience agents (44%), and security monitoring agents (49%) are key deployments. Agents are resolving service issues instantly, flagging at-risk customers using behavior data, and protecting networks from emerging threats.

    To download the full report, click here.

    About Cloudera
    Cloudera is a hybrid platform for data, analytics, and AI. With 100x more data under management than other cloud-only vendors, Cloudera empowers global enterprises to transform data of all types, on any public or private cloud, into valuable, trusted insights. Our open data lakehouse delivers scalable and secure data management with portable cloud-native analytics, enabling customers to bring GenAI models to their data while maintaining privacy and ensuring responsible, reliable AI deployments. The world’s largest brands in financial services, insurance, media, manufacturing, and government rely on Cloudera to use their data to solve what once seemed impossible—today and in the future. 

    To learn more, visit Cloudera.com and follow us on LinkedIn and X. Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners.

    Contact
    Jess Hohn-Cabana
    cloudera@v2comms.com

    The MIL Network –

  • MIL-OSI United Kingdom: Portsmouth nurtures trade partnerships with Canada

    Source: City of Portsmouth

    The city of Portsmouth recently hosted a significant visit from Jason Guidry, Director of Trade and International Partnerships from Halifax Partnership Canada, along with a large delegation of Canadian businesses. This four-day event, held from 7 to 10 April aimed to foster new business relationships and explore collaborative opportunities between Portsmouth and Halifax, Nova Scotia.

    The visit commenced with an event hosted by Maritime UK Solent at the Portsmouth Historic Dockyard, bringing together over 70 Solent-based and Canadian businesses. This gathering provided a platform for sharing maritime business opportunities.

    Following on from the first day, Jason Guidry then had personal meetings with 14 Portsmouth businesses across the city who were interested in diversifying their supply chain by finding trading partners and new markets and customers in Canada.

    The discussions focused on expanding opportunities in data and digital services, life sciences, satellite applications and maritime. Additionally, both sister cities are keen to explore partnerships between naval bases and ports, visitor economy links, and best practices in clean technology and sustainability.

    Jason Guidry, Director of Trade and International Partnerships at Halifax Partnership said:

    “Strengthening ties between Portsmouth and Halifax opens the door to new and expanded business, trade, investment, and supply chain opportunities and partnerships that will accelerate business and economic growth in both our regions.”

    Councillor Steve Pitt Leader of Portsmouth City Council with responsibilities for Economic Development commented on the visit, saying:

    “In a changing world, international cooperation is vital. We are seizing every opportunity to help our businesses grow and strengthen our local economy.

    Welcoming the Canadians highlighted a real potential to further develop significant partnerships for our businesses and visitor economy.”

    The business who took advantage of the opportunity included Visitor Chat Ltd, Sirius Analysis, Red Penquin, Metaverse VR, SI Digital, Mary Rose, Exposure Analytics Ltd, Nova Systems, CTS Europe Ltd (recent winner of Global Business of the Year at the Portsmouth Business Awards), Solent Sky Services, Velocetec, Houlder, Space South Central and Qinetiq.  These meetings were held at various locations across the city, including Lakeside North Harbour, Portsdown Technology Park, and Dunsbury Park.

    This visit marks a notable step in the ongoing partnership between Portsmouth and Halifax Nova Scotia which became sister cities in 2023. The formal agreement signed between the two cities aims to expand opportunities for businesses and foster economic growth through international collaboration.

    For more information about Portsmouth businesses visit investportsmouth.co.uk

    Image: From L to R: Jason Guidry with Ella  Vandenberghe  and Abbie-Rose Smith from Visitor Chat Ltd

    MIL OSI United Kingdom –

  • MIL-OSI China: Chinese economy firms up recovery in Q1, ready to navigate uncertainties

    Source: China State Council Information Office

    China’s economy started 2025 on solid footing, bolstered by a structural shift toward domestic demand and innovation, positioning the country to better weather global uncertainties.

    The country’s gross domestic product (GDP) grew 5.4% year on year to 31.8758 trillion yuan (about $4.42 trillion) in the first quarter of 2025, data from the National Bureau of Statistics (NBS) showed Wednesday.

    China’s GDP grew 5% year on year in 2024 and the country has targeted its full-year economic growth at around 5% for this year.

    The country’s economy delivered a strong start in the first quarter, ranking among the highest of the world’s major economies, Sheng Laiyun, deputy head of the NBS, told a press conference Wednesday.

    At the same time, Sheng cautioned that the external environment has become increasingly complex and challenging, with a rapid rise in global trade protectionism and growing strains on the international economic order.

    China has made thorough policy preparations to address external changes, Sheng said, noting that a series of targeted marco policies have already taken effects and that more incremental policies will be introduced as needed to mitigate external shocks.

    SOLID START

    Highlighting broad-based improvements across key indicators, Sheng pointed out that value-added industrial output expanded 6.5% year on year. In March alone, the industrial output grew 7.7% from one year earlier.

    During the period, fixed-asset investment went up 4.2% year on year, with investment in infrastructure construction rising 5.8%, and manufacturing investment increasing 9.1%, according to the NBS data.

    Retail sales of consumer goods, a major indicator of the country’s consumption strength, gained 4.6% year on year.

    Supported by targeted policies to boost consumption, service-related spending also picked up pace. In the first quarter, retail sales of services grew 5% year on year, outpacing goods retail by 0.4 percentage points.

    Wednesday’s data also showed that the country’s per capita disposable income increased by 5.5% year on year in nominal terms to 12,179 yuan in Q1, with the employment situation remaining stable.

    Sheng credited these improvements to decisive policy support, local-level responsiveness, and the rapid buildup of innovation-driven momentum.

    Noting that China’s massive market, backed by a population of 1.4 billion and a per capita GDP exceeding $13,000, offers substantial room for both consumption and investment, Sheng said this strong domestic demand potential will continue to support the country’s sustained economic growth.

    FASTER UPGRADE

    China has been steadily advancing structural upgrading and high-quality development, with its growth model shifting fundamentally from one driven by investment and exports to one increasingly powered by domestic demand and innovation, Sheng stressed.

    Over the past five years, domestic demand has contributed more than 80% of the country’s economic growth on average, he added.

    As part of its move to make domestic demand the main engine and anchor of economic growth, China unveiled a targeted consumption-boosting plan in March. The initiative reflects the policy direction outlined in this year’s government work report, which emphasizes improving living standards and boosting consumer spending.

    New consumption scenarios are rapidly emerging with the rise of big data and AI, Sheng said, citing movie “Ne Zha 2” as an example of booming cultural demand that reflects the country’s vibrant consumer innovation and growth potential.

    Emerging sectors such as the digital economy are playing an increasingly important role in China’s growth, with new drivers expanding steadily and contributing to greater economic resilience and long-term stability, Sheng said.

    Regarding foreign trade, Sheng noted that a more diversified export structure is emerging, lowering reliance on any single trading partner.

    When asked about the impact of U.S. tariff hikes, Sheng said they “may exert short-term pressure on China’s economy and foreign trade, but will not alter the country’s long-term positive outlook,” pointing to China’s firm fundamentals, diverse strengths, strong resilience, and substantial growth prospects.

    China is well prepared to address all uncertainties, Chinese Premier Li Qiang said when presiding over a symposium with economic experts and entrepreneurs on April 9.

    Li noted that it is particularly crucial to ensure effective economic work in the second quarter and beyond, stressing that it is necessary to implement more proactive macro policies and introduce new incremental policies in a timely manner in light of the needs of the situation. 

