Finance – Page 454 – NewzIntel.com

MIL-OSI Security: Accountant Pleads Guilty to $8M Tax Fraud

Source: United States Attorneys General 6

A Colorado man pleaded guilty today to conspiring to defraud the United States and tax evasion.

According to court documents and statements made in court, Rodney Ermel owned and managed a Colorado-based accounting firm. Along with co-defendant Kenneth Bacon, Ermel provided accounting and tax preparation services for Joseph LaForte and his entities. Ermel conspired with LaForte, Bacon, and others to hide approximately $20 million in income. He did this through various fraudulent accounting practices, such as fabricating shareholder loans and “bad debt” deductions. Ermel also filed tax returns which he knew underreported taxable income by over $20 million between 2016 and 2018. Ermel’s fraud caused a loss to the United States of over $8 million.

Ermel is the fourth defendant to plead guilty to criminal conduct related to this tax scheme. Sentencing is scheduled for Sept. 3.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney David Metcalf for the Eastern District of Pennsylvania made the announcement.

The FBI, IRS Criminal Investigation and the Federal Deposit Insurance Corporation Office of Inspector General are investigating the case.

Assistant U.S. Attorneys Matthew Newcomer and John J. Boscia for the Eastern District of Pennsylvania, and Trial Attorney Ezra Spiro of the Justice Department’s Tax Division are prosecuting the case.

MIL Security OSI –

April 29, 2025

MIL-OSI: Steadyhand Announces Update Regarding Special Meetings of Unitholders

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 28, 2025 (GLOBE NEWSWIRE) — Steadyhand Investment Management Ltd. (“Steadyhand”) has discovered that an error was made in connection with the control numbers that were included in the forms of proxy (the “Proxies”) which were mailed to the registered holders of Series A units (the “Unitholders”) of Steadyhand Savings Fund, Steadyhand Income Fund, Steadyhand Founders Fund, Steadyhand Builders Fund, Steadyhand Equity Fund, Steadyhand Global Equity Fund, Steadyhand Small-Cap Equity Fund and Steadyhand Global Small-Cap Equity Fund (collectively, the “Funds”) in connection with the special meetings of Unitholders of the Funds to be held on May 9, 2025 (the “Meetings”).

Steadyhand has arranged for TSX Trust Company, as proxy agent and scrutineer in connection with the Meetings, to mail corrected Proxies to each Unitholder of the Funds. Unitholders are asked to discard the Proxies previously received with the joint management information circular in respect of the Meetings (the “Circular”) and to use the corrected Proxies, once received, to vote at the Meetings. Unitholders that previously voted online using the Proxies received with the Circular are asked to resubmit their vote using the corrected Proxies which will be mailed to Unitholders on April 28, 2025.

In light of the above, the proxy agent has extended the cut-off time for submission of Proxies to 10:00 a.m. (Vancouver time) on May 8, 2025.

About Steadyhand

Steadyhand is a low-fee investment firm with a mission of providing Canadians with a better investing outcome and a simpler, more personalized experience. It offers clear-cut advice, customized plans, and most importantly, a steady hand, to help investors achieve their financial goals. The firm has approximately $1.3 billion of assets under management with offices in Vancouver and Toronto.

For further information, please contact:

David Toyne
Chief Development Officer
Steadyhand Investment Funds Inc.
1-888-888-3147

The MIL Network –

April 29, 2025

MIL-OSI: Gabelli Global Utility & Income Trust Announces Additional Put Dates for Series B Preferred Shares

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved additional put dates for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%.

Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending June 26, 2025, December 26, 2025, June 26, 2026, December 26, 2026 and June 26, 2027 after which the Series B preferred becomes perpetual.

The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends.

As background, the Series B Preferred Shares, which trade on the NYSE American under the symbol “GLU Pr B”, were issued on December 19, 2018, at $50.00 per share.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding this and other information about the Fund is available by calling 800-GABELLI (800-422-3554), visiting www.gabelli.com, or emailing ClosedEnd@gabelli.com.

About The Gabelli Global Utility & Income Trust
The Gabelli Global Utility & Income Trus t is a diversified, closed-end management investment company with $122 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – GLU PrB
CUSIP – 36242L303

For information:
Adam Tokar
(914) 457-1079

Investor Relations Contact:
Adam Tokar
(914) 457-1079
atokar@gabelli.com

The MIL Network –

April 29, 2025

MIL-OSI: Capital Southwest Announces Regular Dividend of $0.58 per share and Supplemental Dividend of $0.06 per share for the Quarter Ending June 30, 2025

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 28, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, is pleased to announce that its Board of Directors has declared a regular dividend of $0.58 per share and a supplemental dividend of $0.06 per share for the quarter ending June 30, 2025.

The Company’s dividends will be payable as follows:

Regular Dividend
Amount Per Share:	$0.58
Ex-Dividend Date:	June 13, 2025
Record Date:	June 13, 2025
Payment Date:	June 30, 2025

Supplemental Dividend
Amount Per Share:	$0.06
Ex-Dividend Date:	June 13, 2025
Record Date:	June 13, 2025
Payment Date:	June 30, 2025

When declaring dividends, the Board of Directors reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, Equiniti Trust Company. Under the DRIP, if the Company declares a dividend, registered stockholders who have opted in to the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest’s common stock.

About Capital Southwest

Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien, and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Investor Relations Contact:

Michael S. Sarner, President and Chief Executive Officer
214-884-3829

The MIL Network –

April 29, 2025

MIL-OSI: Skyward Specialty Announces Time Change for First Quarter Earnings Call on Friday, May 2, 2025

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 28, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) today announced a time change of its previously announced first quarter earnings call. The conference call and webcast will be held on Friday, May 2 at 9:30 a.m. EDT.

Skyward Specialty will issue its first quarter 2025 earnings results after the market closes on Thursday, May 1. The earnings results will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

About Skyward Specialty

Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

For investor relations information contact:

Natalie Schoolcraft
nschoolcraft@skywardinsurance.com
614-494-4988

The MIL Network –

April 29, 2025

MIL-OSI: Financial Institutions, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

WARSAW, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the first quarter ended March 31, 2025.

The Company reported net income of $16.9 million in the first quarter of 2025, compared to a net loss of $82.8 million in the fourth quarter of 2024 and net income of $2.1 million in the first quarter of 2024. After preferred dividends, net income available to common shareholders was $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, compared to net loss of $83.2 million, or $(5.07) per diluted share, in the fourth quarter of 2024, and net income of $1.7 million, or $0.11 per diluted share, in the first quarter of 2024. The Company recorded a provision for credit losses of $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter.

First Quarter 2025 Key Results:

Net interest margin and net interest income expanded meaningfully in the first quarter of 2025, primarily reflecting the impact of the investment portfolio restructuring that was executed at the end of 2024. Net interest margin of 3.35% for first quarter of 2025 was up 44 and 57 basis points from the linked and year-ago quarters, respectively, while net interest income of $46.9 million for first quarter of 2025 increased $5.2 million, or 12.6%, and $6.8 million, or 16.9%, from the linked and year-ago quarters, respectively.
Noninterest income was $10.4 million in the first quarter of 2025, compared to noninterest loss of $91.0 million in the linked quarter, which reflected the previously disclosed investment securities loss, and noninterest income of $10.9 million in the year-ago quarter, when the Company’s results included income from its former insurance subsidiary. First quarter 2025 noninterest income benefited from higher income from company owned life insurance (“COLI”) as a result of a surrender and redeploy strategy initiated in January 2025, in addition to higher swap fees and investment advisory income relative to comparable prior periods.
Noninterest expense in the first quarter of 2025 totaled $33.7 million, compared to noninterest expense including non-operating items in the linked and year-ago quarters of $59.4 million and $54.0 million, respectively.
Total loans were $4.55 billion at March 31, 2025, reflecting an increase of $74.1 million, or 1.7%, during the quarter, and an increase of $111.2 million, or 2.5%, from one year prior, driven by both commercial business and commercial mortgage lending.
Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, driven by seasonal public deposit inflows as well as an increase in brokered deposits, and down $23.8 million, or 0.4%, from one year prior, due in part to lower reciprocal deposits and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering.
The Company reported improved credit quality metrics, as measured by quarterly net charge-offs to average loans of 0.21% for the first quarter of 2025, down from both the linked and year-ago quarters.
In February, the Company’s Board of Directors approved a 3.3% increase in its quarterly cash dividend to $0.31 per common share, a reflection of both its ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy.

“Our first quarter results were highlighted by improved earnings and profitability metrics, and reflected the full benefit of the strategic investment securities restructuring we undertook in December, as well as our team’s ability to meet the banking, credit and investment advisory needs of our customers amid a challenging environment,” said President and Chief Executive Officer Martin K. Birmingham. “Our focus on performance resulted in a more than 12% increase in net interest income from the linked quarter, as well as a 44-basis-point expansion of net interest margin, an efficiency ratio below 60% and solid return on average assets of 1.10% and return on average equity of 11.82%.

“Our pipelines carried momentum with credit-disciplined lending heading into 2025 and supported a 1.7% quarterly increase in total loans, with stable-to-improved credit metrics for the first quarter. Amid the uncertain economic landscape, coupled with our current pipelines and discussions with customers, we believe that loan growth will be concentrated in the first half of the year.”

Chief Financial Officer and Treasurer W. Jack Plants II added, “Our successful fourth quarter public equity offering not only allowed us to restructure our investment securities portfolio to drive stronger earnings potential, evident in our first quarter results, but also provided additional dry powder that we have sought to thoughtfully deploy. To that end, earlier this month we called $10 million of fixed-to-floating sub-debt that was issued in April 2015. We also took steps to enhance noninterest revenue by restructuring a portion of our COLI portfolio into a higher-yielding credit fund, which contributed to higher COLI income in the first quarter. We continue to remain confident that our stronger capital position and improved earnings outlook position us well to drive sustainable and profitable growth, as we seek to support our customers amid a challenging operating environment and prudently manage expenses.”

Net Interest Income and Net Interest Margin

Net interest income was $46.9 million for the first quarter of 2025, an increase of $5.2 million from the fourth quarter of 2024, and an increase of $6.8 million from the first quarter of 2024.

Average interest-earning assets for the current quarter were $5.65 billion, reflecting decreases of $64.5 million from the fourth quarter of 2024 and $153.6 million from the first quarter of 2024. The linked quarter decrease was due to a $74.2 million decrease in the average balance of investment securities and a $49.8 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $59.5 million increase in average loans. The year-over-year decrease in average interest-earning assets was due to a $97.3 million decrease in the average balance of investment securities and an $86.3 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $30.0 million increase in average loans.

Average interest-bearing liabilities for the current quarter were $4.51 billion, reflecting an increase of $31.1 million from the linked quarter and a decrease of $108.0 million from the year-ago quarter. The increase from the fourth quarter of 2024 was primarily due to a $38.7 million increase in average short-term borrowings and a $19.9 million increase in average time deposits, partially offset by a $15.6 million decrease in average savings and money market deposits and a $12.0 million decrease in average interest-bearing demand deposits. The year-over-year decrease was due to a $105.3 million decrease in average savings and money market deposits, along with an $84.2 million decrease in average borrowings and a $4.3 million decrease in average interest-bearing demand deposits, partially offset by a $85.9 million increase in average time deposits. The outflow of BaaS-related deposits following the Company’s September 2024 announcement that it would wind-down its BaaS platform by mid-2025 was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

Net interest margin was 3.35% in the current quarter as compared to 2.91% in the fourth quarter of 2024, and 2.78% in the first quarter of 2024. Expansion from both the linked and prior year quarters was primarily due to an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale portfolio, which supported an increase in the average yield on interest-earning assets. Margin expansion was also supported by lower cost of interest-bearing liabilities, driven by the repricing across public, non-public and reciprocal deposits.

Noninterest Income (Loss)

The Company reported noninterest income of $10.4 million for the first quarter of 2025, compared to noninterest loss of $91.0 million in the fourth quarter of 2024, and noninterest income of $10.9 million in the first quarter of 2024.

A net loss on investment securities of $100.1 million was recognized in the fourth quarter of 2024 related to the previously disclosed securities portfolio restructuring.
Noninterest income no longer includes contributions from the Company’s insurance agency, which generated first quarter 2024 insurance income of $2.1 million prior to its sale on April 1, 2024.
Investment advisory income of $2.7 million was $182 thousand higher than the fourth quarter of 2024 and up $155 thousand from the first quarter of 2024.
Income from COLI of $2.8 million was $1.4 million higher than the fourth quarter of 2024 and $1.5 million higher than the first quarter of 2024, due to the previously mentioned surrender and redeploy strategy initiated in January 2025.
Income from investments in limited partnerships of $415 thousand was $422 thousand lower than the fourth quarter of 2024 and $73 thousand higher than the first quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
Income from derivative instruments, net was $250 thousand in the current quarter, compared to a loss of $37 thousand in the fourth quarter of 2024, and income of $174 thousand in the first quarter of 2024. Income from derivative instruments, net is based on the number and value of interest rate swap transactions executed during the quarter combined with the impact of changes in the fair value of borrower-facing trades.

Noninterest Expense

Noninterest expense was $33.7 million in the first quarter of 2025, compared to $59.4 million in the fourth quarter of 2024, and $54.0 million in the first quarter of 2024.

