NewzIntel.com

Category: Finance

  • MIL-OSI Security: Members of a Massive International Drug Trafficking and Money Laundering Ring Indicted in Atlanta

    Source: United States Attorneys General

    On April 1, seven individuals in Georgia and Mexico were indicted by a federal grand jury seated in the Northern District of Georgia related to a drug trafficking and money laundering ring tied to a Mexico-based trafficker. Five of these defendants, all of Norcross, Georgia — Sandra Beatriz Hernandez Chilel, 49; Karina Beatriz Perez Hernandez, 22; David Miranda Vinalay, 39; Jerome Lewis, 47; and Irving Joel Hernandez, 34 — were arrested earlier today in a coordinated effort by the Drug Enforcement Administration (DEA), IRS Criminal Investigation (IRS-CI), and local law enforcement. The defendants were arraigned before a U.S. Magistrate Judge following their arrests.

    “Thanks to the great investigative work of our federal partners and local law enforcement, five individuals working on behalf of the violent Cartel de Jalisco Nueva Generación (CJNG) have been taken off our streets,” said Attorney General Pamela Bondi. “We will not allow these criminal enterprises to continue profiting off of the death and destruction of American lives.”

    “The defendants allegedly trafficked high volumes of fentanyl and other deadly drugs into our community and then laundered the illicit proceeds of their activities as directed by a Mexico-based drug trafficker, including more than $1 million during a mere two-month period,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “Although these individuals took great measures to conceal their alleged criminal conduct, a determined and coordinated effort by our federal and local law enforcement partners helped to secure the federal charges in this case.”

    “The deadly impact of fentanyl on our communities is devastating,” said Acting Special Agent in Charge Jae W. Chung of the DEA’s Atlanta Division. “These arrests should be a clear message to the traffickers that keeping our communities safe is our highest priority.”

    “Using our expertise in financial investigations, IRS Criminal Investigation is following the money, despite attempts by criminals to cover their tracks,” said Special Agent in Charge Demetrius Hardeman of IRS-CI’s Atlanta Field Office. “IRS Criminal Investigation special agents in partnerships with the U.S. Attorney’s Office and other law enforcement agencies, will continue our work investigating and holding accountable those responsible for bringing dangerous drugs into our communities.”

    According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictment, and other information presented in court: In September 2024, the DEA uncovered a scheme involving drug traffickers delivering bulk currency from drug sales to a middleman in Norcross. The middleman then allegedly delivered the drug proceeds to defendants Sandra Beatriz Hernandez Chilel (Chilel) and her daughter Karina Beatriz Perez Hernandez (Perez), who then laundered the proceeds as directed by a Mexico-based drug trafficker. Chilel and Perez allegedly operated a money service business (MSB) in Norcross called “La Pulga Esperenza.”

    Between September and November 2024, DEA saw several traffickers deliver hundreds of thousands of dollars of suspected drug proceeds to the middleman in Norcross, who then transferred the cash to Chilel and Perez. Agents with IRS-CI analyzed the MSB’s transactions and determined that the cash was wired to Mexico but was transferred in small increments so as not to raise suspicion by federal regulators. During a period of approximately two months, this ring of individuals allegedly laundered over $1 million in drug proceeds smuggled to Mexico.

    During the investigation, the DEA identified several alleged traffickers who transported the drug proceeds to Norcross, including defendants David Miranda Vinalay, Jerome Lewis, and Irving Joel Hernandez. DEA identified one of the primary traffickers as being a member or associate of the CJNG. Additionally, as alleged in the indictment, some of the traffickers also possessed methamphetamine and fentanyl that they intended to distribute on behalf of the drug trafficking ring.

    Members of the public are reminded that the indictment only contains charges. The defendants are presumed innocent of the charges, and it will be the government’s burden to prove the defendants’ guilt beyond a reasonable doubt at trial.

    This case is being investigated by the DEA and IRS-CI. Valuable assistance was also provided by the Georgia State Patrol, Dekalb County, Georgia, Police Department, Gwinnett County, Georgia, Police Department, and Gwinnett County Sheriff’s Office.

    Assistant U.S. Attorneys Bethany L. Rupert and Dwayne A. Brown Jr. for the Northern District of Georgia are prosecuting the case.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This effort is part of an OCDETF operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI New Zealand: Economy – The Reserve Bank of New Zealand’s Five Year Funding Agreement published

    Source: Reserve Bank of New Zealand 

    16 April 2025 – The Minister of Finance has today published the Reserve Bank of New Zealand’s (RBNZ) Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030.  

    The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement.  

    Board Chair Neil Quigley says: “Our new FYFA presents an opportunity for RBNZ to shape ourselves for the future. Our priority in the coming months will be to work with our people to redesign our way of working to optimise our resources while continuing to deliver on our mandate.” 

    “We remain focused on ensuring economic wellbeing and prosperity for all New Zealanders. To achieve this, we will need to look closely at our capital and operational expenditure, as well as our spend on personnel.” 

    More information 

    The full FYFA, including a full list of excluded spending, can be found here : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=d444499b48&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI USA: Luján Convenes Roundtable Discussion on Tariffs with Business Leaders and Tours Veterans Integration Center

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Albuquerque, N.M. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, held a roundtable discussion with business leaders and workers on President Trump’s reckless tariffs and its impacts on the New Mexico economy at the Albuquerque Hispano Chamber of Commerce. During the roundtable, Senator Luján engaged in a conversation with representatives from the chambers of commerce to hear directly from business leaders about the impacts President Trump’s tariffs are having on businesses, Main Streets, and New Mexico families.
    Following the roundtable, Senator Luján toured the new Veterans Integration Center (VIC) transitional housing campus in Albuquerque and spoke with veterans currently housed at the facility. During the visit, Senator Luján highlighted $1 million he was able to secure through FY24 congressionally directed spending to support the construction of the transitional housing facility. Additionally, Senator Luján discussed the importance of stable housing for veterans and the impacts of cuts to the Department of Veterans Affairs by the Trump administration.
    Roundtable at Albuquerque Hispano Chamber of Commerce

    “Costs, chaos, and corruption – that is President Trump’s plan when it comes to tariffs. Over the past few weeks, these tariffs have wreaked havoc on our business community, farmers, manufacturers, and families,” said Senator Luján. “Today, I was proud to convene a roundtable to hear directly from New Mexico’s business leaders about how these tariffs are hurting our small business and making life more expensive for New Mexico families. As a member of the Finance Committee, I am committed to helping our businesses and workers succeed, and I will take points brought up today back to Washington to continue fighting for New Mexico businesses.”
    Veterans Integration Center Tour

    “Our brave service members put everything on the line to defend our country and freedom, and we must work harder to ensure they’re not left behind when they return home,” said Senator Luján. “It was an honor to tour the new transitional housing campus at the Veterans Integration Center and meet with the veterans housed at the facility. As the nation witnesses ongoing cuts the VA and the dismantling of vital services, I remain committed to pushing back against attacks from the Trump administration on the VA and our veterans. We can always do better by our veterans, and I will continue to fight to ensure veterans in New Mexico and across the country get the support they deserve.”