    MIL OSI China News –

  • MIL-OSI USA: Gov. Kemp: CRH to Expand Metro Atlanta Footprint

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that CRH, the leading provider of building materials solutions, plans to create more than 300 new jobs in metro Atlanta and invest $1.7 million in a new Finance & Accounting Shared Services Center (SSC) in Fulton County. The new SSC will support CRH’s Americas Materials Solutions business that is also headquartered in Atlanta.

    “CRH’s latest investment in Georgia is more proof that our state’s collaborative approach to economic development works for both prospective job creators and those already operating in our state,” said Governor Brian Kemp. “As we continue to foster a business-friendly environment, these investments create high-quality jobs for hardworking Georgians. We look forward to CRH’s continued success in the No. 1 state for business.”

    CRH’s Americas Materials Solutions business provides aggregates, asphalt, paving, ready mixed concrete, and construction services and is the leading integrated building materials solutions provider in North America.

    “It is an exciting time for CRH’s Americas Materials Solutions business as we support our ongoing growth by establishing a world-class Finance & Accounting Shared Services Center in metro Atlanta. The new SSC will enable further integration of our finance and accounting operations, creating additional efficiencies that will help CRH deliver better for our customers across North America,” said Rob Dinkins, Chief Financial Officer, CRH Americas Materials Solutions. “Access to leading talent, infrastructure, and support from the State and local community made it clear that this location would be a key enabler for the project’s success.”

    The new Shared Services Center (SSC) will be located at 1120 Sanctuary Parkway in Roswell. Hiring for roles is currently underway, including in finance and accounting, with plans for the facility to be fully staffed by 2029. To learn more about CRH, including where interested individuals can apply for jobs, visit www.crhamericas.com/careers.

    “Roswell provides an ideal environment for companies like CRH to flourish, and their decision to expand their operations here is a testament to the strength of our community and our dedication to economic growth,” said Roswell Mayor Kurt Wilson. “Our city is not only a prime destination for businesses but also a thriving home for families, thanks to our top-tier schools, safe neighborhoods, scenic parks, and strong sense of community. We are proud to welcome CRH to Roswell and look forward to all of the opportunities they will bring to our city.”

    “We’re excited to welcome CRH’s expansion in Fulton County,” said Chairman Robb Pitts, Fulton County Board of Commissioners. “This multimillion-dollar investment, creating more than 300 jobs, highlights our skilled workforce and innovation-driven ecosystem, cementing Fulton County as a top destination for tech leaders.”

    “CRH has chosen a great location to make a significant investment,” said Katie Kirkpatrick, President and CEO of the Metro Atlanta Chamber. “Many global businesses find success with shared service hubs in metro Atlanta, thanks in part to our large and growing talent pool in finance and technology. With operations in 28 countries, CRH’s presence in Metro Atlanta underscores our region’s international diversity and strong global appeal.” 

    Assistant Director of Statewide Projects Elizabeth McLean represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this project in partnership with the City of Roswell, Select Fulton, Metro Atlanta Chamber, and Georgia Power.

    “Once the new Shared Services Center is at full operations, CRH will employ more than 1,400 people in Georgia,” said GDEcD Commissioner Wilson. “Georgia’s universities and colleges, along with metro Atlanta’s appeal to young talent, gives companies a leg up in hiring for long-term jobs. Congratulations to CRH for its continued investment in Georgia, and thank you to the partners who have built a community where talent wants to live and work.”

    About CRH

    CRH is the leading provider of building materials solutions that build, connect, and improve our world. Employing c.79,800 people at c.3,816 operating locations in 28 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction, and outdoor living solutions, CRH’s unique offering of materials, products, and value-added services helps to deliver a more resilient and sustainable built environment. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE. For more information visit: www.crh.com.

    MIL OSI USA News –

  • MIL-OSI: Sagtec Global Limited (Nasdaq: SAGT) Successfully Deployed the First Batch of Speed+ Smart Cloud Ordering Software Licenses to Indonesia Sole Distributor

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, April 16, 2025 (GLOBE NEWSWIRE) — Sagtec Global Limited (NASDAQ: SAGT) (“Sagtec” or the “Company”), a leading provider of customizable software solutions, announced today the successful deployment of the first batch of its Speed+ Smart Cloud Ordering Software licenses to Indonesia Sole Distributor, marking the Company’s official operational launch in the market.

    This shipment signifies the commencement of Sagtec’s rollout in Indonesia following the Company’s strategic push to expand its presence across Southeast Asia. The Speed+ system — a cloud-based ordering solution designed to digitalize operations for food and retail businesses — is set to empower businesses with tools for real-time order tracking, digital menus, integrated payment systems, and performance analytics.

    “The delivery of our first Speed+ licenses into Indonesia represents a strong validation of our product and regional strategy,” said Kevin Ng, Chairman, Executive Director, and Chief Executive Officer of Sagtec. “As digitalization accelerates across Asia, we are committed to providing high-impact solutions that help businesses stay agile, competitive, and efficient.”

    Speed+ is targeted at restaurants, cafés, and retail chains looking to optimize workflows, improve customer satisfaction, and increase order accuracy. It supports multi-device connectivity and can be customized to suit various operational sizes, from small outlets to multi-location chains.

    With Indonesia’s digital economy forecasted to reach US$60 billion by 2030, and the region’s cloud-based POS market growing at nearly 20% CAGR, this initial shipment lays the groundwork for long-term growth and adoption. Sagtec will continue to monitor local feedback, enhance its support infrastructure, and expand outreach to drive further deployments in the months ahead.

    About Sagtec Global Limited

    Sagtec is a leading provider of customizable software solutions, primarily serving the Food & Beverage (F&B) sector. The Company also offers software development, data management, and social media management to enhance operational efficiency across various industries, including Key Opinion Leaders (KOLs).

    For more information on the Company, please log on to https://www.sagtec-global.com/.

    Contact Information:

    Sagtec Global Limited Contact:
    Ng Chen Lok
    Chairman, Executive Director & Chief Executive Officer
    Telephone +6011-6217 3661  
    Email: info@sagtec-global.com

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6da26f12-a824-4ec5-aa5c-1bfe44174c10

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3a80cea3-9455-458c-bd77-aaccfde3aa17

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Launches Recruitment Drive to Build Full-Scale KRONOS MMR Reactors

    Source: GlobeNewswire (MIL-OSI)

    NANO Nuclear Aims to Expand Engineering and Project Development Team to Support U.S. and Canadian KRONOS MMR Energy System Reactor Construction and Licensing Efforts

    New York, N.Y., April 16, 2025 (GLOBE NEWSWIRE) — Nano Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or the “Company”) is launching a recruitment initiative focused on the Midwest region to support its ambitious plans to construct, demonstrate and gain regulatory approval for full-scale KRONOS MMR Energy Systems in both the United States and Canada.

    NANO Nuclear’s plans to extend its technical and project execution team are critical in the Company’s transition from design to ultimate commercial deployment of the proprietary, stationary KRONOS microreactor. In tandem with upcoming geological characterization work at the University of Illinois Urbana-Champaign (UIUC) site, this workforce build-out will consolidate the expertise and provide the personnel necessary to complete the construction permit application and begin construction of the first KRONOS prototype on the UIUC campus shortly thereafter.

    Rendering of the KRONOS MMRTMEnergy System

    “As we prepare to break ground on the KRONOS reactor prototype at UIUC, it’s time to scale our team to match our vision,” said James Walker, Chief Executive Officer of NANO Nuclear. “This is a call to the best and brightest in nuclear and energy innovation in the Midwest region—we’re building a reactor, and we need you on the team.”

