Category: Entertainment

  • MIL-OSI: Sprott Announces Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 06, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) announced today that the Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to make a normal course issuer bid (“NCIB”). Pursuant to the terms of the NCIB, Sprott may purchase its own common shares for cancellation through the facilities of the TSX, alternative Canadian trading systems and/or the New York Stock Exchange, in each case in accordance with the applicable requirements, through open market purchases at market price and as otherwise permitted under applicable securities laws. The maximum number of common shares which may be purchased by Sprott during the NCIB will not exceed 645,333 common shares being approximately 2.5% of 25,813,335 (representing the number of issued and outstanding common shares as of February 28, 2025). The average daily trading volume (the “ADTV”) of the common shares on the TSX for the six-month period ended February 28, 2025 was 26,765. Under the rules of the TSX, Sprott is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of the common shares, being 6,691 common shares, except where such purchases are made in accordance with the “block purchase” exemption under applicable TSX policy. Sprott will effect purchases at varying times commencing on March 11, 2025 and ending on March 10, 2026.

    In addition to providing shareholders liquidity, Sprott believes that the common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to Sprott’s business and its future prospects.

    Under its prior NCIB that commenced on March 4, 2024 and ended on March 3, 2025, Sprott sought and received approval from the TSX to repurchase up to 646,576 common shares. Pursuant to its prior NCIB, Sprott purchased an aggregate of 49,706 common shares through the facilities of the TSX, alternative Canadian trading systems and the NYSE. 34,048 common shares were purchased on the TSX or alternative Canadian trading systems at a weighted-average price of C$59.08 per common share, for total cash consideration of C$2,011,575.97, and 15,658 common shares were purchased on the NYSE at a weighted-average price of US$41.43 per common share, for total cash consideration of US$648,672.10. Sprott did not repurchase the maximum allowance under the current NCIB due to a combination of factors.

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Forward Looking Statements

    Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to methods and quantity of any purchases by the Company of its common shares under the NCIB.

    Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading “Critical Accounting Estimates, Judgments and Changes in Accounting Policies” in the Company’s MD&A for the period ended December 31, 2024. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s private strategies business; (xxvii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings “Managing Financial Risks” and “Managing Non-Financial Risks” in the Company’s MD&A for the period ended December 31, 2024. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

    Investor contact information:

    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    (416) 943-4394
    gwilliams@sprott.com

    The MIL Network

  • MIL-OSI USA: Transcript on Dismantling the Department of Education

    Source: US State of New York

    arlier today, Governor Kathy Hochul joined a virtual press conference with education leaders on President Trump’s Executive Order dismantling the Department of Education.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    A rush transcript of the Governor’s remarks is available below:

     Denise, thank you so much. And I know we’ll be hearing from Becky Pringle. I want to thank her for extraordinary work as the president of NEA. And also joining you is someone that I’m extremely fond of, Barack Obama’s Secretary of Education, who I was able to snag to become our Chancellor of our entire State University System, Chancellor John King. So you do have an all-star cast here. But I think about casts and performances. Think about the fact that Donald Trump could have picked anybody he wanted to be the Secretary of Education. A lot of talented people out there who are dedicated to our children. Now, who did he pick? He picked a pro-wrestling mogul who is in the process of body slamming our Department of Education.

    So, what does that mean for a place like New York? Five billion dollars in cuts. We’re talking about billions of dollars lost in Pell Grants, money for kids with disabilities, programs that are helping our kids in rural areas, and mental health. I mean, what they’re doing is saying our kids don’t matter. What’s more important is that we slash for the sake of slashing, and also be able to fund tax breaks for millionaires and billionaires.

    So instead of supporting a math class, they’re supporting tax breaks for the buddies at Mar-a-Lago. So that’s the reality we’re dealing with here in New York. And I have to give some news to everybody — and this is a message from all the governors: We’re not going to be able to backfill losses like this scale — $5 billion. So the children are going to suffer. But there’s only one way to reverse this before the next presidential election, and that is in the midterms. That is what happens in 2026, and that’s another whole topic, but that’s what I’m laser focused on is building a firewall in the House of Representatives at least, and possibly the Senate, so we can stop the insanity and put our focus on the kids.

    What we do now with this generation of kids is going to make a difference for generations to come because it’s an investment in the future workforce. And we are in global competition with other countries. And if we stop these investments now, then we’re basically saying, “We give up. We’re not even going to compete.”

    I’m not going to stand for that here in the State of New York. So, as always, I’m calling on teachers and advocates and parents and students. Use your voices and stand up and scream from the mountaintops. This must stop. And I want to shame them into everything they’re contemplating and doing and saying, “Don’t do this to our kids. I’m New York’s first mom Governor, so anything that happens to our children is personal to me.”

    So that’s my message from New York.

    MIL OSI USA News

  • MIL-OSI: IDT Corporation Reports Record Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Record levels of gross profit +16%; income from operations +77%; Adjusted EBITDA*+56%

    GAAP EPS increased to $0.80 from $0.57; Non-GAAP EPS*increased to $0.84 from $0.67

    IDT raised its quarterly dividend 20% to 6 cents

    NEWARK, NJ, March 06, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its second quarter fiscal year 2025, the three months ended January 31, 2025.

    SECOND QUARTER HIGHLIGHTS

    (Throughout this release, unless otherwise noted, results for the second quarter of fiscal year 2025 (2Q25) are compared to the second quarter of fiscal year 2024 (2Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.

    • Key Businesses / Segments
      • NRS
        • Recurring revenue**: +32% to $31.6 million;
        • Income from operations: +71% to $9.1 million;
        • Adjusted EBITDA: +65% to $10.1 million;
        • ‘Rule of 40’ score**: 55
      • BOSS Money / Fintech segment
        • BOSS Money transactions: +36% to 5.7 million;
        • BOSS Money revenue: +34% to $33.5 million;
        • Fintech segment gross profit: +35% to $21.7 million;
        • Fintech segment income from operations: increased to $3.1 million from a loss of $(0.7) million;
        • Fintech segment Adjusted EBITDA: increased to $3.9 million from a loss of $(12) thousand;
      • net2phone
        • Subscription revenue**: +9% to $21.0 million (+14% on a constant currency basis);
        • Income from operations: increased to $1.1 million from $0.4 million;
        • Adjusted EBITDA: +55% to $2.9 million;
      • Traditional Communications
        • Gross profit: +2% to $43.1 million;
        • Income from operations: +24% to $18.1 million;
        • Adjusted EBITDA: +19% to $20.2 million;
    • IDT Consolidated
      • Revenue: +2% to $303.3 million;
      • Gross profit (GP) / margin: GP +16% to $112 million; GP margin +420 bps to 37.0%;
      • Income from operations: +77% to $28.3 million;
      • Net income attributable to IDT: +41% to $20.3 million;
      • GAAP EPS: Increased to $0.80 from $0.57;
      • Non-GAAP net income: +26% to $21.3 million;
      • Non-GAAP EPS: Increased to $0.84 from $0.67;
      • Adjusted EBITDA: +56% to $34.0 million;
      • CapEx: +6% to $4.8 million;
      • Stock buyback: Repurchased 179,338 shares of IDT Class B common stock in market transactions during 2Q25 for $8.5 million at an average share price of $47.59;
      • Common stock dividend: IDT increased its quarterly dividend from $0.05 to $0.06.

    REMARKS BY SHMUEL JONAS, CEO

    “IDT had a strong second quarter led by NRS and BOSS Money, and supported by robust results from our Traditional Communications segment, which increased its cash generation for the third consecutive quarter. On a consolidated basis, we again generated record levels of gross profit, income from operations, and Adjusted EBITDA.

    “NRS continued to deepen its penetration of the independent retailer market. We are now launching new features and functionalities that increase the value of our solution for retailers and will help us to drive additional growth.

    “BOSS Money delivered another quarter of strong year-over-year transaction and revenue growth. In the second quarter, we continued to focus on improving the margin contribution, particularly in our retail channel, and that effort helped to boost our Fintech segment’s gross profit and Adjusted EBITDA less CapEx to record levels.

    “net2phone continued its expansion led by further growth in the U.S. market. We are especially excited about last week’s launch of net2phone’s virtual AI agent. It has been very well received by our internal BOSS and NRS teams that are using it with great success to enhance the quality and consistency of customer interactions while reducing costs. We are confident that net2phone clients will find that it provides them with great value right out of the gate. Moreover, as they build with our AI agent, it will provide clients with increasingly sophisticated, tailored solutions that add value across disparate functions within their organizations.

    “Our Traditional Communications segment increased Adjusted EBITDA for the third sequential quarter and surpassed $20 million for the first time since fiscal 2022.

    “In light of our solid financial position and positive outlook, and mindful of the feedback we’ve received from our investors, we stepped up our repurchases of stock during the second quarter and have increased our regular quarterly dividend by 20%.”

    2Q25 RESULTS BY SEGMENT

    (For all periods presented, capital expenditures (CapEx), previously provided on a consolidated basis, is now also provided for each business segment.)

    National Retail Solutions (NRS)

    National Retail Solutions (NRS)
    (Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Terminals and payment processing accounts                                
    Active POS terminals     34,800       33,100       28,700       +21 %
    Payment processing accounts     23,900       22,700       18,200       +32 %
                                     
    Recurring revenue                                
     Merchant Services & Other   $ 18.1     $ 17.2     $ 12.5       +45 %
     Advertising & Data   $ 10.0     $ 8.5     $ 8.7       +15 %
     SaaS Fees   $ 3.5     $ 3.3     $ 2.7       +30 %
    Total recurring revenue   $ 31.6     $ 28.9     $ 23.9       +32 %
     POS terminal sales   $ 1.3     $ 1.4     $ 1.3       +2 %
    Total revenue   $ 33.0     $ 30.4     $ 25.2       +31 %
                                     
    Monthly average recurring revenue per terminal**   $ 310     $ 295     $ 285       +9 %
                                     
    Gross profit   $ 30.3     $ 27.6     $ 22.5       +35 %
    Gross profit margin     91.8 %     91.0 %     89.1 %     +270 bps
    Technology & development   $ 2.2     $ 2.0     $ 1.9       +14 %
    SG&A   $ 19.0     $ 19.0     $ 15.2       +25 %
    Income from operations   $ 9.1     $ 6.6     $ 5.3       +71 %
    Adjusted EBITDA   $ 10.1     $ 7.6     $ 6.1       +65 %
    CapEx   $ 0.9     $ 1.2     $ 1.0       (4 )%
                                     

    NRS Take-Aways / Updates:

    • NRS added approximately 1,700 net active terminals and approximately 1,200 net payment processing accounts during 2Q25. Net active terminal additions included the impact of approximately 300 terminals operating in seasonal stores that suspended operations following the quarter close.
    • The 45% year-over-year increase in Merchant Services & Other revenue was driven by the growth in payment processing accounts, and higher merchant services revenue per account, driven in part by the increased percentage of retail transactions paid with a credit or debit card.
    • The 30% year-over-year increase in SaaS Fees revenue reflects the growth of net active terminals and migration of retailers to premium SaaS plans.

    Fintech

    Fintech
    (Transactions in millions. $ in millions, except for average revenue per transaction)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    BOSS Money transactions     5.7       5.6       4.2       +36 %
                                     
    Fintech Revenue                                
    BOSS Money   $ 33.5     $ 33.7     $ 25.0       +34 %
    Other   $ 3.3     $ 3.4     $ 2.9       +13 %
    Total Revenue   $ 36.8     $ 37.1     $ 28.0       +32 %
                                     
    Average revenue per BOSS Money transaction**   $ 5.87     $ 6.01     $ 5.98     $ (0.11 )
                                     
    Gross profit   $ 21.7     $ 21.6     $ 16.1       +35 %
    Gross profit margin     58.9 %     58.2 %     57.5 %     140 bps
    Technology & development   $ 2.3     $ 2.3     $ 2.5       (8 )%
    SG&A   $ 16.3     $ 16.1     $ 14.3       +14 %
    Income (loss) from operations   $ 3.1     $ 3.2     $ (0.7 )     +$3.8  
    Adjusted EBITDA   $ 3.9     $ 4.0     $ 0       +$3.9  
    CapEx   $ 0.8     $ 1.1     $ 0.8       +1 %
                                     

    Fintech Take-Aways:

    • The 36% increase in BOSS Money transactions reflected a 40% year-over-year increase in digital transactions and a 22% increase in retail transactions.
    • BOSS Money revenue increased 34% year-over-year driven by a 38% year-over-year increase in digital channel revenue. The 1% sequential decrease in revenue reflected BOSS Money’s continued focus on expanding per-transaction margins, particularly at retail, which boosted gross profit while dampening transaction volume growth and revenue.
    • The strong increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven by BOSS Money revenue growth, higher margins on BOSS Money transactions and improved operating leverage as the business continues to scale.
    • BOSS Money continued to expand to new destinations during 2Q25 (Venezuela and Eritrea) with Brazil expected to come online in 3Q25. BOSS Money also launched debit card payment capabilities at BOSS Money retailers across the U.S. and continued to build out its already extensive payout network in key destination markets.

    net2phone

    net2phone
    (Seats in thousands at end of period. $ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ, $)  
    Seats**     410       406       375       +9 %
                                     
    Revenue                                
    Subscription revenue   $ 21.0     $ 21.0     $ 19.3       +9 %
    Other revenue   $ 0.5     $ 0.6     $ 1.0       (54 )%
    Total Revenue   $ 21.5     $ 21.6     $ 20.4       +6 %
                                     
    Gross profit   $ 17.0     $ 17.1     $ 16.1       +6 %
    Gross profit margin     79.2 %     79.0 %     78.9 %     20 bps
    Technology & development   $ 2.8     $ 3.0     $ 2.6       +5 %
    SG&A   $ 13.0     $ 13.1     $ 13.1       (1 )%
    Income from operations   $ 1.1     $ 1.0     $ 0.4       +201 %
    Adjusted EBITDA   $ 2.9     $ 2.5     $ 1.8       +55 %
    CapEx   $ 1.8     $ 1.6     $ 1.4       +28 %
     

    net2phone Take-Aways:

    • The 9% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served increased by 10% year-over year.
    • Subscription revenue increased by 9% year-over-year. The increase reflected net seat growth and increased subscription revenue per seat** in the U.S., offset by the negative FX impact of a strengthened U.S. dollar versus local currencies in net2phone’s key Latin American markets. On a constant currency basis, subscription revenue increased by 14% year over year.
    • Operating margin** increased to 5% from 2% in 2Q24, and Adjusted EBITDA margin** increased to 13% from 9% in 2Q24. Additional steady margin improvement remains a key strategic focus.
    • Following the quarter close, net2phone launched its AI agent, a scalable virtual assistant providing exceptional customer experiences across sales, support, and administrative tasks.

    Traditional Communications

    Traditional Communications
    ($ in millions)
          2Q25       1Q25       2Q24       2Q25-2Q24 (% Δ)  
    Revenue                                
    IDT Digital Payments   $ 101.6     $ 105.1     $ 99.7       +2 %
    BOSS Revolution   $ 53.3     $ 56.8     $ 66.7       (20 )%
    IDT Global   $ 51.3     $ 52.4     $ 48.7       +5 %
    Other   $ 5.9     $ 6.2     $ 7.5       (22 )%
    Total Revenue   $ 212.0     $ 220.5     $ 222.5       (5 )%
                                     
    Gross profit   $ 43.1     $ 41.3     $ 42.3       +2 %
    Gross profit margin     20.3 %     18.8 %     19.0 %     +130 bps
    Technology & development   $ 5.4     $ 5.5     $ 5.9       (9 )%
    SG&A   $ 19.4     $ 20.0     $ 21.4       (9 )%
    Income from operations   $ 18.1     $ 15.7     $ 14.6       +24 %
    Adjusted EBITDA   $ 20.2     $ 17.8     $ 17.0       +19 %
    CapEx   $ 1.2     $ 1.4     $ 1.4       (8 )%
                                     

    Take-Aways: 

    • IDT Global continues to mitigate the impacts of the ongoing industry-wide declines in paid-minute voice through a traffic mix shift to higher margin routes, new service offerings, and operational efficiencies.
    • For the third consecutive quarter, Traditional Communications’ income from operations and Adjusted EBITDA both increased sequentially. In 2Q25, the increases were driven by increasing gross profit contributions from each of the three major lines of business, as well as by continued efforts to streamline operations and remove costs.

    OTHER FINANCIAL RESULTS

    Consolidated results for all periods presented include corporate overhead. In 2Q25, Corporate G&A expense decreased to $3.0 million from $3.2 million in 2Q24.

    As of January 31, 2025, IDT held $171.1 million in cash, cash equivalents, debt securities, and current equity investments. Also at January 31, 2025, current assets totaled $462.1 million and current liabilities totaled $278.2 million. The Company had no outstanding debt at the quarter end.

    Net cash provided by operating activities decreased to $20.2 million in 2Q25 from $28.4 million in 2Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities decreased to $7.3 million in 2Q25 from $25.4 million in 2Q24. This decrease predominantly reflects the timing of payments made by IDT to cover anticipated BOSS Money disbursement prefunding.

    Capital expenditures increased to $4.8 million in 2Q25 from $4.6 million in 2Q24.

    IDT EARNINGS ANNOUNCEMENT INFORMATION

    This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

    IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 145736.

    A replay of the conference call will be available approximately three hours after the call concludes through March 20, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51975. The replay will also be accessible via streaming audio at the IDT investor relations website.

    NOTES

    *Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.

    **See ‘Explanation of Key Performance Metrics’ at the end of this release.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

    CONTACT

    IDT Corporation Investor Relations
    Bill Ulrey
    william.ulrey@idt.net
    973-438-3838

    IDT CORPORATION
    CONSOLIDATED BALANCE SHEETS

        January 31,
    2025
        July 31,
    2024
     
        (Unaudited)        
        (in thousands, except per share data)  
    Assets            
    Current assets:                
    Cash and cash equivalents   $ 142,152     $ 164,557  
    Restricted cash and cash equivalents     105,554       90,899  
    Debt securities     23,852       23,438  
    Equity investments     5,091       5,009  
    Trade accounts receivable, net of allowance for credit losses of $7,295 at January 31, 2025 and $6,352 at July 31, 2024     45,127       42,215  
    Settlement assets, net of reserve of $1,804 at January 31, 2025 and $1,866 at July 31, 2024     41,779       22,186  
    Disbursement prefunding     57,676       30,736  
    Prepaid expenses     15,989       17,558  
    Other current assets     24,914       25,927  
    Total current assets     462,134       422,525  
    Property, plant, and equipment, net     38,380       38,652  
    Goodwill     26,149       26,288  
    Other intangibles, net     5,583       6,285  
    Equity investments     6,748       6,518  
    Operating lease right-of-use assets     2,498       3,273  
    Deferred income tax assets, net     22,333       35,008  
    Other assets     11,903       11,546  
    Total assets   $ 575,728     $ 550,095  
    Liabilities, redeemable noncontrolling interest, and equity                
    Current liabilities:                
    Trade accounts payable   $ 22,482     $ 24,773  
    Accrued expenses     89,472       103,176  
    Deferred revenue     28,384       30,364  
    Customer funds deposits     104,720       91,893  
    Settlement liabilities     16,975       12,764  
    Other current liabilities     16,157       16,374  
    Total current liabilities     278,190       279,344  
    Operating lease liabilities     1,349       1,533  
    Other liabilities     1,093       2,662  
                     
    Total liabilities     280,632       283,539  
    Commitments and contingencies                
    Redeemable noncontrolling interest     11,228       10,901  
    Equity:                
    IDT Corporation stockholders’ equity:                
    Preferred stock, $.01 par value; authorized shares—10,000; no shares issued            
    Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January 31, 2025 and July 31, 2024     33       33  
    Class B common stock, $.01 par value; authorized shares—200,000; 28,233 and 28,177 shares issued and 23,491 and 23,684 shares outstanding at January 31, 2025 and July 31, 2024, respectively     282       282  
    Additional paid-in capital     306,781       303,510  
    Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,742 and 4,493 shares of Class B common stock at January 31, 2025 and July 31, 2024, respectively     (137,475 )     (126,080 )
    Accumulated other comprehensive loss     (19,599 )     (18,142 )
    Retained earnings     121,573       86,580  
    Total IDT Corporation stockholders’ equity     271,595       246,183  
    Noncontrolling interests     12,273       9,472  
    Total equity     283,868       255,655  
    Total liabilities, redeemable noncontrolling interest, and equity   $ 575,728     $ 550,095  

    IDT CORPORATION
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)

        Three Months Ended
    January 31,
        Six Months Ended
    January 31,
     
        2025     2024     2025     2024  
        (in thousands, except per share data)  
           
    Revenues   $ 303,349     $ 296,098     $ 612,915     $ 597,302  
    Direct cost of revenues     191,239       199,171       393,178       406,382  
    Gross profit     112,110       96,927       219,737       190,920  
    Operating expenses (gain):                                
    Selling, general and administrative (i)     70,721       67,346       141,772       131,723  
    Technology and development (i)     12,612       12,925       25,372       25,335  
    Severance     233       345       410       869  
    Other operating expense (gain), net     227       294       227       (190 )
    Total operating expenses     83,793       80,910       167,781       157,737  
    Income from operations     28,317       16,017       51,956       33,183  
    Interest income, net     1,354       1,195       2,782       2,039  
    Other income (expense), net     207       2,534       (76 )     (3,053 )
    Income before income taxes     29,878       19,746       54,662       32,169  
    Provision for income taxes     (7,665 )     (3,992 )     (13,967 )     (7,939 )
    Net income     22,213       15,754       40,695       24,230  
    Net income attributable to noncontrolling interests     (1,944 )     (1,329 )     (3,178 )     (2,146 )
    Net income attributable to IDT Corporation   $ 20,269     $ 14,425     $ 37,517     $ 22,084  
    Earnings per share attributable to IDT Corporation common stockholders:                                
    Basic   $ 0.81     $ 0.57     $ 1.49     $ 0.88  
    Diluted   $ 0.80     $ 0.57     $ 1.48     $ 0.87  
    Weighted-average number of shares used in calculation of earnings per share:                                
    Basic     25,161       25,175       25,182       25,176  
    Diluted     25,324       25,317       25,343       25,297  
    (i) Stock-based compensation included in:                                
    Selling, general and administrative expense   $ 768     $ 2,357     $ 1,602     $ 2,998  
    Technology and development expense   $ 95     $ 130     $ 172     $ 260  


    IDT CORPORATION 

    CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

        Six Months Ended
    January 31,
     
        2025     2024  
        (in thousands)  
    Operating activities                
    Net income   $ 40,695     $ 24,230  
    Adjustments to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     10,490       10,146  
    Deferred income taxes     12,674       5,787  
    Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets     2,472       1,696  
    Stock-based compensation     1,774       3,258  
    Other     1,077       2,829  
    Changes in assets and liabilities:                
    Trade accounts receivable     (4,978 )     (7,040 )
    Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets     (46,244 )     9,966  
    Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities     (11,844 )     (6,200 )
    Customer funds deposits     15,701       15  
    Deferred revenue     (1,500 )     (1,381 )
    Net cash provided by operating activities     20,317       43,306  
    Investing activities                
    Capital expenditures     (10,100 )     (8,885 )
    Purchase of convertible preferred stock in equity method investment     (673 )     (1,009 )
    Purchases of debt securities and equity investments     (15,997 )     (19,357 )
    Proceeds from maturities and sales of debt securities and redemption of equity investments     16,751       31,231  
    Net cash (used in) provided by investing activities     (10,019 )     1,980  
    Financing activities                
    Dividends paid     (2,524 )      
    Distributions to noncontrolling interests     (50 )     (59 )
    Proceeds from borrowings under revolving credit facility     24,534       30,588  
    Repayment of borrowings under revolving credit facility     (24,534 )     (30,588 )
    Purchase of restricted shares of net2phone common stock           (3,558 )
    Proceeds from exercise of stock options           172  
    Repurchases of Class B common stock     (11,395 )     (3,170 )
    Net cash used in financing activities     (13,969 )     (6,615 )
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents     (4,079 )     (3,182 )
    Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents     (7,750 )     35,489  
    Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period     255,456       198,823  
    Cash, cash equivalents, and restricted cash and cash equivalents at end of period   $ 247,706     $ 234,312  
    Supplemental Schedule of Non-Cash Financing Activities                
    Shares of the Company’s Class B common stock issued to an executive officer for bonus payment   $ 1,824     $  
    Value of the Company’s Class B common stock exchanged for National Retail Solutions shares   $     $ 6,254  


    *
    Reconciliation of Non-GAAP Financial Measures for the Second Quarter Fiscal 2025 and 2024

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 2Q25, 1Q25, and 2Q24, Adjusted EBITDA, and for 2Q25 and 2Q24, non-GAAP earnings per diluted share (Non-GAAP EPS). Adjusted EBITDA and Non-GAAP EPS are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures

    Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

    Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

    Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

    Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

    Other operating (expense) gain, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating (expense) gain, net includes, among other items, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action and gain from the write-off of a contingent consideration liability. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

    Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

    Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share.

    IDT Corporation
    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2025
    (2Q25)
                                                   
    Net income attributable to IDT Corporation   $ 20.3                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.9                                          
    Net income     22.2                                          
    Provision for income taxes     7.7                                          
    Income before income taxes     29.9                                          
     Interest income, net     (1.4 )                                        
     Other income, net     (0.2 )                                        
    Income (loss) from operations     28.3     $ 18.1     $ 1.1     $ 9.1     $ 3.1     $ (3.1 )
    Depreciation and amortization     5.2       1.9       1.6       1.0       0.8        
    Other operating expense, net     0.2             0.2                    
    Severance     0.2       0.2                          
    Adjusted EBITDA   $ 34.0     $ 20.2     $ 2.9     $ 10.1     $ 3.9     $ (3.1 )


    IDT Corporation

    Reconciliation of Net Income to Adjusted EBITDA
    (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended October 31, 2024
    (1Q25)
                                                   
    Net income attributable to IDT Corporation   $ 17.2                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.2                                          
    Net income     18.5                                          
    Provision for income taxes     6.3                                          
    Income before income taxes     24.8                                          
     Interest income, net     (1.4 )                                        
     Other expense, net     0.3                                          
    Income (loss) from operations     23.6     $ 15.7     $ 1.0     $ 6.6     $ 3.2     $ (2.9 )
    Depreciation and amortization     5.2       2.0       1.6       1.0       0.7        
    Severance     0.2       0.2                          
    Adjusted EBITDA   $ 29.1     $ 17.8     $ 2.5     $ 7.6     $ 4.0     $ (2.9 )
        Total IDT Corporation     Traditional Communica-tions     net2phone     NRS     Fintech     Corporate  
    Three Months Ended January 31, 2024
    (2Q24)
                                                   
    Net income attributable to IDT Corporation   $ 14.4                                          
    Adjustments:                                                
    Net income attributable to noncontrolling interests     1.3                                          
    Net income     15.8                                          
    Provision for income taxes     4.0                                          
    Income before income taxes     19.7                                          
     Interest income, net     (1.2 )                                        
     Other income, net     (2.5 )                                        
    Income (loss) from operations     16.0     $ 14.6     $ 0.4     $ 5.3     $ (0.7 )   $ (3.6 )
    Depreciation and amortization     5.1       2.0       1.6       0.8       0.7        
    Severance     0.3       0.3                          
    Other operating expense (gain), net     0.3             (0.1 )                 0.4  
    Adjusted EBITDA   $ 21.8     $ 17.0     $ 1.8     $ 6.1     $     $ (3.2 )

    IDT Corporation
    Reconciliation of Earnings per share to Non-GAAP EPS
    (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

          2Q25       2Q24  
                     
    Net income attributable to IDT Corporation   $ 20.3     $ 14.4  
    Adjustments (add) subtract:                
    Stock-based compensation     (0.9 )     (2.5 )
    Severance expense     (0.2 )     (0.3 )
    Other operating expense, net     (0.2 )     (0.3 )
    Total adjustments     (1.3 )     (3.1 )
    Income tax effect of total adjustments     (0.3 )     (0.6 )
          1.0       2.5  
    Non-GAAP net income   $ 21.3     $ 16.9  
                     
    Earnings per share:                
    Basic   $ 0.81     $ 0.57  
    Total adjustments     0.03       0.10  
    Non-GAAP – basic   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of basic earnings per share     25.2       25.2  
                     
    Diluted   $ 0.80     $ 0.57  
    Total adjustments     0.04       0.10  
    Non-GAAP – diluted   $ 0.84     $ 0.67  
                     
    Weighted-average number of shares used in calculation of diluted earnings per share     25.3       25.3  


    *
    *Explanation of Key Performance Metrics

    NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its revenue in accordance with GAAP. NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

    The NRS ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS company’s growth rate when added to its free cash flow rate should equal or exceed 40 percent. For NRS, the ‘Rule of 40’ result for 2Q25 is computed by adding the growth rate of NRS’ recurring revenue for 2Q25 compared to 2Q24 to NRS’ Adjusted EBITDA less CapEx as a percentage of total NRS revenue for the twelve months ended January 31, 2025. The ‘Rule of 40’ is a common SaaS industry metric to assess a company’s balance between growth and profitability. A total above 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for investors and management to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

    net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

    net2phone’s subscription revenue per seat is calculated by dividing net2phone’s subscription revenue, as defined in the preceding paragraph, by the average number of seats served during the period. The average number of seats served is calculated by adding the beginning and ending number of seats served and dividing by two. Subscription revenue per seat is the amount of revenue generated by each seat sold during the period. It provides a basis for pricing seat-based services, as well as for comparing performance in past periods and projecting future revenue, and for comparing the value of each seat served to competitors.

    net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

    BOSS Money’s Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends.