Salaries and employee benefits expense of $16.9 million was $261 thousand lower than the fourth quarter of 2024 and $442 thousand lower than the first quarter of 2024. The decrease from the linked quarter was primarily due to a $1.3 million nonrecurring settlement accounting adjustment in the Company’s pension plan recorded in the fourth quarter of 2024, while the year-over-year decrease was primarily due to the timing of the insurance subsidiary asset sale.
Professional services expenses of $1.7 million were $120 thousand higher than the fourth quarter of 2024 and $681 thousand lower than the first quarter of 2024, with the year-over-year variance primarily attributable to legal expenses incurred in the first quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
Computer and data processing expense of $5.5 million was $1.1 million lower than the fourth quarter of 2024 and $101 thousand higher than the first quarter of 2024. The linked quarter variance was primarily due to nonrecurring project related expenses incurred in the fourth quarter of 2024.
As previously disclosed, the Company recorded a $23.0 million provision for litigation settlement in its fourth quarter 2024 financial results related to a long-standing auto lending litigation.
The Company recorded deposit-related recoveries of $294 thousand, primarily driven by insurance proceeds related to a past commercial deposit charged-off item, compared to charged-off items of $354 thousand in the fourth quarter of 2024 and $19.2 million in the first quarter of 2024, the majority of which related to the Company’s previously disclosed deposit-related fraud event.
Other expense of $3.8 million was down $484 thousand from the linked quarter, due in part to the timing of both New York State capital base tax and charitable contributions impacting the fourth quarter of 2024, while year-over-year other expense was relatively flat.

Income Taxes

Income tax expense was $3.7 million for the first quarter of 2025, compared to a benefit of $32.5 million in the fourth quarter of 2024, reflective of the net loss reported in that period, and expense of $356 thousand in the first quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.2 million, and $785 thousand, respectively.

The effective tax rate was 18.2% for the first quarter of 2025, -28.2% for the fourth quarter of 2024, and 18.7% for the first quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax (loss) earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI and the impact of tax credit investments.

Balance Sheet and Capital Management

Total assets were $6.34 billion at March 31, 2025, up $223.4 million from December 31, 2024, and up $41.9 million from March 31, 2024.

Investment securities were $1.04 billion at March 31, 2025, up $13.0 million from December 31, 2024, and down $27.4 million from March 31, 2024.

Total loans were $4.55 billion at March 31, 2025, an increase of $74.1 million, or 1.7%, from December 31, 2024, and an increase of $111.2 million, or 2.5%, from March 31, 2024.

Commercial business loans totaled $709.1 million, up $43.8 million, or 6.6%, from December 31, 2024, and up $1.5 million, or 0.2%, from March 31, 2024.
Commercial mortgage loans totaled $2.23 billion, up $28.7 million, or 1.3%, from December 31, 2024, and up $183.2 million, or 9.0%, from March 31, 2024.
Residential real estate loans totaled $644.0 million, down $6.2 million, or 1.0%, from December 31, 2024, and down $4.2 million, or 0.6%, from March 31, 2024.
Consumer indirect loans totaled $853.2 million, up $7.4 million, or 0.9%, from December 31, 2024, and down $67.3 million, or 7.3%, from March 31, 2024.

Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, and down $23.8 million, or 0.4%, from March 31, 2024. The increase from December 31, 2024 was primarily due to seasonally higher public deposit balances in addition to an increase in brokered deposits between period ends. The decrease from March 31, 2024 was driven in part by reductions in BaaS-related and reciprocal deposits. Public deposit balances represented 23% of total deposits at March 31, 2025, 20% at December 31, 2024, and 22% at March 31, 2024.

Short-term borrowings were $55.0 million at March 31, 2025, compared to $99.0 million at December 31, 2024, and $133.0 million at March 31, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

Shareholders’ equity was $589.9 million at March 31, 2025, compared to $569.0 million at December 31, 2024, and $445.7 million at March 31, 2024. Both the linked quarter and year-over-year period end increases were primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and decreases in accumulated other comprehensive loss between period ends following the investment securities restructuring.

Common book value per share was $28.48 at March 31, 2025, an increase of $1.00, or 3.6%, from $27.48 at December 31, 2024, and an increase of $0.74, or 2.7%, from $27.74 at March 31, 2024. Tangible common book value per share⁽¹⁾ was $25.46 at March 31, 2025, an increase of $1.01, or 4.1%, from $24.45 at December 31, 2024, and an increase of $2.40, or 10.4%, from $23.06 at March 31, 2024. The common equity to assets ratio was 9.03% at March 31, 2025, compared to 9.02% at December 31, 2024, and 6.80% at March 31, 2024. Tangible common equity to tangible assets⁽¹⁾, or the TCE ratio, was 8.15%, 8.11% and 5.72% at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter and the decrease in accumulated other comprehensive loss.

During the first quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, an increase of $0.01, or 3.3%, over the linked and year-ago quarters. The dividend returned more than 37% of first quarter net income to common shareholders.

The Company’s regulatory capital ratios at March 31, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

Leverage Ratio was 9.24% compared to 9.15% and 8.03% at December 31, 2024, and March 31, 2024, respectively.
Common Equity Tier 1 Capital Ratio was 10.38% compared to 10.54% and 9.43% at December 31, 2024, and March 31, 2024, respectively.
Tier 1 Capital Ratio was 10.71% compared to 10.87% and 9.76% at December 31, 2024, and March 31, 2024, respectively.
Total Risk-Based Capital Ratio was 13.09% compared to 13.25% and 12.04% at December 31, 2024, and March 31, 2024, respectively.

In April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating rate subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and were scheduled to reprice at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company’s subordinated debt is now comprised of $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to the subordinated debt which may include redemption in part or in full, as well as replacing or refinancing the facilities.

Credit Quality

Non-performing loans were $40.0 million, or 0.88% of total loans, at March 31, 2025, as compared to $41.4 million, or 0.92% of total loans, at December 31, 2024, and $26.7 million, or 0.60% of total loans, at March 31, 2024. The increase in non-performing loans from March 31, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual during the third quarter of 2024. Net charge-offs were $2.4 million, representing 0.21% of average loans on an annualized basis, for the current quarter, as compared to $2.8 million, or an annualized 0.25% of average loans, in the fourth quarter of 2024 and $3.1 million, or an annualized 0.28%, in the first quarter of 2024.

At March 31, 2025, the allowance for credit losses on loans to total loans ratio was 1.08%, compared to 1.07% at December 31, 2024 and 0.97% at March 31, 2024.

Provision for credit losses was $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter. Provision for credit losses on loans was $3.3 million in the current quarter, compared to a provision of $6.1 million in the fourth quarter of 2024, and a benefit of $4.9 million in the first quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled a provision of $364 thousand in the first quarter of 2025, a provision of $321 thousand in the fourth quarter of 2024, and a credit of $570 thousand in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was driven by a combination of factors, including the impact of loan growth and an increase in specific reserves, partially offset by modest improvement in forecasted losses and qualitative factors, primarily reflecting a reduction in consumer indirect delinquencies. Specific reserves increased by $932,000 for the first quarter, primarily driven by a $1.3 million specific reserve related to the Bank’s participation in a non-owner occupied commercial mortgage loan, which it moved to nonaccrual in the fourth quarter of 2023.

The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 122% at March 31, 2025, 116% at December 31, 2024, and 161% at March 31, 2024, with the year-over-year decrease reflective of the higher level of nonperforming loans reported at March 31, 2025.

Subsequent Events

The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2025, and will adjust amounts preliminarily reported, if necessary.

Conference Call

The Company will host an earnings conference call and audio webcast on April 29, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 737945. The webcast replay will be available on the Company’s website for at least 30 days.

About Financial Institutions, Inc.

Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

Non-GAAP Financial Information

In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Safe Harbor Statement

This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

_{⁽¹⁾ See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.}

For additional information contact:
Kate Croft
Director of Investor and External Relations
(716) 817-5159
klcroft@five-starbank.com

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	2025			2024
SELECTED BALANCE SHEET DATA:	March 31,			December 31,			September 30,			June 30,			March 31,
Cash and cash equivalents	$	167,352		$	87,321		$	249,569		$	146,347		$	237,038
Investment securities:
Available for sale		926,992			911,105			886,816			871,635			923,761
Held-to-maturity, net		113,105			116,001			121,279			128,271			143,714
Total investment securities		1,040,097			1,027,106			1,008,095			999,906			1,067,475
Loans held for sale		387			2,280			2,495			2,099			504
Loans:
Commercial business		709,101			665,321			654,519			713,947			707,564
Commercial mortgage–construction		566,359			582,619			533,506			518,013			528,694
Commercial mortgage–multifamily		475,867			470,954			467,527			463,171			453,027
Commercial mortgage–non-owner occupied		899,679			857,987			814,392			814,953			798,637
Commercial mortgage–owner occupied		286,391			288,036			290,216			289,733			264,698
Residential real estate loans		643,983			650,206			648,241			647,675			648,160
Residential real estate lines		74,769			75,552			76,203			75,510			75,668
Consumer indirect		853,176			845,772			874,651			894,596			920,428
Other consumer		43,953			42,757			43,734			43,870			45,170
Total loans		4,553,278			4,479,204			4,402,989			4,461,468			4,442,046
Allowance for credit losses – loans		48,964			48,041			44,678			43,952			43,075
Total loans, net		4,504,314			4,431,163			4,358,311			4,417,516			4,398,971
Total interest-earning assets		5,733,743			5,602,570			5,666,972			5,709,148			5,857,616
Goodwill and other intangible assets, net		60,651			60,758			60,867			60,979			72,287
Total assets		6,340,492			6,117,085			6,156,317			6,131,772			6,298,598
Deposits:
Noninterest-bearing demand		945,182			950,351			978,660			939,346			972,801
Interest-bearing demand		773,475			705,195			793,996			711,580			798,831
Savings and money market		2,033,323			1,904,013			2,027,181			2,007,256			2,064,539
Time deposits		1,620,930			1,545,172			1,506,764			1,475,139			1,560,586
Total deposits		5,372,910			5,104,731			5,306,601			5,133,321			5,396,757
Short-term borrowings		55,000			99,000			55,000			202,000			133,000
Long-term borrowings, net		124,917			124,842			124,765			124,687			124,610
Total interest-bearing liabilities		4,607,645			4,405,912			4,507,706			4,520,662			4,681,566
Shareholders’ equity		589,928			568,984			500,342			467,667			445,734
Common shareholders’ equity		572,643			551,699			483,050			450,375			428,442
Tangible common equity ⁽¹⁾		511,992			490,941			422,183			389,396			356,155
Accumulated other comprehensive loss	$	(41,995	)	$	(52,604	)	$	(102,029	)	$	(125,774	)	$	(126,264	)

Common shares outstanding		20,110			20,077			15,474			15,472			15,447
Treasury shares		590			623			625			627			653
CAPITAL RATIOS AND PER SHARE DATA:
Leverage ratio		9.24	%		9.15	%		8.98	%		8.61	%		8.03	%
Common equity Tier 1 capital ratio		10.38	%		10.54	%		10.28	%		10.03	%		9.43	%
Tier 1 capital ratio		10.71	%		10.87	%		10.62	%		10.36	%		9.76	%
Total risk-based capital ratio		13.09	%		13.25	%		12.95	%		12.65	%		12.04	%
Common equity to assets		9.03	%		9.02	%		7.85	%		7.34	%		6.80	%
Tangible common equity to tangible assets ⁽¹⁾		8.15	%		8.11	%		6.93	%		6.41	%		5.72	%

Common book value per share	$	28.48		$	27.48		$	31.22		$	29.11		$	27.74
Tangible common book value per share ⁽¹⁾	$	25.46		$	24.45		$	27.28		$	25.17		$	23.06