    Now Hiring Across All Core Disciplines

    NANO Nuclear is actively recruiting top talent across a variety of critical disciplines for the KRONOS MMR project. Open positions include:

    • Nuclear Engineers – Fuel & materials, reactor physics, thermal hydraulics, safety, and licensing
    • Mechanical Engineers – design, structural, CAD, balance of plant
    • Electrical Engineers – Instrumentation & control (I&C), power electronics, transmission
    • Civil Engineers & Geotechnical Experts – Site layout, structural foundations, drilling operations
    • Project Managers & Construction Specialists – Full-cycle oversight from permitting through commissioning
    • QA/QC Professionals – Nuclear-grade standards, documentation, and supplier oversight
    • Licensing & Regulatory Affairs Experts – NRC and CNSC compliance and filings
    • Skilled Technicians – Fabrication, assembly, testing, and field support

    Applicants with previous experience in nuclear R&D, DOE national labs, SMR or MMR programs, or international reactor development are especially encouraged to apply.

    “Our collaboration with UIUC will be a critical operations hub for our KRONOS reactor development effort,” said Jay Yu, Founder, Chairman and President of NANO Nuclear. “It will house the growing team that’s building not only our U.S. research reactor, but also laying the foundation for our demonstration reactor deployment in Canada, which will open the path for eventual commercial rollout in both the U.S. and Canada.”

    Canadian Reactor Construction Also in Focus

    In parallel with the UIUC research reactor, Nano Nuclear is actively preparing to construct a KRONOS demonstration reactor in Canada, where it will enter the licensing process under Canadian Nuclear Safety Commission (CNSC) oversight. The effort will establish a second fully licensed KRONOS unit, positioning NANO Nuclear to efficiently move its microreactor technology through construction, demonstration, regulatory licensing and eventual commercialization across North America.

    “Canada represents an incredible opportunity for clean, reliable microreactor deployment,” added Florent Heidet, Chief Technology Officer and Head of Reactor Development of NANO Nuclear. “By expanding our team and bringing additional talents onboard, we ensure we have the capacity to deliver simultaneous full-scale projects in two countries, each with independent regulatory pathways and future market potential.”

    Join the Team Shaping the Future of Nuclear Energy

    NANO Nuclear is a company that doesn’t just imagine the future—it’s engineering it, constructing it and moving towards regulatory licensing for it. With multiple microreactor project in progress, fuel qualification methodology already accepted by the NRC, and strategic partnerships underway, NANO Nuclear is one of the most active and ambitious advanced nuclear developers in the world.

    “This recruitment drive is about finding those who want to be part of history,” said James Walker, Chief Executive Officer of NANO Nuclear. “If you want to help build the next generation of nuclear reactors from the ground up—this is your chance.”

    How to Apply

    Interested candidates can view open positions, including details regarding salary ranges and benefit offerings, and apply directly at:

    https://nanonuclearenergy.com/careers

    For inquiries, please contact:
    Email: careers@nanonuclearenergy.com
    Business Tel: (212) 634-9206

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statement relate to the NANO Nuclear’s recruitment drive and its development, demonstration, licensing and commercial plans, each as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE, the Canadian Nuclear Safety Commission (CNSC) and the U.S. Nuclear Regulatory Commission (NRC), and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: CUSIP Request Volumes for New Corporate Debt and Equity Instruments Increase in March

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., April 16, 2025 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new corporate debt and equity identifiers, while monthly request volume for new municipal identifiers was slightly lower.

    North American corporate CUSIP requests totaled 8,447 in March, which is up 4.2% on a monthly basis. On an annualized basis, North American corporate requests were down 16.9% over March 2024 totals. The monthly increase was driven by a 2.4% rise in request volume for U.S. corporate debt identifiers and a 5.5% increase in request volume for U.S. corporate equity identifiers.

    The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 1.1% versus February totals. On a year-over-year basis, overall municipal volumes were up 11.4% through the end of March. Texas led state-level municipal request volume with a total of 106 new CUSIP requests in March, followed by California (104) and New York (81).

    “We are seeing a steady volume of new corporate debt and equity issuance throughout the first quarter,” said Gerard Faulkner, Director of Operations for CGS. “As interest rates fluctuate and uncertainty around the future of the U.S. economy continues to grow, it will be interesting to see if that pace continues.”

    Requests for international equity CUSIPs rose 2.6% in March and international debt CUSIP requests fell 5.9%. On an annualized basis, international equity CUSIP requests were up 9.0% and international debt CUSIP requests were up 20.5%.

    To view the full CUSIP Issuance Trends report for March, please click here.

    Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2025:

    Asset Class 2025 YTD 2024 YTD YOY Change
    Long-Term Municipal Notes 100 63 58.7%
    Private Placement Securities 1,123 912 23.1%
    International Debt 1,793 1,488 20.5%
    U.S. Corporate Debt 8,518 7,285 16.9%
    Municipal Bonds 2,258 1,979 14.1%
    International Equity 434 398 9.0%
    U.S. Corporate Equity 3,115 2,939 6.0%
    Syndicated Loans 700 702 -0.3%
    Canada Corporate Debt & Equity 1,693 1,861 -9.0%
    Short-Term Municipal Notes 192 246 -22.0%
    CDs < 1-year Maturity 2,216 2,880 -23.1%
    CDs > 1-year Maturity 1,803 2,530 -28.7%


    About CUSIP Global Services

    CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.

    About The American Bankers Association

    The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

    For More Information:

    John Roderick
    john@jroderick.com
    +1 (631) 584.2200

    The MIL Network –

  • MIL-OSI: Runway Growth Finance Corp. Announces Date for First Quarter 2025 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., April 16, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it will release its first quarter 2025 financial results after market close on Tuesday, May 13, 2025. Runway Growth will discuss its financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

    To participate in the conference call or webcast, participants should register online at the Runway Growth Investor Relations website. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. The earnings call can also be accessed through the following links:

    A replay of the webcast will be available two hours after the call and archived on the same web page for 90 days.

    About Runway Growth Finance Corp.
    Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

    Forward-Looking Statements
    Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    IR Contacts:
    Taylor Donahue, Prosek Partners, rway@prosek.com
    Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

    The MIL Network –

  • MIL-OSI: Biz2Credit Small Business Earnings Report Finds SMB Earnings Continue to Rise in March 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) — Biz2Credit’s monthly Small Business Earnings Report for March 2025 found that average monthly earnings were up to $38,600, an increase of $1,500 from February’s number. This continued rise in earnings is a welcome sign amidst the recent uncertainty within the stock market.

    Key Findings for March 2025

    • Average Monthly Earnings: $38,600. (Feb. 2025: $37,100 – an increase of $1,500)
    • Average Monthly Revenue: $531,900. (Feb. 2025: $627,900 – a decrease of $96,000)
    • Average Monthly Expenses: $493,300. (Feb. 2025: $590,800 – a decrease of $97,500)

    A year ago (March 2024), average revenues were $692,900, while average expenses were $651,200. Average earnings were $41,700, a figure that is $3,100 more than the average earnings in March 2025.

    “Although average revenues were down, expenses declined by an even wider margin, and the net result was higher earnings for small businesses in March,” said Rohit Arora, CEO and co-founder of Biz2Credit.

    “Right now, there is uncertainty for small business owners because of the tariffs that President Trump announced on ‘Liberation Day’ and ambiguity whether they will remain. Higher tariffs will mean higher prices, since businesses will pass the cost onto consumers,” added Arora, one of the nation’s leading experts in small business finance. “We don’t yet know which countries will negotiate and which ones will retaliate. Small business owners are preparing for higher costs, and that will impact their bottom lines.”

    The Biz2Credit Small Business Earnings Report summarizes primary data of companies that applied for funding each month. It assesses the financial health of small businesses by analyzing primary data provided directly by small to midsized firms in the U.S. as part of the application process on Biz2Credit’s award-winning digital funding platform. The report provides one of the most up-to-date readings on the financial health of small businesses currently available. Click here to review the Small Business Earnings Report.

