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Category: Economy

  • MIL-OSI United Kingdom: Funding plans announced to support Salford residents with the cost-of-living

    Source: City of Salford

    • Funding period: Round seven (part one) of the Household Support Fund will be available from Tuesday 1 April 2025 to Tuesday 30 September 2025.
    • Eligibility: Open to Salford residents who need financial support with the cost-of-living, specifically to cover cost for food, fuel and energy, regardless of benefit status.
    • How to apply: Residents who need support can apply directly for funding online www.salford.gov.uk/hsf or call Salford’s Household Support Fund helpline on 0800 011 3998.

    Salford City Council have unveiled plans for the allocation of the Government’s extension of the Household Support Fund (HSF) for the period Tuesday 1 April 2025 to Tuesday 30 September 2025. This funding provides critical support to households facing cost-of-living pressures, particularly those struggling to afford essential items such as food, energy, and fuel.

    In the previous funding round covering October 2024 to March 2025, the council received 6,000 applications for support and provided over 17,000 holiday food vouchers to families and children during school holidays.

    Councillor Tracy Kelly, Lead Member for Housing and Anti-Poverty at Salford City Council, said: “The Household Support Fund is a vital resource for our community. Our commitment in Salford is to make sure vulnerable residents are supported in the best way possible and ensure that every resident facing financial challenges receives the necessary support. This latest funding round reinforces our ongoing effort to build a fairer, more inclusive society.”

    The funding will be distributed by Salford City Council’s Salford Assist team. The funding will be awarded via shopping vouchers and fuel meter top ups to those who meet the eligibility criteria. Salford residents do not need to be in receipt of benefits to apply for the Household Support Fund and can apply for the scheme if they are also in receipt of other benefits and pension credits, all applications will be considered.

    The allocated funding will be used to:

    • Provide direct financial support to eligible residents to cover essential costs.
    • Issue holiday food vouchers to children eligible for Free School Meals.
    • Enable Voluntary, Community and Social Enterprise (VCSE) partners to deliver food banks, food clubs, and food schemes.
    • Support additional council services including housing and adult social care.

    Salford City Mayor, Paul Dennett added: “This fund has been instrumental in providing essential assistance to our residents, helping with critical costs such as food and heating, and ensuring children do not go without food during school holidays. I urge any resident facing financial difficulties to explore the support available through the Household Support Fund.”
     
    This support forms part of Salford’s wider Tackling Poverty strategy which aims to make Salford a fairer and more inclusive place where everyone can live prosperous and fulfilling lives free from poverty and inequality. The funding has come from the Department for Work and Pensions. 
     
    To learn more about this funding and how to apply visit Salford City Council’s website: www.salford.gov.uk/hsf.

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    Date published
    Tuesday 1 April 2025

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI Global: Nigeria’s illegal gold trade – elites and bandits are working together

    Source: The Conversation – Africa – By Oluwole Ojewale, Research Fellow, Obafemi Awolowo University, Regional Coordinator, Institute for Security Studies

    Illegal mining activities in Nigeria are devastating the country’s economy, as well as fuelling violence.

    Strategic minerals mined in the country’s north-west region include granite, gypsum, kaolin, laterite, limestone, phosphate, potash, silica sand and gold.

    The Nigeria Extractive Industries Transparency Initiative has estimated that the legal mining sector contributed N814.59 billion (US$527 million) in 15 years. Earnings were highest in 2021.

    Nigeria’s Minister of Solid Minerals, Dele Alake, asserted in late 2024 that powerful individuals engaged in illegal mining were sponsoring banditry in the country. Recently, Edo North senator Adams Oshiomhole also alleged that retired military officers coordinated illegal mining activities nationwide.

    In a recent paper I examined the links between banditry, gold mining, violence and elite collusion in two states in the north-west of Nigeria.

    My research involved qualitative interviews with 17 respondents from 11 gold mining communities of Katsina and Zamfara states. The individuals included miners, community leaders, commercial drivers, residents and security agents.

    They told me that bandits colluded with elites to engage in illegal gold mining and undermine peace. The paper also analysed how the elites weaponised access to mineral resources and the impact this had on violence in the region. I looked at the state’s response to illegal gold mining too and offered some reflections on pathways to durable peace.

    The history

    My study shows that for more than four decades, gold mining has been done by wealthy and influential people in communities. Intense competition between the owners of the mine fields led them to hire bandits to guard their mine fields from their competitors.

    This pattern has become entrenched over the past two decades. My study shows that minefield owners today provide bandits with weapons, arms, drugs, food and logistics. In return, the armed groups protect their gold pits.

    A number of the wealthy mine owners wield influence in local politics. Some research participants also said there were miners who were working for politicians and traditional rulers and that a number of politicians had acquired gold mines.

    Interviewees also said that some individuals were employed by influential figures in government or business. They however did not mention names of the influential government figures for safety reasons.

    Violence arises from competition over mining locations, funding of armed groups’ activities, and taking control from civilians.

    With access to funds, bandits can expand their influence, recruit new members and carry out attacks.

    According to the Armed Conflict Location and Event Data I drew on, 1,615 incidents and 4,201 deaths were recorded due to banditry from 2010 to 2023 in Katsina and Zamfara states.

    How it works

    Generally, gold trading in Nigeria occurs within a network of buyers, sellers and brokers, forming a small ecosystem compared to other commodities. Most participants in the gold market are familiar with each other.

    My study respondents said criminals involved in illegal mining had strong connections in the gold market, both domestically and internationally. The transnational supply chain of the illicit economy extends through Chad, Niger, Libya and Algeria.

    Foreign networks also operate in the criminal supply chain.

    Bandits sell gold to gold merchants and traders. Some of these traders are business elites from other states in Nigeria who typically sell the gold in the Diffa region in Chad, or in Agadez (Niger), Tripoli (Libya) and Algiers (Algeria). Some gold traders transport the mineral to Benin.

    What can be done

    The government’s handling of the illicit gold trade and banditry has consistently fallen short of what is needed. This is clear from the government’s failure to adequately monitor the actions of miners.

    Mining sites are supposed to be overseen by the government, ensuring that only licensed miners and ancillary service providers are active there. But this isn’t happening.

    Based on my findings, I make the following recommendations if there is to be a lasting solution to banditry and the criminal gold mining economy in Nigeria’s north-west.

    Firstly, it requires enforcing the law and strengthening accountability.

    Large areas of north-west Nigeria are ungoverned. The federal government should enhance border policing and law enforcement capabilities by upgrading security and intelligence gathering infrastructure.

    Nigeria should also introduce advanced contraband-detection technologies, such as spectroscopy, at land borders. These techniques analyse the chemical composition of materials. They can identify specific substances and detect trace amounts of contraband.

    And individuals with ties to illegal gold trade and supporting criminal activities must be identified, apprehended and prosecuted.

    Secondly, it requires reforming the gold mining and security sector. The mainstay of Nigeria’s economy is oil production in the country’s Niger Delta. One of the consequences is that other sectors of the economy have been largely neglected. The mining sector is not well regulated and the state doesn’t show much interest in it.

    Thirdly, any steps taken by the government must involve the participation of people living in the affected communities. The security agencies can foster community partnerships to source human intelligence on the activities of bandits, illegal miners and mineral smugglers.

    Lastly, the government should consider tackling elite collusion through targeted sanctions and asset freezing. This could disrupt their ability to finance and perpetuate violence.

    This approach has been used in Nigeria and in South Africa, among other countries in the world.

    Oluwole Ojewale 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. Nigeria’s illegal gold trade – elites and bandits are working together – https://theconversation.com/nigerias-illegal-gold-trade-elites-and-bandits-are-working-together-250169

    MIL OSI – Global Reports –

  • MIL-OSI Global: Zimbabwe’s economy crashed – so how do citizens still cling to myths of urban and economic success?

    Source: The Conversation – Africa – By Kristina Pikovskaia, Leverhulme Early Career Research Fellow, University of Edinburgh

    It is common for nations to have myths, or narratives, that form the basis of their nationalism, or their ideas of themselves as a political community. Such popular narratives are often rooted in a romanticised or idealised view of the past. This is certainly the case in Zimbabwe, where national myths about its urban modernity and economic exceptionalism have stood the test of time in contrast with the reality.

    The idea of urban modernity has its roots in colonial times. At the time of independence in 1980, following a liberation war from 1965 to 1979, Zimbabwe’s economy was looking strong. Urban residents, especially, could think of themselves as modern: they had middle- and working-class lifestyles, social protection, social mobility opportunities and fixed working hours. Urban modernity meant order, steady employment, education.

    Zimbabwe’s economy was exceptional in sub-Saharan Africa: diversified and robust.

    However, rapid socio-economic changes followed in the 1990s and 2000s. Zimbabwe was hit by a series of economic, financial and political crises. This led to the collapse of urban middle- and working-class modernity and the rise of visible informal economic activities in the urban space. By 2004, over 80% of people had informal livelihoods in Zimbabwe.

    My PhD thesis (2021) examined Harare’s shift to informality and the impact of this on people’s everyday experiences of citizenship. The respondents in interviews carried out between 2016 and 2018 included vendors, cross-border traders, manufacturers, residents’ associations, informal sector organisations, local authorities and urban planners.

    These interviews also form the basis of my recent research paper. My analysis sought to examine how people deal with the fact that current circumstances don’t support their myths of urban nationalism.

    During a crisis, people rethink old ideas and adjust them to fit their new situation. As they do this, their notions of urban modernity and economic exceptionalism change. At the same time, they remember a past when their country was economically successful. This memory shapes how they think about the country’s future – and it also makes them question the government, which hasn’t lived up to those past ideals.

    So, what do the myths of urban modernity and economic exceptionalism mean in Zimbabwe today? Some people cling to the early postcolonial notions nurtured by the government. Others reluctantly accept economic informality while seeking to upgrade the idea of the informal sector. But there are others who challenge altogether the view that street vending is not modern and formal enough.

    The prevalent informality was seen as a temporary phenomenon which would end soon. Then the country would return to having a modern urban lifestyle and strong economy.

    Grappling with informality

    To many of the respondents in 2016-2018, “working” and “having a job” meant being employed and having regular wages, job security and social protection.

    At the same time, people also reluctantly accepted economic informality and some of the changes it made to their lives, while seeking to upgrade the idea of the informal sector. Some informal sector associations, for example, attempted to teach their members to see their activities as businesses and themselves as business people, as I reported in another paper.



    Read more:
    How informal sector organisations in Zimbabwe shape notions of citizenship

    Some respondents drew a line between economic activities that were acceptable in the city centre and those that were not. These were similar to the early postcolonial notions enforced by the government. They suggested, for example, that street vending had no place in the city centre. It should only occur in limited designated spaces, and in residential areas.

    Some street vendors, though, defied the notion of street vending not being modern and formal enough. They dressed smartly to emphasise that street vending could also be done in a “modern” way and be a part of the mainstream economy.

    The history of the urban modernity myth

    At the beginning of colonial rule in the late 19th and early 20th centuries, the colonisers planned for the cities to remain “white”. Unless Africans lived in their employers’ facilities, they were required to live in dedicated areas.

    At the same time, the colonial administration introduced and enforced the concept of “order” in Salisbury, now Harare, the capital. It punished poor, marginalised and homeless people. The same with economic and social activities it deemed undesirable.

    Today, over 32% of Zimbabweans live in urban areas.

    The establishment in the 1930s of the African middle class was an important part of the urban modernity project. Those who sought to belong to it largely used education as their primary social mobility tool.



    Read more:
    Education in Zimbabwe has lost its value: study asks young people how they feel about that

    After independence in 1980, the cities were deracialised. Everyone was free to enter and use the urban space. But the new government still held tight control and dictated who had the right to the city.

    Numerous operations were conducted from the 1980s to clear the street of “undesirable” people and activities. For example, informal settlements were removed. Many women were arrested on the pretext of clearing the city of prostitution. The most notorious clean-up operation was the 2005 Operation Murambatsvina. It effectively punished all those considered “unproductive” and not deserving to be in the city.



    Read more:
    Dogs in the city: on the scent of Zimbabwe’s urban history

    Those high and, frankly, brutal standards of urban modernity have a long history in Zimbabwe and became a part of its urban nationalism.

    Economic exceptionalism

    Colonial and early postcolonial Zimbabwe had an exceptional and diversified economy with strong mining, agricultural, and industrial sectors. Zimbabwe’s manufacturing sector contributed 25% to GDP by 1974.

    Despite the economic decline, it is still a common narrative that Zimbabwe’s industrial sector was second only to South Africa’s in sub-Saharan Africa and that Zimbabwe was “the breadbasket” of Africa.

    However, manufacturing in colonial Zimbabwe benefited a small number of white industrialists. Black Zimbabweans did not have the opportunities. They could not own profitable manufacturing businesses or access finance.

    After independence, the government made considerable efforts to deracialise the economy and public services.

    The present

    The early postcolonial ideas about urban modernity and economic exceptionalism were severely undermined in Zimbabwe. But people try to give new meanings to these ideas in the changed social and economic circumstances. There is ongoing reluctance to accept that informality altered Zimbabwe for good. And many of my respondents wanted to find ways that the myths of modernity and economic exceptionalism could keep their meaning in the changed circumstances.

    Continuity and change in the myths of urban nationalism also raise the questions of legitimacy. In this case, it is about legitimacy of informal economic practices and legitimacy of the government that did not uphold the myths.

    Ideas can be very powerful in explaining people’s understanding of the political community they belong to. And when such ideals cannot be upheld, people will find new meanings in their material reality that let them hold on to old ideas or reinterpret them.

    This research is partly funded by the Leverhulme Early Career Fellowship (ECF-2022-055) and University of Oxford.

    – ref. Zimbabwe’s economy crashed – so how do citizens still cling to myths of urban and economic success? – https://theconversation.com/zimbabwes-economy-crashed-so-how-do-citizens-still-cling-to-myths-of-urban-and-economic-success-247114

    MIL OSI – Global Reports –

  • MIL-OSI: Maris-Tech Enters Into Distribution Agreement with Thrikasa Technologies to Expand Presence in India

    Source: GlobeNewswire (MIL-OSI)

    Thrikasa Technologies will serve as key local distributor, strengthening Maris-Tech’s reach in the Indian defense markets

    Rehovot, Israel, April 01, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)-based edge computing technology, today announced that it has entered into a new distribution agreement with Thrikasa Technologies (“Thrikasa”), a veteran Indian supplier of computing solutions for rugged environments. Pursuant to the agreement, Thrikasa will serve as a key distribution partner for Maris-Tech’s solutions across India.

    With its headquarters in Hyderabad, Thrikasa brings deep experience in delivering advanced technology to defense, aerospace, and critical infrastructure clients across the region. The collaboration will include joint marketing, exhibition participation and coordinated sales efforts, which Maris-Tech expects will allow it to better serve Indian customers with localized expertise and support.

    “We are excited to announce this agreement with Thrikasa, a highly respected participant in India’s defense technology ecosystem,” said Israel Bar, Chief Executive Officer of Maris-Tech. “We believe that Thrikasa’s technical knowledge and trusted relationships make them an ideal collaborator, as we continue to establish our presence in India and bring our advanced edge computing and AI video solutions to the Indian market.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: the anticipated benefits of the distribution agreement between the Company and Thrikasa and the Company’s expansion of its advanced edge computing and AI video solutions  in the Indian market. 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 the Company’s control. The Company’s 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 the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to raise capital through the issuance of additional securities; its planned level of revenues and capital expenditures; belief that our existing cash and cash equivalents, as of December 31, 2024, will be sufficient to fund our operations through the next twelve months; its ability to market and sell our products; its plans to continue to invest in research and development to develop technology for both existing and new products; its plans to collaborate, or statements regarding the ongoing collaborations, with partner companies; its ability to maintain our relationships with suppliers, manufacturers, and other partners; its ability to maintain or protect the validity of our intellectual property; its ability to retain key executive members; its ability to internally develop and protect new inventions and intellectual property; its ability to expose and educate the industry about the use of our products; its expectations regarding our tax classifications; its qualification as an emerging growth company or a foreign private issuer; interpretations of current laws and the passages of future laws; general market, political and economic conditions in the countries in which the Company operates including those related to recent unrest and actual or potential armed conflict in Israel and other parts of the Middle East, such as the multi-front war Israel is facing; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the SEC. 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.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: Fundamental Global Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Mooresville, NC, April 01, 2025 (GLOBE NEWSWIRE) — Fundamental Global Inc. (Nasdaq: FGF, FGFPP) (the “Company” or “Fundamental Global”) today announced results for the fourth quarter and full year ended December 31, 2024.