    # # #

    The MIL Network

  • MIL-OSI USA: Employee at Multinational DVD Company Charged with Stealing, Selling Pre-Release Commercial DVDs for Blockbuster Films

    Source: US Justice – Antitrust Division

    Headline: Employee at Multinational DVD Company Charged with Stealing, Selling Pre-Release Commercial DVDs for Blockbuster Films

    A worker at a DVD and Blu-ray manufacturing and distribution company used by major movie studios was arrested today in Memphis, Tennessee, for allegedly stealing DVDs and Blu-rays of blockbuster movies from the company and selling them before their official scheduled release dates. A digital copy of at least one of the stolen Blu-rays was illegally distributed tens of millions of times over the internet, causing the copyright owner tens of millions of dollars in losses.

    MIL OSI USA News

  • MIL-OSI Global: Money laundering plays a key role in every part of the illegal drugs industry – here’s how it works

    Source: The Conversation – UK – By Mark Berry, Lecturer In Criminology, Bournemouth University

    R Mendoza/Shutterstock

    The global illicit drugs trade is estimated to be worth at least half a trillion US dollars each year. Drugs such as cocaine, methamphetamine and heroin generate large revenues all along their supply chains, from where the products (and precursor materials) are grown or made – principally Colombia and Bolivia, China, Afghanistan, and the “golden triangle” of Myanmar, Laos and Thailand – to wherever the finished drugs are consumed.

    Earnings in the illicit drug trade are variable. Few people will make the kind of money that once put the Mexican former cartel boss Joaquín “El Chapo” Guzmán on the Forbes list of global billionaires. But while drug “kingpins” are the industry’s biggest individual earners, they do not hold the majority of the drug money that is generated throughout the global supply chain.

    Despite their frequent glamorisation in film and TV portrayals, drug cartels are basically international logistics companies. They work with distributors in different countries who deliver the drugs to regional wholesalers, who in turn supply the local retailers (dealers) who sell drugs to individuals.

    Everyone along the supply chain takes their cut, with most people making much more modest incomes than the millionaire drug traffickers of narcocorrido lore. In our interviews with illicit drug entrepreneurs in the US and UK, we routinely spoke to sellers whose incomes ranged from pocket money to providing a moderately comfortable life.



    Illicit drug use is damaging large parts of the world socially, politically and environmentally. Patterns of supply and demand are changing rapidly. In our longform series Addicted, leading experts bring you the latest insights on drug use and production as we ask: is it time to declare a planetary emergency?


    Around 70% to 80% of the overall revenue generated by illicit drugs is shared among the many wholesale and street-level dealers in destination countries such as the UK and US, where the price per gram is at its highest. How this money moves and is used to sustain the illicit drug trade should be an important part of any worthwhile counter-narcotics strategy. But it rarely is.

    Professional money launderers

    The people and organisations responsible for laundering drug revenues – that is, transforming them into untraceable money that can easily be spent, or into assets that can be held or sold – often exist under the radar of law enforcement and the media.

    Yet the ways illicit drug money is laundered are hardly a mystery. Techniques include wire transfers to offshore bank accounts, investments in shell companies or deposits in cash businesses, and buying foreign currencies or (to a small extent) cryptocurrencies. In addition, the straightforward physical transportation of cash across national borders is an often-used method known as a “bulk cash transfer”.

    The largest players in the illicit drugs industry, such as international cartels, national distributors and large-scale wholesalers, often use professional money launderers – some of whom have seemingly reputable jobs in the financial sector. In one recent case, US financial regulators fined TD Bank US$3 billion (£2.4 billion) – a record penalty for a bank – for facilitating the laundering of millions of dollars of drug cartel money.

    Over six years, more than 90% of the bank’s transactions went unmonitored, enabling “three money laundering networks to collectively transfer more than US$670 million through TD Bank accounts”. Then-US attorney general Merrick Garland commented: “By making its services convenient for criminals, [TD Bank] became one.”

    Video: CBC News.

    Some money laundering networks are as global as the drug supply chains they service. In June 2024, the US Department of Justice’s (DoJ) multi-year “Operation Fortune Runner” investigation saw LA-based associates of Mexico’s Sinaloa drug cartel charged with conspiring with money-laundering groups linked to a Chinese underground banking network. According to the IRS’s head of criminal investigation, Guy Ficco:

    Drug traffickers generate immense amounts of cash through their illicit operations. This case is a prime example of Chinese money launderers working hand-in-hand with drug traffickers to try to legitimise profits generated by drug activities.

    According to the DoJ, “many wealthy Chinese nationals” barred from transferring large amounts to the US by the Chinese government’s capital flight restrictions seek informal alternatives to the conventional banking system – including via schemes to launder illicit drug money. The DoJ explained how this works:

    The China-based investor contacts an individual who has US dollars available to sell in the United States. This seller of US dollars provides identifying information for a bank account in China, with instructions for the investor to deposit Chinese currency (renminbi) in that account. Once the owner of the account sees the deposit, an equivalent amount of US dollars is released to the buyer in the United States.

    These arrangements are not unique to Chinese actors. Similar arrangements occur throughout the world, including schemes to leverage the black market peso exchange and the Hawala international money transfer system.

    Professional launderers are both creating and exploiting vulnerabilities in the global financial system. Such corruption allows suspicious transactions to occur without proper checks or oversight. This not only reduces transparency in the financial system but erodes public trust in it.

    How cartels launder their money

    International drug cartels and national wholesalers have a smaller markup on their transactions, compared with retailers. But because they are responsible for moving enormous quantities of illicit drugs, they still generate millions of dollars worth of revenue.

    The most prolific known drug distributors in US history, Margarito Flores Jr and his twin brother Pedro, delivered billions of dollars worth of cocaine, heroin and methamphetamines to their US and Canadian wholesale clients between 1998 and 2009. They were working for Guzmán and Ismeal “El Mayo” Zambada García, then leaders of the Sinaloa cartel, as well as the Mexican Beltrán Leyva brothers whose cartel bore their surname.

    Today, Margarito Flores Jr trains law enforcement across the US in the methods he and his brother used to traffic drugs and run their business. In January 2015, both men were sentenced to 14 years for drug trafficking – Margarito Flores Jr would later reach out to one of this article’s authors (R.V. Gundur) after reading his book, Trying to Make It: The Enterprises, Gangs, and People of the American Drug Trade, which includes a comprehensive account of the Flores crew’s activities.

    In a subsequent interview, he told us: “My brother and I estimate that, if we added up all of the money we sent back to Mexico over the decade we sold drugs, it was probably more than US$3.5 billion.”

    The billions they remitted to Mexico were used by Guzmán, Zambada and the Beltrán Levya brothers not only to expand their drug businesses, but to corrupt powerful figures such as Mexico’s former secretary of public security, Genaro García Luna.

    García Luna, who was Mexico’s highest-ranking law enforcement official from 2006 to 2012, was sentenced to nearly 40 years in prison in October 2024 after being found guilty of taking millions of dollars in bribes from the Sinaloa cartel, as well as enabling the trafficking of more than a million kilograms of cocaine into the US. Flores explained to us:

    It’s important to understand that corruption impacts people at all levels of government. Our payoffs included local police and other people in the community, up to higher-positioned people in government. Lots of that money ended up funding the violent conflicts between cartels.

    While there has been widespread coverage of cartel drug money being laundered through high-profile businesses and banks such as Wachovia and HSBC, Flores suggested that “the money involved in the drug trade is a lot more than anybody really can understand”. The reason for this, he said, is that it’s very hard to track the flow of hard cash via lorries, boats, planes and even drones. Flores told us:

    It’s a misconception that everyone who makes a lot of money in drugs or other illegal business makes an effort to launder their money. My brother and I held much of what we earned in cash. We knew the government could eventually take everything [else].

    The twins were right: in time, that’s exactly what the US government did.

    ‘Everyday’ money laundering

    In our study of money laundering strategies used by people involved in the illicit drug trade in the UK and US, we found that street dealers do not typically undertake sophisticated laundering processes. Rather, they spend their cash on food and other routine living expenses. One independent UK drug dealer, whose experience was typical of many, used the money earned from his cocaine sales to buy groceries and pay bills for himself and his daughter.

    Spending money, even small amounts, gained through illegal activities is a money laundering offence – albeit one that is seldom prosecuted. As a result, these everyday activities that return illicit drug money to the legal economy are not well accounted for – even though the street value of drugs drives global market value estimates.

    Business-savvy street dealers can earn gross revenues that approach the earnings of high-paid white-collar workers. But they must disguise their earnings’ origins before they can spend them, of course, and various tactics are used to do this.

    Some dealers solicit close friends or family members to act as “strawmen”. These are people willing to put assets paid for by illicit drug money – such as cars, properties or even businesses – in their names on behalf of the dealer. Idris Elba’s character Stringer Bell in HBO’s The Wire was an accurate portrayal of someone investing in legal enterprises using illicit drug money.

    A guide to Stringer Bell’s character in The Wire. Video: Just an Observation.

    These strategies occur wherever illegal enterprise exists, and have done for well over a century. In the US, we interviewed wholesalers who had used family members to own houses and other properties on their behalf. This is done to mitigate against the risk of asset forfeiture should they be convicted of a crime. If an illicit enterprise can create a plausible beneficial owner who is not involved in crime, then the asset is harder to seize. This is why the Donald Trump administration’s recent suspension of beneficial owner oversight is problematic from a drug enforcement perspective.

    In liberal democracies, governments cannot investigate someone’s finances simply because they are related to criminals. The dirty money that is put into their accounts can also be disguised as legitimate income making it difficult to identify, although thorough investigations may uncover it.

    In the UK, we also talked to successful drug retailers who had set up local businesses in their own names. The EU’s law enforcement agency, Europol, has reported similar activities throughout Europe.

    Legal businesses are a common – and often hard-to-detect – vehicle to launder drug money. Bars, clubs, gyms, and hair, nail and tanning salons can be readily set up with drug money, as large cash infusions to establish a business are often not well scrutinised. These businesses are comparatively easy to run with significant cash flows, providing suitable cover for dirty money.

    For example, a beauty salon, especially one that offers high-value boutique services, could easily incorporate drug revenue into its financial accounts by reporting sales that do not occur. Tanning salons can be set up with little expense since they require only sunbeds and the rental of a property.

    Along with bars, clubs and salons, construction companies and restaurants stand out as other cash-intensive businesses with high volumes of transactions – characteristics that make good fronts for laundering money.

    It’s hard to spot a ‘dirty’ business

    There is no surefire way to tell whether a business is a laundering front. While some may look like enterprises struggling to stay afloat, others develop into viable operations that eventually no longer need dirty money to sustain them.

    Some drug dealers incorporate laundering practices within their legitimate jobs. Tradespeople such as electricians or plumbers, for example, can launder money by generating invoices for fake jobs, then reporting the income on their tax returns.

    In both the UK and US, tax authorities are not charged with evaluating the veracity of the funds reported, and are generally satisfied once tax is paid. In other words, they generally trust declared income as proof of legal business activity. Moreover, they, along with the police, lack the resources to investigate these businesses for money laundering.

    Through their legal businesses, many drug dealers pay significant taxes on their illegal revenue, and thus contribute to the economy.

    Paying income tax effectively renders this income laundered. It can be invested and used to set up other businesses, or to purchase cars and properties without suspicion. It can also bolster credit ratings, and improve access to legal financial services such as bank loans.

    Many small-time drug dealers start legal businesses in order to exit the illicit drug trade. We interviewed one cocaine dealer who had used his drug money to set up a retail electronics store; once it was successful, he stopped dealing. Similarly, the person behind a semi-legitimate nitrous oxide enterprise used his proceeds to set up a legitimate alcohol delivery service.

    Through self-laundering, these modest drug dealers transform their proceeds of crime into spendable cash – and may eventually leave criminality behind altogether.

    The (losing) battle against laundered money

    Across the world, anti-money laundering efforts against organised criminal gangs are notoriously ineffective.

    The Financial Action Task Force (FATF) – an intergovernmental organisation formed in 1999 to combat money laundering and the financing of terrorism – assesses financial regulators’ anti-money laundering controls all over the world. Countries designated as a risk that require monitoring are placed on the task force’s “grey list”, while severe, high-risk countries go on its “black list”. Being put on these lists can result in a withdrawal of international investment and implementation of sanctions by other countries.

    Although developing countries have often scored badly in their assessments, there has been some progress. While Kenya remained on the grey list in 2024, for example, it was found to have strengthened its measures to tackle both money laundering and terrorist financing. In the same year, though, Lebanon was added to the grey list over concerns on both counts.

    The FATF’s evaluation processes are designed to provide an objective assessment of whether a country has implemented its anti-money laundering and counter-terrorist financing recommendations. However, the success of the FATF’s anti-money laundering controls remains unclear.

    Video: The Financial Action Task Force.

    Often lost in the criminal financing narrative is the role of bulk cash transfers. Even in a world that is moving to cashless transactions, cash generally remains the primary currency of both the illicit drug trade and corruption.

    The biggest and most successful drug traffickers have significant cash reserves which are used to pay workers, replace drugs that are lost or seized, accrue assets, and bribe key officials.

    Reflecting on his former illicit enterprise, Margarito Flores observed: “For every kilo of cocaine or heroin or methamphetamine we sold in the US, at least a kilo of cash went back to Mexico.” For deals in Europe, Flores said: “Given the markup the further away you trade, the amount of cash sent back could be even higher – I would estimate it to be a kilo and a half.”

    Flores described the ineptitude of law enforcement in policing cash that was leaving the US:

    No matter how careful we were, my brother and I lost a handful of loads of drugs heading north [from Mexico into the US]. Heading south was different: we just had the money put on tractor trailers and had it driven it across the border. We never lost a dollar. That’s where politicians don’t pay enough attention. That cash lets traffickers keep doing business.

    Focus on the money as well as the drugs

    So long as demand for illicit drugs exists, the industry will continue – and the revenue it generates will be laundered.

    We believe that to curb the drugs trade, enforcement strategies need to go beyond simply capturing drugs and focus much more on capturing the money. Governments should go after reserves held not only by drug cartels but high-level distributors, such as those who replaced the Flores twins, and also wholesalers. People like these – comparatively high earners in destination countries – are the backbone of the illicit drugs trade.

    Transnational law enforcement should prioritise detecting and seizing bulk cash transfers. These high-volume proceeds underwrite the wellbeing of drug trafficking organisations. Digital tools, such as machine learning and artificial intelligence, can be developed to create new techniques to track and trace suspicious transactions, although they alone won’t solve all laundering problems.

    Corruption of officials also remains a problem. Governments need to ensure their officials are well paid and sufficiently monitored in their roles – be they working in government, border control, banks, police departments or prisons. Unfortunately, the US has shirked its leadership in global anti-corruption efforts with the recent halting of the enforcement of the Foreign Corrupt Practices Act, which bans the bribing of foreign officials.




    Read more:
    Mexico’s drug corruption has more to do with US demand than crooked politicians


    Anti-money laundering efforts need to be consistently supported and required. Lamentably, the US has undermined its anti-money laundering toolkit by suspending the enforcement of beneficial ownership information reporting requirements. Establishing beneficial ownership helps financial institutions to identify parties that are hiding their financial interests, which can be an indication of money laundering or other criminal activity.

    Similarly, foreign investment in producer countries can strengthen their capacity to counter laundering by supporting intelligence infrastructure and improved training. Recent cuts to USAid and the reduction of US State Department efforts in these areas is another indication that the US will no longer lead in these domains.

    As cash businesses provide an easy mechanism for cleaning money, moving to a cashless society that uses digital transactions may help ensure that money is traceable. At the same time, cryptomarkets provide a minor, but potentially increasing, pathway to hiding dirty money digitally.

    Ultimately, we should recognise the decades-long “war on drugs” for what it is: a policy costing trillions of dollars that combined mass incarceration with insufficient public health investment, and which has harmed the very communities the illicit drug trade affects the most. It is a difficult balance, but the pathway forward needs to reorient the objectives regarding drugs: invest in people, then go after the money that keeps the cartels, distributors and wholesalers afloat.


    For you: more from our Insights series:

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

    Mark Berry received funding from the Dawes Trust for a prestigious PhD scholarship to undertake work that informs the contents of this article.

    R.V. Gundur received funding from the Economic and Social Research Council to undertake work that informs the contents of this article. He is also a professional member of the International Compliance Association.

    The authors wish to thank Margarito Flores Jr (kingpintoeducator.com) for his help with this article.

    ref. Money laundering plays a key role in every part of the illegal drugs industry – here’s how it works – https://theconversation.com/money-laundering-plays-a-key-role-in-every-part-of-the-illegal-drugs-industry-heres-how-it-works-251288

    MIL OSI – Global Reports

  • MIL-OSI Security: Employee at Multinational DVD Company Charged with Stealing, Selling Pre-Release Commercial DVDs for Blockbuster Films

    Source: United States Attorneys General

    A worker at a DVD and Blu-ray manufacturing and distribution company used by major movie studios was arrested today in Memphis, Tennessee, for allegedly stealing DVDs and Blu-rays of blockbuster movies from the company and selling them before their official scheduled release dates. A digital copy of at least one of the stolen Blu-rays was illegally distributed tens of millions of times over the internet, causing the copyright owner tens of millions of dollars in losses.

    According to court documents, Steven R. Hale, 37, of Memphis, worked for a multinational company that, among other things, manufactured and distributed DVDs and Blu-rays of movies. From approximately February 2021 to March 2022, Hale allegedly stole numerous “pre-release” DVDs and Blu-rays, that is, discs being prepared for commercial distribution in the United States and not available for sale to the public. These included DVDs and Blu-rays for such popular films as “F9: The Fast Saga,” “Venom: Let There Be Carnage,” “Godzilla v. Kong,” “Shang-Chi and the Legend of the Ten Rings,” “Dune,” and “Black Widow.” Hale allegedly sold the DVDs and Blu-rays through e-commerce sites. At least one pre-release Blu-ray that Hale allegedly stole and sold, “Spider-Man: No Way Home,” was “ripped” — that is, extracted from the Blu-ray by bypassing the encryption that prevents unauthorized copying — and copied. That digital copy was then illegally made available over the internet more than a month before the Blu-ray’s official scheduled release date. Copies of “Spider-Man: No Way Home” were downloaded tens of millions of times, with an estimated loss to the copyright owner of tens of millions of dollars.

    The indictment, unsealed today, charges Hale with two counts of criminal copyright infringement and one count of interstate transportation of stolen goods. If convicted, he faces a maximum penalty of five years in prison on each criminal copyright infringement count and 10 years in prison on the interstate transportation of stolen goods count. A federal district judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Reagan Fondren for the Western District of Tennessee, and Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office made the announcement.

    The FBI is investigating the case.

    Senior Counsel Matthew A. Lamberti and Trial Attorney Debra Ireland of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Raney Irwin for the Western District of Tennessee are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI: EV Realty Acquires EV Charging Platform Gage Zero’s Assets to Scale Truck Fleet Charging and Meet Long-Term Market Demand

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 06, 2025 (GLOBE NEWSWIRE) — EV Realty, Inc. (“EV Realty”), an EV infrastructure development platform powering commercial fleets, today announced that it has acquired a strategic portfolio of assets from Gage Zero, an Austin-based company focused on fleet electrification and infrastructure development for local, regional, and drayage trucking fleets.

    Gage Zero’s approach to the market, prioritizing partnerships, industry leadership, and an equitable energy transition, generated a strategic portfolio of assets and customer relationships that complements EV Realty’s development platform strengths and growing portfolio of grid-ready, shovel-ready sites throughout California. This transaction combines EV Realty’s proven expertise in infrastructure development and deployment and Gage Zero’s active development projects and deep customer relationships with established regional trucking and logistics companies.

    “Commercial fleet electrification continues to advance as vehicle manufacturers make production and supply chain investments, battery costs decline, and leading fleets—including many of Gage Zero’s partners—see the potential for greater efficiency and lower costs associated with EV trucking,” said Patrick Sullivan, EV Realty’s Co-Founder and Chief Executive Officer. “The combination of our two portfolios provides our shared customers more opportunity to plan around electrification within a broadly served regional network, which opens new freight lanes, allows trucks to be used more, and ultimately drives down costs for our customers, enabling a transition to EVs that makes dollars and sense.”     

    “We’re excited to partner with EV Realty through this acquisition. Gage Zero’s reputation in the space, prioritizing demand-led development, pairs well with EV Realty’s disciplined approach to development and its construction-ready grid-advantaged real estate portfolio. Together, we will leverage EV Realty’s substantial investment capital and proven expertise in constructing and operating EV charging infrastructure projects to deliver even greater value to our stakeholders,” said Zeina El-Azzi, Co-Founder and Chief Executive Officer of Gage Zero. “The DNA and approach of our two platforms are complementary and aligned, and this transaction makes the combined projects stronger and more equipped to deliver for our customers amidst a rapidly evolving market and regulatory environment.”

    Late last year, EV Realty announced a charging site acquisition in Torrance, CA, joining its growing portfolio of charging hubs currently under development in California. The company is also developing two hubs in San Bernardino and one in Livermore.

    Gage Zero’s development portfolio in California includes proposed charging hub projects which will expand EV Realty’s long-term network to serve its customers in locations including Long Beach, Ontario, Los Angeles, San Diego, Fresno, Oakland, and Sacramento. Other assets acquired are in Illinois and Texas, enabling medium-term expansion into additional key markets where zero-emission freight movement is gaining traction led by demand. As part of this transaction, key members of Gage Zero’s team will be joining EV Realty, ensuring continuity to deliver results for customers, partners, and key stakeholders.

    About EV Realty
    EV Realty develops, deploys, and owns charging infrastructure critical to electrifying commercial fleets in the U.S. at scale. The company accelerates the adoption of large EV fleets by focusing on the fundamental constraint all electric fleets face: low-cost, reliable, and expandable access to grid-scale power. EV Realty is developing a network of grid-optimized, large-scale EV charging hubs for delivery, logistics, and services fleet customers. Our Powered Properties™ serve multiple commercial fleets in secure, high-power locations with guaranteed charging access and availability, and are located proximate to major logistics corridors. By aggregating multiple fleets with shared private infrastructure in grid-ready locations, EV Realty charging hubs reduce upfront and recurring costs for fleets, optimize charging times and provide high utilization rates. Learn more about EV Realty and how it is transforming fleet charging at www.evrealtyus.com.

    About Gage Zero
    Gage Zero is a fleet electrification solutions company based in Austin, Texas building a zero emission future for people and the planet. Our women-led team of clean energy and transportation experts deploys capital, builds reliable infrastructure, and provides comprehensive, cost-effective electrification services that benefit commercial transportation operators, enrich communities, and support local economies. We believe industries working together can empower everyone to participate in a cleaner future.

    The MIL Network

  • MIL-OSI: Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and year ended December 31, 2024.

    Business Update

    Silvercrest concluded 2024 with strong new client organic flows due to new strategic investments made over the past year that are already bearing fruit. The firm garnered $1.4 billion in Q4 and $1.5 billion during 2024 in new client assets under management (“AUM”) inflows, the best year for new organic client inflows since 2015. The fourth quarter was primarily bolstered by winning a successful seed investment in our new Global Value Equity strategy of $1.3 billion USD ($2.0 billion AUD) in partnership with CBUS, one of Australia’s largest superannuation funds. The increases during the quarter bode well for future revenue, and we remain highly optimistic about securing more significant organic net flows over the course of 2025 to increase our return on invested capital.

    Total AUM as of year-end 2024 reached $36.5 billion as of December 31, 2024, up 9.6% from $33.3 billion at year-end 2023. Discretionary AUM, which drives revenue, rose 6.4% to $23.3 billion from $21.9 billion. Overall, total asset flows and market increases were a net positive for the firm and will drive an increase in future revenue. Revenue for the year increased 5.3% to $123.7 million from $117.4 million, with Q4 revenue up 12.0% over Q4 2023, to $32.0 million from $28.5 million.

    Strategically, in addition to building the firm’s new Global Value Equity strategy, we have hired business development and market leads in Atlanta and Singapore. We have our full MAS license for doing business in Singapore. With significant European assets and growth opportunities, we will be pursuing more initiatives to better highlight Silvercrest in both the institutional and wealth markets. The firm also has invested in talent across the firm to drive new growth and successfully transition the business toward the next generation.

    Silvercrest developed new and stronger institutional consulting relationships during 2024, with new investment opportunities to develop our strategies. Our pipeline remains robust. As a result, we are optimistic about securing significant new organic flows. Importantly, the firm’s pipeline does not yet include mandates for our new Global Value Equity strategy which has a high capacity for significant new assets. We have worked hard over the past year to build the infrastructure, team, and strategy while undertaking business development. As with our third-quarter call, we envision more positive AUM flows and resulting revenue increases.

    As I have discussed throughout the past year, Silvercrest has never had more business opportunities. Those initiatives are beginning to bear results. We have made and will continue to make investments to drive future growth in the business. We expect to make more hires to complement our outstanding professional team to drive that future growth. Silvercrest continues to accrue a higher interim percentage of revenue for compensation for this purpose, and, as mentioned, we will continue to adjust compensation accruals to match these important investments in the business and will keep you informed of our plans and the progress of these investments.

    Fourth Quarter 2024 Highlights

    • Total AUM of $36.5 billion, inclusive of discretionary AUM of $23.3 billion and non-discretionary AUM of $13.2 billion at December 31, 2024.
    • Revenue of $32.0 million.
    • U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $2.7 million and $1.6 million, respectively.
    • Basic and diluted net income per share of $0.17.
    • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)1 of $5.1 million.
    • Adjusted net income1 of $2.9 million.
    • Adjusted basic and diluted earnings per share1,2 of $0.21 and $0.20, respectively.

    The table below presents a comparison of certain GAAP and non-GAAP (“Adjusted”) financial measures and AUM.

       
    For the Three Months

    Ended December 31,
        For the Twelve Months
    Ended December 31,
     
    (in thousands except as indicated)   2024     2023     2024     2023  
    Revenue   $ 31,962     $ 28,542     $ 123,651     $ 117,410  
    Income (loss) before other income (expense), net   $ 1,957     $ (969 )   $ 17,627     $ 18,819  
    Net income (loss)   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Net income (loss) margin     8.4 %     (2.2 )%     12.7 %     12.9 %
    Net income (loss) attributable to Silvercrest   $ 1,618     $ (411 )   $ 9,535     $ 9,094  
    Net income (loss) per basic share   $ 0.17     $ (0.05 )   $ 1.00     $ 0.96  
    Net income (loss) per diluted share   $ 0.17     $ (0.04 )   $ 1.00     $ 0.96  
    Adjusted EBITDA1   $ 5,070     $ 2,581     $ 26,101     $ 26,878  
    Adjusted EBITDA Margin1     15.9 %     9.0 %     21.1 %     22.9 %
    Adjusted net income1   $ 2,861     $ 1,049     $ 15,782     $ 16,104  
    Adjusted basic earnings per share1, 2   $ 0.21     $ 0.08     $ 1.15     $ 1.16  
    Adjusted diluted earnings per share1, 2   $ 0.20     $ 0.07     $ 1.10     $ 1.12  
    Assets under management at period end (billions)   $ 36.5     $ 33.3     $ 36.5     $ 33.3  
    Average assets under management (billions)3   $ 35.0     $ 32.3     $ 34.9     $ 31.1  
    Discretionary assets under management (billions)   $ 23.3     $ 21.9     $ 23.3     $ 21.9  
    ___________________
    1 Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibits 3 and 4.
    2 Adjusted basic and diluted earnings per share measures for the three and twelve months ended December 31, 2024 are based on the number of shares of Class A common stock and Class B common stock outstanding as of December 31, 2024. Adjusted diluted earnings per share are further based on the addition of unvested restricted stock units and non-qualified stock options to the extent dilutive at the end of the reporting period.
    3 We have computed average AUM by averaging AUM at the beginning of the applicable period and AUM at the end of the applicable period.