    Methodology
    Biz2Credit examines a number of small business financial metrics in the Small Business Earnings Report, including annual revenue, operating expenses, age of business, credit score, approval rate, and funding rate. Data is drawn from over 100,000 completed financing applications submitted to Biz2Credit’s online small business funding platform between Jan. 2022 and Mar. 2025. (The numbers were extracted from non-PPP loan applications.)

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $10 billion in small business financing. The company is expanding its industry-leading Biz2X technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com, LinkedIn, Instagram, Facebook, and X (formerly Twitter).

    Editor’s Note: A spreadsheet of three years’ worth of earnings data is available upon request.

    Media Contact: Brett Holzhauer, (818) 326-1109, brett.holzhauer@biz2credit.com

    The MIL Network –

  • MIL-OSI: Intermex to Release First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 16, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its First Quarter 2025 earnings before the start of trading on Wednesday, May 7, 2025. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET.

    Interested parties are invited to join the discussion and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

    • A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
    • To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
    • Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

    About International Money Express, Inc.
    Founded in 1994, Intermex applies proprietary technology, enabling consumers to send money from the United States, Canada, and Europe to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, and Europe; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Investor Relations:
    Alex Sadowski
    Investor Relations Coordinator
    Tel: 305-671-8000
    IR@intermexusa.com

    The MIL Network –

  • MIL-OSI: Dayforce to Announce First Quarter 2025 Financial Results on May 7th and Participate in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE:DAY) (TSX:DAY), a global human capital management (HCM) leader that makes work life better, announced today the date for the release of its first quarter 2025 earnings and its participation at upcoming investor conferences.

    First Quarter 2025 Earnings Date

    Dayforce will release first quarter 2025 financial results before the open of regular market trading on Wednesday, May 7, 2025.

    The company will host a live webcast and conference call at 8:00 a.m. Eastern Time on May 7, 2025 to discuss the aforementioned financial results. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

    Upcoming Investor Conferences

    Members of Dayforce management will participate in the following investor conferences:

    • The J.P. Morgan Global Technology, Media and Communications Conference at the Westin Boston Seaport District Hotel in Boston, Massachusetts on Tuesday, May 13, 2025.
    • The Baird Global Consumer, Technology and Services Conference at the InterContinental New York Barclay in New York City on Tuesday, June 3, 2025.
    • The BMO Virtual Software Conference on Monday, June 9, 2025.
    • The Mizuho Technology Conference at the Conrad New York Downtown in New York City on Tuesday, June 10, 2025.

    A live webcast and replay of the presentations will be available through the Dayforce Investor Relations website. Management will also be available for one-on-one and small group meetings with investors.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

    Source: Dayforce, Inc.

    For more information, contact:

    David Niederman
    Investor Relations
    1-844-829-9499
    investors@dayforce.com

    The MIL Network –

  • MIL-OSI: Questor Announces December 31, 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) announced today its financial and operating results for the fourth quarter and year ended December 31, 2024.  

    Questor’s audited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024 are available on the Company’s website at www.questortech.com/quarterly-reports and at www.sedarplus.ca.

    Unless otherwise noted, all financial figures are presented in Canadian dollars, prepared in accordance with International Financial Reporting Standards and are unaudited for the three months ended December 31, 2024.

    FOURTH QUARTER AND 2024 CONSOLIDATED FINANCIAL RESULTS

      Three months ended December 31,   Twelve months ended December 31,  
    For the 2024   2023   2024   2023  
    (Stated in CDN $)        
    Revenue 1,775,892   1,445,128   4,520,580   7,190,871  
    Gross profit 595,405   738,031   1,233,410   2,730,907  
    Adjusted EBITA(1) 5,246   152,543   (1,450,452)   488,787  
    Loss for the period (1,041,393)   (891,982)   (3,233,997)   (4,806,412)  
    Loss per share – basic and diluted (0.04)   (0.03)   (0.12)   (0.17)  
             
    As at         December 31, 2024     December 31, 2023  
    (Stated in CDN $)        
    Working capital(2)     7,570,934   11,844,178  
    Total assets     24,090,332   27,125,820  
    Total equity     21,110,076   24,357,652  

    (1)Non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section at the end of this MD&A.
    (2)Working capital is defined as total current assets less total current liabilities.

    Revenue for the three and twelve months ended December 31, 2024 was $1.8 million and $4.5 million compared to $1.4 million and $7.2 million for the same periods in 2023. The reduction was mainly attributed to a strategic shift in Questor’s business focus towards the international market. Questor’s USA sales team was hired in the second half of 2024 with a focus on rebuilding rental and sales revenue lost primarily due to merger and acquisition activity combined with regulatory changes in the space over the past few years. The revenue focus is primarily in the Permian basin, Colorado, North Dakota, New Mexico and Wyoming. The company is exploring potential rental opportunities in Mexico, with rental activities set to begin in Q1 2025. While short-term results were impacted by the change in our client base combined with regulatory changes, our refreshed focus on global markets with opportunities to eliminate methane and VOC emissions will position the Company for stronger, more diversified and ultimately more sustainable growth in the long term. As at the date of this press release, the Company has secured $4.5 million of committed equipment sales revenue, expected to be fulfilled in the first half of 2025.

    Gross profit as a percentage of revenue for the three and twelve months ended December 31, 2024 was 34 percent and 27 percent compared to 51 percent and 38 percent for the same periods in 2023. The reduction for the twelve and three months ended December 31, 2024 compared to the prior periods is mainly due to a lower revenue, where the Company continues to incur fixed costs and due to the revenue and sales mix. Additionally, 2024 cost of sales expense benefited from the absence of a $0.2 million valuation allowance for slow-moving inventory, which was recognized in 2023.

    Adjusted EBITDA for the three and twelve months ended December 31, 2024 was nil and negative $1.5 million, compared to positive $0.2 million and $0.5 million for the same periods in 2023. The reduction in Adjusted EBITDA is mainly due to lower revenue, where the Company continues to incur operational and administrative fixed costs.

    The Company continues to have a strong financial position at December 31, 2024 including cash and cash equivalents of $5.3 million, $1.7 million of highly liquid short-term investments, and working capital of $7.6 million.

    2024 HIGHLIGHTS AND SUBSEQUENT EVENTS

    In the fourth quarter of 2024, Questor received the final payment of $1,393,246 for the milestone one of the Waste Heat to Power project from Sustainable Development Technology Canada (“SDTC”).

    The construction of the 1500kW waste heat to power prototype neared completion in Q4, with final testing underway in Q1 2025. Commissioning is scheduled to begin in Q2 2025. Meanwhile, Questor has advanced negotiations and preparations for the prototype’s field demonstration, with the field deployment expected in the second half of 2025.

    On February 9, 2024, Questor commenced Normal Course Issuer Bid (“NCIB”) allowing Questor to purchase a maximum of 1,400,000 common shares over the 12-month period for cancellation. NCIB is effective until the earliest of (i) February 7, 2025, (ii) the Company purchasing the maximum of 1,400,000 Shares, and (iii) the Company terminating the NCIB. In connection with the current NCIB, Questor entered into an automatic share purchase plan (“ASPP”) with its designated broker to enable the purchase of shares during blackout periods during which the Company would not ordinarily be permitted to purchase shares. Purchases under the ASPP during those periods are determined by the designated broker in its sole discretion based on the purchasing parameters set by Questor in accordance with the rules of the TSX Venture Exchange, applicable securities laws and the terms of the ASPP. Outside of the periods noted above, purchases under the current NCIB are completed at Questor’s discretion. As of December 31, 2024 under the current NCIB and the instructions in place with the broker, Questor purchased for cancellation of 671,500 shares for the weighted average of $0.48. Subsequent to the year-end, the Company’s NCIB expired and was formally concluded on February 7, 2025. As a result of the NCIB, which was active from February 9, 2024 to February 7, 2025, the Company repurchased and cancelled a total of 731,500 shares at a weighted average price of $0.47 per share.