    Kyle Cerminara, Chairman and Chief Executive Officer commented, “During 2024, we implemented initiatives to consolidate multiple public companies and streamline and simplify our operating structure. We successfully completed three merger transactions, monetized one of our real estate holdings, and continued to drive operating profit improvements in our managed services business. Recently, we announced an agreement for the sale of a portion of our reinsurance business for $5.6 million which we expect to close in the first half of 2025.”

    “Our balance sheet is strong, with $109 million in total assets, nominal long-term debt and $74 million in stockholders’ equity. As part of our ongoing strategic evaluation, we will continue to focus on streamlining and simplifying our operations and increasing capital allocated to cash flow producing assets.”

    Key Operational Highlights:

      ● In February 2024, the Company completed its merger with FG Group Holdings Inc. to consolidate operations, reduce operating costs and streamline the Company’s operations.
         
      ● In April 2024, the Company completed the sale of its Digital Ignition facility in Alpharetta, Georgia significantly reducing general and administrative expenses and long-term debt obligations.
         
      ● In September 2024, the Company completed the sale of its Strong/MDI Screen Systems, Inc. operating subsidiary for approximately $30 million and launched Saltire Capital Ltd. as a Canadian public company.
         
      ● In September 2024, the Company completed its merger with Strong Global Entertainment, Inc. to further reduce operating expenses and streamline the Company’s operations.
         
      ● In October 2024, our merchant banking team announced the closing of an initial public offering for Aldel Financial II Inc., a SPAC client for the Company.
         
      ● In February 2025, our merchant banking team announced the closing of an initial public offering for FG Merger II Corp., a SPAC client for the Company.
         
      ● In March 2025, the Company executed an agreement for the sale of a portion of its reinsurance business for $5.6 million.
         

    Financial Highlights

    Note: The financial results reflect the Company’s performance following the reverse merger between Fundamental Global Inc. and FG Group Holdings, Inc. Consequently, the financial results for periods prior to the merger include only the operations of FG Group Holdings, while results after February 29, 2024, reflect the combined operations of Fundamental Global. Additionally, the results of Strong/MDI and the Company’s reinsurance operations have been reclassified as discontinued operations and are not included in the results of continuing operations.

    As of December 31, 2024, the Company’s key balance sheet items included:

      ● Total assets of $109.5 million, an increase of $47.3 million from December 31, 2023. Assets included equity holdings of $60.1 million, which included directly or indirectly held positions in Saltire Capital, Ltd., GreenFirst Forest Products, Inc., Firefly Media Systems Inc., OppFi Inc., FG Communities, Inc., Craveworthy LLC, and other holdings.
         
      ● Total stockholders’ equity of $74.2 million, an increase of $37.2 million from December 31, 2023, reflecting the increased scale of the Company following the merger transactions and consolidation initiatives.
         
      ● Short- and long-term debt totaled $2.4 million, a decrease of $5.4 million from December 31, 2023.
         

    Revenue during 2024 increased $0.3 million or 1.5% to $17.3 million for the year. Revenue from managed services increased $5.5 million or 20.7% to $32.0 million on increasing demand from entertainment operators and contributions from the acquisition of Innovative Cinema Solutions in late 2023. Revenue growth from managed services was partially offset by increased non-cash equity method losses in the current year period.

    Net loss attributable to common shareholders improved to $2.6 million for the year from a loss of $14.1 million in the prior year primarily due to the $21.8 million gain on the sale of Strong/MDI recognized during the year and improved performance in managed services. Net loss from continuing operations increased to $22.9 million from $12.3 million for the year. Stronger gross profit from managed services was offset by the addition of expenses of FGF which are not included in the periods prior to the merger and increased non-cash equity method losses.

    Net loss per common share improved to $2.43 from $35.22 per common share in the prior year and net loss per common share from continuing operations improved to $22.84 from $29.38. The improvements are primarily due to the $21 million gain on the sale of Strong/MDI recognized during the 2024, as well as an increase in the number of weighted average shares outstanding as a result of the merger of the Company and FG Group Holdings.

    Fundamental Global Inc. 

    Fundamental Global Inc. (Nasdaq: FGF, FGFPP) and its subsidiaries engage in diverse business activities including reinsurance, asset management, merchant banking, and managed services.

    The FG® logo and Fundamental Global® are registered trademarks of Fundamental Global LLC.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are therefore entitled to the protection of the safe harbor provisions of these laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “budget,” “can,” “contemplate,” “continue,” “could,” “envision,” “estimate,” “expect,” “evaluate,” “forecast,” “goal,” “guidance,” “indicate,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “possibly,” “potential,” “predict,” “probable,” “probably,” “pro-forma,” “project,” “seek,” “should,” “target,” “view,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or other variations thereon or comparable terminology. In particular, discussions and statements regarding the Company’s future business plans and initiatives are forward-looking in nature. We have based these forward-looking statements on our current expectations, assumptions, estimates, and projections. While we believe these to be reasonable, such forward-looking statements are only predictions and involve a number of risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance, or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements and may impact our ability to implement and execute on our future business plans and initiatives. Management cautions that the forward-looking statements in this press release are not guarantees of future performance, and we cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might cause such a difference include, without limitation, general conditions in the global economy; risks associated with operating in the merchant banking, and managed services industries, including inadequately priced insured risks, credit risk; our inability to execute on our multi-industry business strategy and potential loss of value of investments; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of being unable to close the sale of our reinsurance business in a reasonable time period or at all; risks of not being able to execute on our investment and investment management strategy and potential loss of value of holdings; risk of becoming an investment company; fluctuations in our short-term results as we implement our business strategies; risks of being unable to close the sale of our reinsurance business in a reasonable time period or at all; risks of not being unable to attract and retain qualified management and personnel to implement and execute on our business and growth strategy; failure of our information technology systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; our limited operating history as a public company; the requirements of being a public company and losing our status as a smaller reporting company or becoming an accelerated filer; any potential conflicts of interest between us and our controlling stockholders and different interests of controlling stockholders; and potential conflicts of interest between us and our directors and executive officers.

    Our expectations and future plans and initiatives may not be realized. If one of these risks or uncertainties materializes, or if our underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. You are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements are made only as of the date hereof and do not necessarily reflect our outlook at any other point in time. We do not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect new information, future events or developments.

    Investor Contact:

    investors@fundamentalglobal.com

    FUNDAMENTAL GLOBAL INC.
    Consolidated Balance Sheets
    ($ in thousands)

        December 31, 2024     December 31, 2023  
                 
    ASSETS                
    Cash and cash equivalents   $ 7,794     $ 5,995  
    Accounts receivable, net     3,384       3,529  
    Inventories, net     1,432       1,482  
    Equity holdings, at fair value     5,763       10,552  
    Other equity holdings and other holdings     54,310       17,469  
    Property, plant and equipment, net     2,781       11,115  
    Operating lease right-of-use assets     201       371  
    Finance lease right-of-use assets     1,105       1,258  
    Assets of discontinued operations     31,626       9,886  
    Other assets     1,073       486  
    Total assets   $ 109,469     $ 62,143  
                     
    LIABILITIES                
    Accounts payable and accrued expenses   $ 5,704     $ 4,834  
    Deferred revenue and customer deposits     857       867  
    Operating lease liabilities     236       421  
    Finance lease liabilities     1,136       1,283  
    Short-term debt     2,068       2,294  
    Long-term debt, net of debt issuance costs     301       5,461  
    Deferred income taxes     2,412       3,075  
    Liabilities of discontinued operations     22,436       6,799  
    Other liabilities     122       102  
    Total liabilities     35,272       25,136  
                     
    Commitments and contingencies     –       –  
                     
    SHAREHOLDERS’ EQUITY                
    Series A Preferred Shares     22,365       –  
    Common stock     29       225  
    Additional paid-in capital     50,924       55,856  
    Retained earnings     (229 )     2,336  
    Treasury stock     –       (18,586 )
    Accumulated other comprehensive income (loss)     1,108       (4,682 )
    Total Fundamental Global stockholders’ equity     74,197       35,149  
    Equity attributable to non-controlling interest     –       1,858  
    Total stockholders’ equity     74,197       37,007  
    Total liabilities and stockholders’ equity   $ 109,469     $ 62,143  


    FUNDAMENTAL GLOBAL INC.
    Consolidated Statements of Operations
    ($ in thousands, except per share data)

        Three Months Ended December 31,     Year Ended December 31,  
        2024     2023     2024     2023  
    Revenue:                        
    Net (loss) earnings on equity holdings and other holdings   $ (4,628 )   $ 440     $ (14,675 )   $ (9,437 )
    Net product sales     3,463       2,783       18,561       13,978  
    Net services revenue     3,696       3,314       13,462       12,552  
    Total revenue     2,531       6,537       17,348       17,093  
                                     
    Expenses:                                
    Costs of products     3,067       2,619       15,530       12,583  
    Costs of services     2,791       2,263       9,963       8,893  
    Selling expense     305       197       1,277       797  
    General and administrative expenses     2,348       2,757       13,979       11,111  
    Loss (gain) on impairment and disposal of assets     –       –       1,475       (5 )
    Total expenses     8,511       7,836       42,224       33,379  
    Loss from operations     (5,980 )     (1,299 )     (24,876 )     (16,286 )
    Other income (expense):                                
    Interest expense, net     (60 )     (237 )     (360 )     (520 )
    Foreign currency transaction income (loss)     20       2       (7 )     (1 )
    Bargain purchase on acquisition and other (expense) income, net     472       3,469       2,245       3,502  
    Total other income, net     432       3,234       1,878       2,981  
    Loss from continuing operations before income taxes     (5,548 )     1,935       (22,998 )     (13,305 )
    Income tax benefit     29       685       139       998  
    Net (loss) income from continuing operations     (5,519 )     2,620       (22,859 )     (12,307 )
    Net (loss) income from discontinued operations     (1,913 )     (4,556 )     21,544       (2,334 )
    Net (loss) income     (7,432 )     (1,936 )     (1,315 )     (14,641 )
    Net loss attributable to non-controlling interest     –       (442 )     (160 )     (564 )
    Dividends declared on Series A Preferred Shares     (447 )     –       (1,410 )     –  
    Net loss attributable to common shareholders   $ (7,879 )   $ (1,494 )   $ (2,565 )   $ (14,077 )
                                     
    Basic and diluted net (loss) income per common share:                                
    Continuing operations   $ (4.72 )   $ 7.27     $ (22.83 )   $ (29.38 )
    Discontinued operations     (1.50 )     (10.82 )     20.41       (5.84 )
    Total   $ (6.23 )   $ (3.55 )   $ (2.43 )   $ (35.22 )
                                     
    Weighted average common shares outstanding:                                
    Basic and diluted     1,265       421       1,056       400  


    FUNDAMENTAL GLOBAL INC.
    Consolidated Statements of Cash Flows
    (in thousands)

        Year Ended December 31,  
        2024     2023  
    Cash flows from operating activities:                
    Net loss from continuing operations   $ (22,859 )   $ (12,307 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                
    Net unrealized holding loss on equity holdings     5,039       6,176  
    Loss from equity method holdings     10,713       3,261  
    Adjustment to gain acquisition of ICS assets     69       –  
    Net realized gain on sale of equity holdings     (306 )     (1 )
    Provision for doubtful accounts     68       7  
    Provision for (benefit from) obsolete inventory     1       (34 )
    Provision for warranty     –       2  
    Depreciation and amortization     829       841  
    Amortization and accretion of operating leases     262       138  
    Impairment of property and equipment     1,422       –  
    Gain on merger of FGF and FGH     (2,321 )     –  
    Deferred income taxes     (469 )     (933 )
    Stock compensation expense     1,619       1,605  
    Changes in operating assets and liabilities:                
    Other assets     1,109       378  
    Accounts receivable     178       1,831  
    Inventories     (19 )     393  
    Current income taxes     (46 )     345  
    Accounts payable and accrued expenses     952       817  
    Deferred revenue and customer deposits     (66 )     (789 )
    Operating lease obligations     (224 )     (151 )
    Net cash (used in) provided by operating activities from continuing operations     (4,049 )     1,579  
    Net cash used in operating activities from discontinued operations     (665 )     (1,423 )
    Net cash (used in) provided by operating activities     (4,714 )     156  
                     
    Cash flows from investing activities:                
    Capital expenditures     (46 )     (164 )
    Proceeds from sales of equity securities     5,021       198  
    Proceeds from sales of property and equipment     6,161       –  
    Collection of note receivable     203       –  
    Cash acquired in acquisition of ICS     –       58  
    Cash acquired in Merger of FGF and FGH     1,903       –  
    Net cash provided by investing activities from continuing operations     13,242       92  
    Net cash used in investing activities from discontinued operations     (94 )     (787 )
    Net cash provided by (used in) investing activities     13,148       (695 )
                     
    Cash flows from financing activities:                
    Payment of dividends on preferred shares     (1,411 )     –  
    Principal payments on short-term debt     (603 )     (653 )
    Payment payments on long-term debt     (5,192 )     (224 )
    Net borrowing under credit facility     97       –  
    Proceeds from Strong Global Entertainment initial public offering     –       2,411  
    Payments of withholding taxes for net share settlement of equity awards     (21 )     (135 )
    Payments on finance lease obligations     (253 )     (159 )
    Net cash (used in) provided by financing activities from continuing operations     (7,383 )     1,240  
    Net cash provided by financing activities from discontinued operations     525       2,143  
    Net cash (used in) provided by financing activities     (6,858 )     3,383  
                     
    Effect of exchange rate changes on cash and cash equivalents from continuing operations     (11 )     21  
    Effect of exchange rate changes on cash and cash equivalents from discontinued operations     (36 )     95  
    Net increase in cash and cash equivalents from continuing operations     1,799       2,932  
    Net (decrease) increase in cash and cash equivalents from discontinued operations     (270 )     28  
    Net increase in cash and cash equivalents     1,529       2,960  
                     
    Cash and cash equivalents from continuing operations at beginning of year     5,995       3,063  
    Cash and cash equivalents from continuing operations at end of year   $ 7,794     $ 5,995  

    The MIL Network –

  • MIL-OSI: Empowering Global Users, Global Assets Releases AI Intelligent Trading System Technical Whitepaper

    Source: GlobeNewswire (MIL-OSI)

    New York, April 01, 2025 (GLOBE NEWSWIRE) —
    With the rapid development of financial technology, intelligent trading and decentralized finance (DeFi) are increasingly becoming important components of the financial market. In this trend, Global Assets proudly announces the release of its AI intelligent trading system technical whitepaper, aimed at creating an efficient, secure, and intelligent trading environment for global users, further promoting technological innovation in the financial market.

    Technological Innovation Leading the Future of Trading
    Global Assets’ AI intelligent trading system combines advanced artificial intelligence algorithms and blockchain technology to monitor market data in real time around the clock and optimize trading processes. This system enhances trading efficiency through automated trading strategies, reducing the influence of human factors on market decisions, and ensuring the safety and stability of trades.

    Core features of the AI intelligent trading system include:

    Intelligent Market Analysis: AI robots can analyze market data in real time, automatically identifying potential market dynamics.

    High-Speed Trade Execution: The system can execute trading orders in milliseconds, improving trading efficiency.

    Risk Management Mechanism: A multi-layer risk management mechanism ensures the safety of trading funds and reduces risk exposure.

    Blockchain Collateral Lending to Unlock Asset Value
    Global Assets’ blockchain collateral lending service provides users with an efficient asset management tool, helping them release instant liquidity without selling assets. Through this service, users can use mainstream crypto assets as collateral to quickly obtain liquid funds.

    Key advantages of this service include:

    No Traditional Credit Review Required: Users only need to provide digital assets as collateral to secure funding.

    Fast Loan Disbursement Mechanism: The system automatically evaluates the value of the collateralized assets, with funds available instantly.

    Transparent and Secure Blockchain Mechanism: All transaction records are recorded on the blockchain, ensuring transparency and trustworthiness.

    Diverse Trading Ecosystem to Meet All Needs
    Global Assets is committed to providing users with diverse asset trading options, creating a one-stop trading ecosystem. Users can engage in cross-market trading on the same platform, meeting diverse asset allocation requirements.

    The types of trading supported by the platform include:

    Digital Currency Trading: Supports mainstream cryptocurrencies.

    Forex Trading: Covers major fiat currencies such as USD, EUR, and JPY.

    Commodity Trading: Provides trading opportunities for commodities like gold and crude oil.

    Stocks and ETFs: Connects global stock markets, offering investment choices in international markets.

    Why Choose Global Assets?

    Technology-Driven Innovation: The combination of AI and blockchain technology constructs an intelligent trading ecosystem.

    Safeguarded Fund Security: Multiple security protection mechanisms ensure the safety of user funds.

    Global Market Coverage: Supports multiple countries and regions, offering round-the-clock trading services.

