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Category: Entertainment

  • MIL-OSI Global: Why Hollywood is finally taking horror films seriously

    Source: The Conversation – UK – By Reece Goodall, Director of Student Experience and Progression for the Faculty of Arts, University of Warwick

    Horror films have always held an interesting place in cultural and cinematic circles. Despite proving consistently profitable and boasting a considerable fanbase, the genre has also been the target in several moments of cultural crisis. Think the video nasties of the 1970s and 80s, or the implied conservatism of the violence in torture porn films of the 2000s.

    Though the genre has been one of the industry’s most profitable genres since the 1930s, due to its perceived low status, horror has largely been unrecognised by award bodies, mainstream critics and the gatekeepers of more “legitimate” cinema. There’s an implied sense that the genre is somewhat different from respectable film-making – that it is low status, trashy and in some cases outright nasty.

    Only seven horror films have been nominated for best picture at the Oscars since the first ceremony in 1929. Two of those nominations were in the last decade, and there was widespread conversation about the bias against the genre after Toni Collette failed to receive an Oscar nomination for her performance in the 2018 film Hereditary.

    Even then, Collette’s excellent performance was in an auteur film released by indie studio A24. Far from the more conventional forms of horror that tend to be overlooked year on year by bodies recognising the year’s achievements in film-making. However, if we leap ahead to 2025 and look at the horror films that took the past year by storm – The Substance, Nosferatu, Terrifier 3 – all forms of the genre are represented.

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    The Substance and Nosferatu could both be described as “elevated horror”, a sub-genre that focuses on negative moods rather than explicit gore (although both films certainly get bloody, especially in The Substance’s monstrous climax).

    On the other end of the scale, Terrifier 3 is particularly brutal, aligning itself more with grindhouse and slasher films and celebrating the practical effects that bring violence to the big screen. In another era, there is no doubt that Terrifier 3 would have been a target of censors and the cultural critics over its depictions of violence, with brutal deaths and the murder of several children. But in 2025, it is celebrated by genre fans and an object of serious academic interest.

    The films were all successes. Both The Substance and Nosferatu received multiple nominations at the 2025 Academy Awards. Along with Alien: Romulus, the horror genre picked up ten nominations, its best performance since 1974.

    Nosferatu was nominated for several Academy Awards.

    Elsewhere, Terrifier 3 broke records as the highest-grossing unrated film (a movie not given a rating by film censors, normally because of offensive content) of all time. Terrifier 3 never seemed likely to receive an Oscar nomination, even despite its success and a sustained and entertaining marketing campaign. Nonetheless, both fans and industry figures alike have suggested that its practical make-up effects warranted recognition.

    So why is horror becoming more widely appreciated in the 21st century? The “elevated horror” dimension is certainly one factor, presenting works that align more with the conventions of art cinema, which is essentially easier to sell as legitimate.

    Alongside this, we have the political dimension. Horror films have always been political, representing the fears and marginal identities of a particular country and time period. But in an era characterised by increased instability, pandemics, wars and all manner of social crises, the need for the genre might be more prevalent than ever.

    The terrifying trailer for Terrifier 3.

    In light of the industry’s continuing struggle with declining cinema attendance numbers, horror remains one of the rare genres that consistently draws audiences to theatr. Although films like Terrifier 3 might be looked down on by the cinema establishment, it was event cinema and widely discussed in a way that few films in the past five years have managed to be.

    Audiences have always loved horror, and in a tough period for the cinema industry, the genre continues to prove financially stable and appealing to film-goers. That the gatekeepers of the industry are tentatively starting to recognise the genre is a new development, and although it remains to be seen whether this recognition will be sustained in future years, we’re in a moment when horror of all varieties is being praised like never before.

    Reece Goodall 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. Why Hollywood is finally taking horror films seriously – https://theconversation.com/why-hollywood-is-finally-taking-horror-films-seriously-253687

    MIL OSI – Global Reports –

    April 24, 2025

  • MIL-OSI Global: Celebrity Traitors: my research shows voting behaviour could help identify faithfuls

    Source: The Conversation – UK – By Robin Kramer, Senior Lecturer in the School of Psychology, University of Lincoln

    With the lineup of the upcoming celebrity series of The Traitors recently leaked online, people are once again debating the best strategies that players might use to succeed. But a player’s voting history can also reveal the psychological dynamics at play, particularly alliances they may be subconsciously forming.

    For those who aren’t familiar, the premise of the show is that each player is given the role of either “faithful” or “traitor”. Only the traitors know everyone’s roles in the game. If the faithful players eliminate all of the traitors by the end of the game, they divide the prize money equally among themselves. However, if one or more traitors remain by the end, all of the money goes to them instead.

    There are two ways for someone to be eliminated from the game. First, all of the players vote on who to “banish” at the round table each day. Second, the traitors decide on one person to “murder” overnight, who is then removed from the game before breakfast the following morning. There are also occasional tweaks to this format depending on the stage of the game.

    Ideally, faithful players would spot the lies that traitors tell. However, research shows that people don’t fare much better than chance at doing this, although certain individuals (who are often found to be working in law enforcement) or specialised groups, such as members of the US Secret Service, may be.



    Read more:
    Why we’re so bad at spotting lies – most of us only perform slightly better than chance

    Instead, players may base their decisions on unreliable biases. In a game where there’s so little to go on, they risk being blinded by the trustworthiness of a (fake) Welsh accent, for example, or drawing suspicions for simply being too quiet or too noisy. After all, there is a lot of behaviour that people often incorrectly link with deception. For instance, westerners commonly associate someone averting their gaze with lying but researchers have shown that looking away isn’t linked to deception.

    Spotting traitors is no easy task if you’re a faithful.
    Andrii Yalanskyi/Shutterstock

    Using voting behaviour as evidence

    Information from interactions with other players can be unreliable, but players also get to see how others vote at the round table. And this is where real evidence can be found.

    The faithful players have little to go on, so they end up voting for anyone – faithful and traitors alike. In contrast, traitors can direct their votes only at the faithful. If we combine these ideas, we see that traitors are more likely to be voted for by faithful players, even if this is by accident.

    The traitors don’t tend to vote for each other because they naturally form an alliance, working together to shape the game. Their secret meetings in Traitors’ Tower, shared uniform (a cloak and hood), and power to murder the faithful, construct a sense of “us versus them”. In fact, very little is needed for people to start behaving this way. Known as the minimal group paradigm, research has shown that simply segregating people based on their preference for certain artists or their eye colour is enough to change the way they behave towards each other.

    They may be happy to deceive the faithful, but the traitors are generally willing to trust each other. This mirrors a 2018 study where “deviant” study participants (who cheated on a task) felt connected to their team and trusted its members when the team engaged in coordinated acts of deviance (helping each other to cheat). Although they knew logically that their team shouldn’t be trusted, their sense of connection led to a feeling of trust nonetheless.

    Do voting records actually reveal players’ roles?

    Conveniently, all of the voting records for the show have been collated online. Let’s first exclude voting rounds which restrict the traitors’ options. During a round table which results in a traitor’s banishment, most players have voted for that traitor. There is good reason for other traitors to jump on the bandwagon at that point, to blend in and appear more faithful. Similarly, voting is limited after a tie, where the remaining options may force particular decisions.

    After excluding these two types of voting context, I investigated the votes for players who were traitors at the time of voting (rather than switching to this role later on) for the three series of the UK show. I also considered other completed series of English-language versions of the show: the US, Australia, Canada and New Zealand.

    Altogether, 95% of the 76 votes for traitors were cast by faithful players. Remember Jake from series three earlier this year? As a faithful player, he voted for Linda right at the beginning of the game. When Linda was later revealed as a traitor, Jake’s abilities were championed by the other players, earning him the nickname “traitor hunter” and convincing them that he was faithful.

    So whenever a traitor is banished, players should consider who voted for that traitor in previous round tables – as we’ve seen, those votes probably came from the faithful. However, as the game progresses, there’s always the possibility that a faithful player could later be “seduced” into becoming a traitor, so it’s important to keep this in mind too.

    Players may not be able to rely on spotting “tells” or other cues to deception in the game, but there are always patterns in the ways people behave. You just need to know where to look.

    Robin Kramer 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. Celebrity Traitors: my research shows voting behaviour could help identify faithfuls – https://theconversation.com/celebrity-traitors-my-research-shows-voting-behaviour-could-help-identify-faithfuls-223229

    MIL OSI – Global Reports –

    April 24, 2025

  • MIL-OSI Russia: The All-Russian Student Olympiad in Applied Mechanics is being held at the Polytechnic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The All-Russian Student Olympiad in Applied Mechanics with international participation has started in Saint Petersburg. The event is held with the support of the Ministry of Education and Science of Russia, the Association of Technical Universities and the Federal Educational and Methodological Association in the field of “Mechanical Engineering” at the Advanced Engineering School “Digital Engineering” of Peter the Great Saint Petersburg Polytechnic University (PISh SPbPU).

    The All-Russian Student Olympiad in Applied Mechanics with international participation was held regularly from 1999 to 2020.

    At the opening of the Olympiad in the Technopolis Polytech research building, the participants were greeted in a video message by the Minister of Science and Higher Education of the Russian Federation, Valery Falkov:

    “Dear friends! Welcome to the All-Russian Student Olympiad in Applied Mechanics with International Participation. It is gratifying that after almost a five-year hiatus, we are reviving the platform for interaction between talented students and their mentors. I would like to express special gratitude to the Advanced Engineering School “Digital Engineering”, which organized this meeting within its hospitable walls. The profile of the Olympiad is of particular importance today in the context of strengthening Russia’s ties with its closest foreign partners in the scientific and technological sphere. Mechanics allows us to solve key problems in the creation of technologies and science-intensive products in many industries, including mechanical engineering and engine building, shipbuilding, aircraft manufacturing, medical and biomechanical systems. I am sure that the revival of the Olympiad will become one of the effective tools for supporting talented students. Friends, I wish you fruitful work, success and all the best!”

    In 2025, the main goals of the revived All-Russian Student Olympiad in Applied Mechanics were to improve the academic and extracurricular work of students, develop deeper knowledge in the field of applied mechanics, develop creative activity and independent thinking, identify gifted students and develop human resources.

    Vice-Governor of Saint Petersburg Vladimir Knyaginin conveyed his greetings to the participants, in which he also noted the contribution of Peter the Great Saint Petersburg Polytechnic University and the Advanced Engineering School of SPbPU “Digital Engineering” to the revival and development of the Olympiad: “The All-Russian Student Olympiad in Applied Mechanics is gaining particular relevance not only as a significant event in the personal and professional development of students. It also helps to synchronize watches and unite efforts in achieving common goals of technological development of representatives of the scientific and educational community, industry and government. It is no coincidence that this event is being held at the Advanced Engineering School of SPbPU “Digital Engineering” – one of the leaders of the corresponding federal project, which was previously part of the national project “Science and Universities”, and since 2025 has been implemented within the framework of the new national project “Youth and Children”. I am confident that participation in the Olympiad will give students a positive and useful experience, and it will become an important annual event in the world of training new generation engineers, developing advanced technologies and strengthening the technological leadership of our country. I thank the St. Petersburg Polytechnic for organizing the Olympiad and wish all its participants interesting tasks and success in finding new promising solutions!”

    This year, 29 teams from the Republic of Belarus, Kazakhstan, Kyrgyzstan and Russia are participating in the Olympiad: Moscow, St. Petersburg, Arkhangelsk, Belgorod, Volgograd, Ivanovo, Kaliningrad, Samara, Tver, Tyumen, Chelyabinsk, Yaroslavl regions, Krasnoyarsk Krai, Perm Krai, Khabarovsk Krai.

    “The advanced engineering school of SPbPU “Digital Engineering” has been training personnel for almost three years now, who will form the engineering elite of the country, the so-called engineering special forces. Therefore, the revival of the All-Russian Student Olympiad in Applied Mechanics, which has decades of history behind it, at the site of the SPbPU PISh – a modern and proven method of training engineering personnel in close cooperation with industrial partners – is a bright symbol that reflects the changes that are currently taking place in Russian engineering education in the broadest sense of the word. We see great interest in applied mechanics and potentially in engineering, including because teams from all over the country – from Kaliningrad to Khabarovsk, as well as students from foreign countries – participate in the Olympiad. I want to wish all participants success, and may the smartest win!” — the rector of Peter the Great St. Petersburg Polytechnic University, chairman of the St. Petersburg branch of the Russian Academy of Sciences Andrey Rudskoy announced the start of the Olympiad.

    The All-Russian Student Olympiad in Applied Mechanics with International Participation is held in person and includes two blocks: theoretical and practical. In the theoretical block, participants are offered six problems to solve: three on the strength of materials and three on theoretical mechanics. Each problem will be assessed by an expert jury on a 10-point scale. The topics of the problems on the strength of materials include: tension-compression, bending and complex resistance. On theoretical mechanics: statics, kinematics and dynamics.

    The practical block is a wide range of events that will allow the Olympiad participants to immerse themselves in the world of modern digital engineering. Thus, students will be able to take part in master classes on the use of domestic software packages for solving computer modeling problems from leading Russian vendors of engineering software: APM (STC “APM”), FlowVision (OOO “Tesis”), “Logos” (FSUE “RFNC-VNIIEF”).

    Participants will be able to try their hand at the engineering championship, as well as visit leading high-tech industry enterprises such as Gazprom Neft Scientific and Technical Center and CentroTech-Engineering (part of the management structure of the Fuel Company JSC TVEL of Rosatom State Corporation) and get acquainted with their activities. In addition, Olympiad participants will visit the new laboratories of the Advanced Engineering School of SPbPU. An extensive cultural and entertainment program has been organized for the guests.

    The results of the Olympiad will be announced on April 25, 2025. The Olympiad website is HTTPS: // Applied-Mechanics.ru/

    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 –

    April 24, 2025

  • MIL-OSI: Netcapital Portfolio Company Acquires Spellbook Studio

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, MA, April 23, 2025 (GLOBE NEWSWIRE) — Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced that Netcapital portfolio company, Zelgor, has acquired Spellbook Studio, creators of The Infinite Black & The Infinite Black 2.

    The Infinite Black franchise is a space combat Massive Multiplayer Online game (MMO) and was one of the first MMO’s to be released on Android in 2011. Players build, collect, manage, and battle their fleet of spaceships as they fight for control of The Infinite Black. Both games are free to play on mobile and generate revenues through the sale of virtual “credits” which can be used to purchase ship upgrades.

    “With a community of 120,000 players, this is an opportunity for Zelgor to own and operate a franchise with a devoted following,” said John Fanning Jr., Zelgor CEO. “Through this acquisition, Zelgor now expects to generate enough revenue to make its ongoing operations sustainable.”

    The Infinite Black 2 is available for download using the following link: https://linktr.ee/Zelgor

    About Zelgor

    Zelgor is an interactive entertainment company creating a virtual universe around its unique media franchise, called the Noobs, an army of outlandish aliens exploring the universe. Zelgor investors include famous venture capitalist Tim Draper, co-creator of Guitar Hero, Kai Huang, and the founders of Napster. The Zelgor team holds real-world experience working on successful games like The Sims, Bioshock Infinite, Dungeons & Dragons Online, and many more. To learn more about Zelgor Games, visit zelgor.com.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company’s consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The Company’s broker-dealer, Netcapital Securities Inc., is also registered with the SEC and is a member of FINRA.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Siebert Financial Expands Executive Team with New CMO Stefano Marrone

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) —  Siebert Financial Corp. (NASDAQ: SIEB), a diversified financial services company, has appointed Stefano Marrone as Chief Marketing Officer. Marrone will direct marketing for all divisions (including Siebert.Valor, Siebert.SPS, and Gebbia Media) to advance the firm’s mission of delivering “Financial Freedom for Everyone.” A key focus of his role will be bringing media production and financial literacy together, leveraging the unique presence of Gebbia Media within Siebert Financial.

    In 2024, Marrone led Siebert Financial’s successful rebrand and rolled out a modernized website as a consultant, working closely with Siebert’s leadership. That initiative drove notable brand growth and client engagement. He brings extensive experience collaborating with leading financial institutions such as J.P. Morgan, UBS Asset Management, and HSBC, as well as tech giants Google and Meta. Marrone also founded and exited a content agency, demonstrating an entrepreneurial spirit that fuels bold marketing and strategic thinking.

    “Stefano’s ability to deliver fresh thinking has already energized Siebert Financial,” said John J Gebbia, CEO of Siebert Financial. “He helped spark our rebrand last year, and we’re excited about his vision to engage the next generation of investors, which will keep us ahead in a competitive market.”

    Marrone will focus on creative campaigns, AI-driven marketing, and brand development. He aims to build innovative content solutions that increase both financial literacy and client engagement, particularly through Gebbia Media’s production capabilities.

    “Stefano’s commitment to modern content resonates with our goals,” said David Gebbia, Principal at Siebert Financial and CEO of Gebbia Media. “Bringing together media production and financial education under one roof is a rare advantage for a financial firm. His background in storytelling and AI will help us create dynamic content, bridging entertainment and financial literacy for clients of all ages.”

    Siebert.Valor’s mission to reach veterans and military families remains key to the company. Marrone will ensure messaging and educational resources reach those audiences effectively, reflecting the firm’s broader commitment to inclusivity.

    “Stefano has a gift for making complex topics like financial education feel clear and empowering. His approach will help us better support our veterans and active-duty communities,” said Kaj Larsen, Head of Military Investment and Communications at Siebert.

    Marrone sees bold leadership and unified media resources as keys to building on Siebert Financial’s legacy of innovation in finance.

    “I am excited to join a financial brand with such a rich history,” said Marrone. “Working with the Gebbia family has shown me how forward-looking leadership can reimagine a legacy institution. Combining Gebbia Media’s creative capabilities with robust financial education to engage with a younger audience segment is a powerful strategy. I’m honored to help shape the next chapter of Siebert Financial as we continue to innovate in an industry that strongly needs it.”

    About Siebert Financial Corp.
    Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

    Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

    About Gebbia Media
    Gebbia Media is a subsidiary of Siebert Financial Corp. and is an entertainment company focused on the promotion of music artists and catalogue acquisition, as well as the production of film and TV content across story-driven, reality, and factual formats. Gebbia Media functions as the in-house production agency of Siebert Financial and currently has several media projects in development.

    Cautionary Note Regarding Forward-Looking Statements
    The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

    These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

    Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

    Media Contact
    Deborah Kostroun, Zito Partners
    deborah@zitopartners.com
    +1 (201) 403-8185

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0d77ebc-7226-46ce-8c2e-5129bfd3057d

    The MIL Network –

    April 24, 2025

  • MIL-OSI: SIOS Technology Announces Strategic Partnership with DataHub Nepal to Deliver High-Availability and Disaster Recovery Solutions in Nepal

    Source: GlobeNewswire (MIL-OSI)

    SAN MATEO, Calif., April 23, 2025 (GLOBE NEWSWIRE) — SIOS Technology Corp., a leading provider of application high availability (HA) and disaster recovery (DR) solutions, today announced a strategic partnership with DataHub Nepal, a trusted leader in co-location, hosting, premium data centers, cloud, and managed services in Nepal. The collaboration aims to strengthen the availability and resilience of mission-critical applications for businesses across the region.

    “Our strategic partnership with SIOS Technology has significantly enhanced our ability to deliver proven, robust, and cost-effective HA and DR solutions,” said Deepak Shrestha, Managing Director, DataHub Nepal. “Businesses throughout Nepal can now operate with greater resilience, confident that their critical data and operations are protected by our cutting-edge HA/DR services.”