_{^1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.}

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	2025			2024
	First			Fourth			Third			Second			First
SELECTED STATEMENT OF OPERATIONS DATA:	Quarter			Quarter			Quarter			Quarter			Quarter
Interest income	$	81,051		$	78,119		$	77,911		$	78,788		$	78,413
Interest expense		34,187			36,486			37,230			37,595			38,331
Net interest income		46,864			41,633			40,681			41,193			40,082
Provision (benefit) for credit losses		2,928			6,461			3,104			2,041			(5,456	)
Net interest income after provision (benefit) for credit losses		43,936			35,172			37,577			39,152			45,538
Noninterest income:
Service charges on deposits		1,052			1,074			1,103			979			1,077
Insurance income		3			3			3			4			2,134
Card interchange income		1,840			2,045			1,900			2,008			1,902
Investment advisory		2,737			2,555			2,797			2,779			2,582
Company owned life insurance		2,777			1,425			1,404			1,360			1,298
Investments in limited partnerships		415			837			400			803			342
Loan servicing		123			295			88			158			175
Income (loss) from derivative instruments, net		250			(37	)		212			377			174
Net gain on sale of loans held for sale		117			186			220			124			88
Net loss on investment securities		–			(100,055	)		–			–			–
Net (loss) gain on other assets		–			(19	)		138			13,508			(13	)
Net (loss) gain on tax credit investments		(514	)		(636	)		(170	)		406			(375	)
Other		1,573			1,291			1,345			1,508			1,517
Total noninterest income (loss)		10,373			(91,036	)		9,440			24,014			10,901
Noninterest expense:
Salaries and employee benefits		16,898			17,159			15,879			15,748			17,340
Occupancy and equipment		3,590			3,791			3,370			3,448			3,752
Professional services		1,691			1,571			1,965			1,794			2,372
Computer and data processing		5,487			6,608			5,353			5,342			5,386
Supplies and postage		578			504			519			437			475
FDIC assessments		1,467			1,551			1,092			1,346			1,295
Advertising and promotions		342			465			371			440			297
Amortization of intangibles		107			109			112			114			217
Provision for litigation settlement		–			23,022			–			–			–
Deposit-related charged-off items (recoveries) expense		(294	)		354			410			398			19,179
Restructuring charges		68			35			–			–			–
Other		3,751			4,235			3,398			3,953			3,700
Total noninterest expense		33,685			59,404			32,469			33,020			54,013
Income (loss) before income taxes		20,624			(115,268	)		14,548			30,146			2,426
Income tax expense (benefit)		3,746			(32,457	)		1,082			4,517			356
Net income (loss)		16,878			(82,811	)		13,466			25,629			2,070
Preferred stock dividends		365			365			365			364			365
Net income (loss) available to common shareholders	$	16,513		$	(83,176	)	$	13,101		$	25,265		$	1,705
FINANCIAL RATIOS:
Earnings (loss) per share – basic	$	0.82		$	(5.07	)	$	0.85		$	1.64		$	0.11
Earnings (loss) per share – diluted	$	0.81		$	(5.07	)	$	0.84		$	1.62		$	0.11
Cash dividends declared on common stock	$	0.31		$	0.30		$	0.30		$	0.30		$	0.30
Common dividend payout ratio		37.80	%		-5.92	%		35.29	%		18.29	%		272.73	%
Dividend yield (annualized)		5.05	%		4.37	%		4.69	%		6.25	%		6.41	%
Return on average assets (annualized)		1.10	%		-5.38	%		0.89	%		1.68	%		0.13	%
Return on average equity (annualized)		11.82	%		-63.70	%		11.08	%		22.93	%		1.83	%
Return on average common equity (annualized)		11.92	%		-66.19	%		11.18	%		23.51	%		1.57	%
Return on average tangible common equity (annualized) ⁽¹⁾		13.36	%		-75.36	%		12.87	%		27.51	%		1.88	%
Efficiency ratio ⁽²⁾		58.79	%		117.13	%		64.70	%		50.58	%		105.77	%
Effective tax rate		18.2	%		-28.2	%		7.4	%		15.0	%		18.7	%

_{^1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.}
_{^2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.}

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)

	2025			2024
	First			Fourth			Third			Second			First
SELECTED AVERAGE BALANCES:	Quarter			Quarter			Quarter			Quarter			Quarter
Federal funds sold and interest-earning deposits	$	71,767		$	121,530		$	49,476		$	134,123		$	158,075
Investment securities⁽¹⁾		1,085,649			1,159,863			1,147,052			1,194,808			1,182,993
Loans:
Commercial business		677,700			658,038			673,830			704,272			722,720
Commercial mortgage–construction		562,724			558,200			513,768			495,177			470,115
Commercial mortgage–multifamily		475,262			458,691			467,801			466,501			468,028
Commercial mortgage–non-owner occupied		879,387			843,034			826,275			837,209			843,526
Commercial mortgage–owner occupied		286,526			288,502			285,061			260,495			248,172
Residential real estate loans		647,005			649,549			647,844			648,099			648,921
Residential real estate lines		74,709			76,164			75,671			75,575			76,396
Consumer indirect		848,282			858,854			881,133			905,056			934,380
Other consumer		42,230			43,333			43,789			44,552			51,535
Total loans		4,493,825			4,434,365			4,415,172			4,436,936			4,463,793
Total interest-earning assets		5,651,241			5,715,758			5,611,700			5,765,867			5,804,861
Goodwill and other intangible assets, net		60,717			60,824			60,936			62,893			72,409
Total assets		6,220,187			6,121,449			6,018,390			6,153,429			6,225,760
Interest-bearing liabilities:
Interest-bearing demand		745,210			757,221			691,412			741,006			749,512
Savings and money market		1,976,483			1,992,059			1,938,935			2,036,772			2,081,815
Time deposits		1,564,987			1,545,071			1,515,745			1,505,665			1,479,133
Short-term borrowings		95,223			56,513			129,130			140,110			179,747
Long-term borrowings, net		124,871			124,795			124,717			124,640			124,562
Total interest-bearing liabilities		4,506,774			4,475,659			4,399,939			4,548,193			4,614,769
Noninterest-bearing demand deposits		926,696			947,428			952,970			950,819			962,522
Total deposits		5,213,376			5,241,779			5,099,062			5,234,262			5,272,982
Total liabilities		5,640,981			5,604,249			5,535,112			5,703,929			5,770,725
Shareholders’ equity		579,206			517,200			483,278			449,500			455,035
Common equity		561,921			499,910			465,986			432,208			437,743
Tangible common equity⁽²⁾		501,204			439,086			405,050			369,315			365,334
Common shares outstanding:
Basic		20,073			16,415			15,464			15,444			15,403
Diluted		20,285			16,415			15,636			15,556			15,543
SELECTED AVERAGE YIELDS: *(Tax equivalent basis)*
Investment securities		4.25	%		2.38	%		2.14	%		2.17	%		2.09	%
Loans		6.20	%		6.28	%		6.42	%		6.40	%		6.33	%
Total interest-earning assets		5.80	%		5.45	%		5.53	%		5.50	%		5.43	%
Interest-bearing demand		1.15	%		1.34	%		1.05	%		1.18	%		1.11	%
Savings and money market		2.75	%		2.94	%		3.07	%		3.01	%		3.08	%
Time deposits		4.31	%		4.53	%		4.72	%		4.72	%		4.68	%
Short-term borrowings		2.09	%		0.15	%		2.64	%		2.75	%		3.42	%
Long-term borrowings, net		5.00	%		5.03	%		5.03	%		5.02	%		5.02	%
Total interest-bearing liabilities		3.07	%		3.24	%		3.37	%		3.32	%		3.34	%
Net interest rate spread		2.73	%		2.21	%		2.16	%		2.18	%		2.09	%
Net interest margin		3.35	%		2.91	%		2.89	%		2.87	%		2.78	%

_{^1. Includes investment securities at adjusted amortized cost.}
_{^2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.}
_{^3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.}

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)

	2025			2024
	First			Fourth			Third			Second			First
ASSET QUALITY DATA:	Quarter			Quarter			Quarter			Quarter			Quarter
Allowance for Credit Losses – Loans
Beginning balance	$	48,041		$	44,678		$	43,952		$	43,075		$	51,082
Net loan charge-offs (recoveries):
Commercial business		57			131			(3	)		7			(37	)
Commercial mortgage–construction		–			–			–			–			–
Commercial mortgage–multifamily		–			–			13			–			–
Commercial mortgage–non-owner occupied		(1	)		(5	)		(1	)		(1	)		(1	)
Commercial mortgage–owner occupied		(1	)		(1	)		(2	)		(2	)		–
Residential real estate loans		41			(4	)		(1	)		96			4
Residential real estate lines		–			–			–			–			–
Consumer indirect		2,149			2,557			1,553			844			2,973
Other consumer		124			100			106			178			182
Total net charge-offs (recoveries)		2,369			2,778			1,665			1,122			3,121
Provision (benefit) for credit losses – loans		3,292			6,141			2,391			1,999			(4,886	)
Ending balance	$	48,964		$	48,041		$	44,678		$	43,952		$	43,075

Net charge-offs (recoveries) to average loans (annualized):
Commercial business		0.03	%		0.80	%		0.00	%		0.00	%		-0.02	%
Commercial mortgage–construction		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Commercial mortgage–multifamily		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%
Commercial mortgage–non-owner occupied		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Commercial mortgage–owner occupied		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Residential real estate loans		0.03	%		0.00	%		0.00	%		0.06	%		0.00	%
Residential real estate lines		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Consumer indirect		1.03	%		1.18	%		0.70	%		0.38	%		1.28	%
Other consumer		1.19	%		0.91	%		0.95	%		1.62	%		1.41	%
Total loans		0.21	%		0.25	%		0.15	%		0.10	%		0.28	%

Supplemental information⁽¹⁾
Non-performing loans:
Commercial business	$	5,672		$	5,609		$	5,752		$	5,680		$	5,956
Commercial mortgage–construction		19,684			20,280			20,280			4,970			5,320
Commercial mortgage–multifamily		–			–			71			183			185
Commercial mortgage–non-owner occupied		4,766			4,773			4,903			4,919			4,929
Commercial mortgage–owner occupied		349			354			366			380			392
Residential real estate loans		6,035			6,918			5,790			5,961			6,797
Residential real estate lines		316			253			232			183			235
Consumer indirect		2,917			3,157			3,291			2,897			2,880
Other consumer		279			62			57			36			36
Total non-performing loans		40,018			41,406			40,742			25,209			26,730
Foreclosed assets		196			60			109			63			140
Total non-performing assets	$	40,214		$	41,466		$	40,851		$	25,272		$	26,870

Total non-performing loans to total loans		0.88	%		0.92	%		0.93	%		0.57	%		0.60	%
Total non-performing assets to total assets		0.63	%		0.68	%		0.66	%		0.41	%		0.43	%
Allowance for credit losses – loans to total loans		1.08	%		1.07	%		1.01	%		0.99	%		0.97	%
Allowance for credit losses – loans to non-performing loans		122	%		116	%		110	%		174	%		161	%

_{^1. At period end.}

FINANCIAL INSTITUTIONS, INC.
Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share amounts)

	2025			2024
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Ending tangible assets:
Total assets	$	6,340,492		$	6,117,085		$	6,156,317		$	6,131,772		$	6,298,598
Less: Goodwill and other intangible assets, net		60,651			60,758			60,867			60,979			72,287
Tangible assets	$	6,279,841		$	6,056,327		$	6,095,450		$	6,070,793		$	6,226,311

Ending tangible common equity:
Common shareholders’ equity	$	572,643		$	551,699		$	483,050		$	450,375		$	428,442
Less: Goodwill and other intangible assets, net		60,651			60,758			60,867			60,979			72,287
Tangible common equity	$	511,992		$	490,941		$	422,183		$	389,396		$	356,155

Tangible common equity to tangible assets ⁽¹⁾		8.15	%		8.11	%		6.93	%		6.41	%		5.72	%

Common shares outstanding		20,110			20,077			15,474			15,472			15,447
Tangible common book value per share ⁽²⁾	$	25.46		$	24.45		$	27.28		$	25.17		$	23.06

Average tangible assets:
Average assets	$	6,220,187		$	6,121,449		$	6,018,390		$	6,153,429		$	6,225,760
Less: Average goodwill and other intangible assets, net		60,717			60,824			60,936			62,893			72,409
Average tangible assets	$	6,159,470		$	6,060,625		$	5,957,454		$	6,090,536		$	6,153,351

Average tangible common equity:
Average common equity	$	561,921		$	499,910		$	465,986		$	432,208		$	437,743
Less: Average goodwill and other intangible assets, net		60,717			60,824			60,936			62,893			72,409
Average tangible common equity	$	501,204		$	439,086		$	405,050		$	369,315		$	365,334

Net income (loss) available to common shareholders	$	16,513		$	(83,176	)	$	13,101		$	25,265		$	1,705
Return on average tangible common equity ⁽³⁾		13.36	%		-75.36	%		12.87	%		27.51	%		1.88	%

_{^1. Tangible common equity divided by tangible assets.}
_{^2. Tangible common equity divided by common shares outstanding.}
_{^3. Net income available to common shareholders (annualized) divided by average tangible common equity.}

The MIL Network –

April 29, 2025

MIL-OSI: EZCORP Reports Second Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, April 28, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its second quarter ended March 31, 2025.

Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

SECOND QUARTER HIGHLIGHTS

Pawn loans outstanding (PLO) up 11% to $261.8 million.

Net income increased 18% to $25.4 million. On an adjusted basis¹, net income increased 25% to $26.1 million.

Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

Adjusted EBITDA increased 23% to $45.1 million.

Total revenues increased 7% to $306.3 million, while gross profit increased 6% to $178.5 million.

Completed a $300.0 million private offering of senior notes due 2032.

CEO COMMENTARY AND OUTLOOK
Lachie Given, Chief Executive Officer, stated, “Our team delivered another impressive quarter of operational and financial performance, highlighted by record Q2 PLO, which drove strong growth in revenue and pawn service charges. Persistent inflation and economic pressure continue to impact value-conscious consumers who are increasingly turning to us for short-term cash and secondhand goods. Our strengthened operating model and best-in-class customer service also fueled the bottom line, driving a material increase in adjusted EBITDA to $45.1 million, up 23%.

“Our consistent performance across geographies reflects our company-wide commitment to our core values of People, Pawn and Passion. In the U.S., PLO and adjusted EBITDA increased 15%, reflecting strong loan demand, increased average loan size and disciplined cost management. In Latin America, PLO increased 17% on a constant currency basis, and adjusted EBITDA grew 36%, propelled by robust demand for loans and secondhand goods and our strong operational execution.

“Our disciplined capital allocation strategy prioritizes substantial liquidity to drive strong organic growth, pursue value-enhancing acquisitions and investments and meet near-term debt maturities. In March, we completed a $300.0 million private offering of senior notes, the Company’s largest financing transaction to date, expanding our financial flexibility for continued growth and meaningfully enhancing our capital structure, as we retire our 2025 convertible notes maturing on May 1.

“It was another outstanding quarter for EZCORP, and I thank the team for their unwavering commitment to operational excellence as we continue to drive significantly enhanced value for our shareholders.”