    MIL OSI USA News –

  • MIL-OSI Australia: February Crime Statistics

    Source: New South Wales – News

    Serious criminal trespass and theft related offending in South Australia have again recorded significant declines, the latest crime statistics have revealed.

    The February rolling year crime statistics reveal house break-ins have dropped for the eighth successive period, shop theft and car theft have also continued to decline at a steady rate and robbery and related offences have again dropped significantly.

    The latest figures reveal the number of house break-ins declined by seven per cent from 5,899 to 5,465 reported offences. This followed a five per cent decline in the January period and a six per cent decline in the December period.

    The number of non-residential break-ins declined by five per cent from 3,648 to 3,479 reported offences. This followed a two per cent decline in the January period.

    Acting Assistant Commissioner (Metropolitan Operations Service) John de Candia said the continued reduction in both residential and non-residential serious criminal trespass offences was encouraging.

    “The results reflect the proactive work being done by frontline officers across all of our policing districts,’’ he said.

    “Identifying the recidivist offenders responsible for a significant number of these offences and then targeting them with specific operations to uncover the depth of their offending, gathering the necessary evidence and then charging them accordingly is paying dividends.

    “In a number of these matters the courts have recognised their serious level of offending and they have been refused bail which contributes to a reduction in further offending.’’

    One recent joint operation, dubbed Sentinel, involved detectives from the Northern, Eastern and Southern District Criminal Investigation Branches who probed the activities of a group of individuals responsible for committing multiple serious offences across several suburbs.

    Operation Sentinel resulted in seven individuals – several of whom were significant recidivist offenders – being charged with 29 offences including aggravated serious criminal trespass, aggravated robbery, aggravated assault, firearms possession, illegal use and driving while disqualified. All have been refused bail.

    Another protracted investigation into a recidivist offender committing offences across suburbs including North Adelaide, Kent Town, Marden and Evandale in February and March resulted in the arrest of a Queensland man, 41.

    The man has been charged with 35 offences involving theft and non-residential serious criminal trespass. The man also had outstanding warrants for offences committed in Queensland, including multiple counts of rape and indecent assault.

    A separate investigation into a string of thefts from hardware stores between September 2024 and March 2025 resulted in the arrest of a Henley Beach South man, 49, who is facing multiple counts of theft in connection with goods worth more than $10,000.

    The latest figures reveal shop theft has continued to decline with a fourth successive decrease recorded. The number of offences dropped by eight per cent – from 18,743 to 17,268 offences – this period. This followed a five per cent decline in the January period, three per cent in December and two per cent in November.

    Robbery and related offending have continued to decrease with a 15 per cent decline – from 887 to 742 offences recorded. This followed a 20 per cent decline in the January period, 22 per cent in December and a 26 per cent drop in the November period.

    Within that category aggravated robbery declined by 19 per cent or 96 offences in the February period – from 512 offences to 416 offences – while non-aggravated robbery declined by five per cent – from 79 offences to 75 offences.

    Car theft and theft from a vehicle have also continued to steadily decrease. Car theft dropped by 11 per cent or 408 offences – from 3,865 to 3,457 offences. This followed a 12 per cent decrease in the January period, an 11 per cent decrease in December and an eight per cent decline in the November period.

    Theft from a vehicle decreased by 22 per cent – from 10,212 to 7,938 offences. This followed a 20 per cent drop in January and a 19 per cent decline in the December and November periods.

    The homicide rate in South Australia has continued to decrease with a 64 per cent decrease reported in the period – from 25 to nine offences.

    MIL OSI News –

  • MIL-OSI New Zealand: Reserve Bank funding reduction agreed

    Source: New Zealand Government

    The Government and the Reserve Bank board have agreed a funding agreement that will reduce budgeted operating expenses for the bank by about 25 per cent in the coming year.
    “The new five-year agreement reflects the need for all government entities to identify cost savings and demonstrate value for money, Finance Minister Nicola Willis says.
    “The bank initially sought funding of $1.03 billion for the coming five years, but the Treasury advised me that that amount did not represent good value for money.
    “The new agreement allocates the bank operating expenses of $750 million and capital expenditure of $25.6 million for the period. 
    “That equates to average operating expenditure of $150 million a year, 25 per cent less than the bank’s $200 million operating expenses budget for the current financial year. 
    “The Reserve Bank has grown hugely in recent years. Fulltime equivalent staff numbers increased from 255 in the 2017/18 year to 660 in January this year. 
    “Benchmarking analysis performed by the Treasury shows that several of the Reserve Bank’s non-legislative functions, particularly in the People and Communications teams, appear overstaffed.
    “The new agreement will ensure that the Reserve Bank has adequate resources to fulfil its legal responsibilities while promoting heightened cost efficiency.
    “Both the board of the Reserve Bank and the Treasury are of the view the new expenditure limits are appropriate.”
    Unlike most other agencies, which are funded annually through the Budget process, the Reserve Bank’s board negotiates five-year funding agreements with the Minister of Finance, who receives advice from the Treasury. The structure of these agreements is to support the Reserve Bank to maintain its independence from the government of the day.
    The new agreement will apply from 1 July 2025.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Leaders of La Nueva Familia Michoacana and Atlanta-Based Money Launderer Indicted

    Source: United States Attorneys General 1

    Siblings Johnny Hurtado Olascoaga — also known as El Pez, Pescado, and Mojarra — and Jose Alfredo Hurtado Olascoaga — also known as El Fresa, El Feyo, and La Fruta — both of Guerrero, Mexico, and co-leaders of the La Nueva Familia Michoacana (LNFM) drug cartel, were charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to manufacture and distribute heroin, cocaine, methamphetamine, and fentanyl knowing those controlled substances would be imported into the United States, conspiracy to import those controlled substances into the United States, and conspiracy to possess with the intent to distribute those controlled substances.