    Efficient Customer Support: A professional team provides 24/7 online support.

    Conclusion
    In the context of the continuous development of global financial technology, the combination of AI intelligent trading and blockchain technology injects new vitality into the financial market. Through the release of its technical whitepaper, Global Assets demonstrates its deep strength in technological innovation and service ecology, committed to providing global users with a more efficient and intelligent trading environment. To learn more about the Global Assets AI Intelligent Trading System, please visit the official website and embark on a new era of intelligent trading!

    Media Contact
    Company Name: Global Assets
    Website: https://global-assets.com
    Email: service@global-assets.com
    Contact: Markus Johann Fischer

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Triller Group Executives to Attend Exclusive Mar-a-Lago Luncheon Ahead of TikTok Ban

    Source: GlobeNewswire (MIL-OSI)

    As TikTok ban nears, Triller makes moves to capture market share for its short-form video platform

    Los Angeles, CA, April 01, 2025 (GLOBE NEWSWIRE) — Triller Group Inc. (“Triller” or “the Company is set to participate in an exclusive luncheon at President Donald J. Trump’s Palm Beach, Florida club Mar-a-Lago. Triller Group CEO Wing Fai Ng and CFO Mark Carbeck will represent the company at this prestigious gathering, marking Triller’s first official engagement at the esteemed venue.

    The luncheon presents a strategic opportunity for Triller to connect with new investors, forge key relationships, and explore potential growth avenues ahead of the impending TikTok ban, currently slated for April 5, 2025. As the Company continues to expand its influence in the digital and creator-driven economy, securing strong partnerships remains a top priority.

    “The Mar-a-Lago luncheon is the perfect forum for Triller to connect and engage with industry leaders who share our vision for innovation and disruption in the digital space,” said Wing Fai Ng, CEO of Triller Group. “This gathering gives us the opportunity to showcase Triller’s unique position at the intersection of AI, entertainment, and social media.”

    With a global footprint and a strong commitment to empowering creators, Triller continues to revolutionize digital engagement. The Company looks forward to leveraging this event to strengthen its financial strategy and drive future success.

    About Triller Group Inc.

    (Nasdaq: ILLR) Triller Group Inc. is a technology powerhouse with a portfolio of high-growth businesses poised to break through in the Creator Economy. Triller App is the most creator-focused social platform offering discovery, monetization, and ownership. Supported by Triller Platform, it serves as a cutting-edge social media platform designed for creators, offering innovative tools for content creation, marketing, and brand partnerships. It enables creators to connect with fans, monetize their work, and build meaningful relationships with brands.

    Bare Knuckle Fighting Championship (BKFC) stages live and streaming combat sports events that are rapidly gaining popularity with fans globally. With a focus on exciting matchups and high-energy performances, BKFC has established itself as the fastest-growing combat league in the industry. TrillerTV is Triller Group’s premier live streaming platform, showcasing a diverse array of in-house and third-party sports and entertainment content. With its robust infrastructure, TrillerTV is committed to delivering high-quality live events that captivate audiences and drive subscriber growth.

    Additionally, AGBA serves as a one-stop financial supermarket, providing independent distribution of a wide range of financial products and services. By connecting consumers with essential financial solutions, AGBA enhances Triller Group’s ecosystem, making it easier for users to access the tools they need for financial success.

    Together, these diverse businesses form a unique and integrated ecosystem that positions Triller Group at the forefront of innovation in social media, live entertainment, combat sports, and financial services. For more information about our businesses, visit www.trillercorp.com and www.agba.com.

    # # #

    Investor & Media Relations:
    Bethany Lai
    ir@triller.co

    Breanne Fritcher
    triller@wachsman.com

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    The MIL Network –

  • MIL-OSI: NBT Bancorp Inc. Announces Date of First Quarter Conference Call

    Source: GlobeNewswire (MIL-OSI)

     

    NORWICH, N.Y., April 01, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) will release details of its financial results for the first quarter 2025 on Thursday, April 24, 2025, following the market close. The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 25, 2025, to review these results.

    The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events prior to the beginning of the conference call. The call will also be archived on the Company’s website for twelve months and can be accessed at any time and at no cost during this period.

    Corporate Overview

    NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.79 billion at December 31, 2024. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 157 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

       
    Contact: Scott A. Kingsley, President and CEO
    Annette L. Burns, Executive Vice President and CFO
    NBT Bancorp Inc.
    52 South Broad Street
    Norwich, NY 13815
    607-337-6589

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Progress MOVEit Recognized in G2’s Best IT Infrastructure Products List for Third Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    Managed file transfer solution recognized for excellence based on user reviews

    BURLINGTON, Mass., April 01, 2025 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced that its Progress® MOVEit® managed file transfer (MFT) software has been recognized with a 2025 Best Software Award from G2 in the Best IT Infrastructure Products category. Out of 6,562 total products in this category, and 1,856 eligible for the 2025 awards, MOVEit was one of only 13 products to retain a spot on the list from last year, highlighting its continued leadership in the MFT and IT infrastructure sectors.

    The G2 Best Software Awards rank the world’s best software companies and products based on authentic, timely reviews from real users and publicly available market presence data. The continued recognition of MOVEit software highlights its value in helping organizations transfer sensitive files more securely and efficiently while promoting compliance with industry standards.

    MOVEit software has continually evolved to meet the growing demands of secure file transfer, providing businesses with a trusted, scalable and efficient solution. It is recognized for its leadership and innovation, offering increased reliability in secure file transfers.

    In addition to this year’s recognition, MOVEit software is:

    • The only MFT solution to make the Best IT Infrastructure list more than once—and for three consecutive years (2023, 2024, 2025).
    • 20-time leader in G2’s quarterly MFT report since spring 2020, solidifying its position as the go-to solution for managed file transfer.
    • Trusted by enterprises worldwide to automate and protect sensitive file transfers across highly regulated industries including banking and financial services, healthcare, insurance, and government.

    Core Features That Set MOVEit Software Apart

    • Security and Compliance: Provides advanced encryption, access controls and compliance certifications, including ISO 27001, SOC 2 Type 2, FIPS 140-2, GDPR, HIPAA and PCI 4.0.
    • File Transfer Automation: Reduces manual errors and increases efficiency through workflow automation.
    • Broad Visibility and Control: Helps organizations maintain consistent oversight—from high-level task tracking to granular audit logs.
    • Scalability and High Availability: Offers flexible cloud and on-premises deployment options with built-in high availability and disaster recovery solutions for secure, uninterrupted file transfers at scale.

    Unlike traditional methods, such as FTP and email, MOVEit promotes secure, automated and compliant file transfer for businesses looking to reduce inefficiencies and risk.

    For more information about Progress MOVEit, visit www.progress.com/moveit.

    About Progress
    Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

    Progress and MOVEit are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners. 

    Press Contact:
    Kim Baker
    Progress
    +1-800-477-6473
    pr@progress.com

    The MIL Network –

  • MIL-OSI: Check Point Software to Announce 2025 First Quarter Financial Results on April 23, 2025

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Israel, April 01, 2025 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, today announced that it will release its financial results for the first quarter ended March 31, 2025, on Wednesday, April 23, 2025, before the U.S. financial markets open. Management will host a video conference call with the investment community at 8:30 AM EST/5:30 AM PST on April 23, 2025. A live video webcast of the call will be hosted on the company’s website at http://www.checkpoint.com/ir.

    To follow this and other Check Point news visit:

    About Check Point Software Technologies Ltd.
    Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

    ©2025 Check Point Software Technologies Ltd. All rights reserved

    INVESTOR CONTACT:   MEDIA CONTACT:
    Kip E. Meintzer   Gil Messing
    Check Point Software   Check Point Software
    +1.650.628.2040   +1.650.628.2260
    ir@checkpoint.com   press@checkpoint.com

    The MIL Network –

  • MIL-OSI Security: FBI Warns Public to Beware of Scammers Impersonating Law Enforcement and Government Officials

    Source: Federal Bureau of Investigation (FBI) State Crime News

    The FBI Philadelphia Field Office is warning the public of fraud schemes in which scammers impersonate law enforcement or government officials in attempts to extort money or steal personally identifiable information.

    Government and law enforcement impersonation scams can come in various forms, most commonly email or phone calls.

    On the phone, scammers often spoof caller ID information, so fraudulent calls appear to be coming from an agency’s legitimate phone number. Recipients should hang up immediately and report the call to law enforcement.

    Fraudulent emails may give the appearance of legitimacy by using pictures of the FBI Director and/or the FBI seal and letterhead. Common hallmarks of a scam email include misspellings, missing words, and incorrect grammar.

    Be advised, law enforcement does not call or email individuals threatening arrest or demanding money.

    To avoid becoming a victim of this scam:

    • Be wary of answering phone calls from numbers you do not recognize.
    • Do not send money to anybody that you do not personally know and trust.
    • Never give out your personal information, including your Social Security number, over the phone or to individuals you do not know.

    The FBI will never:

    • Call or email private citizens to demand payment or threaten arrest. You will also not be asked to wire a “settlement” to avoid arrest.
    • Ask you to use large sums of your own money to help catch a criminal.
    • Never request you send money via wire transfer to foreign accounts, cryptocurrency, or gift/prepaid cards
    • Call you about “frozen” Social Security numbers or to coordinate inheritances.

    If you believe you are a victim of a law enforcement or government impersonation scam:

    • Cease all contact with the scammers immediately
    • Notify your financial institutions and safeguard any financial accounts
    • Contact your local law enforcement and file a police report
    • File a complaint with the FBI IC3 at www.ic3.gov.
    • Be sure to keep any financial transaction information, including prepaid cards and banking records and all telephone, text, or email communications.

    If you think you are a victim of this, or any other online scam please file a report with your local law enforcement agency and the FBI’s Internet Crime Complaint Center (IC3) at ic3.gov.

    MIL Security OSI –

  • MIL-OSI: Societe Generale offer to purchase certain of its debt securities

    Source: GlobeNewswire (MIL-OSI)

    SOCIETE GENERALE OFFER TO PURCHASE CERTAIN OF ITS DEBT SECURITIES

    Press release

    Paris, April 1, 2025

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

    Societe Generale announces today the launch of an offer to purchase for cash (the “Offer”) any and all of its outstanding Undated Deeply Subordinated Resettable Interest Rate Notes (the “Notes”), upon the terms and subject to the conditions set forth in the offer to purchase dated April 1, 2025 (the “Offer to Purchase”) and the related notice of guaranteed delivery.

    The following table sets forth the Notes subject to the Offer and the key economic terms of the Offer:

    CUSIP No. ISIN Title of Security Principal Amount Outstanding Amount to be Accepted Tender Offer Consideration
    83368J FA3 F43628 B41 US83368JFA34 USF43628B413 Undated Deeply Subordinated Resettable Interest Rate Notes (the “Notes”) $1,250,000,000 Any and all $1,007 (1)

     (1)   The amount to be paid for each $1,000 principal amount of Notes validly tendered and not validly withdrawn and accepted for purchase, excluding accrued and unpaid interest.

    The Offer will commence on April 1, 2025 and will expire at 5:00 p.m. (New York City time) on April 7, 2025 unless it is extended or terminated by Societe Generale. The expected guaranteed delivery date is 5:00 p.m. (New York City time) on April 9, 2025. The deadlines set by any intermediary may be earlier than the above deadline.

    Consideration for Notes validly tendered and not validly withdrawn and accepted for payment pursuant to the Offer is $1,007 per $1,000 principal amount of Notes. In addition, Societe Generale will pay all accrued and unpaid interest on the Notes purchased pursuant to the Offer up to, but not including, the settlement date.

    The purpose of the Offer is to efficiently manage Societe Generale’s regulatory capital while providing liquidity to Holders.

    The Notes are governed by English law, which, following the UK’s withdrawal from the European Union, has become a third country law. Because the Notes do not include a contractual recognition of bail-in clause, the Notes will cease to qualify as Additional Tier 1 on June 28, 2025.

    If any Notes remain outstanding after the consummation of the Offer, Societe Generale intends to consider future optional redemption rights in respect of the Notes in accordance with their terms and conditions, including pursuant to condition 8.3 “Redemption upon the occurrence of a Capital Event” for which it has received the European Central Bank’s permission. Any future decision by Societe Generale to redeem the Notes then outstanding will be made on an economic basis, considering current and future regulatory value, relative funding cost, rating agency considerations, and having regard to the prevailing circumstances at the relevant time.

    With respect to the other notes issued by Societe Generale and governed by English law listed below, which will cease to qualify as Tier 2 on June 28, 2025, Societe Generale intends to consider future optional redemption rights in accordance with their terms and conditions, including pursuant to condition 7.2 “Redemption upon the occurrence of a Capital Event” and condition 6(c) “Redemption upon the occurrence of a Capital Event with respect to Subordinated Notes”, as the case may be:

    • USD 1,000,000,000 Subordinated 4.750% Notes due November 24, 2025 (144A ISIN: US83367TBR95, RegS ISIN: USF8586CBS01)
    • AUD 150,000,000 4.875% Subordinated Tier 2 Notes due October 13, 2026 (ISIN: XS1503159219)
    • EUR 70,000,000 fixed rate resettable callable Subordinated Tier 2 Notes due October 21, 2026 (ISIN: XS1308623658)

    Societe Generale and SG Americas Securities, LLC are acting as Dealer Managers for the Offer, and D.F. King Ltd. is acting as Tender and Information Agent. For detailed terms of the Offer, please refer to the Offer to Purchase which, subject to offer and distribution restrictions, can be obtained from the Dealer Managers and the Tender and Information Agent. Questions regarding the Offer may be directed to the Dealer Managers and the Tender and Information Agent at the contact details set forth below:

    D.F. King Ltd.
    Email: SGCIB@dfkingltd.com
    Offer Website: https://clients.dfkingltd.com/sgcib

    In New York

    48 Wall Street, 22nd Floor
    New York, New York 10005
    United States of America

    Banks and Brokers, Call Collect: (212) 269 5550

    All others, Call Toll-Free: (800) 848-2998

    		 In London

    51 Lime Street
    London EC3M 7DQ
    United Kingdom

    Tel: +44 20 7920 9700

    		  
    Societe Generale

    17, cours Valmy

    BP 18236

    92987 Paris la Défense Cedex

    France

    Tel: +33 (0)1 42 13 32 40

    Email: liability.management@sgcib.com

    		 SG Americas Securities, LLC

    245 Park Avenue

    New York, New York 10167

    United States

    Tel: + 1 (212) 278-7631

    Toll-Free: 1 (855) 881 2108

    Press contacts:
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com

    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release includes statements that constitute forward-looking statements. Such statements can be understood through words and expressions like “will,” “expect,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “goal,” “objective,” “estimate,” “future,” “commitment,” “commit,” “focus,” “pledge” and similar expressions. They include, but are not limited to, statements regarding the conduct and completion of the Offers. However, risks, uncertainties and other important factors may lead to developments and results that differ materially from those anticipated, expected, projected or assumed in forward-looking statements, including those discussed in the Offer to Purchase under the heading “Risk Factors” and under similar headings in other documents that are incorporated by reference into the Offer to Purchase. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release, and Societe Generale undertakes no obligation to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.

    Offer Restrictions
    This press release does not constitute an offer to buy or the solicitation of an offer to sell Notes, and tenders of Notes for purchase pursuant to the Offer will not be accepted from Holders in any circumstances in which such offer or solicitation is unlawful, including under applicable securities or “blue sky” laws.

    United Kingdom
    The communication of the press release and any other documents or materials relating to the Offer is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. This electronic transmission is made only to, or directed only at (1) those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”)), (2) those persons falling within Article 43(2) of the Financial Promotion Order, including existing members and creditors of the Societe Generale, or (3) any other persons to whom it may otherwise be lawfully made under the Financial Promotion Order (together being referred to as “relevant persons”), and must not be acted on or relied upon by persons other than relevant persons. Any investment activity referred to in this communication is available only to relevant persons and will be engaged in only with relevant persons.

    Republic of Italy
    None of the Offer, this press release or any other documents or materials relating to the Offer have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Italian laws and regulations and therefore the Offer may only be made or promoted, directly or indirectly, in or into the Republic of Italy as exempted Offer pursuant to Article 101-bis, paragraph 3-bis of Legislative Decree no. 58 of February 24, 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended.
    Holders or beneficial owners of the Notes that are resident and/or located in the Republic of Italy can tender Notes for purchase in the Offer through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB, the Bank of Italy or any other Italian authority.
    Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes or Societe Generale or this press release or any other documents or materials relating to the Offer.