CONSOLIDATED RESULTS

Three Months Ended March 31	As Reported				Adjusted¹
in millions, except per share amounts	2025		2024		2025		2024

Total revenues	$	306.3	$	285.6	$	318.9	$	285.6
Gross profit	$	178.5	$	167.6	$	185.0	$	167.6
Income before tax	$	34.4	$	28.7	$	35.4	$	28.0
Net income	$	25.4	$	21.5	$	26.1	$	21.0
Diluted earnings per share	$	0.33	$	0.29	$	0.34	$	0.28
EBITDA (non-GAAP measure)	$	43.8	$	37.4	$	45.1	$	36.7

PLO increased 11% to $261.8 million, up $26.1 million. On a same-store² basis, PLO increased 11% due to increase in average loan size, continued strong pawn demand and improved operational performance.

Total revenues increased 7% and gross profit increased 6%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.

PSC increased 8% as a result of higher average PLO.

Merchandise sales gross margin at 34%, down from 35%. Aged general merchandise was 2.4% of total general merchandise inventory, up 14 basis points.

Net inventory increased 27%, as a result of the increase in PLO and decrease in inventory turnover to 2.5x, from 2.9x.

Store expenses increased 2% and were flat on a same-store basis.

General and administrative expenses increased 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.

Income before taxes was $34.4 million, up 20% from $28.7 million, and adjusted EBITDA increased 23% to $45.1 million.

Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.

Cash and cash equivalents at the end of the quarter was $505.2 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities.

SEGMENT RESULTS
U.S. Pawn

PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.

Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.

PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.

Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.

Net inventory increased 29%, due to increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.

Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.

Segment contribution increased 16% to $47.1 million.

Segment store count remained at 542.

Latin America Pawn

PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.

Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.

PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.

Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.

Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.

Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.

Segment contribution increased 30% to $10.6 million (43% on a constant currency basis). On an adjusted basis, segment contribution was up 42% to $11.6 million.

Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.

FORM 10-Q
EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

CONFERENCE CALL
EZCORP will host a conference call on Tuesday, April 29, 2025, at 8:00 am Central Time to discuss Second Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://registrations.events/direct/NTM1088399. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call.

ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

Follow us on social media:
Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220


EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended March 31,						Six Months Ended March 31,
(in thousands, except per share amounts)	2025			2024			2025			2024
Revenues:
Merchandise sales	$	169,467		$	164,687		$	355,810		$	344,090
Jewelry scrapping sales		20,938			13,714			37,670			27,796
Pawn service charges		115,871			107,163			232,923			213,612
Other revenues		40			75			83			132
Total revenues		306,316			285,639			626,486			585,630
Merchandise cost of goods sold		111,555			106,259			233,379			221,469
Jewelry scrapping cost of goods sold		16,309			11,788			29,251			23,996
Gross profit		178,452			167,592			363,856			340,165
Operating expenses:
Store expenses		116,527			114,582			232,978			225,137
General and administrative		19,640			18,266			38,309			34,809
Depreciation and amortization		8,020			8,219			16,355			16,784
Loss (gain) on sale or disposal of assets and other		17			3			25			(169	)
Other income		—			(765	)		—			(765	)
Total operating expenses		144,204			140,305			287,667			275,796
Operating income		34,248			27,287			76,189			64,369
Interest expense		3,281			3,402			6,428			6,842
Interest income		(1,875	)		(2,882	)		(3,968	)		(5,521	)
Equity in net income of unconsolidated affiliates		(1,505	)		(1,719	)		(2,980	)		(2,872	)
Other (income) expense		(65	)		(165	)		913			(436	)
Income before income taxes		34,412			28,651			75,796			66,356
Income tax expense		9,022			7,172			19,390			16,407
Net income	$	25,390		$	21,479		$	56,406		$	49,949

Basic earnings per share	$	0.46		$	0.39		$	1.03		$	0.91
Diluted earnings per share	$	0.33		$	0.29		$	0.74		$	0.65

Weighted-average basic shares outstanding		54,965			55,093			54,895			55,084
Weighted-average diluted shares outstanding		83,140			83,045			83,247			84,948

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	March 31, 2025			March 31, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	505,239		$	229,111		$	170,513
Restricted cash		9,499			8,581			9,294
Pawn loans		261,830			235,773			274,084
Pawn service charges receivable, net		42,323			38,268			44,013
Inventory, net		207,783			163,429			191,923
Prepaid expenses and other current assets		40,283			47,142			39,171
Total current assets		1,066,957			722,304			728,998
Investments in unconsolidated affiliates		13,967			13,162			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		64,150			63,306			65,973
Right-of-use assets, net		229,878			243,752			226,602
Goodwill		305,239			310,658			306,478
Intangible assets, net		57,079			61,714			58,451
Deferred tax asset, net		25,090			26,247			25,362
Other assets, net		15,365			15,779			16,144
Total assets	$	1,829,628		$	1,508,142		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	103,325		$	34,347		$	103,072
Accounts payable, accrued expenses and other current liabilities		70,843			62,838			85,737
Customer layaway deposits		31,016			20,352			21,570
Operating lease liabilities, current		58,855			55,658			58,998
Total current liabilities		264,039			173,195			269,377
Long-term debt, net		517,188			326,573			224,256
Deferred tax liability, net		1,818			465			2,080
Operating lease liabilities		182,873			197,285			180,616
Other long-term liabilities		12,135			10,228			12,337
Total liabilities		978,053			707,746			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024		520			521			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		347,796			345,174			348,366
Retained earnings		561,211			477,683			507,206
Accumulated other comprehensive loss		(57,982	)		(23,012	)		(51,547	)
Total equity		851,575			800,396			804,571
Total liabilities and equity	$	1,829,628		$	1,508,142		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended March 31,
(in thousands)	2025			2024

Operating activities:
Net income	$	56,406		$	49,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		16,355			16,784
Amortization of deferred financing costs		725			807
Non-cash lease expense		28,943			29,514
Deferred income taxes		10			515
Other adjustments		(1,241	)		(1,429	)
Provision for inventory reserve		39			183
Stock compensation expense		5,001			4,844
Equity in net income from investment in unconsolidated affiliates		(2,980	)		(2,872	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		1,547			1,071
Inventory		(5,390	)		1,617
Prepaid expenses, other current assets and other assets		444			(8,699	)
Accounts payable, accrued expenses and other liabilities		(45,490	)		(57,531	)
Customer layaway deposits		9,640			886
Income taxes		(1,081	)		909
Net cash provided by operating activities		62,928			36,548
Investing activities:
Loans made		(484,611	)		(433,194	)
Loans repaid		284,095			262,970
Recovery of pawn loan principal through sale of forfeited collateral		198,387			188,351
Capital expenditures, net		(13,966	)		(13,654	)
Acquisitions, net of cash acquired		(79	)		(8,610	)
Investment in unconsolidated affiliate		(509	)		(850	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		1,902			1,745
Net cash used in investing activities		(14,781	)		(18,242	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(5,310	)		—
Purchase and retirement of treasury stock		(3,997	)		(6,010	)
Payments of finance leases		(266	)		(276	)
Net cash provided by (used in) financing activities		286,456			(9,539	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		328			(43	)
Net increase in cash, cash equivalents and restricted cash		334,931			8,724
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	514,738		$	237,692

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	116,915	$	52,552		$	—		$	169,467		$	—		$	169,467
Jewelry scrapping sales		16,898		4,040			—			20,938			—			20,938
Pawn service charges		87,548		28,323			—			115,871			—			115,871
Other revenues		24		16			—			40			—			40
Total revenues		221,385		84,931			—			306,316			—			306,316
Merchandise cost of goods sold		74,772		36,783			—			111,555			—			111,555
Jewelry scrapping cost of goods sold		13,235		3,074			—			16,309			—			16,309
Gross profit		133,378		45,074			—			178,452			—			178,452
Segment and corporate expenses (income):
Store expenses		83,532		32,995			—			116,527			—			116,527
General and administrative		—		—			—			—			19,640			19,640
Depreciation and amortization		2,682		1,989			—			4,671			3,349			8,020
Loss on sale or disposal of assets and other		17		—			—			17			—			17
Interest expense		—		—			—			—			3,281			3,281
Interest income		—		(337	)		(605	)		(942	)		(933	)		(1,875	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,866	)		(1,866	)		361			(1,505	)
Other expense (income)		4		(137	)		—			(133	)		68			(65	)
Segment contribution	$	47,143	$	10,564		$	2,471		$	60,178
Income (loss) before income taxes									$	60,178		$	(25,766	)	$	34,412

	Three Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	114,849		$	49,838		$	—		$	164,687		$	—		$	164,687
Jewelry scrapping sales		12,686			1,028			—			13,714			—			13,714
Pawn service charges		80,010			27,153			—			107,163			—			107,163
Other revenues		29			15			31			75			—			75
Total revenues		207,574			78,034			31			285,639			—			285,639
Merchandise cost of goods sold		72,798			33,461			—			106,259			—			106,259
Jewelry scrapping cost of goods sold		10,794			994			—			11,788			—			11,788
Gross profit		123,982			43,579			31			167,592			—			167,592
Segment and corporate expenses (income):
Store expenses		80,840			33,742			—			114,582			—			114,582
General and administrative		—			—			—			—			18,266			18,266
Depreciation and amortization		2,516			2,392			—			4,908			3,311			8,219
(Gain) loss on sale or disposal of assets and other		(30	)		(66	)		—			(96	)		99			3
Other income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			3,402			3,402
Interest income		—			(608	)		(633	)		(1,241	)		(1,641	)		(2,882	)
Equity in net income of unconsolidated affiliates		—			—			(1,719	)		(1,719	)		—			(1,719	)
Other expense (income)		—			1			14			15			(180	)		(165	)
Segment contribution	$	40,656		$	8,118		$	2,369		$	51,143
Income (loss) before income taxes										$	51,143		$	(22,492	)	$	28,651

	Six Months Ended March 31, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	245,715		$	110,095		$	—		$	355,810		$	—		$	355,810
Jewelry scrapping sales		32,396			5,274			—			37,670			—			37,670
Pawn service charges		175,424			57,499			—			232,923			—			232,923
Other revenues		51			32			—			83			—			83
Total revenues		453,586			172,900			—			626,486			—			626,486
Merchandise cost of goods sold		156,328			77,051			—			233,379			—			233,379
Jewelry scrapping cost of goods sold		25,203			4,048			—			29,251			—			29,251
Gross profit		272,055			91,801			—			363,856			—			363,856
Segment and corporate expenses (income):
Store expenses		166,621			66,357			—			232,978			—			232,978
General and administrative		—			—			—			—			38,309			38,309
Depreciation and amortization		5,399			4,035			—			9,434			6,921			16,355
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Interest expense		—			—			—			—			6,428			6,428
Interest income		—			(539	)		(1,199	)		(1,738	)		(2,230	)		(3,968	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(3,489	)		(3,489	)		509			(2,980	)
Other (income) loss		(7	)		(208	)		—			(215	)		1,128			913
Segment contribution		100,025			22,148		$	4,688		$	126,861
Income (loss) before income taxes										$	126,861		$	(51,065	)	$	75,796

	Six Months Ended March 31, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	240,362		$	103,728		$	—		$	344,090		$	—		$	344,090
Jewelry scrapping sales		25,501			2,295			—			27,796			—			27,796
Pawn service charges		159,083			54,529			—			213,612			—			213,612
Other revenues		66			31			35			132			—			132
Total revenues		425,012			160,583			35			585,630			—			585,630
Merchandise cost of goods sold		151,507			69,962			—			221,469			—			221,469
Jewelry scrapping cost of goods sold		22,078			1,918			—			23,996			—			23,996
Gross profit		251,427			88,703			35			340,165			—			340,165
Segment and corporate expenses (income):
Store expenses		158,095			67,042			—			225,137			—			225,137
General and administrative		—			—			—			—			34,809			34,809
Depreciation and amortization		5,140			4,731			—			9,871			6,913			16,784
(Gain) loss on sale or disposal of assets and other		(4	)		(262	)		—			(266	)		97			(169	)
Other income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			6,842			6,842
Interest income		—			(1,028	)		(1,206	)		(2,234	)		(3,287	)		(5,521	)
Equity in net income of unconsolidated affiliates		—			—			(2,872	)		(2,872	)		—			(2,872	)
Other (income) expense		—			(47	)		15			(32	)		(404	)		(436	)
Segment contribution	$	88,196		$	18,267		$	4,098		$	110,561
Income (loss) before income taxes										$	110,561		$	(44,205	)	$	66,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn			Consolidated

As of December 31, 2024		542		741			1,283
New locations opened		—		9			9
Locations acquired		—		1			1
Locations combined or closed		—		(9	)		(9	)
As of March 31, 2025		542		742			1,284

	Three Months Ended March 31, 2024
	U.S. Pawn			Latin America Pawn			Consolidated

As of December 31, 2023		530			707			1,237
New locations opened		—			9			9
Locations acquired		6			—			6
Locations combined or closed		(1	)		(5	)		(6	)
As of March 31, 2024		535			711			1,246

	Six Months Ended March 31, 2025
	U.S. Pawn		Latin America Pawn			Consolidated

As of September 30, 2024		542		737			1,279
New locations opened		—		13			13
Locations acquired		—		1			1
Locations combined or closed		—		(9	)		(9	)
As of March 31, 2025		542		742			1,284