    In the first quarter of 2025, Questor announced a $0.9 million purchase order to supply clean combustion solutions for managing railcar vapours at Caltrax Inc.’s Calgary facility. During the same period, the company also secured a $2.4 million contract in Iraq, marking the second unit supplied in the MENA region for a leading global exploration and production company focused on reducing flaring and methane emissions.

    PRESIDENT’S MESSAGE

    The global regulatory landscape for emissions is rapidly evolving, with increasing pressure from regulators, courts, investors, and the public to reduce flaring and venting in industrial operations. As a result, Questor is seeing significant global interest in our technology solutions to help address these critical challenges.

    Flaring and venting not only waste valuable resources but also contribute significantly to air pollution. This practice releases methane, hydrocarbons, fine particulates (PM2.5), and volatile organic compounds (VOCs) such as benzene, toluene, ethylbenzene, xylene, formaldehyde, and acetaldehyde into the atmosphere. These harmful pollutants have been directly linked to higher cancer rates, respiratory diseases, and other chronic health conditions. Methane, in particular, is a climate “super pollutant” with 86 times the warming potential of carbon dioxide over 20 years. It is responsible for 30% of observed global warming to date, making it a key target for climate change mitigation.

    At Questor, we offer proven solutions to combat these challenges. Our ISO 14034-certified thermal oxidizer achieves a 99.99% combustion efficiency, ensuring that our clients can demonstrate compliance with emissions standards and eliminate the release of harmful pollutants. This clean combustion technology significantly reduces health risks in surrounding communities, including respiratory illnesses and cancers. Additionally, our organic Rankine cycle (ORC) repurposes heat from methane combustion, creating a revenue stream that offsets the costs of achieving net-zero carbon dioxide equivalent emissions.

    Many major oil and gas producers have pledged to reduce flaring, venting, and methane emissions while working toward net-zero goals. Questor’s innovative combination of clean combustion and waste heat-to-power technology enables our clients to meet these all these commitments at a net-zero cost.

    Questor’s multi-year strategy to intentionally diversify revenue streams globally has focussed on those jurisdictions that have created favorable conditions that have considered the environmental and social impacts of energy production and want to grow their future production in a sustainable manner. As an example, the Iraq contract awarded early 2025 in partnership with OilSERV was for TotalEnergies EP Ratawi Hub, as a part of the multi-energy Gas Growth Integrated Project (GGIP) operated by TotalEnergies. The GGIP is designed to enhance the development of Iraq’s natural resources to improve the country’s electricity supply. This 4-in-1 project comprises the recovery of gas that is currently flared at three oil fields in southern Iraq to supply electric power plants, the redevelopment of the Ratawi oil field, the construction of a 1 GWac (1.25GWp) solar farm and of a seawater treatment plant. The Questor Q5000 Unit will initially treat 2.1 MMSCFD of associated gas during the pilot phase. Subsequently, the unit will treat an additional 1.2 to 2 MMSCFD of low-pressure gas, maximizing the Q5000’s potential and reducing site GHG emissions in the frame of AGUP Phase 1 development. This is the second unit that TotalEnergies has purchased in the Middle East North Africa (MENA) region. TotalEnergies exemplifies the ideal partner for Questor’s solutions, utilizing our thermal oxidizer to reduce methane and VOC emissions, and the future potential of utilizing waste-heat in the GGIP and converting it to power with our 1.5MW Organic Rankin Cycle (ORC) generator.

    To accelerate global adoption, we have partnered with key industry leaders. In Iraq, we collaborate with OilSERV, a top-tier integrated oilfield services provider in the Middle East. In Nigeria, we are represented by Ar-Rahman Technical Services Nig. Limited. In Latin America, our partnership with Hoerbiger, an established multinational company with over 120 locations in 50 countries, further expands our reach. In Mexico, we work with JHJ and GSM Carso, leading service providers supplying units to Pemex. Over the past three years, we have built strong relationships with these partners, educating them on our technology and supporting them in client engagements. With a 25-year track record of eliminating flaring and venting, we are confident that Questor can set the standard for best practices in these regions.

    As global incentives for methane and VOC reduction continue to grow, Questor is uniquely positioned to help clients improve environmental performance while strengthening their community relations. We anticipate that both new and existing clients will view Questor as the ideal partner to accelerate the attainment of their environmental pledges—reducing emissions while simultaneously cutting costs and generating revenue.

    Finally, we acknowledge the evolving political and economic landscape and its potential impact on our operations. We have assessed the risks associated with tariffs and remain confident in our ability to adapt. With strategically positioned inventory in Canada and the United States and established supply chains across North America, Questor is well-prepared to navigate uncertainties. Our global partnerships further diversify our revenue streams, ensuring continued resilience and growth.  

    As we move forward, Questor remains committed to driving innovation, sustainability, and global leadership in emissions reduction.

    FORWARD LOOKING STATEMENTS

    Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. This news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at >99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 1920, 707 – 8th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Investor Relations Contact

    Aly Sumar – Chief Financial Officer

    investor@questortech.com

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

  • MIL-OSI: Richtech Robotics Announces an Agreement to Purchase an Approximately 20,000 Square Foot Property to Expand Its Headquarters 

    Source: GlobeNewswire (MIL-OSI)

    New Las Vegas-based facility plans to increase manufacturing and assembly capacity by 400% and accommodate further integration of domestic supply chain

    Las Vegas, NV, April 16, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or “the Company”), a Nevada-based provider of AI-driven service robots, announced the entry of a purchase and sale agreement for the purchase of a piece of land located at 2975 Lincoln Road, Las Vegas, Nevada (“Lincoln Property”), covering approximately 20,000 square feet, to expand its headquarters. The acquisition of the Lincoln Property is scheduled to close on or before May 15, 2025, and is expected to quadruple the Company’s assembly and manufacturing footprint for its robotics solutions, supporting increased demand and future growth.

    “Richtech Robotics is experiencing rapid growth in demand for our AI-powered service robots,” said Matt Casella, President of Richtech Robotics. “At the same time, we remain committed to strengthening our domestic supply chain. Staying in Las Vegas is a strategic decision for a variety of reasons, and this new facility gives us the expanded capacity and flexibility needed to scale with the increasing interest in our robotics solutions.”

    The Company anticipates the new facility will ultimately result in long-term cost savings compared to their previous rental arrangement. In addition to the expanded assemble and manufacturing capacity, the new headquarters is also expected to include a dedicated studio for content creation.

    As part of its continued expansion, Richtech Robotics has also signed a lease for a new office in Newark, California, located near the heart of Silicon Valley. Engineers who have undergone training at the Las Vegas headquarters will now begin working out of the Newark location, helping to further develop and deploy the Company’s AI and robotics platforms.

    Richtech Robotics maintains its commitment to U.S. assembly and manufacturing, with flagship ADAM and Scorpion robot systems being engineered, developed, and assembled in the Company’s Las Vegas headquarters. These systems feature American-engineered control technologies and are powered by NVIDIA-based operating platforms. The Company also regularly seeks to expand the reach of its supply chain to increase the use of U.S. sourced materials.

    About Richtech Robotics

    Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com.

    Forward Looking Statements

    Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the performance of Richtech Robotics’ products, the targeted closing date of the Lincoln Property, and the increase of manufacturing and assembly capacity as a result of the acquisition of the Lincoln Property.