    European Economic Area
    This press release does not constitute a prospectus for the purposes of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “Prospectus Regulation”) and has not been approved, filed or reviewed by the Commission de surveillance du secteur financier (“CSSF”) in Luxembourg, nor has the CSSF issued any report regarding the accuracy or adequacy of this press release.
    In any European Economic Area Member State (each, a “Relevant State”), this press release is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of Article 2(e) of the Prospectus Regulation.
    This press release has been prepared on the basis that the Offer in any Relevant State will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus.
    Each person in a Relevant State who receives any communication in respect of the Offer contemplated in this press release will be deemed to have represented, warranted and agreed to and with each Dealer Manager and Societe Generale that it is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: RBI Commemorates Completion of its 90th year

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) celebrated its 90th anniversary today. To recognize this important milestone, an event was organised by the Reserve Bank of India today with the Hon’ble President of India Smt. Droupadi Murmu as the Chief Guest. Hon’ble Governor of Maharashtra, Shri C.P. Radhakrishnan, Hon’ble Chief Minister of Maharashtra, Shri Devendra Fadnavis, Hon’ble Union Minister of Communications, Shri Jyotiraditya Scindia, Hon’ble Deputy Chief Ministers of Maharashtra, Shri Eknath Shinde and Shri Ajit Pawar also graced the event.

    In his welcome address, Governor, RBI expressed gratitude to the Hon’ble President of India for her participation in the event. He emphasized the Reserve Bank’s commitment to improving the financial system and contributing proactively and vigorously to India’s economic progress.

    The Union Minister of Communications in his address acknowledged RBI’s contributions over the decades in ensuring financial sector resilience and supporting economic growth. He highlighted that RBI’s collaborative approach in striking a balance between regulation and innovation was a beacon of hope not just for the Global South but also developed economies especially in areas such as digital payments.

    The Hon’ble President, in her address, emphasized the important role of RBI in India’s journey and its economic and financial transformation. She highlighted that RBI has earned the trust of people by its commitment to maintaining price stability, growth and financial stability over the last nine decades. While underlining several important initiatives of the Reserve Bank in the areas of institution building, financial inclusion, consumer protection, digital payments, financial awareness and sustainable finance, the Hon’ble President also expressed confidence that RBI will continue to play a critical role in steering India towards a future of prosperity and global leadership.

    To mark this momentous occasion, a commemorative postage stamp was released by the Hon’ble President.

    The event was attended by distinguished dignitaries from the Government, financial sector regulatory institutions, industry, academia, the directors of the Central board of the Reserve Bank, heads of banks and other financial institutions and senior executives, both past and present, of the Reserve Bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/8

    MIL OSI Economics –

  • MIL-OSI USA: Career Successes of Recent Grads Underscore Strong ROI of a UConn Education

    Source: US State of Connecticut

    UConn’s newest alumni continued to excel after receiving their diplomas, with about 92% of recent graduates holding full-time jobs, continuing their education, or following other pursuits of their choosing within six months after graduating.

    The large majority also stayed in Connecticut, securing jobs with employers that cover the gamut from entrepreneurial start-ups and community-based small businesses to the biggest names in manufacturing, insurance, health care, and finance.

    While applying the skills they learned at UConn to support those industries, they also are augmenting Connecticut’s economy with strong starting salaries that are reinvested in their communities through housing, purchasing goods and services, and other spending.

    UConn’s most recent cohort of graduates earned annual starting salaries of nearly $65,000 on average – up about $5,200 from the previous year – with some exceeding $80,000 in high-demand fields such as nursing and computer science.

    The employment and salary figures for the recent graduates underscore the strong return on investment in a UConn education, and the University’s work to provide a highly educated workforce that supports and advances Connecticut’s innovation economy.

    “Every number represents a student who chose to enroll at UConn, drawn by its outstanding academic programs, rich research and entrepreneurship opportunities, and nurturing campus community – qualities that they believe will set them on the path to success. Year after year, UConn proves it is committed to fulfilling that promise,” says President Radenka Maric.

    At the national level, about 85% of the most recent cohort of college graduates report being employed, in graduate education, or in other pursuits of their choosing within six months of receiving their degree.

    UConn comfortably outpaces that at 92% reporting positive outcomes, tying with last year’s record high.

    Encouraging outcomes for current students

    The successful outcomes were evident across UConn, with the most recent alumni from Storrs and the regional campuses demonstrating strong results and overwhelmingly reporting that their jobs are related to their current career goals.

    The newest alumni outcomes also serve as an encouraging example for the thousands of UConn undergraduates slated to receive their diplomas in May and who either are interviewing for jobs, already have an offer in hand, or are considering graduate education.

    It also aligns with UConn’s Strategic Plan, which includes commitments to strengthen life and career readiness competencies in academic and experiential activities, and to position students for career and life success once they leave the University.

    The data on students’ post-graduation progress comes from the annual Undergraduate First Destination Survey, in which UConn participates along with most other colleges and universities through National Association of Colleges and Employers (NACE) survey protocols.

    The survey information and other details – including top employers of UConn graduates, their average starting salaries, employment locations and other details – can be found on the UConn Center for Career Readiness and Life Skills website.

    UConn’s work to engage its students through career services has repeatedly shown its effectiveness in their career readiness, resulting in post-graduation success. &#8212 Associate Provost James Lowe

    The most recent figures capture data on UConn undergraduates who received their degrees in August 2023, December 2023, and May 2024. The website also includes a tool to find specific information by school and college, academic major, and other attributes.

    Of the graduates in those cohorts, about 92% were in activities of their choosing within six months of graduating: working full time, pursuing graduate education, enlisted in military service, or engaged in other pursuits.

    Of those, about 58% were employed and 33% were pursuing higher education. The rest were either serving in the U.S. Armed Forces, engaged with non-profit organizations, or in other activities of their choosing. The remaining 8% includes people pursuing certifications or credentials needed for their specific career paths, and others still seeking opportunities.

    Many of the graduates increased their marketability by engaging in internships, job fairs, career counseling, and other experiential learning experiences through UConn’s Center for Career Readiness and Life Skills.

    Nutmeggers building their careers at home

    For some, like Stamford native Sarah Velez ’24 (BUS), those experiences led directly to job offers.

    Velez, who was selected in 2022 as a Spectrum Scholar, interned at the company starting in summer 2023 to learn from people across different marketing areas and broaden her understanding of various career paths available.

    With those skills and her UConn education, Velez landed a full-time position at Spectrum as a marketing associate, which she started after her graduation from UConn in May 2024.

    “This exposure, combined with hands-on experience and mentorship support, helped me narrow down my interests and develop the skills I need to succeed in my current role,” says Velez, who matriculated at UConn Stamford.

    Like Velez, many of the recent graduates were loyal to their home state when the time came to consider jobs and graduate school.

    About 76% of Connecticut natives who graduated from UConn stayed in the state for jobs, up 7 percentage points from just two years earlier. And, about 77% of in-state students who decided to pursue graduate degrees enrolled in Connecticut institutions, predominantly at UConn.

    Career services pay dividends for Huskies 

    They also often can be found giving back to their alma mater, including by representing their new employers at career fairs coordinated by the UConn Center for Career Readiness and Life Skills.

    In fact, about 300 employers participated in UConn’s All-University Fair in fall 2023, for which the University provided regional students with free transportation to and from the flagship campus.

    More than 4,300 students met over two days with employers at that event, the largest number to date to participate in a career fair.

    Thousands also took advantage of the chance to share their resumes, learn about internships, and have professional head shots taken on site in the new Iris Air photobooth. That booth, which is sponsored by General Dynamics Electric Boat, also is available to students for free use anytime at the Center for Career Readiness and Life Skills office in the Wilbur Cross Building.

    In the past year, average annual salaries were $14,500 higher for recent UConn graduates who had used career services than those who hadn’t, and they were much more likely to secure jobs either directly or very related to their career goals.

    “UConn’s work to engage its students through career services has repeatedly shown its effectiveness in their career readiness, resulting in post-graduation success,” says UConn Associate Provost James Lowe, who is also executive director of the Center for Career Readiness and Life Skills.

    The center’s mission is to deliver comprehensive, innovative, and inclusive programs and services for all students, he adds. That includes an extensive host of nationally recognized and award-winning offerings to ensure students are well prepared for life after UConn. It also entails cultivating connections to campus and community partners, promoting opportunities for students to contribute to the state, national, and global communities.

    UConn career consultants work throughout the year with students to help them articulate the skills they learned in part-time jobs on campus or elsewhere, and to show potential employers how that real-world experience boosts their qualifications for jobs.

    According to a national Gallup Poll, 60% of students utilize their university provided career services. At UConn, the number is 85% — a full 25% points above the national average.

    “Our enviable student engagement levels are a direct result of a meticulously curated marketing plan coupled with targeted programmatic offerings that address the career readiness needs of our students no matter what phase of the career journey they are in,” Lowe says.

    MIL OSI USA News –

  • MIL-OSI Europe: Christine Lagarde: The transformative power of AI

    Source: European Central Bank

    Welcome address by Christine Lagarde, President of the ECB, at the ECB conference on “The transformative power of AI: economic implications and challenges” in Frankfurt, Germany.

    Frankfurt, 1 April 2025

    It is a pleasure to welcome you to our conference on the transformative power of AI.

    In the early stages of a new technological breakthrough, it is often hard to discern fact from fiction. We struggle to imagine the ways in which the new technology will be used. And even if we predict the direction of technological change correctly, we rarely get the timeline or the size of the impacts right.

    Today, we sometimes hear claims that AI is improving so fast that we are only a few years away from the nature of work being radically reformed. But we also hear arguments that the same barriers that slowed down the adoption of all past technologies will also delay AI adoption.

    I cannot claim to know which vision will prove to be correct. But the early evidence is promising and, in my view, we must act on the basis that we are facing an economic revolution. This attitude will be particularly important here in Europe.

    On this side of the Atlantic, we are still paying the price for having been too slow to capitalise on the last major digital revolution, the internet. The tech sector explains around two-thirds of the productivity gap between the EU and the United States since the turn of the century.

    And now we are faced with a technology that can improve its own performance through self-learning mechanisms and feedback loops, enabling even more rapid advances and innovations. The risks of underestimating the potential of AI, and falling behind again, are simply too great to be ignored.

    What’s more, we are facing a new geopolitical environment in which we can no longer be sure that we will have frictionless access to new technologies developed overseas. This new reality strengthens the case for Europe to establish itself at the technological frontier.

    There are two main areas where we should expect, and prepare for, major changes in the economy.

    The first is productivity.

    We can already see the productivity effects of AI in sectors like the US tech sector, where output is expanding while employment is falling.[1] But we are still in the early phase of the “productivity J-curve”, where new technologies diffuse to the wider economy and are reflected in GDP.

    As such, estimates about the productivity gains of AI vary widely – but even at the lower end they would be a game changer for Europe.

    One widely accepted methodology estimates that the euro area could see a boost to total factor productivity (TFP) of around 0.3 percentage points per year over the next ten years.[2] Compare that with the past decade, when annual TFP growth averaged just 0.5%.

    Other estimates point to much larger gains, with productivity expected to grow 1.5 percentage points faster annually if AI is widely adopted over the next decade.[3]

    Whether Europe can achieve such productivity gains will depend on whether we can improve the environment for AI innovation and diffusion.

    This comes down to funding, regulation and energy.

    As I have been arguing for some time, Europe’s relatively small venture capital ecosystem is a major hindrance to building foundational models in the EU.[4] Between 2018 and 2023, around €33 billion was invested in AI companies in the EU, compared with more than €120 billion in their US peers.[5]

    Building and developing this technology also requires considerable investment in data centres, and the EU currently has around 4 times fewer dedicated sites than the US.[6]

    At the same time, ECB research finds that regulation and a lack of institutional quality are particularly detrimental to the expansion of high-tech sectors relative to more mature technologies. Investing in radical technologies is highly risky and needs a different set of framework conditions.[7]

    The adoption of AI, for example, depends on access to data pools to train models, which requires smart regulation to avoid data fragmentation while ensuring data protection. It also requires good institutions as, for instance, effective legal systems are needed to defend a non-patentable asset like a set of AI prompts.

    Our research shows that if the EU’s average institutional delivery were raised to the level of best practice, AI-intensive sectors would see their share in investment rise by more than 10 percentage points.[8]

    Finally, unless we see major breakthroughs in efficiency, Europe’s energy supply constraints could pose a challenge to the diffusion of AI through the economy in the future.

    The power consumption of data centres is expected to triple in Europe by the end of the decade.[9] AI training and inference is extremely energy-intensive.[10] And this surge in demand comes at a time when the green transition is also increasing the demand for electricity, for example for charging battery electric vehicles.

    There is now a clear policy agenda in Europe to address these barriers. It is widely recognised that we need to build a savings and investment union to jump-start European venture capital, that we must simplify complex digital regulations and improve permitting speeds, and that we have to massively increase investment in data centres, fibre-optic networks and electricity grids.

    But for Europe to make the most of the AI revolution, how the productivity gains from AI are harnessed also matters. Labour productivity can be increased either by reducing labour inputs relative to outputs, or by raising outputs relative to inputs. The employment implications of each route are vastly different.

    This brings me to the second area of major change: the effect of AI on labour markets.

    According to ECB research, between 23% and 29% of workers in Europe are highly exposed to AI.[11] This does not necessarily herald a “job apocalypse”. It is reasonable to expect that AI will follow historical patterns by displacing some jobs while creating new one.[12]

    But there are two new questions that this technology poses.

    First, will the pace of technological change be faster than in previous transitions? This question is critical for Europe, as our social model and traditionally high levels of job protection make it hard to see how a transition that leads to massive job reallocations could avoid a major backlash.

    The key factor will be whether AI leans more towards job displacement via its “automation potential”, or towards changes in the nature of work via its “augmentation potential”. In the augmentation scenario, workers will still need to adapt to changing roles and tasks, but the transition will likely be easier.

    Recent research by the ILO finds that only a small share of jobs – around 5% in advanced economies – meet the criteria for high automation. But a much larger share – over 13% – meet the criteria for high augmentation.[13]

    The second question is about the distribution of gains.

    Early studies suggested that AI could increase the productivity of lower-skilled workers the most.[14] But newer studies looking at more complex tasks – like scientific research[15], running a business[16]and investing[17]– tell a different story. High performers benefit disproportionately and, in some cases, less productive workers see no improvements at all.

    So even if AI augments more than it automates, we are likely to see an increase in labour market inequality. Demand for higher-skilled workers who can use AI most effectively will rise, while those less able to learn new skills could suffer.

    All told, I do see a path for Europe to adopt AI without fracturing its social model. But it will require massive complementary investments in skills to prevent a rise in inequality.

    Crucially, this will not require everyone to become coders, which would probably set the bar too high. According to the OECD, most workers who will be exposed to AI will not need specialised AI skills to get ahead in their careers.

    In fact, the most sought-after skills in highly exposed jobs will be linked to management and business – skills that many people have the capacity to learn.[18]

    The CEO of Anthropic, Dario Amodei, has described the potential capabilities of AI as being like “a country of geniuses in a data centre”.[19] If this proves to be correct, it is both an awesome prospect for humanity and a daunting one for individual workers.

    I believe we must act today, and especially in Europe, with the mindset that this future will likely come to pass. We must remove all the barriers that will prevent us from being at the forefront of this revolution.

    But we must also prepare for the human and climate impacts of this transition, and we need to start now.

    I trust that this conference will generate the ideas we need to move forwards.

    MIL OSI Europe News –

  • MIL-OSI: Safe Harbor Financial Reports Fourth Quarter and Year-End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    — Adjusted EBITDA(1)is positive for each of the last 3 years; Adjusted Working Capital(2)is approximately positive $2 million

    — Loan Interest Income increased 82% and 123% year-over-year for the three months and full-year ended December 31, 2024, respectively

    — Revenue for the Q4 2024 increased 5% compared to the Q3 2024, led by a 35% sequential increase in loan interest income

    — Loan Loss Reserve of approximately $1.4 million reserved as a result of a modified Commercial Alliance Agreement (CAA) with Partner Colorado Credit Union (PCCU)

    — Modifications of PCCU Commercial Alliance Agreement and Note enable new CEO Terry Mendez to implement growth strategy offering broader solutions for clients

    GOLDEN, Colo., April 01, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial and Operational Summary

    ●   Revenue was approximately $3.7 million, compared to approximately $4.5 million for the fourth quarter of 2023 and $3.5 million for the third quarter of 2024.
    ●   Loan Interest Income increased 82% to approximately $1.8 million from approximately $1.0 million the fourth quarter of 2023.
    ●   Compensation and Employee Benefits expense of approximately $1.4 million declined 32% compared to approximately $2.1 million in 2023.
    ●   General and Administrative Expense of approximately $1.1 million declined 36% from $1.7 million in 2023.
    ●   Adjusted EBITDA(1) was positive at $63,581, compared to $1.3 million in the fourth quarter of 2023(1).
    ●   On October 29, 2024, the Company announced it originated a $1.07 million secured credit facility for a Missouri cannabis operator.
    ●   On December 4, 2024, Safe Harbor, Collective Clean Energy Fund and Partner Colorado announced they are collaborating to fund a $500,000 sustainable upgrade loan for a Denver cannabis facility.
         