    AUM at $36.5 Billion

    Silvercrest’s discretionary assets under management increased by $1.4 billion, or 6.4%, to $23.3 billion at December 31, 2024, from $21.9 billion at December 31, 2023. The increase was attributable to market appreciation of $2.1 billion partially offset by net client outflows of $0.7 billion. Silvercrest’s total AUM increased by $3.2 billion, or 9.6%, to $36.5 billion at December 31, 2024, from $33.3 billion at December 31, 2023. The increase was attributable to market appreciation of $3.8 billion partially offset by net client outflows of $0.6 billion.

    Silvercrest’s discretionary assets under management increased by $0.7 billion, or 3.1%, to $23.3 billion at December 31, 2024, from $22.6 billion at September 30, 2024. The increase was attributable to net client inflows of $0.9 billion partially offset by market depreciation of $0.2 billion. Silvercrest’s total AUM increased by $1.4 billion, or 4.0%, to $36.5 billion at December 31, 2024, from $35.1 billion at September 30, 2024. The increase was attributable to market appreciation of $0.5 billion and net client inflows of $0.9 billion.

    Fourth Quarter 2024 vs. Fourth Quarter 2023

    Revenue increased by $3.4 million, or 12.0%, to $32.0 million for the three months ended December 31, 2024, from $28.5 million for the three months ended December 31, 2023. This increase was driven by net client inflows in discretionary assets under management partially offset by market depreciation.

    Total expenses increased by $0.5 million, or 1.7%, to $30.0 million for the three months ended December 31, 2024, from $29.5 million for the three months ended December 31, 2023. Compensation and benefits expense decreased by $0.8 million, or 3.4%, to $21.9 million for the three months ended December 31, 2024, from $22.7 million for the three months ended December 31, 2023. The decrease was primarily attributable to a decrease in bonuses of $1.7 million, partially offset by increases in salaries and benefits of $0.9 million primarily as a result of merit-based increases and newly hired staff. General and administrative expenses increased by $1.3 million, or 18.5%, to $8.1 million for the three months ended December 31, 2024, from $6.8 million for the three months ended December 31, 2023. This was primarily attributable to increases in portfolio and systems expense of $0.5 million, office expense of $0.2 million, recruiting costs of $0.1 million and professional fees of $0.5 million.

    Consolidated net income was $2.7 million for the three months ended December 31, 2024, as compared to consolidated net loss of $0.6 million for the same period in the prior year. Net income attributable to Silvercrest was $1.6 million, or $0.17 per basic and diluted share, for the three months ended December 31, 2024. Our Adjusted Net Income1 was $2.9 million, or $0.21 per adjusted basic share and $0.20 per adjusted diluted share,2 for the three months ended December 31, 2024.

    Adjusted EBITDA1 was $5.1 million, or 15.9% of revenue, for the three months ended December 31, 2024, as compared to $2.6 million or 9.0% of revenue for the same period in the prior year.

    Year Ended December 31, 2024 vs. Year Ended December 31, 2023

    Revenue increased by $6.2 million, or 5.3%, to $123.7 million for the year ended December 31, 2024, from $117.4 million for the year ended December 31, 2023. This increase was driven by market appreciation in discretionary assets under management partially offset by net client outflows.

    Total expenses increased by $7.4 million, or 7.5%, to $106.0 million for the year ended December 31, 2024, from $98.6 million for the year ended December 31, 2024. Compensation and benefits expense increased by $4.0 million, or 5.6%, to $76.7 million for the year ended December 31, 2024, from $72.6 million for the year ended December 31, 2023. The increase was primarily attributable to an increase in equity based compensation expense of $0.3 million due to an increase in the number of unvested restricted stock units and unvested non-qualified stock options outstanding, an increase in salaries and benefits expense of $2.5 million primarily as a result of merit-based increases and newly hired staff and an increase in the accrual for bonuses of $1.2 million. General and administrative expenses increased by $3.4 million, or 13.1%, to $29.4 million for the year ended December 31, 2024, from $26.0 million for the year ended December 31, 2023. The increase was primarily attributable to increases in professional fees of $1.1 million, portfolio and systems expenses of $0.8 million, occupancy and related costs of $0.3 million, trading errors of $0.3 million, recruiting expenses of $0.3 million, travel and entertainment expenses of $0.2 million, depreciation and amortization of $0.1 million, office expense of $0.1 million, publications and subscriptions costs of $0.1 million and sub-advisory and referral fees of $0.1 million. 

    Consolidated net income was $15.7 million, or 12.7% of revenue, for the year ended December 31, 2024, as compared to consolidated net income of $15.2 million, or 12.9% of revenue, for the same period in the prior year. Net income attributable to Silvercrest was $9.5 million, or $1.00 per basic and diluted share, for the year ended December 31, 2024. Our Adjusted Net Income1 was $15.8 million, or $1.15 per adjusted basic share and $1.10 per adjusted diluted share,2 for the year ended December 31, 2024.

    Adjusted EBITDA1 was $26.1 million, or 21.1% of revenue, for the year ended December 31, 2024, as compared to $26.9 million, or 22.9% of revenue, for the same period in the prior year.

    Liquidity and Capital Resources

    Cash and cash equivalents were $68.6 million at December 31, 2024, compared to $70.3 million at December 31, 2023. As of December 31, 2024, there was nothing outstanding under our term loan with City National Bank and nothing outstanding on our revolving credit facility with City National Bank.

    Silvercrest Asset Management Group Inc.’s total equity was $80.7 million at December 31, 2024. We had 9,376,280 shares of Class A common stock outstanding and 4,373,315 shares of Class B common stock outstanding at December 31, 2024.

    Non-GAAP Financial Measures

    To provide investors with additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, we supplement our consolidated financial statements presented on a basis consistent with GAAP with Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share, which are non-GAAP financial measures of earnings. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

    • EBITDA represents net income before provision for income taxes, interest income, interest expense, depreciation and amortization.
    • We define Adjusted EBITDA as EBITDA without giving effect to the Delaware franchise tax, professional fees associated with acquisitions or financing transactions, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings of the Company, taking into account earnings attributable to both Class A and Class B stockholders.
    • Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenue. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted EBITDA Margin, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring profitability of the Company, taking into account profitability attributable to both Class A and Class B stockholders.
    • Adjusted Net Income represents recurring net income without giving effect to professional fees associated with acquisitions or financing transactions, losses on forgiveness of notes receivable from our principals, gains on extinguishment of debt or other obligations related to acquisitions, impairment charges and losses on disposals or abandonment of assets and leaseholds, client reimbursements and fund redemption costs, severance and other similar expenses, but including partner incentive allocations, prior to our initial public offering, as an expense. Furthermore, Adjusted Net Income includes income tax expense assuming a blended corporate rate of 26%. We believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Net Income, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring income of the Company, taking into account income attributable to both Class A and Class B stockholders.
    • Adjusted Earnings Per Share represents Adjusted Net Income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic Adjusted Earnings Per Share, and to the extent dilutive, we add unvested restricted stock units and non-qualified stock options to the total shares outstanding to compute diluted Adjusted Earnings Per Share. As a result of our structure, which includes a non-controlling interest, we believe that it is important to management and investors to supplement our consolidated financial statements presented on a GAAP basis with Adjusted Earnings Per Share, a non-GAAP financial measure of earnings, as this measure provides a perspective of recurring earnings per share of the Company as a whole as opposed to being limited to our Class A common stock.

    Conference Call

    The Company will host a conference call on March 7, 2025, at 8:30 am (Eastern Time) to discuss these results. Hosting the call will be Richard R. Hough III, Chief Executive Officer and President, and Scott A. Gerard, Chief Financial Officer. Listeners may access the call by dialing 1-844-836-8743 or for international listeners the call may be accessed by dialing 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

    Forward-Looking Statements

    This release contains, and from time to time our management may make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions. These statements are only predictions based on our current expectations and projections about future events. Important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements include, but are not limited to: incurrence of net losses; fluctuations in quarterly and annual results; adverse economic or market conditions; our expectations with respect to future levels of assets under management, inflows and outflows; our ability to retain clients; our ability to maintain our fee structure; our particular choices with regard to investment strategies employed; our ability to hire and retain qualified investment professionals; the cost of complying with current and future regulation coupled with the cost of defending ourselves from related investigations or litigation; failure of our operational safeguards against breaches in data security, privacy, conflicts of interest or employee misconduct; our expected tax rate; our expectations with respect to deferred tax assets, adverse economic or market conditions; incurrence of net losses; adverse effects of management focusing on implementation of a growth strategy; failure to develop and maintain the Silvercrest brand; and other factors disclosed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, which is accessible on the U.S. Securities and Exchange Commission’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    About Silvercrest

    Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.

    Silvercrest Asset Management Group Inc.

    Contact: Richard Hough
    212-649-0601
    rhough@silvercrestgroup.com

     
    Exhibit 1
     
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
        Year Ended December 31,  
        2024     2023  
        (Unaudited)        
    Revenue            
    Management and advisory fees   $ 119,316     $ 112,794  
    Family office services     4,335       4,616  
    Total revenue     123,651       117,410  
    Expenses            
    Compensation and benefits     76,663       72,619  
    General and administrative     29,361       25,972  
    Total expenses     106,024       98,591  
    Income before other (expense) income, net     17,627       18,819  
    Other (expense) income, net            
    Other (expense) income, net     203       76  
    Interest income     1,432       946  
    Interest expense     (144 )     (421 )
    Equity income from investments     1,154       73  
    Total other (expense) income, net     2,645       674  
    Income before provision for income taxes     20,272       19,493  
    Provision for income taxes     (4,563 )     (4,310 )
    Net income     15,709       15,183  
    Less: net income attributable to non-controlling interests     (6,174 )     (6,089 )
    Net income attributable to Silvercrest   $ 9,535     $ 9,094  
    Net income per share:            
    Basic   $ 1.00     $ 0.96  
    Diluted   $ 1.00     $ 0.96  
    Weighted average shares outstanding:            
    Basic     9,495,375       9,431,404  
    Diluted     9,532,525       9,464,339  
     
    Exhibit 2
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
        For the Three Months Ended December 31,  
        2024     2023  
        (Unaudited)        
    Revenue            
    Management and advisory fees   $ 30,871     $ 27,349  
    Family office services     1,091       1,193  
    Total revenue     31,962       28,542  
    Expenses            
    Compensation and benefits     21,903       22,674  
    General and administrative     8,102       6,837  
    Total expenses     30,005       29,511  
    Income (loss) income before other income (expense), net     1,957       (969 )
    Other income (expense), net            
    Other income (expense), net     178       45  
    Interest income     422       525  
    Interest expense     (49 )     (107 )
    Equity income from investments     1,154       73  
    Total other income (expense), net     1,705       536  
    Income (loss) before provision for income taxes     3,662       (433 )
    Provision for income taxes     (978 )     (209 )
    Net income (loss)     2,684       (642 )
    Less: net (income) loss attributable to non-controlling interests     (1,066 )     231  
    Net income (loss) attributable to Silvercrest   $ 1,618     $ (411 )
    Net income (loss) per share:            
    Basic   $ 0.17     $ (0.05 )
    Diluted   $ 0.17     $ (0.04 )
    Weighted average shares outstanding:            
    Basic     9,450,344       9,368,579  
    Diluted     9,487,453       9,368,579  
     
    Exhibit 3
    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”) Adjusted EBITDA Measure
    (Unaudited and in thousands, except share and per share amounts or as noted)
     
    Adjusted EBITDA   For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
        2024     2023     2024     2023  
    Reconciliation of non-GAAP financial measure:                        
    Net (loss) income   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Provision for income taxes     978       209       4,563       4,310  
    Delaware Franchise Tax     50       50       200       200  
    Interest expense     49       107       144       421  
    Interest income     (422 )     (525 )     (1,432 )     (946 )
    Depreciation and amortization     1,035       1,002       4,146       4,014  
    Equity-based compensation     542       580       1,916       1,627  
    Other adjustments (A)     154       1,800       855       2,069  
    Adjusted EBITDA   $ 5,070     $ 2,581     $ 26,101     $ 26,878  
    Adjusted EBITDA Margin     15.9 %     9.0 %     21.1 %     22.9 %

    (A) Other adjustments consist of the following:

        Three Months Ended
    December 31,
        Twelve Months Ended
    December 31,
        2024     2023     2024     2023
    Acquisition costs (a)   $       $       $       $ 5  
    Severance     140         52         393         71  
    Other (b)     14         1,748         462         1,993  
    Total other adjustments   $ 154       $ 1,800       $ 855       $ 2,069  
    (a) For the twelve months ended December 31, 2023, represents professional fees of $5 related to the acquisition of Cortina.
    (b) For the three months ended December 31, 2024, represents a Tax Receivable Agreement adjustment of ($78), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $4, professional fees related to a transfer pricing project of $27 and data conversion costs of $13. For the twelve months ended December 31, 2024, represents a fair value adjustment to the Neosho contingent purchase price consideration of $12, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, a Tax Receivable Agreement adjustment of ($78), sign on bonuses paid to certain employees of $188, professional fees of $53 related to a transfer pricing project, legal fees of $46, data conversion costs of $27 and software implementation costs of $22. For the three months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input, a Tax Receivable Agreement adjustment of ($38), an ASC 842 rent adjustment of $48 related to the amortization of property lease incentives, software implementation costs of $7, a fair value adjustment to the Neosho contingent purchase price consideration of $24, professional fees related to a transfer pricing project of $37 and legal fees related to the startup of a fund of $2. For the twelve months ended December 31, 2023, represents a variable compensation payment of $1,667 related to the difference between the number of non-qualified stock options granted to an existing Class B unit holder as determined using the Black-Scholes method inclusive and exclusive of the expected annual dividend yield input,  a Tax Receivable Agreement adjustment of $2, an ASC 842 rent adjustment of $192 related to the amortization of property lease incentives, moving costs of $35, software implementation costs of $35, professional fees related to a transfer pricing project of $37, legal fees related to the startup of a fund of $2, a fair value adjustment to the Neosho contingent purchase price consideration of $24 and a fair value adjustment to the Cortina contingent purchase price consideration of ($2).
     
    Exhibit 4
    Silvercrest Asset Management Group Inc.
    Reconciliation of GAAP to non-GAAP (“Adjusted”)
    Adjusted Net Income and Adjusted Earnings Per Share Measures
    (Unaudited and in thousands, except per share amounts or as noted)
     
    Adjusted Net Income and Adjusted Earnings Per Share   Three Months Ended
    December 31,
        Year Ended
    December 31,
     
        2024     2023     2024     2023  
    Reconciliation of non-GAAP financial measure:                        
    Net income (loss)   $ 2,684     $ (642 )   $ 15,709     $ 15,183  
    Consolidated GAAP Provision for income taxes     978       209       4,563       4,310  
    Delaware Franchise Tax     50       50       200       200  
    Other adjustments (A)     154       1,800       855       2,069  
    Adjusted earnings before provision for income taxes     3,866       1,417       21,327       21,762  
    Adjusted provision for income taxes:                        
    Adjusted provision for income taxes (26% assumed tax rate)     (1,005 )     (368 )     (5,545 )     (5,658 )
                             
    Adjusted net income   $ 2,861     $ 1,049     $ 15,782     $ 16,104  
                             
    GAAP net income (loss) per share (B):                        
    Basic   $ 0.17     $ (0.05 )   $ 1.00     $ 0.96  
    Diluted   $ 0.17     $ (0.04 )   $ 1.00     $ 0.96  
                             
    Adjusted earnings per share/unit (B):                        
    Basic   $ 0.21     $ 0.08     $ 1.15     $ 1.16  
    Diluted   $ 0.20     $ 0.07     $ 1.10     $ 1.12  
                             
    Shares/units outstanding:                        
    Basic Class A shares outstanding     9,376       9,479       9,376       9,479  
    Basic Class B shares/units outstanding     4,373       4,431       4,373       4,431  
    Total basic shares/units outstanding     13,750       13,910       13,750       13,910  
                             
    Diluted Class A shares outstanding (C)     9,413       9,515       9,413       9,515  
    Diluted Class B shares/units outstanding (D)     4,945       4,820       4,945       4,820  
    Total diluted shares/units outstanding     14,358       14,335       14,358       14,335  
    (A) See A in Exhibit 3.
    (B) GAAP earnings per share is strictly attributable to Class A stockholders. Adjusted earnings per share takes into account earnings attributable to both Class A and Class B stockholders.
    (C) Includes 37,109 and 35,554 unvested restricted stock units at December 31, 2024 and 2023, respectively.
    (D) Includes 205,079 and 240,998 unvested restricted stock units at December 31, 2024 and 2023, respectively, and 366,293 and 147,506 unvested non-qualified options at December 31, 2024 and 2023, respectively.
     
    Exhibit 5
    Silvercrest Asset Management Group Inc.
    Condensed Consolidated Statements of Financial Condition
    (Unaudited and in thousands)
     
        December 31,
    2024
        December 31,
    2023
     
    Assets            
    Cash and cash equivalents   $ 68,611     $ 70,301  
    Investments     1,354       219  
    Receivables, net     12,225       9,526  
    Due from Silvercrest Funds     945       558  
    Furniture, equipment and leasehold improvements, net     7,387       7,422  
    Goodwill     63,675       63,675  
    Operating lease assets     16,032       19,612  
    Finance lease assets     254       330  
    Intangible assets, net     16,644       18,933  
    Deferred tax asset     4,220       5,034  
    Prepaid expenses and other assets     3,085       3,964  
    Total assets   $ 194,432     $ 199,574  
    Liabilities and Equity            
    Accounts payable and accrued expenses   $ 1,953     $ 1,990  
    Accrued compensation     39,865       37,371  
    Borrowings under credit facility           2,719  
    Operating lease liabilities     22,270       26,277  
    Finance lease liabilities     262       336  
    Deferred tax and other liabilities     10,389       9,071  
    Total liabilities     74,739       77,764  
    Commitments and Contingencies (Note 10)            
    Equity            
    Preferred Stock, par value $0.01, 10,000,000 shares authorized; none issued and outstanding            
    Class A Common Stock, par value $0.01, 50,000,000 shares authorized; 10,450,559
    and 9,376,280 issued and outstanding, respectively, as of December 31, 2024;
    10,287,452 and 9,478,997 issued and outstanding, respectively, as of December 31, 2023
        104       103  
    Class B Common Stock, par value $0.01, 25,000,000 shares authorized; 4,373,315
    and 4,431,105 issued and outstanding as of December 31, 2024 and 2023, respectively
        42       43  
    Additional Paid-In Capital     56,369       55,809  
    Treasury stock, at cost, 1,074,279 and 808,455 shares as of December 31, 2024 and 2023, respectively     (19,728 )     (15,057 )
    Accumulated other comprehensive income (loss)     (43 )     (12 )
    Retained earnings     43,953       41,851  
    Total Silvercrest Asset Management Group Inc.’s equity     80,697       82,737  
    Non-controlling interests     38,996       39,073  
    Total equity     119,693       121,810  
    Total liabilities and equity   $ 194,432     $ 199,574  
     
    Exhibit 6
    Silvercrest Asset Management Group Inc.
    Total Assets Under Management
    (Unaudited and in billions)
     
    Total Assets Under Management:
     
        Three Months Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 35.1     $ 31.2       12.5 %
                       
    Gross client inflows     2.2       0.9       144.4 %
    Gross client outflows     (1.3 )     (1.3 )     0.0 %
    Net client flows     0.9       (0.4 )     325.0 %
                       
    Market appreciation     0.5       2.5       -80.0 %
    Ending assets under management   $ 36.5     $ 33.3       9.6 %
        Year Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 33.3     $ 28.9       15.2 %
                       
    Gross client inflows     5.1       5.4       -5.6 %
    Gross client outflows     (5.7 )     (4.8 )     18.8 %
    Net client flows     (0.6 )     0.6       -200.0 %
                       
    Market appreciation     3.8       3.8       0.0 %
    Ending assets under management   $ 36.5     $ 33.3       9.6 %
     
    Exhibit 7
    Silvercrest Asset Management Group Inc.
    Discretionary Assets Under Management
    (Unaudited and in billions)
     
    Discretionary Assets Under Management:
     
        Three Months Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 22.6     $ 20.5       10.2 %
                       
    Gross client inflows     1.8       0.7       157.1 %
    Gross client outflows     (0.9 )     (1.1 )     -18.2 %
    Net client flows     0.9       (0.4 )     325.0 %
                       
    Market (depreciation) appreciation     (0.2 )     1.8       -111.1 %
    Ending assets under management   $ 23.3     $ 21.9       6.4 %
        Twelve Months Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 21.9     $ 20.9       4.8 %
                       
    Gross client inflows     3.9       3.0       30.0 %
    Gross client outflows     (4.6 )     (4.1 )     12.2 %
    Net client flows     (0.7 )     (1.1 )     36.4 %
                       
    Market appreciation     2.1       2.1       0.0 %
    Ending assets under management   $ 23.3     $ 21.9       6.4 %
    Exhibit 8
    Silvercrest Asset Management Group Inc.
    Non-Discretionary Assets Under Management
    (Unaudited and in billions)
     
    Non-Discretionary Assets Under Management:
     
        Three Months Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 12.5     $ 10.7       16.8 %
                       
    Gross client inflows     0.4       0.2       100.0 %
    Gross client outflows     (0.4 )     (0.2 )     100.0 %
    Net client flows                 0.0 %
                       
    Market appreciation     0.7       0.7       0.0 %
    Ending assets under management   $ 13.2     $ 11.4       15.8 %
        Twelve Months Ended
    December 31,
        % Change from December 31,  
        2024     2023     2023  
    Beginning assets under management   $ 11.4     $ 8.0       42.5 %
                       
    Gross client inflows     1.2       2.4       -50.0 %
    Gross client outflows     (1.1 )     (0.7 )     57.1 %
    Net client flows     0.1       1.7       -94.1 %
                       
    Market appreciation     1.7       1.7       0.0 %
    Ending assets under management   $ 13.2     $ 11.4       15.8 %
     
    Exhibit 9
    Silvercrest Asset Management Group Inc.
    Assets Under Management
    (Unaudited and in billions)
     
        Three Months Ended
    December 31,
     
        2024     2023  
    Total AUM as of September 30,   $ 35.088     $ 31.187  
    Discretionary AUM:            
    Total Discretionary AUM as of September 30,   $ 22.639     $ 20.462  
    New client accounts/assets (1)     1.370       0.188  
    Closed accounts (2)     (0.011 )     (0.103 )
    Net cash inflow/(outflow) (3)     (0.458 )     (0.479 )
    Non-discretionary to Discretionary AUM (4)     (0.012 )     (0.002 )
    Market appreciation     (0.209 )     1.819  
    Change to Discretionary AUM     0.680       1.423  
    Total Discretionary AUM at December 31,     23.319       21.885  
    Change to Non-Discretionary AUM (5)     0.687       0.671  
    Total AUM as of December 31,   $ 36.455     $ 33.281  
       
    Twelve Months Ended

    December 31,
     
        2024     2023  
    Total AUM as of January 1,   $ 33.281     $ 28.905  
    Discretionary AUM:            
    Total Discretionary AUM as of January 1,   $ 21.885     $ 20.851  
    New client accounts/assets (1)     1.549       0.339  
    Closed accounts (2)     (0.527 )     (0.202 )
    Net cash inflow/(outflow) (3)     (1.714 )     (1.272 )
    Non-discretionary to Discretionary AUM (4)     (0.018 )     (0.032 )
    Market (depreciation)/appreciation     2.144       2.201  
    Change to Discretionary AUM     1.434       1.034  
    Total Discretionary AUM at December 31,     23.319       21.885  
    Change to Non-Discretionary AUM (5)     1.740       3.342  
    Total AUM as of December 31,   $ 36.455     $ 33.281  
    (1) Represents new account flows from both new and existing client relationships.
    (2) Represents closed accounts of existing client relationships and those that terminated.
    (3) Represents periodic cash flows related to existing accounts.
    (4) Represents client assets that converted to Discretionary AUM from Non-Discretionary AUM.
    (5) Represents the net change to Non-Discretionary AUM.
     
    Exhibit 10
    Silvercrest Asset Management Group Inc.
    Equity Investment Strategy Composite Performance1, 2
    As of December 31, 2024
    (Unaudited)
     
    PROPRIETARY EQUITY PERFORMANCE 1, 2   ANNUALIZED PERFORMANCE  
        INCEPTION   1-YEAR     3-YEAR     5-YEAR     7-YEAR     INCEPTION  
    Large Cap Value Composite   4/1/02     16.3       5.1       10.8       10.6       9.7  
    Russell 1000 Value Index         14.4       5.6       8.7       8.4       7.9  
                                       
    Small Cap Value Composite   4/1/02     10.1       4.3       8.8       7.1       10.3  
    Russell 2000 Value Index         8.1       1.9       7.3       6.1       7.9  
                                       
    Smid Cap Value Composite   10/1/05     15.7       2.6       7.6       7.0       9.5  
    Russell 2500 Value Index         11.0       3.8       8.4       7.2       7.8  
                                       
    Multi Cap Value Composite   7/1/02     16.1       2.6       9.2       8.5       9.7  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.4  
                                       
    Equity Income Composite   12/1/03     10.4       3.1       6.7       7.4       10.8  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.5  
                                       
    Focused Value Composite   9/1/04     16.7       (0.2 )     5.6       5.4       9.4  
    Russell 3000 Value Index         14.0       5.4       8.6       8.3       8.3  
                                       
    Small Cap Opportunity Composite   7/1/04     14.9       4.5       10.3       10.1       11.0  
    Russell 2000 Index         11.5       1.2       7.4       6.9       8.1  
                                       
    Small Cap Growth Composite   7/1/04     13.6       (2.9 )     11.1       11.8       10.6  
    Russell 2000 Growth Index         15.2       0.2       6.9       7.2       8.5  
                                       
    Smid Cap Growth Composite   1/1/06     20.9       (3.2 )     12.6       14.2       11.1  
    Russell 2500 Growth Index         13.9       0.0       8.1       8.8       9.5  
    1 Returns are based upon a time weighted rate of return of various fully discretionary equity portfolios with similar investment objectives, strategies and policies and other relevant criteria managed by Silvercrest Asset Management Group LLC (“SAMG LLC”), a subsidiary of Silvercrest. Performance results are gross of fees and net of commission charges. An investor’s actual return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account. SAMG LLC’s standard advisory fees are described in Part 2 of its Form ADV. Actual fees and expenses will vary depending on a variety of factors, including the size of a particular account. Returns greater than one year are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Past performance is no guarantee of future results. This piece contains no recommendations to buy or sell securities or a solicitation of an offer to buy or sell securities or investment services or adopt any investment position. This piece is not intended to constitute investment advice and is based upon conditions in place during the period noted. Market and economic views are subject to change without notice and may be untimely when presented here. Readers are advised not to infer or assume that any securities, sectors or markets described were or will be profitable. SAMG LLC is an independent investment advisory and financial services firm created to meet the investment and administrative needs of individuals with substantial assets and select institutional investors. SAMG LLC claims compliance with the Global Investment Performance Standards (GIPS®).
    2 The market indices used to compare to the performance of Silvercrest’s strategies are as follows:
      The Russell 1000 Index is a capitalization-weighted, unmanaged index that measures the 1000 largest companies in the Russell 3000. The Russell 1000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2000 Index is a capitalization-weighted, unmanaged index that measures the 2000 smallest companies in the Russell 3000. The Russell 2000 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 2500 Index is a capitalization-weighted, unmanaged index that measures the 2500 smallest companies in the Russell 3000. The Russell 2500 Value Index is a capitalization-weighted, unmanaged index that includes those Russell 2000 Index companies with lower price-to-book ratios and lower expected growth values.
      The Russell 3000 Value Index is a capitalization-weighted, unmanaged index that measures those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth.