    The indictments were returned in September 2024 and recently unsealed. Prior to his indictment, Johnny Hurtado Olascoaga was designated as a Consolidated Priority Target (CPOT) by the Organized Crime Drug Enforcement Task Force (OCDETF) program. Both Hurtado Olascoaga brothers are fugitives believed to be residing in Mexico. In addition, today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Johnny and Jose Alfredo Hurtado Olascoaga and their siblings, LNFM members Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga. On Feb. 20, the U.S. Department of State also announced the designation of LNFM as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). Additionally, the Department of State announced a Narcotics Rewards Program offer of up to $5 million and $3 million, respectively, for information leading to the arrests or convictions of Johnny and Jose Alfredo Hurtado Olascoaga.

    Franco Tabares Martinez, 51, of Guerrero, Mexico, a high-ranking member of LNFM was charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to possess methamphetamine with the intent to distribute and related substantive counts of drug trafficking. The indictment was unsealed against Franco Tabares Martinez on July 7, 2023, after which he was sanctioned by OFAC. On June 20, 2024, his brother Uriel Tabares-Martinez was also sanctioned by OFAC. Another brother, Pablo Tabares Martinez, pleaded guilty on Jan. 13 to conspiracy to possess methamphetamine with intent to distribute. Their sister, Guadalupe Tabares Martinez — also known as Yosel Medrano Hernandez and Lupe — of Mableton, Georgia, has now been charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to commit international money laundering, conspiracy to operate an unlicensed money services business, and related substantive counts. The indictment was returned on April 8 and recently unsealed.                 

    “Today’s indictments and OFAC sanctions against high-ranking LNFM cartel members sends a clear message: if you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice,” said Attorney General Pamela Bondi.

    “These cartel members are allegedly responsible for importing massive amounts of cocaine, methamphetamine, heroin and fentanyl from Mexico to the Atlanta area and across the United States, and then wiring hundreds of thousands of dollars in proceeds from distributing those drugs back to Mexico,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “These federal indictments, in conjunction with the imposition of OFAC sanctions, send a strong message that we will tirelessly investigate, prosecute, and defund individuals around the globe who choose to import deadly drugs into, and risk the lives of the members of, our communities.”

    “Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” said Secretary of the Treasury Scott Bessent. “The Trump administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”

    “President Trump has promised to crack down on the flow of deadly drugs into our country,” said Senior Bureau Official F. Cartwright Weiland of the Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL). “And today, working with the DEA and Homeland Security Investigations, the Department of State is delivering on that promise by offering rewards totaling up to $8 million for information leading to the arrest and/or conviction of the Hurtado brothers.”

    “Cases like this exemplify the value of partnerships,” said Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division. “The volume of dangerous drugs and violence impacts our communities beyond comprehension. This investigation and subsequent indictments demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking organizations.”

    “The indictment of senior leaders of this brutal Mexican cartel and subsequent OFAC sanctions makes one thing clear, we are coming after these criminal networks and utilizing every weapon in our arsenal,” said Special Agent in Charge Steven N. Schrank of Homeland Security Investigations (HSI) in Georgia and Alabama. “Through aggressive interagency coordination, HSI and our law enforcement partners are not only seizing their drugs and arresting their members, but we are also cutting off their money, dismantling their infrastructure, and bringing their leaders to justice. This operation underscores our unwavering commitment to protecting our communities and dismantling the criminal enterprises that profit from violence and addiction.”

    According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictments, and other information presented in court: In 2021, agents of the DEA and HSI began an investigation of LNFM cartel members importing methamphetamine, heroin, cocaine, and fentanyl into the United States, including into the Northern District of Georgia. As part of the investigation, agents identified Franco Tabares Martinez as a then-high-ranking member of the LNFM cartel who allegedly distributed multi-kilogram quantities of methamphetamine in the metro Atlanta area.

    In addition, agents identified Franco Tabares Martinez’s sister, Guadalupe Tabares Martinez, as an Atlanta-based money launderer allegedly helping her brother and other drug traffickers by picking up bulk currency and then using her money service business, Noyola Multiservice, to transmit those drug proceeds to drug trafficking associates in Mexico. Through the investigation, agents also identified Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga as the cartel’s co-founders and kingpins, who conspired with cartel members in Mexico and throughout the United States to import heroin, methamphetamine, cocaine, and fentanyl across the U.S.-Mexico border for distribution in various cities and states, including Atlanta.

    This case is being investigated by the DEA and HSI.

    Assistant U.S. Attorneys Laurel Milam and Bethany Rupert for the Northern District of Georgia are prosecuting the case against the Hurtado Olascoaga brothers, Franco Tabares Martinez and Guadalupe Tabares Martinez. Assistant U.S. Attorney Michael Morrison for the Middle District of Georgia provided valuable contributions to the investigation of Guadalupe Tabares Martinez.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This prosecution is part of an OCDETF Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi¬ jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (the Strike Force) is to degrade and dismantle major drug trafficking and money laundering organizations (DTMLOs) in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets (CPOTs), Regional Priority Organization Targets (RPOTs), and their associates.  The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS; as well as numerous state and local agencies, and the prosecution is being led by the Office of the U.S. Attorney for the Northern District of Georgia.

    An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI New Zealand: New Zealand-Australia investigation into Latitude breach begins

    Source: Privacy Commissioner

    The New Zealand Office of the Privacy Commissioner (OPC) and the Office of the Australian Information Commissioner (OAIC) have commenced a joint privacy investigation into the 12 March Latitude Financial data breach.

    This decision follows preliminary inquiries into the matter by both offices.

    This is the first joint privacy investigation by Australia and New Zealand and reflects the impact of the data breach on individuals in both nations.

    The breach, New Zealand’s largest, has seen millions of New Zealanders’ and Australians’ records exposed, including drivers’ licenses, passports and sensitive financial data including personal income and expense information.

    The joint investigation will allow the use of both agencies’ resources. The structure of the investigation does not preclude the OAIC and OPC reaching separate regulatory outcomes or decisions regarding the most appropriate regulatory response to a breach.