    With over a decade of expertise, DataHub Nepal stands as a leading provider of secure, scalable, and reliable infrastructure designed to ensure seamless business continuity. Leveraging state-of-the-art infrastructure, DataHub empowers businesses to maintain uninterrupted operations despite unforeseen disasters. Its comprehensive range of services includes IaaS (Infrastructure-as-a-Service), PaaS (Platform-as-a-Service), Virtual Private Cloud (VPC), Private Cloud, Backup and Disaster Recovery as a Service (DRaaS), and Web Application Firewall (WAF).

    Strengthening its business continuity and disaster recovery offerings, DataHub Nepal has partnered with SIOS Technology to deliver HA and DR solutions across various industries, including banking, financial institutions, ICT companies, fintech, and enterprises/SMEs within Nepal.

    DataHub utilizes the SIOS Protection Suite for Windows/Linux environments, implementing SIOS clustering to achieve high-availability service level agreements (SLAs) established by Customer Business Continuity Plans within optimal cost parameters. The SIOS solution seamlessly aligns with its business continuity requirements, offering established reliability, minimal downtime, and protection against false failovers.

    They found that with the SIOS HA solution, they were able to help customers save more than 70% of the costs without having to invest in expensive SAN hardware, or enterprise editions of SQL, Oracle Databases, SAP and other applications, which is one of the many deciding factors for many of their customers, on top of a highly reliable software and dependable support team that differentiates SIOS from other vendors in similar space.

    “We are excited to partner with DataHub Nepal to deliver high availability and disaster recovery solutions that meet the critical needs of businesses throughout the region,” said Masahiro Arai, Chief Operating Officer, SIOS Technology. “This collaboration underscores our commitment to providing dependable, cost-effective solutions that enable customers to achieve their business continuity goals with confidence.”

    About SIOS Technology Corp.

    SIOS Technology Corp. high availability and disaster recovery solutions ensure availability and eliminate data loss for critical Windows and Linux applications operating across physical, virtual, cloud, and hybrid cloud environments. SIOS clustering software is essential for any IT infrastructure with applications requiring a high degree of resiliency, ensuring uptime without sacrificing performance or data, protecting businesses from local failures and regional outages, planned and unplanned. Founded in 1999, SIOS Technology Corp. (https://us.sios.com) is headquartered in San Mateo, California, with offices worldwide.

    SIOS, SIOS Technology, SIOS DataKeeper, SIOS LifeKeeper, and associated logos are registered trademarks or trademarks of SIOS Technology Corp. and/or its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

    Media Contact:

    Beth Winkowski
    Winkowski Public Relations, LLC for SIOS
    978-649-7189
    bethwinkowski@US.SIOS.com

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    March 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, April 23rd, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for March 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance’s net performance for the month of March was negative -2.9%, taking the Aug 2024-to-date performance at +9.7%. Both our investments in CLO Debt and CLO Equity were impacted by the broader volatility and risk repricing across global markets. In line with its dividend policy, Volta declared a 15.5c quarterly dividend through the month.

    CLO markets exhibited classic cyclical patterns characterized by spread tightening in January followed by some widening towards the end of the Quarter. However, market movements in March extended beyond typical seasonal dynamics as geopolitical tensions and uncertainties surrounding President Trump’s trade policies had a significant impact. The announcement of tariffs targeting Canada, Mexico and increased levies on China in February shook Equity markets across the globe and triggered a general repricing of risk. March saw additional tariff threats hinting towards a total revamp of US trade agreements in the making. Major Equity indices sold off, with pressures on technology, automotive and consumer discretionary sectors notably. These announcements overshadowed positive news on the inflation front (cooling PCE), while the Fed maintained its key rate on March 19. Lower GDP growth projections were on everybody’s mind, while markets were left in limbo ahead of the tariff announcements of the US administration due to take place on April 2nd.

    It was no surprise to see Credit markets repricing in March as well: the European High Yield index (Xover) closed around 40bps wider at 328bps. In the loan market, Euro Loans dropped c. 1pt to about 97.80px (Morningstar European Leveraged Loan Index) while US Loans felt by 85cts down to 96.30px. The primary CLO market remained active as many transactions were executed, although levels moved wider across the capital structure, notably BBs towards +600bps (from +475bps context). In terms of performance, BBs had a total return of -1.5%, US High Yield returned -1.07% and Euro High Yield were down by -1%.

    Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.21% of February’s NAV on an annualized basis. Over the month, Volta’s CLO Equity tranches returned -4.3%** while CLO Debt tranches returned -0.5% performance**, cash representing c. 10% of the NAV.

    Volta is around 21% exposed to USD, the March currency moves having a meaningful impact on the overall funds’ performance (-0.94%).

    As of end of March 2025, Volta’s NAV was €269.6m, i.e. €7.37 per share.

    *It should be noted that approximately 0.29% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.18% as at 28 February 2025, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    • Volta – Monthly report- March 2025

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Wearable Devices Secures U.S. Patent for Combined Voice and Gesture Control

    Source: GlobeNewswire (MIL-OSI)

    Newly allowed patent extends Wearable Devices’ innovative gesture technology into the domain of voice control

    YOKNEAM ILLIT, ISRAEL, April 23, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that the United States Patent and Trademark Office has allowed its patent titled “Gesture and Voice-Controlled Interface Device.”

    This patent represents a significant advancement in the Company’s strategic intellectual property (“IP”) portfolio, strengthening global protection for its core innovations in wearable bio-potential sensors. The Company’s IP strategy includes patent families designed to protect a wide spectrum of future applications, ensuring agility in response to emerging global market needs.
    The newly allowed patent enables the integration of gesture recognition with voice control interfaces, introducing personalization features, and combining both neural and voice-based user authentication. This creates a more seamless, secure, and intuitive human-machine interaction.

    The patented technology enables intuitive, hands-free interaction across a wide range of applications. For example, users wearing AI-powered or augmented reality (“AR”) glasses can navigate maps, control audio, and access virtual assistants using natural gestures and voice commands. In smart home applications, a user can use their voice to select a home appliance to control – such as the TV volume or air conditioning temperature – and then use subtle gestures to fine-tune the settings. In multi-user environments, such as smart homes or shared AR systems, the device intelligently recognizes individual users through unique gesture and voice signatures, delivering personalized experiences. In clinical or surgical settings, medical professionals can interact with digital interfaces – scrolling, zooming, or switching views – without compromising sterility, using only in-air gestures and voice cues.

    “Voice control is an essential interface for smart environments, but it often lacks the precision, personalization and the security users need,” said Guy Wagner, President and Chief Scientific Officer of Wearable Devices. “By integrating voice and gesture-based interaction along with neural and voice-based user authentication, we’re bridging that gap, enabling users not only initiate actions by voice but also to fine-tune and personalize device behavior through intuitive gestures. This combination introduces a new dimension of seamless, secure, and intelligent human-computer interaction.”

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements 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 our 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, we are using forward-looking statements when we discuss our IP strategy and the benefits and advantages of it, emerging global market needs and the benefits and advantages of newly patented technology. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our 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 Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Magnite Unveils Next Generation of SpringServe, Combining Its Streaming Ad Server and SSP

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today unveiled the next generation of its SpringServe video platform, a CTV/OTT solution combining its award-winning SpringServe ad server with the advanced programmatic capabilities of the Magnite Streaming SSP. Initial clients to include Disney Advertising, LG Ad Solutions, Paramount, Roku, Samsung, and Warner Bros. Discovery.

    Developed for the needs of the world’s most advanced streaming clients, the unified platform streamlines buyers’ connection to 99% of US streaming supply, a dollar-weighted figure verified by Jounce Media in their March 2025 Supply Path Benchmarking Report. For media owners, the platform will unlock powerful tools for streamlined workflows and smarter yield optimization.

    “As the CTV space matures, there’s a significant opportunity to enhance the advertising process for media owners and buyers,” said Sean Buckley, President, Revenue at Magnite. “We’re building this next generation of SpringServe specifically to help our clients and partners stay ahead of these emerging opportunities. By unifying the programmatic layer as a complementary step in the buying process, not only does it give buyers greater transparency, predictability, and control over their ad placements, but it lays the foundation for more effective monetization and yield management for media owners.”

    “Disney continues to expand our global streaming footprint in collaboration with Magnite—unlocking more premium inventory and making it even easier for advertisers to access our portfolio at scale,” said Jamie Power, SVP, Addressable Sales at Disney. “Together, we’re advancing a shared vision for innovation—one that prioritizes automation, flexibility, and smarter tools to help our partners drive meaningful impact in the live streaming space.”

    “Controlling demand sources and optimizing ad placements in real time is essential to our strategy,” said Kelly McMahon, SVP of Operations at LG Ad Solutions. “SpringServe gives us the power to orchestrate everything in one platform—balancing programmatic demand and direct deals more effectively, without compromising the viewer experience.”

    “Working with valuable partners like Magnite has enabled Paramount to further optimize our programmatic demand sources, driving greater efficiency and performance while preserving a seamless viewing experience for our audiences,” said Christopher Owen, SVP, Partnerships at Paramount. “Continued advancements in programmatic play a meaningful role in our ongoing success both as a company and as part of the broader industry.”

    “Together with Magnite, we can create more opportunities for advertisers that offer platform transparency and flexibility across monetization, demand access, and user experience optimization,” said Jay Askinasi, SVP of Global Media Revenue and Growth at Roku. “SpringServe connects us more directly with DSPs, streamlining operations and augmenting revenue potential. This is an approach we believe will help attract greater advertising investment into the CTV ecosystem.”

    “Our long-standing partnership with Magnite has been instrumental in shaping our video monetization strategy, and we’re excited to partner with Magnite as they advance the SpringServe video platform,” said Jill Steinhauser, SVP Revenue Strategy and Operations, Warner Bros. Discovery. “We’re particularly looking forward to benefiting from the performance enhancements that enable faster ad loads and real-time pacing.”

    “Magnite helps fuel the premium, open internet,” said Will Doherty, SVP of Inventory Development, The Trade Desk. “Combined with tools like OpenPath, the next generation of SpringServe is accretive to advertisers and publishers and most importantly – so consumers can continue to enjoy the content we all love like CTV, journalism and more.”

    “Magnite’s unified SpringServe platform offers significant clarity and cohesion in the streaming TV marketplace,” said Susan Schiekofer, Chief Media Officer, GroupM US. “By providing deeper insight into the supply path and stronger alignment with premium inventory at scale, it empowers us to make smarter, faster buying decisions and ultimately deliver better outcomes for our clients.”

    “At OMG, we believe it’s a core right for advertisers to control and know where their ads deliver,” said Ryan Eusanio, SVP of Video and Programmatic at Omnicom Media Group. “Magnite’s SpringServe video platform helps us give our clients more control of their premium video strategy and enables better curation and targeting for campaigns.”

    The SpringServe video platform provides CTV and OTT publishers with improved functionality including:

    • Intelligent ad decisioning and dynamic mediation.
    • Automated ad routing that dynamically directs ad traffic to the highest-performing channels to ensure efficient ad delivery.
    • Centralized deal management to facilitate better visibility across direct and programmatic demand, including ClearLine deals.
    • Integration of Magnite Access for easy access to first- and third-party data.
    • A streamlined user interface and reporting for ad operations.

    For more information about the new SpringServe video platform, please visit magnite.com.

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

    The MIL Network –

    April 24, 2025

  • MIL-OSI: First Hawaiian, Inc. Reports First Quarter 2025 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, April 23, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2025.

    “I’m pleased to report that First Hawaiian Bank started 2025 with a solid quarter. Retail deposits continued to grow, net interest income rose from the prior quarter, expenses were well managed, and credit quality remained strong,” said Bob Harrison, Chairman, President, and CEO. “Despite the current economic uncertainty, our customers can be confident in the strength of our balance sheet, our solid capital position, and our deep roots in the community, which provide the stability and reliability that define us.”

    On April 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 30, 2025, to stockholders of record at the close of business on May 19, 2025.

    First Quarter 2025 Highlights:

    • Net income of $59.2 million, or $0.47 per diluted share
    • Total loans and leases declined $115.2 million versus prior quarter
    • Total deposits declined $106.4 million versus prior quarter
    • Net interest margin increased 5 basis points to 3.08%
    • Recorded a $10.5 million provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.7 billion at March 31, 2025 versus $23.8 billion at December 31, 2024.

    Gross loans and leases were $14.3 billion as of March 31, 2025, a decrease of $115.2 million, or 0.8%, from $14.4 billion as of December 31, 2024.

    Total deposits were $20.2 billion as of March 31, 2025, a decrease of $106.4 million, or 0.5%, from $20.3 billion as of December 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was $160.5 million, an increase of $1.8 million, or 1.1%, compared to $158.8 million for the prior quarter.

    The net interest margin was 3.08% in the first quarter of 2025, an increase of 5 basis points compared to 3.03% in the prior quarter.

    Provision Expense

    During the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. In the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses.

    Noninterest Income

    Noninterest income was $50.5 million in the first quarter of 2025, an increase of $21.1 million compared to noninterest income of $29.4 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $123.6 million in the first quarter of 2025, a decrease of $0.6 million compared to noninterest expense of $124.1 million in the prior quarter.

    The efficiency ratio was 58.2% and 65.5% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Taxes

    The effective tax rate was 23.0% and 18.9% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025, compared to $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024. The reserve for unfunded commitments was $33.3 million as of March 31, 2025, compared to $32.8 million as of December 31, 2024. Net charge-offs were $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025, compared to net charge-offs of $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024. Total non-performing assets were $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025, compared to total non-performing assets of $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on March 31, 2025 and December 31, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025, compared with 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024.

    The Company repurchased 974 thousand shares of common stock at a total cost of $25.0 million under the stock repurchase program in the first quarter. The average cost was $25.66 per share repurchased.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link:
    https://register-conf.media-server.com/register/BI13d3259b1b3b46188926f83e1bbe1316, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 12 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                         
    Financial Highlights   Table 1
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024     2024  
    Operating Results:                    
    Net interest income   $ 160,526   $ 158,753     $ 154,427  
    Provision (benefit) for credit losses     10,500     (750 )     6,300  
    Noninterest income     50,477     29,376       51,371  
    Noninterest expense     123,560     124,143       128,813  
    Net income     59,248     52,496       54,220  
    Basic earnings per share     0.47     0.41       0.42  
    Diluted earnings per share     0.47     0.41       0.42  
    Dividends declared per share     0.26     0.26       0.26  
    Dividend payout ratio     55.32 %   63.41   %   61.90 %
    Performance Ratios(1):                    
    Net interest margin     3.08 %   3.03   %   2.91 %
    Efficiency ratio     58.22 %   65.51   %   62.15 %
    Return on average total assets     1.01 %   0.88   %   0.90 %
    Return on average tangible assets (non-GAAP)(2)     1.05 %   0.92   %   0.94 %
    Return on average total stockholders’ equity     9.09 %   7.94   %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     14.59 %   12.78   %   14.53 %
    Average Balances:                    
    Average loans and leases   $ 14,309,998   $ 14,276,107     $ 14,312,563  
    Average earning assets     21,169,194     21,079,951       21,481,890  
    Average assets     23,890,459     23,795,735       24,187,207  
    Average deposits     20,354,040     20,249,573       20,571,930  
    Average stockholders’ equity     2,641,978     2,629,600       2,496,840  
    Market Value Per Share:                    
    Closing     24.44     25.95       21.96  
    High     28.28     28.80       23.12  
    Low     23.95     22.08       20.37  
                         
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024   2024  
    Balance Sheet Data:                    
    Loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208  
    Total assets     23,744,958     23,828,186     24,279,186  
    Total deposits     20,215,816     20,322,216     20,669,481  
    Short-term borrowings     250,000     250,000     500,000  
    Total stockholders’ equity     2,648,852     2,617,486     2,513,761  
                         
    Per Share of Common Stock:                    
    Book value   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value (non-GAAP)(2)     13.15     12.83     11.88  
                         
    Asset Quality Ratios:                    
    Non-accrual loans and leases / total loans and leases     0.14 %   0.14 %   0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.17 %   1.11 %   1.12 %
                         
    Capital Ratios:                    
    Common Equity Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Total Capital Ratio     14.17 %   13.99 %   13.75 %
    Tier 1 Leverage Ratio     9.01 %   9.14 %   8.80 %
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.27 %   7.10 %   6.52 %
                         
    Non-Financial Data:                    
    Number of branches     48     48     50  
    Number of ATMs     273     273     275  
    Number of Full-Time Equivalent Employees     1,995     1,997     2,065  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 12, GAAP to Non-GAAP Reconciliation.

                       
    Consolidated Statements of Income   Table 2
        For the Three Months Ended
        March 31,    December 31,    March 31, 
    (dollars in thousands, except per share amounts)   2025   2024     2024
    Interest income                  
    Loans and lease financing   $ 192,102   $ 198,347     $ 199,844
    Available-for-sale investment securities     13,150     12,767       14,546
    Held-to-maturity investment securities     16,647     17,071       17,793
    Other     13,251     11,977       12,769
    Total interest income     235,150     240,162       244,952
    Interest expense                  
    Deposits     71,709     78,465       84,143
    Short-term borrowings     2,599     2,685       5,953
    Other     316     259       429
    Total interest expense     74,624     81,409       90,525
    Net interest income     160,526     158,753       154,427
    Provision (benefit) for credit losses     10,500     (750 )     6,300
    Net interest income after provision (benefit) for credit losses     150,026     159,503       148,127
    Noninterest income                  
    Service charges on deposit accounts     7,535     7,968       7,546
    Credit and debit card fees     14,474     14,834       16,173
    Other service charges and fees     12,167     13,132       9,904
    Trust and investment services income     9,370     9,449       10,354
    Bank-owned life insurance     4,371     5,713       4,286
    Investment securities gains (losses), net     37     (26,171 )     —
    Other     2,523     4,451       3,108
    Total noninterest income     50,477     29,376       51,371
    Noninterest expense                  
    Salaries and employee benefits     60,104     59,003       59,262
    Contracted services and professional fees     14,839     14,472       15,739
    Occupancy     8,100     7,708       6,941
    Equipment     13,871     14,215       13,413
    Regulatory assessment and fees     3,823     3,745       8,120
    Advertising and marketing     2,179     1,529       2,612
    Card rewards program     7,919     7,926       8,508
    Other     12,725     15,545       14,218
    Total noninterest expense     123,560     124,143       128,813
    Income before provision for income taxes     76,943     64,736       70,685
    Provision for income taxes     17,695     12,240       16,465
    Net income   $ 59,248   $ 52,496     $ 54,220
    Basic earnings per share   $ 0.47   $ 0.41     $ 0.42
    Diluted earnings per share   $ 0.47   $ 0.41     $ 0.42
    Basic weighted-average outstanding shares     126,281,802     127,350,626       127,707,354
    Diluted weighted-average outstanding shares     127,166,932     128,167,502       128,217,689
                       
    Consolidated Balance Sheets   Table 3
    (dollars in thousands, except share amount)   March 31,
    2025
    		   December 31,
    2024
    		   March 31,
    2024
    Assets                  
    Cash and due from banks   $ 240,738     $ 258,057     $ 202,121  
    Interest-bearing deposits in other banks     1,073,841       912,133       1,072,145  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,466,109 as of March 31, 2024)     1,858,428       1,926,516       2,159,338  
    Held-to-maturity, at amortized cost (fair value: $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,470,710 as of March 31, 2024)     3,724,908       3,790,650       3,988,011  
    Loans held for sale     1,547       —       —  
    Loans and leases     14,293,036       14,408,258       14,320,208  
    Less: allowance for credit losses     166,612       160,393       159,836  
    Net loans and leases     14,126,424       14,247,865       14,160,372  
                       