    The MIL Network

  • MIL-OSI: Reliance Global Group Reports 2024 Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., March 06, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the year ended December 31, 2024.

    “We are pleased to report continued revenue growth and strong operational execution in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance. “This year has been truly transformative for Reliance, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions. Our OneFirm strategy has successfully integrated our agency operations into a unified, technology-driven platform, enhancing efficiency, reducing costs, and strengthening net operating results. These initiatives have significantly improved profitability and, we believe, positioned the Company for long-term, scalable growth in the evolving InsurTech landscape.”

    “Additionally, we believe the planned Spetner acquisition and the continued expansion of RELI Exchange’s AI-powered Quote & Bind platform are poised to drive significant value for the Company and its shareholders. Our Quote & Bind platform has revolutionized the insurance purchasing process, allowing agents to quickly generate competitive quotes and seamlessly bind policies in real time. By leveraging AI, automation, and advanced data analytics, we are enhancing efficiency, improving underwriting precision, and delivering superior service to our agents and their clients.”

    2024 Financial Highlights

    • Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023, attributed to sustained organic growth of our current in-place operations.
    • Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, compared to $3,732,939 in 2023, driven primarily by the Company’s commission income revenue mix.
    • Salaries and wages decreased by 4%, or $276,242, from $7,226,810 in 2024, versus $7,503,052 in 2023, demonstrating the Company’s ability to effectively leverage its talent (human capital) and continue to organically grow revenues.
    • General and administrative expenses increased nominally by $129,646, or 3%, to $4,219,635 in 2024, versus $4,089,989 in 2023, driven in part by acquisition related costs and general inflation, but offset by OneFirm efficiency enhancements.
    • Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, versus $12,009,982 in 2023. This positive swing is a result of less intangible impairment charges in the current year and the Company’s focus on streamlining its balance sheet which has previously been encumbered by certain fair value contingent and warrant liabilities that were liquidated or substantially reduced as of and for the year ended December 31, 2024, thus minimizing the impact of fair value swings affecting the Company’s profitability.
    • Adjusted EBITDA loss (“AEBITDA”), a non-GAAP financial measure, improved significantly during 2024, decreasing 39% or $205,573, from $(526,798) in 2023, to $(321,224) in 2024. This demonstrates the Company’s continued trend toward AEBITDA profitability, brought about through disciplined fiscal management and exciting organic operational growth.

    The Company also provided an update on its pending Spetner acquisition, which is in the final closing stages. Once closed, the acquisition is expected to expand Reliance’s insurance offerings, further strengthening its competitive position and enhancing its ability to serve a broader market with a more comprehensive suite of insurance solutions.

    Reliance has also expanded its RELI Exchange Quote & Bind platform, reinforcing its leadership in the InsurTech space. Initially launched in beta, the platform now includes more carriers and a broader range of insurance products, with further enhancements underway. Designed to streamline agent workflows, it enables instant quoting and policy binding, improving efficiency and accelerating policy issuance. AI-driven automation enhances underwriting accuracy, while access to top-tier carriers ensures competitive pricing and diverse coverage options.

    Moshe Fishman, Reliance’s Director of InsurTech and Operations, added “At Reliance, we are revolutionizing the insurance industry through cutting-edge technology and automation. With the continued expansion of our Quote & Bind platform, we are empowering agents with advanced tools that enhance efficiency, speed up deal closures, and maximize profitability. This initiative is a cornerstone of our strategy to make RELI Exchange the most comprehensive and accessible InsurTech solution in the industry.”

    Mr. Beyman concluded, “As we look ahead, the future for Reliance has never been brighter. With our disciplined approach to expansion, cutting-edge technology, and strategic acquisitions, we are well-positioned to capitalize on emerging opportunities in the rapidly evolving InsurTech landscape. The completion of the Spetner acquisition and the ongoing enhancements to our Quote & Bind platform are just the beginning of what we believe will be a period of unprecedented growth. We remain focused on innovation, operational excellence, and delivering superior service to our agents and customers. By staying true to our vision, we are confident in our ability to build Reliance into a highly profitable enterprise that generates sustainable long-term value for our shareholders. The momentum we have built in 2024 is only the foundation—we are excited for what lies ahead in 2025 and beyond.”

    Conference Call

    Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024, as well as the Company’s corporate progress and other developments.

    The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 522829. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52132 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through March 6, 2026. A telephone replay of the call will be available approximately one hour following the call, through March 20, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52132.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risks as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s most recent Annual Report on Form 10-K, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

    The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

    We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

      Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
      Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it’s excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Other income (expense), net: Includes non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
      Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. Thes costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
      Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
         

    The following table provides a reconciliation from net loss to AEBITDA for the periods ended December 31, 2024 and 2023, respectively:

        December 31,
    2024
        December 31,
    2023
     
    Net loss   $ (9,071,584 )   $ (12,009,982 )
    Adjustments:                
    Interest and related party interest expense     1,583,610       1,656,253  
    Depreciation and amortization     1,786,068       2,609,191  
    Asset impairment     3,922,110        
    Goodwill impairment           7,594,000  
    Equity-based compensation employees, directors, and service providers     858,108       1,272,155  
    Change in estimated acquisition earn-out payables     47,761       1,716,873  
    Other income, net     (51,345 )     (6,530 )
    Transactional costs     636,494       101,500  
    Non-standard costs     123,554       58,675  
    Recognition and change in fair value of warrant liabilities     (156,000 )     (5,503,647 )
    Loss from discontinued operations before tax           1,984,714  
    Total adjustments     8,750,360       11,483,185  
                     
    AEBITDA   $ (321,224 )   $ (526,798 )

    The MIL Network

  • MIL-OSI: Fidus Investment Corporation Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Board of Directors Declared Total Dividends of $0.54 per Share for First Quarter 2025

    Base Dividend of $0.43 and Supplemental Dividend of $0.11 Per Share

    EVANSTON, Ill, March 06, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”), a provider of customized debt and equity financing solutions, primarily to lower middle-market companies based in the United States, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Total investment income of $37.5 million
    • Net investment income of $18.6 million, or $0.55 per share
    • Adjusted net investment income of $18.4 million, or $0.54 per share(1)
    • Invested $120.3 million in debt and equity securities, including five new portfolio companies
    • Received proceeds from repayments and realizations of $122.8 million
    • Paid total dividends of $0.61 per share: regular quarterly dividend of $0.43 and supplemental dividend of $0.18 per share on December 27, 2024
    • Net asset value (“NAV”) of $655.7 million, or $19.33 per share, as of December 31, 2024

    Full Year 2024 Financial Highlights

    • Total investment income of $146.1 million
    • Net investment income of $74.6 million, or $2.29 per share
    • Adjusted net investment income of $75.4 million, or $2.31 per share(1)
    • Invested $394.5 million in debt and equity securities, including 16 new portfolio companies
    • Received proceeds from repayments and realizations of $276.9 million
    • Paid total dividends of $2.42 per share: regular quarterly dividends totaling $1.72 and supplemental dividends of $0.70 per share
    • Estimated spillover income (or taxable income in excess of distributions) as of December 31, 2024 of $45.6 million, or $1.34 per share

    Management Commentary

    “During the fourth quarter and fiscal year 2024, we extended our track record of growing our portfolio while maintaining sound credit quality overall by adhering to our proven strategy of investing in debt and equity investments,” said Edward Ross, Chairman and CEO of Fidus Investment Corporation.  “Originations for the year exceeded repayments and realizations resulting in a 13.8% increase in assets under management on a fair value basis. Our portfolio generated 11.6% higher adjusted net investment income and produced $11.6 million of net realized gains. In 2024, we distributed a total of $2.42 per share to our shareholders.  For 2025, we remain committed to our strategy and our goals of growing net asset value over time, preserving capital and delivering attractive risk-adjusted returns to our shareholders.”

    (1) Supplemental information regarding adjusted net investment income:

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment adviser provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of net investment income to adjusted net investment income are set forth in Schedule 1.

    Fourth Quarter 2024 Financial Results

    The following table provides a summary of our operating results for the three months ended December 31, 2024, as compared to the same period in 2023 (dollars in thousands, except per share data):

                           
      Three Months Ended December 31,              
      2024     2023     $ Change     % Change  
    Interest income $ 31,651     $ 29,511     $ 2,140       7.3 %
    Payment-in-kind interest income   2,095       1,973       122       6.2 %
    Dividend income   104       265       (161 )     (60.8 %)
    Fee income   2,998       3,522       (524 )     (14.9 %)
    Interest on idle funds   609       1,040       (431 )     (41.4 %)
    Total investment income $ 37,457     $ 36,311     $ 1,146       3.2 %
                           
    Net investment income $ 18,648     $ 16,939     $ 1,709       10.1 %
    Net investment income per share $ 0.55     $ 0.58     $ (0.03 )     (5.2 %)
                           
    Adjusted net investment income(1) $ 18,437     $ 18,837     $ (400 )     (2.1 %)
    Adjusted net investment income per share(1) $ 0.54     $ 0.65     $ (0.11 )     (16.9 %)
                           
    Net increase (decrease) in net assets resulting from operations $ 17,593     $ 26,430     $ (8,837 )     (33.4 %)
    Net increase (decrease) in net assets resulting from operations per share $ 0.52     $ 0.91     $ (0.39 )     (42.9 %)
                                   

    The $1.1 million increase in total investment income for the three months ended December 31, 2024, as compared to the same period in 2023 was primarily attributable to (i) a $2.3 million increase in total interest income (which includes payment-in-kind interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding, (ii) a $0.2 million decrease in dividend income due to decreased levels of distributions received from equity investments, (iii) a $0.5 million decrease in fee income resulting from a decrease in origination fees, partially offset by an increase in amendment and administrative fees, and (iv) a $0.4 million decrease in interest on idle funds due to a decrease in weighted average cash balances outstanding.

    For the three months ended December 31, 2024, total expenses, including the base management fee waiver and income tax provision, were $18.8 million, a decrease of $0.6 million, or (2.9%) from the $19.4 million of total expenses, including the base management fee waiver and income tax provision, for the three months ended December 31, 2023. The decrease was primarily attributable to (i) a $0.3 million increase in interest and financing expenses, (ii) a $0.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $0.1 million decrease in the income incentive fee and a $2.1 million decrease in capital gains incentive fee accrued, (iv) a $0.1 million decrease in professional fees, and (v) a $0.8 million increase in income tax provision.

    Net investment income increased by $1.7 million, or 10.1%, to $18.6 million during the three months ended December 31, 2024 as compared to the same period in 2023, as a result of the $1.1 million increase in total investment income and the $0.6 million decrease in total expenses, including base management fee waiver and income tax provision. Adjusted net investment income,(1) which excludes the capital gains incentive fee accrual, was $0.54 per share compared to $0.65 per share in the prior year.

    For the three months ended December 31, 2024, the total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, was $(0.5) million, as compared to total net realized gain/(loss) on investments, net of income tax (provision)/benefit on realized gains, of $19.7 million for the same period in 2023.

    Full Year 2024 Financial Results
    The following table provides a summary of our operating results for the year ended December 31, 2024 as compared to the same period in 2023 (dollars in thousands, except per share data):

      Years Ended December 31,              
      2024     2023     $ Change     % Change  
    Interest income $ 123,153     $ 109,947     $ 13,206       12.0 %
    Payment-in-kind interest income   7,840       6,634       1,206       18.2 %
    Dividend income   2,242       1,215       1,027       84.5 %
    Fee income   9,572       9,450       122       1.3 %
    Interest on idle funds   3,347       2,864       483       17 %
    Total investment income $ 146,154     $ 130,110     $ 16,044       12.3 %
                           
    Net investment income $ 74,636     $ 65,106     $ 9,530       14.6 %
    Net investment income per share $ 2.29     $ 2.47     $ (0.18 )     (7.3 %)
                           
    Adjusted net investment income(1) $ 75,367     $ 67,511     $ 7,856       11.6 %
    Adjusted net investment income per share(1) $ 2.31     $ 2.56     $ (0.25 )     (9.8 %)
                           
    Net increase in net assets resulting from operations $ 78,292     $ 77,133     $ 1,159       1.5 %
    Net increase in net assets resulting from operations per share $ 2.40     $ 2.93     $ (0.53 )     (18.1 %)
                                   

    The $16.0 million increase in total investment income for the year ended December 31, 2024 as compared to the same period in 2023 was primarily attributable to (i) a $14.4 million increase in total interest income resulting from an increase in average debt investment balances outstanding, partially offset by lower weighted average yield on debt investment balances outstanding, (ii) a $1.0 million increase in dividend income due to increased levels of distributions received from equity investments, (iii) a $0.1 million increase in fee income resulting from an increase in amendment and administrative fees, partially offset by a decrease in origination, management, and prepayment fees, and (iv) a $0.5 million increase in interest on idle funds due to an increase in average cash balances outstanding.

    For the year ended December 31, 2024, total expenses, including the base management waiver and income tax provision, were $71.5 million, an increase of $6.5 million or 10.0%, from the $65.0 million of total expenses, including income tax provision, for the year ended December 31, 2023. The increase was primarily attributable to (i) a $1.7 million increase in interest and financing expenses, (ii) a $2.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets, (iii) a $2.0 million increase in income incentive fees, partially offset by a $1.7 million decrease in capital gains incentive fees, (iv) a $0.2 million increase in professional fees, and (v) a $1.4 million increase in income tax provision.

    Net investment income increased by $9.5 million, or 14.6%, to $74.6 million during the year ended December 31, 2024 as compared to the same period in 2023, as a result of the $16.0 million increase in total investment income, partially offset by the $6.5 million increase in total expenses, including the base management fee waiver and income tax provision. Adjusted net investment income,(1) which excludes the capital gains incentive fee accrual, increased by $7.9 million, or 11.6%, to $75.4 million.

    For the year ended December 31, 2024, the total net realized gain on investments, net of income tax provision on realized gains, was $10.1 million, as compared to total net realized gain on investments, net of income tax provision on realized gains, of $22.4 million for the same period in 2023.

    Portfolio and Investment Activities

    As of December 31, 2024, the fair value of our investment portfolio totaled $1.1 billion and consisted of 87 active portfolio companies and four portfolio companies that have sold their underlying operations. Our total portfolio investments at fair value were approximately 101.4% of the related cost basis as of December 31, 2024. As of December 31, 2024, the debt investments of 50 portfolio companies bore interest at a variable rate, which represented $704.0 million, or 74.5%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. As of December 31, 2024, our average active portfolio company investment at amortized cost was $12.4 million, which excludes investments in four portfolio companies that have sold their underlying operations. The weighted average yield on debt investments was 13.3% as of December 31, 2024. The weighted average yield was computed using the effective interest rates for debt investments at cost as of December 31, 2024, including the accretion of original issue discounts and loan origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any.

    Fourth quarter 2024 investment activity included the following new portfolio company investments:

    • Axis Medical Technologies LLC (dba MoveMedical), a leading provider of last-mile supply chain software solutions to medical device OEMs. Fidus invested $14.8 million in first lien debt and preferred equity and made additional commitments up to $0.8 million in first lien debt.
    • CP Communications, LLC, a provider of specialized technology solutions for live event broadcasters and premium video content producers. Fidus invested $8.4 million in first lien debt, subordinated debt and common equity.
    • Estex Manufacturing Company, LLC, a branded manufacturer of sewn products used in the utility, airline / aerospace, sports, and military end markets. Fidus invested $6.3 million in first lien debt and common equity.
    • Fumex, LLC, a leading provider of fume extraction and air filtration systems for industrial manufacturing applications. Fidus invested $7.4 million in first lien debt and common equity.
    • World Tours LLC, a travel tour operator focused on affinity groups in the United States. Fidus invested $7.0 million in first lien debt and preferred equity.

    Liquidity and Capital Resources

    As of December 31, 2024, we had $57.2 million in cash and cash equivalents and $95.0 million of unused capacity under our senior secured revolving credit facility (the “Credit Facility”). In 2024, we received net proceeds of $66.3 million from the equity at-the-market program (the “ATM Program”). As of December 31, 2024, we had SBA debentures outstanding of $175.0 million, $125.0 million outstanding of our 4.75% notes due January 2026 (the “January 2026 Notes”) and $125.0 million outstanding of our 3.50% notes due November 2026 (the “November 2026 Notes” and collectively with the January 2026 Notes the “Notes”). As of December 31, 2024, the weighted average interest rate on total debt outstanding was 4.6%.

    Subsequent Events

    On January 6, 2025, we invested $15.0 million in first lien debt and $0.8 million in common equity of Customer Expressions Corp. (dba Case IQ), a leading of SaaS-based Governance, Risk and Compliance (GRC) solutions to mid-size and large enterprises.

    On January 7, 2025, we invested $19.0 million in first lien debt, $0.4 million in common equity, and committed up to $2.3 million in a revolving loan to Onsight Industries, LLC, a leading provider of customized signs & displays, mailbox solutions, and site furnishings for the home builder and land developer industries.

    On January 14, 2025, we exited our preferred equity investment in Healthfuse, LLC. We received a distribution on our preferred equity investment for a realized gain of approximately $3.2 million.

    On January 24, 2025, we received a distribution on our equity investments in Medsurant Holdings, LLC, resulting in a net realized gain of approximately $8.2 million.

    On February 5, 2025, we invested $14.0 million in first lien debt, $0.5 million in common equity, $0.1 million in preferred equity, and committed up to $2.0 million in a revolving loan to Fraser Steel LLC, a designer and manufacturer of steel tubular parts and assemblies for OEM customers used in a wide range of applications.

    On February 6, 2025, we issued an additional $5.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.207% until the pooling date in March 2025.

    On February 13, 2025, we issued an additional $14.5 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.217% until the pooling date in March 2025.

    On February 27, 2025, we repaid $12.5 million of SBA debentures with a weighted average interest rate of 5.755% which would have matured on dates ranging from March 2032 to September 2033.

    First Quarter 2025 Dividends Totaling $0.54 Per Share Declared

    On February 18, 2025, our board of directors declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter. The dividends will be payable on March 27, 2025, to stockholders of record as of March 20, 2025.

    When declaring dividends, our board of directors reviews estimates of taxable income available for distribution, which differs from consolidated income under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

    Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of our common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

    Fourth Quarter 2024 Financial Results Conference Call

    Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 7, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

    A live webcast of the conference call will be available at http://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

    FORWARD-LOOKING STATEMENTS

    This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, such as changes in the financial and lending markets, the impact of the general economy (including an economic downturn or recession), and the impact of interest rate volatility and the impact of elevated levels of inflation on the Company’s business and its portfolio companies; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Assets and Liabilities
    (in thousands, except shares and per share data)
                   
      December 31,     December 31,  
      2024     2023  
    ASSETS              
    Investments, at fair value:              
    Control investments (cost: $6,832 and $6,832, respectively) $     $  
    Affiliate investments (cost: $56,679 and $46,485, respectively)   102,024       83,876  
    Non-control/non-affiliate investments (cost: $1,011,646 and $883,312, respectively)   988,482       874,030  
    Total investments, at fair value (cost: $1,075,157 and $936,629, respectively)   1,090,506       957,906  
    Cash and cash equivalents   57,159       119,131  
    Interest receivable   15,119       11,965  
    Prepaid expenses and other assets   1,328       1,896  
    Total assets $ 1,164,112     $ 1,090,898  
    LIABILITIES              
    SBA debentures, net of deferred financing costs $ 168,899     $ 204,472  
    Notes, net of deferred financing costs   248,362       247,243  
    Borrowings under Credit Facility, net of deferred financing costs   43,954       (1,082 )
    Secured borrowings   13,674       15,880  
    Accrued interest and fees payable   5,784       5,924  
    Base management fee payable, net of base management fee waiver – due to affiliate   4,805       4,151  
    Income incentive fee payable – due to affiliate   4,477       4,570  
    Capital gains incentive fee payable – due to affiliate   14,703       17,509  
    Administration fee payable and other, net – due to affiliate   919       789  
    Taxes payable   1,850       1,227  
    Accounts payable and other liabilities   1,019       741  
    Total liabilities $ 508,446     $ 501,424  
    Commitments and contingencies              
    NET ASSETS              
    Common stock, $0.001 par value (100,000,000 shares authorized, 33,914,652 and 30,438,979 shares              
    issued and outstanding at December 31, 2024 and December 31, 2023, respectively) $ 34     $ 31  
    Additional paid-in capital   567,159       504,087  
    Total distributable earnings   88,473       85,356  
    Total net assets   655,666       589,474  
    Total liabilities and net assets $ 1,164,112     $ 1,090,898  
    Net asset value per common share $ 19.33     $ 19.37  
    FIDUS INVESTMENT CORPORATION
    Consolidated Statements of Operations (unaudited)
    (in thousands, except shares and per share data)
     
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      2024     2023     2024     2023  
    Investment Income:                      
    Interest income                      
    Control investments $     $     $     $  
    Affiliate investments   930       858       3,533       4,026  
    Non-control/non-affiliate investments   30,721       28,653       119,620       105,921  
    Total interest income   31,651       29,511       123,153       109,947  
    Payment-in-kind interest income                      
    Control investments                      
    Affiliate investments   9             9        
    Non-control/non-affiliate investments   2,086       1,973       7,831       6,634  
    Total payment-in-kind interest income   2,095       1,973       7,840       6,634  
    Dividend income                      
    Control investments                      
    Affiliate investments               1,830       519  
    Non-control/non-affiliate investments   104       265       412       696  
    Total dividend income   104       265       2,242       1,215  
    Fee income                      
    Control investments                      
    Affiliate investments   168       5       183       65  
    Non-control/non-affiliate investments   2,830       3,517       9,389       9,385  
    Total fee income   2,998       3,522       9,572       9,450  
    Interest on idle funds   609       1,040       3,347       2,864  
    Total investment income   37,457       36,311       146,154       130,110  
    Expenses:                      
    Interest and financing expenses   6,298       5,988       24,398       22,749  
    Base management fee   4,869       4,222       18,855       16,288  
    Incentive fee – income   4,477       4,570       18,549       16,529  
    Incentive fee (reversal) – capital gains   (211 )     1,898       731       2,405  
    Administrative service expenses   704       681       2,598       2,353  
    Professional fees   739       862       3,208       2,906  
    Other general and administrative expenses   239       258       1,003       1,031  
    Total expenses before base management fee waiver   17,115       18,479       69,342       64,261  
    Base management fee waiver   (64 )     (71 )     (264 )     (287 )
    Total expenses, net of base management fee waiver   17,051       18,408       69,078       63,974  
    Net investment income before income taxes   20,406       17,903       77,076       66,136  
    Income tax provision (benefit)   1,758       964       2,440       1,030  
    Net investment income   18,648       16,939       74,636       65,106  
    Net realized and unrealized gains (losses) on investments:                      
    Net realized gains (losses):                      
    Control investments                     (11,458 )
    Affiliate investments   134       446       134       546  
    Non-control/non-affiliate investments   (710 )     19,358       11,451       34,983  
    Total net realized gain (loss) on investments   (576 )     19,804       11,585       24,071  
    Income tax (provision) benefit from realized gains on investments   43       (93 )     (1,480 )     (1,662 )
    Net change in unrealized appreciation (depreciation):                      
    Control investments                     11,083  
    Affiliate investments   7,537       714       7,954       (8,395 )
    Non-control/non-affiliate investments   (8,059 )     (10,934 )     (13,882 )     (13,047 )
    Total net change in unrealized appreciation (depreciation) on investments   (522 )     (10,220 )     (5,928 )     (10,359 )
    Net gain (loss) on investments   (1,055 )     9,491       4,177       12,050  
    Realized losses on extinguishment of debt               (521 )     (23 )
    Net increase (decrease) in net assets resulting from operations $ 17,593     $ 26,430     $ 78,292     $ 77,133  
    Per common share data:                      
    Net investment income per share-basic and diluted $ 0.55     $ 0.58     $ 2.29     $ 2.47  
    Net increase in net assets resulting from operations per share — basic and diluted $ 0.52     $ 0.91     $ 2.40     $ 2.93  
    Dividends declared per share $ 0.61     $ 0.80     $ 2.42     $ 2.88  
    Weighted average number of shares outstanding — basic and diluted   33,914,652       28,961,411       32,585,238       26,365,269  

    Schedule 1

    Supplemental Information Regarding Adjusted Net Investment Income

    On a supplemental basis, we provide information relating to adjusted net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income. Adjusted net investment income represents net investment income excluding any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The management agreement with our investment advisor provides that a capital gains incentive fee is determined and paid annually with respect to cumulative realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized losses for such year, less the aggregate amount of any capital gains incentive fees paid in all prior years. In addition, we accrue, but do not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. As such, we believe that adjusted net investment income is a useful indicator of operations exclusive of any capital gains incentive fee expense or (reversal) attributable to realized and unrealized gains and losses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The following table provides a reconciliation of net investment income to adjusted net investment income for the three and twelve months ended December 31, 2024 and 2023.

      ($ in thousands)     ($ in thousands)  
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      (unaudited)     (unaudited)  
      2024     2023     2024     2023  
    Net investment income $ 18,648     $ 16,939     $ 74,636     $ 65,106  
    Capital gains incentive fee expense (reversal)   (211 )     1,898       731       2,405  
    Adjusted net investment income(1) $ 18,437     $ 18,837     $ 75,367     $ 67,511  
      (Per share)     (Per share)  
      Three Months Ended     Years Ended  
      December 31,     December 31,  
      (unaudited)     (unaudited)  
      2024     2023     2024     2023  
    Net investment income $ 0.55     $ 0.58     $ 2.29     $ 2.47  
    Capital gains incentive fee expense (reversal)   (0.01 )     0.07       0.02       0.09  
    Adjusted net investment income(1) $ 0.54     $ 0.65     $ 2.31     $ 2.56  
    (1)   Adjusted net investment income per share amounts are calculated as adjusted net investment income dividend by weighted average shares outstanding for the period. Due to rounding, the sum of net investment income per share and capital gains incentive fee expense (reversal) amounts may not equal the adjusted net investment income per share amount presented here.
    Company Contact: Investor Relations Contact:
    Shelby E. Sherard Jody Burfening
    Chief Financial Officer Alliance Advisors IR
    (847) 859-3940 (212) 838-3777
    ssherard@fidusinv.com jburfening@allianceadvisors.com

    The MIL Network

  • MIL-OSI United Nations: In Dialogue with Burkina Faso, Experts of the Human Rights Committee Commend Electoral Quotas for Women, Raise Issues Concerning Alleged Human Rights Violations by Homeland Defence Volunteers and Potential Reinstatement of the Death Penalty

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the second periodic report of Burkina Faso on how it implements the provisions of the International Covenant on Civil and Political Rights, with Committee Experts commending electoral quotas promoting women’s representation, while raising issues concerning impunity for alleged human rights violations committed by the Homeland Defence Volunteers, and the potential reinstatement of the death penalty.

    A Committee Expert welcomed the 2009 law on electoral quotas, which increased the quota for the representation of women in legislative and municipal elections from 30 to 50 per cent.  However, a 2020 law retained a 30 per cent quota; were there plans to amend it?

    A Committee Expert said there seemed to be impunity for violations committed by the special forces and Homeland Defence Volunteers.  How was the State party pursuing accountability?  Another Expert said State legislation granted self-defence militia a role in overseeing security and questioning suspects.  How was the State party preventing self-defence militia from carrying out law enforcement activities?

    One Expert said the Committee was deeply concerned by reported plans to reintroduce the death penalty in Burkina Faso.  Could the delegation clarify whether Burkina Faso was committed to abolishing the death penalty?  How was the potential reinstatement of the death penalty aligned with the State’s Covenant obligations?

    Responding to questions, the delegation said a law was implemented in 2020 that regulated quotas for women’s representation in elections, but it had since been revised.  Some 23 per cent of Government staff were women and there were five women ministers out of 23, while 27 per cent of Governors and 33 per cent of embassy staff and ambassadors were women.

    The State party did not agree with the Committee’s use of the term “self-defence militia”, the delegation said, which was not in line with reality.  Burkina Faso was facing an extraordinary security situation; security forces were reacting to neutralise terrorists.  There were no militias, only Homeland Defence Volunteers, who were under the aegis of the security forces.  State officials were not involved in the disappearances of persons; only terrorists were.  Persons who committed violations were brought before the justice system.

    The delegation said Burkina Faso had a sovereign right to decide on the imposition of the death penalty.  As the country most affected by terrorism worldwide, the State was most concerned with restoring peace and defending citizens’ rights. The death penalty existed in State legislation, such as in the military code, but there was a de facto moratorium on it.  There were plans to restore the death penalty to deter crimes of terrorism.