    The OAIC and OPC’s investigation will focus on whether Latitude took reasonable steps to protect the personal information they held from misuse, interference, loss, unauthorised access, modification or disclosure.

    The investigation will also consider whether Latitude took appropriate steps to destroy or de-identify personal information that was no longer required.

    Deputy Privacy Commissioner Liz MacPherson says the investigation will focus on

    • how the hackers gained entry to Latitude Financial’s systems
    • how long they were inside before they were noticed
    • what Latitude’s staff did when they discovered the attack
    • the retention of information held by Latitude, and
    • the security and storage of that information within its IT systems.

    “This is a significant attack with an appalling result. I want to thank the affected customers who have been in contact with us so far. Thank you for your patience and for sharing your experiences with us, says Liz MacPherson.

    “There is a human cost to a breach. We have former customers of Latitude who took a loan to buy a fridge about 15 years ago and now part of their identity is being held for ransom.  We will be asking the same questions these customers are.  Could Latitude have done anything to prevent the hackers getting in and stealing information? What reasons does Latitude have for holding onto the personal information of past customers for such long periods?”

    “I also expect this breach has caused emotional stress for staff and the Board at Latitude Financial and I thank them for their constructive engagement with us to date,” says Liz.

    A compliance investigation enables the Office of the Privacy Commissioner to use its full information gathering powers including obliging people to provide information and summoning witnesses.

    “This information will help us to establish whether Latitude’s actions or inaction enabled the cyber-criminals and contributed to the scope and impact of the breach.  Establishing these facts will be critical to our ability to make decisions about the individual complaints that are made to us by impacted Latitude customers,” says Liz.

    “We are still encouraging affected customers to contact Latitude Financial and ID Care for support first. They have made commitments to assist impacted customers.  If you complain to Latitude and you haven’t heard back from them within 30 working days, then we encourage affected customers to make a complaint to us.

    Liz says, “we won’t start assessing individual complaints until we have completed our compliance investigation, but we want to get a sense of the number of people affected and the issues people are facing.

    “We are expecting this investigation to be wide-ranging and we need to be able to assign investigators accordingly and plan how to meet the needs of affected customers. We also want to know the types of impact and harm people have suffered because of this breach (e.g. examples of harm like identity theft, credit difficulties, undue stress etc).

    “We have set up an email for affected customers to contact our team easily. Can you please contact us at latitude.breach@privacy.org.nz ”

    The Office of the Privacy Commissioner has been working with the Office of the Australian Information Commissioner (OAIC) throughout the early stages and will continue to do so during the compliance investigation.

    “As this investigation is now active no further comments will be made on it until it is concluded. When the OPC finishes its investigation, we will give an update, so please keep in contact with us.”

    Anyone coming across the Latitude Financial data should take care.

    “Do not access it. Do not spread it. Do not share it. Report it to the New Zealand Police. Report it to us or you can report it to CERT. No one should contribute to its dissemination and increase the anxiety and distress of the affected individuals.”

    Individuals should be on the lookout for anything out of the ordinary.

    “Be hyper vigilant. Watch out for suspicious texts, emails or unusual things happening with your accounts or records. Be particularly cautious of contact from an unknown source.”

    If people would like to know more about some steps, they could take to protect themselves from privacy breaches they could follow this link: https://privacy.org.nz/resources-2/protecting-yourself-from-a-privacy-breach/

    Timeline:

    • Latitude Financial informs the OPC it was breached on March 16.
    • The Office of the Privacy Commissioner starts its preliminary enquiries into the breach including working with the OAIC.
    • The NZ Office of the Privacy Commissioner and the Australian Office of the Information Commissioner commence a joint compliance investigation into Latitude on 9 May.

    Facts:

    • Latitude Financial Services Limited NZ provides a wide range of financial and (limited) insurance services to customers across New Zealand via Gem Finance and Gem Visa and several subsidiary groups.
    • Latitude Financial Services Limited NZ is a subsidiary of Latitude Holdings based in Australia. As such we will continue to work closely with the OAIC as our investigation progresses.
    • Latitude Financial have estimated that 14 million NZ and Australian customer records have been exposed because of the 12 March attack of which around 1.08 million are NZ customer records.
    • The 1.08 million NZ customer records includes around 1.037 million driver license records, around 40,000 passport records and sensitive income and expense information. The income and expenditure information was submitted as part of a personal loan application process.
    • The Privacy Act 2020 places responsibility on Latitude for keeping personal information data secure.
    • The OPC regulatory role is to understand whether reasonable steps to keep personal data secure have been followed, including appropriate data retention practices and to monitor the Latitude response to the cyber-attack breach.

    The difference between preliminary inquiries, a compliance investigation and a complaint investigation

    • Preliminary inquiries allow us to ask questions and assess the situation. Agencies provide information voluntarily.
    • A compliance investigation is undertaken under Part 6 of the Privacy Act 2020. It is designed to allow the Privacy Commissioner to hear or obtain information from any person he considers may have relevant information to enable him to decide whether to issue a compliance notice to an agency for breaching the Privacy Act.  A compliance notice requires an organisation to do something or to stop doing something, in order to comply with the Privacy Act. A compliance investigation can be used to inform the investigation of individual complaints where there are multiple complaints of the same nature.
    • A complaint investigation is undertaken under Part 5 of the Privacy Act 2020. These investigations are focussed on the harm caused to the individual by a privacy breach and seek to resolve the complaint including through compensation or redress. 

     For media please call: 021 959 050

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Property Sector – Buyer power dynamics are changing – CoreLogic

    In this week’s Pulse, Chief Property Economist Kelvin Davidson looks at CoreLogic’s Buyer Classification data over the quarter, which showed a slight pullback by first home buyers (FHBs) while mortgaged investors gain ground.

    You can read the full analysis attached and below.
    For interviews, please contact nzmedia@corelogic.com

    Thanks,
    Santi

    Embargoed until 00:01 AM, Wednesday 16 April 2025

    Source: CoreLogic – Commentary from Kelvin Davidson, CoreLogic NZ Chief Property Economist.

    In today’s Pulse, CoreLogic NZ’s Chief Property Economist Kelvin Davidson looks at the Buyer Classification data from the first three months of the year, revealing a slight pullback by first home buyers (FHBs) as mortgaged investor activity rises.