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the targeted closing date of the Lincoln Property, the increase of manufacturing and assembly capacity as a result of the acquisition of the Lincoln Property, and the ability of AI-powered robotic solutions to improve efficiency. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K/A, filed with the SEC on March 4, 2025, the IPO registration statement and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

    Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotics assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:

    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

    Media: 
    Timothy Tanksley
    Director of Marketing
    Richtech Robotics, Inc
    press@richtechrobotics.com
    702-534-0050

    Attachment

    The MIL Network –

  • MIL-OSI: Aviva’s Charged for Change Program to Power Up another 10 Canadian Communities with EV Charging Stations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Aviva Canada is thrilled to announce that an additional 10 communities across Canada will soon be equipped with Level 2 electric vehicle (EV) charging stations thanks to its Charged for Change program, presented in partnership with Earth Day Canada. This year also marks the first time the program will fund EV infrastructure projects on First Nations territory.

    The recipients are:

    • We’koqma’q First Nation, NS
    • qathet Regional District, BC
    • Municipality of Neguac, NB
    • Village of Arcadia, NB
    • Municipality of Thames Centre, ON
    • Town of Essex, ON
    • Town of Fort Erie, ON
    • Town of Otterburn Park, QC
    • Town of Gravelbourg, SK
    • Town of Radisson, SK

    Charged for Change is an initiative aimed at addressing barriers to EV adoption in communities that lack adequate access to public charging infrastructure. Since 2021, this $3 million partnership has enabled municipalities and Indigenous communities to apply for funding to install Level 2 EV charging stations. In its first two years, the program successfully provided funding for public charging stations to 15 municipalities across Canada.

    “We’re grateful for the enthusiastic response from municipalities to our Charged for Change initiative, and pleased that Aviva has made a positive difference in multiple communities across the country,” stated Pascal Dessureault, Aviva Canada’s Chief Public Affairs, Marketing and Communications Officer. “While this marks the final year of the program, we know there’s still so much more to be done to support the climate transition and we’re eager to explore those opportunities.”

    Valérie Mallamo, Executive Director of Earth Day Canada, added, “For three years, Charged for Change and our partnership with Aviva Canada has supported small, rural communities across Canada in making their EV public infrastructure projects a reality. We’re very excited for this final cohort of communities to benefit from the program and to see them support EV adoption for their residents.”

    Testimonials from year three Charged for Change recipients:

    “The addition of new EV charging stations reflects Fort Erie’s ongoing commitment to building a greener future. This grant allows us to expand our efforts to combat climate change. It’s encouraging to see our community take tangible steps towards continued sustainability, such as welcoming our first EV and enhancing local charging infrastructure.”
    — Wayne Redekop, Mayor, Town of Fort Erie

    “We’koqma’q First Nation applied for Charged for Change funding because we are committed to building a greener, more sustainable future for our community. With the climate challenges we face, including rising water levels and increased flooding, we know the importance of taking action now. This funding allows us to invest in cleaner transportation and infrastructure, helping us reduce emissions and move towards energy independence. Receiving this support is a huge step forward for our community, and we are excited about the positive impact it will have for generations to come.”
    – Jordan Keeling, Director of Public Works, We’koqma’q First Nation

    “The qathet Regional District is proud to have been selected for the Charged for Change program, which will help bring much-needed public EV charging infrastructure to our rural, remote, and island communities, including Texada Island. By expanding access to EV charging in underserved areas, we are supporting sustainable transportation, reducing greenhouse gas emissions, fostering tourism, and strengthening local and regional economies. This funding is a crucial step in advancing our climate action goals and ensuring a more connected and resilient future for our communities.”
    – Mikhael Drosdovech, Manager of Assets and Capital Projects, qathet Regional District

    About Aviva Canada

    Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.5 million customers coast to coast. A subsidiary of UK-based Aviva plc, we have the financial strength, scale and are a trusted insurance provider globally for more than 325 years.

    For more information, visit aviva.ca or Aviva Canada’s blog, LinkedIn and Instagram pages.

    The MIL Network –

  • MIL-OSI: Cerence to Announce Fiscal Second Quarter Results on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    BURLINGTON, Mass., April 16, 2025 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC) (“Cerence AI”), a global leader pioneering conversational AI-powered user experiences, will announce its second quarter financial results for the quarter ended March 31, 2025, on Wednesday, May 7, 2025, at 4:05pm Eastern Time / 1:05pm Pacific Time.

    The company will host a live conference call and webcast, with supplementary slides, to discuss the results on the same day at 5:00pm Eastern Time / 2:00pm Pacific Time. Interested investors and analysts are invited to join the audio conference call by registering here.

    Webcast access will be available in the Investor section of the company’s website, www.cerence.ai.

    To learn more about Cerence AI, visit www.cerence.ai, and follow the company on LinkedIn.

    About Cerence Inc.
    Cerence Inc. (NASDAQ: CRNC) is a global industry leader in creating intuitive, seamless, AI-powered experiences across automotive and transportation. Leveraging decades of innovation and expertise in voice, generative AI, and large language models, Cerence powers integrated experiences that create safer, more connected, and more enjoyable journeys for drivers and passengers alike. With more than 500 million cars shipped with Cerence technology, the company partners with leading automakers, transportation OEMs, and technology companies to advance the next generation of user experiences. Cerence is headquartered in Burlington, Massachusetts, with operations globally and a worldwide team dedicated to pushing the boundaries of AI innovation. For more information, visit www.cerence.ai.

    Contact Information

    Investor Relations | Email: investorrelations@cerence.com

    Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

    The MIL Network –

  • MIL-OSI: Western Union Media Network Taps Magnite to Expand Advertising Capabilities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today announced an agreement with Western Union to support growth of the financial services company’s new Media Network business. In doing so, Magnite will provide Western Union with technology to buy media as an advertiser and monetize its owned media.

    To further increase direct access to streaming inventory, Western Union Media Network is the first commerce media company to leverage Magnite’s ClearLine solution. ClearLine puts clients in control of the ad buying process by allowing them to purchase premium streaming inventory directly from publishers, maximizing Western Union’s working media budget. Magnite reaches 92 million CTV households in the US, accounting for 9 out of 10 ad-supported CTV households in the country.

    Magnite enables advertisers to tap into Western Union Media Network’s owned media properties and first-party insights. With Magnite’s technology, Western Union Media Network is monetizing its owned media properties spanning web, mobile, and in-app environments, including westernunion.com and its iOS and Android applications, which reach over 15 million US customers.

    Using Magnite’s Curator Marketplaces for self-serve audience extension, Western Union Media Network is providing its customers access to a multicultural audience leveraging anonymized transaction data against Magnite inventory. As a result, advertisers and agencies can access Western Union’s unique data and Magnite’s premium inventory, benefiting from precise targeting and streamlined programmatic workflows.

    Additionally, Western Union and Magnite have signed a supply-path optimization (SPO) agreement to streamline Western Union’s access to curated, premium omnichannel inventory.

    “Magnite’s expansive technology and service offerings make them a versatile partner that can help address our desire to grow our business,” said Chris Hammer, Senior Vice President, Western Union. “We are excited to see this collaboration continue to grow as we scale our Media Network business.”

    “We’re proud to support Western Union Media Network’s entry into advertising by helping them activate efficiently on all fronts,” said Stephanie Reustle, Head of Commerce Media at Magnite. “It’s great to see the advanced technology we’ve built for publishers and advertisers providing value to clients in new fields. We’ve seen the firsthand benefits of bringing sellers and buyers closer together and helping commerce media brands integrate into the landscape will bring additional advantages for all.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Western Union
    The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones, and their communities. Our leading cross-border, cross-currency money movement, payments, and digital financial services empower consumers, businesses, financial institutions, and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

    Media Contact:

    Kar Yi Lim
    klim@magnite.com

    Investor Relations Contact:

    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

  • MIL-OSI: Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) (“Onfolio” or the “Company”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the fourth quarter and full year ended December 31, 2024. The Company’s Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC’s website at www.sec.gov.