    Edasso Rodrigue Bayala, Minister of Justice and Human Rights, Keeper of the Seals and head of the delegation, said Burkina Faso was determined to implement civil and political rights, despite the terrorist attacks faced by the country.  The State had undertaken several institutional and legislative reforms to ensure citizens could better enjoy their rights, strengthening public institutions and structures responsible for promoting human rights.

    In concluding remarks, Mr. Bayala thanked the Committee for the high-quality dialogue.  The Government remained deeply committed to the respect of human rights and would closely heed any recommendations made by the Committee. The stabilisation undertaken by Burkina Faso was essential to bringing about lasting peace and development, and international partners were called on to support these efforts.

    Changrok Soh, Committee Chairperson, in concluding remarks, expressed appreciation for the constructive dialogue, and thanked all those who had contributed.  The discussions had covered a range of topics related to the Covenant, he said.

    The delegation of Burkina Faso was made up of representatives of the Presidency of Burkina Faso; Ministry of Justice and Human Rights; Ministry of Humanitarian Action and National Solidarity; Ministry of Defence and Veterans Affairs; Ministry of Security; Ministry of Foreign Affairs, Regional Cooperation and Burkinabe Abroad; and the Permanent Mission of Burkina Faso to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. this afternoon, Thursday 6 March to begin its consideration of the second periodic report of Zimbabwe (CCPR/C/ZWE/2).

    Report

    The Committee has before it the second periodic report of Burkina Faso (CCPR/C/BFA/2).

    Presentation of the Report

    SABINE BAKYONO KANZIE, Permanent Representative of Burkina Faso to the United Nations Office at Geneva, said through the dialogue with the Committee, Burkina Faso sought to renew its commitments to the rules and principles embodied in the Covenant.  The delegation would tackle key issues, focusing on what the Government had done to strengthen the institutional and regulatory framework.

    EDASSO RODRIGUE BAYALA, Minister of Justice and Human Rights, Keeper of the Seals and head of the delegation, said Burkina Faso was determined to implement civil and political rights, despite the terrorist attacks faced by the country.  The State had undertaken several institutional and legislative reforms to ensure citizens could better enjoy their rights.  Over the reporting period, the normative framework for the protection of civil and political rights had evolved, with the adoption of laws on the functioning of the High Council for Communication, the conditions of entry and residence of foreigners on national territory, the administration of community service, and the Homeland Defence Volunteers, as well as the 2024 amendment to the Constitution.

    The Government had strengthened public institutions and structures responsible for promoting and protecting human rights. The staff and budget of the National Human Rights Commission had been strengthened, and the National Mechanism for the Prevention of Torture was operationalised.  In 2023, the Government created a framework for consultation, monitoring and early warning of cases of alleged human rights violations and abuses, relating to the fight against terrorism, and an interministerial working group to implement the framework.  Judicial units specialised in economic and financial crimes and organised crime were created within the Ouaga 1 and Bobo Dioulasso High Courts, and a unit specialised in terrorism cases was created within the Ouaga II High Court.

    Burkina Faso attached great importance to the contribution of civil society organizations.  It adopted Law No. 039 on the protection of human rights defenders in 2017, which guaranteed the right of individuals and associations to promote and protect human rights and fundamental freedoms.  More than 500 young human rights defenders from areas affected by the security crisis were trained between 2020 and 2022. 

    After the report was tabled, the State party had trained 627 supervisors and trainers of the Homeland Defence Volunteers, and sensitised more than 32,000 volunteers and armed force members on the protection of human rights in the fight against terrorism.  It had also held trials of terrorism cases in 2023 and 2024, in which 151 people were convicted and 95 acquitted, and held empty case files operations in January 2025, which made it possible to adjudicate 4,200 cases that had been pending for several years.

    To effectively combat terrorism, major legislative, institutional and operational reforms of the armed forces had been carried out.  Legal advisers had been established within each armed forces unit.  To guarantee the protection of the population and their property against the terrorist threat, the Government established a “state of ready alert” for a period of 12 months in April 2023, duly notifying the Secretary-General of the United Nations.

    A trial to establish responsibility regarding the death of former President Thomas Sankara was concluded in 2022 with the conviction of 14 people and  compensation for the beneficiaries.  Regarding the Norbert Zongo case, the Government had implemented the judgment of the African Court on Human and Peoples’ Rights on reparations to family members and others, providing 233,135,409 CFA francs in compensation.

    To combat prison overcrowding, several measures had been adopted, including a 2024 law on community service, and the revision of the Code of Criminal Procedure, to improve the efficiency of the Burkinabe justice system.

    Regarding the fight against money laundering and the financing of terrorism, Burkina Faso had developed a new strategy with an action plan for 2021-2025.  Structures such as the Supreme Authority for State Control and the Fight against Corruption had strengthened awareness-raising on corruption and internal controls of public structures.  From 2022 to 2024, the Supreme Authority had sent 141 cases to the Public Prosecutor’s Office, 31 of which had already been tried.

    The Government had undertaken a review of the Code of Persons and the Family, aiming to harmonising the minimum legal age of marriage for men and women.  The draft Code had been transmitted to the Transitional Legislative Assembly for adoption.

    Burkina Faso was committed to freedom of the press and of opinion, freedom of assembly and the right to information.  However, these freedoms were not absolute and needed to be exercised in compliance with the law.  Restrictions could be imposed by the Government on the exercise of these freedoms in accordance with international commitments.  To enable journalists and media outlets to adapt to the security context, the Government was providing training, information and awareness-raising activities on crisis-sensitive journalism.

    Despite the progress made, the security and humanitarian challenges that Burkina Faso had been facing for several years were a major concern.  Citizens were fighting with bravery and dignity for the total eradication of terrorism. The State was calling for more solidarity and support from the international community.

    Questions by Committee Experts

    A Committee Expert noted the State party’s substantial legislative and institutional machinery, set up despite the challenges faced in the State.  What measures were in place to ensure respect for the State’s human rights commitments and implementation of the Committee’s recommendations?  Since the last review, the security and humanitarian situation had deteriorated considerably in the State party.  According to the 2024 Global Terrorism Index report, “for the first time, Burkina Faso had become the country most affected by terrorism globally”.

    The Committee noted with satisfaction that the Constitution conferred on international treaties and agreements that the State party had ratified or approved a binding nature and supra-legislative authority.  Efforts had been made by the Government to disseminate the provisions of the Covenant. Could the State party provide examples of cases where national courts had invoked the provisions of the Covenant? What legislation had been harmonised with the Covenant and relevant recommendations in the previous concluding observations?  Did Constitutional revisions strengthen civil and political rights?

    A trial had been held regarding the death of former President Thomas Sankara.  Could the State party provide information on this trial and the designation of an official burial site?

    Why had the national preventive mechanism against torture been included within the National Human Rights Commission?  What were the outcomes of its activities? Could data be provided on complaints received by the Commission?  What sanctions were issued to the perpetrators of violations?  What had the Commission done to ensure proper implementation of the law on the protection of human rights defenders?  What measures had the State party taken to ensure that the Commission could recover its accreditation with the Global Alliance of National Human Rights Institutions?

    Another Committee Expert requested more information on measures taken to ensure accountability for all persons who committed violations against former President Thomas Sankara and Norbert Zongo. Why had the High Council for Reconciliation and National Unity, which had investigated historic human rights violations occurring since the 1960s, been disestablished?  Had all its investigations been closed and did they lead to criminal sanctions?

    There had been an upsurge in human rights violations committed in the State since 2019 by different actors, including terrorist groups, non-State and military actors.  What measures were in place to raise awareness of human rights and international humanitarian law?  There seemed to be impunity for violations committed by the special forces and the Homeland Defence Volunteers.  How was the State party pursuing accountability?  What transitional justice measures and human rights education measures were in place?

    The State party had not withdrawn or renewed the state of emergency established in 2019.  Such states of emergency needed to respect basic rights; the right to individual freedoms could not be subject to exemptions.  Serious violations had occurred in the context of the fight against terrorism, including extrajudicial killings, enforced disappearance and torture. How could the derogatory legal framework in place today be reconciled with the Covenant?  When would the state of emergency be ended?

    Martial rape was prohibited in the State party. Were there any awareness raising campaigns in place to inform the public of the prohibition, and to prevent patriarchal stereotypes and violence against women?  There was an environment of impunity for violence against women in the State party.  What investigations had been carried out into violence against women, including sexual violence against displaced women?

    One Committee Expert said Burkina Faso had acceded to the United Nations Convention on Corruption in 2006, and to the African Union Convention on Corruption in 2005.  In 2017, the State adopted a law on the prevention of corruption.  Despite the efforts of the State party, however, Burkina Faso had high rankings on global corruption indices.  What measures were in place to investigate and prevent corruption?  What support did the State provide to the national committee monitoring corruption, which was reportedly encountering financial difficulties?

    The Expert welcomed the 2009 law on electoral quotas, which increased the quota for the representation of women in legislative and municipal elections from 30 to 50 per cent.  However, a 2020 law retained a 30 per cent quota; were there plans to amend it?  What measures were in place to increase the representation of women in leadership positions in public and private institutions?  There were customary practices that were discriminatory to women in Burkina Faso.  How did legislation prevent these practices?

    Parliament was reportedly yet to adopt draft legislation that would establish the legal minimum age for marriage of men and women at 18 years, and to prohibit polygamy.  When would this be adopted?  What measures were in place to prevent polygamy and raise awareness of its harms? The Committee was concerned by the continued prevalence of female genital mutilation, despite its prohibition in 1996.  What measures were in place to implement the prohibition and to combat stigmatisation and violence against women who were accused of witchcraft?

    State legislation granted self-defence militia a role in overseeing security and questioning suspects.  How was the State party strengthening the presence of security forces across the country and preventing self-defence militia from carrying out law enforcement activities?  Was the State party investigating violations by these militia?

    Another Committee Expert said that the Committee welcomed that the State party had adopted legislation prohibiting discrimination, but certain vulnerable groups were not offered protection.  Was the State party planning to adopt a comprehensive legal framework that clearly defined direct and indirect discrimination, and discrimination based on sexual orientation, gender identity and disability? What measures were in place to provide reparations for victims of discrimination, sanction discriminatory speech in the online space, and prevent discrimination against persons with albinism? Could the delegation provide information on reforms to the law on the family and their impact on lesbian, gay, bisexual, transgender and intersex persons?

    One Committee Expert welcomed recent amendments to the Criminal Code, which allowed for abortion up to 14 weeks of pregnancy, in cases of rape or incest.  However, social and cultural attitudes stigmatised women who sought abortions and there were barriers to obtaining legal abortions, pushing women to seek unsafe, clandestine abortions.  How was the State party addressing these issues?  The Expert welcomed the marked increase in free family planning services and contraception, but noted that cultural and other barriers continued to prevent access to contraception and family planning services.  How would these issues be addressed?

    The Committee was deeply concerned by reported plans to reintroduce the death penalty in Burkina Faso.  Could the delegation clarify whether Burkina Faso was committed to abolishing the death penalty?  The State party had not taken substantial steps to ratify the Second Optional Protocol to the Covenant.  What was the status of the ratification process?

    Responses by the Delegation

    The delegation said the State party did not agree with the Committee’s use of the terms “armed non-State groups” and “self-defence militia”, which were not in line with reality.  Burkina Faso was facing an extraordinary security situation. There were no non-State armed groups, only terrorist groups.  There were also no militias, only Homeland Defence Volunteers, who were under the aegis of the security forces.  State officials were not involved in the disappearances of persons; only terrorists were.  Security forces were reacting to neutralise terrorists.  In some cases, persons reported as having been disappeared were in fact terrorists.  Persons who committed violations were brought before the justice system.

    The death penalty existed in State legislation, such as in the military code, but there was a de facto moratorium on it. There were plans to restore the death penalty to deter crimes of terrorism.

    Reform of the Constitution had been stalled due to the security situation, with work to resume when the security situation had improved.

    The Government had strengthened protection against human rights violations in 2023.  Victims of such violations had the right to report them to competent State bodies and the National Human Rights Commission.  Legislation adopted in 2016 and 2017 defined the Commission’s mandate. Since 2022, the Commission had had its own budget, and its staff had recently been increased.  It was aligned with the Paris Principles. 

    Legal amendments in 2021 appointed the National Human Rights Commission as the national preventive mechanism for torture; it was currently operational and conducting activities across the country. The mechanism had been conducting awareness raising campaigns and workshops on preventing torture and had held commemorations for the victims of torture.

    The State party planned to raise the legal age of marriage to 18 years for men and women.  All citizens were equal before the law in Burkina Faso.  The State party had conducted awareness raising activities to boost social cohesion and prevent discrimination.

    In 2023, the State party submitted a letter to the United Nations Secretary-General notifying him of the state of emergency. The state of emergency provided for no exemptions to basic individual freedoms.  The Constitution stated that all citizens could invoke all international treaties ratified by Burkina Faso before the courts.  Several members of the judiciary had received training on international treaties ratified by the State party, including the Covenant.

    The remains of former President Thomas Sankara and his murdered colleagues had been buried and these persons had been given the status of “national heroes”.  Compensation had been granted related to the case of Norbert Zongo, although this case was still before the courts.

    All forms of discrimination were prohibited under State law and victims of discrimination could plead their cases with the competent authorities.  The Penal Code stipulated that discrimination based on specific characteristics was prohibited, when it aimed to infringe on rights.  Public speech inciting violence or hatred against a person or group on any grounds could be punished with up to three years imprisonment.  There were legal provisions prohibiting discrimination by employers in relation to hiring and dismissals, and defamation against any group by the press.  There was also legislation protecting persons with disabilities from discrimination. Employers could not reject applications from persons with disabilities on the grounds of their disability.

    A law was implemented in 2020 that regulated quotas for women’s representation in elections, but it had since been revised. Some 23 per cent of Government staff were women, while 33 per cent of embassy staff were women, and 27 per cent of Governors were women.

    Burkina Faso had comprehensive care shelters for women victims of violence in three locations.  The Penal Code issued penalties of imprisonment and fines for persons who accused women of witchcraft.  The State party had assisted around 30 women accused of witchcraft to return to their family environment in 2024.  There was a national strategy and action plan for eliminating female genital mutilation; close to 250 persons had been prosecuted for the crime of female genital mutilation in recent years.  Various projects had been financed throughout the country to promote women’s access to land; these had helped to increase the share of land held by women.

    Burkina Faso provided food aid, shelter and psychosocial support for internally displaced persons.  The State had established a plan spanning 2023 to 2027 for supporting internally displaced persons.

    Abortions could be carried out by authorised doctors if there was a threat to the life of the mother.  The State party had established a national action plan on family planning, which sought to increase access to contraception.

    The High Council for Reconciliation and National Unity had been abolished and another body had been established to continue its mission.

    Volunteer forces were military personnel, and therefore needed to abide by State legislation and all international treaties to which Burkina Faso was a party.  They did not enjoy impunity.  When they committed violations, they could be expelled from the security forces.  Legal texts regulated the mobilisation of volunteer forces, which were helping to recover land nationwide and put an end to terrorist attacks.  Reforms were being implemented to promote better coverage of the territory by security forces.  The State could not overcome terrorism without the help of citizens.  From 2016 to 2024, over 285 members of self-defence forces were prosecuted and issued with sanctions.

    There were State bodies that were working to prevent corruption and investigate complaints of corruption, including corruption within the security forces.  Legislation on money laundering, financing terrorism and proliferating weapons of mass destruction had been implemented.  In 2024, 81 cases of violations under this legislation had been investigated.

    The state of emergency was not in force as of October 2023, demonstrating that the security situation in the country had improved. The state of emergency had been implemented to combat the upsurge in terrorist acts and to bring back peace in the country.

    Burkina Faso attached great importance to the contributions of human rights defenders and had implemented several initiatives to create an enabling environment for them.  The law on human rights defenders mandated the State to set up a protection mechanism for human rights defenders and their family members; this was now operational.

    The Government was committed to freedom of the press.  However, hate speech and incitement to violence was not acceptable and some members of the press had been sanctioned for such activities.

    Persons with albinism had preferential access to State health and educational services.

    Burkina Faso was committed to combatting and ending female genital mutilation both within and outside its territory.  In the Human Rights Council, the State promoted resolution 50/16, which addressed female genital mutilation internationally.

    The State party was waging a complex battle against terrorists and their accomplices, who sometimes sought to hijack human rights issues. These persons could have given the Committee unreliable information.

    Follow-Up Questions by Committee Experts

    One Committee Expert called on the State party to prove that the information submitted by civil society lacked substantiation.  The Expert said that the only official notification received by the Secretary-General related to the state of emergency dated back to 2019.  Had a letter been sent concerning the most recent state of emergency?  The powers granted to the military in this state of emergency seemed to still be in force; was this the case?

    Other Committee Experts asked follow-up questions on the membership of the national preventive mechanism against torture, the resources available to it, and its powers to visit places of depravation of liberty; measures to ensure that existing laws were consistent with the Covenant; how human rights defenders were involved in the drafting of treaty body reports and whether there was a dedicated mechanism for the drafting of reports.

    Questions were also asked on measures to ensure that informal counter-terrorism actors did not abuse their powers; how the State party implemented anti-discrimination legislation to protect the rights of vulnerable persons; how the State party would guarantee access to justice for persons with disabilities and other vulnerable groups who were discriminated against; the number of discrimination complaints investigated by the State party; the State party’s legal stance on same-sex relations; measures to prevent marital rape; how the potential reinstatement of the death penalty aligned with the State’s Covenant obligations; and plans to remove administrative barriers to accessing abortions.

    Responses by the Delegation

    The delegation said it could not provide information about issues that did not exist, such as self-defence militias. The Homeland Defence Volunteers had a legal basis, and volunteers were recruited according to specific moral criteria. They were overseen by the military police and other defence forces.

    Burkina Faso had a sovereign right to decide on the imposition of the death penalty, which could act as a deterrent to terrorism crimes.  Burkina Faso had a duty to uphold the Covenant but was facing an existential crisis. It was the country most affected by terrorism worldwide.  The State was most concerned with escaping this situation, restoring peace and defending citizens’ rights.  It had eliminated the death penalty within common law.

    The Constitutional Court had invoked the Covenant in two cases.  The national preventive mechanism against torture was established in 2014 but had faced financial difficulties.  In 2021, the decision was made to incorporate the mechanism within the National Human Rights Commission to ensure its access to financing.  It worked separately from the Commission, overseeing prisons, police holding facilities and other places of detention.  It had also held workshops throughout the country to inform the public about its activities.

    The state of emergency was no longer in force, but the State party still needed to ensure security across the country.  Thus, following advice from the Constitutional Court, the State party had declared a “state of ready alert”, which gave the State the power to control the supply of resources and restrict certain rights, pursuant to the law.

    There was a plan of action in place for the promotion of human rights education and civic duty.  A study had been conducted into the alignment of the State’s legislation with Covenant provisions; the recommendations of this study were currently being implemented.  There was a specialised body established within the State party to draft reports for the treaty bodies and oversee implementation of their recommendations.

    In cases of rape or incest, if public prosecutors granted permission, women could conduct abortions within the first 14 weeks of pregnancy.  In cases of repeated marital rape, fines were imposed on the perpetrator.  The Government was conducting an awareness raising campaign on preventing marital rape.

    In March 2020, a decree was adopted for an action plan up to 2024 for human rights education within school syllabuses and educational training centres.  This action plan made it possible to provide training, awareness raising and information session to the public, civil society organisations and defence forces. Some 232 courses in human rights were organised.  An action plan for 2025-2029 was currently being developed to continue this work. 

    Burkina Faso had established traditional dispute mechanisms, including mediation.  There had been more than 4,000 complaints of violence against women in 2023 and more than 5,000 in 2024.  Access to justice was guaranteed for everybody, including those with disabilities.

    Questions by Committee Experts

    A Committee Expert asked how the mechanism for the prevention of torture worked in practice.  Could it visit places of deprivation of liberty unannounced and meet detainees without the presence of a police officer or guard?  Were requests from the authorities followed up?  Was the Human Rights Commission’s annual report widely disseminated to the authorities concerned?  Torture was prohibited, as was the use of confessions under torture, however accused officials had told the courts that confessions had been extracted from them by police.  Could the delegation provide examples of cases in which the rule of exclusion of evidence obtained under torture had been applied by the courts?

    The judicial reforms of 2023 and 2024 had significant effects on the functioning of the justice system, some of which were potentially problematic, even dangerous, including the modification of the High Council of the Judiciary to increase the share of non-magistrate members to 50 per cent, and the submission of the Public Prosecutor’s Office to the authority of the Minister of Justice.  It appeared that it was up to the Minister, in practice, to appoint, assign and sanction judges, which risked undermining the independence of judges.  There also seemed to be significant judicial backlogs and unexecuted decisions.  What strategy was envisaged to reduce those backlogs and strengthen the implementation of court decisions?  Were the reforms compatible with the impartiality and independence of justice, as enshrined in the Covenant?  What measures had been taken to strengthen the capacity of the judiciary?  How was the selection of judges organised?

    The Committee was concerned that certain magistrates who had issued decisions unfavourable to Homeland Defence Volunteers or the Executive had been forcibly conscripted.  Information had also been received regarding an instruction note from the Prosecutor General in October 2024, which reportedly gave an injunction to all prosecutors not to prosecute certain persons until they had received his prior authorisation.  Could the delegation comment on this information?  Were the Homeland Defence Volunteers subject to civilian courts when they committed crimes, or did they fall under the jurisdiction of military courts?

    Another Committee Expert asked about the steps taken to finalise the investigations relating to alleged violations committed during the 2014-2015 period of unrest , in particular regarding excessive use of force resulting in bodily harm, death and obstruction of peaceful assemblies? If State officers were found guilty, would the State party ensure that the penalties issued were proportionate to the seriousness of the crime?  Could the Committee be updated on developments relating to the National Observatory for the Prevention of Torture, with regard to its mandate, composition, financing, and data collection system, and the choice of its members?

    Another Expert said that while the Committee took note of efforts made by the State party to improve the conditions of detention, information received indicated several shortcomings in this area.  For example, the Ouagadougou prison had just one nurse.  In 2021, the State party adopted a strategic plan for the development of the prison administration with a view to humanising the conditions of detention in prisons; how had implementation of the plan been assessed?  What were the outcomes and impacts of the visits of the judicial authorities, the competent inspection bodies and non-governmental organizations to places of deprivation of liberty on the conditions of detainees?

    Burkina Faso had asserted that there were no minority groups within its population, and that the Peuhl and Tuareg communities were not minorities.  Could more information on this be provided?  According to information received over the past five years, members of the indigenous Fulani community had reported cases of being stigmatised, treated inhumanely and accused of terrorism based on their ethnicity.  What measures were being taken to ensure that the rights of all citizens were respected without discrimination?  Did the State party plan to open secure corridors to allow the population to withdraw from dangerous areas and secure their property?  The national human rights institution had made recommendations for the State party to strengthen actions to combat hate speech and incitement to violence; could the State party comment on this?

    A Committee Expert said the Committee acknowledged the progress made in the 2019 Code of Criminal Procedure, which guaranteed the right to a medical examination and legal assistance from the beginning of police custody.  However, it was concerning that these guarantees were not automatic or unconditional. Did the State intend to amend its regulations to ensure that all detained persons had immediate and automatic access to a medical examination without the need for prior authorisation or a 72-hour waiting period?  What measures had been taken to ensure that these examinations were carried out by independent doctors, guaranteeing their impartiality and confidentiality?  Would the State consider reducing the maximum period of detention without judicial control to 48 hours? 

    The Committee was aware of the enormous challenge facing Burkina Faso in the face of one of the largest humanitarian crises in its history, with more than 1.5 million internally displaced persons due to insecurity and armed violence.  In addition, the country had welcomed a significant number of refugees, mainly from Mali, who faced difficulties in accessing protection, legal documentation and basic services.  The Committee took note of Act No. 042-2008/AN on the Status of Refugees, which recognised the principle of non-refoulement and granted rights to refugees and asylum-seekers but was concerned about its implementation.  The absence of a clear procedure for determining stateless status remained a challenge, particularly affecting children born in refugee camps, despite the State’s efforts to improve birth registration and the issuance of identity documents.

    Regarding internally displaced persons, the Committee recognised the State’s efforts in humanitarian assistance, including access to food, health, education, and economic support.  However, concerns remained about camp security, gender-based violence, child exploitation and the lack of durable solutions that allowed access to sustainable livelihoods. 

    What measures had the State taken to ensure the effective application of the principle of non-refoulement and to prevent undue expulsions?  Could updated data on the number of asylum applications lodged and granted in recent years be provided?  What actions were being implemented to strengthen refugees’ and asylum seekers’ access to basic services?  Did the State intend to revise the Nationality and Civil Status Act to address gaps and establish a clear procedure for determining statelessness?  What efforts had been made to ensure timely birth registration and the free issuance of birth certificates, especially in camps for refugees and internally displaced children?  What strategies had the State implemented to guarantee the safety of internally displaced persons, in the face of risks of gender-based violence and child exploitation?

    The Committee took note of Burkina Faso’s legal framework guaranteeing freedom of peaceful assembly and association, but concerns remained about restrictions in practice, including allegations of obstruction of demonstrations by security forces and sanctions against protesters. What measures had the State taken to ensure that the intervention of security forces in demonstrations was governed by the principles of necessity and proportionality?  What independent monitoring mechanisms existed to investigate allegations of excessive use of force?  What provisions were in place to authorise or restrict demonstrations? How was it ensured that they were compatible with international standards?  What measures had been put in place to enable human rights organizations to register and operate without obstacles?  How was the safety of journalists and human rights defenders covering demonstrations guaranteed?

    The Committee noted the 2018 revision of the Electoral Code, however, concerns remained about restrictions on the exercise of the right to vote, particularly for certain groups.  What had been done to increase the political participation of women and marginalised groups in the country?  How was the independence of the institutions responsible for monitoring the electoral process guaranteed?  When would the next elections be held?

    Another Expert said the State Party had undertaken several positive initiatives to combat trafficking, including the national action plan against trafficking for 2023 to 2026, however challenges remained in implementation.  What progress had been made in implementing the national action plan?  Were there mechanisms to access its effectiveness? What measures were being taken to improve data collection?  A significant proportion of convicted traffickers continued to receive fully or partially suspended sentences, raising concerns about the deterrent effect of the legislation.  Could updated figures be provided on trafficking cases investigated, prosecutions initiated, and convictions secured?  What concrete steps were being taken to ensure that anti-trafficking laws were enforced rigorously?  How did the State Party ensure that law enforcement agencies and judicial officials received adequate training on victim-centred approaches in handling trafficking cases?  What actions was the State Party taking to address deficiencies in victim support, including limited shelter capacities and support services?

    Reports indicated that a significant number of children remained engaged in dangerous labour, particularly in small-scale gold mining and agricultural fields.  Could the delegation provide updated statistics on the number of children identified and removed from hazardous work, as well as data on their reintegration in society?  What was the anticipated timeline for adoption of the draft child protection code? Wha steps were being taken to improve the long-term reintegration of child victims of forced labour?  What measures were in place to expand shelter capacity, improve service quality, and ensure sustainable funding for victim support programmes?

    The Committee noted with concern that a review of legislation that imposed content-based restrictions to safeguard defence and security forces had not been envisaged, despite potential limitations on freedom of expression.  How did the State Party ensure that the law did not restrict freedom of expression? Had consultations on this issue been held with civil society and media representatives?  What safeguards were in place to prevent the misuse of digital restrictions?

    The Expert was also concerned by reports of escalating repression against journalists and human rights defenders, including threats, intimidation, arbitrary arrests, physical assaults, enforced disappearances, and forced conscription into security forces.  What steps had the State Party taken to investigate attacks on journalists, including the case of Atiana Serge Oulon?  How many cases of threats, arbitrary detention, and disappearances had been investigated, and what were the outcomes?  Had State agents been held accountable?  What independent mechanisms existed to prevent the abuse of security laws and conscription orders to silence dissent?

    Responses by the Delegation

    The delegation said the national prevention mechanism had three commissioners from the national human rights institution. The mechanism had carried out 12 monitoring missions to places of deprivation of liberty.  It could either inform authorities of a visit or carry out a visit unannounced.  Its report was sent to the highest authorities, including the head of State.

    A demonstration was lawful when the organisers notified the competent authorities within the conditions provided for. Media suspension occurred when the journalism ethics code had been breached.  The Government had decided to close the cases of certain journalists in the national interest. These journalists had chosen to proliferate misinformation, which would not be tolerated.