    The comeback for investors is being driven by the smaller, ‘Mum and Dad’ buyers, who are increasingly looking at existing properties rather than new-builds.
    FHBs still have a place in the market. With overall activity expected to pick up in 2025, they’re likely to buy more properties than in 2024, even if their share of activity drops.

    First home buyers dip while investors rise

    March’s CoreLogic Buyer Classification data shows that first home buyers accounted for 25% of all property purchases in the first quarter of the year. That was down from 26% in Q4 2024, and in fact the lowest figure for FHBs since the first quarter of 2023.
    Meanwhile, movers (or relocating owner-occupiers) had a 26% share of activity in Q1, while cash multiple property owners (MPOs, including investors) and their mortgaged cousins both saw a higher market share, at 14% and 23% respectively.
    These broad patterns have shown up across most of the main centres, although the wider Wellington area – City, Lower & Upper Hutt, Porirua – remains a ‘hotspot’ for FHBs, with their market share holding up at 35% in Q1. 
    An obvious factor here will be the relative weakness of Wellington property values (and improved affordability), which is likely playing into the hands of FHBs; provided they feel confident about their job security.
    Investors are benefiting from lower mortgage rates
    Clearly, the falls in mortgages rates over the past 6-9 months from more than 7% to less than 5% have benefitted anybody looking to borrow to purchase a property, however debt-backed investors might be gaining the most from these lower rates.
    The reduced deposit requirements last year (from 35% to 30%) would have helped, alongside the shorter Brightline Test, and mortgage interest deductibility now back at 100%.
    But it seems likely that the biggest shift in favour of mortgaged investors has simply been the reduction in the size of the top-ups that are generally required out of other income for a rental property purchase. When mortgage rates were above 7%, those top-ups could easily have been pushing $400 per week; but now they might typically be closer to $200. That’s still significant for a new investor, but much less of a hurdle than before.
    The Buyer Classification data also shows us investor activity by size and it’s intriguing to see that the comeback has been powered by ‘Mums and Dads’. In particular, mortgaged MPO-2’s – those who own two properties in total after their latest purchase (i.e. effectively a new investor) – have risen from 6% of activity in mid-2023 to 8% now, with MPO 3-4’s rising from a trough of 4% towards 6% now.

    New-builds are slightly less popular with investors

    It’s also worth noting that mortgaged investors’ focus on new-build properties has lessened lately – they accounted for 30% of activity in this segment in 2023 and 29% in 2024 but have dipped to 27% so far in 2025. To be fair, it’s early days and that figure might rise back again. But a relative reduction in demand from mortgaged investors for new properties would certainly be consistent with the changes in interest deductibility, meaning that older properties no longer carry higher tax bills than new-builds.
    At the same time, there’s an abundance of listings on the market at present, allowing investors to potentially snap up existing properties at a favourable price too.
    What might lie ahead?
    Part of our ‘housing market story’ for a while now has been that FHBs might see their market share drop in 2025 (from record highs in recent years) while mortgaged investors rise back up from historical lows. That now seems to be playing out.
    But before anyone panics about the demise of FHBs, it’s important to point out that we expect the overall number of property transactions in 2025 to be about 10,000 higher than in 2024 – meaning FHBs can (and probably will) purchase more properties this year than last, even if their market share drops slightly.
    Some of the supports that FHBs have had in recent years will certainly remain in place, such as access to KiwiSaver for at least part of the deposit, and a ‘monopoly’ on the low deposit lending allowances at the banks.
    For investors, reduced mortgage rates have made property purchases more attractive from a cashflow perspective. In addition, any tariff-related uncertainty that hangs around for the medium-term may push some investors towards property where they might otherwise have considered shares or bonds.

    MIL OSI New Zealand News –

  • MIL-OSI USA News: Ensuring National Security and Economic Resilience Through Section 232 Actions on Processed Critical Minerals and Derivative Products

    Source: The White House

    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (the “Act”), it is hereby ordered:

         Section 1.  Policy.  A strong national defense depends on a robust economy and price stability, a resilient manufacturing and defense industrial base, and secure domestic supply chains.  Critical minerals, including rare earth elements, in the form of processed minerals are essential raw materials and critical production inputs required for economic and national security.  Critical mineral oxides, oxalates, salts, and metals (processed critical minerals), as well as their derivative products — the manufactured goods incorporating them — are similarly foundational to United States national security and defense.

         But processed critical minerals and their derivative products face significant global supply chain vulnerabilities and market distortions due to reliance on a small number of foreign suppliers.  These vulnerabilities and distortions have led to significant United States import dependencies.  The dependence of the United States on imports and the vulnerability of our supply chains raises the potential for risks to national security, defense readiness, price stability, and economic prosperity and resilience.

         Processed critical minerals and their derivative products are essential for economic security and resilience because they underpin key industries, drive technological innovation, and support critical infrastructure vital for a modern American economy.  They are key building blocks of our manufacturing base and foundational to sectors ranging from transportation and energy to telecommunications and advanced manufacturing.  These economic sectors are, moreover, foundational to America’s national security.

         Processed critical minerals and their derivative products are essential for national security because they are foundational to military infrastructure, energy infrastructure, and advanced defense systems and technologies.  They are key building blocks of our defense industrial base and integral to applications such as jet engines, missile guidance systems, advanced computing, radar systems, advanced optics, and secure communications equipment.

         The United States manufacturing and defense industrial bases remain dependent on foreign sources for processed critical mineral products.  Many of these foreign sources are at risk of serious, sustained, and long-term supply chain shocks.  Should the United States lose access to processed critical minerals from foreign sources, the United States commercial and defense manufacturing base for derivative products could face significant shortages and an inability to meet demand. 

         Associated risks arise from a variety of factors.  First, global supply chains are prone to disruption from geopolitical tensions, wars, natural disasters, pandemics, and trade conflicts.

        Second, major global foreign producers of processed critical minerals have engaged in widespread price manipulation, overcapacity, arbitrary export restrictions, and the exploitation of their supply chain dominance to distort world markets and thereby gain geopolitical and economic leverage over the United States and other competitors that depend on processed critical minerals to manufacture derivative products essential to their economic and national security and national defense. Therefore, the import dependence of the United States on processed critical minerals from foreign sources may pose a serious national security risk to the United States economy and defense preparedness.

         Third, the risks arising from America’s import dependence on processed critical minerals also extend to derivative products that are integral to the United States economy and economic and national security. 