    Recent Corporate Highlights

    • Recorded $136,000 net income for Q4 2024
    • Completed the acquisition of Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.

    Fourth Quarter and Year End 2024 Financial Highlights

    • Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year period and vs. $2.01M in 3Q24
    • Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior year period and vs. $1.20M in 3Q24
    • Fourth quarter total operating expenses increased 20% to $2.01M vs. $1.67M in the prior year period and vs. $1.69M in 3Q24
    • Fourth quarter net profit to common shareholders improved by over $1M to a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a $0.57M loss in 3Q24
    • Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
    • Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
    • Gross profit grew 39% to $4.5M vs $3.24M in 2023
    • Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
    • Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
    • 2024 EPS grew 77% YOY to -$0.41 from -$1.84
    • Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23

    “The 4th Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments,” commented Onfolio CEO Dominic Wells.

    “We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4,” Wells continued.

    “Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even.”

    “Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals.”

    “We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have.”

    “As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025.”

    “We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025.”

    “As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability,” concluded Wells.

    About Onfolio Holdings

    Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.

    Forward-Looking Statements

    The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.

    Forward-looking statements 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 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. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1A “Risk Factors” in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    For investor inquiries:  
    investors@onfolio.com   

     
    Onfolio Holdings, Inc.
    Consolidated Balance Sheets
     
     
      December 31   December 31
      2024   2023
           
    Assets      
           
    Current Assets:      
    Cash $ 476,874     $ 982,261  
    Accounts receivable, net   755,804       90,070  
    Inventory   65,876       92,637  
    Prepaids and other current assets   138,007       111,097  
    Total Current Assets   1,436,561       1,276,065  
           
    Intangible assets   3,323,211       1,675,480  
    Goodwill   4,210,557       1,596,673  
    Fixed Assets   5,135       –  
    Due from related party   126,530       150,971  
    Investment in unconsolidated joint ventures, cost method   213,007       154,007  
    Investment in unconsolidated joint ventures, equity method   268,231       273,042  
    Other assets   9,465       –  
           
    Total Assets $ 9,592,697     $ 5,126,238  
    Liabilities and Stockholders Equity      
           
    Current Liabilities:      
    Accounts payable and other current liabilities $ 969,068     $ 493,816  
    Dividends payable   100,797       68,011  
    Notes payable, current   702,634       17,323  
    Notes Payable – Related Party, current   850,000       –  
    Contingent consideration   981,591       60,000  
    Deferred revenue   589,913       149,965  
    Total Current Liabilities   4,194,003       789,115  
           
    Notes payable   450,000       –  
    Notes payable – related parties   599,000       –  
    Due to joint ventures – long term   –       –  
    Total Liabilities   5,243,003       789,115  
           
    Commitments and Contingencies      
           
    Stockholders’ Equity:      
    Preferred stock, $0.001 per value, 5,000,000 shares authorized      
    Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 134,460 and 92,260 issued and outstanding at December 31, 2024 and 2023   134       93  
    Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at December 31, 2024 and 2023   5,128       5,108  
    Additional paid-in capital   22,316,751       21,107,311  
    Accumulated other comprehensive income   68,105       182,465  
    Accumulated deficit   (19,078,287 )     (16,957,854 )
    Total Onfolio Inc. stockholders equity   3,311,831       4,337,123  
    Non-Controlling Interests   1,037,863       –  
    Total Stockholders’ Equity   4,349,694       4,337,123  
           
    Total Liabilities and Stockholders’ Equity $ 9,592,697     $ 5,126,238  
           
    The accompanying notes are an integral part of these consolidated financial statements
           
       
    Onfolio Holdings, Inc.  
    Consolidated Statements of Operations  
       
                       
        For the Three Months Ended Dec 31,   For the Years Ended Dec 31,  
        2024   2023   2024   2023  
                       
                       
    Revenue, services   $ 2,024,308     $ 374,397     $ 4,660,069     $ 1,496,038    
    Revenue, product sales     512,496       890,501       3,202,008       3,743,948    
    Total Revenue     2,536,804       1,264,898       7,862,077       5,239,986    
                       
    Cost of revenue, services     1,059,161       186,039       2,609,061       837,888    
    Cost of revenue, product sales     118,208       242,527       708,139       1,159,267    
    Total cost of revenue     1,177,369       428,566       3,317,200       1,997,155    
                       
    Gross profit     1,359,435       836,332       4,544,877       3,242,831    
                       
    Operating expenses                  
    Selling, general and administrative     1,402,154       1,257,244       5,718,243       5,981,601    
    Professional fees     353,695       316,500       948,751       1,160,410    
    Acquisition costs     142,465       41,367       264,731       326,899    
    Impairement of goodwill and intangible assets     116,322       1,064,249       121,000       5,016,765    
    Total operating expenses     2,014,636       2,679,360       7,052,725       12,485,675    
                       
    Loss from operations     (655,201 )     (1,843,028 )     (2,507,848 )     (9,242,844 )  
                       
    Other income (expense)                  
    Equity method income (loss)     748       (1,731 )     (4,812 )     13,190    
    Dividend income     6,313       –       12,157       1,610    
    Interest income (expense), net     (41,103 )     6,052       (101,667 )     75,041    
    Other income     3,249       –       6,183       2,937    
    Gain on change in fair value of contingent consideration     368,464       –       368,464       –    
    Impairment of investments     –       –       –       –    
    Gain on sale of business     453,581       –       453,581       –    
    Total other income     791,252       4,321       733,906       92,778    
                       
    Loss before income taxes     136,051       (1,838,707 )     (1,773,942 )     (9,150,066 )  
                       
    Income tax (provision) benefit     –       –       –       –    
                       
    Net loss     136,051       (1,838,707 )     (1,773,942 )     (9,150,066 )  
                       
    Net loss attributable to noncontrolling interest     (2,224 )     –       7,737       –    
    Net loss attributable to Onfolio Holdings Inc.     133,827       (1,838,707 )     (1,766,205 )     (9,150,066 )  
                       
    Preferred Dividends     (100,395 )     (54,231 )     (354,228 )     (227,298 )  
    Net loss to common shareholders   $ 33,432     $ (1,892,938 )   $ (2,120,433 )   $ (9,377,364 )  
                       
    Net loss per common shareholder                  
    Basic and diluted   $ 0.01     $ (0.37 )   $ (0.41 )   $ (1.84 )  
                       
    Weighted average shares outstanding                  
    Basic and diluted     5,127,395       5,110,195       5,117,941       5,107,395    
                       
    The accompanying notes are an integral part of these consolidated financial statements  
                       
     
    Onfolio Holdings, Inc.
    Consolidated Statements of Stockholders’ Equity
    For the Years Ended December 31, 2024 and 2023
     
      Preferred Stock, $0.001 Par value   Common Stock, $0.001 Par Value   Additional   Accumulated   Accumulated Other   Non   Stockholders’
      Shares   Amount   Shares   Amount   Paid-In Capital   Deficit   Comprehensive Income   Controlling Interest   Equity
                                       