	Six Months Ended March 31, 2024
	U.S. Pawn			Latin America Pawn			Consolidated

As of September 30, 2023		529			702			1,231
New locations opened		—			14			14
Locations acquired		7			—			7
Locations combined or closed		(1	)		(5	)		(6	)
As of March 31, 2024		535			711			1,246

Non-GAAP Financial Information (Unaudited)
In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and six months ended March 31, 2025 and 2024 were as follows:

	March 31,				Three Months Ended March 31,				Six Months Ended March 31,
	2025		2024		2025		2024		2025		2024

Mexican peso		20.4		16.6		20.4		17.0		20.3		17.3
Guatemalan quetzal		7.6		7.6		7.6		7.6		7.5		7.6
Honduran lempira		25.2		24.4		25.2		24.4		25.0		24.4
Australian dollar		1.6		1.5		1.6		1.5		1.6		1.5

Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended March 31,
(in millions)	2025			2024

Net income	$	25.4		$	21.5
Interest expense		3.3			3.4
Interest income		(1.9	)		(2.9	)
Income tax expense		9.0			7.2
Depreciation and amortization		8.0			8.2
EBITDA	$	43.8		$	37.4

	Total Revenues		Gross Profit		Income Before Tax		Tax Effect		Net Income		Diluted EPS		EBITDA

2025 Q2 Reported	$	306.3	$	178.5	$	34.4	$	9.0	$	25.4	$	0.33	$	43.8
FX Impact		—		—		0.1		—		0.1		—		0.1
Constant Currency		12.6		6.5		0.9		0.3		0.6		0.01		1.2
2025 Q2 Adjusted	$	318.9	$	185.0	$	35.4	$	9.3	$	26.1	$	0.34	$	45.1

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2024 Q2 Reported	$	285.6	$	167.6	$	28.7		$	7.2		$	21.5		$	0.29		$	37.4
Corporate Lease Termination		—		—		(0.8	)		(0.2	)		(0.6	)		(0.01	)		(0.8	)
FX Impact		—		—		0.1			—			0.1			—			0.1
2024 Q2 Adjusted	$	285.6	$	167.6	$	28.0		$	7.0		$	21.0		$	0.28		$	36.7

	Three Months Ended March 31, 2025					Six Months Ended March 31, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY			U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	306.3		7	%	$	626.5		7	%
Currency exchange rate fluctuations		12.6					22.0
Constant currency consolidated revenues	$	318.9		12	%	$	648.5		11	%

Consolidated gross profit	$	178.5		6	%	$	363.9		7	%
Currency exchange rate fluctuations		6.5					11.3
Constant currency consolidated gross profit	$	185.0		10	%	$	375.2		10	%

Consolidated net inventory	$	207.8		27	%	$	207.8		27	%
Currency exchange rate fluctuations		8.7					8.7
Constant currency consolidated net inventory	$	216.5		32	%	$	216.5		32	%

Latin America Pawn gross profit	$	45.1		3	%	$	91.8		3	%
Currency exchange rate fluctuations		6.5					11.3
Constant currency Latin America Pawn gross profit	$	51.6		18	%	$	103.1		16	%

Latin America Pawn PLO	$	62.4		1	%	$	62.4		1	%
Currency exchange rate fluctuations		10.0					10.0
Constant currency Latin America Pawn PLO	$	72.4		17	%	$	72.4		17	%

Latin America Pawn PSC revenues	$	28.3		4	%	$	57.5		5	%
Currency exchange rate fluctuations		3.9					6.7
Constant currency Latin America Pawn PSC revenues	$	32.2		19	%	$	64.2		18	%

Latin America Pawn merchandise sales	$	52.6		5	%	$	110.1		6	%
Currency exchange rate fluctuations		7.9					14.5
Constant currency Latin America Pawn merchandise sales	$	60.5		21	%	$	124.6		20	%

Latin America Pawn segment profit before tax	$	10.6		30	%	$	22.2		21	%
Currency exchange rate fluctuations		1.0					2.0
Constant currency Latin America Pawn segment profit before tax	$	11.6		43	%	$	24.2		32	%

The MIL Network –

April 29, 2025

MIL-OSI: Rigetti Computing to Report First Quarter 2025 Financial Results and Host Conference Call on May 12, 2025

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release first quarter 2025 results on May 12, 2025 after market close. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 5:00 p.m. ET the same day.

Key details regarding the call are as follows:

Call Date: Monday, May 12, 2025
Call Time: 5:00 p.m. ET / 2:00 p.m. PT
Webcast Link: https://edge.media-server.com/mmc/p/5w8qggnn/
Live Call Participant Link: https://register-conf.media-server.com/register/BIa01e2c81dc8f4031b25c1ce89653b15e

Webcast Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

Live Call Participant Instructions
To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

Rigetti Computing Media Contact:
press@rigetti.com
Rigetti Computing Investor Relations Contact:
IR@Rigetti.com

The MIL Network –

April 29, 2025

MIL-OSI Security: Registered Sex Offender Sentenced to 37 Years in Prison for Child Exploitation Crimes

Source: Office of United States Attorneys

HUNTINGTON, W.Va. – Alex Kai Tick Chin, 40, of San Francisco, California, was sentenced today to 37 years in prison, to be followed by 20 years of supervised release, for production of child pornography, enticement of a minor, and committing a sex crime against a minor while a registered sex offender.

A federal jury convicted Chin on August 22, 2024, after a three-day trial. Evidence at trial proved that from on or about December 12, 2020, through on or about February 14, 2021, Chin coerced a minor female residing within the Southern District of West Virginia to record and send him sexually explicit images of herself via the Snapchat multimedia instant messaging app. Chin threatened to harm himself if the minor female did not send him sexually explicit images.

Chin exchanged messages with a second minor female during the same time period who also resided within the Southern District of West Virginia, engaging in sexual conversations and soliciting nude images from her as well. Chin also threatened to harm himself in conversations with the second minor female unless she complied with his demands. Chin sent photos and videos of himself to the second minor female, including an image of himself masturbating.

Chin continued to communicate with both minor females until early March 2022, when he drove from California in a white panel van equipped with a mattress to the Southern District of West Virginia. There, he attempted unsuccessfully to meet both minor females in person.

Chin was a registered sex offender at the time of these offenses, and has been since his felony conviction for possession of child pornography in the Superior Court of California, County of San Francisco, on December 27, 2017.

“The defendant was already a convicted sex offender when he targeted these two minor victims online. He groomed them, preyed upon their vulnerabilities, and coerced them into sending him pictures,” said Acting United States Attorney Lisa G. Johnston. “He has shown a complete inability to take any responsibility for his own actions or demonstrate any remorse for his conduct, which was reprehensible in this case.”

Johnston made the announcement and commended the investigative work of the U.S. Department of Homeland Security-Homeland Security Investigations (HSI).

United States District Judge Robert C. Chambers imposed the sentence. Assistant United States Attorneys Jennifer Rada Herrald and Courtney L. Finney prosecuted the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 3:22-cr-87.

###

MIL Security OSI –

April 29, 2025

MIL-OSI Security: Syracuse Man Sentenced for Distribution, Transportation and Possession of Child Pornography

Source: Office of United States Attorneys

SYRACUSE, NEW YORK – Paul Mignacca, age 46, of Syracuse, was sentenced today to 78 months in federal prison for distribution, transportation, and possession of child pornography. United States Attorney John A. Sarcone III and Craig R. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

Between September 2023 and February 2024, Mignacca uploaded several videos of child sexual abuse material to a social media application group chat dedicated to sharing child pornography files, as well as to Mignacca’s private account on an Internet-based filesharing application. Law enforcement arrested Mignacca in April 2024 and seized his electronic devices. Digital forensic analysis revealed that Mignacca possessed more than 3,400 files constituting child pornography.

United States Chief District Judge Brenda K. Sannes also ordered Mignacca to serve a 10-year term of post-incarceration supervised release, to pay a total of $60,000 in restitution to children identified from the child pornography he possessed, and to forfeit the electronic device he used to commit the offenses. Mignacca will also be required to register as a sex offender after his release from prison.

The case was investigated by the FBI’s Albany Division Child Exploitation and Human Trafficking Task Force, the Onondaga County Sheriff’s Office, and the New York State Police. Assistant U.S. Attorney Ben Gillis prosecuted the case as a part of Project Safe Childhood.

Project Safe Childhood is a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

MIL Security OSI –

April 29, 2025

MIL-OSI USA: ICE investigation leads to charges against Rwandan man for concealing role as perpetrator of genocide

Source: US Immigration and Customs Enforcement

NEW YORK — An investigation by U.S. Immigration and Customs Enforcement resulted in charges against a Rwandan man for lying on his applications for a green card and United States citizenship by concealing his past role as a local leader and perpetrator of violence during the genocide in Rwanda in 1994.

As alleged, Faustin Nsabumukunzi, 65, who was living in Bridgehampton, New York, was a local leader with the title of “Sector Counselor” in Rwanda in 1994 when the genocide began. Between April and July of that year, members of the majority Hutu population persecuted the minority Tutsis, committing acts of violence including murder and rape. An estimated 800,000 ethnic Tutsis and moderate Hutus were killed during the three-month genocide. Nsabumukunzi was arrested April 24 on Long Island.

ICE Homeland Security Investigations New York acting Special Agent in Charge Darren B. McCormack; Matthew R. Galeotti, head of the Justice Department’s Criminal Division; and John J. Durham, U.S. Attorney for the Eastern District of New York announced the charges.

“This defendant has been living in the United States for decades, hiding his alleged horrific conduct, human rights violations, and his role in these senseless atrocities against innocent Tutsis,” said ICE HSI New York acting Special Agent in Charge Darren B. McCormack. “The depraved conduct of which the defendant is accused represents the worst of humanity. As demonstrated through the tireless work of HSI New York agents, analysts, and task force officers, we will never tolerate the safe harboring of individuals linked to such unimaginable crimes.”

Acting SAC McCormack thanked United States Citizenship and Immigration Services personnel for their collaborative and assistance.

“This case is the epitome of HSI’s commitment to ensuring the United States is not a safe haven for human rights violators,” said Andre R. Watson, Assistant Director for National Security. “We will work tirelessly to identify, investigate and remove perpetrators of genocide, torture, war crimes and other human rights violations and to ensure justice for their victims.”

As alleged in the indictment, Nsabumukunzi used his leadership position to oversee the violence and killings of Tutsis in his local area and directed groups of armed Hutus to kill Tutsis. He is alleged to have set up roadblocks during the genocide to detain and kill Tutsis and to have participated in killings. According to court filings, Nsabumukunzi was subsequently convicted in absentia by a Rwandan court for genocide.

As further alleged, Nsabumukunzi applied for admission to the United States in 2003, applied for and received a green card in 2007, and later submitted applications for naturalization in 2009 and 2015. Nsabumukunzi is alleged to have lied to U.S. immigration officials in his immigration applications, including by falsely denying any involvement as a perpetrator of the Rwandan genocide. As a result of his ongoing efforts to conceal his actions during the genocide, Nsabumukunzi has been able to live and work in the United States since 2003.

“As alleged, the defendant participated in the commission of heinous acts of violence abroad and then lied his way into a green card and tried to obtain U.S. citizenship,” said Galeotti. “No matter how much time has passed, the Department of Justice will find and prosecute individuals who committed atrocities in their home countries and covered them up to gain entry and seek citizenship in the United States.”

“As alleged, Nsabumukunzi repeatedly lied to conceal his involvement in the horrific Rwandan genocide while seeking to become a lawful permanent resident and citizen of the United States,” said U.S. Attorney Durham. “For over two decades, he got away with those lies and lived in the United States with an undeserved clean slate, a luxury that his victims will never have, but thanks to the tenacious efforts of our investigators and prosecutors, the defendant finally will be held accountable for his brutal actions.”

Nsabumukunzi is charged with one count of visa fraud and two counts of attempted naturalization fraud. The defendant made his initial court appearance April 24 in the Eastern District of New York. If convicted, he faces a statutory maximum penalty of 30 years in prison.

ICE HSI New York’s Assistant Special Agent in Charge Long Island office investigated the case, with assistance from the Human Rights Violators and War Crimes Center. Currently, HSI has more than 180 active investigations into suspected human rights violators and is pursuing more than 1,945 leads and removals cases involving suspected human rights violators from 95 different countries. Since 2003, the HRVWCC has issued more than 79,000 lookouts for potential perpetrators of human rights abuses, and stopped over 390 human rights violators and war crimes suspects from entering the U.S.

Members of the public who have information about former human rights violators in the United States are urged to contact U.S. law enforcement through the ICE Tip Line at 1-866-DHS-2-ICE (1-866-347-2423) or internationally at 001-1802-872-6199. You can also email HRV.ICE@ice.dhs.gov or complete the online tip form.

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

MIL OSI USA News –

April 29, 2025

MIL-OSI Africa: Afreximbank launches US$3 Billion Revolving Intra-African Oil Import Financing Programme

Source: Africa Press Organisation – English (2) – Report:

CAIRO, Egypt, April 28, 2025/APO Group/ —

To address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of US$30billion annually in petroleum import costs due to inadequate refining, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has launched a US$3 Billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers.

As a revolving facility, we expect it to finance about US$10 billion to US$14 billion of Intra-African petroleum imports. This programme seeks to leverage the growing refining capacity that Afreximbank has helped establish across the continent, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement, which includes facilitating intra-African trade, promoting industrialisation, and creating jobs on the continent.