         For the United States to manufacture derivative products, it must have ready access to an affordable, resilient, and sustainable supply of processed critical minerals.  Simultaneously, a resilient and sustainable manufacturing base for derivative products is vital to creating a stable demand base for processed critical minerals.  Both must coexist to ensure economic stability and national security.

         Finally, overreliance on a small number of geographic regions amplifies the risks posed by geopolitical instability and regional disruptions.

         In light of the above risks and realities, an investigation under section 232 of the Act (section 232) is necessary to determine whether imports of processed critical minerals and their derivative products threaten to impair national security. 

         Sec. 2.  Definitions.  As used in this order:
            (a)  The term “critical minerals” means those minerals included in the “Critical Minerals List” published by the United States Geological Survey (USGS) pursuant to section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606) at 87 FR 10381, or any subsequent such list.  The term “critical minerals” also includes uranium.
            (b)  The term “rare earth elements” means the 17 elements identified as rare earth elements by the Department of Energy (DOE) in the April 2020 publication titled “Critical Materials Rare Earths Supply Chain.”  The term also includes any additional elements that either the USGS or DOE determines in any subsequent official report or publication should be considered rare earth elements.
            (c)  The term “processed critical minerals” refers to critical minerals that have undergone the activities that occur after critical mineral ore is extracted from a mine up through its conversion into a metal, metal powder or a master alloy.  These activities specifically occur beginning from the point at which ores are converted into oxide concentrates; separated into oxides; and converted into metals, metal powders, and master alloys. 
            (d)  The term “derivative products” includes all goods that incorporate processed critical minerals as inputs.  These goods include semi-finished goods (such as semiconductor wafers, anodes, and cathodes) as well as final products (such as permanent magnets, motors, electric vehicles, batteries, smartphones, microprocessors, radar systems, wind turbines and their components, and advanced optical devices).

         Sec. 3.  Section 232 Investigation.  (a)  The Secretary of Commerce shall initiate an investigation under section 232 to determine the effects on national security of imports of processed critical minerals and their derivative products.
         (b)  In conducting the investigation described in subsection (a) of this section, the Secretary of Commerce shall assess the factors set forth in 19 U.S.C. 1862(d), labeled “Domestic production for national defense; impact of foreign competition on economic welfare of domestic industries,” as well as other relevant factors, including:
                 (i)    identification of United States imports of all processed critical minerals and derivative products incorporating such processed critical minerals;
                 (ii)   the foreign sources by percent and volume of all processed critical mineral imports and derivative product imports, the specific types of risks that may be associated with each source by country, and those source countries deemed to be of significant risk;
                (iii)  an analysis of the distortive effects of the predatory economic, pricing, and market manipulation strategies and practices used by countries that process critical minerals that are exported to the United States, including the distortive effects on domestic investment and the viability of United States production, as well as an assessment of how such strategies and practices permit such countries to maintain their control over the critical minerals processing sector and distort United States market prices for derivative products;
                 (iv)   an analysis of the demand for processed critical minerals by manufacturers of derivative products in the United States and globally, including an assessment of the extent to which such manufacturers’ demand for processed critical minerals originates from countries identified under subsections (b)(ii) and (b)(iii) of this section;
                 (v)    a review and risk assessment of global supply chains for processed critical minerals and their derivative products;
                 (vi)   an analysis of the current and potential capabilities of the United States to process critical minerals and their derivative products; and
                 (vii)  the dollar value of the current level of imports of all processed critical minerals and derivative products by total value and country of export.
         (c)  The Secretary of Commerce shall, consistent with applicable law, proceed expeditiously in conducting the investigation as follows:
                 (i)    Within 90 days of the date of this order, the Secretary of Commerce shall submit for internal review and comment a draft interim report to the Secretary of the Treasury, the Secretary of Defense, the United States Trade Representative, the Assistant to the President for Economic Policy, and the Senior Counselor to the President for Trade and Manufacturing.
                 (ii)   Comments to the Secretary of Commerce from the officials identified in subsection (c)(i) of this section shall be provided within 15 days of submission of the draft interim report described in subsection (c)(i) of this section.
                 (iii)  The Secretary of Commerce shall submit a final report and recommendations to the President within 180 days of the investigation’s commencement.
         (d)  In considering whether to make recommendations for action or inaction pursuant to section 232(b) of the Act (19 U.S.C. 1862(b)), the Secretary of Commerce shall consider:
                 (i)    the imposition of tariffs as well as other import restrictions and their appropriate levels;
                 (ii)   safeguards to avoid circumvention and any weakening of the section 232 measures;
                 (iii)  policies to incentivize domestic production, processing, and recycling; and
                 (iv)   any additional measures that may be warranted to mitigate United States national security risks, as appropriate, under the President’s authority pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).

         Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
                 (i)   the authority granted by law to an executive department or agency, or the head thereof; or
                 (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
         (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
         (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE
        April 15, 2025.

    MIL OSI USA News –

  • MIL-OSI: Deal Box and OroBit Make Bitcoin the Foundation for Secure Asset Tokenization, Targeting $30 Trillion Market

    Source: GlobeNewswire (MIL-OSI)

    Carlsbad, CA, April 15, 2025 (GLOBE NEWSWIRE) —

    Carlsbad, CA – April 15, 2025 – Deal Box, a leading digital securities investment platform, and OroBit, an innovative Bitcoin Layer-2 entity, today announced a strategic initiative aimed at the rapidly growing $30 trillion market for tokenized real-world assets (RWAs) and private equity. Leveraging Bitcoin’s unmatched security, reliability, and decentralization, the partnership provides institutional investors and asset managers with a secure and robust solution for digital asset ownership and management.

    As institutions increasingly digitize high-value assets such as fine art, gold reserves, and private equity stakes, the choice of blockchain infrastructure becomes critical. Bitcoin, with over 15 years of continuous uptime (99.99%), no successful protocol-level hacks, and resistance to censorship and shutdown, offers unmatched stability for assets demanding absolute security and longevity.

    Expanding Bitcoin’s Capabilities with OroBit’s Layer-2 Innovation

    OroBit’s Layer-2 technology enables Bitcoin to securely support sophisticated financial transactions traditionally reserved for newer blockchains. OroBit combines off-chain computations and its proprietary Simple Contract Language (SCL) with Bitcoin’s secure Unspent Transaction Output (UTXO) model, directly anchoring crucial data to Bitcoin’s blockchain. This ensures institutional-grade security, stability, and transaction efficiency without relying on external tokens or validators.