    Premises and equipment, net     292,576       288,530       281,181  
    Accrued interest receivable     78,973       79,979       85,715  
    Bank-owned life insurance     495,567       491,890       484,193  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     4,926       5,078       5,533  
    Other assets     851,538       831,996       845,085  
    Total assets   $ 23,744,958     $ 23,828,186     $ 24,279,186  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,330,265     $ 13,347,068     $ 13,620,928  
    Noninterest-bearing     6,885,551       6,975,148       7,048,553  
    Total deposits     20,215,816       20,322,216       20,669,481  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     96,241       97,135       102,242  
    Other liabilities     534,049       541,349       493,702  
    Total liabilities     21,096,106       21,210,700       21,765,425  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024)     1,421       1,417       1,417  
    Additional paid-in capital     2,564,408       2,560,380       2,551,488  
    Retained earnings     960,337       934,048       858,494  
    Accumulated other comprehensive loss, net     (433,769 )     (463,994 )     (523,780 )
    Treasury stock (16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,845,704 shares as of March 31, 2024)     (443,545 )     (414,365 )     (373,858 )
    Total stockholders’ equity     2,648,852       2,617,486       2,513,761  
    Total liabilities and stockholders’ equity   $ 23,744,958     $ 23,828,186     $ 24,279,186  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 1,171.1   $ 12.8   4.44 % $ 948.9   $ 11.3   4.75 % $ 858.6   $ 11.6   5.45 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,891.4     13.2   2.79     1,987.7     12.7   2.56     2,210.6     14.5   2.63  
    Non-Taxable     1.4     —   5.52     1.4     —   5.30     1.8     —   5.61  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,164.0     13.6   1.72     3,224.8     13.9   1.72     3,416.4     14.6   1.71  
    Non-Taxable     599.0     3.7   2.51     601.7     3.9   2.56     603.4     4.0   2.65  
    Total Investment Securities     5,655.8     30.5   2.16     5,815.6     30.5   2.10     6,232.2     33.1   2.13  
    Loans Held for Sale     0.3     —   6.28     1.3     —   5.75     0.7     —   6.92  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,196.8     33.6   6.20     2,157.8     35.2   6.50     2,164.9     37.2   6.92  
    Commercial real estate     4,420.1     66.5   6.10     4,333.1     68.9   6.33     4,323.5     70.1   6.53  
    Construction     937.0     15.4   6.67     990.7     17.4   6.99     924.7     17.4   7.55  
    Residential:                                                  
    Residential mortgage     4,150.3     40.9   3.94     4,183.5     40.8   3.90     4,264.1     42.0   3.94  
    Home equity line     1,149.8     13.1   4.61     1,157.1     13.3   4.55     1,172.1     12.0   4.13  
    Consumer     1,019.5     18.9   7.53     1,033.2     19.0   7.29     1,083.5     18.1   6.71  
    Lease financing     436.5     4.3   3.99     420.7     4.4   4.18     379.8     3.7   3.91  
    Total Loans and Leases     14,310.0     192.7   5.44     14,276.1     199.0   5.55     14,312.6     200.5   5.63  
    Other Earning Assets     32.0     0.4   5.48     38.1     0.7   6.73     77.8     1.2   5.90  
    Total Earning Assets(2)     21,169.2     236.4   4.51     21,080.0     241.5   4.56     21,481.9     246.4   4.61  
    Cash and Due from Banks     235.9               226.2               244.3            
    Other Assets     2,485.4               2,489.5               2,461.0            
    Total Assets   $ 23,890.5             $ 23,795.7             $ 24,187.2            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 6,232.5   $ 21.3   1.38 % $ 5,940.3   $ 21.1   1.42 % $ 6,059.7   $ 23.4   1.56 %
    Money Market     3,922.2     23.0   2.38     4,053.6     26.6   2.61     3,944.9     28.8   2.94  
    Time     3,317.1     27.4   3.36     3,362.0     30.8   3.64     3,325.3     31.9   3.86  
    Total Interest-Bearing Deposits     13,471.8     71.7   2.16     13,355.9     78.5   2.34     13,329.9     84.1   2.54  
    Other Short-Term Borrowings     250.0     2.6   4.22     250.0     2.7   4.27     500.0     6.0   4.79  
    Other Interest-Bearing Liabilities     27.5     0.3   4.67     25.3     0.2   4.07     33.0     0.4   5.22  
    Total Interest-Bearing Liabilities     13,749.3     74.6   2.20     13,631.2     81.4   2.38     13,862.9     90.5   2.63  
    Net Interest Income         $ 161.8             $ 160.1             $ 155.9      
    Interest Rate Spread(3)               2.31 %             2.18 %             1.98 %
    Net Interest Margin(4)               3.08 %             3.03 %             2.91 %
    Noninterest-Bearing Demand Deposits     6,882.2               6,893.7               7,242.0            
    Other Liabilities     617.0               641.2               585.5            
    Stockholders’ Equity     2,642.0               2,629.6               2,496.8            
    Total Liabilities and Stockholders’ Equity   $ 23,890.5             $ 23,795.7             $ 24,187.2            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.2 million, $1.4 million and $1.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 5
        Three Months Ended March 31, 2025
        Compared to December 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 2.3     $ (0.8 )   $ 1.5  
    Available-for-Sale Investment Securities                  
    Taxable     (0.6 )     1.1       0.5  
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     —       (0.3 )
    Non-Taxable     —       (0.2 )     (0.2 )
    Total Investment Securities     (0.9 )     0.9       —  
    Loans and Leases                  
    Commercial and industrial     0.5       (2.1 )     (1.6 )
    Commercial real estate     0.9       (3.3 )     (2.4 )
    Construction     (1.1 )     (0.9 )     (2.0 )
    Residential:                  
    Residential mortgage     (0.3 )     0.4       0.1  
    Home equity line     (0.2 )     —       (0.2 )
    Consumer     (0.4 )     0.3       (0.1 )
    Lease financing     0.1       (0.2 )     (0.1 )
    Total Loans and Leases     (0.5 )     (5.8 )     (6.3 )
    Other Earning Assets     (0.1 )     (0.2 )     (0.3 )
    Total Change in Interest Income     0.8       (5.9 )     (5.1 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.9       (0.7 )     0.2  
    Money Market     (1.0 )     (2.6 )     (3.6 )
    Time     (0.5 )     (2.9 )     (3.4 )
    Total Interest-Bearing Deposits     (0.6 )     (6.2 )     (6.8 )
    Other Short-Term Borrowings     —       (0.1 )     (0.1 )
    Other Interest-Bearing Liabilities     —       0.1       0.1  
    Total Change in Interest Expense     (0.6 )     (6.2 )     (6.8 )
    Change in Net Interest Income   $ 1.4     $ 0.3     $ 1.7  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended March 31, 2025
        Compared to March 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 3.7     $ (2.5 )   $ 1.2  
    Available-for-Sale Investment Securities                  
    Taxable     (2.2 )     0.9       (1.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.1       (1.0 )
    Non-Taxable     —       (0.3 )     (0.3 )
    Total Investment Securities     (3.3 )     0.7       (2.6 )
    Loans and Leases                  
    Commercial and industrial     0.5       (4.1 )     (3.6 )
    Commercial real estate     1.5       (5.1 )     (3.6 )
    Construction     0.2       (2.2 )     (2.0 )
    Residential:                  
    Residential mortgage     (1.1 )     —       (1.1 )
    Home equity line     (0.2 )     1.3       1.1  
    Consumer     (1.2 )     2.0       0.8  
    Lease financing     0.5       0.1       0.6  
    Total Loans and Leases     0.2       (8.0 )     (7.8 )
    Other Earning Assets     (0.7 )     (0.1 )     (0.8 )
    Total Change in Interest Income     (0.1 )     (9.9 )     (10.0 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.7       (2.8 )     (2.1 )
    Money Market     (0.2 )     (5.6 )     (5.8 )
    Time     (0.1 )     (4.4 )     (4.5 )
    Total Interest-Bearing Deposits     0.4       (12.8 )     (12.4 )
    Other Short-Term Borrowings     (2.7 )     (0.7 )     (3.4 )
    Other Interest-Bearing Liabilities     (0.1 )     —       (0.1 )
    Total Change in Interest Expense     (2.4 )     (13.5 )     (15.9 )
    Change in Net Interest Income   $ 2.3     $ 3.6     $ 5.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Loans and Leases                 Table 7
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Commercial and industrial   $ 2,261,394   $ 2,247,428   $ 2,189,875
    Commercial real estate     4,367,433     4,463,992     4,301,300
    Construction     954,072     918,326     972,517
    Residential:                  
    Residential mortgage     4,129,518     4,168,154     4,242,502
    Home equity line     1,144,895     1,151,739     1,165,778
    Total residential     5,274,413     5,319,893     5,408,280
    Consumer     998,325     1,023,969     1,054,227
    Lease financing     437,399     434,650     394,009
    Total loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                       
    Deposits                 Table 8
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Demand   $ 6,885,551   $ 6,975,148   $ 7,048,553
    Savings     6,110,796     6,021,364     6,277,679
    Money Market     3,865,203     4,027,334     4,059,204
    Time     3,354,266     3,298,370     3,284,045
    Total Deposits   $ 20,215,816   $ 20,322,216   $ 20,669,481
                       
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                 Table 9
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Non-Performing Assets                  
    Non-Accrual Loans and Leases                  
    Commercial Loans:                  
    Commercial and industrial   $ —   $ 329   $ 942
    Commercial real estate     216     411     2,953
    Construction     375     —     —
    Total Commercial Loans     591     740     3,895
    Residential Loans:                  
    Residential mortgage     12,809     12,768     7,777
    Home equity line     6,788     7,171     6,345
    Total Residential Loans     19,597     19,939     14,122
    Total Non-Accrual Loans and Leases     20,188     20,679     18,017
    Total Non-Performing Assets   $ 20,188   $ 20,679   $ 18,017
                       
    Accruing Loans and Leases Past Due 90 Days or More                  
    Commercial Loans:                  
    Commercial and industrial   $ 740   $ 1,432   $ 529
    Construction     —     536     606
    Total Commercial Loans     740     1,968     1,135
    Residential mortgage     1,008     1,317     359
    Consumer     2,554     2,734     2,126
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,302   $ 6,019   $ 3,620
                       
    Total Loans and Leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                         
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 10
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025     2024     2024    
    Balance at Beginning of Period   $ 193,240     $ 197,397     $ 192,138    
    Loans and Leases Charged-Off                    
    Commercial and industrial     (1,459 )     (851 )     (909 )  
    Home equity line     (14 )     —       —    
    Consumer     (5,025 )     (4,774 )     (4,854 )  
    Total Loans and Leases Charged-Off     (6,498 )     (5,625 )     (5,763 )  
    Recoveries on Loans and Leases Previously Charged-Off                    
    Commercial Loans:                    
    Commercial and industrial     403       298       211    
    Commercial real estate     251       —       —    
    Total Commercial Loans     654       298       211    
    Residential Loans:                    
    Residential mortgage     20       30       30    
    Home equity line     64       32       44    
    Total Residential Loans     84       62       74    
    Consumer     1,979       1,858       1,689    
    Total Recoveries on Loans and Leases Previously Charged-Off     2,717       2,218       1,974    
    Net Loans and Leases Charged-Off     (3,781 )     (3,407 )     (3,789 )  
    Provision (Benefit) for Credit Losses     10,500       (750 )     6,300    
    Balance at End of Period   $ 199,959     $ 193,240     $ 194,649    
    Components:                    
    Allowance for Credit Losses   $ 166,612     $ 160,393     $ 159,836    
    Reserve for Unfunded Commitments     33,347       32,847       34,813    
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 199,959     $ 193,240     $ 194,649    
    Average Loans and Leases Outstanding   $ 14,309,998     $ 14,276,107     $ 14,312,563    
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.11   %   0.09   %   0.11   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.17   %   1.11   %   1.12   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     8.25x     7.76x     8.87x  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 11
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 19,578   $ 173,435   $ 68,842   $ 172,494   $ 220,547   $ 268,053   $ 1,148,880   $ 20,009   $ 2,091,838
    Special Mention     364     916     2,250     3,353     58     1,229     41,972     —     50,142
    Substandard     —     —     —     7,948     26     1,238     24,836     —     34,048
    Other (1)     8,099     12,828     7,983     6,045     2,255     2,105     46,051     —     85,366
    Total Commercial and Industrial     28,041     187,179     79,075     189,840     222,886     272,625     1,261,739     20,009     2,261,394
    Current period gross charge-offs     —     43     95     179     356     779     7     —     1,459
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     105,358     291,863     384,491     796,202     632,631     1,889,571     100,071     7,645     4,207,832
    Special Mention     —     8,979     2,235     7,483     41,397     22,702     11,747     —     94,543
    Substandard     —     —     —     54,918     1,007     9,003     —     —     64,928
    Other (1)     —     —     —     —     —     130     —     —     130
    Total Commercial Real Estate     105,358     300,842     386,726     858,603     675,035     1,921,406     111,818     7,645     4,367,433
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     4,610     122,410     198,780     353,108     162,361     52,233     22,934     —     916,436
    Special Mention     —     —     —     —     —     147     —     —     147
    Other (1)     522     14,134     8,910     8,500     1,553     3,177     693     —     37,489
    Total Construction     5,132     136,544     207,690     361,608     163,914     55,557     23,627     —     954,072
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     69,731     94,965     99,259     56,228     13,304     98,262     —     —     431,749
    Special Mention     —     —     226     —     195     —     —     —     421
    Substandard     —     4,411     526     292     —     —     —     —     5,229
    Total Lease Financing     69,731     99,376     100,011     56,520     13,499     98,262     —     —     437,399
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 208,262   $ 723,941   $ 773,502   $ 1,466,571   $ 1,075,334   $ 2,347,850   $ 1,397,184   $ 27,654   $ 8,020,298
    Current period gross charge-offs   $ —   $ 43   $ 95   $ 179   $ 356   $ 779   $ 7   $ —   $ 1,459

    (continued)

                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 41,949   $ 161,436   $ 183,292   $ 482,310   $ 933,384   $ 1,578,605   $ —   $ —   $ 3,380,976
    680 – 739     4,088     18,218     34,761     65,347     101,230     192,602     —     —     416,246
    620 – 679     734     1,714     3,922     23,196     18,793     51,826     —     —     100,185
    550 – 619     —     —     817     6,495     7,696     17,224     —     —     32,232
    Less than 550     —     —     731     771     2,253     7,503     —     —     11,258
    No Score (3)     —     13,199     6,330     16,757     9,837     50,065     —     —     96,188
    Other (2)     759     8,020     11,914     16,416     14,182     37,781     3,361     —     92,433
    Total Residential Mortgage     47,530     202,587     241,767     611,292     1,087,375     1,935,606     3,361     —     4,129,518
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     911,857     1,404     913,261
    680 – 739     —     —     —     —     —     —     169,131     1,684     170,815
    620 – 679     —     —     —     —     —     —     39,262     592     39,854
    550 – 619     —     —     —     —     —     —     12,077     485     12,562
    Less than 550     —     —     —     —     —     —     6,645     486     7,131
    No Score (3)     —     —     —     —     —     —     1,272     —     1,272
    Total Home Equity Line     —     —     —     —     —     —     1,140,244     4,651     1,144,895
    Current period gross charge-offs     —     —     —     —     —     —     14     —     14
                                                           
    Total Residential Lending   $ 47,530   $ 202,587   $ 241,767   $ 611,292   $ 1,087,375   $ 1,935,606   $ 1,143,605   $ 4,651   $ 5,274,413
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ 14   $ —   $ 14
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     32,634     80,861     58,623     73,919     37,183     15,253     93,415     112     392,000
    680 – 739     19,668     66,839     41,621     38,860     18,814     9,295     84,783     515     280,395
    620 – 679     6,692     31,051     16,155     17,379     8,533     6,406     50,655     793     137,664
    550 – 619     596     9,333     6,584     9,663     5,434     4,471     16,458     849     53,388
    Less than 550     280     3,004     4,421     5,131     3,263     2,741     5,399     508     24,747
    No Score (3)     750     821     95     30     —     18     35,238     194     37,146
    Other (2)     201     —     —     257     600     1,044     70,883     —     72,985
    Total Consumer Lending   $ 60,821   $ 191,909   $ 127,499   $ 145,239   $ 73,827   $ 39,228   $ 356,831   $ 2,971   $ 998,325
    Current period gross charge-offs   $ —   $ 660   $ 481   $ 585   $ 270   $ 809   $ 1,883   $ 337   $ 5,025
                                                           
    Total Loans and Leases   $ 316,613   $ 1,118,437   $ 1,142,768   $ 2,223,102   $ 2,236,536   $ 4,322,684   $ 2,897,620   $ 35,276   $ 14,293,036
    Current period gross charge-offs   $ —   $ 703   $ 576   $ 764   $ 626   $ 1,588   $ 1,904   $ 337   $ 6,498

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2025, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2025, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                         
    GAAP to Non-GAAP Reconciliation   Table 12
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025   2024   2024  
    Income Statement Data:                    
    Net income   $ 59,248   $ 52,496   $ 54,220  
                         
    Average total stockholders’ equity   $ 2,641,978   $ 2,629,600   $ 2,496,840  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible stockholders’ equity   $ 1,646,486   $ 1,634,108   $ 1,501,348  
                         
    Average total assets   $ 23,890,459   $ 23,795,735   $ 24,187,207  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible assets   $ 22,894,967   $ 22,800,243   $ 23,191,715  
                         
    Return on average total stockholders’ equity(1)     9.09 %   7.94 %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     14.59 %   12.78 %   14.53 %
                         
    Return on average total assets(1)     1.01 %   0.88 %   0.90 %
    Return on average tangible assets (non-GAAP)(1)     1.05 %   0.92 %   0.94 %
                         
                       
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share amounts)   2025   2024   2024  
    Balance Sheet Data:                    
    Total stockholders’ equity   $ 2,648,852   $ 2,617,486   $ 2,513,761  
    Less: goodwill     995,492     995,492     995,492  
    Tangible stockholders’ equity   $ 1,653,360   $ 1,621,994   $ 1,518,269  
                         
    Total assets   $ 23,744,958   $ 23,828,186   $ 24,279,186  
    Less: goodwill     995,492     995,492     995,492  
    Tangible assets   $ 22,749,466   $ 22,832,694   $ 23,283,694  
                         
    Shares outstanding     125,692,598     126,422,898     127,841,908  
                         
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.27 %   7.10 %   6.52 %
                         
    Book value per share   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value per share (non-GAAP)   $ 13.15   $ 12.83   $ 11.88  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Snail, Inc.’s Independent Label Wandering Wizards Acquires Publishing Rights to Whispers of West Grove

    Source: GlobeNewswire (MIL-OSI)

    CULVER CITY, Calif., April 23, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, officially announced that its independent indie publishing arm, Wandering Wizard, has acquired the publishing rights to Whispers of West Grove, an upcoming psychological horror game developed by NVNT Studios. Set to release on Steam, the title expands Wandering Wizard’s growing portfolio of indie horror content while further diversifying the Company’s revenue streams.