    Full-Year 2024 Financial & Operational Summary

    ●   Revenue was approximately $15.2 million, compared to approximately $17.6 million for the full year of 2023.
    ●   Loan Interest Income increased 123% to approximately $6.6 million for the full year of 2024 from approximately $3.0 million for the full year of 2023.
    ●   Operating Expenses decreased to approximately $22.3 million, compared to approximately $38.3 million in 2023.
    ●   Adjusted EBITDA(1) was approximately $2.9 million, compared to approximately $3.6 million for the full year of 2023(1).
    ●   Adjusted Working Capital(2) was approximately $2 million at December 31, 2024
         

    (1) Adjusted EBITDA is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.
    (2) Adjusted Working Capital is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

    Subsequent Operational Highlights

    ●   On December 31, 2024, the Company and PCCU entered into an Amended Commercial Alliance Agreement (the “Amended CAA”), extending the term through December 31, 2028, with automatic two-year renewal periods unless a party provides written notice of non-renewal at least 12 months before the current term expires. In addition, the Amended CAA eliminates the Company’s indemnification obligations for any losses related to any loans it facilitated under the Original Commercial Alliance Agreement or will facilitate in the future.
    ●   On January 16, 2025, the Company announced it had processed over $25 Billion in cannabis-related funds.
    ●   On January 29, 2025, Safe Harbor announced that Terry Mendez joined as Co-CEO, and he became CEO on February 28, 2025, upon the retirement of former CEO Sundie Seefried.
    ●   On February 12, 2025, the Company announced it had originated a $1,500,000 secured credit facility for a Missouri cannabis operator.
    ●   On March 4, 2025, Safe Harbor announced it successfully modified its debt obligation with Partner Colorado Credit Union (the “Amended PCCU Note”), unlocking $6.4 million in cash flow over the next two years.
    ●   On March 20, 2025, the Company announced Mike Regan has joined as Head of Investor Relations and Data Science.
         

    “Throughout 2024, the lending arm of Safe Harbor was a driving force for the Company as our loan interest income was up 82% for the fourth quarter and 123% for the year,” said Terry Mendez, Chief Executive Officer of Safe Harbor Financial. “We continue to be an innovator in this sector as we instituted a new small business line of credit program while also originating several debt and credit facilities at market-competitive terms for numerous clients across the U.S. We were able to do this while remaining diligent in lower overall expenses. While fourth quarter 2024 operating expenses increased 86% compared to the fourth quarter of 2023, operating expenses declined 42% for the full year 2024. Operating expenses adjusted for material non-cash items declined approximately 15% year-over year in the fourth quarter 2024 and 24% for the full-year of 2024.”

    Mendez continued, “Subsequent to the quarter end, the Company surpassed $25 billion in processed cannabis-related funds through our trusted network of partner banks. This is a significant milestone that we achieved on our 10th anniversary and is another proven point that Safe Harbor continues to be a leader in offering compliant banking services to cannabis related businesses. We also originated a $1.5 million secured credit facility with a cannabis operator out of Missouri, further cementing our position as a trusted financial partner to cannabis businesses.

    “Finally, in a redefining transaction for the Company, we successfully modified our debt obligation with Partner Colorado Credit Union. This modification greatly improves our financial stability as we are able to unlock over $6 million in cashflow over the next two years and push the term of the debt obligation out to October 2030. This updated debt deal provides Safe Harbor with the financial flexibility needed to enhance and expand our overall business services as we execute on our business strategy throughout 2025 and beyond.

    “One of the major reasons I joined Safe Harbor is the tremendous opportunity I see to build upon our strong foundation, to evolve from a single compliance solution into a provider of a broad array of services focused on addressing the needs of our clients. I believe that Safe Harbor is well positioned to offer competitive solutions designed to protect, lend, connect and enable the success of our customers and our clients,” concluded Mendez.

    Full Year 2024 Financial Results

    For the year ended December 31, 2024, total revenue was $15.2 million, compared to approximately $17.6 million in the prior year. The decrease in revenue was due to a reduction in deposit activity and onboarding income and was primarily attributable to the decrease in the number of accounts related to the Abaca acquisition, offset by a 123% year-over-year increase in loan interest income. In the full-year ended December 31, 2024, PCCU accounted for $4.6 million of the revenue generated from deposits, activities, and client onboarding. Related to this revenue, the Company recognized $452,371 in account hosting expenses.

    Full-year 2024 operating expenses decreased over 42% to $22.3 million, compared to $38.3 million in the prior year period, which was comprised of the following:

    ●   Compensation and employee benefits expenses decreased 25% due to decrease in stock-based compensation and a lower headcount as compared to previous year. Restructuring efforts will continue as we optimize our talent portfolio.
         
    ●   General and administrative expenses decreased 39% across various categories including: i) $988,412 in investment hosting fees as a result of the decrease in investment income, ii) $900,034 in decreased bank sharing fees due to the decrease in the number of accounts, and iii) $661,776 in decreased amortization and depreciation.
         
    ●   For the year ended December 31, 2024, the Company fully impaired goodwill and finite-lived intangible assets. Goodwill and intangible assets are now fully written down to $0 on the balance sheet.
         
    ●   The professional services expense increased primarily due to higher legal fees related to ongoing litigation.
         
    ●   Credit Loss Expense benefitted from the elimination of the indemnity liability from the Balance Sheet as of December 31, 2024, due to the Amended CAA.
         

    Net loss for full year 2024 was approximately $48.3 million, compared to a net loss of approximately $17.3 million in the prior year period. This includes the impact of approximately $43.9 million non-cash valuation allowance on the deferred tax asset and $9.1 million in non-cash Goodwill and Long-Lived Intangible Asset Impairment expenses.

    As of December 31, 2024, the Company had cash and cash equivalents of $2.3 million, compared to $4.9 million at December 31, 2023.

     
    SHF Holdings, Inc.
    CONSOLIDATED BALANCE SHEETS
                 
        December 31,
    2024
    (Unaudited)    		     December 31,
    2023    		  
                 
    ASSETS                
    Current Assets:                
    Cash and cash equivalents   $ 2,324,647     $ 4,888,769  
    Accounts receivable – trade     134,609       121,875  
    Accounts receivable – related party     968,023       2,095,320  
    Prepaid expenses – current portion     659,536       546,437  
    Accrued interest receivable     16,319       13,780  
    Forward purchase receivable     4,584,221       –  
    Short-term loans receivable, net     13,332       12,391  
    Other current assets     3,000,000       82,657  
    Total Current Assets   $ 11,700,687     $ 7,761,229  
    Long-term loans receivable, net     378,854       381,463  
    Property, plant and equipment, net     3,154       84,220  
    Operating lease right to use assets     703,524       859,861  
    Goodwill     –       6,058,000  
    Intangible assets, net     –       3,721,745  
    Deferred tax asset, net     –       43,829,019  
    Prepaid expenses – long term position     412,500       562,500  
    Forward purchase receivable     –       4,584,221  
    Security deposit     19,568       18,651  
    Total Assets   $ 13,218,287     $ 67,860,909  
                     
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY                
    Current Liabilities:                
    Accounts payable   $ 140,723     $ 217,392  
    Accounts payable-related party     75,608       577,315  
    Accrued expenses     1,301,378       1,008,987  
    Contract liabilities     28,335       21,922  
    Lease liabilities – current     161,952       132,546  
    Senior secured promissory note – current portion     255,765       3,006,991  
    Deferred consideration – current portion     3,338,343       2,889,792  
    Forward purchase derivative liability     7,309,580       –  
    Other current liabilities     72,836       41,639  
    Total Current Liabilities   $ 12,684,520     $ 7,896,584  
    Warrant liabilities     1,360,491       4,164,129  
    Deferred consideration – long term portion     –       810,000  
    Forward purchase derivative liability     –       7,309,580  
    Senior secured promissory note—long term portion     10,748,408       11,004,175  
    Net deferred indemnified loan origination fees     –       63,275  
    Lease liabilities – long term     712,882       875,447  
    Indemnity liability     –       1,382,408  
    Total Liabilities   $ 25,506,301     $ 33,505,598  
    Commitment and Contingencies                
    Stockholders’ (Deficit) Equity                
                     
    Convertible preferred stock, $.0001 par value, 1,250,000 shares authorized, 111 and 1,101 shares issued and outstanding on December 31, 2024, and December 31, 2023, respectively     –       –  
    Class A Common Stock, $.0001 par value, 130,000,000 shares authorized, 2,783,667 and 2,728,169 issued and outstanding on December 31, 2024, and December 31, 2023, respectively     278       273  
    Additional paid in capital     108,467,253       105,924,859  
    Retained deficit     (120,755,545 )     (71,569,821 )
    Total Stockholders’ (Deficit) Equity   $ (12,288,014 )   $ 34,355,311  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 13,218,287     $ 67,860,909  
                     
     
    SHF Holdings, Inc.
    CONSOLIDATED STATEMENTS OF OPERATIONS
           
        For the year ended December 31,  
        2024
    (Unaudited)    		     2023  
    Revenue   $ 15,242,560     $ 17,562,903  
                     
    Operating expenses                
    Compensation and employee benefits     7,783,331       10,334,212  
    General and administrative expenses     4,018,094       6,587,392  
    Professional services     2,518,394       1,858,137  
    Lease expense     258,477       315,615  
    Credit loss (benefit) expense     (1,393,131 )     290,857  
    Impairment of goodwill     6,058,000       13,208,276  
    Impairment of long-lived intangible assets     3,090,881       5,699,463  
    Total operating expenses   $ 22,334,046     $ 38,293,952  
    Operating loss     (7,091,486 )     (20,731,049 )
    Other (income) expenses                
    Interest expense     533,390       1,094,736  
    Change in fair value of warrant liabilities     (2,803,638 )     1,853,920  
    Change in the fair value of deferred consideration     (361,449 )     (4,570,157 )
    Total other (income) expenses   $ (2,631,697 )   $ (1,621,501 )
    Net loss before income tax     (4,459,789 )     (19,109,548 )
    Provision (benefit) for income taxes   $ 43,859,686     $ (1,829,701 )
    Net loss   $ (48,319,475 )   $ (17,279,847 )
    Weighted average shares outstanding, basic     2,772,867       2,128,728  
    Basic net loss per share   $ (17.43 )   $ (8.12 )
    Weighted average shares outstanding, diluted     2,772,867       2,128,728  
    Diluted net loss per share   $ (17.43 )   $ (8.12 )
                     
     
    SHF Holdings, Inc.
    Consolidated Statements of Stockholders’ (Deficit) Equity
     
    FOR THE YEARS ENDED DECEMBER 31, 2024 (UNAUDITED) AND 2023
                                   
        Preferred
    Stock    		     Class A
    Common Stock    		     Additional
    Paid-in    		     Retained     Total
    Shareholders’
    (Deficit)    		  
        Shares     Amount     Shares     Amount     Capital     (Deficit)     Equity  
    Balance, January 01, 2023     14,616     $ 1       1,186,644     $ 119     $ 44,808,286     $ (39,695,281 )   $ 5,113,125  
    Cumulative effect from adoption of CECL     –       –       –       –       –       (581,318 )     (581,318 )
    Issuance of shares to Abaca shareholders     –       –       291,791       29       4,085,047       –       4,085,076  
    Conversion of PIPE Shares     (13,515 )     (1 )     628,110       63       14,013,313       (14,013,375 )     –  
    Restricted stock units     –       –       61,623       6       1,252,037       –       1,252,043  
    Stock compensation cost     –       –       –       –       2,459,324       –       2,459,324  
    PCCU Restructuring     –       –       560,000       56       38,406,352       –       38,406,408  
    Reversal of deferred underwriting cost     –       –       –       –       900,500       –       900,500  
    Net loss     –       –       –       –       –       (17,279,847 )     (17,279,847 )
    Balance, December 31, 2023     1,101     $ –       2,728,168     $ 273     $ 105,924,859     $ (71,569,821 )   $ 34,355,311  
    Issuance of equity for marketing services     –       –       12,117       1       149,999       –       150,000  
    Conversion of PIPE shares     (990 )     –       39,600       4       866,245       (866,249 )     –  
    Restricted stock units     –       –       3,781       –       63,784       –       63,784  
    Stock compensation cost     –       –       –       –       1,462,366       –       1,462,366  
    Net loss     –       –       –       –       –       (48,319,475 )     (48,319,475 )
    Balance, December 31, 2024     111     $ –       2,783,666     $ 278     $ 108,467,253     $ (120,755,545 )   $ (12,288,014 )
                                                             
     
    SHF Holdings, Inc.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
           
        Year ended December 31,  
        2024
    (Unaudited)    		     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:                
    Net loss   $ (48,319,475 )   $ (17,279,847 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Depreciation and amortization expense     711,929       1,373,707  
    Stock compensation expense     1,575,952       3,739,156  
    Net deferred indemnified loan origination fees     (63,275 )     (45,806 )
    Interest expense     –       663,208  
    Lease expense     23,181       136,097  
    Credit loss (benefit) expense     (1,393,131 )     290,857  
    Impairment of goodwill     6,058,000       13,208,276  
    Impairment of long-lived intangible assets     3,090,881       5,699,463  
    Deferred tax expense (benefit), net     43,859,686       (1,829,701 )
    Marketing expense settled via common stock     100,000       –  
    Change in fair value of warrant liabilities     (2,803,638 )     1,853,920  
    Change in the fair value of deferred consideration     (361,449 )     (4,570,157 )
    Changes in operating assets and liabilities:                
    Accounts receivable – trade     (12,734 )     81,183  
    Accounts receivable – related party     1,127,297       (863,593 )
    Contract assets     –       21,170  
    Prepaid expenses     86,901       (220,852 )
    Other current liabilities     527       –  
    Accrued interest receivable     (2,542 )     (6,460 )
    Deferred underwriting payable     –       (550,000 )
    Other current assets     (2,967,145 )     40,371  
    Accounts payable     (76,672 )     (2,515,442 )
    Accounts payable – related party     (501,709 )     386,660  
    Accrued expenses     292,396       (464,424 )
    Contract liabilities     6,413       20,926  
    Security deposit     (916 )     (856 )
    Net cash provided by (used in) operating activities   $ 430,477     $ (832,144 )
                     
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Purchase of property and equipment     –       (208,434 )
    Payment to Abaca Shareholder     –       (3,000,000 )
    Loan receivable repayment     12,394       1,027,986  
    Net cash provided by (used in) investing activities   $ 12,394     $ (2,180,448 )
                     
    CASH FLOWS FROM FINANCING ACTIVITIES:                
    Repayment of senior secured promissory note     (3,006,993 )     (488,834 )
    Net cash used in financing activities   $ (3,006,993 )   $ (488,834 )
                     
    Net decrease in cash and cash equivalents     (2,564,122 )     (3,501,426 )
    Cash and cash equivalents – beginning of period     4,888,769       8,390,195  
    Cash and cash equivalents – end of period   $ 2,324,647     $ 4,888,769  
                     
    Supplemental disclosure of cash flow information                
    Interest paid   $ 416,852     $ 450,258  
    Non-cash transactions:                
    Marketing expense settled via common stock   $ 50,000     $ –  
    Shares issued for the settlement of abaca acquisition     –       4,085,076  
    Operating lease right of use assets recognized     –       –  
    Operating lease liabilities recognized     –       –  
    Shares issued for the settlement of PCCU debt obligation     –       38,406,408  
    Cumulative effect from adoption of CECL     –       581,318  
    Reversal of deferred underwriting cost     –       900,500  
    Interest recognized on PCCU settlement     –       639,521  
                     

    Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) and Adjusted EBITDA

    To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net loss before taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net loss (the most directly comparable GAAP financial measure) to EBITDA and from EBITDA to Adjusted EBITDA.

    We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

    EBITDA and Adjusted EBITDA have limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

    ● although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and both EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

    ● EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and

    ● EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.

    Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

    A reconciliation of net loss to non-GAAP EBITDA and Adjusted EBITDA is as follows:

        Year Ended December 31,  
        2024
    (Unaudited)    		     2023  
    Net loss   $ (48,319,475 )   $ (17,279,847 )
    Interest expense     533,390       1,094,736  
    Depreciation and amortization     711,929       1,373,707  
    Provision (benefit) for income taxes     43,859,686       (1,829,701 )
    EBITDA     (3,214,470 )     (16,641,105 )
                     
    Other adjustments –                
    Credit loss (benefit) expense     (1,393,131 )     290,857  
    Change in the fair value of warrants and forward purchase derivatives     (2,803,640 )     1,853,920  
    Change in the fair value of deferred consideration     (361,449 )     (4,570,157 )
    Deferred loan origination fees and costs     (63,275 )     27,271  
    Stock based compensation     1,575,952       3,739,156  
    Goodwill and long-lived intangible assets impairment     9,148,881       18,907,739  
    Adjusted EBITDA   $ 2,888,868     $ 3,607,681  
                     

    Working Capital and Adjusted Working Capital

    While the company reported a net working capital deficit of $983,833 at the end of 2024, this figure includes several non-cash liabilities that do not affect liquidity. After adjusting for these non-cash items and considering the cost of the Amended PCCU Note the adjusted working capital calculation is as follows:

    #   Particulars   Amount  
    A   Net working capital as reported on December 31, 2024   $ (983,833 )
    B   Forward purchase contract, net     2,725,359  
    C   Third anniversary payment consideration     322,000  
    D   Fees paid in 2025 on the Amended PCCU Note     (53,742 )
        Adjusted working capital as of December 31, 2024 (A+B+C+D)   $ 2,009,784  
                 

    About Safe Harbor

    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S. and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s ability to issue loans in the same or similar fashion; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. 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. 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 Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor 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.

    Contact Information

    Mike Regan, Head of Investor Relations and Data Science
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: TowneBank Announces Completion of Village Bank and Trust Financial Corp. Merger

    Source: GlobeNewswire (MIL-OSI)

    SUFFOLK, Va., April 01, 2025 (GLOBE NEWSWIRE) — TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Village Bank and Trust Financial Corp. and its subsidiary, Village Bank.   The merger enhances TowneBank’s continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment. The merger was announced in September 2024 and received overwhelming support at the special meeting of Village shareholders held in December 2024.

    “Our TowneBank family is delighted to have our long-time friends at Village Bank join us,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We look forward to welcoming more members across the greater Richmond area and providing enhanced capabilities through the bank and our family of companies.” William I. Foster III, TowneBank President and CEO, added, “We have great respect for the bankers joining us from Village and know that our combined companies will be even stronger together.”

    Following the merger, which was effective on April 1, 2025, the Village Bank locations will operate as “Village Bank, a Division of TowneBank” until June 2025, when the core systems and operations of Village Bank are scheduled to be converted into those of TowneBank. In connection with the merger, Frank E. Jenkins, Jr., a former director of Village, was appointed to the TowneBank board of directors, effective as of April 1, 2025.

    James E. Hendricks, Jr., the former President and Chief Executive Officer of Village, added, “This merger has provided a great opportunity to partner with a strong organization that shares a common commitment to community engagement and preserving neighborhood banking.” Mr. Hendricks was appointed as a Senior Executive Vice President at TowneBank in connection with the merger.

    About TowneBank:

    Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

    Today, TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.25 billion as of December 31, 2024, TowneBank is one of the largest banks headquartered in Virginia.

    For more information, contact:
    G. Robert Aston, Jr., Executive Chairman, 757-638-6780
    William I. Foster III, Chief Executive Officer, 757-417-6482

    Investor contact:
    William B. Littreal, Chief Financial Officer, 757-638-6813

    The MIL Network –

  • MIL-OSI: FDCTech Reports Over 111% Revenue Growth in Fiscal Year 2024, Driven by Full-Year Contributions from Strategic Acquisitions

    Source: GlobeNewswire (MIL-OSI)

    Robust Revenue Expansion Across All Business Segments – Investment and Brokerage, Wealth Management, and Technology Solution. 

    Irvine, CA, April 01, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven firm specializing in acquiring and scaling small to mid-size legacy financial services companies, today announced audited results for the fiscal year ending December 31, 2024.

    Full Year Highlights: FY 2024 vs. FY 2023

    • Total Revenues: $26.94 million in FY 2024, up from $12.75 million in FY 2023 – an increase of 111.24% due to the consolidation of Alchemy Markets Ltd. (AML) and Alchemy Prime Ltd. (APL) for the full 2024 fiscal year, which contributed significantly to revenue expansion.
    • Net Profit: $80,027 in FY 2024 compared to a net profit of $1.57 million in FY 2023 – a higher profit in FY 2023 was mainly due to non-recurring sales in the third quarter ending December 31, 2023.
    • Gross Profit: $12.04 million in FY 2024, up from $8.88 million in FY 2023 – an increase of 92.73% due to the consolidation of AML and APL for the full 2024 fiscal year, which contributed significantly to the increase in gross profit.
    • Cash Position: $24.78 million as of December 31, 2024.
    • Working Capital Surplus: $9.42 million in FY 2024 compared to $7.46 million in FY 2023, an increase of 21.94%.

    Performance by Segement

    Investment and Brokerage

    • Revenue surged to $18.80 million in FY 2024, compared to $5.02 million in FY 2023 – an increase of 274.86% due to the consolidation of AML and APL for the full 2024 fiscal year, which contributed significantly to revenue expansion.

    Wealth Management

    • Revenue increased to $6.50 million in FY 2024 from $5.93 million in FY 2023 – an increase of 9.63%.

    Technology & Software Development

    • Revenue of $1.64 million in FY 2024 compared to $1.81 million in FY 2023 – a decrease of 9.35% as the Company focused its time and effort on integrating its technology in its subsidiaries.

    Strategic and Operational Highlights

    • Successfully integrated full-year financials from AML and APL following 2023 acquisitions.
    • AML acquired over 2,361 clients from Next Markets and 35 clients from a Cypriot broker, expanding its presence in the EU.
    • AML secured authorization in terms of article 6 of the Investment Services Act, Chapter 370 of the Laws of Malta, to offer equities and money market securities, enabling the Company to provide stocks and interest-yielding products.
    • Launched new offices in Cyprus, Malta, and the UK.
    • Ongoing development of the Condor Investing & Trading App, slated for commercialization in late 2025.

    The management is proud of the transformative growth achieved in the fiscal year 2024. With a strong capital position, scalable platform, pipeline of upcoming acquisitions, and growing international footprint, the Company is well-positioned to deliver sustained value to shareholders and clients alike in the 2025 fiscal year and beyond.

    Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

    FDCTech, Inc.

    FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

    Press Release Disclaimer

    This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

    Contact Media Relations
    FDCTech, Inc.
    info@fdctech.com
    www.fdctech.com
    +1 877-445-6047
    200 Spectrum Center Drive, Suite 300,
    Irvine, CA, 92618

    The MIL Network –

  • MIL-OSI: Compass Diversified Announces Appointment of Matthew Blake as CEO of Arnold Magnetics

    Source: GlobeNewswire (MIL-OSI)

    WESTPORT, Conn., April 01, 2025 (GLOBE NEWSWIRE) — Compass Diversified Holdings (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle market branded consumer and industrial businesses, today announced that Matthew Blake has been named Chief Executive Officer of its subsidiary, Arnold Magnetic Technologies Corporation (“Arnold”), a leading global manufacturer of high-performance electric motors, magnets, and thin metals, effective March 31, 2025. Concurrent with his appointment, Blake will join Arnold’s Board of Directors. After a successful nine-year tenure as CEO, Dan Miller will be concluding his time at Arnold after a planned transition period ending April 30, 2025.

    “On behalf of Compass and Arnold, I want to extend our sincere gratitude to Dan for his dedication and service in building Arnold into the industry leader it is today,” said Elias Sabo, CEO of CODI. “Under his leadership, Arnold has strengthened its position as a leading solutions provider, successfully navigated the COVID-19 pandemic and oversaw the company’s recent plant relocation. We wish him all the best. I also want to welcome Matt to both Arnold and Compass Diversified. With leadership experience spanning multiple facets of industrial manufacturing, I believe he is the ideal choice to lead Arnold in its next phase of growth.”

    Blake brings broad global operations experience across a range of industrial end-markets. He has a track record of driving growth, operational excellence and strategic execution. Most recently, he was the Chief Operations Officer at DwyerOmega, a manufacturer and global provider of precision measurement solutions. Prior to DwyerOmega, he held various leadership roles at Alpha Packaging, Cleaver-Brooks, and ESAB Welding & Cutting Products. Blake holds a Master of Science in Engineering and Global Operations Management from Clarkson University, as well as an MBA from Webster University.

    Ryan Thorp, Chairman of Arnold’s Board of Directors added: “We are extremely grateful for Dan’s stewardship of Arnold in continuing to grow and diversify the business and position it for continued success. I’d also like to welcome Matt to Arnold. Matt possesses a wealth of industrial experience and I am sure he will build on Arnold’s impressive performance.”

    Dan Miller added: “It has been an honor to lead Arnold and work alongside such a talented and committed team. I am incredibly proud of what we have accomplished together and wish the company continued success under Matt’s leadership.”

    “I am excited at the privilege of leading the exceptional team at Arnold and building upon its strong foundation,” said Matthew Blake, incoming CEO of Arnold. “I look forward to driving continued success and creating value for our customers and shareholders.”

    About Compass Diversified (“CODI”)

    Since its IPO in 2006, CODI has consistently executed its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the branded consumer, industrial, healthcare, and critical outsourced services sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.

    About Arnold Magnetic Technologies

    Based in Rochester, NY, Arnold serves a variety of markets including aerospace and defense, general industrial, motorsport/automotive, oil and gas, medical, energy, reprographics and advertising specialties. Over the course of more than 125 years, Arnold has successfully evolved and adapted its products, technologies, and manufacturing presence to meet the demands of current and emerging markets. Arnold produces high performance permanent magnets (PMAG), turnkey electric motors (“Ramco”), precision foil products (Precision Thin Metals or “PTM”), and flexible magnets (Flexmag™) that are mission critical in motors, generators, sensors and other systems and components. Arnold has expanded globally and built strong relationships with its customers worldwide.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to the expectations related to the future performance of Arnold and CODI. Words such as “believes,” “expects,” “will,” “anticipates,” “intends,” “continue,” “projects,” “potential,” “assuming,” and “future” or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, some of which are not currently known to CODI. In addition to factors previously disclosed in CODI’s reports filed with the SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements: changes in the economy, financial markets and political environment; risks associated with possible disruption in CODI’s operations or the economy generally due to terrorism, natural disasters, social, civil and political unrest or the COVID-19 pandemic; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); and other considerations that may be disclosed from time to time in CODI’s publicly disseminated documents and filings. Further information regarding CODI and its subsidiaries and factors which could affect the forward-looking statements contained herein can be found in CODI’s annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements speak only as of the date they are made. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    Investor Relations

    Compass Diversified
    irinquiry@compassdiversified.com

    Gateway Group
    Cody Slach
    949.574.3860
    CODI@gateway-grp.com

    Media Relations

    Compass Diversified
    mediainquiry@compassdiversified.com

    The IGB Group
    Leon Berman
    212.477.8438
    lberman@igbir.com

    The MIL Network –

  • MIL-OSI: CEA Industries Inc. Provides Update on Acquisition of Leading Canadian Vape Retailer and Manufacturer, Fat Panda Ltd.

    Source: GlobeNewswire (MIL-OSI)

    Louisville, Colorado, April 01, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is providing an update on its previously announced acquisition of Fat Panda Ltd. (“Fat Panda”), a leading central Canadian retailer and manufacturer of nicotine vape products.

    Fat Panda is central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices, and e-liquids, with 33 retail locations across Manitoba, Ontario, and Saskatchewan. Fat Panda also operates its own e-commerce platform and offers a comprehensive product lineup, including in-house premium e-liquids and a portfolio of trademarks and intellectual property. Based on preliminary, unaudited financials, in its fiscal 2024, Fat Panda generated CAD $38.5 million (USD $28.5 million) in revenue with 39% gross margins and CAD $8.4 million (USD $6.2 million) in adjusted EBITDA. Both revenue and adjusted EBITDA grew over 10% from fiscal 2023 while gross margin declined by 15% from fiscal 2023.

    “We are making steady progress on our acquisition of Fat Panda and we are excited to finalize this transformative step in our strategic evolution,” said Tony McDonald, Chairman and CEO of CEA Industries. “As a long-time participant in the Canadian market, we view this transaction as a pivotal entry into the high growth vape industry, anchored by Fat Panda’s market leadership, large retail network, vertically integrated operations and outstanding management team that is staying with the business. With a proven track record of strong financial performance and recent double-digit growth, we believe the combination of our resources with Fat Panda’s strong foundation will accelerate expansion and unlock long-term value creation for our shareholders.”

    The Company continues to expect to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

    Acquisition Disclaimers

    Completion of the acquisition is subject to a number of conditions, which include the preparation and delivery of the Fat Panda companies audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. Completion is also subject to the Company obtaining satisfactory financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

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

    Non-GAAP Financial Measures

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

    Investor Contact:

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

    The MIL Network –

  • MIL-OSI: Vocodia Holdings Corp. Issues CEO Letter and Discusses Outlook for 2025

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., April 01, 2025 (GLOBE NEWSWIRE) — Vocodia Holdings Corp. (OTC: VHAI) (“Vocodia”), a leader in AI software development focusing on practical AI applications, announced today that Brian Podolak, Co-founder, Chairman and CEO, has issued a letter to the shareholders of Vocodia Holdings Corp. The full text is as follows:

    To My Fellow Stockholders,

    2024 was our first year as a public company—and the most difficult in our history.

    We faced market headwinds, financial constraints, and operational challenges that tested our team, our technology, and our vision. In September 2024, our stock was delisted from the CBOE and now trades on the OTC Markets. As a public company, this is not where we want to be, but I am a firm believer that with adversity also comes opportunity.

    As we enter 2025, I am optimistic about our company’s future. We have made meaningful progress, laid critical groundwork, and built real technology My focus now is on generating positive momentum, driving disciplined execution, and getting our company back on track—one milestone at a time.

    While our share price has declined, our mission remains strong. And while our access to capital remains tight, our opportunity in artificial intelligence is wide open.

    I want to walk you through where we are, what we have accomplished, and where we are going without sugarcoating anything.

    We have built real technology that solves real problems.

    Call centers are broken. Wait times are too long, quality is inconsistent, and costs are high. Most businesses know this, but they have not found a reliable, scalable way to fix it.

    Vocodia is solving that problem with Digital Intelligent Sales Agents (DISAs)—AI-powered voice bots that can do the work of human call center reps faster, cheaper, and with better results.

    • Our DISAs handle sales, service, and support across dozens of industries. They do not need breaks. They do not need sleep. And they do not complain. But they do sound human, adapt to natural conversations, and follow scripts with perfect recall.

    We have raised capital. We have invested wisely. We have moved fast.

    In 2024, we raised approximately $6 million through our IPO, giving us the runway to accelerate development and expand our sales pipeline. Our executive team personally invested $400,000 in that offering because we believe in what we are building. We are not just leading this company—we are betting on it.

    We are tightening up our operations and expanding our cap table.

    We have made tough decisions to reduce unnecessary spending and streamline our organizational structure. We have scaled back where necessary and doubled down where it matters—product development, platform stability, and customer delivery.

    We are also working closely with Alpine Securities Corporation, whom we engaged in March, to explore strategic pathways for financing, uplisting, and maximizing long-term shareholder value. We believe a more robust capital structure and a more visible market listing are both achievable—and necessary.

    We are earning recognition. And we are telling our story.

    In January, our AI platform was featured in USA Today as a solution to eliminate call center hold times—a powerful validation of our mission and technology. More recently, we formed a joint venture with Traccom Inc. to apply our Narrative AI to event monitoring and logistics—a sign of how flexible and far-reaching our technology can be.

    We are no longer just a tech startup. We are an AI infrastructure company with enterprise-grade tools that solve billion-dollar problems in telecom, retail, utilities, insurance, and more.

    Where do we go from here?

    I will not pretend that the road ahead will be easy. AI is competitive, the market is volatile, capital is still expensive, and we have much to prove.

    But I will say this: we are executing a plan grounded in real revenue, real customers, and real technology. We are not swinging blindly. We are building something with lasting value, and we believe the market will eventually reflect that value.

    Yes, we need to grow, communicate more consistently, and win back the trust of shareholders who have been disappointed by stock performance. And we will.

    The foundation is in place, the platform is scalable, the product is live, and the opportunity is massive.

    Thank you.

    To those of you who have stuck with us through the highs and lows, thank you. Your support means everything. We do not take it for granted, and we work every day to earn it.

    Vocodia’s best days are ahead of us—not behind. Let’s go build something great.

    With respect and determination,

    Brian Podolak

    Co-founder, Chairman & CEO

    Vocodia Holdings Corp.