By deploying innovative trade finance and supply chain solutions tailored to key stakeholders’ needs in terms of tenure, price format and logistics requirements, this initiative supports Afreximbank’s strategic goals of advancing energy security, strengthening regional value chains, and fostering economic resilience within the continent and the Caribbean.

Afreximbank is the largest financier of the Dangote refinery which commenced operations in January 2024 and is also supporting the financing of the 200,000 bpd Lobito Refinery development, building on the progress made on the 60,000 bpd Cabinda Refinery, which it also supported. In addition, the Bank has financed the refurbishment of the 210,000 bpd Port Harcourt Refinery, and recently approved financing in support of the development of Bua Refinery and Azikel Refinery, all in Nigeria. Through these investments, and the continual trade finance support for Société Ivoirienne de Raffinage (SIR), Cote d’Ivoire, Afreximbank is on its way to creating over 1.3 million bpd refining capacity and helping to convert the Gulf of Guinea from an exporter of crude oil into an important refining hub for the continent and the world.

Key products to be traded under the programme are refined petroleum products including but not limited to Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The eligible exporters are refineries operating in Africa.

The US$3 billion Revolving Intra-African Oil Import Financing Programme is intended to mainly provide critical trade finance to oil traders (both African and international), banks, and Governments – represented by their Ministry of Finance or Ministry of Petroleum Resources/Energy – and state-owned enterprises mandated to import refined petroleum products, who seek to source refined products from African Refineries for onward consumption within the continent and export opportunities as may be applicable. Afreximbank, affiliated trading entity ATDC Minerals (ATMIN) will also participate actively in the trading and financing activities of the leading African oil trading companies with long term relationship with Afreximbank who are also expected to support this effort.

An approved applicant will be able to request utilization under the Global Limit within allocated sub-limits upon KYC clearance and satisfactory completion of conditions precedent as follows:

Issuance/Confirmation of Letters of Credit or any acceptable trade instrument with refineries in Africa as beneficiaries
Discounting of Letters of Credit or any acceptable trade instrument to the benefit of refineries in Africa
Prepayment and direct advances to eligible refineries in Africa

Commenting on the launch, Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the programme “would galvanise efforts towards making the Gulf of Guinea a key refining hub. Whilst the programme will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products. The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa.”

Also commenting on the initiative, His Excellency Dr. Lazarus Chakwera, President of the Republic of Malawi, said:

“This programme is a clear demonstration of Africa’s resolve to take charge of its own energy future. We commend Afreximbank for this timely intervention, which stands to benefit African countries like Malawi by reducing import dependency, strengthening regional supply chains, and keeping more value within the continent. Most importantly, it will deliver real impact to our citizens by ensuring more stable and affordable access to refined petroleum products, which are essential to Malawians’ daily life and economic productivity.”

MIL OSI Africa –

April 29, 2025

MIL-OSI Africa: Afreximbank announces specialized African Continental Free Trade Area (AfCFTA) training to empower African businesses

Source: Africa Press Organisation – English (2) – Report:

CAIRO, Egypt, April 28, 2025/APO Group/ —

To enable African businesses to fully capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced a specialized training program designed to equip enterprises with a deep understanding of the agreement’s commercial implications and transformative potential.

Scheduled to take place in Abuja, Nigeria, from June 30 to July 2, 2025, the training program is designed to provide businesses with practical policy-relevant insights into the AfCFTA’s evolving regulatory and institutional landscape. It will help participants interpret key treaty instruments, ensuring compliance with new trade rules while enhancing their knowledge of regional integration and operational mechanisms. Additionally, the program will serve as a crucial platform for guiding both prospective and existing exporters on new trade developments, equipping them with the tools to navigate tariff and non-tariff barriers across the continent.

Conceived and implemented by Afreximbank in collaboration with the American University in Cairo (AUC) and the AfCFTA Secretariat, the training is expected to attract a diverse range of participants, including African corporates engaged in import and export activities, Trade Support Institutions such as Trade Promotion Organizations and Chambers of Commerce, Investment Promotion Agencies, Export Trading Companies, Financial Institutions, and the broader foreign trade community.

Participants will also benefit from tailored presentations on key Afreximbank products and initiatives that support the AfCFTA’s implementation, including the Pan-African Payment and Settlement System (PAPSS), Africa Trade Gateway (ATG), and various trade finance solutions.

Addressing critical knowledge gaps to unlock AfCFTA’s potential

Reflecting on the significance of the program, Dr. Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, emphasized that while the AfCFTA holds immense potential for Africa’s economic growth, its success hinges on the ability of businesses to fully understand and operationalize its provisions. However, limited understanding of its technical and operational aspects has prevented many businesses from fully leveraging its benefits.

“The AfCFTA is not just a policy framework—it is a catalyst for a structural shift in Africa’s economic landscape,” said Dr. Kale. “However, many African businesses are still grappling with limited awareness of the agreement’s technical provisions, trade protocols, and strategic benefits. This knowledge deficit has constrained their ability to compete effectively, expand their market reach, and optimize value chains across the continent.”

He further explained that without a solid grasp of the AfCFTA’s tariff schedules, rules of origin, customs cooperation, and dispute resolution mechanisms, even the most competitive enterprises risk missing out on critical growth opportunities.

“This training is about more than compliance; it is about empowerment. It equips participants not only to meet regulatory requirements but also to develop export strategies, diversify markets, and improve competitiveness.”

Tsotetsi Makong, Director Coordination and Programmes at the AfCFTA Secretariat, reinforced this point, stating:

“This training program will help African businesses seeking export opportunities overcome key challenges, including understanding African markets in depth, navigating market rules and compliance requirements, and optimizing cross-border product transportation. To fully harness the AfCFTA’s potential, it is essential to address these barriers and build the capacity of African companies to transition from local production for domestic consumption to a model that supports exports across the continent and beyond.”

He further highlighted Afreximbank’s commitment to the AfCFTA’s full implementation, stressing that by developing the necessary competencies and industrial capacity, all African nations can maximize the benefits of a single market. He called on both public and private sector stakeholders to deepen their understanding of the agreement’s operationalization to drive sustainable economic growth.

Afreximbank’s role in advancing the AfCFTA

As a key partner to the African Union in the implementation of the AfCFTA, Afreximbank has spearheaded multiple initiatives that enhance intra- and extra-African trade and investment. Leveraging the expertise of its Trade Intelligence Solutions Unit and Human Resources and Learning Department, the Bank serves as the anchor institution for the AfCFTA Training Program, ensuring that African businesses are well-equipped to thrive in the new trade environment. The upcoming training is the second edition and will also mark a milestone as one of the first major events hosted at the recently launched Afreximbank African Trade Centre (AATC) in Abuja. Purposely designed as a strategic hub for trade facilitation, investment promotion, and business collaboration, the AATC features state-of-the-art conference facilities, premium hospitality services, and a dynamic environment conducive to learning and networking .

By equipping African businesses with the knowledge and tools needed to navigate the AfCFTA, Afreximbank continues to play a pivotal role in unlocking Africa’s vast trade potential and driving economic transformation across the continent.

MIL OSI Africa –

April 29, 2025

MIL-OSI Security: Marathon County Man Sentenced to Seven Years for Conspiring to Traffic Methamphetamine

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

MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Dustin P. Brunker, 37, Weston, Wisconsin, was sentenced yesterday by U.S. District Judge William M. Conley to 7 years in federal prison for conspiring to distribute 50 grams or more of methamphetamine. The prison term will be followed by 5 years of supervised release. Brunker pleaded guilty to this charge on January 28, 2025.

In early 2024, investigators with the Central Wisconsin Narcotics Task Force began investigating a group of individuals who were distributing large quantities of methamphetamine and cocaine in the Marathon County area. Brunker was identified as a distributor for the group.

Following a series of controlled purchases of methamphetamine involving Brunker in March and April of 2024, task force officers executed a search warrant at a residence that Brunker shared with co-defendant Mercadys A. Perkins in Weston. Officers found over 300 grams of methamphetamine, over $2,000 in cash, drug ledgers, and other drug trafficking paraphernalia during the search.

Further investigation revealed that between February 18, 2024, and April 12, 2024, a co-conspirator provided Brunker and Perkins approximately 16 pounds of methamphetamine and 6 ounces of cocaine intended for further distribution.

At the time of these events, Brunker was serving a term of state supervision for two felony cases and out on state bond for a felony drug charge. His state supervision was revoked, and he was sentenced to a total of 3 years in state prison, which he is currently serving. Judge Conley ordered the federal sentence run concurrently with the remainder of Brunker’s state prison sentences.

At sentencing, Judge Conley called Brunker’s large quantity methamphetamine trafficking egregious. Judge Conley further observed that while Brunker had a lengthy prior record, the conduct in the present case showed an escalation in criminality.

Three others were charged in connection with this drug trafficking conspiracy. Mercadys Perkins was convicted of conspiracy to distribute 50 grams or more of methamphetamine and sentenced to 6 years in federal prison on April 17, 2025. Joshua Lake and Jessica Colby have pleaded guilty and are scheduled to be sentenced in the coming weeks.

The charge against Brunker was the result of an investigation conducted by the Federal Bureau of Investigation’s Central Wisconsin Narcotics Task Force comprised of investigators from the FBI, Wisconsin State Patrol, Wisconsin Department of Criminal Investigation, Lincoln County Sheriff’s Office, Marathon County Sheriff’s Office, Portage County Sheriff’s Office, Mountain Bay Police Department, Wausau Police Department and Wisconsin National Guard Counter Drug Program. The ATF Madison Crime Gun Task Force also assisted with the case. The ATF Madison Crime Gun Task Force consists of federal agents from ATF and Task Force Officers from state and local agencies throughout the Western District of Wisconsin. The Marathon County District Attorney’s Office also assisted with the investigation. Assistant U.S. Attorney Steven P. Anderson prosecuted this case.

MIL Security OSI –

April 29, 2025

MIL-OSI USA: VIDEO: On Fox, Cornyn Discusses Arrested Wisconsin Judge, Pres. Trump’s Border Security Success in First 100 Days

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – Today on Fox News’ The Faulkner Focus, U.S. Senator John Cornyn (R-TX) discussed the Wisconsin judge who was arrested by the Federal Bureau of Investigation (FBI) for allegedly obstructing the arrest of an illegal migrant by U.S. Immigration and Customs Enforcement (ICE), called out Democrat governors for giving unemployment benefits to migrants present in the U.S. illegally, and praised President Trump for successfully working to secure the southern border in less than 100 days after four years of failure under Joe Biden. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.
On Judge Arrested for Allegedly Obstructing Arrest of an Illegal Migrant:
“In America, no one is above the law, including public officials and judges.”
“President Trump is following through on his campaign promise and for which he received a mandate on November the 5th to enforce our immigration laws, and I support that wholeheartedly. If it means that people, including elected officials like judges, are obstructing the law and obstructing that process, they should be investigated and they should be prosecuted.”
On the Administration Warning Governors to Stop Giving Unemployment Benefits to Illegal Migrants:
“There are people who are actively opposed and resisting each and every thing that President Trump and this administration is doing.”
“Democrats aren’t doing themselves any favor by resisting even commonsense measures like this.”
“They are digging their own political grave.”
On President Trump Working to Secure the Southern Border in Less Than 100 Days:
“The border is finally under control. And we found out that it didn’t require the passage of new laws like Democrats, including President Biden, had said previously. It just required a new President and somebody committed to enforcing the law.”

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Cornyn Meets with DEA Administrator Nominee Terry Cole

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX), who serves as chair of the U.S. Senate Caucus on International Narcotics Control for the 119th Congress, made the following remarks to media after meeting with Terry Cole, whom President Trump has nominated to serve as Administrator of the Drug Enforcement Administration (DEA):
“The single biggest challenge DEA faces is the flood of fentanyl and other synthetic opioids across the border.”
“I look forward to visiting with him and our new ambassador down in Mexico City in the coming weeks to try to figure out what we can do more to try to help deal with this challenge, which has taken the lives of so many Americans here on this on this side of the border.”
“I’m the Chairman of the International Narcotics Caucus this session, and we will be holding a variety of hearings about policy changes that we can do – additional resources, better authorities – to not only go after the threat and to stop it before it gets to our neighborhoods and communities across Texas and across the country.”
“I look forward to introducing the nominee and supporting his confirmation.”