    This strategic acquisition reflects the Company’s continued commitment to high-growth genres of the gaming market beyond its flagship ARK sandbox survival content. The Company believes the psychological horror genre in particular, has demonstrated remarkable resilience and consumer engagement. According to industry analysts1, the immersive horror games market is projected to grow at a compound annual growth rate (CAGR) of over 13% from 2024 to 2030, driven by the increasing popularity of narrative-driven and emotionally immersive gameplay experiences. The Company believes this acquisition adds momentum to Snail’s publishing strategy, which has seen significant growth over the past year through its indie division, Wandering Wizard’s expanding slate.

    Whispers of West Grove invites players into the decaying corridors of West Grove Asylum, where they must navigate fear, fight monstrosities, and piece together a shattered psyche. Blending environmental storytelling with survival horror, the game centers on a patient’s desperate attempt to escape the sinister grasp of Dr. Kade, encountering disturbing visions, mind-bending puzzles, and a revolutionary gameplay mechanic that allows players to reshape the world around them.

    Key gameplay features include:

    • Visceral combat that challenges players to hone survival instincts
    • Innovative puzzle design that integrates deeply with narrative pacing
    • Atmospheric environments packed with hidden items and lore
    • A reality-bending mechanic that transforms the game world at will
    • An original, dynamic score that shifts between haunting ambiance and intense dread

    More details on launch timing for Whispers of West Grove will be shared in the months ahead.

    Wishlist Whispers of West Grove on Steam https://store.steampowered.com/app/2228840/Whispers_of_West_Grove/

    Whispers of West Grove Press Kit

    For Creators interested in collaborative opportunities reach out to creatordirect@noiz.gg

    For media inquiries, interview requests, or additional details, please contact: press@snailgamesusa.com

    1Source: https://www.statsndata.org/report/infor-crm-consulting-service-market-352010

    About Snail, Inc.
    Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.

    Forward-Looking Statements
    This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the strategic acquisition reflecting the Company’s  continued commitment to potential high-growth genres of the gaming market beyond its flagship ARK sandbox survival content, such as the psychological horror genre, and the notion that such acquisition adds momentum to Snail’s publishing strategy, which has seen significant growth over the past year through its indie division, Wandering Wizard’s expanding slate. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

    Investor Contact:
    John Yi and Steven Shinmachi
    Gateway Group, Inc.
    949-574-3860
    SNAL@gateway-grp.com

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Asure Software Launches New Canadian Payroll Tax Solution to Support Global Enterprises

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) solutions, today announced the launch of its new Canadian payroll tax filing solution, designed specifically for large Canadian companies and global enterprises with employees in Canada.

    This innovative solution expands Asure’s capability to serve enterprise clients with international workforces, seamlessly integrating payroll tax services into major platforms such as Workday, Oracle, and SAP. Asure’s Canadian tax product leverages Luna, the company’s proprietary AI-powered virtual agent, marking a significant advancement as the first of its kind in the Canadian market.

    “We developed this product incredibly fast due to our API-first approach and strategic partnership with Amazon Web Services (AWS),” said Pat Goepel, CEO of Asure Software. “The scalability, reliability, and flexibility provided by AWS have been instrumental in accelerating our innovation cycle and enabling rapid delivery to our customers.”

    The Canadian payroll tax solution addresses critical compliance needs for organizations managing cross-border payroll processes, reducing complexity and ensuring accurate, timely filing. The integration of Luna provides intelligent automation, further simplifying workflows and improving operational efficiency.

    “Our focus remains on empowering organizations to thrive by simplifying complex payroll and tax compliance challenges, especially across international borders,” Goepel continued. “This solution reinforces our commitment to innovation and our ability to quickly respond to evolving market needs.”

    To learn more about Asure Software’s Canadian Payroll Tax Solution and broader suite of international payroll and HCM offerings, visit www.asuresoftware.com.

    About Asure Software
    Asure (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com. 

    Investor Relations Contact: 
    Patrick McKillop
    Asure Investor Relations 
    617-335-5058
    patrick.mckillop@asuresoftware.com 

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Tessell Named to CRN’s 2025 Big Data 100 List for Its AI-Powered Multi-Cloud DBaaS Platform

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 23, 2025 (GLOBE NEWSWIRE) — Tessell, the leading next-generation multi-cloud database-as-a-service (DBaaS) that enables enterprises and startups to accelerate database, data, and application modernization journeys at scale, today announced it has been named to the CRN® 2025 Big Data 100, an annual list published by CRN, a brand of The Channel Company, that recognizes technology vendors delivering innovation and growth in big data, analytics, and data management.

    This year’s list arrives amid an explosion of global data creation—forecasted to reach 394 zettabytes by 2028, according to Statista—as businesses struggle to keep up with the volume, complexity, and performance requirements of modern data ecosystems. Tessell was recognized in the Database Systems category for its AI-powered, cloud-native platform that simplifies and supercharges the deployment and management of popular database engines like PostgreSQL, MySQL, SQL Server, Oracle, MongoDB, and Milvus across any cloud environment.

    “Being named to the CRN Big Data 100 reflects the momentum we’ve built in enabling enterprises to overcome the legacy barriers of cloud database management,” said Bakul Banthia, Co-Founder of Tessell. “We’re empowering our customers to transition from fragmented, high-cost environments to a unified, intelligent data platform built for performance, resilience, and AI-driven scale.”

    Tessell’s inclusion highlights the platform’s growing traction among enterprises modernizing their infrastructure and adopting AI-centric workflows. On April 9th, Tessell announced a $60 million Series B led by WestBridge Capital, with participation from Lightspeed Venture Partners, B37 Ventures, and Rocketship.vc. The funding is being used to accelerate go-to-market expansion and enhance AI-driven features—including vector search, conversational query interfaces, and intelligent workload automation.

    Key Capabilities Driving Recognition:

    • Conversational Data Management (CoDaM): Natural-language interaction with data systems, turning any business user into a data user.
    • Vector Extension & AI-Readiness: Enhanced support for generative AI workloads with integrated vector search on popular database engines.
    • Unified Control Plane: One interface to deploy, manage, and govern databases across multiple clouds and engines.
    • Zero RPO/RTO: Built-in disaster recovery and high availability for mission-critical workloads.
    • Enterprise Security & Compliance: Robust guardrails and policy-driven access controls for regulated industries.
    • 10x Performance, Fraction of the Cost: Patent-backed innovations eliminate IOPS bottlenecks while reducing TCO.

    CRN’s 2025 Big Data 100 is segmented into technology categories—including database systems, analytics software, data management, observability, and cloud platforms. Tessell is featured in the Database Systems section alongside a select group of vendors leading innovation in the age of AI, automation, and intelligent data architecture.

    For more information about Tessell and its DBaaS solutions, visit https://www.tessell.com/.

    About Tessell
    Tessell is a multi-cloud DBaaS platform redefining enterprise data management with its comprehensive suite of AI-powered database services. By unifying operational and analytical data within a seamless data ecosystem, Tessell enables enterprises to modernize databases, optimize cloud economics, and drive intelligent decision-making at scale. Through AI and Conversational Data Management (CoDaM), Tessell makes data more accessible, interactive, and intuitive, empowering businesses to harness their data’s full potential easily.

    Media Contact
    Len Fernandes
    Firecracker PR for Tessell
    len@firecrackerpr.com

    The MIL Network –

    April 24, 2025

  • MIL-OSI: Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Performance Highlights

    • Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025.
    • Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2024 and $1.7 million, or 13.10% from the quarter ended March 31, 2024.
    • Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended March 31, 2025 increased to 2.68% from 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024.
    • Strong Liquidity Position: At March 31, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $679.0 million, or approximately 322% of uninsured deposit balances. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025.
    • Demand Deposits: Demand deposits increased $12.6 million or 6.23% from March 31, 2024 and $3.9 million or 1.85% from December 31, 2024.
    • Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
    • Asset Quality: At March 31, 2025, the Bank’s asset quality improved with non-performing loans decreasing 28.5% to $11.7 million, representing 0.60% of the total loan portfolio, while the allowance for credit losses increased to 1.17% of total loans.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.
    • Technology & Rebranding: The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently revealed refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    MINEOLA, N.Y., April 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    Earnings Summary for the Quarter Ended March 31, 2025

    The Company reported net income for the quarter ended March 31, 2025 of $1.5 million or $0.20 per diluted share (including Series A preferred shares), versus $4.1 million or $0.55 per diluted share (including Series A preferred shares) in the quarter ended March 31, 2024. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $4.1 million or $0.55 per diluted share in the quarter ended March 31, 2025, versus net income of $4.1 million or $0.55 per diluted share in the comparable 2024 quarter (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.27%, 3.11% and 3.45%, respectively, for the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, for the comparable quarter of 2024. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.73%, 8.36% and 9.27%, respectively, in the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, in the comparable quarter of 2024.

    While net interest income and non-interest income increased during the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, these were partially offset by increases in provision for credit losses and non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. The increase in compensation and benefits expense in the first quarter of 2025 versus the comparable 2024 quarter was primarily related to lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 13.8% in the first quarter of 2025 from 24.9% both in the linked quarter and the comparable 2024 quarter due to the tax impact of the windfall benefit from expiring stock options that were exercised and vested restricted stock. We expect a normalized run rate of 25.0% for the remainder of the year.

    Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $1.7 million, or 13.10% from the comparable 2024 quarter due to improvement of the Company’s net interest margin to 2.68% in the 2025 quarter from 2.41% in the comparable 2024 quarter. The yield on interest earning assets decreased to 6.01% in the 2025 quarter from 6.03% in the comparable 2024 quarter, a decrease of 2 basis points that was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities to 4.01% in 2025 from 4.33% in the first quarter of 2024. Net interest income on a linked quarter basis increased $0.8 million or 5.95%, due to a 15 basis point increase in net interest margin resulting from a 23 basis point decrease in cost of interest-bearing liabilities, partially offset by a 5 basis point decrease on yield on interest earning assets. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with our first quarter performance which reflected sizable improvements in Net Interest Income and Net Interest Margin that drove stronger adjusted ROTE and ROA for the period. Specifically, NII increased from $13.8 million to $14.6 million and NIM from 2.53% to 2.68%, resulting in adjusted ROTE of 9.27% and ROA of 0.73%, confirming a trend away from the restrictive environment of the last couple of years. Building on this positive momentum were improved credit metrics and the completion of our core banking system conversion, a significant achievement that is expected to deliver tangible operational efficiencies and customer benefits while enhancing our commitment to digital banking. In addition to the core banking system conversion, we recently announced our new logo which is representative of our focus on innovation and a digital forward strategy. Moving forward, we remain committed to disciplined development of our core business verticals which include niche residential, SBA and C&I lending. Further, we look forward to a more favorable banking environment and the upcoming potential qualification for the Russell 2000, which should increase institutional ownership and enhance the liquidity of our stock.”

    Balance Sheet Highlights

    Total assets at March 31, 2025 were $2.29 billion versus $2.31 billion at December 31, 2024. Total securities available for sale at March 31, 2025 were $93.2 million, an increase of $9.4 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

    Total deposits at March 31, 2025 were $1.94 billion, a decrease of $17.8 million or 0.91%, compared to $1.95 billion at December 31, 2024. Total deposits increased $19.2 million or 1.00% from March 31, 2024. Demand deposits increased $12.6 million or 6.23% from March 31, 2024. Our loan to deposit ratio improved to 101% at March 31, 2025 from 102% at December 31, 2024.

    The Company had $517.1 million in total municipal deposits at March 31, 2025, at a weighted average rate of 3.71% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $576.3 million at a weighted average rate of 4.65% at March 31, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings. The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

    Total borrowings at March 31, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 20 months, respectively. At March 31, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at March 31, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at March 31, 2025 and December 31, 2024.

    Stockholders’ equity was $196.6 million at both March 31, 2025 and December 31, 2024. Retained earnings increased by $0.8 million due primarily to net income of $1.5 million for the quarter ended March 31, 2025, which was offset by $0.7 million of dividends declared. The accumulated other comprehensive loss at March 31, 2025 was 0.71% of total equity and was comprised of a $0.9 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives. Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.

    Loan Portfolio

    For the three months ended March 31, 2025, the Bank’s loan portfolio decreased $24.9 million to $1.96 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. At March 31, 2025, the Company’s residential loan portfolio (including home equity) amounted to $733.6 million, with an average loan balance of $486 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate (including construction) and multifamily loans totaled $1.06 billion at March 31, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024, with loans secured by office space accounting for 2.23% of the total loan portfolio and totaling $43.8 million at March 31, 2025. The Company’s loan pipeline with executed term sheets at March 31, 2025 is approximately $255.0 million, with approximately 92% being niche-residential, conventional C&I and SBA lending opportunities.

    The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. Of the $48.8 million in closed residential loans originated in the quarter ended March 31, 2025, $27.6 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.64% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 58%. The remaining $21.2 million of closed loans were originated for sale in the secondary market. During the quarter ended March 31, 2025, the Company sold $18.3 million of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.4 million with a premium of 2.38%.

    During the quarters ended March 31, 2025 and 2024, the Company sold approximately $23.4 million and $26.7 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.9 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower due to a combination of factors, including: lower than expected loan sale premiums due, we believe, to first quarter market turmoil; delays in loan closings resulting from the impact of administrative changes to SBA Standard Operating Procedures; and the inability of certain loans to close because of delays by state regulatory agencies in issuing permit approvals to certain borrowers. As we enter the second quarter of 2025, we expect to navigate these factors and to increase the volume of origination and loan sale activity throughout the year. The Bank concluded the first quarter of 2025 with C&I loan originations of approximately $16.8 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.0 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 56% with rate resets or maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate   Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                                                     
    2025   10   $ 16,321   $ 1,632   4.45 %   2025   10   $ 17,025   $ 1,703   5.03 %
    2026   36     117,886     3,275   3.66 %   2026   20     42,549     2,127   3.67 %
    2027   70     174,601     2,494   4.29 %   2027   53     123,668     2,333   4.22 %
    2028   16     21,382     1,336   6.20 %   2028   13     10,914     839   7.17 %
    2029   6     4,929     821   7.70 %   2029   4     4,328     1,082   6.38 %
    2030+   2     171     85   6.00 %   2030+   4     1,129     282   6.02 %
    Fixed Rate   140     335,290     2,395   4.61 %   Fixed Rate   104     199,613     1,919   4.39 %
    Floating Rate   2     749     375   9.50 %   Floating Rate   —     —     —   — %
    Total   142   $ 336,039   $ 2,366   4.26 %   Total   104   $ 199,613   $ 1,919   4.39 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                           
    2025   29   $ 23,092   $ 796   6.13 %
    2026   33     41,668     1,263   4.84 %
    2027   90     162,557     1,806   5.03 %
    2028   30     31,763     1,059   6.64 %
    2029   4     2,353     588   7.03 %
    2030+   13     7,967     613   6.49 %
    Fixed Rate   199     269,400     1,354   5.35 %
    Floating Rate   5     19,074     3,815   8.73 %
    Total CRE-Inv.   204   $ 288,474   $ 1,414   5.57 %

    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding Loan Balance   % of Total Multi-Family   Avg Loan Size   LTV   Current DSCR   Avg # of Units  
            ($000’s omitted)         ($000’s omitted)                
                                           
    Market   142   $ 336,039   63 % $ 2,366   61.5 % 1.41   11  
    Location                                      
    Manhattan   7   $ 10,299   2 % $ 1,471   49.6 % 1.88   14  
    Other NYC   93   $ 244,552   46 % $ 2,630   61.2 % 1.40   9  
    Outside NYC   42   $ 81,188   15 % $ 1,933   64.2 % 1.36   13  
                                           
    Stabilized   104   $ 199,613   37 % $ 1,919   62.1 % 1.42   12  
    Location                                      
    Manhattan   6   $ 8,843   2 % $ 1,474   44.2 % 1.58   17  
    Other NYC   86   $ 171,852   32 % $ 1,998   62.8 % 1.41   11  
    Outside NYC   12   $ 18,918   3 % $ 1,576   64.1 % 1.49   16  


    Office Property Exposure

    The Bank’s exposure to the Office market is minor. Loans secured by office space accounted for 2.23% of the total loan portfolio with a total balance of $43.8 million, of which less than 1% is located in Manhattan. The pool has a 2.32x weighted average DSCR, a 53% weighted average LTV and less than $353,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    At March 31, 2025, the Bank’s asset quality metrics improved with non-performing loans totaling $11.7 million compared to non-performing loans of $16.4 million at December 31, 2024, a decrease of $4.7 million. This decrease resulted primarily from the contracted sale of non-performing loans totaling $5.0 million, net of a $0.3 million charge-off, during the quarter. At March 31, 2025 non-performing loans were 0.60% of total loans outstanding versus 0.82% at December 31, 2024.

    During the first quarter of 2025, the Bank recorded a provision for credit losses expense of $0.6 million. The March 31, 2025 allowance for credit losses was $22.9 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.17% at March 31, 2025 and 1.15% at December 31, 2024.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.68% for the quarter ended March 31, 2025 compared to 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024 due to the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

                 
    HANOVER BANCORP, INC.            
    STATEMENTS OF CONDITION (unaudited)            
    (dollars in thousands)            
                   
                   
        March 31,   December 31,   March 31,  
          2025       2024       2024    
    Assets              
    Cash and cash equivalents $ 160,234     $ 162,857     $ 136,481    
    Securities-available for sale, at fair value   93,197       83,755       92,709    
    Investments-held to maturity   3,671       3,758       3,973    
    Loans held for sale   16,306       12,404       7,641    
                   
    Loans, net of deferred loan fees and costs   1,960,674       1,985,524       2,005,515    
    Less: allowance for credit losses   (22,925 )     (22,779 )     (19,873 )  
    Loans, net   1,937,749       1,962,745       1,985,642    
                   
    Goodwill     19,168       19,168       19,168    
    Premises & fixed assets   14,511       15,337       15,648    
    Operating lease assets   8,484       8,337       9,336    
    Other assets   38,207       43,749       36,910    
      Assets $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
    Liabilities and stockholders’ equity            
    Core deposits $ 1,418,209     $ 1,456,513     $ 1,453,035    
    Time deposits   518,229       497,770       464,227    
    Total deposits   1,936,438       1,954,283       1,917,262    
                   
    Borrowings   107,805       107,805       148,953    
    Subordinated debentures   24,702       24,689       24,648    
    Operating lease liabilities   9,144       9,025       10,039    
    Other liabilities   16,795       19,670       17,063    
      Liabilities   2,094,884       2,115,472       2,117,965    
                   
    Stockholders’ equity   196,643       196,638       189,543    
      Liabilities and stockholders’ equity $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)      
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    Interest income $ 32,837   $ 32,432  
    Interest expense   18,208     19,497  
    Net interest income   14,629     12,935  
    Provision for credit losses   600     300  
    Net interest income after provision for credit losses   14,029     12,635  
             
    Loan servicing and fee income   1,081     913  
    Service charges on deposit accounts   117     96  
    Gain on sale of loans held-for-sale   2,352     2,506  
    Other operating income   182     61  
    Non-interest income   3,732     3,576  
             
    Compensation and benefits   7,232     5,562  
    Conversion expenses   3,180     –  
    Occupancy and equipment   1,836     1,770  
    Data processing   593     518  
    Professional fees   787     818  
    Federal deposit insurance premiums   337     318  
    Other operating expenses   2,031     1,818  
    Non-interest expense   15,996     10,804  
             
    Income before income taxes   1,765     5,407  
    Income tax expense   244     1,346  
             
    Net income $ 1,521   $ 4,061  
             
    Earnings per share (“EPS”):(1)        
    Basic $ 0.20   $ 0.55  
    Diluted $ 0.20   $ 0.55  
             
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,420,926  
             
    (1) Calculation includes common stock and Series A preferred stock.      
    (2) Average shares outstanding before subtracting participating securities.      
             