    Balance, December 31, 2022 69,660   $ 70   5,107,395   $ 5,108   $ 19,950,776   $ (7,580,490 )   $ 96,971   $ –     $ 12,472,435  
              –     –         –       –     –       –  
    Sale of preferred stock for cash 22,600     23   –     –     564,977     –       –     –       565,000  
    Stock-based compensation –     –   –     –     591,558     –       –     –       591,558  
    Preferred dividends –     –   –     –     –     (227,298 )     –     –       (227,298 )
    Foreign currency translation –     –   –     –     –     –       85,494     –       85,494  
    Net loss (restated) –     –   –     –     –     (9,150,066 )     –         (9,150,066 )
                                       
    Balance, December 31, 2023 (as restated) 92,260     93   5,107,395     5,108     21,107,311     (16,957,854 )     182,465     –       4,337,123  
              –     –         –       –     –       –  
    Acquisition of Business 41,400     41   –     –     1,094,959     –       –     1,066,000       2,161,000  
    Sale of preferred stock for cash 800     –   –     –     20,000     –       –     –       20,000  
    Stock-based compensation –     –   –     –     56,887     –       –     –       56,887  
    Partner Contributions                   24,654                 24,654  
    Common stock issued for exercise of options –     –   20,000     20     12,940     –       –     –       12,960  
    Preferred dividends –     –   –     –     –     (354,228 )     –     –       (354,228 )
    Foreign currency translation –     –   –     –     –     –       –         –  
    Distribution to non-controlling interest                               (20,400 )     (20,400 )
    Net loss –     –   –     –     –     (1,766,205 )     –     (7,737 )     (1,773,942 )
                                       
    Balance, December 31, 2024 134,460   $ 134   5,127,395   $ 5,128   $ 22,316,751   $ (19,078,287 )   $ 182,465   $ 1,037,863     $ 4,464,054  
                                       
    The accompanying notes are an integral part of these consolidated financial statements
                                       
     
    Onfolio Holdings, Inc.
    Consolidated Statements of Cash Flows
    For the Years Ended December 31, 2024 and 2023
     
           
      2024   2023
           
    Cash Flows from Operating Activities      
    Net loss $ (1,773,942 )   $ (9,150,066 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Stock-based compensation expense   56,887       591,558  
    Equity method loss (income)   4,812       (13,190 )
    Dividends received from equity method investment   –       20,474  
    Amortization of intangible assets   906,737       680,693  
    Impairment of intangible assets   121,000       5,016,765  
    Gain on sale of subsidiary   (453,581 )     –  
    Change in FV of contingent consideration   (368,464 )     –  
    Net change in:      
    Accounts receivable   (282,002 )     47,528  
    Inventory   26,761       12,492  
    Prepaids and other current assets   4,891       101,083  
    Accounts payable and other current liabilities   477,247       (56,638 )
    Due to joint ventures   24,441       (39,251 )
    Deferred revenue   86,850       36,714  
    Due to related parties   –       –  
           
    Net cash used in operating activities   (1,168,363 )     (2,751,838 )
           
    Cash Flows from Investing Activities      
    Cash paid to acquire businesses   (255,000 )     (850,000 )
    Cash received for sale of subisiary   780,000       –  
    Investments in joint ventures   (59,000 )     –  
    Investment in cryptocurrency   (15,000 )     –  
    Net cash used in investing activities   451,000       (850,000 )
           
    Cash Flows from Financing Activities      
    Proceeds from sale of Series A preferred stock   20,000       565,000  
    Proceeds from exercise of stock options   12,960       –  
    Payments of preferred dividends   (321,442 )     (213,691 )
    Distributions to non-controlling interest holders   (20,400 )     –  
    Proceeds from notes payable   881,650       –  
    Payments on note payables   (386,339 )     (68,959 )
    Payments on acquisition note payables   –       (2,439,000 )
    Proceeds from notes payable – related parties   200,000       –  
    Payments on note payables – related parties   (1,000 )     –  
    Payments on contigent consideration   (59,093 )     –  
           
    Net cash provided by financing activities   326,336       (2,156,650 )
           
    Effect of foreign currency translation   (114,360 )     39,627  
           
    Net Change in Cash   (505,387 )     (5,718,861 )
    Cash, Beginning of Period   982,261       6,701,122  
           
    Cash, End of Period   476,874     $ 982,261  
           
    Cash Paid For:      
    Income Taxes $ –     $ –  
    Interest $ 101,667     $ 68,938  
           
    Non-cash transactions:      
    Notes payable issued for asset acquisitions $ 1,490,000     $ –  
    Preferred stock issued for acquisitions $ 1,035,000     $ –  
    Contingent consideration issued for acquisitions $ 986,000     $ –  
    Common stock options issued for acquisitions $ 60,000     $ –  
    Non-controlling interest issued for acquisitions $ 1,066,000     $ –  
           
           
           
           
    The accompanying notes are an integral part of these consolidated financial statements
           

    The MIL Network –

  • MIL-OSI: RWA Inc. Appoints Fintech Executive and Entrepreneur Shaunt Sarkissian to Its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, April 16, 2025 (GLOBE NEWSWIRE) — RWA Inc., a leading company providing infrastructure for the tokenization of real-world assets, announces the appointment of fintech executive and entrepreneur Shaunt Sarkissian to its Board of Directors. Sarkissian brings more than 20 years of experience leading innovation in payments, digital identity, and financial technology, with a track record that spans founding, scaling, and advising high-impact ventures across regulated markets.

    He is the Founder and CEO of Innovian Ventures, a venture firm focused on emerging technologies, and Executive Chairman of X Co, a U.S.-based startup accelerator supporting early-stage tech companies. Previously, Sarkissian served as Chief Markets Officer at The Bank of London Group and as Head of Payments at Uphold, Inc., following their acquisition of Cortex MCP, a company he founded and led as CEO.

    His background also includes leadership roles at ROAM Data, where he secured strategic partnerships with major players like PayPal, Google, and Groupon, and at CyberSource and FEI Company. Sarkissian is the inventor of multiple U.S. and international patents in payments and digital identity, and has consistently delivered innovative solutions in regulated markets.

    Kevin Yunai, CEO of RWA Inc., said:
    “Shaunt brings a rare combination of vision, product expertise, and operational experience. His understanding of financial infrastructure and regulation is a perfect fit for our next phase of growth. We are excited to welcome him to the Board.”

    RWA Inc. is currently listed on KuCoin, Gate.io, and MEXC, and has built a network of more than 50 strategic partners. RWA Inc. is focused on building secure, transparent, and scalable access to tokenized assets for businesses.

    Shaunt Sarkissian said:
    “RWA Inc. is building real infrastructure for one of the most important shifts in digital finance. The team has already executed critical steps toward delivering compliant and scalable tokenization solutions. I’m looking forward to helping the company grow its platform and expand its impact globally.”

    About RWA Inc

    RWA Inc offers the infrastructure for end-to-end real-world asset (RWA) tokenization through a cutting-edge multi-asset platform that includes tokenization as-a service, a launchpad, and a network of investors. With a short-term focus on startup utility tokens for our go-to-market strategy, our primary aim is to strategically and compliantly expand into startup equity tokens, real estate, collectibles, and other asset classes via registered security tokens. As an innovator in the RWA niche, we help tech startups and established companies successfully launch utility tokens and thrive in the Web3 market. Our approach addresses the need for extensive tokenization support for Web2 startups, fostering their dynamic growth potential. Our versatile solution aims to unlock opportunities across diverse asset classes, enhance liquidity, broaden market reach, support business development, and unlock asset value, effectively meeting market demands as technologies and laws continue to develop.

    RWA Inc Links – X | Telegram | TG Announcements | LinkedIn | Medium | Website

    Contact:
    Mike Storm
    Mike@rwa.inc

    Disclaimer: This press release is provided by the RWA Inc. 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.
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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/632abdb8-765e-4423-85c9-96f958d5848a

    The MIL Network –