This image is in the public domain, but those wishing to do so may credit the Office of U.S. Senator John Cornyn.
Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Judiciary, Intelligence, Foreign Relations, and Budget Committees.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: FEMA Teams Hit Streets in Kentucky To Help Those Affected by April 2025 Severe Weather

Source: US Federal Emergency Management Agency 2

strong>FRANKFORT, Ky. – Kentucky residents will start to see FEMA’s crews in the community, helping those affected by the April 2025 severe weather to apply for federal disaster assistance and to identify needs within communities.
FEMA Disaster Survivor Assistance (DSA) teams are out in impacted areas of Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties to help residents navigate the federal disaster assistance process. DSA personnel can help homeowners and renters apply with FEMA and quickly identify and address immediate and emerging needs. They also can provide application status updates and referrals to additional community resources.
FEMA teams will never ask for or accept money and will always be wearing a FEMA identification badge with a photograph. A FEMA shirt, vest or jacket is not proof of identity. While helping someone apply, they will ask for personal information, including social security number, annual income and bank information. Residents are encouraged to ask for identification before providing any personal information. They can also call the FEMA Helpline at 800-621-3362 to verify if a FEMA visit is legitimate.
If you believe you are the victim of a scam, report it immediately to your local police or sheriff’s department, or contact the Office of the Attorney General by calling 502-696-5485 or visit its website at Natural Disaster Scams – Kentucky Attorney General. To file a fraud complaint, go online to Scam Report (kentucky.gov).
If you suspect fraudulent activity involving FEMA, you can report it to the FEMA Fraud Branch at: StopFEMAFraud@fema.dhs.gov, fax: 202- 212-4926 or write to: FEMA Fraud and Internal Investigation Division, 400 C Street SW Mail Stop 3005, Washington, DC 20472-3005.
The first step to receive FEMA assistance is to apply. There are four ways to apply: you can apply online at DisasterAssistance.gov, by using the FEMA mobile app, visiting a Disaster Recovery Center or calling 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service.
Survivors have 60 days from the date of the presidential disaster declaration to apply for individual assistance.
For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.
For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

MIL OSI USA News –

April 29, 2025

MIL-OSI: Faculty Group and Ghaf Capital Announce Strategic Merger to Launch Web3 Powerhouse, Ghaf Group

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, April 28, 2025 (GLOBE NEWSWIRE) — In a landmark move, Faculty Group and Ghaf Capital today announced their merger to form Ghaf Group, a vertically integrated Web3 advisory business. This strategic union leverages Faculty Group’s full-stack Web3 execution capabilities alongside Ghaf Capital’s elite access to capital markets, sovereign networks, and strategic enterprise relationships across the MENA region and beyond.

With operations spanning capital allocation, product development, token advisory, liquidity management and marketing, Ghaf Group is uniquely positioned to drive the next wave of blockchain and Web3 growth. The new entity unites over 100 experts across eight subsidiaries under a single, scalable platform committed to delivering institutional-grade solutions and unlocking long-term value across the Web3 economy.

James Childs, newly appointed CEO of Ghaf Group, commented:

“This merger is not just an evolution, it’s an inflexion point. Faculty Group has always focused on high-conviction execution in Web3. Now, as Ghaf Group, we bring together global delivery capability with regional strategic access to capital, creating a new category of partner for protocols, corporates, and governments alike.”

Feras Al Sadek, Chairman of Ghaf Group, added:

“We’re combining best-in-class infrastructure with unparalleled strategic reach. Ghaf Group will be the trusted bridge between East and West, unlocking capital and capability at scale. This is a defining moment for Web3, and we’re just getting started.”

The group’s new visual identity, rooted in the symbolism of the resilient Ghaf tree native to the UAE, reflects a commitment to strength, longevity, and organic growth. Ghaf Group is already in advanced discussions with sovereign entities, institutional investors, and emerging protocols as it builds out a robust pipeline for 2025 and beyond.

Looking ahead, Ghaf Group will accelerate its footprint across MENA and Asia, explore strategic acquisitions, and begin laying the groundwork for a potential UAE-based IPO, positioning itself as a publicly accountable and globally trusted vehicle for Web3 advancement.

About Ghaf Group

Ghaf Group is a global Web3 venture platform formed through the merger of Faculty Group and Ghaf Capital. The firm provides integrated services across advisory, token design, venture capital, market-making, marketing, and blockchain development. With strong roots in the Middle East and a global vision, Ghaf Group partners with ambitious founders, forward-looking institutions, and sovereign stakeholders to catalyse the next era of decentralised innovation.

Media Contact:
Arvin Nathan
Head of PR
an@faculty.group
hello@ghaf.group

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2754af90-6bf1-4635-b157-7bb32c691abb

The MIL Network –

April 29, 2025

MIL-OSI USA: ICE Eagle Pass, federal partner investigation results in the sentencing of a Del Rio man to 24 years for drug trafficking

Source: US Immigration and Customs Enforcement

DEL RIO, Texas — A southwestern man was sentenced April 22 in federal court to one count of conspiracy to possess with intent to distribute methamphetamine into the United States following a joint investigation conducted by U.S. Immigration and Customs Enforcement and the Drug Enforcement Administration.

Leonardo Estrada, 41, will serve the next 288 months in prison. He pleaded guilty May 22, 2023.

“Today’s sentencing highlights the serious consequences for those who traffic in methamphetamine, a drug that wreaks havoc on individuals and communities alike. HSI remains steadfast in its mission to disrupt drug trafficking networks and prevent the spread of methamphetamine across the country,” said ICE Homeland Security Investigations San Antonio Special Agent in Charge Craig Larrabee.

According to court documents, Estrada approached a U.S. Border Patrol checkpoint on Highway 277 near Eagle Pass, Feb. 15, 2023. During inspection, a K-9 alerted agents to the driver’s side of Estrada’s vehicle near the pedals. A further search revealed two plastic bundles wrapped in clear plastic tape concealed underneath the carpet behind the gas and brake pedals. The contents of one of the bundles tested positive for 790 grams of methamphetamine, while the other tested positive for marijuana. Estrada admitted to being involved in drug trafficking since 2021.

Estrada was arrested at the checkpoint on Feb. 15, 2023.

Assistant U.S. Attorney Warsame Galaydh for the Western District of Texas prosecuted the case.

MIL OSI USA News –

April 29, 2025

MIL-OSI Video: Non-Proliferation, Financing for Development & other topics – Daily Press Briefing | United Nations

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Financing for Development
Deputy Secretary-General
Victims of Terrorism Associations’ Network
Trust Fund in Support of Victims of Sexual Exploitation and Abuse
International Court of Justice
Occupied Palestinian Territory
Lebanon/Israel
Yemen
Sudan
Afghanistan
Myanmar
Security Council
International Day
Resident Coordinator – Samoa
Financial Contribution
Briefings Today

FINANCING FOR DEVELOPMENT
This morning, the Secretary-General, as you heard, spoke at the Economic and Social Council Forum on Financing for Development.
He said that, as we prepare for the Fourth International Conference on Financing for Development in Sevilla in July, we are facing some harsh truths: donors are pulling the plug on aid commitments, the Sustainable Development Goals are dramatically off track and high borrowing costs are draining away public investments.
But, the more dangerous truth is that collaboration is being questioned with the ongoing trade wars. The Secretary-General said trade is a prime example of the benefits of international cooperation, and trade barriers are a clear and present danger to the global economy and sustainable development.
These are tough times, he said, but it is in difficult periods that the imperative for responsible, sustainable investment is even more critical.

DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed is in Montevideo, Uruguay. Today, she met with the President of Uruguay, Yamandú Orsi, to discuss the country’s development priorities and their alignment with the Sustainable Development Goals.
Later today, she will meet with several Government Ministers to discuss the partnership between the United Nations and Uruguay. She is also meeting youth groups, civil society, and of course the country team of the United Nations.
And over the weekend, she chaired the annual regional retreat with UN Resident Coordinators from across Latin America and the Caribbean.
Ms. Mohammed will leave Uruguay later today and will be back here tomorrow evening.

VICTIMS OF TERRORISM ASSOCIATIONS’ NETWORK
This morning, our friends at the Office of Counter-Terrorism launched the Victims of Terrorism Associations’ Network. This is an initiative that brings together victims of terrorism and victims’ associations from across the globe to drive collective action to support victims’ rights and needs.
The network aims to provide a safe space for victims and survivors of terrorism to support each other, build resilience and engage as advocates, as educators, and as peacebuilders.
The development of the network was supported by a financial contribution from Spain.
The network was launched during an event this morning – and it is already available on UN Webtv. More information on the website of the office of Counter-terrorism.

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20April%202025

https://www.youtube.com/watch?v=CMJiomcK2rY

MIL OSI Video –

April 29, 2025

MIL-OSI USA: Congresswoman Ramirez Honors Vietnam Veterans at Recognition Ceremony

Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

CHICAGO, IL — Today, Congresswoman Delia C. Ramirez (IL-03), Ranking Member of the Veterans’ Affairs Oversight and Investigation Subcommittee, honored the sacrifices of Vietnam War era veterans as she commemorated the 50th anniversary of the end of the War. During the event, Congresswoman Ramirez was joined by Congressman Raja Krishnamoorthi (IL-08), Alderman Anthony Quezada, the Veterans Assistance Commission of Cook County, and Chicago’s Department of Family and Support Services in recognizing 10 Cook County veterans with a Vietnam Veteran Lapel Pin and a congressional commendation letter.

“In recognition of 50 years since the end of the Vietnam War, I commemorate the sacrifices made by our veterans who returned home carrying the weight of their experiences. As their Congresista, I am committed to honoring their service, not just with pleasantries or rituals, but with actions,” said Congresswoman Ramirez, who serves on the Veterans’ Affairs Committee. “We made a covenant to take care of veterans and their loved ones. May we never forget or break that promise.”

Ramirez added, “As we honor those who wore the uniform, served their country, and are still serving our communities, we must also remember the devastating costs of war and recommit to peace.”

“America owes our veterans a debt we can never fully repay,” Congressman Krishnamoorthi said. “I was honored to commemorate the 50th anniversary of the end of the Vietnam War by presenting local Vietnam veterans with pins recognizing their service. Their bravery and sacrifice will never be forgotten.”

For photos of the event, CLICK HERE.

BACKGROUND:

Congresswoman Delia C. Ramirez (IL-03) has championed critical legislation to address access to housing, health care, and education for veterans. In February, she reintroduced the Student Veterans Benefits Restoration Act, which passed the House in the 118th Congress. In the 118th, she also led the Servicemember Student Loan Affordability Act and co-sponsored the End Veteran Homelessness Act of 2024, to expand eligibility for HUD-VASH vouchers and pathways to permanent housing for homeless veterans. As Ranking Member of the Veterans’ Affairs Oversight and Investigation Subcommittee, Ramirez has reintroduced legislation to expand housing opportunities for veterans through the Grant Per Diem Program.

MIL OSI USA News –

April 29, 2025

MIL-OSI Europe: Answer to a written question – Borrowers of loans in Swiss francs – E-000367/2025(ASW)

Source: European Parliament

Directive 93/13/EEC[1] requires Member States to ensure that consumers are not bound by unfair contract terms. I t applies to all contracts on the purchase of goods and services[2] including financial services .

Under Directive 93 /13/EEC as interpreted by the Court of Justice of the European Union , i t is for Greek authorities and courts to assess, based on the circumstances of each case, whether Greek banks comply with their obligations regarding the fairness and transparency of contract terms such as those exposing the borrower to a foreign exchange risk[3], and draw conclusions in each case .

In particular, contracts continue to be binding without the unfair terms[4] unless this is impossible under national law. The practical consequences of the invalidity of a mortgage loan contract on account of unfair terms are also governed by national law, provided that it allows to restore the situation which the consumer would have been in without the contract[5].

Finally, remedies enabling consumers to rely on the unfairness of contract terms must be available under conditions which do not hamper the obtention of the protection sought, including through interim measures[6].

The Commission does not have powers to intervene in individual consumer disputes, to review decisions of national authorities and courts or to order the suspension of property auctioning.

Regarding Directive 2014/17/EU[7], it introduced specific rules to protect consumers where the credit is dominated in a foreign currency (e.g. explanations for the implications to consumers, right to convert the credit agreement into an alternative currency).

The directive only applies to mortgage credit contracts concluded as from March 2016, not offering protection for contracts prior to this date.

[1] Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ L 95, 21.4.1993, p. 29-34.
[2] See Section 5 of Commission Notice — Guidance on the interpretation and application of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ C 323, 27.9.2019, p. 4-92, COM(2019) 5325 final. However, pursuant to Article 1(2) of Directive 93/13/EEC, the directive does not apply to contract terms that reflect national mandatory statutory provisions, which are applicable independently of the parties’ choice or which are supplementary and apply in the absence of other arrangements between the parties; see for example the judgment of the Court of Justice of the European Union of 21 December 2021 in Case C-243 /20 Trapeza Peiraios AE.
[3] See for example the judgment of the Court of Justice of the European Union of 10 June 2021 in Joined Cases C-776/19 to C-782/19 BNP Paribas Personal Finance SA.
[4] Article 6(1) of Directive 93/13/EEC.
[5] See for example the judgment of the Court of Justice of the European Union of 15 June 2023 in Case C-520/21 Bank M.
[6] See for example the judgment of the Court of Justice of the European Union of 10 September 2014 in Case C-34/13 Kušionová.
[7] Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 Text with EEA relevance, OJ L 60, 28.2.2014, p. 34-85.

MIL OSI Europe News –

April 29, 2025

MIL-OSI Security: Hammonds Plains — RCMP Halifax Regional Detachment investigates vehicle crash

Source: Royal Canadian Mounted Police

RCMP Halifax Regional Detachment is investigating a vehicle crash involving a fatality in Hammonds Plains.

Yesterday, at approximately 8:40 p.m., RCMP officers, fire services, and EHS responded to a report of a vehicle crash at the intersection of Kingswood Dr. and Terradore Ln. Investigators learned that a Ford Edge travelling on Terradore Ln. went through the intersection, struck a fire hydrant, and came to rest in the tree line.

The driver, a 72-year-old Hammonds Plains man, who was pronounced deceased at the scene, is believed to have suffered a medical incident.

The passenger, a 70-year-old Hammonds Plains woman, suffered non-life-threatening injuries and was transported to hospital by EHS.

The investigation remains ongoing.

Our thoughts are with the man’s loved ones at this difficult time.