                         
    HANOVER BANCORP, INC.                    
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)                  
    QUARTERLY TREND                    
    (dollars in thousands, except per share data)                    
                         
      Three Months Ended  
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
    Interest income $ 32,837   $ 33,057   $ 34,113   $ 33,420   $ 32,432  
    Interest expense   18,208     19,249     21,011     20,173     19,497  
    Net interest income   14,629     13,808     13,102     13,247     12,935  
    Provision for credit losses   600     400     200     4,040     300  
    Net interest income after provision for credit losses   14,029     13,408     12,902     9,207     12,635  
                         
    Loan servicing and fee income   1,081     981     960     836     913  
    Service charges on deposit accounts   117     136     123     114     96  
    Gain on sale of loans held-for-sale   2,352     3,014     2,834     2,586     2,506  
    Gain on sale of investments   –     27     –     4     –  
    Other operating income   182     29     37     82     61  
    Non-interest income   3,732     4,187     3,954     3,622     3,576  
                         
    Compensation and benefits   7,232     6,699     6,840     6,499     5,562  
    Conversion expenses   3,180     –     –     –     –  
    Occupancy and equipment   1,836     1,810     1,799     1,843     1,770  
    Data processing   593     536     547     495     518  
    Professional fees   787     782     762     717     818  
    Federal deposit insurance premiums   337     375     360     365     318  
    Other operating expenses   2,031     2,198     1,930     1,751     1,818  
    Non-interest expense   15,996     12,400     12,238     11,670     10,804  
                         
    Income before income taxes   1,765     5,195     4,618     1,159     5,407  
    Income tax expense   244     1,293     1,079     315     1,346  
                         
    Net income $ 1,521   $ 3,902   $ 3,539   $ 844   $ 4,061  
                         
    Earnings per share (“EPS”):(1)                    
    Basic $ 0.20   $ 0.53   $ 0.48   $ 0.11   $ 0.55  
    Diluted $ 0.20   $ 0.52   $ 0.48   $ 0.11   $ 0.55  
                         
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,427,583     7,411,064     7,399,816     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,456,471     7,436,068     7,449,110     7,420,926  
                         
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                         
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)  
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    ADJUSTED NET INCOME:        
    Net income, as reported $ 1,521     $ 4,061    
    Adjustments:        
    Conversion expenses   3,180       –    
    Total adjustments, before income taxes   3,180       –    
    Adjustment for reported effective income tax rate   608       –    
    Total adjustments, after income taxes   2,572       –    
    Adjusted net income $ 4,093     $ 4,061    
    Basic earnings per share – adjusted $ 0.55     $ 0.55    
    Diluted earnings per share – adjusted $ 0.55     $ 0.55    
             
    ADJUSTED OPERATING EFFICIENCY RATIO:        
    Operating efficiency ratio, as reported   87.12 %     65.44 %  
    Adjustments:        
    Conversion expenses   -17.32 %     0.00 %  
    Adjusted operating efficiency ratio   69.80 %     65.44 %  
             
    ADJUSTED RETURN ON AVERAGE ASSETS   0.73 %     0.74 %  
    ADJUSTED RETURN ON AVERAGE EQUITY   8.36 %     8.70 %  
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   9.27 %     9.71 %  
             
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
             
             
    HANOVER BANCORP, INC.        
    SELECTED FINANCIAL DATA (unaudited)      
    (dollars in thousands)        
             
             
      Three Months Ended  
      3/31/2025   3/31/2024  
    Profitability:        
    Return on average assets   0.27 %     0.74 %  
    Return on average equity (1)   3.11 %     8.70 %  
    Return on average tangible equity (1)   3.45 %     9.71 %  
    Pre-provision net revenue to average assets   0.42 %     1.03 %  
    Yield on average interest-earning assets   6.01 %     6.03 %  
    Cost of average interest-bearing liabilities   4.01 %     4.33 %  
    Net interest rate spread (2)   2.00 %     1.70 %  
    Net interest margin (3)   2.68 %     2.41 %  
    Non-interest expense to average assets   2.85 %     1.96 %  
    Operating efficiency ratio (4)   87.12 %     65.44 %  
             
    Average balances:        
    Interest-earning assets $ 2,217,107     $ 2,162,835    
    Interest-bearing liabilities   1,842,073       1,810,397    
    Loans   1,989,796       1,984,075    
    Deposits   1,919,436       1,842,642    
    Borrowings   133,665       162,427    
             
             
    (1) Includes common stock and Series A preferred stock.      
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.  
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income.
             
    HANOVER BANCORP, INC.                  
    SELECTED FINANCIAL DATA (unaudited)                  
    (dollars in thousands, except share and per share data)                
                       
      At or For the Three Months Ended    
      3/31/2025   12/31/2024   9/30/2024   6/30/2024    
    Asset quality:                  
    Provision for credit losses – loans (1) $ 600   $ 400   $ 200   $ 3,850    
    Net (charge-offs)/recoveries   (454 )    (1,027 )    (438 )    (79 )   
    Allowance for credit losses   22,925     22,779     23,406     23,644    
    Allowance for credit losses to total loans (2)   1.17 %     1.15 %     1.17 %     1.17 %    
    Non-performing loans $ 11,697   $ 16,368   $ 15,365   $ 15,828    
    Non-performing loans/total loans   0.60 %     0.82 %     0.77 %     0.79 %    
    Non-performing loans/total assets   0.51 %     0.71 %     0.66 %     0.68 %    
    Allowance for credit losses/non-performing loans   195.99 %     139.17 %     152.33 %     149.38 %    
                       
    Capital (Bank only):                  
    Tier 1 Capital $ 201,925   $ 201,744   $ 198,196   $ 195,703    
    Tier 1 leverage ratio   8.95 %     9.13 %     8.85 %     8.89 %    
    Common equity tier 1 capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Tier 1 risk based capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Total risk based capital ratio   14.62 %     14.58 %     14.24 %     14.21 %    
                       
    Equity data:                  
    Shares outstanding (3)   7,503,731     7,427,127     7,428,366     7,402,163    
    Stockholders’ equity $ 196,643   $ 196,638   $ 192,339   $ 190,072    
    Book value per share (3)   26.21     26.48     25.89     25.68    
    Tangible common equity (3)   177,239     177,220     172,906     170,625    
    Tangible book value per share (3)   23.62     23.86     23.28     23.05    
    Tangible common equity (“TCE”) ratio (3)   7.80 %     7.73 %     7.49 %     7.38 %    
                       
    (1) Excludes $0, $0, $0 and $190 thousand provision for credit losses on unfunded commitments for the quarters ended 3/31/25, 12/31/24, 9/30/24 and 6/30/24, respectively.  
    (2) Calculation excludes loans held for sale.    
    (3) Includes common stock and Series A preferred stock.    
                       
                     
    HANOVER BANCORP, INC.                
    STATISTICAL SUMMARY                
    QUARTERLY TREND                
    (unaudited, dollars in thousands, except share data)              
                       
        3/31/2025   12/31/2024   9/30/2024   6/30/2024  
                       
    Loan distribution (1):                
    Residential mortgages $ 708,649     $ 702,832     $ 719,037     $ 733,040    
    Multifamily     535,429       550,570       557,634       562,503    
    Commercial real estate   520,808       536,288       529,948       549,725    
    Commercial & industrial   170,442       168,909       171,899       139,209    
    Home equity   24,914       26,422       26,825       27,992    
    Consumer     432       503       470       485    
                       
    Total loans $ 1,960,674     $ 1,985,524     $ 2,005,813     $ 2,012,954    
                       
    Sequential quarter growth rate   -1.25 %     -1.01 %     -0.35 %     0.37 %  
                       
    CRE concentration ratio   369 %     385 %     397 %     403 %  
                       
    Loans sold during the quarter $ 46,649     $ 53,499     $ 43,537     $ 35,302    
                       
    Funding distribution:                
    Demand   $ 215,569     $ 211,656     $ 206,327     $ 199,835    
    N.O.W.     698,297       692,890       621,880       661,998    
    Savings     46,275       48,885       53,024       44,821    
    Money market   458,068       503,082       572,213       571,170    
    Total core deposits   1,418,209       1,456,513       1,453,444       1,477,824    
    Time     518,229       497,770       504,100       464,105    
    Total deposits   1,936,438       1,954,283       1,957,544       1,941,929    
    Borrowings   107,805       107,805       125,805       148,953    
    Subordinated debentures   24,702       24,689       24,675       24,662    
                       
    Total funding sources $ 2,068,945     $ 2,086,777     $ 2,108,024     $ 2,115,544    
                       
    Sequential quarter growth rate – total deposits   -0.91 %     -0.17 %     0.80 %     1.29 %  
                       
    Period-end core deposits/total deposits ratio   73.24 %     74.53 %     74.25 %     76.10 %  
                       
    Period-end demand deposits/total deposits ratio   11.13 %     10.83 %     10.54 %     10.29 %  
                       
    (1) Excluding loans held for sale                
                       
                         
    HANOVER BANCORP, INC.                    
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)          
    (dollars in thousands, except share and per share amounts)              
                         
                         
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
    Tangible common equity                    
    Total equity (2) $ 196,643     $ 196,638     $ 192,339     $ 190,072     $ 189,543    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
                         
    Tangible common equity (“TCE”) ratio                  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Total assets   2,291,527       2,312,110       2,327,814       2,331,098       2,307,508    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible assets $ 2,272,123     $ 2,292,692     $ 2,308,381     $ 2,311,651     $ 2,288,045    
    TCE ratio (2)   7.80 %     7.73 %     7.49 %     7.38 %     7.43 %  
                         
    Tangible book value per share                    
    Tangible equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Shares outstanding (2)   7,503,731       7,427,127       7,428,366       7,402,163       7,392,412    
    Tangible book value per share (2) $ 23.62     $ 23.86     $ 23.28     $ 23.05     $ 23.01    
                         
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.  
                         
    (2) Includes common stock and Series A preferred stock.  
       
                             
    HANOVER BANCORP, INC.      
    NET INTEREST INCOME ANALYSIS      
    For the Three Months Ended March 31, 2025 and 2024      
    (unaudited, dollars in thousands)      
                             
                             
        2025       2024    
      Average       Average   Average       Average  
      Balance   Interest   Yield/Cost Balance   Interest   Yield/Cost  
                             
    Assets:                        
    Interest-earning assets:                        
    Loans $ 1,989,796   $ 29,984   6.11 %   $ 1,984,075   $ 29,737   6.03 %  
    Investment securities   85,839     1,186   5.60 %     94,845     1,457   6.18 %  
    Interest-earning cash   133,458     1,482   4.50 %     74,672     1,014   5.46 %  
    FHLB stock and other investments   8,014     185   9.36 %     9,243     224   9.75 %  
    Total interest-earning assets   2,217,107     32,837   6.01 %     2,162,835     32,432   6.03 %  
    Non interest-earning assets:                        
    Cash and due from banks   9,504             7,945          
    Other assets   49,695             49,941          
    Total assets $ 2,276,306           $ 2,220,721          
                             
    Liabilities and stockholders’ equity:                        
    Interest-bearing liabilities:                        
    Savings, N.O.W. and money market deposits $ 1,217,429   $ 11,455   3.82 %   $ 1,161,191   $ 12,933   4.48 %  
    Time deposits   490,979     5,320   4.39 %     486,779     4,962   4.10 %  
    Total savings and time deposits   1,708,408     16,775   3.98 %     1,647,970     17,895   4.37 %  
    Borrowings   108,972     1,107   4.12 %     137,788     1,276   3.72 %  
    Subordinated debentures   24,693     326   5.35 %     24,639     326   5.32 %  
    Total interest-bearing liabilities   1,842,073     18,208   4.01 %     1,810,397     19,497   4.33 %  
    Demand deposits   211,028             194,672          
    Other liabilities   24,726             27,959          
    Total liabilities   2,077,827             2,033,028          
    Stockholders’ equity   198,479             187,693          
    Total liabilities & stockholders’ equity $ 2,276,306           $ 2,220,721          
    Net interest rate spread         2.00 %           1.70 %  
    Net interest income/margin     $ 14,629   2.68 %       $ 12,935   2.41 %  
                             

    The MIL Network –

    April 24, 2025

  • MIL-OSI United Kingdom: Greens challenge “con artist” Farage to climate TV debate

    Source: Green Party of England and Wales

    23 April 2025/ 23 April 2025 by Green Party

    Responding to Nigel Farage’s comments on Radio 4’s Today Programme where he refused to accept that carbon emissions are leading to climate change, Green Party Co-Leader, Adrian Ramsay MP, hit back saying: 

    “Nigel Farage is a performer, a con artist. He will say or do anything. He will happily dance to a populist tune regardless of its impact. Let’s not forget he’s bankrolled by fossil fuel interests, climate deniers, and major polluters—taking in £2.3 million since the 2019 election.

    This morning’s performance suggested he hasn’t got the slightest grasp of even the most basic climate science. But I think it’s worse than that. He understands all too well human-made climate change, but he is willing to pretend he doesn’t and stand in the way of climate action for his party’s populist agenda.

    If he really does believe what he says, let’s see if his ridiculous rhetoric stands up to actual scrutiny – let’s see if he is prepared to take part in an hour-long TV debate about climate change and the challenge of reaching net zero?”

    MIL OSI United Kingdom –

    April 24, 2025

  • MIL-OSI United Kingdom: Gazelle helicopter to touch down for Isle of Wight Armed Forces Day 23 April 2025 Gazelle helicopter to touch down for Isle of Wight Armed Forces Day

    Source: Aisle of Wight

    Hold onto your hats, folks!

    One of the biggest attractions, both in size and attendance, is making a triumphant return to the Isle of Wight Armed Forces Day.

    Yes, you guessed it — the 679 Squadron, 6 Army Air Corps, is back with their dazzling Gazelle helicopter.

    Event organiser, Ian Dore, said: “The Gazelle presence was a ‘hoofing’ hit last year, and I’m thrilled to say it’s returning.

    “It raised eyebrows on the ferry coming over and was packed throughout the day. It’s not often you get the chance to sit in a genuine army helicopter that has seen active service, so it’s a real treat.

    “For the youngsters, it’s a great bit of kit to play around in, plus of course, it’s selfie central!”

    The Gazelle, known for its agility, first saw action in the Falklands War and later in Northern Ireland, Kosovo, and the first Gulf War.

    Four Gazelles were also part of the Army Air Corps helicopter display team, which in 2001 included the very first British female military display pilot, Sgt Julie Wiles.

    For TV buffs, a Gazelle, similar to this one, featured in the film and television series ‘Blue Thunder’. The helicopter will be stationed on the eastern side of Ryde Superbowl, accompanied by the Army Air Corps Team from 679 Squadron.

    Ian added: “This really is a hands-on attraction and is fully intact. The cyclic, collective, pedals, console, knobs, radios, buttons, dials — they’re all there to get hands-on with.

    “For those of a certain generation, and if ‘Blue Thunder’ wasn’t your cup of tea, you can also hop in and pretend to be Stringfellow Hawke, flying around the Solent in ‘Airwolf’.

    “For youngsters who see flying or air operations as a career, this is as good as it gets on the ground, and we are chuffed to have them back.”

    Isle of Wight Armed Forces Day takes place on Sunday, 29 June at Ryde.

    MIL OSI United Kingdom –

    April 24, 2025

  • MIL-OSI USA: Student Activities Building a Sense of Belonging at UConn’s Regional Campuses

    Source: US State of Connecticut

    To watch Aylanie Bonilla in action as a UConn Waterbury student ambassador, it’s easy to imagine she’s always been the sociable go-getter who leads campus tours, meets with high schoolers, and participates in multiple clubs.

    But it’s those very activities she credits with giving her a sense of belonging at UConn, where the Storrs campus felt so large to her in her first semester that she transferred to her hometown campus in Waterbury.

    Like thousands of other students at UConn’s four regional campuses, Bonilla ’26 (CLAS) found her voice and her community through student clubs, an on-campus learning community, and other extracurricular activities.

    She jokes that she’s not sure many of her high school teachers would even remember her name since she was so shy and barely spoke up in class. They’d certainly be surprised now to see her comfortably chatting with strangers, joining clubs, and serving as a program assistant for the Walkbury community initiative.

    “When I became an orientation leader on campus, I just started talking, and I haven’t really stopped,” says Bonilla ’26 (CLAS). “It was really easy to get involved here and to make friends in the clubs and the classes. The feeling is like being part of a big family.”

    UConn Avery Point Women’s Basketball team practicing at UConn Avery Point. (Sean Flynn/UConn Photo)

    Overall, about 5,100 of UConn’s estimated 19,800 undergraduates count one of those locations as their home campus.

    With the vast majority of all regional campus students being Connecticut natives, those locations offer the benefits of a UConn education with the convenience of being in communities where students can live, work, and socialize.

    Like the flagship Storrs campus, the campuses in Avery Point, Hartford, Stamford, and Waterbury each have student government groups, academic and social clubs, and a range of formal and informal activities.

    Regional campus students can also participate in many of the clubs based at Storrs, including having local versions at their own locations. The events are tailored to the unique goals and experiences shared by regional campus students, many of whom balance their classes and clubs with jobs, family obligations, and community activities.

    “It is widely known from student development research, along with the experience of our own students, that engagement in clubs and organizations has dramatic and positive impact on a student’s experience. They also help UConn to attract increasing numbers of top students to our campuses,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.

    Having robust campus activities also helps UConn retain and continue to improve its strong retention and graduation rates as students meet peers, mentors, and others to whom they can turn for help if they’re facing obstacles.

    UConn has prioritized a commitment to expanding its regional campus offerings as part of its Strategic Plan, building on each location’s strengths to make them destinations for students interested in specific majors or programs.

    The clubs are a perfect complement to that work, and part of a wider network of services that also include more advising support and expanded on-site Student Health & Wellness offerings such as nurse navigators, mental health clinical care case workers, and health promotion programs.

    Students playing a game of chess at UConn Hartford. (Sean Flynn/UConn Photo)

    In addition to the academic and social clubs, each regional campus offers library and research resources, small courses with experienced faculty, and programs to help students engage with the communities in which the campuses are located.

    Each campus offers clubs in which students connect with each other through common cultural backgrounds, volunteer activities, religious affiliations, and other attributes. The clubs also build on the academic, social, and community ties unique to each regional campus.

    At UConn Avery Point, for instance, clubs for sailing and paddling, scuba diving, and marine sciences help students take advantage of the waterfront location and resources – in addition to clubs for learning, relaxation, and cultural connections.

    UConn Hartford’s location in Connecticut’s capital city provides an ideal setting for clubs helping students advance their aspirations in business, social work, healthcare and other professions, while also offering fun opportunities to connect through gaming, dance, and other pursuits.

    At the Stamford campus, students participate in a variety of political, cultural, and professional clubs that take advantage of its curriculum and location, and they can also have some fun in groups for debating, K-pop music, sports, and other activities.

    Bonilla, the UConn Waterbury student, has been active in the K-pop group on that campus, where students participate in clubs that range from a business society focused on networking and professional development to ping pong and improv drama.

    The campuses also provide many informal opportunities for students to connect, be it through casual slime-making sessions or building Chipotle-style burrito bowls – recent activities at UConn Waterbury that drew scores of students, including a line that stretched down the hallway for the burrito bowls.

    Students celebrate the opening of the new Center for Academic Success and Engagement (CASE) at UConn Stamford (Sean Flynn/UConn Photo)

    Bonilla is transferring to UConn Stamford this fall and expects to remain just as actively involved there, finishing her degree in communications and looking forward to finding the same sense of community that she discovered in Waterbury.