    Burkina Faso had a mix of ethnic groups.  In the fight against terrorism, terrorists, rather than ethnic groups, were targeted.  There could not be stigmatisation of any ethnic group, as all ethnic groups were represented within the armed forces.  The Supreme Council had organised an awareness raising campaign on hate speech, which was launched nationwide.  If confessions were extracted under duress, judges reserved the right to discard this evidence.  There was no category of persons whose civic rights were restricted, including the right to vote, unless they had been convicted in court and denied their voting rights.

    The State had increased magistrate, prison and notary staff significantly in the past few years.  To combat corruption in the judiciary, activities were taken as part of the disciplinary council, including the anti-corruption commission. The independence of the judiciary was expressly enshrined in the Constitution.  A specific law set up in 2024 to remove the High Council of the Judiciary from the Presidency and make it an independent body.  As a guarantee of impartiality, judges could be removed during a procedure if there was any suspicion that they were connected to the parties in a case.  The Minister of Justice did not interfere in the appointment procedure.  The State needed to ensure there was better implementation of the justice policy.

    Internally displaced persons were dealt with in an inclusive manner, with no discrimination on any grounds.  More than two million people had been returned to their places of origin.  Health centres had been opened at schools and basic services had been supplied.  The Penal Code sanctioned trafficking, including exploitation and the worst forms of child labour.  In 2022, 125 cases of child abduction were prosecuted, and eight for trafficking.  A plan had been adopted to tackle child labour, resulting in more than one million stakeholders, including 41,300 children, being made aware of the worst forms of child labour and being withdrawn from these practices.  More than 26,000 children had been reintegrated into society.

    There was a plan on trafficking up to 2021 and the State had been able to intersect trafficking networks.  A code for children was currently in the process of being adopted.

    Following the 2014 popular uprise, the prosecution service and the High Court began an investigation, and judicial proceedings were initiated.  A commission of inquiry had been put in place to identify those responsible for the violations committed during this time.  The investigation was still underway.  Some 84 persons had appeared before the military court, and 145 persons overall who had been wounded had received compensation.

    Atiana Serge Oulon had not been subjected to an enforced disappearance but had been held under state of ready alert measures. As per the Constitution, any citizen had the duty to contribute to the defence and maintaining of Burkina Faso’s integrity.  Homeland Defence Volunteers were considered auxiliaries of the defence forces and were subject to military court provisions.  When they committed offences, they fell within the scope of military jurisdiction.

    Meetings and public demonstrations could freely be held in Burkina Faso, pursuant to the law.  Freedom to demonstrate was subject to prior notification to the civilian administration.  Demonstrations could only be restricted when there was an attack against public order.

    There were no longer any obstacles for Burkina Faso nationals abroad exercising their right to vote.  The prison administration had a 2021-2025 strategic plan and plan of action, and implementation of this plan was being assessed.  Under the strategy, personnel had been trained, new prisons had been constructed, significantly reducing overcrowding, and 22 prisons had benefitted from refurbishment.

    The law on asylum application ensured all applications were dealt with in a fair manner, and all protections were offered to the applicant during the procedure.  As of August 2024, there were more than 38,000 refugees and 2,000 asylum seekers.

    The Code for the Family contained a special chapter on statelessness, dealing with conditions for determining statelessness. The Government had made significant efforts to improve birth registration and provide free birth certificates.  Campaigns had been rolled out, with more than 50,000 birth certificates being issued. Sessions had been held to provide free birth certificates, which had benefitted thousands of women and internally displaced persons.

    Detained persons had the right to request a medical examination after 72 hours of their detention.  The current length of police custody for cases linked to terrorism was 15 days maximum, with the possibility to expand for an additional 10 days. Detained people had the right to receive assistance from a lawyer, and those who could not afford to pay a lawyer were entitled to judicial assistance from the State.

    The penitentiary administration had a strategic plan for 2021 to 2025.  A steering committee had been created to assess the implementation of the plan.

    The terms “militia” or “enforced disappearances” in the context of countering terrorism were totally inappropriate.  A report had been submitted to the Committee on Enforced Disappearances in this regard.  A terrorist carried no identification card.  Their strength was to blend within the public.  While security did not prevail, rights could not be enjoyed.  It was often hard to differentiate between a terrorist and civilian, and this needed to be considered.  Burkina Faso was making many efforts to promote and protect human rights. Homeland Defense Volunteers should not be referred to as militia.

    Burkina Faso’s judiciary was still independent. The reforms which were implemented were designed to make the justice system more accessible and credible. There were 384 media organizations in the country, with over 80 per cent being privately owned.  Burkina Faso did not accept apologism for acts of terrorism; if the media contributed to propagating acts of terrorism, they were failing in their ethic duty.  The State allowed for associations to be created freely if their purpose was not contrary to public order.

    If the security situation allowed the State to organise elections, this would be done straight away.  Before elections could be organised, it needed to be ensured that all candidates and members of the public could exercise their right to vote. The State needed to be given assurances that if they organised elections, they would be safe.  All terrorists would be targeted by the State regardless of what ethnic group they belonged to.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on topics including on the status of investigations into cases of torture; the difference between the national observatory on torture and the national preventive mechanism; the financial and logistical means available to the national preventive mechanism, its reports, and its ability to carry out announced and unannounced visits; efforts being made to reconcile combatting terrorism and respecting human rights; judges’ right to consider evidence obtained under duress, and what consequence this had on trials; the independence of the judiciary; denials of demonstrations; the involvement of women in different sectors, and how their political participation was being organised; when the next elections would be held and the proceedings put in place to ensure citizens’ participation in the elections; support services for victims of trafficking; and revisions of the Penal Code to implement the death penalty for crimes such as terrorism.

    Responses by the Delegation

    The delegation said the decision to reintroduce the death penalty had been taken due to the fight against terrorism. Terrorists were increasingly recruiting children, who were then forced to become combatants.  The more regions affected, the more people did not have access to basic rights.  The priority for Burkina Faso was to put an end to terrorism as soon as possible and restore security throughout the whole country, before meeting international obligations.  There was no death penalty for homosexuality.

    Elections were organised in November 2015, and just after these there was a terrorist attack in January 2016.  The situation had continued to get worse, despite the elections.  Elections had been organised twice in 2015 and 2020 and the situation had not changed; the State needed to find an alternative solution.

    Prosecutors had always been subject to the hierarchy of the prosecuting magistracy.  Judges remained entirely independent.

    The national preventive mechanism used the resources provided to the National Human Rights Commission.  It was up to the discretion of the mechanism to decide on whether visits were announced or unannounced.  State authorities and civil society carried out visits to places of detention. 

    Typically, evidence obtained under duress could not be admitted in court, however if such an act was key to a trial, then the evidence could be admitted.  Public officials responsible for acts of torture could be criminally prosecuted and victims could ask for reparations for damage suffered.

    No human rights organisation had been refused registration or accreditation.  They often received technical and material support from the State.  Women were fully involved in public affairs and held many decision-making positions.  Within the Government, there were five women ministers out of 23, and 33 per cent of ambassadors were women.

    Preventing a demonstration was an exception in the country; this was only done in exceptional circumstances.  If the competent authorities prohibited demonstrations, there was always a reason provided.

    Burkina Faso was trying to find a balance between combatting terrorism and protecting human rights to achieve results.  There were specialised judicial systems to combat terrorism.

    Closing Statements

    EDASSO RODRIGUE BAYALA, Minister of Justice and Human Rights, Keeper of the Seals and head of the delegation, thanked the Committee for the high-quality dialogue.  The Committee should be commended for its commitment to civil and political rights.  Mr. Bayala thanked all those who had made the dialogue a success.  The Government remained deeply committed to the respect of human rights and would closely heed any recommendations made by the Committee. Burkina Faso renewed its commitment to consolidate with the Committee in the context of the fight against terrorism. The stabilisation undertaken by Burkina Faso was essential to bringing about lasting peace and development, and international partners were called on to support these efforts.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CCPR25.003E

    MIL OSI United Nations News

  • MIL-OSI New Zealand: Things to do in Tāmaki Makaurau this Autumn

    Source: Auckland Council

    Autumn is here, but there’s still a few more days before the golden weather is set to end, and the good news is you don’t have to spend a lot of money to have a memorable time in Tāmaki Makaurau. As the leaves turn golden and the air gets crisp, there’s no better time to embrace the beauty of the season.

    From breathtaking walking trails and cosy indoor experiences for the odd rainy day, to playgrounds that offer more than just swings and slides, Auckland Council has your ultimate autumn bucket list sorted for you and your whānau.

    Explore our stunning regional parks and pathways

    Autumn is the perfect season to venture into Auckland’s 28 regional parks, where you can witness nature’s changing colours and soak up some of the best views in the region. A few of the top activities to enjoy include:

    Have your pick of scenic trails at Atiu Creek Regional Park.


    Our regional park picks for autumn:

    Ātiu Creek Regional Park  Bike tracks and a stunning view of the Kaipara Harbour make this a must visit.

    Shakespear Regional Park  Perfect for scenic hikes and birdwatching, this open sanctuary is accessible via Whangaparāoa Road in Army Bay.

    Waharau Regional Park Enjoy farmland, river banks and forest for camping, picnics, walking and mountain biking.


    Some tracks in regional parks might be closed to help stop Kauri Dieback. Be sure to check the Auckland Council website before you go to see if your destination is affected.

    Take in the breath-taking landscapes of Waharau Regional Park.

    Playgrounds closer to home

    Before the days get too short, make the most of letting the kids run wild at some of Auckland’s best playgrounds. Whether they love climbing, sliding, or biking, these spots have something for all ages:

    Waterview Reserve – Waterview Reserve is a fantastic park to visit with a range of activities for kids of all ages. Nestled in between West and Central Auckland, it features a basketball court, playground and water play area.

    Birkenhead War Memorial Park – For all your extreme sports enthusiasts, this awesome park features a skate park and BMX pump track. Additionally, there are picnic tables for a family get together, and walking tracks inside the park as well.

    Aorere Park – Located in the heart of Māngere East, Aorere Park playground is divided into separate areas for children of different age groups. There is also a basketball court and fitness equipment to enjoy while the kids are playing.

    Read about our upgraded South Auckland playgrounds, or some hidden parks in the Central Auckland area. 

    Kids will love playing in the revamped Aorere Park playground.

    See Tāmaki Makaurau from our gorgeous cycle paths

    Autumn’s cooler weather is the perfect time to get on a bike and enjoy the scenic views from our many cycle paths. From the Te Ara Tahuna path to Narrow Neck’s costal scenery, there is plenty to enjoy on your travels.

    Discover more of the best family-friendly bike rides in Auckland.

    Te Ara Tahuna Ōrewa Estuary Path.

    Try a new hobby

    Autumn represents the change from old to new, and so can you by starting a new hobby or learning a new skill.

    From participating in one of the many music workshops run at our community centres across Auckland, or learning to repurpose your used items into new treasures via the Re-Creators workshops, there is plenty to learn in the Autumn season.

    Find workshops, courses, and other ways to upskill on OurAuckland.

    Join in to learn Ukulele at one of our community centres across Auckland.

    Embrace the new season and learn new skills with services provided by Auckland Council.

    Indoor escapes for chilly days

    In the (hopefully unlikely!) event the weather turns cool and rainy as we move into Autumn, there are plenty of indoor activities to keep the whānau entertained:

    Life drawing at Auckland Art Gallery Toi o Tāmaki.

    New Lynn Library.

    Check out free & affordable events

    Auckland is packed with free and budget-friendly events throughout autumn. Keep an eye out for food markets, cultural festivals, and live performances that make the most of the cooler season via OurAuckland.

    Embrace the colours of autumn!

    With so many activities to choose from, there’s no shortage of ways to enjoy autumn in Tāmaki Makaurau. Whether you’re looking for adventure, relaxation, or family fun, get out there and make the most of this beautiful season!

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: HKETO, Brussels celebrates Chinese New Year in Madrid and Barcelona (with photos)

    Source: Hong Kong Government special administrative region

    HKETO, Brussels celebrates Chinese New Year in Madrid and Barcelona (with photos)
    *********************************************************************************

    The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted Chinese New Year receptions in Madrid and Barcelona, Spain, on March 3 and 4 (Spanish time) respectively, concluding the series of celebration for the Year of the Snake.     The reception in Barcelona was officiated by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, who led a delegation of representatives from Hong Kong’s innovation and technology (I&T) sector to attend the Mobile World Congress (MWC) 2025 in Barcelona. The visit aimsto strengthen ties and co-operation between Hong Kong and Spain in the field of I&T, promote Hong Kong’s I&T advantages, and explore overseas business opportunities for Hong Kong’s I&T sector.     At the reception, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung, highlighted in her welcoming remarks that under “one country”, Hong Kong has convenient and often priority access to the huge Mainland market, while maintaining the qualities of an international city under “two systems”.      “These distinct advantages are recognised in the latest international ranking, in which Hong Kong is ranked among the world’s top three international financial centres,” Ms Yung added.     At the reception in Madrid, HKETO, Brussels took the opportunity to showcase Hong Kong’s unique East-meets-West culture by staging a music performance featuring two Hong Kong flutists and one German cellist, who performed both classical Chinese and Spanish music, as well as contemporary Hong Kong pop.     The two receptions in Madrid and Barcelona attracted over 200 guests from the sectors of government, business, culture, academia and media in Spain. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council (HKTDC) and with the support of the Spain Hong Kong Business Association.     The MWC is one of the world’s leading technology fairs where tens of thousands of technology experts and companies gather. This year, the Hong Kong delegation include heads of the Hong Kong Science and Technology Parks Corporation (HKSTPC), Cyberport, the Hong Kong Applied Science and Technology Research Institute, and the Hong Kong Microelectronics Research and Development Institute, as well as representatives of 24 Hong Kong I&T enterprises and institutions. The HKSTPC and the HKTDC co-ordinate the participation of the I&T representatives in the Hong Kong Tech Pavilion at the MWC.

    Ends/Thursday, March 6, 2025Issued at HKT 20:47

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Rosen Joins Senate Colleagues to Demand Trump Administration Ensure Legal Representation for Vulnerable Children in Immigration Custody

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) joined 33 of her Senate colleagues in a letter demanding that Secretary of Health and Human Services Robert F. Kennedy Jr. and Secretary of the Interior Doug Burgum ensure legal services are available, as required by law, for unaccompanied children caught up in the U.S. immigration system. Last month, the Trump Administration issued a stop work order to organizations that provide legal services for unaccompanied children. Then, following public pressure, the order was rescinded.
    “Pausing or terminating the provision of legal services to unaccompanied children under this contract runs directly counter to the requirements of the Trafficking Victims Protection Reauthorization Act (TVPRA) and places 26,000 unaccompanied children at increased risk of trafficking, exploitation, and other harm,” wrote the Senators. “The TVPRA, passed by Congress in 2008 on a bipartisan basis, requires the Department of Health and Human Services (HHS) to ensure, to the greatest extent practicable, that all unaccompanied children have counsel to represent them in legal proceedings and protect them from mistreatment, exploitation, and trafficking.”
    “Cutting off access to legal services makes it more likely that the government will lose track of unaccompanied children, given the challenges such children would face in independently appearing for immigration court hearings, submitting address updates, or otherwise communicating with immigration authorities,” they continued. “Not only will this make children more vulnerable to trafficking, but it will also create further inefficiencies in an already backlogged immigration court system.”
    The full letter can be found HERE.
    Senator Rosen has been clear in her support for securing the border and making sure the asylum process is humane and orderly. Last month, she helped introduce legislation to reaffirm access to legal counsel during immigration proceedings. She has also been outspoken in opposing mass deportation, and strongly supporting DACA and TPS recipients and their families. She also condemned the Trump Administration’s decision to revoke a previously authorized TPS extension for Venezuelans. 

    MIL OSI USA News

  • MIL-OSI New Zealand: Animal Welfare – SAFE: Animal cruelty has no place in national sports awards

    Source: SAFE For Animals

    SAFE is calling for rodeo riders to be excluded as contenders from all future rounds of the New Zealand Rural Sports Awards, saying the inclusion of rodeo legitimises animal cruelty.
    SAFE Campaign Manager Emily Hall says the organisation was shocked to learn 20-year-old bull rider Rylee Ward has been named as a finalist for ‘Young New Zealand Rural Sportsperson of the Year.’
    “Sport involves a fair competition between willing participants. The animals forced to participate in rodeo events are suffering and dying in the name of entertainment,” says Hall.
    “This is not the first time rodeo riders have been included as contenders in these awards, and no activity built on animal abuse should ever be celebrated.”
    SAFE says the way animals are handled in the rodeo industry directly contradicts best-practice handling of horses, bulls, cows, and calves, with rodeo having no authentic connection to the real rural New Zealand.
    “The pain and torment these animals endure is absolutely appalling. Steers and calves are chased, choked, and violently thrown to the ground, with painful equipment used to provoke fear responses in horses and bulls.”
    “Rodeo only exists for the entertainment of a very small minority and is significantly at odds with most Kiwi’s expectations of animal welfare.”
    Highlighting the deaths of four animals so far this rodeo season, SAFE adds that most rodeo practices breach New Zealand’s Animal Welfare Act which states that any physical handling of animals must be done in a way that minimises the likelihood of unnecessary pain or distress.
    “The New Zealand Rural Games Trust should not be endorsing or rewarding activities that cause harm to animals or breach our animal welfare laws,” says Hall.
    With the 2025 award ceremony set to take place tonight, SAFE has written to the chair of the New Zealand Rural Games Trust urging them to exclude rodeo riders from all future awards.
    SAFE is Aotearoa’s leading animal rights organisation.
    We’re creating a future that ensures the rights of animals are respected. Our core work empowers society to make kinder choices for ourselves, animals and our planet.
    Notes
    • There have been four deaths so far during the 2024/25 rodeo season; The first fatality was of a horse rendered lame following the Taupō rodeo on 29 December who was killed the following day. The second death on December 30 occurred at the Te Anau rodeo, where a three-year-old bull’s hind leg was dislocated during the bull riding event. He was killed on-site. A steer then died prior to the Oruru Valley event on 3 January after being transported from the Warkworth and Far North events. The fourth fatality occurred at the Mad Bull rodeo in Otago on 2 February where a bull died after being ridden the previous day.
    • Whilst vets are required to be on-site at all rodeo events, rodeo clubs are not obliged to report injuries or deaths sustained during events.
    • In July 2022, SAFE and the New Zealand Animal Law Association (NZALA) jointly contested rodeo in the High Court. The court ruled that the National Animal Welfare Advisory Committee (NAWAC) must determine appropriate animal welfare guidelines. However, neither NAWAC nor Andrew Hoggard have provided a justification for the significant delay on the revised rodeo code of welfare.
    • Visit SAFE’s website to learn more about our campaign and view our submission form calling on NAWAC and the Animal Welfare Minister to release the draft rodeo code for public consultation. 

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses Republic Plenary Summit 2025

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses Republic Plenary Summit 2025

    India’s achievements and successes have sparked a new wave of hope across the globe: PM

    India is driving global growth today: PM

    Today’s India thinks big, sets ambitious targets and delivers remarkable results: PM

    We launched the SVAMITVA Scheme to grant property rights to rural households in India: PM

    Youth is the X-Factor of today’s India, where X stands for Experimentation, Excellence, and Expansion: PM

    In the past decade, we have transformed impact-less administration into impactful governance: PM

    Earlier, construction of houses was government-driven, but we have transformed it into an owner-driven approach: PM

    Posted On: 06 MAR 2025 10:08PM by PIB Delhi

    The Prime Minister Shri Narendra Modi participated in the Republic Plenary Summit 2025 in the Bharat Mandapam, New Delhi today. Addressing the gathering, he congratulated Republic TV for its innovative approach for involving youth at the grassroots level and organizing a significant hackathon competition. He remarked that when the nation’s youth get involved in the national discourse, it brings novelty to ideas and fills the entire environment with their energy. He emphasized that this energy was being felt at the summit. He further stated that the involvement of youth helps break all barriers and go beyond boundaries, making every goal achievable and every destination reachable. He appreciated Republic TV for working on a new concept for this summit and extended his best wishes for its success. Shri Modi reiterated his idea of bringing one lakh youth without any political background to the politics of India

    “World is now recognizing this century as India’s century and India’s achievements and successes have sparked new hope globally”, highlighted Shri Modi. He stated that India, once perceived as a nation that would sink itself and others, is now driving global growth. He added that the direction of India’s future is evident from the work and accomplishments of today, pointing out that even 65 years after independence, India was the world’s eleventh-largest economy. However, in the past decade, India has become the fifth-largest economy and is now rapidly moving towards becoming the third-largest economy in the world. 

    Recalling the situation 18 years ago, in 2007, when India’s annual GDP reached US $1 trillion, the Prime Minister highlighted that back then, the economic activity in India for an entire year was US $1 trillion. He added that today, the same amount of economic activity is happening in just one quarter, which demonstrates the rapid pace at which India is progressing. He provided examples to show the significant changes and results achieved in the past decade, highlighting that in the last 10 years, India has successfully lifted 25 crore people out of poverty, a number greater than the population of many countries. Shri Modi also reminded the audience of the time when only 15 paise out of one rupee sent by the government reached the poor, with 85 paise lost to corruption. In contrast, over the past decade, more than ₹42 lakh crore have been transferred directly to the accounts of the poor through Direct Benefit Transfer (DBT), ensuring that the entire amount reaches the beneficiaries.

    Underlining that 10 years ago, India lagged behind in solar energy, the Prime Minister remarked, “today, India is among the top 5 countries in solar energy capacity, having increased it 30 times, while solar module manufacturing has also seen a 30-fold increase”. He also stated that 10 years ago, even children’s toys like Holi water guns were imported, while today, India’s toy exports have tripled. He also pointed out that 10 years ago, India imported rifles for its army, but in the past decade, India’s defense exports have increased 20 times.

    Prime Minister further highlighted that in the past 10 years, India has become the world’s second-largest steel producer, the second-largest mobile phone manufacturer, and the third-largest startup ecosystem. He remarked that in the same period, India’s capital expenditure on infrastructure has increased fivefold and the number of airports in the country has doubled, and the number of operational AIIMS has tripled. He further emphasized that in the past decade, the number of medical colleges and medical seats has nearly doubled.

    “Today’s India thinks big, sets ambitious targets, and achieves significant results”, emphasised the Prime Minister, remarking that this is happening because the nation’s mindset has changed, and India is moving forward with great aspirations. He highlighted that previously, the mindset was to accept the status quo, but now, people know who can deliver results. He cited examples of how the aspirations of the people have evolved, from requesting drought relief work to demanding Vande Bharat connectivity and international airports. He pointed out that the previous dispensations had crushed the aspirations of the people, leading them to lower their expectations. However, today, the situation and mindset have changed rapidly, and people are now driven by the goal of a Viksit Bharat. 

    Underscoring that the strength of any society or nation increases when barriers and obstacles are removed for its citizens, Shri Modi said that this enhances the capabilities of the citizens, making even the sky seem small. He pointed out that the Government is continuously removing the obstacles placed by previous administrations and cited the example of the space sector, where earlier everything was under ISRO’s purview. While ISRO did commendable work, the potential of space science and entrepreneurship in the country was not fully utilized. He remarked that the space sector has now been opened up for young innovators, resulting in the creation of over 250 space startups in the country. These startups are now developing rockets like Vikram-S and Agnibaan, he added. The Prime Minister also mentioned the mapping sector, where previously government permission was required to create maps in India. This restriction has been removed, and today, geospatial mapping data is paving the way for new startups. Pointing out that the nuclear energy sector was previously under government control with various restrictions, the Prime Minister said that this year’s budget has announced the opening of this sector to the private sector, paving the way for adding 100 gigawatts of nuclear energy capacity by 2047. 

    Prime Minister emphasized that there was over ₹100 lakh crore of untapped economic potential in India’s villages and that this potential was present in the form of houses in villages, which lacked legal documents and proper mapping, preventing villagers from availing bank loans. He pointed out that this issue is not unique to India, as many large countries also lack property rights for their citizens. International organizations state that countries providing property rights to their citizens see a significant boost in GDP, he added. “The Swamitva Scheme has been launched to provide property rights for village houses in India and drones are being used to survey and map each house in villages”, remarked the Prime Minister, emphasising that property cards are being distributed across the country, with over 2 crore property cards already issued. He pointed out that the lack of property cards previously led to numerous disputes and court cases in villages, which have now been resolved. He further stated that villagers are now able to obtain bank loans using these property cards, enabling them to start businesses and pursue self-employment.

    Adding that the biggest beneficiaries of the examples he provided were the youth of the country, Shri Modi said, “youth are the largest stakeholders in a Viksit Bharat and the X-Factor of today’s India, where X stands for Experimentation, Excellence, and Expansion”. He explained that the youth have created new paths by moving beyond old methods, set global benchmarks, and scaled up innovations for 140 crore Indians. He pointed out that the youth could provide solutions to the country’s major problems, but this potential was not utilized earlier. The Prime Minister mentioned that the government now organizes the Smart India Hackathon every year, with 10 lakh youth participating so far. He remarked that various ministries and departments have presented numerous problem statements related to governance to these young participants, who have developed around 2,500 solutions. He expressed his happiness that the hackathon culture was being promoted further by Republic TV too. 

    “In the past decade, the country has experienced new-age governance, transforming impact-less administration into impactful governance”, stated the Prime Minister. He added that people often say they are benefiting from government schemes for the first time, even though these schemes existed before. The difference now is the ensured last-mile delivery, he said. Emphasising that previously, houses for the poor were sanctioned on paper, but now, houses are being built on the ground, Shri Modi remarked that the entire process of house construction was government-driven, deciding the design and materials. However, the government has now made it owner-driven, transferring money to the beneficiary’s account, allowing them to decide the house’s design, he mentioned. The Prime Minister said that competitions were held across the country for house designs, involving public participation, which improved the quality and speed of house construction. He highlighted that earlier, incomplete houses were handed over, but now, the government is providing dream homes for the poor, complete with water connections, gas connections under the Ujjwala scheme, and electricity connections under the Saubhagya scheme. “We have not just built four walls but have brought life to these homes”, he added.

    Stressing the importance of national security for a country’s development, the Prime Minister underlined the significant work done in the past decade to enhance security. He recalled that earlier, serial bomb blast breaking news and special programs on sleeper cell networks were common on TV, but today, such incidents are absent from both TV screens and Indian soil. He remarked that Naxalism is now on its last breath, with the number of affected districts reduced from over a hundred to less than two dozen. This was achieved by working with a “nation first” spirit and bringing governance to the grassroots level in these areas, he added. Shri Modi highlighted the construction of thousands of kilometers of roads, schools, hospitals, and the reach of 4G mobile networks in these districts and the results are evident for all to see.

    Shri Modi highlighted that decisive government actions have cleared Naxalism from the jungles, but it is now spreading to urban centers. He remarked that Urban Naxals have rapidly infiltrated political parties that were once opposed to them and inspired by Gandhian ideology, rooted in India’s heritage. He said that the voices and language of Urban Naxals are now heard within these political parties, indicating their deep-rooted presence, and warned that Urban Naxals are staunch opponents of India’s development and heritage. He acknowledged Shri Arnab Goswami’s efforts in exposing Urban Naxals and stressed that both development and strengthening heritage are essential for a developed India, urging caution against Urban Naxals.

    “Today’s India is reaching new heights by facing every challenge”, said Shri Modi, expressing confidence that the Republic TV network will continue to elevate journalism with a “nation first” spirit. He concluded by saying that Republic TV’s journalism will continue to catalyze the aspirations of a developed India. 

     

     

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    MIL OSI Asia Pacific News

  • MIL-Evening Report: ‘Orgasms are a marvellous happiness’. Shere Hite gave voice to female sexuality in a landmark book – but the backlash was fierce

    Source: The Conversation (Au and NZ) – By Camilla Nelson, Associate Professor in Media and Journalism, University of Notre Dame Australia

    Owen Franken/Corbis via Getty Images

    In our feminist classics series we revisit influential works.


    Shere Hite’s The Hite Report was quickly dubbed a “sexual revolution in 600 pages”. It did something nobody had considered worth doing: investigating women’s sexuality by asking them to share their thoughts and feelings, then relaying those reflections to readers in women’s own words.

    This might not sound unusual today. But in 1976, it was incendiary.