File #: 25-58591

MIL Security OSI –

April 29, 2025

MIL-OSI Security: Three New Orleans Men Convicted for 2017 Edna Karr High School Double Homicide

Source: Office of United States Attorneys

NEW ORLEANS – Acting U.S. Attorney Michael Simpson announced that TERRAN WILLIAMS, a/k/a “Funky” (“WILLIAMS”), TYRONE BOVIA, a/k/a “Sixx” (“BOVIA “), and JAVONTA DOLEMAN, a/k/a “Dutt” (“DOLEMAN “), all from New Orleans, were found guilty on April 21, 2025 after a two-week jury trial before United States District Judge Jane Triche Milazzo. They were found guilty of various violations, including RICO conspiracy, drug trafficking conspiracy, firearms conspiracy and Violent Crime in Aid of Racketeering (VCAR) murder.

All three defendants were members of the Byrd Gang, which operated primarily out of the former Magnolia Housing Development, but additionally had ties to the Westbank. Its members daily distributed drugs, including heroin, fentanyl, crack cocaine and marijuana, and always possessed firearms. WILLIAMS, BOVIA and DOLEMAN participated in numerous drug trafficking activities and violent crimes and acted as gunmen for the Byrd Gang.

On January 31, 2017, Lawrence Williams, IV, and Wynston Jackson, a/k/a “Ghost,” were shot and killed by the three defendants shortly after leaving an Edna Karr High School basketball game. Jackson was a member of the rival group, Ghost Gang, while Williams was an associate. Byrd Gang member, Briyan Love, attended the basketball game, and when she saw Jackson enter the auditorium, she communicated with Terran WILLIAMS and informed him that Jackson was at the game. WILLIAMS, BOVIA and DOLEMAN, and other Byrd Gang members and associates, drove across the river to Edna Karr School to kill rival Jackson.

When Williams and Jackson left the basketball game and sat in a car in front of the school, WILLIAMS, BOVIA and DOLEMAN approached the car with two rifles and a handgun and unloaded a torrent of bullets. Jackson attempted to return fire with his nine-millimeter handgun but was shot and killed on the scene. Williams, who was also shot, later died at the hospital.

TYRONE BOVIA was also convicted for his role in another shooting that he committed in May 2017 at the Bernmas Apartments, where M.I., another Ghost Gang member, resided and was the intended target. BOVIA’S companion and fellow Byrd Gang member, Terrence Augustine, was shot and killed during this incident by return fire. Byrd Gang member, James Alexander, has additionally pled guilty to this shooting.

During the trial, evidence was presented that showed back-and-forth retaliatory shootings between the Byrd Gang and the Ghost Gang, much of which was fueled by social media posts, rap music and videos. Numerous individuals have been shot and killed on both sides, and many innocent bystanders have likewise been shot during these inner-city rivalries.

During the investigation, dozens of firearms, most with large-capacity magazines, as well as hundreds of rounds of ammunition, have been recovered from Byrd Gang members, including from the three defendants.

WILLIAMS, BOVIA and DOLEMAN all face a mandatory life sentence for the VCAR murders. Sentencing in this matter will be held before Judge Milazzo on July 30, 2025.

Acting U.S. Attorney Simpson praised the work of the Federal Bureau of Investigation, especially the New Orleans Gang Task Force, and the New Orleans Police Department in investigating this matter. Assistant United States Attorneys Elizabeth Privitera, David Haller and Sarah Dawkins are in charge of the prosecution.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

April 29, 2025

MIL-OSI Security: Sarasota Man Sentenced To Ten Years In Federal Prison For Attempted Enticement Of A Minor

Source: Office of United States Attorneys

Fort Myers, Florida – U.S. District Judge Sheri Polster Chappell has sentenced Javier Chavez (35, Sarasota) to 10 years in federal prison for attempted enticement of a minor to engage in sexual activity and attempted transfer of obscene matter to a minor. Chavez pleaded guilty in December 2024.

According to court documents, beginning on May 15 and continuing through May 16, 2024, Chavez communicated with an undercover law enforcement officer who was posing as both the mother of a 14-year-old girl and her 14-year-old daughter. After learning of the girl’s age, Chavez directly engaged in a sexually explicit conversation with the “girl” and sent explicit videos of himself. Chavez was apprehended by deputies from the Lee County Sheriff’s Office when he arrived at a home with the intention of engaging in sexual activity with the girl. Chavez later admitted to deputies that his intentions with the girl were sexual.

This case was investigated by the Lee County Sheriff’s Office and the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Mark Morgan.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

April 29, 2025

MIL-OSI Security: Glades County Man Sentenced To Five Years In Federal Prison For Possessing And Accessing With Intent To View Child Sexual Abuse Images

Source: Office of United States Attorneys

Fort Myers, Florida – U.S. District Judge Sheri Polster Chappell today sentenced Rodney Alan Hortman (59, Okeechobee) to five years in federal prison for possessing and accessing with intent to view images depicting the sexual abuse of children. Hortman was also sentenced to a life term of supervised release and ordered to register as a sex offender. Hortman entered a guilty plea on January 22, 2025.

According to court documents, in December 2022, the National Center of Missing and Exploited Children (NCMEC) received a cybertip from an electronic service provider reporting that Hortman had uploaded files that depicted child sexual abuse material from his cellphone.

On June 6, 2023, law enforcement executed a search warrant at Hortman’s residence and seized Hortman’s cellphones and computer tower. Hortman agreed to speak with law enforcement and admitted that there would be child sex abuse material on his electronic devices. The subsequent forensic examination of Hortman’s electronic devices revealed images of child sexual abuse material.

This case was investigated by the Federal Bureau of Investigation, Fort Myers Child Exploitation and Human Trafficking Task Force, with assistance from the Glades County Sheriff’s Office and FDLE. It was prosecuted by Assistant United States Attorney Yolande G. Viacava.

This is another case brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

April 29, 2025

MIL-OSI United Kingdom: Joint Chairs appointed for Caithness Committee

Source: Scotland – Highland Council

First thing on the agenda at today’s Caithness Committee was to elect a new Chair to take over from Cllr Ron Gunn who has held the role since July 2022. The committee have taken the decision to have a joint chair arrangement between Councillor Andrew Jarvie and Councillor Karl Rosie.

The duty of chairing the regular Caithness Committee meetings will currently fall to Councillor Andrew Jarvie.

He said: “I am honoured to be given this opportunity to serve Caithness as joint chair and I would like to thank Councillor Gunn who has held the role since 2022.

“I stood for election in Caithness because I saw so many tremendous opportunities for the County and abundance of highly skilled people, despite the mood music from too many organisations being rather negative about Caithness’s prospects. I have only seen the odds of those opportunities begin to come a financial reality with the Highland Investment Plan, so I cannot think of a more exciting time to take on this role.

“There is not much time remaining in my Council term, so getting on with doing what matters and not hosting endless meetings is my priority. It is also why I wanted two people to take this on as co-chairs, because there is more work to be done outside of Committee meetings than in them.

“The priorities are simple, making best use of the Highland Investment Plan to fix our roads and build the future infrastructure, encouraging economic development and improving connectivity for both business and leisure – such as the Wick Airport PSO.”

Joint Chair, Councillor Karl Rosie added: “I too look forward to serving in my new role and working to represent Caithness’ best interests.”

All Council Wards receive a discretionary budget, and it is for Ward Councillors to consider what they wish to commit funds to, in line with Highland Council objectives and outcomes.

During today’s meeting the Committee reflected on the Discretionary Awards they have allocated to applicants over the last financial year.

Today’s Chair Councillor Jarvie said: “It is always a privilege and a pleasure for Ward Councillors to make discretionary budget awards. One of the most rewarding aspects is that it allows members to utilise their local knowledge and work with local organisations to make positive improvements to our communities.

“On behalf of the Committee, I’d like to wish all the successful applicants the very best with their projects.”

Thurso and Northwest Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025

Community Food Initiatives North East – Fareshare in Highland – £1,690.00
Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
Pentland Firth Yacht Club – Replacement Windows – £1,450.00
Highlife Highland – Active School Coaching & Equipment – £1,500.00
Sidh Chailleann Art – “Industrial Caithness” Exhibition – £1,000.00
Thurso Youth Club SCIO – Holiday Activities £1,000.00
Thurso Community Council – Thurso Town Centre initiative 2024 – £400.00
Association of Caithness Community Council – Village officer Funding – £3,200.00
Connecting Carers Caithness – £1,916.00
Caithness Voluntary Group – Winter Support 24/25 – £1000.00

Wick and East Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025

Community Food Initiatives North East – Fareshare in Highland – £2,763.00
Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
Highlife Highland – Youth Session Resources – £999.00
Argyll Square Area Association – Replacement Litter Bin – £561.60
Association of Caithness Community Council – Village officer Funding – £5,300.00
Caithness Voluntary Group – Winter Support 24/25 – £2,000
Dunbeath & District Centre – Back Office Support £2,276.40

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI Asia-Pac: IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative

Source: Government of India

IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative

“Niveshak Shivir” is an Initiative with dedicated Company Kiosks to help Investors Claim Unclaimed Dividends

Pilot Phase of ‘Niveshak Shivir’ Will be Launched in Mumbai and Ahmedabad in May 2025, with One-Stop Helpdesks for KYC Updates and Claims Assistance

Posted On: 28 APR 2025 8:21PM by PIB Delhi

In a step forward to enhance investor services and streamline the claims process, the Investor Education and Protection Fund Authority (IEPFA), under the aegis of the Ministry of Corporate Affairs, Government of India, convened a preparatory meeting with Nodal Officers of stakeholder companies through video conference on April 28, 2025 chaired by Smt. Anita Shah Akella, Chief Executive Officer, IEPFA. This meeting was aimed at finalizing operational details for “Niveshak Shivir” – a collaborative initiative of IEPFA and the Securities and Exchange Board of India (SEBI). It was decided that Niveshak Shivir will be organised in the cities having large number of investors whose dividends are lying unclaimed with Companies for a period of six to seven years. As part of this initiative, selected companies with highest number of investors in unclaimed dividend account will be invited to set up dedicated kiosks at these events to assist investors directly.

“Niveshak Shivir” has been conceived to simplify procedures for claiming unclaimed dividends and shares, improve financial literacy among investors, and ensure direct and transparent access to investor services. By facilitating direct interaction with companies and Registrars and Transfer Agents (RTAs), and by offering immediate grievance redressal support, this initiative is set to significantly reduce investors’ dependency on intermediaries and mitigate risks of fraud and misinformation.

The strategic meeting outlined the pilot phase of the initiative, which will be launched in Mumbai and Ahmedabad in May 2025. These camps will serve as one stop comprehensive helpdesks where investors can update their KYC and nomination details, check the status of their unclaimed assets and receive guided assistance for reclaiming their investments – whether assets are still with companies or have been transferred to IEPFA.

Officials from IEPFA, SEBI, companies, and RTAs will be present on ground to assist investors, ensuring a robust and supportive framework. Pre-registration for the camps will be enabled through a QR code-linked Google Form, with additional logistic support extended by regional offices of ICAI and SEBI.

About IEPFA

The Investor Education and Protection Fund Authority (IEPFA) is committed to promoting investor awareness and protection in India through various educational initiatives and strategic collaborations, ensuring an informed and secure investing populace.

Find out more at: https://www.iepf.gov.in/content/iepf/global/master/Home/Home.html

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NB/AD

(Release ID: 2124987) Visitor Counter : 56

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: PRESIDENT OF INDIA PRESENTS PADMA AWARDS 2025 AT THE CIVIL INVESTITURE CEREMONY-I

Source: Government of India

Posted On: 28 APR 2025 8:11PM by PIB Delhi

The President of India, Smt Droupadi Murmu presented Padma Vibhushan, Padma Bhushan and Padma Shri Awards for the year 2025 at the Civil Investiture Ceremony-I held at Rashtrapati Bhavan this evening (April 28, 2025). Among the dignitaries present on the occasion were Vice President of India, Prime Minister of India and Union Minister for Home Affairs.

List of Awardees of the ceremony can be viewed here

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MJPS/SR

(Release ID: 2124978) Visitor Counter : 56

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: President of India presents 4 Padma Vibhushan, 10 Padma Bhushan and 57 Padma Shri Awards for the year 2025 at Civil Investiture Ceremony-I held at Rashtrapati Bhawan

Source: Government of India

Posted On: 28 APR 2025 7:20PM by PIB Delhi

The President of India, Smt. Droupadi Murmu presented 4 Padma Vibhushan, 10 Padma Bhushan and 57 Padma Shri Awards for the year 2025 at the Civil Investiture Ceremony-I held in Ganatantra Mandap of the Rashtrapati Bhawan today.

The Vice President of India, Shri Jagdeep Dhankhar, Prime Minister Shri Narendra Modi, Union Home Minister and Minister of Cooperation, Shri Amit Shah, many Ministers of the Union and other dignitaries were present on the occasion.

The Padma Awardees will pay homage at the National War Memorial tomorrow morning, April 29, 2025. They will also visit Rashtrapati Bhawan and Pradhanmantri Sangrahalaya.

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RK/VV/RR/PR/PS

(Release ID: 2124956) Visitor Counter : 214

MIL OSI Asia Pacific News –

April 29, 2025

Category: Finance

IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative “Niveshak Shivir” is an Initiative with dedicated Company Kiosks to help Investors Claim Unclaimed Dividends

IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative

“Niveshak Shivir” is an Initiative with dedicated Company Kiosks to help Investors Claim Unclaimed Dividends