    “I’m excited to be in a new area and meet new people, and to look for an internship in my field,” she says. “I know it’s a bigger campus than Waterbury, but I also feel like I have a good start and it’ll be fun to get really involved there like I’ve been here.”

    MIL OSI USA News –

    April 23, 2025

  • MIL-OSI USA: Imagine Shakespeare in Front of a PS4 – Probably Not, But the Bard Has Influenced Gaming

    Source: US State of Connecticut

    Even if William Shakespeare had made it to his 461st birthday today, it’s unlikely the famed playwright would have enjoyed a game of pin the tail on the donkey to celebrate.

    Born April 23, 1564, and died the same day 52 years later, Shakespeare would have preferred a round of chess or game of cards, maybe even a little (gasp!) gambling, to mark another year around the sun.

    Those were the games played in the Middle Ages, not the kids’ game, which was invented in the late 1800s and involves a blindfold and picture of an ass, though Shakespeare may have found amusement in the premise.

    Julia Wold ’25 Ph.D. guesses that Shakespeare would have been fascinated by modern advances in how we play, from rudimentary party games to the $185 billion global video game industry in which players have control over the story in just a flick of a joystick or press of a button.

    “As an artist who became more experimental as he got older, I think he would find the possibilities of video games as an art form really interesting and would probably enjoy the interactivity and the opportunity to try out different decisions and see what happens,” Wold says. “He strikes me as someone who was very interested in experimenting with new forms of entertainment.”

    For the last year, Wold, a graduating English scholar, has been a fellow at the UConn Humanities Institute, polishing her dissertation, “Adapting Choice: Shakespeare, Video Games, and Early Modern Thought,” a subject that she says brought her joy on even the hardest of days in completing the mechanics of research.

    “I wasn’t expecting to write a dissertation about video games, but then the game ‘Elsinore‘ came out and in it you play as the character Ophelia from ‘Hamlet,’ and I found it interesting to consider what changes were being made to the text to give Ophelia power and agency,” she says. “Then, I realized I wanted to look at what in Shakespeare’s plays is reflective of this culture of games and play and what is revealed about that culture when you adapt one of those plays into a video game.”

    To Game, or Not to Game

    To be clear, there were no video games in Shakespeare’s times, but, Wold says, games and game playing were part of everyday life and would have been something in which he engaged. Many around him would have played chess or cards, but betting on sports or other activities was commonplace, albeit more taboo.

    Those in the upper class or the nobility would have enjoyed so-called conversational games that could be played without equipment and after dark without the benefit of electricity, games like who-can-contrive-the-best-courting-method-to-nab-a-mate.

    Wold says that’s something seen clearly in Shakespeare’s “Much Ado About Nothing” when the couple Beatrice and Benedick trade romantic barbs in a game of social wit, scoring points off one another as they confess their love.

    These kinds of conversational games were popular, in part because in the 1500s people didn’t own as many possessions as they do today – never mind the fact that a plastic Scrabble board just simply hadn’t been invented. Owning equipment to play a sport, like a bow for archery or racket for tennis, would have been a luxury.

    Thus, even a simple guessing game, like guessing the correct casket in “The Merchant of Venice,” would have been considered a game, Wold says. But Shakespeare does give an obvious example of game playing in “The Tempest,” when Prospero teaches Miranda how to play chess.

    “He uses chess to teach her about the world, but he has an agenda. So, chess is used in a way that we’re used to seeing in a lot of TV and movies as a metaphorical language about how we control people and how factions work against each other,” she says.

    See, it started with Shakespeare.

    All the World’s (His) Stage

    Wold says that people in the 16th century also would have considered pantomime or the act of putting on a play a type of game. And that’s why Hamlet staging a play in “Hamlet” would have been considered a type of game and a form of play back then.

    But complex, detailed stage directions aren’t part of Shakespeare’s plays – that’s a more contemporary thing – and his work is easily molded, which means a modern-day director might ask an actor portraying Romeo to idle their time with Candy Crush while waiting for Juliet in a New York studio apartment. And to the viewer it all still makes sense.

    “Not all literature is so easily translated into new forms and new media across time,” Wold says. “Most of Shakespeare can be adapted to pretty much any time and place. There are Japanese ‘MacBeths.’ There are different versions of his plays performed in tribal contexts in Africa. The texts themselves are extremely malleable, and that is a benefit, not a detriment.”

    Similarly, many video games have narratives that change based on game play and user decisions – To be Team Instinct, or not to be, that is the Pokemon Go question.

    Wold points to “A Midsummer Night’s Dream” as a good example of how the structure of daily living, its rules and regulations, break away when a group of people are playing a game.

    “Think of the Lord of Misrule or the idea that you would take someone from lower down and make them a king for a day. A lot of games or game-like behavior is explicitly interested in the breaking down of norms within a safe, contained space,” she explains. “It gives people a safe space to play around with hierarchies without infecting broader society. ‘Midsummer Night’s Dream’ is a great example of that.”

    She notes, “The character Puck, he’s a joker. If we think about the image of the joker card, he very much fits that image.”

    The PlayStation’s the Thing

    Modern video gaming itself has morphed into an art form, going from pixelated cartoon graphics to life-like animation replete with fresh musical compositions and human voiceovers. The user interacts with them, engaging more than just hand-eye coordination.

    Much of that, Wold argues, hearkens to the act of putting on a play and the interactivity between the numerous people involved: actors, directors, costume designers, and so on. Each genre involves many hands and fully engages an audience.

    What’s more, a video game can be played differently with each round as a player elects different paths and makes different decisions; Arthur Morgan most often dies of tuberculosis in Red Dead Redemption 2, but a bullet is another possibility based on choices made along the way.

    So, too, can a theatrical performance change from matinee to evening as actors make subtle changes – let’s say adding or subtracting a wry smile, each time they take the stage.

    “Shakespeare’s influence is everywhere,” Wold says. “If you want to be a culturally media literate person, you need to know Shakespeare. His work is the foundation of a lot of cultural references, allusions, and influences. So many of our linguistics and turns of phrase originated with him.

    “This isn’t something you need to be thinking about 24/7 or accept 100% of the time,” she continues, “but when you want to look for it, you can find his influence. He’s ubiquitous, and a lot of modern gaming is based on this idea of a game space as the way that we understand it from Shakespeare.”

    MIL OSI USA News –

    April 23, 2025

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY (101.54%), MARO (101.13%), ULTY (77.02%), MRNY (63.58%), NVDY (63.07%), and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.3454 – – 0.23% 4/24/25 4/25/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2472 35.07% 0.00% 3.72% 4/24/25 4/25/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4088 58.94% 0.00% 100.00% 4/24/25 4/25/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.3231 44.04% 0.00% 0.37% 4/24/25 4/25/25
    RDTY YieldMax™ R2000 0DTE Covered Call ETF Weekly $0.4570 56.72% 0.00% 100.00% 4/24/25 4/25/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.3024 38.99% 0.00% 0.00% 4/24/25 4/25/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0836 77.02% 2.21% 96.26% 4/24/25 4/25/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0924 34.84% 69.89% 87.58% 4/24/25 4/25/25
    YMAX YieldMax™ Universe Fund
    of Option Income ETFs    		 Weekly $0.1367 56.19% 96.57% 74.88% 4/24/25 4/25/25
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 Weeks $0.6587 50.19% 1.92% 91.80% 4/24/25 4/25/25
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 Weeks $0.6186 62.68% 2.36% 0.00% 4/24/25 4/25/25
    FBY YieldMax™ META Option Income Strategy ETF Every 4 Weeks $0.5216 48.14% 4.38% 91.40% 4/24/25 4/25/25
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 Weeks $0.7284 56.99% 2.77% 0.00% 4/24/25 4/25/25
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 Weeks $0.5612 46.44% 4.01% 92.60% 4/24/25 4/25/25
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 Weeks $1.8468 101.13% 4.90% 97.16% 4/24/25 4/25/25
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 Weeks $0.1261 63.58% 4.65% 0.00% 4/24/25 4/25/25
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 Weeks $0.6734 63.07% 4.01% 85.30% 4/24/25 4/25/25
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 Weeks $4.6556 101.54% 2.78% 98.08% 4/24/25 4/25/25
    Weekly Payers & Group C ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX ABNY AMDY CONY CVNY FIAT MSFO NFLY PYPY

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1  All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

    2  The Distribution Rate shown is as of close on April 22, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5  ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For XYZY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For WNTR, click here. For CHPY, click here. For RNTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

    April 23, 2025

  • MIL-OSI United Kingdom: Joint statement between the Prime Minister of the United Kingdom and the Prime Minister of New Zealand

    Source: United Kingdom – Executive Government & Departments

    Press release

    Joint statement between the Prime Minister of the United Kingdom and the Prime Minister of New Zealand

    This Joint Statement follows the meeting of the United Kingdom and New Zealand Prime Ministers in London on 22 April 2025.

    This Joint Statement follows the meeting of the United Kingdom and New Zealand Prime Ministers in London on 22 April 2025.

    Reflecting on the enduring UK-NZ partnership, underpinned by shared values, rich connections between our people, and profound mutual trust, and cognisant of these uncertain times, the Prime Ministers expressed high ambition to deepen cooperation to ensure our modern and dynamic partnership continues to thrive, and contributes to our security and prosperity. We are energised by our shared commitment to deliver for our people.

    The Prime Ministers reiterated their commitment to upholding the fundamental principles that underpin our partnership – democracy, human rights and the rule of law – which are central to a stable international order. They reaffirmed their commitment to international cooperation to address global challenges, supported by effective and efficient multilateral institutions, and recognised the indivisibility of the security and prosperity of the Euro-Atlantic and Indo-Pacific regions.

    The Prime Ministers reiterated their unwavering support for Ukraine and welcomed US-led efforts to achieve a just and lasting peace for Ukraine. The United Kingdom and New Zealand called on Russia to withdraw its forces immediately and end its illegal invasion. They called on those supporting Russia’s Military-Industrial Complex through the supply of dual use components and weapons, to cease fuelling Russia’s war against Ukraine. The Prime Ministers expressed gratitude to the military personnel of the United Kingdom and New Zealand who have trained over 54,000 Ukrainians through Operation Interflex the UK-led multinational training effort. As the conflict evolves, both Leaders agreed to coordinate on training to meet Ukraine’s evolving needs.

    The Prime Ministers welcomed on-going discussions on future support for Ukraine as part of the UK and France-led Coalition of the Willing – a multinational reassurance force to support Ukraine’s long-term defence and security. Prime Minister Starmer thanked New Zealand for its ongoing participation in military and diplomatic discussions about possible post-conflict support for Ukraine.

    Noting the mounting threats to international peace and security, the Prime Ministers noted the decisions taken by both governments to substantially increase defence spending. They agreed to renew our historic defence partnership to make it fit for the future, and to deepen cooperation in our defence capabilities and industries.

    The Prime Ministers acknowledged the ongoing cooperation between our defence forces on global challenges, including in the Middle East and Indo-Pacific. Prime Minister Starmer welcomed New Zealand’s upcoming participation in the UK-led Carrier Strike Group deployment in the Indo-Pacific, and welcomed ongoing consultations as New Zealand continues to explore potential opportunities for participation in AUKUS Pillar II.    

    The Prime Ministers agreed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity. They reiterated their concern at China’s recent military exercises around Taiwan and called for the peaceful resolution of cross-Strait Issues.

    The Prime Ministers reaffirmed their commitment to work together to promote the prosperity, security and resilience of Pacific Small Island Developing States. In the context of climate change they welcomed joint work on the TIDES renewable energy investment fund.

    Free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Prime Ministers committed to strengthening and modernising the rules-based trading system. The Prime Ministers welcomed our enhanced trading relationship since the entry into force of the UK-NZ Free Trade Agreement, with the United Kingdom now one of New Zealand’s fastest growing export markets.

    The Prime Ministers agreed to work together to strengthen the role that free trade plays in increasing prosperity, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to). This includes growing the agreement ambitiously through further accessions and pursuing concrete updates through the ongoing General Review.

    Noting that economic growth and improving the lives of British and New Zealand citizens are fundamental priorities for both governments, the Prime Ministers welcomed the signing of commercial deals including on clean technology and infrastructure.

    The Prime Ministers agreed to further enhance our mutual security and prosperity by: 

    • Forging a new Clean Energy Partnership to encourage two-way investment in renewable energy and low and zero emissions technologies.
    • Launching an investor partnership for New Zealand investment into agritech SMEs in the UK, and collaboration on Earth Observation from space.
    • Affirming our partnership with, and support for, Pacific Island countries’ climate resilience through clean energy, ecosystem resilience, and climate adaptation.
    • Continuing close cooperation to protect Antarctica as a place for peace and science and upholding the Antarctic Treaty System.
    • Strengthening cooperation in support of the rules-based system, including through reform of multilateral institutions.
    • Updating our Double Taxation Agreement to provide long term certainty and stability to business.
    • Recognising the renewed mutual recognition of professional qualifications between Engineering New Zealand and UK’s Engineering Council.
    • Modernising our Film and TV Co-production Treaty to promote the growth of our world-class screen industries and bring more iconic stories to the screen.

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    Published 23 April 2025

    MIL OSI United Kingdom –

    April 23, 2025

  • MIL-OSI Russia: A record number of people attended the parade and exhibition of Moscow trams.

    Translartion. Region: Russians Fedetion –

    Those who wished could enter the salons, examine the cash box and composters. There were also competitions, a concert and a tasting of dishes from the field kitchen.

    A ceremonial tram parade took place in Moscow. A column of 11 retro trams traveled along a new route – from Shabolovka to Danilovskaya Manufactory and back.

    The event guests were also able to visit the renovated tram depot named after P. L. Apakova, which opened its doors to everyone for the first time after a large-scale reconstruction. An exhibition of historical carriages was held on the depot territory.

    “Moscow Transport is happy to support the tradition of holding tram parades in the capital. Last year, we organized three such celebrations, which were attended by more than 500 thousand people. The tram parade on Shabolovka once again proved that residents love and appreciate this wonderful form of transport, which can safely be called a symbol of our city. We will continue to develop the capital’s tram on the instructions of Sergei Sobyanin,” said Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    In total, more than 20 trams of different generations took part in the exhibition. You could enter any car and try out the softness of the seats, hold onto the handrails, examine the cash box and composters – they were used to pay for travel in the past.

    Musical and dance groups performed at the event. The special guest of the program was the musical group “Moralny Kodeks”. Visitors were able to take part in competitions and win memorable prizes, as well as try dishes prepared in the field kitchen.

    The parade and tram exhibition on Shabolovka was seen by more than 220 thousand residents and visitors of the city. This is a record figure for the last five years.

    MIL OSI Russia News –

    April 23, 2025

  • MIL-OSI Russia: Record attendance at Moscow tram parade and exhibition.

    Moscow recently hosted a grand tram parade that attracted a record-breaking number of visitors. Over 220,000 residents and guests gathered to celebrate the city’s tram history, marking the highest attendance in the past five years.

    A procession of 11 trams travelled along a new route, starting from Shabolovka Street to Danilovskaya Manufactory and then back. Visitors had the unique opportunity to step inside the meticulously restored tramcars, explore their interiors, and take a closer look at vintage fare boxes and ticket punchers, once used for fare collection.

    The celebration extended to the newly renovated P.L. Apakov tram depot, which opened its doors to the public for the first time after an extensive reconstruction. The depot hosted an exhibition featuring over 20 historic tramcars from various generations, allowing attendees to sit on the seats, hold onto the handrails, and immerse themselves in the history of Moscow’s tram system.

    The event was more than just a parade. Visitors enjoyed live performances by musical and dance ensembles, with the renowned band «Moralny Kodex» headlining the program. Guests also participated in contests to win memorable prizes and sampled hearty dishes prepared in a field kitchen.

    Moscow Transport is proud to uphold the tradition of hosting tram parades in the capital. Last year, we organized three such events, drawing over 500,000 visitors. The tram parade at Shabolovka Street once again demonstrated that residents love and appreciate this wonderful mode of transport, which can rightfully be called a symbol of our city. We will continue to develop Moscow’s tram system under the directive of Mayor Sergey Sobyanin, — said Maksim Liksutov, Deputy Mayor of Moscow for Transport and Industry.

    Tram parade and exhibition served as a vibrant reminder of the city’s dedication to preserving and celebrating its transportation heritage while continuing to modernize and expand its tram network. This year’s event was a resounding success, bringing the community together to honor a cherished symbol of Moscow.

    MIL OSI Russia News –

    April 23, 2025

  • MIL-OSI Global: Young UK journalists learn towards activist roles, away from objectivity – new survey

    Source: The Conversation – UK – By Imke Henkel, Lecturer in Journalism and Media, University of Leeds

    fizkes/Shutterstock

    The role of journalists has been changing for some time now. Due to the rise of social media, journalists no longer hold the monopoly on informing the public and holding the powerful to account. Nor do they keep their role as exclusive gatekeepers for news. And many readers find that algorithms do a better job of selecting news than human editors.

    For a new report on the state of the journalism profession in the UK in the 2020s, my colleagues and I asked journalists what they think their role in society should be today. Facing a world of rising authoritarianism, war in Europe and catastrophic climate change, a younger generation of UK journalists increasingly believe they should occupy a more activist role in society.

    We asked a representative sample of 1,130 UK journalists how important a selection of 24 roles were to them. These included informer roles such as “being a detached observer”, to advocating roles such as “promote peace and tolerance” and audience-oriented roles such as “provide entertainment and relaxation”. We measured their answers on a scale from “not at all important” to “extremely important”.

    These questions were part of a wider survey my colleagues Neil Thurman, Sina Thäsler-Kordonouri and I conducted at the end of 2023. Our survey is the UK leg of the third wave of the Worlds of Journalism Study, a global project researching the state of journalism across 75 countries.

    The survey follows a similar one conducted eight years earlier. Comparing journalists’ answers to both allows us to understand how their professional attitudes have changed.

    Then and now, the roles journalists hold to be most important are those considered to be the traditional purpose of journalism: being a detached observer (linked to objectivity), providing analysis of current affairs, and – the classic watchdog role – monitoring and scrutinising those in power. More than half of our respondents thought that these roles were “extremely” or “very important”.

    However, we found a notable shift in which roles journalists emphasise over others. While they still consider their traditional roles to be essential, many appear to be leaning more towards activist roles, and away from roles linked to objectivity.

    In 2015, 77% of respondents thought that “being a detached observer” was “extremely” or “very important”. In 2023, it was 69%. Tellingly, there is also a generational shift. While 74% of respondents over 40 rate their role as detached observers as very or extremely important, just 60% of those under 40 do.

    The activist role

    UK journalists’ interest in the more activist watchdog role has risen between 2015 and 2023. It should be noted that the question was asked slightly differently in 2015. Then, 48% found it very or extremely important to monitor and scrutinise political leaders, and 59% thought the same about business. In 2023, 65% considered monitoring and scrutinising those in power very or extremely important.

    In general, we found that as younger journalists are turning away from roles that can be considered more neutral, such as “providing analysis of current affairs”, they are becoming more interested in more activist roles.

    Roles such as “speaking on behalf of the marginalised” and “shining a light on society’s problems” are both more important for journalists under 40 than for older journalists.

    We also found that the role of “educating the audience” was significant – 88% of respondents said it was important. This role can sometimes be considered more activist, as it may involve conveying cultural or moral values in addition to information. Along with younger journalists, we found those who produce for podcasts and for radio are significantly more interested in this role than other journalists.