    About Vocodia Holdings Corp.

    Vocodia is an AI software company that develops practical AI solutions, making them easily accessible for businesses through cloud-based platforms. These solutions are cost-effective and scalable to enterprise levels. Vocodia specializes in conversational AI, providing scalable enterprise-level AI sales and customer service solutions. Their Digital Intelligent Sales Agents (DISAs) are designed to sound and feel human, performing tasks that require human-like conversation, thereby reducing labor costs and enhancing communication effectiveness. For more information, please visit: http://www.vocodia.com

    Forward-Looking Statements

    This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. 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 risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-269489) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date and undertake no duty to update such information except as required under applicable law.

    Investor Relations Contact: 
    ir@vocodia.com

    The MIL Network –

  • MIL-OSI: High Wire Reports 2024 Continuing Operations Revenue Up 21% to Record $8.38 Million

    Source: GlobeNewswire (MIL-OSI)

    BATAVIA, Ill., April 01, 2025 (GLOBE NEWSWIRE) — High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and wholesale telecommunications transport, reported results from continuing operations for the quarter and year ended December 31, 2024. All comparisons are for the same year-ago period unless otherwise noted.

    On June 27, 2024, High Wire announced the sale of its technology services business. The following financial results from continuing operations exclude this divested business and provide only the results from the company’s continuing managed cybersecurity and technology enablement business. GAAP results for the full year 2024 can be found at www.sec.gov in the company’s annual report as filed on Form 10-K.

    2024 Financial Highlights

    • Implemented a virtualized platform at Secure Voice Corp to enhance gross margin performance and scale revenue-generating capacity, achieving profitability and strong cash flow.
    • Achieved sustained year-over-year growth from 2023 to 2024 of 21%, with 2025 on track to continue the upward trajectory.
    • Increased Overwatch monthly recurring revenue (MRR) by 134% over the past six months, reflecting strong market demand and value delivery.
    • Sold the technology enablement services business to a leading provider of technology infrastructure services in an all-cash deal. The sale allows the company to focus on its managed security solutions line of business.

    2024 Managed Cybersecurity Highlights

    • Developed streamlined service bundles and simplified pricing models to empower Channel partners, resulting in a robust deal pipeline, a strengthened backlog, and improved partner alignment.
    • Expanded vendor partnerships to consolidate cost structures and deliver more competitive pricing to the Channel.
    • Continued strategic investments in the Channel ecosystem to unlock untapped market segments and create a sustainable competitive edge for both partners and their customers.

    2024 Operational Highlights

    • In Q3, Overwatch executed a strategic leadership transformation, appointing Ed Vasko, CISSP, as Chief Executive Officer (30+ years in cybersecurity), Mark Dallmeier as Chief Revenue Officer (27 years in revenue growth strategy), Michael Lieder as Senior Director of Service Delivery (10+ years in operational leadership), and Kim Jones, CISM CISSP, as Chief Information Security Officer (38 years in cybersecurity and risk management).
    • Revitalized the sales leadership team and sales motion under new executive guidance to align with enterprise-level growth objectives. Redefined the sales and marketing strategies, rebuilt the team, and repositioned the brand to focus on upmarket opportunities and larger, high-value deals.
    • Redesigned the Service Delivery architecture to streamline operations and lay the foundation for the organization-wide hyperautomation initiative planned for 2025.
    • Launched a new portfolio of professional services to provide added value for partners and their customers, enhancing both revenue potential and customer success.

    2024 Awards

    • Frost & Sullivan ranked High Wire Networks as one of the Top 12 Managed Security Service Providers (MSSPs) in the categories of growth and innovation. The report noted that High Wire is a relatively new market entrant but is growing incredibly fast thanks to its partner-focused strategy, flexibility, and portfolio underpinned by open XDR.
    • Named to CRN MSP 500 list of Nation’s Top IT Managed Service Providers, which recognizes leading MSPs “whose forward-thinking approach to providing managed services is changing the landscape of the IT channel.”
    • Added to CRN 2024 Women of the Channel list, which honors the most “influential women in leadership at some of the country’s most prominent IT integrators, managed service providers, and value-added resellers for their channel advocacy and dedication to helping their customers and technology partners thrive.”

    Management Commentary

    “2024 was a pivotal year for High Wire Networks. The divestiture of our technology enablement services business was a critical strategic move. While we successfully returned that segment to profitability for the first time since COVID-19 severely impacted its revenues, it consumed disproportionate management time and resources and was not cash-efficient. The project-based nature of the business created unpredictable revenue cycles and made it difficult to maintain resource productivity,” stated High Wire Networks CEO Mark Porter.

    “By completing the transaction, we significantly reduced our liabilities, positioning the company for our planned move to a National Exchange. With our Net Shareholder Equity now within striking distance, we are well on our way to achieving that milestone. As reflected in our public filings, this remains a major strategic priority, and one that we believe will be a key driver of future success and long-term shareholder value.”

    “We also rebuilt the Overwatch leadership team from the ground up, assembling what we believe is the strongest cybersecurity leadership team in the country. Their predecessors laid a solid foundation by guiding the business through its startup phase and getting it ready to scale. Now, with proven leaders in place, we’re poised to drive substantial organic growth and aggressively pursue acquisitions of other managed security revenue streams.

    Thanks to our early investments in AI-driven automation, we can scale revenues without significant increases in headcount. That’s a powerful advantage—it will enable us to reach profitability organically while accelerating margin expansion as we grow through acquisition.”

    Porter added, “Secure Voice Corp had an outstanding year and is well-positioned for even greater success in 2025. We expect to see continued improvements in gross margins, which will drive stronger operating income and increased free cash flow from that business unit.”

    “We are moving forward with a relentless pursuit of increasing gross profit and managing costs through AI-driven automation capabilities, creating an unfair advantage for our partners and their clients,” Porter concluded.

    Full Year 2024 Financial Summary (based on results from Continuing Operations)

    Revenue in 2024 totaled $8.4 million, up 21% from $6.9 million in 2023. The increase was primarily due to a substantial increase in revenues from the company’s Overwatch managed cybersecurity recurring revenue.

    Total operating expenses decreased to $16.9 million (which included non-cash expenses of $0.8 million in depreciation and amortization, $1.2 million in goodwill impairment charges and $0.8 million of stock-based compensation as well as additional one-time expenses of $1.0 million), compared to $18.8 million in 2023. The decrease was due to a reduction in goodwill and intangible impairment charges from 2023, as well as cost optimization opportunities, following the Company’s ability to focus its efforts solely on the cybersecurity segment.

    Net income for 2024 totaled $0.4 million, which included $9.7 million in net income from discontinued operations, compared to a net loss of $14.5 million in 2023.

    About High Wire Networks

    High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through more than 200 channel partners, it delivers trusted managed services for nearly 1,100 managed security customers. Its end customers include hundreds of Fortune 500 companies and the nation’s largest government agencies.

    The company’s Overwatch by High Wire Networks™ platform offers a range of subscription services for threat prevention, detection, and response, meeting the security and compliance requirements of organizations large and small. The company’s IT enablement services provide the foundation for growing its higher-margin Overwatch business.

    High Wire was recently ranked by Frost & Sullivan as a Top 12 Managed Security Service Provider in the Americas. It was also recently named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT-managed service providers.

    Learn more at HighWireNetworks.com. Follow the company on Twitter, view its extensive video series on YouTube, or connect on LinkedIn.

    Forward-Looking Statements

    The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

    Company Contact
    Mark Porter, CEO
    High Wire Networks
    Tel +1 (952) 974-4000

    Media Relations
    Lori Aleman
    Director of Marketing
    High Wire Networks
    Tel +1 (952) 974-4000

    Investor Relations
    Ronald Both or Grant Stude
    CMA Investor Relations
    Tel +1 (949) 432-7557

    The MIL Network –

  • MIL-OSI: Turbo Energy’s SUNBOX Home All-In-One Energy Storage System Meets U.S.’s Highest Standards for Safety, Reliability and Performance

    Source: GlobeNewswire (MIL-OSI)

    Company Granted UL Certifications After Undergoing U.S.’s Most Demanding Testing and Evaluation Processes

    Company Advances U.S. Market Launch with Planned Installations in Five States

    VALENCIA, Spain, April 01, 2025 (GLOBE NEWSWIRE) — Turbo Energy, S.A. (NASDAQ:TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, today announced that it has completed one of the most rigorous safety certification processes in the United States and received Underwriters Laboratories (“UL”) 5500 and 9540 certifications for its innovative SUNBOX Home all-in-one solar energy storage system for residential applications. The UL certification mark is one of the most widely recognized product accreditations in the U.S. and is regarded a pre-requisite for permitting and insurance purposes. 

    Now available in the U.S., SUNBOX Home is a complete intelligent solar energy storage system powered by Turbo Energy’s patented AI algorithms and processes that allow homeowners to fully optimize the energy efficiency of their solar power panel installations

    Commenting on the mission critical milestone, Mariano Soria, Chief Executive Officer of Turbo Energy, stated, “This UL certification is one of the most important criteria in the permitting of new technologies for use in homes and businesses, affirming that our solutions meet rigorous safety standards and regulatory requirements. Moreover, with the award of these certifications, Turbo Energy is empowered to take a significant step forward in our Company’s expansion strategy aimed at penetrating and ultimately dominating the U.S. market for highly advanced, user-friendly solar energy storage solutions.”

    In collaboration with its U.S. partner Connection Holdings, Turbo Energy is in the process of launching SUNBOX Home in the U.S. with units already shipped stateside and initial residential installations being scheduled as part of the Company’s planned American beta initiative being conducted in California, Florida, Georgia, Louisiana and Texas.    

    SUNBOX Home is an all-in-one back-up solar energy storage solution for split phase installations, modular with energy storage capacity up to 20.48 kWh. Supported by Turbo Energy’s proprietary, cloud-based SaaS solution powered by Artificial Intelligence, SUNBOX Home users benefit from intelligent data collection, optimized stored energy management and predictive analytics which provide real-time insight into weather and electricity price forecasts, solar panel performance, energy consumption and material cost savings opportunities, among other key metrics.

    Underwriters Laboratories was established in 1894 and is the world’s largest non-profit product safety certification organization, with global name recognition and acceptance. Products intended to be used in homes and businesses must be listed by a Nationally Recognized Testing Laboratory (“NRTL”) such as Underwriters Laboratories which are accredited by the US Occupational Safety and Health Administration (“OSHA”). Turbo Energy teamed with Intertek Group, plc, one of the world’s leading total quality assurance providers, to manage its testing, inspection and certification processes, resulting in SUNBOX Home’s UL certification for safety, quality and performance.

    About Turbo Energy, S.A.

    Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and Latin America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management. Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies. For more information, please visit www.turbo-e.com.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. 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, including the risks described in our registration statements and annual report under the heading “Risk Factors” as filed with the Securities and Exchange Commission. 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. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

    For more information, please contact:
    At Turbo Energy, S.A.
    Dodi Handy, Director of Communications
    Phone: 407-960-4636
    Email: dodihandy@turbo-e.com 

    Attachment

    The MIL Network –

  • MIL-OSI: Plymouth Rock Home Assurance Appoints Kevin Zygmunt as Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 01, 2025 (GLOBE NEWSWIRE) — Plymouth Rock Home Assurance Corporation has appointed Kevin Zygmunt as its Chief Operating Officer, effective immediately. Zygmunt, most recently led the home insurance vertical for EverQuote where he was also tasked with heading up planning and operations. In his new role, Kevin will oversee operations for the Marketing, Underwriting, Service, and Claims teams for the Home group.

    “Kevin’s experience in strategic management and marketing are an ideal match for Plymouth Rock,” commented Bill Martin, President and CEO, Plymouth Rock Home Assurance Corporation. “We hire talented leaders with rare intelligence and energy to make things happen. We are achieving great things, and Kevin acts as a force multiplier.”

    Prior to joining EverQuote, Kevin spent 5 years at the Boston Consulting Group where his work spanned multiple industries and practice areas. He did his undergraduate work at Bucknell University and holds an MBA from the Yale School of Management.

    “I am honored to take on the role of COO at Plymouth Rock Home Assurance and to join an extremely talented team who focuses on putting the needs of the customer first. I am looking forward to building upon the operational foundations that the leadership team has already put in place and contributing to Plymouth Rock’s further growth and success.”

    Kevin is married with 4 children and in his spare time enjoys spending time with family, traveling, golfing and coaching kids’ sports.

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

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

    Contacts
    Media Relations
    617-428-1949
    mediarelations@plymouthrock.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0f062de-c552-4748-9bc8-813475383a0f

    The MIL Network –

  • MIL-OSI: Banzai to Host Fourth Quarter and Full Year 2024 Financial Results Conference Call on Tuesday, April 15, 2025 at 5:30 p.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 01, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, will hold a conference call on Tuesday, April 15, 2025, at 5:30 p.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2024, as well as review ongoing initiatives and anticipated 2025 milestones.

    Banzai Founder & CEO Joe Davey and Interim CFO Alvin Yip will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

    To access the call, please use the following information:

    A replay of the webcast and the presentation utilized during the call will be available in the Company’s investor relations section here.

    About Banzai

    Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Customers who use Banzai’s product suite include Autodesk, Dell Technologies, New York Life, Thermo Fisher Scientific, Thinkific, and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. 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. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    The MIL Network –

  • MIL-Evening Report: Labor will urge Fair Work Commission to give real wage rise to three million workers

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

    The Labor party on Wednesday will urge the Fair Work Commission to grant a real wage increase to Australian workers on awards.

    This goes further than Labor’s recommendations in earlier years, which have been for real wages not to go backwards.

    In the new submission, Labor will say that the increase should be “economically sustainable.” It says a rise in minimum and award wages should be consistent with inflation returning sustainably to the Reserve Bank’s target band of 2% to 3%.

    The move sets up a debate between the government and opposition about what are responsible wage increases.

    The submission says: “Labor believes workers should get ahead with a real wage increase. Despite heightened global uncertainty and volatility, the Australian economy has turned a corner. Inflation is now less than one third of its peak, unemployment remains low, there are over 1 million additional people employed than in May 2022, and interest rates have started to come down.

    “Economic growth rebounded at the end of last year and the private sector is now a key contributor to growth. Importantly, real wages growth has now returned and is forecast to continue across 2024-25 and 2025-26. A soft landing in our economy looks more and more likely.”

    More than 2.9 million workers have their pay set by an award and are directly affected by the commission’s Annual Wage Review. The national minimum wage is presently $24.10 an hour, which is $915.90 for a 38 hour week, equivalent to $47,626.80 a year.

    The submission points out that women are disproportionately represented in jobs that are under awards and low paid.

    The government argues that its position is both economically responsible and fair, and will ensure low paid workers can get ahead as inflation moderates. It says that if its recommendation is accepted, this will help about three million workers, including cleaners, retail workers and early childhood educators.

    Prime Minister Anthony Albanese recalled that during the 2022 campaign he was asked if he supported a wage increase for low paid workers.

    After he said “absolutely”, the Liberals had said this would wreck the economy,

    “Since then we’ve seen wages going up, inflation coming down and interest rates starting to fall. This campaign will again advocate for workers to get a pay rise to not only help them deal with the pressures of today, but to get ahead in the future.”

    Treasurer Jim Chalmers said: “The choice at this election is between a Labor government which has been creating jobs, getting wages moving again, rebuilding living standards and rolling out responsible cost-of-living help versus a Coalition that wants Australians working longer for less.”

    In its submission Labor says an economically sustainable real wage increase would complement the measures the government has introduced to ease cost-of-living pressures.

    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. Labor will urge Fair Work Commission to give real wage rise to three million workers – https://theconversation.com/labor-will-urge-fair-work-commission-to-give-real-wage-rise-to-three-million-workers-253560

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Planned blackouts are becoming more common − and not having cash on hand could cost you

    Source: The Conversation – USA – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

    Are you prepared for when the power goes out? To prevent massive wildfires in drought-prone, high-wind areas, electrical companies have begun preemptively shutting off electricity. These planned shutdowns are called public safety power shutoffs, abbreviated to PSPS, and they’re increasingly common. So far this year, we’ve seen them in Texas, New Mexico and California.

    Unlike regular power failures, which on average last only about two hours while a piece of broken equipment is repaired, a PSPS lasts until weather conditions improve, which could be days. And these shutoffs come at a steep price. In 2010 alone, they cost California over US$13 billion. A 2019 analysis of shutoffs in Placer County, California, found that they harmed 70% of local businesses.