    Based on a survey of 3,000 women distributed by the New York Chapter of the National Organisation for Women (the feminist group co-founded by Betty Friedan), more than 75% of the book comprises narrative responses to open ended survey questions.

    It includes a plethora of startlingly frank – for its time – and explicitly detailed opinions, anecdotes, complaints and criticisms about sex, masturbation and orgasm. The book is an extraordinarily rich cultural artefact in the archive of human intimacy.

    Unsurprisingly, the women who responded to Hite’s survey thoroughly enjoyed sex. “Orgasm is the ultimate pleasure – which women often deny themselves, but men never do,” claimed one. “Orgasms are a marvellous happiness”, added another. “Orgasm cancels out rage and longing for at least 48 hours,” said yet another.

    But it was the manner in which Hite’s respondents got their orgasms that made the book a scandal. “I think masturbation is essential to one’s health,” said one respondent. “[A]s I learned in my marriage – a partner is not always good sexually, though he may be wonderful in other ways.”

    Masturbation is better than “bad sex with an incompatible partner”, explained another respondent. “The only way I can have an orgasm is by masturbating,” said another.

    ‘A complex nature’

    The Hite Report did not attempt to define a sexual norm, or produce a representative survey sample, or pretend its data could be generalised to an entire population. But it did contain some statistical findings.

    The most significant of these – the source of the book’s notoriety – was that only 30% of women surveyed reported being able to regularly or reliably reach orgasm through heterosexual intercourse. And yet, 80% reported they could easily and regularly reach orgasm through clitoral stimulation, which was frequently obtained through masturbation, either alone, or with their partner.

    In her preface Hite argued that the canonical sexological works of the past 100 years – including the works of Sigmund Freud, Alfred Kinsey, and William Masters and Virginia Johnson – had constructed female sexuality “as essentially a response to male sexuality and intercourse”. She set out to demonstrate that “female sexuality might have a complex nature of its own”.

    Hite argued sex was a cultural institution, not a biological one. Historically, men had defined sex in terms of their own needs and preferences, then mandated their preferences as biological.

    Freud, for example, knew female orgasm could be reliably obtained through clitoral stimulation, but defined clitoral orgasm as an “immature orgasm” and orgasm arising from heterosexual intercourse as a “mature orgasm”. He then labelled women who could not achieve orgasm in the required way “frigid” and “hysterical”.

    The Hite Report is organised into eight chapters or themes, starting with “Masturbation”, followed by “Orgasm”, “Intercourse”, “Clitoral Stimulation”, “Lesbianism”, “Sexual Slavery”, “The Sexual Revolution” and “Older Women”. In a concluding chapter, Hite reflects on the issues raised by survey participants.

    In the chapter “Lesbianism”, a significant number of heterosexual-identified women confess same sex attraction, or else identify as bisexual. They also describe lesbian sexuality as “more variable”, and the “physical actions more mutual”.

    “The basic difference with a woman is that there’s no end,” claimed one respondent, “[…] it’s like a circle, it goes on and on.”

    “Lesbianism” sits in stark contrast to the chapter on “Sexual Slavery”, where Hite seeks to investigate why women pursue unequal sexual relationships, especially where respondents claim to receive little or no sexual pleasure.

    “Having a man love me and want to have sex with me is necessary to my happiness,” claimed one respondent. “Sex makes me feel I am a woman to my husband instead of just a live-in maid,” added another.

    “I’ve never heard a word of praise from my husband in 21 years except while having intercourse,” claimed yet another. “While I resent this, I still love him […] ”

    Wildly successful

    Many women applauded the book. Author Erica Jong, writing in The New York Times, called it a “revelation”. Others warned of a possible male backlash. “It seems that women are finally reporting the facts of their own sex,” wrote journalist Ellen Willis in the Washington Post, “and men are putting on the earmuffs of fear and retreating to deeper fantasies.”

    This backlash was not long in coming. Playboy apocryphally dubbed it “The Hate Report”, a label regularly recycled in media outlets around the world, including by female journalists. One male journalist, writing in the Miami Herald, argued women could not be regarded as truthful or reliable witnesses to their own lives. “What annoys me about The Hite Report,” he wrote, “is its smug assumption that just because women made these comments, they’re true”.

    Despite – or perhaps because of – this controversy, the book was wildly successful. It was translated into ten different languages – including French, Spanish, German, Italian, Hebrew and Japanese – and sold over 2 million copies within the first 12 months.

    It remains the 30th bestselling book of all time, with 50 million copies sold in 45 countries, including two recently translated editions in China, where it sparked conversations among intellectuals interested in formerly taboo western culture.

    Faking orgasms

    Born in smalltown Missouri, Hite gained a masters degree in social history and in 1967 moved to New York to enrol in a PhD program at Columbia University. She left when conservative faculty members refused to allow her to complete her dissertation on female sexuality. Hite worked as a model to pay her tuition fees. She joined the National Organisation for Women when they protested the sexism of the Olivetti advertising campaigns, after Hite was cast as an “Olivetti girl” for the typewriter company.

    Increasingly tagged as a “man-basher” after the publication of her book, Hite’s public persona was conventionally, almost theatrically feminine. She revelled in a contemporary Baroque aesthetic; a mirage of red lipstick, froufrou dresses, pancake-style makeup and tousled orange or platinum curls. And she spoke about sex in explicit detail, in a voice that was earnest, articulate and unembarrassed.

    Hite did not “discover” the clitoral orgasm. Instead, by centring women’s experiences, and taking their reflections seriously, her work threw into question centuries of sexological studies. These studies had either pathologised normal female sexual functioning or else insisted any pleasure women derived from sex had to be a by-product of conventional heterosexual intercourse.

    Even Masters and Johnson, who, in their reports from 1966 onwards, clinically proved all female orgasms were the result of clitoral stimulation, had insisted on the centrality of coitus.

    As Hite told television show host Geraldo in 1977,

    Masters and Johnson made a tremendous step forward in that they studied, and showed clinically, for the first time, that all orgasms are caused by clitoral stimulation, and we really have them to thank for that. However, when they described how it’s done – the thrusting of the penis causes the vaginal lips to move, which causes the skin that’s connected to the clitoris to move, which causes the glands to move over the clitoris, which supposedly gives you orgasm. But that doesn’t work for most women.

    And yet, although the participants in Hite’s study were overwhelmingly educated and politically progressive, many confessed they felt compelled to fake an orgasm during intercourse to please a man.

    “I ‘perform’ and boost his ego and confidence,” claimed one. “I do not like to think of myself as a performer but I feel judged and also judge myself when I don’t have an orgasm.” “[M]en do expect it, so I often force myself […],” said another.

    Participants also claimed how a woman was seen to orgasm mattered. “I don’t show the signs you’re supposed to,” worried one. “They think because I don’t pant, scream and claw I haven’t had one,” said another. “I used to go out of my way to offer all the mythical Hollywood signs,” revealed another.

    One participant even suggested the whole issue of sex was so politically fraught that, “Maybe sex would be better if we’d never heard of orgasm”.

    Respondents also told Hite the “sexual revolution” of the 1960s and 1970s had intensified, rather than reduced, gender prejudices and double standards.

    Sexual violence

    Another breathtaking aspect of the book is the way participants’ answers are shot through with sexual violence. On the issue of sexual coercion, for example, one participant replied, “I’m not supposed to say ‘no’ since I’m legally married”.

    On a question about the use of force in sex, another replied, “Only with my husband.” (In 1976, marital rape was legal and “acceptable” in most western nations.)

    Rape myths are also common. “I define as rape someone you don’t know who attacks you,” said one respondent. “I never defined it as […] someone you know. If you define rape that way, every woman has been raped over and over.”

    Another suggested rape wasn’t rape if a victim gave up fighting. “He really raped me, but not in the legal way. I couldn’t prevent him, in other words.”

    Hite identified toxic gender stereotypes as the major driver of sexual violence, especially the belief that “a man’s need for ‘sex’ is a strong and urgent ‘drive’” which women were obligated to satisfy. “Women aren’t always free to not have sex,” explained one respondent.

    Archival insights

    The Hite archive is housed in the Schlesinger Library of the Radcliffe Institute at Harvard University. It comprises over 250 filing boxes and folios, occupying more than 30 metres of shelf space. Most of the material relates to Hite’s public career as a sex researcher, with a small scattering of personal papers.

    I was at Harvard doing research for a book on Hite’s contemporary Andrea Dworkin. Although the two feminists exist as polar opposites in the public imagination, they thoroughly agreed with one another, and enjoyed a supportive working relationship. And so I wanted to take a look.

    Among the publishing agreements, speaking invitations, publicity material and the copies of the edited and revised questionnaires that formed the basis of the 1976 report – which are printed in vermillion – an occasional note flips out.

    One, a seemingly unpublished open letter titled “Dear Women”, bears the traces of the intense, frequently misogynistic and overtly hostile media scrutiny that marked Hite’s wild catapult to fame.

    “Sometimes I feel I am dying here in the midst of all this,” she writes, “without the support of anyone”.

    Another, scrawled in a flamboyant purple felt tip pen in the midst of her 1977 book tour of France, reads, “I know that I have done something good – but somehow I feel evil […] When did that start?”

    There are also letters from readers. One, sent from Milan in the wake of the controversy that accompanied the Italian edition of the book, bears the typewritten subject line “Personal”. It reads:

    Dear Ms Hite,
    I am 43 years old and have never written a fan letter in my life until today. But I feel a moral obligation to tell you that your ‘Report’ has rehabilitated me in my own eyes. After years of thinking there was something wrong with me, your book has shown me I’m normal.

    Hite’s “Dear Women” letter describes the extraordinary challenges, including the financial challenges, she faced both before and after the book was published.

    Macmillan, after purchasing the rights to the book, went cold on the project when the commissioning editor resigned or, as Hite phrases it, “quit/was fired depending on your point of view”. The publisher made no plan to promote the book and assigned a 22-year-old man to answer any media queries.

    Hite decided to step in, when, working in the publisher’s offices late one evening, she found a letter from her male publicist declining an invitation to discuss The Hite Report on TV as “he thought my book/subject might be too ‘ticklish’ for television”.

    Hite’s contract with Macmillan gave her little or no control over international editions of the book (and severely limited the income she could take from royalties, before it was ruled unconscionable by a court). In 1978, she “flew around the world twice” attempting to stop the book from being sensationalised.

    In France, the publisher had promised Hite a plain print cover, but was overruled by an all-male advertising department who “printed a cover with a nude woman”. In the second printing, the publisher agreed to revert to plain text.

    In Israel, entire sections of the first edition text were censored. Protests by local journalists led to the publisher engaging an Israeli feminist to re-translate the work.

    In Japan, the male translator produced a translation that was “so embarrassed and vague that it made absolutely no sense”. But on this occasion, a sympathetic female editor stepped in to rewrite entire sections of the manuscript.

    Hite’s Australian reception ranked among the most hostile. Her research assistant described the trip as “hideous”, alleging Hite had “never before encountered” such “vicious attitudes” as those exhibited by male journalists.

    Hite’s research assistant revealed in a separate letter that Hite’s doctors had “absolutely forbid her to do anything but rest for the next few months” after the Australian trip.

    Later life

    In her preface, Hite writes that she hoped to start a conversation through which men and women might “begin to devise more kind, generous, and personal ways of relating”.

    Sadly, this was not what happened. Hite went on to release four major reports on human sexuality, including a report on male sexuality, one on women and love, and one on the family. Then in 1996, she revoked her US citizenship and moved to Germany, saying the media’s hostility towards her made it impossible to continue working.

    Living in Germany, and later in Paris and London, she published her autobiography, The Hite Report on Shere Hite, and The Hite Reader, containing a selection of her published work. She died in 2020, aged 77.

    What marks the Hite Report as an artefact from another era is less the peculiar patois of the “Age of Aquarius”, than the way in which Hite’s respondents so often defined their identities through their husband’s, whether as a wife, former wife, or woman destined to be a wife. “Wifedom” is the default state.

    Equally, what makes the book disturbing, is the reality of sexual violence and coercion that lurks in so many answers, even when respondents are not being questioned about violence or coercion directly.

    With shocked recognition, the reader realises society has not changed nearly as much as some would like to think. The fact it has changed at all is partly due to the second sexual revolution ignited by Hite’s work.

    Camilla Nelson 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. ‘Orgasms are a marvellous happiness’. Shere Hite gave voice to female sexuality in a landmark book – but the backlash was fierce – https://theconversation.com/orgasms-are-a-marvellous-happiness-shere-hite-gave-voice-to-female-sexuality-in-a-landmark-book-but-the-backlash-was-fierce-246150

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Viridien: Publication of the 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    Publication of the 2024 Universal Registration Document

    Paris, France – March 6, 2025

    Viridien announces the publication of its 2024 Universal Registration Document, the original version of which was filed with the French Financial Markets Authority (Autorité des marchés financiers – AMF) on March 6, 2025.

    The Universal Registration Document was submitted in European Single Electronic Format (ESEF), as established by Delegated Regulation (EU) 2019/815. It includes in particular:

    •     the 2024 annual financial report;

    •     the Board of Directors’ report on corporate governance;

    •     the description of the share buyback program;

    •     the reports from the statutory auditors;

    •     the management report including the information related to Sustainability ; and

    •     the certification report on information related to Sustainability and Taxonomy.

    The 2024 Universal Registration Document is available to the public as per the applicable regulatory conditions. It is also available on Viridien’s website (www.viridiengroup.com/investors/regulated-information) and on the AMF’s website (amf-france.org).

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (FR001400PVN6).

    Contacts

    Attachment

    The MIL Network

  • MIL-OSI USA: New Data Shows Black Infants Are Dying at Rates Three Times Higher Than White Infants

    Source: US State of North Carolina

    Headline: New Data Shows Black Infants Are Dying at Rates Three Times Higher Than White Infants

    New Data Shows Black Infants Are Dying at Rates Three Times Higher Than White Infants
    jwerner

    The 2023 Infant and Child Mortality Data from the North Carolina Child Fatality Task Force Report shows non-Hispanic Black and American Indian children have higher mortality rates compared to other racial and ethnic groups. In 2023, the disparity worsened, with Black infants dying at rates three times higher than white infants. When compared to other states, North Carolina had the 10th highest infant mortality rate in the country, highlighting the critical need for the Department of Health and Human Services efforts to ensure the health and well-being of children and families.

    “All babies born in North Carolina deserve a healthy start to life,” said NC Health and Human Services Secretary Dev Sangvai. “We are committed to ensuring women and families have the care and support they need prior to, during and after pregnancy, no matter where they live or how much money they make.”

    NCDHHS recently released an updated NC Perinatal Health Strategic Plan that details efforts currently underway to improve maternal health and birth outcomes as well as recent accomplishments, including paid parental leave for state employees, Medicaid reimbursement for group prenatal care and increased postpartum health care coverage for NC Medicaid beneficiaries. North Carolina’s Healthy Opportunity Pilots have also been critical to address non-medical drivers of health like housing, food and transportation to improve the health of women and children in our state. 

    Additionally, Medicaid Expansion is improving health outcomes for children and families in North Carolina. In just over one year since North Carolina became the 41st state to expand Medicaid, more than 640,000 people have gained health care coverage, giving more people access to necessary and critical care, ultimately leading to healthier pregnancies. Studies show states that have expanded Medicaid have better maternal and infant outcomes than states that have not.

    Other key points of the 2023 Infant and Child Mortality Data include:

    • The 2023 overall infant mortality rate in North Carolina rose slightly in 2023 from 2022 to 6.9 deaths per 1,000 births. There have only been slight fluctuations in this number since 2010.
    • The youth suicide rate has increased over the past 20 years, with suicide being one of the leading causes of death for youth ages 10-18.
    • The child homicide rate remains high due to the substantial increase in firearm-related homicides.

    NCDHHS is working closely with NCDPS and the state’s Office of Violence Prevention to address the alarming trend of increased firearm related injuries and deaths in North Carolina. Together with partners, the state launched a safe storage campaign that includes the distribution of gun locks and safes to community organizations and local health departments. The Office of Violence Prevention has invested in the expansion of community and hospital-based violence prevention programs.  

    “By working together to address and prevent violence as a public health issue, we can create safer communities where our most vulnerable populations – especially infants and children – can thrive,” said Dr. Kelly Kimple, Interim State Health Director and NCDHHS Chief Medical Officer. “By offering proven, evidence-based solutions like safe gun storage that meet children and families where they are in North Carolina’s communities, we’re working to reverse the trends in preventable child fatalities related to violence and injury.”

    NCDHHS remains steadfast in its commitment to create a healthier North Carolina for all and ensuring every person in North Carolina has access to the right care, when and where they need it. 

    Los datos de mortalidad infantil y de niños de 2023 del Informe del Grupo de Trabajo de Fatalidad Infantil de Carolina del Norte muestran que los niños negros no hispanos e indios americanos tienen tasas de mortalidad más altas en comparación con otros grupos raciales y étnicos. En 2023, la disparidad empeoró, y los bebés negros murieron a tasas tres veces más altas que los bebés blancos. En comparación con otros estados, Carolina del Norte tuvo la décima tasa de mortalidad infantil más alta del país, lo que destaca la necesidad crítica de los esfuerzos del Departamento de Salud y Servicios Humanos (NCDHHS, por sus siglas en inglés) para garantizar la salud y el bienestar de los niños y las familias.

    “Todos los bebés nacidos en Carolina del Norte merecen un comienzo de vida saludable”, dijo el secretario de Salud y Servicios Humanos de Carolina del Norte, Dev Sangvai. “Estamos comprometidos a garantizar que las mujeres y las familias tengan la atención y el apoyo que necesitan antes, durante y después del embarazo, sin importar dónde vivan o cuánto dinero ganen”.

    NCDHHS publicó recientemente un Plan Estratégico de Salud Perinatal de Carolina del Norte actualizado que detalla los esfuerzos actualmente en curso para mejorar los resultados de la salud materna y nacimientos, así como los logros más recientes, entre ellos la licencia parental remunerada para empleados estatales, el reembolso de Medicaid para la atención prenatal grupal y el aumento de la cobertura de atención médica posparto para los beneficiarios de Medicaid de Carolina del Norte. Los programas Pilotos de Oportunidades Saludables de Carolina del Norte también han sido fundamentales para abordar los factores no médicos de la salud, como la vivienda, la alimentación y el transporte, para mejorar la salud de las mujeres y los niños en nuestro estado.

    Además, la expansión de Medicaid está mejorando los resultados de salud para los niños y las familias en Carolina del Norte. En poco más de un año desde que Carolina del Norte se convirtió en el estado número 41 en expandir Medicaid, más de 640,000 personas han obtenido cobertura de atención médica, lo que brinda a más personas acceso a la atención necesaria y crítica, lo que en última instancia conduce a embarazos más saludables. Los estudios muestran que los estados que han expandido Medicaid tienen mejores resultados para las madres y bebés que los estados que no lo han hecho.

    Otros puntos clave de los datos de mortalidad infantil y de niños de 2023 incluyen:

    • La tasa general de mortalidad de bebés de 2023 en Carolina del Norte aumentó ligeramente en 2023 de 2022 a 6.9 muertes por cada 1.000 nacimientos. Solo ha habido fluctuaciones leves en este número desde 2010.
    • La tasa de suicidio juvenil ha aumentado en los últimos 20 años, siendo el suicidio una de las principales causas de muerte entre los jóvenes de 10 a 18 años.
    • La tasa de homicidios de niños sigue siendo alta debido al aumento cuantioso de los homicidios relacionados con armas de fuego.

    NCDHHS está trabajando en estrecha colaboración con el Departamento de Seguridad Pública (NCDPS, por sus siglas en inglés) de Carolina del Norte y la Oficina de Prevención de la Violencia del estado para abordar la alarmante tendencia de aumento de lesiones y muertes relacionadas con armas de fuego en Carolina del Norte. Junto con sus colaboradores, el estado lanzó una campaña de almacenamiento seguro que incluye la distribución de cerraduras y cajas fuertes para armas a organizaciones comunitarias y departamentos de salud locales. La Oficina de Prevención de la Violencia ha invertido en la expansión de programas de prevención de la violencia basados en la comunidad y hospitales.

    “Al trabajar juntos para abordar y prevenir la violencia como tema de salud pública, podemos crear comunidades más seguras donde nuestras poblaciones más vulnerables, especialmente los bebés y los niños, puedan prosperar”, dijo la Dra. Kelly Kimple, directora de Salud Estatal Interina y directora Médica de NCDHHS. “Al ofrecer soluciones basadas en evidencia de datos empíricos, como el almacenamiento seguro de armas, que responden a las necesidades de las familias y niños allí en las comunidades de Carolina del Norte, estamos trabajando para revertir las tendencias en las muertes infantiles evitables relacionadas con la violencia y las lesiones”.

    NCDHHS se mantiene firme en su compromiso de crear una Carolina del Norte más saludable para todos y garantizar que todas las personas en Carolina del Norte tengan acceso a la atención adecuada, cuando y donde la necesiten.

    Mar 6, 2025

    MIL OSI USA News

  • MIL-Evening Report: AI doesn’t really ‘learn’ – and knowing why will help you use it more responsibly

    Source: The Conversation (Au and NZ) – By Kai Riemer, Professor of Information Technology and Organisation, University of Sydney

    HAKINMHAN/Shutterstock

    What if we told you that artificial intelligence (AI) systems such as ChatGPT don’t actually learn? Many people we talk to are genuinely surprised to hear this.

    Even AI systems themselves will often tell you confidently that they are learning systems. Many reports and even academic papers say the same. But this is due to a misconception – or rather a loose understanding of what we mean by “learning” in AI.

    Yet, understanding more precisely how and when AI systems learn (and when they don’t) will make you a more productive and more responsible user of AI.

    AI does not learn – at least not like humans do

    Many misconceptions around AI stem from using words that have a certain meaning when applied to humans, such as learning. We know how humans learn, because we do it all the time. We have experiences; we do something that fails; we encounter something new; we read something surprising; and thus we remember, we update or change the way we do things.

    This is not how AI systems learn. There are two main differences.

    Firstly, AI systems do not learn from any specific experiences, which would allow them to understand things the way we humans do. Rather they “learn” by encoding patterns from vast amounts data – using mathematics alone. This happens during the training process, when they are built.

    Take large language models, such as GPT-4, the technology that powers ChatGPT. In a nutshell, it learns by encoding mathematical relationships between words (actually, tokens), with the aim to make predictions about what text goes with what other text. These relationships are extracted from vast amounts of data and encoded during a computationally intensive training phase.

    This form of “learning” is obviously very different to how humans learn.

    It has certain downsides in that AI often struggles with simple commonsense knowledge about the world that humans naturally learn by just living in the world.

    But AI training is also incredibly powerful, because large language models have “seen” text at a scale far beyond what any human can comprehend. That’s why these systems are so useful with language-based tasks, such as writing, summarising, coding, or conversing. The fact these systems don’t learn like us, but at a vast scale, makes them all-rounders in the kinds of things they do excel at.

    AI systems do not learn from any specific experiences, which would allow them to understand things the way we humans do.
    Rido/Shutterstock

    Once trained, the learning stops

    Most AI systems that most people use, such as ChatGPT, also do not learn once they are built. You could say AI systems don’t learn at all – training is just how they’re built, it’s not how they work. The “P” in GPT literally stands for “pre-trained”.

    In technical terms, AI systems such as ChatGPT only engage in “training-time learning”, as part of their development, not in “run-time learning”. Systems that learn as they go do exist. But they are typically confined to a single task, for example your Netflix algorithm recommending what to watch. Once it’s done, it’s done, as the saying goes.

    Being “pre-trained” means large language models are always stuck in time. Any updates to their training data require highly costly retraining, or at least so-called fine-tuning for smaller adjustments.

    That means ChatGPT does not learn from your prompts on an ongoing basis. And out of the box, a large language model does not remember anything. It holds in its memory only whatever occurs in a single chat session. Close the window, or start a new session, and it’s a clean sheet every time.

    There are ways around this, such as storing information about the user, but they are achieved at the application level; the AI model itself does not learn and remains unchanged until retrained (more on that in a moment).

    Most AI systems that most people use, such as ChatGPT, also do not learn once they are built.
    Ascannio/Shutterstock

    What does this mean for users?

    First, be aware of what you get from your AI assistant.

    Learning from text data means systems such as ChatGPT are language models, not knowledge models. While it is truly amazing how much knowledge gets encoded via the mathematical training process, these models are not always reliable when asked knowledge questions.

    Their real strength is working with language. And don’t be surprised when responses contain outdated information given they are frozen in time, or that ChatGPT does not remember any facts you tell it.

    The good news is AI developers have come up with some clever workarounds. For example, some versions of ChatGPT are now connected to the internet. To provide you with more timely information they might perform a web search and insert the result into your prompt before generating the response.

    Another workaround is that AI systems can now remember things about you to personalise their responses. But this is done with a trick. It is not that the large language model itself learns or updates itself in real time. The information about you is stored in a separate database and is inserted into the prompt each time in ways that remain invisible.

    But it still means that you can’t correct the model when it gets something wrong (or teach it a fact), which it would remember to correct its answers for other users. The model can be personalised to an extent, but it still does not learn on the fly.

    Users who understand how exactly AI learns – or doesn’t – will invest more in developing effective prompting strategies, and treat the AI as an assistant – one that always needs checking.

    Let the AI assist you. But make sure you do the learning, prompt by prompt.

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

    ref. AI doesn’t really ‘learn’ – and knowing why will help you use it more responsibly – https://theconversation.com/ai-doesnt-really-learn-and-knowing-why-will-help-you-use-it-more-responsibly-250923

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: KingsRock Advisors and BC Partners Credit Announce $500 million Co-Investment Strategic Alliance

    Source: GlobeNewswire (MIL-OSI)

    Strengthens KingsRock’s growing corporate finance advisory and capital raising business; Increases robust pipeline of investment opportunities for BC Partners Credit

    Collaboration aims to capitalize on the rapidly growing $2.0 trillion private credit industry

    NEW YORK and LONDON and STOCKHOLM and DUBAI, United Arab Emirates, March 06, 2025 (GLOBE NEWSWIRE) — KingsRock Advisors, LLC, the independent global advisory firm, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a non-exclusive strategic alliance, wherein BC Partners Credit will have the ability to co-invest up to $500 million in a robust pipeline of credit and special opportunity transactions originated and structured by KingsRock. Likewise, KingsRock will benefit from BC Partners’ deep expertise, resources and broad international network.

    This collaboration aims to leverage their combined expertise to originate, structure, execute and invest in credit and hybrid capital opportunities. BC Partners offers KingsRock greater ability to lead, underwrite and co-invest in mandated private capital markets transactions, thus providing issuer clients an enhanced level of financing certainty and its wide investor base with stronger alignment of interest by co-investments.

    “The private credit sector has seen tremendous growth and it will not slow down any time soon. By combining KingsRock’s global origination expertise and broad client mix with BC Partners’ strong capital base and extensive distribution networks, both firms are even better positioned to execute complex financing transactions with greater efficiency and volume. We look forward to partnering together on attractive credit and special situation opportunities” said Ted Goldthorpe, Head of BC Partners Credit.

    “We are thrilled to announce our strategic alliance with BC Partners Credit,” said Håkan Wohlin, Founder & Managing Partner, and Louis Jaffe, Co-Founder & Managing Partner of KingsRock Advisors. “Having successfully collaborated on multiple high-profile projects across industries, we are building on a strong foundation. This will allow us to support our clients’ capital raising efforts, and wherever applicable take a lead in transactions with other investor partners, by also utilizing access to BC Partners Credit’s significant capital base and distribution reach. We look forward to working together to capitalize on new transaction opportunities.”

    About BC Partners Credit

    BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

    About KingsRock:

    KingsRock Advisors LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

    Founded in 2020, KingsRock comprises a team of approximately 30 professionals who advise on a wide range of private capital markets transactions including debt, hybrid, equity and M&A covering structures from vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

    KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides objective strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock Advisors operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

    Disclaimer:

    Securities offered by KingsRock Securities LLC, a FINRA, member firm and a member of SIPC, a wholly owned subsidiary of KingsRock Advisors LLC , 900 Third Avenue, 10th Floor, New York, NY 10022.

    KingsRock Advisors UK Ltd is a private limited company registered in England and Wales with registration number 15240371. KingsRock Advisors UK Ltd (FRN 1006329) is an Appointed Representative under Bluegrove Capital Management Ltd (FRN: 960363), which is authorized and regulated by the Financial Conduct Authority.