    Young journalists were more likely to embrace activist roles.
    Silatip/Shutterstock

    We also observed that roles which support active participation in democracy, such as “provide information people need to form political opinions”, are more favoured by journalists working for local and regional media than by their colleagues at national outlets.

    Those working for internet native media reported being less interested in these roles than those in legacy media (newspaper, TV or radio). Additionally, journalists’ interest in commercially driven roles like “providing the kind of news that attracts the largest audience”, has decreased.

    Responding to pressure

    Recent political and social upheavals have raised confronting questions about journalists’ role in society.

    In the aftermath of Brexit, journalists were accused of failing their democratic role. So-called mainstream media have been criticised by alternative media for supposedly reinforcing the establishment’s agenda. And journalists’ traditionally most treasured value – objectivity – has been questioned in the face of the war in Ukraine, social movements such as Black Lives Matter and existential threats like climate change. It’s no wonder that many journalists themselves are perturbed by what is happening to their profession.

    Our survey points to a notable shift in journalists’ professional attitudes. UK journalists, especially the younger generation, seem to respond more to the pressures that challenge their traditional roles. Meanwhile, local news outlets and legacy media emerge as the most determined advocates for journalism’s democratic role.

    The dispute about the contested value of journalistic objectivity has become a bellwether for journalists’ changing professional culture. Our survey shows that, while still important for UK journalists, it is indeed eroding.

    Imke Henkel 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. Young UK journalists learn towards activist roles, away from objectivity – new survey – https://theconversation.com/young-uk-journalists-learn-towards-activist-roles-away-from-objectivity-new-survey-254839

    MIL OSI – Global Reports –

    April 23, 2025

  • MIL-OSI Russia: With the support of Rosneft, the Sretensky Monastery Choir performed an anniversary concert in the Kremlin Palace

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of Rosneft, the anniversary concert of the Sretensky Monastery Choir “Russia is ours alone” was held in the State Kremlin Palace (Moscow). The performance was dedicated to the 30th anniversary of the musical group.

    Rosneft has been supporting the Sretensky Monastery Choir since 2015. During this time, the group has successfully held numerous concert tours. Among the productions of past years are “Unholy Saints”, “The Romanovs”, “Russia: Time, Forward!”, “Masterpieces of World Culture”, “Life”, “Songs of Our Parents”.

    At the anniversary concert, the choir performed unique examples of spiritual music, as well as beloved songs that captured the most important milestones in the history of our country. Among them are “Let’s Pray for Our Parents”, “Hope”, “I Love You, Life”, “Horse”, etc. In addition, other famous musicians and actors of our country, as well as the children’s choir of the “White Steamship” project, took part in the event. The anniversary concert was a sell-out, the audience applauded the musicians standing.

    This year, with the support of Rosneft, the Sretensky Monastery Choir presented a new musical production, Dedicated to the Great Victory, prepared for the 80th anniversary of the Victory in the Great Patriotic War. The new project is designed to preserve the memory of the heroic events. The program includes the best works from the front years. The production is based on real stories about the fates of the heroes who walked the miles of war from Moscow to Berlin. The program includes concerts in 24 cities in the regions where the Company operates. The tour will end on July 3 with a concert in Sochi.

    The Sretensky Monastery Choir is one of the most famous musical groups in Russia. It has a unique performing style that allows you to hear and feel music in a new way. The group has already visited more than 45 countries and performed at the most famous venues.

    Rosneft actively participates in significant projects of Russian cultural life aimed at the revival and preservation of spiritual and national values. Since 2018, the Company has supported the projects of the State Hermitage Museum. With the support of Rosneft, the museum opened an updated exhibition “Culture and Art of China”, and the Gallery of the Department of the Ancient World was restored. Also, since 2022, Rosneft has been the general sponsor of the children’s music festival “White Steamship”.

    With the Company’s support, the Mariinsky Theatre artists under the direction of Valery Gergiev performed in Qatar with the production of “A Thousand and One Nights”; a concert dedicated to the 95th anniversary of Alexandra Pakhmutova was held in Volgograd; several exhibitions were organized at the Jewish Museum and Tolerance Center in Moscow. In 2023-2024, with the support of Rosneft, Tatyana Navka’s ice shows “Evenings on a Farm” and “The Nutcracker” were held in Moscow, and the show “The Love Story of Scheherazade” toured in the Indian city of Ahmedabad.

    Department of Information and Advertising of PJSC NK Rosneft April 23, 2025

    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 –

    April 23, 2025

  • MIL-OSI Asia-Pac: Joint Statement at the conclusion of the State Visit of Prime Minister to the Kingdom of Saudi Arabia

    Source: Government of India

    Posted On: 23 APR 2025 12:44PM by PIB Delhi

    “A Historic Friendship; A Partnership for Progress”

    At the invitation of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Hon’ble Prime Minister of the Republic of India, Shri Narendra Modi paid a State Visit to the Kingdom of Saudi Arabia on April 22, 2025.

    This was Prime Minister Shri Narendra Modi’s third visit to the Kingdom of Saudi Arabia. It followed the historic State Visit of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia’s visit to India in September 2023 to participate in the G-20 Summit and co-chair the first meeting of the India- Saudi Arabia Strategic Partnership Council.

    His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, received Prime Minister Shri Narendra Modi at Al-Salam Palace, Jeddah.They held official talks, during which they recalled the strong bonds of historically close friendship between the Republic of India and the Kingdom of Saudi Arabia. India and Saudi Arabia enjoy a strong relationship and close people-to-people ties marked by trust and goodwill. The two sides noted that the solid foundation of the bilateral relationship between the two nations has further strengthened through the strategic partnership covering diverse areas including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties. Both sides also exchanged views on current regional and international issues of mutual interest.

    Prime Minister Shri Narendra Modi congratulated HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Kingdom of Saudi Arabia for Saudi Arabia’s successful bids for World Expo 2030 and FIFA World Cup 2034.

    The two leaders held constructive discussions on ways to strengthen the strategic partnership between India and the Kingdom of Saudi Arabia. The two leaders also co-chaired the second meeting of the India-Saudi Arabia Strategic Partnership Council (SPC). The two sides reviewed the progress of the Strategic Partnership Council since their last meeting in September 2023. Both leaders expressed their satisfaction with the outcomes of the work of the two Ministerial Committees, namely: (a) the Committee on Political, Security, Social and Cultural Cooperation and their subcommittees and (b) the Committee on Economy and Investment and their Joint Working Groups, in diverse fields. In this context, the Co-Chairs of the Council welcomed the expansion of the Strategic Partnership Council to four Ministerial Committees reflecting the deepening of the Strategic Partnership, by addition of the Ministerial Committees on Defence Cooperation, and Tourism and Cultural Cooperation. The two leaders noted with appreciation the large number of high-level visits across various Ministries that have built trust and mutual understanding on both sides. At the end of the Meeting, the two leaders signed the Minutes of the Second Meeting of the India-Saudi Arabia Strategic Partnership Council.

    The Indian side expressed its appreciation to the Saudi side for the continuing welfare of around 2.7 million Indian nationals residing in the Kingdom, reflecting the strong people- to-people bonds and immense goodwill that exists between the two nations. The Indian side also congratulated Saudi Arabia for successfully holding the Haj pilgrimage in 2024 and expressed its appreciation for the excellent coordination between the two countries in facilitating Indian Haj and Umrah pilgrims.

    Both sides welcomed the growth of the economic relationship, trade and investment ties between India and Kingdom of Saudi Arabia in recent years. The Indian side congratulated the Saudi side for progress achieved on the goals under Vision 2030. Saudi side expressed appreciation for India’s sustained economic growth and the goal of Viksit Bharat or becoming a developed country by 2047. Both sides agreed to work together in areas of mutual interests to fulfill respective national goals and achieve shared prosperity.

    Both Leaders noted with satisfaction the progress made in the discussions under the High-Level Task Force (HLTF), constituted in 2024 for promoting investment flows between the two countries. Building on the endeavor of Saudi Arabia to invest in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, it was noted that the High-Level Task Force came to an understanding in multiple areas which will rapidly promote such investment flows. They noted the agreement in the High-Level Task Force to collaborate on establishing two refineries. The progress made by this Task Force in areas such as taxation was also a major breakthrough for greater cooperation in the future. The two sides affirmed their desire to complete negotiations on the Bilateral Investment Treaty at the earliest. The Indian side appreciated the launch of India Desk at the Public Investment Fund (PIF) to act as the nodal point for investment facilitation by PIF. They observed that work of the High-Level Task Force underscores the growing economic partnership between India and Saudi Arabia focusing on mutual economic growth and collaborative investments.

    The two sides affirmed their commitment to strengthening their direct and indirect investment partnership. They commended the outcomes of the Saudi-India Investment Forum, held in New Delhi in September 2023, and the active cooperation it achieved between the public and private sectors from both countries. They also commended the expansion of investment activities by Indian companies in the Kingdom, and appreciated the role of the private sector in enhancing mutual investments.The two sides valued the activation of the Framework of Cooperation on Enhancing Bilateral Investment between Invest India and Ministry of Investment of Saudi Arabia. Both sides agreed to facilitate enhanced bilateral cooperation in the startup ecosystem, contributing to mutual growth and innovation.

    In the field of Energy, the Indian side agreed to work with the Kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. They emphasized the need to ensure security of supply for all energy sources in global markets. They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives including LPG, collaboration in India’s Strategic Reserve Program, joint projects across the refining and petrochemical sector, including manufacturing and specialized industries, innovative uses of hydrocarbons, electricity, and renewable energy, including completing the detailed joint study for electrical interconnection between the two countries, exchanging expertise in the fields of grid automation, grid connectivity, electrical grid security and resilience, and renewable energy projects and energy storage technologies, and enhancing the participation of companies from both sides in implementing their projects.

    The two sides emphasized the importance of cooperation in the field of green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, exchanging expertise and experiences to implement best practices. The two sides also acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, enhancing cooperation in the field of energy efficiency and rationalizing energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance.

    With regard to climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements with a focus on emissions rather than sources. The Indian side commended the Kingdom’s launch of the “Saudi Green Initiative” and the “Middle East Green Initiative”and expressed its support for the Kingdom’s efforts in the field of climate change. The two sides stressed the importance of joint cooperation to develop applications of the circular carbon economy by promoting policies that use the circular carbon economy as a tool to manage emissions and achieve climate change objectives.The Kingdom of Saudi Arabia appreciated India’s contributions to global climate action by pioneering initiatives like International Solar Alliance, One Sun-One World-One Grid, Coalition of Disaster Resilient Infrastructure (CDRI) and Mission Lifestyle for Environment (LiFE) and Global Green Credit Initiative.

    Both sides expressed satisfaction at the steady growth in bilateral trade in recent years with India being the second largest trading partner for Saudi Arabia; and Saudi Arabia being India’s fifth largest trading partner in 2023-2024. Both sides agreed to further enhance co-operation to diversify their bilateral trade. In this regard, both sides agreed on the importance of increasing visits of business and trade delegations, and holding trade and investment events. Both sides reiterated their desire for commencing negotiations on the India-GCC FTA.

    The two sides appreciated the deepening of the defence ties as a key pillar of the Strategic Partnership, and welcomed the creation of a Ministerial Committee on Defence Cooperation under the Strategic Partnership Council. They noted with satisfaction the growth of their joint defence cooperation including numerous ‘firsts’ like the first ever Land Forces exercise SADA TANSEEQ, two rounds of the Naval Exercises AL MOHED AL HINDI, many high-level visits, and training exchanges, towards ensuring the security and stability of the region. They welcomed the outcomes of the 6th meeting of the Joint Committee on Defence Cooperation held in Riyadh in September 2024, noting the initiation of staff-level talks between all three services. Both sides also agreed to enhance defence industry collaboration.

    Noting the continuing cooperation achieved in security fields, both sides highlighted the importance of this cooperation for better security and stability. They also emphasized the importance of furthering cooperation between both sides in the areas of cybersecurity, maritime border security, combating transnational crime, narcotics and drug trafficking.

    Both sides strongly condemned the gruesome terror attack in Pahalgam, Jammu and Kashmir on 22 April 2025, which claimed the lives of innocent civilians. In this context, the two sides condemned terrorism and violent extremism in all its forms and manifestations, and emphasized that this remains one of the gravest threats to humanity. They agreed that there cannot be any justification for any act of terror for any reason whatsoever. They rejected any attempt to link terrorism to any particular race, religion or culture. They welcomed the excellent cooperation between the two sides in counter-terrorism and the terror financing. They condemned cross-border terrorism, and called on all States to reject the use of terrorism against other countries, dismantle terrorism infrastructure where it exists, and bring perpetrators of terrorism to justice swiftly. Both sides stressed the need to prevent access to weapons including missiles and drones to commit terrorist acts against other countries.

    The two sides noted the ongoing cooperation in field of health and efforts to combat current and future health risks and health challenges. In this context, they welcomed the signing of the MOU on Cooperation in the Field of Health between the two countries. The Indian side congratulated the Kingdom of Saudi Arabia for successfully hosting the Fourth Ministerial Conference on Antimicrobial Resistance in Jeddah in November 2024. Indian side welcomed the initiatives taken by the Saudi Food and Drug Authority to address issues related to reference pricing and fast track registration of Indian drugs in Saudi Arabia. Both sides also welcomed the extension of the MoU on Co-operation in the Field of Medical Products Regulation between Saudi Food and Drug Authority and Central Drugs Standard Control Organization (CDSCO) for a further period of five years.

    Both sides underscored the importance of co-operation in technology including in new and emerging domains such as Artificial Intelligence, cybersecurity, semi-conductors etc. Highlighting the importance of digital governance,both sides agreed to explore collaboration in this area. They also expressed satisfaction on signing of the MOU between Telecom Regulatory Authority of India and Communications, Space and Technology Commission of Kingdom of Saudi Arabia for cooperation in regulatory and digital sectors.

    Both sides noted that the MoU on space cooperation signed during this visit will pave the way for enhanced cooperation in the field of space, including utilization of launch vehicles, spacecraft, ground systems; applications of space technology; research and development; academic engagement and entrepreneurship.

    Both sides noted the growth of cultural cooperation between the Kingdom of Saudi Arabia and the Republic of India through active engagement in key sectors such as heritage, film, literature, and performing and visual arts. The creation of a Ministerial Committee on Tourism and Cultural Cooperation under the Strategic Partnership Council marks a significant step toward deepening this partnership.

    Both sides also agreed to enhance cooperation in tourism including through capacity building and sustainable tourism. They also noted the expansion of various opportunities in media, entertainment, and sports, supported by the strong people-to-people ties between the two countries.

    Both sides appreciated the long-standing cooperation between the two countries in the areas of agriculture and food security, including trade of fertilizers. They agreed to pursue long-term agreements for the security of supply, mutual investments and joint projects towards building long-term strategic cooperation in this area.

    The two sides commended the growing momentum in educational and scientific collaboration between the two countries, underscoring its strategic importance in fostering innovation, capacity building, and sustainable development. The Saudi side welcomes the opportunities for leading Indian universities to have presence in Saudi Arabia.The two sides also stressed the value of expanding cooperation in labour and human resources and identifying opportunities for collaboration.

    Both sides recalled the signing of the Memorandum of Understanding on the Principles of an India-Middle East-Europe Economic Corridor along with other countries in September 2023 during the state visit of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Kingdom of Saudi Arabia to India and expressed mutual commitment to work together to realize the vision of connectivity as envisaged in the Corridor, including the development of infrastructure that includes railways and port linkages to increase the passage of goods and services, and boost trade among stakeholders, and enhance data connectivity and electrical grid interconnectivity. In this regard, both sides welcomed the progress under the MoU on Electrical Interconnections, Clean/Green Hydrogen and Supply Chains signed in October 2023. Both sides also expressed satisfaction on the increase in shipping lines between the two countries.

    The two sides stressed the importance of enhancing cooperation and coordination between the two countries in international organizations and forums, including the G20, the International Monetary Fund, and the World Bank, to bolster efforts to address the challenges facing the global economy. They commended the existing cooperation between them within the Common Framework for Debt Treatment Beyond the Debt Service Suspension Initiative (DSSI), which was endorsed by the G20 leaders at the Riyadh Summit 2020. They stressed the importance of enhancing the implementation of the Common Framework as the main and most comprehensive platform for coordination between official creditors (developing country creditors and Paris Club creditors) and the private sector to address the debt of eligible countries.

    The two sides affirmed their full support for the international and regional efforts aimed at reaching a comprehensive political solution to the crisis in Yemen. The Indian side appreciated the Kingdom’s many initiatives aimed at encouraging dialogue between the Yemeni parties, and its role in providing and facilitating access of humanitarian aid to all regions of Yemen. The Saudi side also appreciated the Indian effort in providing humanitarian aid to Yemen.The two sides agreed on the importance of cooperation to promote ways to ensure the security and safety of waterways and freedom of navigation in line with the United Nations Convention on the Law of the Sea (UNCLOS).

    The following MoUs were signed during the visit:

    • MoU between Department of Space, India, and Saudi Space Agency in the field of space activities for peaceful purposes.

    • MoU between Ministry of Health and Family Welfare, Republic of India and Ministry of Health, Kingdom of Saudi Arabia & on Cooperation in the Field of Health.

    • Bilateral Agreement between Department of Posts, India and Saudi Post Corporation (SPL) for inward foreign surface parcel.

    • MOU between National Anti-Doping Agency of India (NADA), India, and Saudi Arabia Anti-Doping Committee (SAADC) for cooperation in the field of anti-doping and prevention.

    Both sides agreed to hold the next meeting of the Strategic Partnership Council on a date mutually agreed upon. As the two nations march ahead with economic and social developments in their respective countries, they also decided, that they will continue communication, coordination and cooperation across various sectors.

    At the end of the visit, Prime Minister Shri Narendra Modi, expressed his sincere thanks and appreciation to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the warm reception and generous hospitality extended to him and his accompanying delegation. He also conveyed his best wishes for continued progress and prosperity of the friendly people of the Kingdom of Saudi Arabia. For his part, His Royal Highness extended his sincere wishes to Prime Minister Narendra Modi and the friendly people of India for further progress and prosperity.

    ***

    MJPS/VJ

    (Release ID: 2123722) Visitor Counter : 170

    MIL OSI Asia Pacific News –

    April 23, 2025

  • MIL-OSI Asia-Pac: Suspected red tide sighted at some beaches

    Source: Hong Kong Government special administrative region

    Attention TV and radio announcers:

    Please broadcast the following as soon as possible:

    Here is an item of interest to swimmers.

    The Leisure and Cultural Services Department announced today (April 23) that due to the sighting of a suspected red tide, red flags have been hoisted at Lido Beach, Casam Beach and Ting Kau Beach in Tsuen Wan District. Beachgoers are advised not to swim at these beaches until further notice.

    MIL OSI Asia Pacific News –

    April 23, 2025

  • MIL-OSI Asia-Pac: PROCLAMATION OF EMERGENCY – 30-DAY ENERGY CRISIS

    Source:

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    [PRESS RELEASE April 7, 2025] – The Government of Samoa has declared a 30-day State of Emergency in response to the ongoing energy crisis. The Electric Power Corporation (EPC) and the National Emergency Operations Centre (NEOC) are working closely to ensure the continuity of essential services and minimize disruptions.

    1. EPC Power Supply Update

    EPC has implemented a Power Supply Rationing Schedule to manage electricity distribution. This schedule will be reviewed regularly to balance demand and generation capacity.