    I am a business school professor who studies how people pay for things, including during emergencies. As I point out in my new book “The Power of Cash: Why Using Paper Money is Good for You and Society,” many people have abandoned paper money and switched to electronic payments such as credit cards and mobile apps. This can become a big problem during an emergency, since these systems need electricity to operate. The switch to electronic payments is making the world less resilient in the face of increasing numbers of major natural disasters.

    So if a public safety power shutoff strikes and you don’t have any cash, you may be doubly vulnerable. On the other hand, keeping cash can protect you – and not just you and your family, but also local businesses and your community. After all, keeping the economy moving during shutoffs reduces the financial damage they cause.

    Why do they keep turning off the power, anyway?

    It’s all about risk.

    The world has experienced a number of very destructive wildfires recently. In 2025, large parts of Los Angeles burned to the ground, with over 18,000 buildings destroyed or damaged. In 2023, wildfires in Hawaii killed over 100 people. Massive wildfires have also occurred recently in South Korea, Portugal and Australia.

    Governments, people whose houses burned and insurance companies are all looking for someone to blame and pay for the damage. Climate change, which is increasing the world’s average temperatures and drying out trees and grass, is setting the conditions. Since Mother Nature cannot be sued, utilities make handy scapegoats with deep pockets. Electrical utilities are sued because their power lines, transformers and other equipment often start blazes.

    So to prevent lawsuits as well as fires, power companies are increasingly turning off the power when the conditions are ripe for a catastrophic blaze. There’s no uniform set of standards for when to impose a shutdown, but in general, power companies do it when there are hot, dry and windy conditions. For example, a PSPS is triggered in Hawaii if there’s a drought, wind gusts are over 45 miles per hour and relative humidity is under 45%.

    Power shutoffs are a relatively new idea. They were proposed in California in 2008 and first allowed in 2012.

    Since then, power companies across the entire western U.S. from Texas to Hawaii have adopted these plans. Shutoff plans also stretch from southern border states such as Arizona to northern border states such as Idaho and Montana.

    Shutting off the power is a huge problem, since it causes massive disruption to communities. People depend on power to run medical equipment, work and keep communities safe. Even people with a desperate need for electricity, such as those on medical life support, are not immune to a safety shutoff.

    How to prepare for a PSPS

    As the world warms, the chance of being caught in a preemptive power shutoff increases. What can you do to minimize the impact?

    Having solar panels won’t protect you: Utilities shut off customers with solar panels to block those panels from pushing power onto the grid, since the whole goal is to shut off the grid. The only way for you to still have power is to buy a battery storage system and a transfer switch, which allows you to take your system completely off the grid. But this is very expensive.

    Getting a portable generator is only a partial solution for a multiday shutoff, since most last only six to 18 hours on a single tank of gas. Plus, generators run very hot, which creates its own fire risk.

    Another way to minimize the impact of both a power shutoff and a wildfire is to create a small disaster relief kit, or “go bag.” Creating one is relatively inexpensive. It should contain key items such as water, your medicines, some shelf-stable food – and importantly, some cash. Even some government websites forget to mention this.

    It’s also important to use paper money before a shutoff happens. I have all too frequently seen gas station attendants, supermarket checkout clerks and restaurant servers have no idea how to handle cash.

    Recently at my local supermarket, for example, I paid with a $20 bill. The cashier had to ask another employee which kinds of coins to use to make change. If people don’t know how to handle cash during normal times, it ceases to be useful during emergencies.

    As the world warms, public safety power shutoffs will occur more frequently. The shutoffs clearly highlight the trade-off between economic and social disruption versus preventing dangerous wildfires. These shutoffs show there are no easy solutions – only hard choices.

    There are a few sensible and easy steps to take to reduce the impact of these shutoffs. One is to understand that during one of the very moments you might really need to spend money, modern payment systems fail. Holding and frequently using old-fashioned cash is a simple and low-cost way to protect yourself and your family.

    Jay L. Zagorsky 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. Planned blackouts are becoming more common − and not having cash on hand could cost you – https://theconversation.com/planned-blackouts-are-becoming-more-common-and-not-having-cash-on-hand-could-cost-you-253319

    MIL OSI – Global Reports –

  • MIL-OSI Global: GOP lawmakers eye SNAP cuts, which would scale back benefits that help low-income people buy food at a time of high food prices

    Source: The Conversation – USA – By Tracy Roof, Associate Professor of Political Science, University of Richmond

    A shopper who gets SNAP benefits shops for groceries at a supermarket in Bellflower, Calif., on Feb. 13, 2023. AP Photo/Allison Dinner

    Congress may soon consider whether to cut spending on the Supplemental Nutrition Assistance Program, the main way the government helps low-income Americans put food on the table. The Conversation U.S. asked Tracy Roof, a political scientist who has researched the history of government nutrition programs, to explain what’s going on and why the effort to reduce spending on SNAP benefits, which can be used to purchase groceries, could falter.

    Why does it look like the federal government may cut SNAP spending?

    Conservative critics of SNAP believe that the U.S. spends too much on the program, which cost the federal government US$100 billion in the 2024 fiscal year.

    Federal spending on SNAP, however, has been falling since it peaked at $119 billion in 2022, before extra pandemic-related benefits ended.

    Some Republican lawmakers are calling for new changes that would cut spending on the program.

    Is there a SNAP budget?

    No.

    Today, SNAP helps nearly 42 million people put food on the table, including 1 in 5 children. Americans can usually qualify for SNAP benefits if their income is under 130% of the federal poverty line. In 2025, that would be $41,795 for a family of four and they have limited savings. Some eligibility guidelines can vary by state.

    The rules are complex. Most adults under the age of 60 are subject to work requirements if they are “able-bodied” and not caring for a child or incapacitated adult. If adults between the ages of 18 and 54 don’t log at least 20 hours of work or another approved activity, their benefits can be cut off. Immigrants without authorization to reside in the U.S. aren’t eligible for SNAP.

    Despite those restrictions on who can get SNAP benefits, there is no set limit to what the federal government can spend on the program. As more people become eligible due to their low incomes and therefore obtain benefits during economic downturns, this spending automatically increases. When the economy improves, it usually declines.

    States administer the program under federal government guidelines. The federal government covers the full cost of benefits low-income people receive through the program, but the states cover roughly half of the administrative costs.

    How can the federal government try to cut SNAP spending?

    There are two main paths to program cuts.

    One is through the farm bill, a legislative package Congress typically renews every four or five years that sets policies for SNAP and programs that support farmers’ incomes. The most recent farm bill expired in 2023. Congress has passed multiple one-year extensions on the measure because lawmakers have been unable to pass a new one.

    The latest extension will expire on Sept. 30, 2025.

    The other option is through the so-called budget reconciliation process underway in Congress. Right now, the primary Republican plan calls for extending $4.5 trillion in tax cuts passed in the first Trump administration and making up to $2 trillion in spending cuts over the next decade.

    The House took the first step in this process by narrowly passing a budget blueprint on Feb. 25. This plan requires the House Agriculture Committee to cut $230 billion in spending over 10 years. While it does not force the committee to cut SNAP specifically, the program accounts for $1 trillion of the $1.3 trillion spent over a decade that the committee oversees – leaving few alternatives.

    What kinds of changes might cut costs?

    Most Republicans appear to favor changing how benefits are calculated and imposing stricter work requirements.

    Today, the value of SNAP benefits that participants in the program can get are calculated based on the “thrifty food plan,” a blueprint for a low-cost, nutritionally adequate diet. A family of four, for example, can get benefits of up to $939 a month if they have no income.

    The Biden administration updated that plan in 2021 in a way that increased monthly SNAP benefits by 23%, not counting the short-term pandemic adjustments to the program. Republican lawmakers want to prevent future changes to the thrifty food plan that might again sharply increase benefits.

    Another proposal would roll back the 2021 change in the thrifty food plan. This would cut current benefits and save $274 billion over a decade. One hitch is that House Agriculture Committee Chair G.T. Thompson has promised no cuts to monthly SNAP benefits.

    Many Republicans would like to stiffen the work requirements by requiring work of recipients who are up to age 65 or are the parents of children who are more than six years old. They also could limit the ability of states to make exceptions in places that don’t have enough jobs.

    Other options include limiting states’ flexibility to offer benefits to people with incomes that are a little higher than 130% of the federal poverty level, capping the monthly benefit for larger households to the amount available to a family of six, and shifting more of the program’s costs to the states.

    Other proposals would crack down on fraud and benefit overpayments. Those steps would be likely to achieve a tiny fraction of the spending reductions the GOP seeks.

    How popular do you think these changes would be?

    The food insecurity rate, which reflects the number of people who worry about getting enough to eat or who report skipping meals or buying less nutritious food because of costs, has been high in recent years. Polls show most Americans support increasing SNAP benefits, not cutting them.

    Angry constituents have recently turned out to protest potential benefit cuts to programs such as Medicaid and SNAP at town hall meetings held by members of Congress.

    Food prices are climbing, and there are growing concerns that a recession could be around the corner. As in earlier downturns, that would probably mean that more people would be eligible for SNAP benefits.

    Food banks, already struggling to meet demand and facing federal spending cuts, have warned they will not be able to fill gaps caused by reduced SNAP spending or new limits on benefits.

    What are some of the obstacles in the way of huge cuts?

    Getting the House and the Senate to agree on a budget bill that curbs SNAP spending will be very tricky, to say the least.

    Republicans have a very small majority in the House and they would need almost every vote. There are seven House Republicans from areas where over 20% of all residents get SNAP benefits, making it hard for them to vote for changes that would reduce or restrict the program’s scale.

    Other House Republicans, especially those expressing concerns about the national debt, are likely to insist that this spending be cut. It is unclear who will win this tug-of-war.

    There’s another complication. If substantial SNAP cuts are made in the current budget process, it could make reaching a compromise on a new farm bill even harder than it’s been in recent years. And while the budget can be passed without any votes from Democrats in Congress, the farm bill will require some bipartisan support.

    Tracy Roof has previously received funding from Virginia Humanities and several foundations associated with presidential archives to study the history of the food stamp program.

    – ref. GOP lawmakers eye SNAP cuts, which would scale back benefits that help low-income people buy food at a time of high food prices – https://theconversation.com/gop-lawmakers-eye-snap-cuts-which-would-scale-back-benefits-that-help-low-income-people-buy-food-at-a-time-of-high-food-prices-208556

    MIL OSI – Global Reports –

  • MIL-OSI Russia: HSE Opens Applications for Online Master’s Programs

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The admissions campaign for 32 master’s programs of the HSE online campus started on April 1, five of which are opening enrollment for the first time. We tell you more about which programs are available for study entirely online.

    The Higher School of Economics is the leader among universities in the Russian Federation and the CIS in terms of the number of educational programs implemented online and the number of students studying in them. Since the launch of the country’s first English-language online Master’s degree program, Master of Data Science, in 2020, the number of students admitted to the first year has increased 12-fold.

    In December 2024, HSE was among the 11 global universities that are leaders in online education according to the Online Learning Rankings 2024 of Times Higher Education magazine, and also became the only Russian university to win gold.

    In 2025, five more new programs will be added to the portfolio, most of which are cross-disciplinary and meet the needs of emerging markets.

    The program “Applied Linguistics: Foreign Language Teaching and Translation in the Digital Environment” includes two specializations to choose from. Students can study digital methods of teaching foreign languages or the development of educational programs EdTech and professionally oriented automated translation and language localization. The program “Instructional Design: Theory and Practice of Learning”, which is close in scope, will train specialists capable of designing educational experiences and developing programs, courses and training materials.

    Another new online program, “Chinese Language in Intercultural Business Communication,” is aimed at training personnel with knowledge of the Chinese language, cultural and social aspects, as well as business approaches for effective interaction with partners from China in order to build business, scientific, and educational contacts between the countries.

    The Digital Marketing program will provide future masters with knowledge and skills at the intersection of marketing, data analysis and digital technologies for the implementation of advertising campaigns in the digital environment. And graduates of the Digital Engineering for Computer Games program will have competencies in developing games and gaming software with in-depth knowledge of engine features.

    A total of 32 programs became available for submission of documents from April 1, most of which are implemented entirely online, and for three, in addition to the online track, an offline track is also available. Applicants can choose an unlimited number of educational programs. The acceptance of documents for the online master’s program will last until August 8 or September 15, depending on the chosen program.

    Master’s programs with application deadline until August 8, 2025:

    «Big data analytics“;

    «Artificial Intelligence in Marketing and Product Management“;

    «Artificial intelligence“;

    «Applied Linguistics: Foreign Language Teaching and Translation in the Digital Environment“, HSE University – St. Petersburg (new program);

    «Applied social psychology“;

    «Design and development of high-load information systems“, National Research University Higher School of Economics – Saint Petersburg;

    «Psychoanalysis and psychoanalytic psychotherapy» (offline and online tracks);

    «Psychoanalysis and psychoanalytic business consulting» (offline and online tracks);

    «Digital Engineering for Computer Games» (new program);

    «Economic analysis“.

    Programs for which application submission is available until September 15, 2025:

    «Investments in financial markets“;

    «Data Engineering“;

    «Interactive design“;

    «IT lawyer“, HSE University – Perm;

    «Cybersecurity“;

    «Chinese Language in Intercultural Business Communication» (new program);

    «Master of Science in Data Science“;

    «Marketing management“;

    «Instructional Design: Theory and Practice of Learning» (new program);

    «Management in creative industries“;

    «Innovative Business Management“;

    «Organization and Project Management“, HSE University – Nizhny Novgorod;

    «Strategic Communications Management“;

    «Digital Product Management“;

    «Digital Urbanism and City Analytics“;

    «Digital Marketing“, HSE University – Nizhny Novgorod (new program);

    “Artifice to the intelligentsian Andi Computer Vision”, National Research University Higher School of Economics – Nizhny Novgorod;

    “Date analysts And Social Statistix“;

    “Lay those“;

    “Master of Busineses Analytics“;

    “Master of the Finance“;

    “Master of OF InterNATIONAL BUSINESS” (offline and online tracks).

    For each program is installed list of entrance examinations, the most common format is a portfolio competition. All of them are held remotely. Training is carried out according to standards: 2 years are allocated for a master’s degree. Upon completion of the final qualifying work, graduates will receive a state diploma indicating full-time education in Russian and English. You can sign up for a consultation to learn more about the programs, the possibility of obtaining an educational loan, and ask other questions at page.

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

    MIL OSI Russia News –

  • MIL-OSI USA: Jay Bhattacharya Begins Tenure as 18th Director of the National Institutes of Health

    Source: US Department of Health and Human Services – 2

    News Release
    Tuesday, April 1, 2025

    Jayanta “Jay” Bhattacharya, M.D., Ph.D., took office today as the 18th Director of the National Institutes of Health (NIH). President Trump nominated Dr. Bhattacharya for the position on Nov. 26, 2024, and the U.S. Senate confirmed him on March 25, 2025.
    As Director, Dr. Bhattacharya will oversee the nation’s medical research agency. Dr. Bhattacharya will play an instrumental role in shaping the agency’s activities and outlook and ensuring they align with the President’s Make America Healthy Again Commission.
    “Under Dr. Bhattacharya’s leadership, NIH will restore its commitment to gold-standard science,” said HHS Secretary Robert F. Kennedy, Jr. “I’m excited to work with Dr. Bhattacharya to ensure NIH research aligns with our Administration’s priorities — especially tackling the chronic disease epidemic and helping to Make America Healthy Again.”
    “Chronic diseases such as cancer, heart disease, diabetes and obesity continue to cause poor health outcomes in every community across the United States. Novel biomedical discoveries that enhance health and lengthen life are more vital than ever to our country’s future,” said Dr. Bhattacharya. “As NIH Director, I will build on the agency’s long and illustrious history of supporting breakthroughs in biology and medicine by fostering gold-standard research and innovation to address the chronic disease crisis.”
    A renowned doctor, researcher and health economist, Dr. Bhattacharya held a tenured professorship in the medical school at Stanford University in California. Dr. Bhattacharya’s research has focused on population aging and chronic disease, particularly on the health and well-being of vulnerable populations. During the pandemic, Dr. Bhattacharya coauthored the Great Barrington Declaration, which called for opening schools and lifting lockdowns while better protecting older populations who were most vulnerable to the disease. 
    Encouraging different perspectives will be central to Dr. Bhattacharya’s approach to leading NIH as part of his larger mission to restore public trust in science. Alongside Secretary Kennedy, he will champion innovative, cutting-edge research that fuels near-term solutions for patients while balancing investments in basic science.
    Dr. Bhattacharya earned his bachelor’s and master’s degrees in economics from Stanford University. He then completed medical school and earned a Ph.D. in economics at Stanford University. He replaces Matthew J. Memoli, M.D., who has served ably as the Acting NIH Director since Jan. 22, 2025.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®
    ###

    MIL OSI USA News –