    KingsRock Advisors Europe AB is incorporated in Sweden (EU), with registered office at Grev Turegatan 14, 114 46 Stockholm, Sweden, and is a tied agent of Svensk Värdepappersservice i Stockholm AB, a Swedish investment firm authorized and regulated by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) under the Swedish Securities Market Act (Sw. lag (2007:528) om värdepappersmarknaden).

    This message is provided for information purposes and does not constitute an invitation, solicitation or offer to buy or sell any securities or investment. Neither KingsRock Securities LLC nor its affiliates provide accounting, tax or legal advice; such matters should be discussed with your advisors and/or counsel.

    Press Inquiries

    For KingsRock
    Info@kingsrock.com

    For BC Partners
    Daniel Yunger / James Hartwell
    Kekst CNC
    bcpartnersus@kekstcnc.com

    The MIL Network

  • MIL-OSI: Peer Global Inc. Raises $10.5M to Transform Gaming and Social Media with World’s First True Metaverse Game Engine and Launch of 3D Personal Planets

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., March 06, 2025 (GLOBE NEWSWIRE) — Peer Global Inc., redefining gaming and social media with the world’s first true metaverse game engine, announced today that it has raised a $10.5M round of funding, bringing its total funding to date to $65.5M – all from angel investors. The Family Office of Tommy Mai was the sole investor of this round. Previous investors include the LA area Family Offices of Dr. Hannah Vu, Dr. Paul Duong, Dr. Quan Nguyen, Dr. Trina Nguyen, Khanh Van Nguyen and Jan Nguyen.

    Peer will use the funds to fuel hiring and accelerate AI product development as it publicly launches personal planets today with a dynamic, AI-powered world where exploration, creativity, and social connection come together—all built on Peer’s platform, the first true metaverse game engine that enables developers to create multiple games that can be connected to one another.

    While legacy social media sites are built around linear timelines and feeds—designed to create FOMO and addiction—Peer is a persistent 3D world that combines the exploration of Pokémon GO with the creativity and user-generated experiences of Roblox. Tony Tran, founder of Peer, started the company after seeing firsthand how social media addiction was affecting kids, as they chased the next high from apps engineered to maximize engagement.

    In a traditional social media feed, content appears as a flat, linear stream of posts or updates. Users scroll through images, videos, and text organized chronologically or algorithmically, and interactions are mostly limited to likes, comments and shares with just a glimpse or keyhole peek at information. It’s a passive experience: content is presented to users, and they consume it one piece at a time. Peer offers a dynamic space where social interaction is immersive, not addictive, with the belief that social connection is moving beyond text, photos and videos.

    In Peer’s spatial social network, instead of scrolling through disconnected posts, users are greeted by a living, dynamic 3D simulation of the world, giving them the ability to post recent experiences and connections in its natural, relatable context. For example, a photo you took during a hike is displayed on a virtual trail in a mountain environment resembling the actual location. The trail isn’t static; Peer aims to use various AI models to apply layers of immersion, to recreate what was captured such as the sound of rustling leaves, expands on the beauty of the surroundings, and even highlights trivia or history about the area. No other social network can do this.

    Peer based its inspiration on 3D metaverse films like “Ready, Player, One” but users can now do all of this from their phones on the Peer app with AI driving the creation of content. According to Tran, “This is the holy grail of gaming – metaverse games that are connected and players can traverse games and bring other people, AIs and assets with them. This is the first step toward a gamified immersive internet that Ready, Player, One portrayed but we’re starting with phones so that everyone can be part of it.”

    “Websites, social networks, and digital brand experiences today are flat. People have short attention spans,” said Peer investor Tommy Mai. “AI will push everything into spatial experiences, and Peer is leading the way. We’re really excited about the potential for this technology and think Tony and team are the ones to get this right.”

    With today’s personal planet launch, Peer introduces the 3D version of a social home page, in the form of a 3D planet. If your friends are on your planet and moving about, you actually see them doing just that—just like you would in a video game. Your mini planet has longitude and latitude coordinates that mirror that of Earth. This means if you post a picture on your planet, it will be placed on your planet according to wherever it was taken geospatially. So if you posted an image taken at the North Pole, it will be placed at the corresponding position on your planet. Users are given a library to build out their own  planet—flora, fauna, rocks, houses etc.—just like how you used to build out your profile page.

    Influencers and brands can also create their own worlds with AI prompts. Brands can advertise directly on the world map – building games, sponsoring digital assets such as clothing for avatars – and in users’ experiences.

    “People are sick of scrolling endlessly. It’s time for a better way to get online and experience a unified digital and physical world,” said Tran. “Peer is pioneering a new kind of digital frontier where AI and 3D technology come together to deliver vast, immersive and interactive spaces. This isn’t just a platform—it’s a reinvention of how we connect, explore, and create, offering a transformative alternative to the status quo.”

    Download the Peer app today at the App Store, Google Play or peer.inc. Peer will launch its game developer tool later this year.

    About Peer
    Peer Global Inc. is redefining gaming and social media with the world’s first social game engine. Peer is a persistent 3D world that combines the exploration of Pokémon GO with the creativity and user-generated experiences of Roblox, where people can create their own personal online planets populated by the people, experiences, places and brands they love. With its proprietary online game engine and native 3D map, Peer replaces the addictive news feed with a real-time global environment where users explore instead of scroll, bringing AI and 3D together in an entirely new way for people to connect. More than 1M users are already building their new social network in 3D using Peer. Visit peer.inc.

    Media contact:
    Kerry Metzdorf
    Big Swing
    kerry@big-swing.com
    978-609-0766

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9aa8c838-6103-4cbf-8587-4a79d0636bf1

    The MIL Network

  • MIL-OSI: Sheaff Brock Announces Return of Michelle Reddick as Portfolio Consultant

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, March 06, 2025 (GLOBE NEWSWIRE) — Michelle Reddick, a seasoned professional with 15-plus years of financial industry experience, has returned to Sheaff Brock as Vice President, Client Solutions and Portfolio Consultant.

    Sheaff Brock is a fee-only independent investment firm specializing in wealth management for high-net-worth individuals. Selected as the #7 Financial Advisor in the U.S. on CNBC’s 2024 Financial Advisor 100 List, the firm’s first priority is building and preserving clients’ wealth over time. In her Portfolio Consultant role, Michelle works closely with Sheaff Brock clients, helping with their investment needs as they strive to meet ongoing financial goals. Prior to Sheaff Brock, Michelle was a corporate trainer at Charles Schwab where she trained hundreds of stockbrokers and guided new employees through the intricacies of the financial world. She credits her ability to build connections and relate to clients to previous work experience as a public relations specialist.

    “I love talking with my clients and am passionate about helping them with their financial goals,” said Michelle of her return to Sheaff Brock. “I’m glad to reunite with Sheaff Brock and to once again partner with clients as we navigate their finances.”

    Ron Brock, Managing Partner of Sheaff Brock, said, “We’re excited to have Michelle working with her clients again. She is an exceptional part of our Sheaff Brock team.”

    Michelle Reddick—Vice President, Client Solutions and Portfolio Consultant, Sheaff Brock

    About Sheaff Brock:
    Sheaff Brock is an SEC-registered, fee-only independent investment firm striving to enhance portfolios of growth- and income-oriented investors, managing $1.4 billion in assets nationwide as of 12/31/2024. Managing Director David Gilreath contributes investment commentary to Investing.com, Think Advisor, Medical Economics, and Financial Advisor magazine.

    About CNBC Financial Advisor 100
    The 2024 CNBC Financial Advisor 100 (ranked 7th 10/2/24), 2023 CNBC Financial Advisor 100 (ranked 10th, 9/12/23), 2022 CNBC Financial Advisor 100 (ranked 68th, 10/4/22), 2021 CNBC Financial Advisor 100 (ranked 82nd, 10/6/21) & the 2020 CNBC Financial Advisor 100 (ranked 95th, 10/6/20) list is an independent ranking. CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the CNBC FA 100 list. The analysis started with 40,896 RIA firms for 2024, 40,646, RIA firms for 2023, 39,818 RIA firms for 2022, 38,302 for 2021 and 37,369 for 2020 from the Securities and Exchange Commission regulatory database. AccuPoint screened the list down to 903 RIAs for 2024, 812 RIAs for 2023, 904 RIAs for 2022, 749 for 2021, and 750 for 2020 who were required to complete a survey to be in consideration for the CNBC FA 100 list. Sheaff Brock does not pay for applying for the award; however, Sheaff Brock does pay for use of the CNBC Financial Advisor 100 logo.

    Data points used by AccuPoint for the ranking included regulatory/compliance record, number of years in the business, number of certified financial planners, number of employees, number of investment advisors registered with the firm, ratio of investment advisors to total number of employees, total assets under management, percentage of discretionary assets under management, total accounts under management, number of states where the RIA is registered and country of domicile.

    Third-party rankings and recognition from rating services or publications, such as the CNBC FA 100, is no guarantee of future investment success and working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. The ranking may not reflect a client or prospective client’s experience with the registered investment advisor. Past performance does not guarantee or indicate future results.

    CONTACT: Barb Smith 317-289-8699

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43ccc1be-c10d-40d4-ba8b-4df4dc1523a7

    The MIL Network

  • MIL-OSI: ASM International N.V. publishes Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    March 6, 2025, 5.45 p.m. CET

    ASM International N.V. (Euronext Amsterdam: ASM) today publishes its Annual Report 2024
    ASM’s Annual Report 2024 is available in ESEF reporting package and as a PDF file on the company’s website www.asm.com
    ASM publishes the Annual Report in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the primary consolidated financial statements have been labelled with XBRL tags.
    ASM will hold its Annual General Meeting (AGM) on May 12, 2025. The AGM agenda with all related documents will be available in due time.

    About ASM International
    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASM’s website at www.asm.com.
    Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics and other risks indicated in the Company’s reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Contact

    Investor and media relations

    Victor Bareño
    T: +31 88 100 8500
    E: investor.relations@asm.com

     

    Investor relations

    Valentina Fantigrossi
    T: +31 88 100 8502
    E: investor.relations@asm.com

    The MIL Network

  • MIL-OSI Security: Man jailed for rape of 12-year-old following Metropolitan Police investigation

    Source: United Kingdom London Metropolitan Police

    A man has been jailed for 16 years for grooming and raping a child – after investigators from the Metropolitan Police Service tracked him down using only phone data and CCTV footage.

    Richard Bosworth, 40 (13.07.1983), from Coalville in Leicestershire, was sentenced on Tuesday, 4 March, at Kingston Crown Court. He previously pleaded guilty on Wednesday, 23 October, 2024 to two counts of rape as well as seven other sexual offences, including sexual assault on a child under 13, engaging in sexual communication with a child, causing a child to watch a sexual act, two counts of causing or inciting a child to engage in sexual activity, meeting a child following sexual grooming, and assault by digital penetration.

    Detective Inspector Kieran Curry, who led the investigation, said:

    “I commend the young survivor in this case for her courage. She found the strength to confide in officers, and her account of this appalling assault proved crucial in securing Bosworth’s conviction. Her and her family’s cooperation has put this dangerous predator behind bars.

    “Bosworth travelled from Leicestershire to abuse his victim in Twickenham. He is a devious offender, who ensured he left very little evidence for police to pursue.

    “It is a testament to our investigative teams that they succeeded in identifying Bosworth, combing over large amounts of CCTV evidence and phone data in order to apprehend him and secure a conviction.”

    On Monday, 23 September, 2024, police were contacted by the victim’s mother. She said her 12-year-old daughter had spoken to friends at school about being abused by a man who had reached out to her on the BeFriend social media platform, presenting himself as a young teenager.

    Investigators spoke to the girl, who said the man picked her up in his car in the early hours of Thursday, 19 September, 2024. He used a fake profile when communicating with the victim, grooming her for a month prior to the meeting. He left little evidence of his true identity.

    Officers in the case reached out to the Met’s Operation Atlas team, which specialises in digital manhunts. Having obtained the number associated with the fake BeFriend profile, investigators were able to trace the movement of a phone through London to the victim’s home, as it citied off various telecom masts. They then paired this with CCTV footage from the areas in question.

    Through these enquiries, investigators were able to single out a car. This was found to belong to Bosworth. On Tuesday, 1 October, officers arrested him at his home in Coalville. On the same day, he was charged with 10 counts of rape, all relating to the same incident on Thursday, 19 September.

    As well as serving 16 years in prison, Bosworth will be made to register for life as a sex offender.

    MIL Security OSI

  • MIL-OSI USA: Senate Republicans Reject Durbin’s Resolution To Condemn Russia’s Abduction Of Ukrainian Children

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    March 07, 2025

    Since Russia’s full-scale war started in 2022, the Russian government has abducted, forcibly transferred, or facilitated the illegal deportation of at least 20,000 Ukrainian children

    WASHINGTON  In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL), Co-Chair of the Senate Ukraine Caucus, asked for unanimous consent (UC) to pass a simple resolution he introduced condemning Russia’s abduction of Ukrainian children and called on Russia to work with the international community to return all abducted Ukrainian children to their families. Since Russia’s full-scale war of aggression started in 2022, the Russian government has abducted, forcibly transferred, or facilitated the illegal deportation of at least 20,000 Ukrainian children. Senate Republicans rejected the resolution.  They also objected to every other straightforward resolution offered by Senate Democrats, including urging Russian President Putin to end the war, clarifying that Russia started the war, stating that Russia committed war crimes, reaffirming the U.S.-Ukraine relationship and support for its sovereignty, and clarifying that no nation should forcibly seize territory of another. 

    “War brings out the worst in humans. And Russia, under the bloody leadership of Vladimir Putin, has committed some of the worst wartime atrocities that a mind can imagine. Mass murders, rapes, torture, and deliberate targeting of hospitals and civilians, that’s been the three-year strategy of Vladimir Putin,” said Durbin.

    “But one of the most horrific of these atrocities is Russia’s kidnapping of Ukrainian children… Since Russia’s full-scale war of aggression started in 2022, the government of Russia has abducted, forcibly transferred, or facilitated the illegal deportation of at least 20,000 Ukrainian children,” said Durbin. “The depravity of Putin’s strategy is hard to imagine. But Putin and his government know no humanity or morality. It is not surprising that Putin would stoop to such a repulsive strategy.”

    “That is why I am asking unanimous consent to pass a resolution condemning Russia’s abduction of Ukrainian children. And I am calling on Russia to work with the international community to return all of these children to their families. There is no tasteful way to violate the sovereignty of another nation.  But Putin takes depravity to a new extreme with his kidnapping of Ukrainian children. This barbaric act must be condemned—it should be easy for members on both sides of the aisle to just imagine for a moment if this had happened to American children. It has to be a priority of any peace process to acknowledge Putin’s responsibility for the invasion and the terrible policies in Ukraine,” Durbin continued.

    Last week, Durbin introduced the Protecting our Guests During Hostilities in Ukraine Act, legislation that would provide temporary guest status to Ukrainians and their immediate family members who are already in the United States through the “Uniting for Ukraine” parole process. The bill allows Ukrainians to stay and work in the U.S. until the Secretary of State determines that hostilities in Ukraine have ceased and it is safe for them to return. U.S. Senators Lisa Murkowski (R-AK), Tammy Duckworth (D-IL), Richard Blumenthal (D-CT), Jacky Rosen (D-NV), Chris Van Hollen (D-MD), Peter Welch (D-VT), Amy Klobuchar (D-MN), Michael Bennet (D-CO), and Alex Padilla (D-CA) are cosponsors of the legislation. Bill text can be found here.  

    Durbin also joined U.S. Senators Jeanne Shaheen (D-NH), Thom Tillis (R-NC), Roger Wicker (R-MS), and others in leading a simple resolution last week that expresses continued solidarity with the people of Ukraine and condolences for the loss of thousands of lives to Russian aggression; rejects Russia’s attempts to militarily seize sovereign Ukrainian territory; reaffirms U.S. support for the sovereignty and territorial integrity of Ukraine; and states unequivocally that Ukraine must be at the table for negotiations on its future.

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News

  • MIL-OSI: Pythian Named Top Employer in Canada’s National Capital Region for 2025

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, March 06, 2025 (GLOBE NEWSWIRE) — Pythian Services Inc. (“Pythian”), a leading global services company specializing in data, analytics, and AI solutions, announced it has been named as one of the National Capital Region’s Top Employers for 2025. This marks the tenth time the company has earned this distinction, reflecting the company’s enduring commitment to a forward-thinking, employee-focused culture. The award is presented by the editors of Canada’s Top 100 Employers, and highlights organizations that invest in their teams and deliver innovative workplace practices.

    “Our commitment to nurturing talent and building a supportive work environment is at the core of everything we do,” said Brooks Borcherding, CEO of Pythian. “This is a powerful reminder that our people are driving the success of our business, our partners, and our customers.”

    The award recognizes several of Pythian’s initiatives that empower employees and strengthen career pathways. The organization’s employee-first approach includes:

    • A comprehensive wellness program offering an annual allowance for fitness, sports, preventive health, and more
    • A generous professional development budget that supports self-directed learning along with structured courses through Pythian University
    • Clearly defined career tracks and continuous training initiatives, ensuring long-term growth and leadership development
    • A progressive maternity, adoption, and parental leave plan that provides new parents with ample time to bond with their families, and a flexible, phased return to work
    • A referral bonus program that values the contributions and networks of current employees
    • Flexible work arrangements including adaptable hours and comprehensive telecommuting options
    • A robust suite of benefits featuring a registered retirement savings plan (RRSP) matching program, detailed health coverage, and allowances for home-office customization
    • Paid volunteer days that encourage and support community engagement and philanthropy

    Pythian’s success in fostering a culture that blends flexibility, learning, and community involvement sets it apart in the competitive national capital region. The company continues to invest in its people and shape a modern workplace, adapting to today’s rapidly-evolving industry needs.

    “We strive to create an environment where every employee is valued and has the resources to excel professionally and personally,” said Camila Suvaric, vice president of people and culture at Pythian. “Being recognized as a top employer reinforces that our dynamic, inclusive approach not only attracts exceptional talent but also helps our team to innovate and drive meaningful change.”

    For more information on careers and culture at Pythian, visit https://pythian.com/careers/.

    About Pythian

    Founded in 1997, Pythian is a leading data and AI services provider specializing in digital transformation and operational excellence for enterprise customers. We help organizations optimize their data estates, helping them to drive AI enablement, innovation, and growth. Through strategic consulting, managed services, and cloud migrations, we enable cost savings, risk reduction, and seamless operations while preparing businesses to adopt AI and for the future of data management. A Google Cloud Premier Partner with multiple Specializations, including Data Analytics, Marketing Analytics, Machine Learning, and a certified Google Cloud MSP, we’ve delivered thousands of professional and managed services projects for leading enterprises. For more information, visit www.pythian.com or follow us on X, LinkedIn, and our Blog.

    Pythian Media Contacts

    Matt Healy
    Sr. Communications and Programs Manager
    healy@pythian.com
    +1 782-774-5687
    Elisabeth Grant
    Branch Out Public Relations
    egrant@branchoutpr.com
    +1 612-599-7797

    The MIL Network

  • MIL-OSI: Bitget Wallet Integrates Sonic Ecosystem, Expanding Multichain DeFi Access

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, March 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has integrated the Sonic mainnet, providing users with direct access to its expanding decentralized finance (DeFi) ecosystem. This integration allows users to trade Sonic ecosystem tokens, manage assets, and interact with Sonic-based DeFi applications, including decentralized exchanges (DEXs), meme projects, and NFT platforms.

    As Layer 1 blockchains compete to offer higher scalability and lower fees, Sonic stands out with its EVM-compatible architecture and efficient transaction processing, making it a promising ecosystem for DeFi innovation. By integrating Sonic, Bitget Wallet strengthens its position as a multi-chain gateway, ensuring users can easily add the Sonic mainnet, transfer assets, and explore the network’s rapidly growing ecosystem. To further enhance accessibility, Bitget Wallet is rolling out Sonic token price tracking, swaps, and direct trading, enabling users to engage more seamlessly with emerging opportunities.

    The increasing adoption of Ethereum-compatible Layer 1s and Layer 2s reflects a broader industry shift toward multi-chain interoperability. Sonic, developed by the core team behind Fantom, leverages high transaction throughput and low-cost execution to optimize DeFi and Web3 gaming applications. With its native token $S, Sonic continues to attract a growing number of developers and projects, fueling its ecosystem expansion.

    “As new Layer 1 networks like Sonic drive innovation in blockchain scalability and DeFi accessibility, Bitget Wallet remains focused on integrating promising ecosystems,” said Alvin Kan, COO of Bitget Wallet. “Supporting Sonic aligns with our commitment to providing users with seamless multi-chain experiences, reinforcing the importance of open and efficient blockchain infrastructure.”

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5090250-f2a3-4f45-8790-5ed6562263dc

    The MIL Network

  • MIL-OSI: Dassault Systèmes: declaration of the number of outstanding shares and voting rights as of February 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, FranceMarch 6, 2025

    Declaration of the number of outstanding shares and
    voting rights as of February 28, 2025

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced below the total number of its outstanding shares and voting rights as of February 28, 2025, according to articles 223-16 and 221-3 of the General Regulation of the Autorité des marchés financiers.

    Number of outstanding shares: 1,340,433,125

    Number of voting rights*: 2,011,423,108

    *The total number of voting rights is calculated on the basis of the total number of outstanding shares, even if the voting rights attached thereto are suspended, pursuant to Article 223-11 of the General Regulation of the Autorité des marchés financiers relating to the method for calculating the percentages of holdings in shares and in voting rights. We invite our shareholders to refer to this article should they need to declare crossing of thresholds.

    Declarations related to crossing of threshold must be sent to:
    Dassault Systèmes, Investor Relations Service, 10, rue Marcel Dassault, CS 40501, 78946 Vélizy-Villacoublay Cedex (France). E-mail address: Investors@3ds.com  

    ###

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com.

    Dassault Systèmes Investor Relations Team                FTI Consulting
    Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
    +33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
    investors@3ds.com                                        

    Dassault Systèmes Press Contacts
    Corporate / France        
    Arnaud Malherbe: +33 1 61 62 87 73
    arnaud.malherbe@3ds.com        

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval

    Attachment

    The MIL Network

  • MIL-OSI USA: Manchester Teacher Named 2025 Rogers Educational Innovation Fund Winner

    Source: US State of Connecticut

    Alumna Giselle Ziegler ’22 6th Year has been named the Neag School of Education’s 2025 Rogers Educational Innovation Fund award winner. Ziegler teaches music at Odyssey Community School in Manchester, Connecticut.

    The Rogers Educational Innovation Fund, designated by the late Neag School of Education Professor Emeritus Vincent Rogers and his late wife, Chris, a lifelong teacher, provides a $5,000 annual award to support innovative projects by Connecticut elementary or middle school teachers. The gift is intended to support and expand the innovative, collaborative work of Connecticut’s classroom teachers and the Neag School of Education. This is the sixth year that the award has been bestowed.

    “I look forward to engaging students in musical opportunities outside the classroom in more real-world settings,” Neag School alumna Giselle Ziegler says. (Shawn Kornegay/Neag School)

    Ziegler’s project is titled “Harmony in Diversity: Building Cultural Awareness and Musical Equity,” and aims to enhance cultural awareness and musical equity at Odyssey Community School by expanding access to instruments and culturally responsive experiences. It will fund new instruments for equitable participation as well as diverse performances and guest speakers. This will foster inclusivity, empathy, and a deeper connection to music across cultures. The project also nods to Vincent Rogers’ own passion for music, as he was a jazz musician in high school and with the West Point military band.

    “I look forward to engaging students in musical opportunities outside the classroom in more real-world settings,” Ziegler says. “Imagine taking them to see a live performance of what they’ve studied or bringing in local artists to work with them one-on-one. These experiences could be life changing.”

    “Giselle Ziegler’s project at Odyssey Community School stood out to our selection committee, among the other proposed projects, as we recognized its aim of expanding students’ knowledge and experiences with music in ways that were more culturally expansive and inclusive,” says Todd Campbell, professor and head of the Department of Curriculum and Instruction at the Neag School, who chaired the 2025 Rogers Fund selection committee.

    We are excited to see this project making an impact in the lives of students at the Odyssey School. &#8212 Todd Campbell, professor and chair the 2025 Rogers Fund selection committee

    “Giselle’s ambition of getting more instruments in her students’ hands, beyond those they might typically get experiences with, and connecting them with diverse musicians is inspiring,” Campbell says. “We are excited to see this project making an impact in the lives of students at the Odyssey School and showcasing the work of an alum of our celebrated Neag School Music Education program.”

    Ziegler will be formally recognized at the 2025 Neag School Alumni Awards Celebration, which will be held at UConn Storrs in March.

    From the moment she joined Odyssey, Ziegler says she was struck by the school’s diversity. The Title I public charter school draws students from various towns and socioeconomic backgrounds, creating a melting pot of experiences, traditions, and perspectives. What fascinated her most, she says, was how her students came alive when they saw their cultures reflected in the curriculum.

    “I noticed early on that engagement spiked when I introduced music from their heritage, a realization that fueled my passion for creating a more inclusive and culturally responsive program,” Ziegler says. (Shawn Kornegay/Neag School)

    “I noticed early on that engagement spiked when I introduced music from their heritage, a realization that fueled my passion for creating a more inclusive and culturally responsive program,” she says.

    This passion led her to apply for the Rogers award, with the hope that it could help transform her music program from a fledgling endeavor into a thriving, dynamic space for students to explore, create, and connect. With the funding, she envisions expanding the school’s instrumental resources and providing opportunities for her students to experience music in ways they had never imagined.

    Odyssey Community School has already introduced cultural presenters to its students through previous grant funding. Two years ago, Ziegler invited a North Indian Kathak dancer, Rachna Agrawal, to share the rhythms and traditions of her homeland. The following year, Ghanaian musician Iddi Saaka taught students the vibrant beats of West African drumming and dance. Most recently, they hosted Tere Luna, a Mexican folkloric presenter whose lively singing and dancing filled the halls with energy. Each visit had been met with enthusiasm, Ziegler says, but she wanted to take it further — beyond the classroom walls and into the world.

    At Odyssey, music education is still finding its footing. With limited instruments and a single teacher balancing general, vocal, and instrumental music for pre-kindergarten through eighth grade students, the challenges are significant. One of Ziegler’s main goals with the Rogers award is to provide equitable access to instruments. Many students can only engage with music during class, but Ziegler dreams of students taking instruments home, practicing, and truly immersing themselves in their craft.

    “It’s about allowing them to practice at home, to develop their skills beyond the classroom,” she says. “Right now, that’s something missing; this award could change that.”

    This grant will change the lives of so many students at Odyssey… And to be able to contribute to the legacy of Professor Rogers, someone who was so passionate about music — it means everything to me. &#8212 Giselle Ziegler ’22 6th Year

    Beyond the instruments, Ziegler’s approach to teaching is deeply rooted in inclusivity. She follows the philosophy of educator and author Alfie Kohn, emphasizing content, community, and choice — three key elements that she believes are essential to student success.

    “If I’m providing them with content that’s engaging and relevant to their cultures, creating a community where they feel safe and respected, and giving them choices in how they learn, then I’m doing my job,” she says.

    As she wrote her Rogers award proposal, these principles were at the front of her mind. She imagined a classroom where every student saw themselves represented; their cultural backgrounds were acknowledged and celebrated; and music was a bridge that connected them all. She knows that when students feel seen and valued, they are more willing to take risks, explore their creativity, and truly invest in their learning.

    Her long-term vision includes integrating the learning bolstered by this grant into Odyssey’s unique “Community Periods.” These Friday sessions involve the whole school and allow students to explore topics of interest beyond the traditional curriculum, and school surveys have shown a strong desire for more engagement with culture through music. Ziegler sees this as the perfect opportunity to use the Roger award’s resources to culminate in a schoolwide event celebrating the diverse musical traditions of their community.

    “One of our trimesters could be dedicated to showcasing what students have learned through this project,” she suggests. “It could be a performance, an exhibition, or even an interactive workshop. The possibilities are endless.”

    When reflecting on the donors who make the Rogers award possible every year, Ziegler says she is filled with gratitude.

    “First and foremost, thank you,” she says. “This grant will change the lives of so many students at Odyssey, not just now but for generations to come. And to be able to contribute to the legacy of Professor Rogers, someone who was so passionate about music — it means everything to me.”

    Read more about the Rogers Educational Innovation Fund at rogersfund.uconn.edu.

    MIL OSI USA News