     Power Supply Rationing Schedule

    Planned on a weekly basis, with modifications as needed.

    Load balancing requires the activation of two feeders—one large and one small—simultaneously.

    Adjustments will be made case by case to optimize supply distribution.

    Critical service areas, including the National Hospital on the Hospital Feeder, hydro-generating areas supplied by the Fagaloa, Sauniatu, Taelefaga, and Lalomauga Feeders, as well as selected parts of the Vaitele Feeder, will remain unaffected

     Deployment of Hired Generators

    Temporary generators are scheduled to arrive today at 3pm to support EPC’s load-sharing efforts and reduce rationing impacts.

     Ongoing Infrastructure Repairs

    EPC is actively conducting maintenance and repair works to restore power generation capacity.

    2. NEOC Emergency Operations Update

    The NEOC is fully activated and operating 24/7 to coordinate emergency response efforts and disseminate real-time updates.

    Sector-Based Impact Assessments

    NEOC through Sector Coordinators is conducting targeted assessments to evaluate sector-specific impacts, identify infrastructure challenges, and prioritize critical needs.

    A coordination meeting with Sector Coordinators was held on April 2, 2025, to guide assessment processes.

    3. Response Coordination & Public Assistance

     NEOC is actively supporting EPC and overseeing emergency response activities.

     The public is urged to stay informed via official communication channels for rationing schedules and emergency measures.

    For further inquiries and updates, please contact: Electric Power Corporation (EPC): 7773724 OR 7502041 National Emergency Operations Centre (NEOC): 997 OR 32759

    The Government of Samoa appreciates the public’s patience and cooperation during this critical period. Further updates will be provided as necessary.

    END.

    POLOAIGA O FA’ALAVELAVE TUTUPU FA’AFUASE’I MO LE 30 ASO AUĀ LE TULAGA AFĀINA O LE ‘ELETISE UA I AI NEI.

    [PEPA O FA’AMATALAGA Aso Gafua, 07 Aperila 2025] – I le fa’amamaluina ai e le Malo o le 30 Aso o le Poloaiga o Faalavelave Tutupu Fa’afuase’i i le atunu’u atoa, e saili fofō ai i le mafatiaga o feagai nei ma le Faalapotopotoga o Malosi’aga Faa ‘Eletise [EPC] i le tau faasoasoaina o le ‘eletise i nisi o afio’aga i Upolu, o lo’o fa’aauau pea ona galulue vāvālalata le Ofisa Tutotonu mo le Fa’afoeina o Fa’alavelave Fa’afuase’i ma Matuiā [NEOC] ma le EPC ia mautinoa o lo’o fa’aauau pea le auaunaga mo’omia e fa’aitiitia ai nisi fa’afitauli e toe tutupu mai.

    1. Tala lata i le auaunaga a le EPC mo le ‘eletise.

    O lo’o faagasolo pea le faasoasoa o le ‘eletise ma mata’itū fa’afitauli e alia’e mai i taimi uma. O lea fetu’una’iga o lo’o iloilo toto’a mai lea taimi i lea taimi ina ia gafatia ma o gatusa ma le mana’omiaga;

     Fa’asoasoaina o le ‘eletise i taimi ma aso fa’atulagaina.

    Fa’atulaga le galuega fa’asoasoa mo le ‘eletise i le vaiaso fa’atasi ma suiga pe a mana’omia.

    Ia paleni tutusa laina malolosi o le ā fa’aāogajna i le taimi e tasi, e aofia ai le laina malosi tele ma le laina malosi laititi.

    Fetu’unā’iga talafeagai mai mataupu taitasi auā le fa’aleleia ma le fa’asoaina atu o le ‘eletise.

    Auaunaga i laina mālolosi o le ‘eletise mo nofoaga ma’ale’ale e aofia ai le Falema’i Tele i Moto’otua, ma nofoaga o lo’o fa’alagolago i le ‘eletise e gaosia mai le suāvai e pei o Fagaloa, Sauniatu, Ta’elefaga ma le laina malosi i Lalomauga, fa’apea se vaega o le laina malosi i Vaitele o lo’o tumau pea ona lē a’afia i le ‘eletise fa’asoasoa.

     Afi ‘Eletise Fa’aāoga Fa’avaitaimi

    Ua fuafua e taunuu mai i le itula e 3:00 i le asō ‘Afi ‘Eletise lē tumau e fesoasoani i le fa’asoasoaina o le ‘eletise i le atunu’u ma fa’aitiitia ai fa’afitauli ua tutupu mai.

    Fa’aauau pea galuega fa’aleleia mo le auaunaga tau ‘eletise O lo’o fa’aauau pea galuega fa’aleleia a le EPC ina ia mautinoa le toe vave fo’ia o le fa’afitauli o feagai nei ma se vaega o le atunu’u ona o le tau faasoasoaina o le ‘eletise.

    2: GALUEGA FA’AGASOLO A LE NEOC I LE TAIMI NEI.

    O lo’o fa’aauau pea ona galulue le NEOC mo le 24 itula i le 7 aso o le vaiaso, e mata’itū ma ta’imua i galuega mo ni fa’alavelave tutupu fa’afuase’i ma auaunaga tali atu auā le fa’asoaina o tala lata mai i le tulaga o i ai le auaunaga tau ‘eletise i le atunu’u.

     Iloilo toto’a a’afiaga o Vaega Maoti [Sector] mai le ‘eletise.

    O lo’o taula’i le iloiloga a le NEOC tauala atu i Vaega Maoti e māta’itū a’afiaga ma lu’itau aemaise o le fa’amuamua mana’omia o lo’o matuā ogaoga ona a’afiaga ona o le tulaga fa’asoasoa o i ai nei le ‘eletise.

    O le fonotaga ma ia vaega maoti sa faia i le aso 2 o Aperila 2025 auā ta’iala mo le fa’agasologa o lea iloiloga.

    Auaunaga Tali Atu & Fesoasoani mo le Lautele

     Fesoasoani le NEOC e galulue faatasi ma le EPC e silasila toto’a uma i le auaunaga tali atu mo Fa’alavelave Tutupu Fa’afuase’i.

     Fautuaina ma talosagaina le atunu’u lautele ina silasila i fa’asalalauga uma o lo’o tuuina atu i alafa’asalalau a le Malo mo le tulaga o le fa’agasologa o le fa’asoasoaina o le ‘eletise ma le tali atu i fa’alavelave fa’afuase’i.

    Mo nisi fa’amatalaga ma ni fesili, fa’amolemole feso’ota’i:

    Malosi’aga Tau ‘Eletise [EPC]: 7773724 po’o 7502041

    Ofisa Tutotonu mo le Fa’afoeina o Fa’alavelave Fa’afuase’i ma Matuiā [NEOC]: 997 po’o 32759

    E fa’afetaia pea e le Malo o Samoa le onosa’i ma le nofo malamalama o le atunu’u lautele a’o tatou i ai i lenei vaitau faigatā ona o le ‘eletise. O le ā fa’aauau pea ona tu’uina atu lipoti lata mai o le tulaga o lo’o i la tatou auaunaga.

    MAE’A

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    April 23, 2025

    MIL OSI Asia Pacific News –

    April 23, 2025

  • MIL-OSI: MEXC Strengthens Reserve Backing with $390M Asset Increase

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 23, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has significantly bolstered its reserve holdings, reporting an increase of approximately $389 million in total asset value over the past two months (as of April 21, 2025). The latest audit of MEXC’s Proof of Reserves confirms that all major cryptocurrencies are backed by reserves exceeding 100%, underscoring the exchange’s strong liquidity position and commitment to financial transparency.

    Reserve Ratio Update Reflects Strong Growth

    As of April 2025, MEXC’s reserve ratios continue to demonstrate solid coverage across all major cryptocurrencies:

    The updated reserve ratios highlight consistent over-collateralization, reinforcing user confidence in the platform’s ability to meet withdrawal demands at any time.

    Substantial Asset Growth Over Two Months

    A comparison between February and April 2025 reveals a notable surge in MEXC’s asset holdings, with total on-chain reserves increasing by approximately $389.1 million:

    The sharp rise signals robust capital inflows during this two-month period.

    Strong Capital Inflow Signals Growing Market Confidence

    The substantial increase in our reserves over the past two months reflects growing confidence in MEXC’s platform during recent market conditions,” said Tracy Jin, COO of MEXC. “With nearly $390 million in added value to our reserves, we’re not just maintaining our commitment to user security—we’re strengthening it.

    The latest data shows notable growth in Bitcoin and Ethereum holdings, with reserves increasing by 1,649.72 BTC and 21,264.46 ETH, respectively. At current market prices, these additions represent over $179 million in combined value, underscoring rising user activity and capital inflow.

    Commitment to Transparency and Security

    MEXC continues to conduct bi-monthly Proof of Reserve audits as part of its broader commitment to transparency and user trust. These regular reports allow users to independently verify that their assets are fully backed on-chain, with the latest audit confirming near-zero discrepancies between public blockchain data and platform records.

    Transparency isn’t just a policy at MEXC—it’s a fundamental principle guiding our operations,” added Tracy Jin. “By publishing these comprehensive reserve reports every two months, we ensure our users have full visibility into the security of their assets.

    Multi-layered Security Framework

    MEXC safeguards user assets through a comprehensive security architecture that includes:

    1. 100%+ Reserve Backing: All user assets are fully backed with reserves exceeding total deposits
    2. Insurance Fund: Provides protection against extreme market volatility
    3. Regular Audits: Bi-monthly verification ensures continued compliance and transparency
    4. Cold Wallet Storage: The majority of user funds are held in offline, secure cold wallets to prevent unauthorized access

    The Go-To Platform for Seamless Crypto Trading

    In addition to implementing robust safety measures to ensure a secure trading environment, the platform offers a variety of features and services designed to enhance the user experience. These features help traders minimize costs and maximize returns. MEXC is committed to empowering traders by enabling investments across the widest range of assets, ensuring safe and seamless transactions regardless of market conditions.

    • M – Most Trending Tokens: MEXC is known for its rapid token listings and diverse selection of popular tokens, helping users capitalize on emerging opportunities. To date, over 3,000 tokens have been listed on the platform.
    • E – Everyday Airdrops: MEXC makes it easy for users to engage in daily airdrop events and receive substantial rewards without complex procedures. In 2024, the platform completed 2,293 airdrop events, distributing over $136 million in rewards.
    • X – Xtremely Low Fees: MEXC offers highly competitive trading fees, helping users reduce costs and maximize their growth potential.
    • C – Comprehensive Liquidity: Backed by strong liquidity and market depth, MEXC ensures the efficient and seamless execution of every transaction, minimizing slippage even during volatile conditions.

    These features have helped MEXC attract over 36 million users, establishing it as the platform of choice for an increasing number of traders around the world.

    About MEXC

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

    Risk Disclaimer:
    The information provided in this article about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.

    Source

    Contact:
    MEXC PR Manager
    Lucia Hu: lucia.hu@mexc.com

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

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

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e343cb19-8b52-40dc-93ab-776af685a056

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ff1af87e-d789-4c89-8c2c-883b5a180aef

    https://www.globenewswire.com/NewsRoom/AttachmentNg/41b23578-4744-452c-aaf1-845c4483be4a

    The MIL Network –

    April 23, 2025

  • MIL-OSI Global: Severance: what the hit show can teach us about cybersecurity and human risk

    Source: The Conversation – UK – By Oli Buckley, Professor in Cyber Security, Loughborough University

    What if your work self didn’t know about your personal life, and your home self had no idea what you did for a living? In Apple TV’s Severance, that’s exactly the deal: a surgical procedure splits the memories of employees into “innies” (who only exist at work) and “outies” (who never recall what they do from nine to five).

    On the surface, it sounds like an ideal solution to a growing cybersecurity problem of insider threats, such as leaks or sabotage by employees. After all, if an employee can’t remember what they accessed at work, how can they leak it, sabotage it, or sell it?

    As someone who has researched insider threats for the last decade I can’t help but see Severance as a cautionary tale of what happens when we try to eliminate threats without understanding people.

    The threat from within

    Insider threats really hit prominence in the wake of high-profile incidents like Chelsea Manning and Edward Snowden, who both leaked top secret government information. These threats are one of the most persistent challenges in security because unlike “traditional” hackers, insiders already have access to sensitive systems and information.

    They might act maliciously, stealing trade secrets or exposing data, or accidentally, through phishing links or lost devices. Either way, the consequences can be more serious because of the unprecedented levels of access someone has while working within an organisation.

    While we often think of the high-profile cases in the first instance, the reality of most insider incidents is far less dramatic. Think of the disgruntled employee who downloads a client database before leaving, or the well-meaning staff member who shares a sensitive file via the wrong link.

    In fact, one of the most iconic examples of an insider threat in fiction is Jurassic Park. The entire catastrophe begins, not with a dinosaur, but with a software engineer, Dennis Nedry, who disables the park’s security in an attempt to steal trade secrets. It’s a reminder that even the most sophisticated systems can be undone by a single rogue employee.

    Organisations try to manage this through access controls, behaviour monitoring and training. But people are unpredictable. Insider threats sit at the messy intersection of human behaviour, organisational culture and digital systems.

    This is where Severance strikes a chord. What if you could eliminate the human risk altogether, by turning employees into separate, tightly compartmentalised selves? In the show, workers at the shadowy Lumon Corporation have no memory of their job outside the office and vice versa.

    In a sense, it’s the ultimate form of “need to know.” An “innie” can’t tell anyone what they do because they don’t know anything beyond their desk. It’s a very elegant, although ethically problematic, solution for someone working in security. However, as the series unfolds, it becomes clear that the levels of control on offer through the process of severance come with a terrible cost.

    The problem with control

    The innies in Severance are trapped in an endless workday, unable to understand the meaning or value of their tasks. They form bonds, question authority and ultimately rebel. Ironically, it is the severed employees, the ones who are most closely controlled in the company, who become the greatest insider threat to Lumon.

    This mirrors something we know from real organisations: excessive surveillance, control and secrecy often backfires. For instance, Amazon has faced repeated criticism over its use of tracking technologies to monitor warehouse workers’ movements and productivity, with reports suggesting this has contributed to high stress, burnout and even rule-breaking as workers try to “game” the system.

    A 2022 study published in Harvard Business Review found that employees who feel overly monitored are significantly more likely to break rules or engage in counterproductive behaviour – undermining the very goals of workplace surveillance. If people feel undervalued or mistreated, they’re more likely to become disengaged or actively hostile. Security systems that ignore culture and trust are therefore often brittle.

    What Severance gets right is that insider threats are emotional and ethical problems as much as technical ones. They stem from how people feel about their role, their autonomy and their identity within a system. This is something that we can’t simply patch within a piece of software.

    Lessons from fiction

    Thankfully, no company in the real world is proposing surgical memory separation, at least not yet. But in an age of algorithmic management, increasing surveillance, and growing concerns about privacy, Severance resonates. It forces us to ask just how far should we go in the name of security?

    The answer isn’t to separate people from their work, but to build systems that are secure and respectful of the people within them; something increasingly backed by research.

    That means better design, clearer boundaries and a workplace culture that values openness, not just compliance. For example, implementing clear expectations around work hours and communication norms can help prevent burnout and promote wellbeing.

    Encouraging open communication channels, such as anonymous feedback systems, empowers employees to voice concerns without fear, fostering a culture of trust. Additionally, designing physical workspaces that promote collaboration, like open-plan areas and communal lounges, can enhance team cohesion and reflect organisational values.

    If we follow the example set by Lumon and try to remove all risk then we lose something far more essential – the humanity at the centre of our systems and organisations. Ultimately, removing that human focus could be the most significant vulnerability of all.

    Oli Buckley receives funding from Jason R.C. Nurse receives funding from The Engineering and Physical Sciences Research Council (EPSRC) and Responsible AI UK.

    – ref. Severance: what the hit show can teach us about cybersecurity and human risk – https://theconversation.com/severance-what-the-hit-show-can-teach-us-about-cybersecurity-and-human-risk-255024

    MIL OSI – Global Reports –

    April 23, 2025

  • MIL-OSI Russia: Cook with a Chemist and Play Chess with an Artist: How the Science and Ice Cream FEST Festival Will Be Held at VDNKh

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The first Science and Ice Cream FEST festival will be held at VDNKh from May 23 to 25. More than 30 events are planned, with about three thousand people expected to attend. All events will be free. You can view the full program and pre-register for the events from April 28 on the website.

    The program will be held at 10 VDNKh sites, such as the Cosmonautics and Aviation Center, the Atom Museum, Pavilion No. 1 Central, the Moscow Transport Museum, the Biotech Museum, the Moscow Municipal Economy Museum, the summer cinema, Pavilion No. 25 Oil, the Books Pavilion Rosiso, and the Moscow Longevity Center. The festival is organized by VDNKh and the Future Time Foundation.

    Guests will meet with famous scientists and popularizers of science, including Doctor of Physical and Mathematical Sciences Alexey Semikhatov, famous chemist and crystallographer Artem Oganov, popularizer of evidence-based medicine Alexey Vodovozov, artist Rostan Tavasiev and candidate of psychological sciences Olga Svarnik.

    The Science and Ice Cream FEST festival will offer you to try yourself in unexpected roles and take a fresh look at familiar communication formats, erasing the boundaries between science, creativity and entertainment.

    Chess with an artist, cooking with a chemist, science with a film critic and more

    One of the most exciting events of the festival will be the “Chemical Party” at the Atom Museum. Guests will become part of an exciting scientific show, where chemical experiments by Artem Oganov, a crystallographer, doctor of physical and mathematical sciences and professor of the Russian Academy of Sciences (RAS), will turn into an exciting game. Participants will learn how chemical processes work. In addition, a culinary master class by Maria Kalinina, an expert in the field of colloid chemistry, will be organized. Everyone will be able to find out whether and how exactly to disassemble products into components in order to eat right, and talk about how exactly food chemistry affects our everyday life.

    At the Cosmonautics and Aviation Center, festival guests will be able not only to discuss quantum physics with Doctor of Physical and Mathematical Sciences Alexey Semikhatov, but also to take part in a photo shoot with the famous scientist. And in the dome space of the center, visitors will be greeted by artist Rostan Tavasiev, with whom they can talk about contemporary art inspired by space, and play chess.

    A master class on neurographics will be held at the Biotech Museum. Olga Svarnik, PhD in Psychology and leading researcher at the RAS Laboratory of Psychophysiology, will explore their unconscious together with the participants. During the class, guests will learn how this creative method helps solve personal and psychological problems, and will also be able to check how the human brain reacts to the process.

    Several events will be held at the Moscow Transport Museum. The public talk on bicycle transport design will appeal to those interested in innovations in transport technologies and design, as well as those wishing to participate in the development of the urban environment. The meeting “Teenage Vibe. Where Should We Get Off?” will discuss how modern teenagers see the world, and at the interactive lecture “Science Under the Hood: How Does an Internal Combustion Engine Work?” visitors will learn about the structure of the heart of a car.

    At the festival, you will also be able to join the program “Superschool Rules”, which will be hosted by science journalist and host of the podcast on Channel One “Schrödinger’s Cat” Grigory Tarasevich. Together with the guests, he will develop original mnemonic rules for memorizing scientific terms, the best of which will be offered to school teachers for use in the educational process.

    In addition, guests of all ages will be able to discuss science with a film critic and listen to medical folklore, play board games with scientists and writers, take part in botanical walks and scientific battles, create their own literary comics based on famous books, and join public lectures, live discussions, interactive master classes, and author’s programs from the country’s leading universities.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/152922073/

    MIL OSI Russia News –

    April 23, 2025
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