    Thomas Carter, founder of Deal Box, emphasized the partnership’s strategic rationale:
     “Bitcoin is uniquely positioned to become the safest possible infrastructure for tokenizing and managing highly valuable real-world assets. Our collaboration with OroBit makes Bitcoin’s reliability accessible to institutional investors and asset managers who require long-term assurance that their digital assets are secure and immutable.”

    Real-World Asset Tokenization: Fine Art and Commodities

    Deal Box and OroBit were recently selected to tokenize fractional ownership of an authentic Andy Warhol artwork. Each fractional stake is permanently recorded on Bitcoin’s immutable ledger, democratizing access to fine art previously limited to ultra-high-net-worth collectors.

    Securing Private Equity with Bitcoin’s Blockchain

    Leveraging Deal Box’s rigorous compliance framework, OroBit’s Bitcoin-based technology brings institutional-grade private equity onto the security and permanence of the Bitcoin blockchain. This ensures that investors’ private equity assets benefit from Bitcoin’s unmatched stability, security, and resilience over the long term. Accredited investors can now confidently access high-quality private market opportunities, knowing their digital ownership is safeguarded by the most secure and reliable blockchain infrastructure available.

    Bitcoin’s Proven Institutional Appeal

    Bitcoin’s unmatched resilience was best demonstrated following China’s 2021 mining ban, where Bitcoin quickly rebounded from a significant drop in mining power. Major institutions, including Fidelity Investments, acknowledge Bitcoin’s strategic role, recently endorsing Bitcoin’s Lightning Network as “the most efficient way to transact in the digital asset ecosystem.”

    This growing institutional confidence validates Bitcoin—and OroBit’s strategic use of its infrastructure—as an ideal foundation for tokenizing and safeguarding valuable long-term assets.

    A New Era in Asset Management

    “Institutions holding priceless artworks, precious metals, and private securities cannot risk relying on unstable or centralized blockchains,” said Carter. “Bitcoin’s unmatched uptime and proven security, combined with OroBit’s advanced capabilities, deliver exactly the infrastructure required to support asset management at an institutional scale.”

    Media Contact:
     Deal Box: PR@DealBox.io
     OroBit: PR@orobit.ai

    About Deal Box

    Deal Box is venture capital that fits your life. By merging institutional-grade diligence with flexible investment options, Deal Box empowers accredited investors to craft portfolios that align with their financial ambitions. For more information, visit https://www.dealbox.io/

    About OroBit
    OroBit delivers secure, scalable Bitcoin Layer-2 solutions, enabling sophisticated smart-contract capabilities specifically tailored to institutional and private market asset tokenization.

    The MIL Network –

  • MIL-OSI USA: Ensuring National Security and Economic Resilience Through Section 232 Actions on Processed Critical Minerals and Derivative Products

    US Senate News:

    Source: The White House
    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (the “Act”), it is hereby ordered:
         Section 1.  Policy.  A strong national defense depends on a robust economy and price stability, a resilient manufacturing and defense industrial base, and secure domestic supply chains.  Critical minerals, including rare earth elements, in the form of processed minerals are essential raw materials and critical production inputs required for economic and national security.  Critical mineral oxides, oxalates, salts, and metals (processed critical minerals), as well as their derivative products — the manufactured goods incorporating them — are similarly foundational to United States national security and defense.
         But processed critical minerals and their derivative products face significant global supply chain vulnerabilities and market distortions due to reliance on a small number of foreign suppliers.  These vulnerabilities and distortions have led to significant United States import dependencies.  The dependence of the United States on imports and the vulnerability of our supply chains raises the potential for risks to national security, defense readiness, price stability, and economic prosperity and resilience.
         Processed critical minerals and their derivative products are essential for economic security and resilience because they underpin key industries, drive technological innovation, and support critical infrastructure vital for a modern American economy.  They are key building blocks of our manufacturing base and foundational to sectors ranging from transportation and energy to telecommunications and advanced manufacturing.  These economic sectors are, moreover, foundational to America’s national security.
         Processed critical minerals and their derivative products are essential for national security because they are foundational to military infrastructure, energy infrastructure, and advanced defense systems and technologies.  They are key building blocks of our defense industrial base and integral to applications such as jet engines, missile guidance systems, advanced computing, radar systems, advanced optics, and secure communications equipment.
         The United States manufacturing and defense industrial bases remain dependent on foreign sources for processed critical mineral products.  Many of these foreign sources are at risk of serious, sustained, and long-term supply chain shocks.  Should the United States lose access to processed critical minerals from foreign sources, the United States commercial and defense manufacturing base for derivative products could face significant shortages and an inability to meet demand. 
         Associated risks arise from a variety of factors.  First, global supply chains are prone to disruption from geopolitical tensions, wars, natural disasters, pandemics, and trade conflicts.
         Second, major global foreign producers of processed critical minerals have engaged in widespread price manipulation, overcapacity, arbitrary export restrictions, and the exploitation of their supply chain dominance to distort world markets and thereby gain geopolitical and economic leverage over the United States and other competitors that depend on processed critical minerals to manufacture derivative products essential to their economic and national security and national defense. Therefore, the import dependence of the United States on processed critical minerals from foreign sources may pose a serious national security risk to the United States economy and defense preparedness.
         Third, the risks arising from America’s import dependence on processed critical minerals also extend to derivative products that are integral to the United States economy and economic and national security. 
         For the United States to manufacture derivative products, it must have ready access to an affordable, resilient, and sustainable supply of processed critical minerals.  Simultaneously, a resilient and sustainable manufacturing base for derivative products is vital to creating a stable demand base for processed critical minerals.  Both must coexist to ensure economic stability and national security.
         Finally, overreliance on a small number of geographic regions amplifies the risks posed by geopolitical instability and regional disruptions.
         In light of the above risks and realities, an investigation under section 232 of the Act (section 232) is necessary to determine whether imports of processed critical minerals and their derivative products threaten to impair national security. 
         Sec. 2.  Definitions.  As used in this order:        (a)  The term “critical minerals” means those minerals included in the “Critical Minerals List” published by the United States Geological Survey (USGS) pursuant to section 7002(c) of the Energy Act of 2020 (30 U.S.C. 1606) at 87 FR 10381, or any subsequent such list.  The term “critical minerals” also includes uranium.        (b)  The term “rare earth elements” means the 17 elements identified as rare earth elements by the Department of Energy (DOE) in the April 2020 publication titled “Critical Materials Rare Earths Supply Chain.”  The term also includes any additional elements that either the USGS or DOE determines in any subsequent official report or publication should be considered rare earth elements.        (c)  The term “processed critical minerals” refers to critical minerals that have undergone the activities that occur after critical mineral ore is extracted from a mine up through its conversion into a metal, metal powder or a master alloy.  These activities specifically occur beginning from the point at which ores are converted into oxide concentrates; separated into oxides; and converted into metals, metal powders, and master alloys.         (d)  The term “derivative products” includes all goods that incorporate processed critical minerals as inputs.  These goods include semi-finished goods (such as semiconductor wafers, anodes, and cathodes) as well as final products (such as permanent magnets, motors, electric vehicles, batteries, smartphones, microprocessors, radar systems, wind turbines and their components, and advanced optical devices).
         Sec. 3.  Section 232 Investigation.  (a)  The Secretary of Commerce shall initiate an investigation under section 232 to determine the effects on national security of imports of processed critical minerals and their derivative products.     (b)  In conducting the investigation described in subsection (a) of this section, the Secretary of Commerce shall assess the factors set forth in 19 U.S.C. 1862(d), labeled “Domestic production for national defense; impact of foreign competition on economic welfare of domestic industries,” as well as other relevant factors, including:             (i)    identification of United States imports of all processed critical minerals and derivative products incorporating such processed critical minerals;             (ii)   the foreign sources by percent and volume of all processed critical mineral imports and derivative product imports, the specific types of risks that may be associated with each source by country, and those source countries deemed to be of significant risk;            (iii)  an analysis of the distortive effects of the predatory economic, pricing, and market manipulation strategies and practices used by countries that process critical minerals that are exported to the United States, including the distortive effects on domestic investment and the viability of United States production, as well as an assessment of how such strategies and practices permit such countries to maintain their control over the critical minerals processing sector and distort United States market prices for derivative products;             (iv)   an analysis of the demand for processed critical minerals by manufacturers of derivative products in the United States and globally, including an assessment of the extent to which such manufacturers’ demand for processed critical minerals originates from countries identified under subsections (b)(ii) and (b)(iii) of this section;             (v)    a review and risk assessment of global supply chains for processed critical minerals and their derivative products;             (vi)   an analysis of the current and potential capabilities of the United States to process critical minerals and their derivative products; and             (vii)  the dollar value of the current level of imports of all processed critical minerals and derivative products by total value and country of export.     (c)  The Secretary of Commerce shall, consistent with applicable law, proceed expeditiously in conducting the investigation as follows:             (i)    Within 90 days of the date of this order, the Secretary of Commerce shall submit for internal review and comment a draft interim report to the Secretary of the Treasury, the Secretary of Defense, the United States Trade Representative, the Assistant to the President for Economic Policy, and the Senior Counselor to the President for Trade and Manufacturing.             (ii)   Comments to the Secretary of Commerce from the officials identified in subsection (c)(i) of this section shall be provided within 15 days of submission of the draft interim report described in subsection (c)(i) of this section.             (iii)  The Secretary of Commerce shall submit a final report and recommendations to the President within 180 days of the investigation’s commencement.     (d)  In considering whether to make recommendations for action or inaction pursuant to section 232(b) of the Act (19 U.S.C. 1862(b)), the Secretary of Commerce shall consider:             (i)    the imposition of tariffs as well as other import restrictions and their appropriate levels;             (ii)   safeguards to avoid circumvention and any weakening of the section 232 measures;             (iii)  policies to incentivize domestic production, processing, and recycling; and             (iv)   any additional measures that may be warranted to mitigate United States national security risks, as appropriate, under the President’s authority pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).
         Sec. 4.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:             (i)   the authority granted by law to an executive department or agency, or the head thereof; or             (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.     (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
                                  DONALD J. TRUMP
    THE WHITE HOUSE    April 15, 2025.

    MIL OSI USA News –

  • MIL-OSI Security: Federal jury finds human smuggler guilty of possessing child sexual abuse material

    Source: Office of United States Attorneys

    McALLEN, Texas – A 43-year-old Lyford man has been convicted of possessing 150 images of child pornography, announced U.S. Attorney Nicholas J. Ganjei.

    The jury deliberated for approximately 15 minutes before finding Jose Rodriguez Jr. guilty after a one-day trial.

    Law enforcement originally arrested Rodriguez Aug. 12, 2024, in connection with an alien transportation event. At that time, they seized his phone and discovered over 150 images and videos of child sexual assault material (CSAM).

    During the trial, the jury heard testimony and evidence regarding the multiple images and videos of CSAM downloaded and stored on Rodriguez’s phone over multiple months. The evidence included numerous files depicting sexual assaults of prepubescent children. The jury also learned Rodriguez has a prior conviction for criminal attempted sexual assault from 2010 which involved a minor victim.

    The defense attempted to convince the jury that a virus downloaded the CSAM onto his phone. However, evidence showed that Rodriguez had over 100 user accounts on the phone linked to him and that the child pornography was downloaded on 20 separate occasions from April through August of 2024.

    The jury also heard from a computer forensic expert who rendered an opinion that the pattern of activity indicated intentional downloading.

    “The Southern District of Texas has zero tolerance for child sex offenses, much less repeat sex offenders like the defendant in this case,” said Ganjei. “We are grateful to the jury for serving justice in this case.”

    U.S. District Judge Drew Tipton set sentencing for July 15. At that time, Rodriguez faces up to 20 years in federal prison and a possible $250,000 maximum fine.

    Rodriguez was charged in a separate case for the human smuggling event and later pleaded guilty.

    He was taken into custody following the verdict where he will remain pending sentencing in both cases.

    Immigration and Customs Enforcement – Homeland Security Investigations and Border Patrol conducted the investigation with assistance from Raymondville Police Department and Willacy County Sheriff’s Office. 

    Assistant U.S. Attorneys Devin Walker and Jose Garcia are prosecuting the case, which was brought as part of Project Safe Childhood (PSC), a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state and local resources to locate, apprehend and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources tab on that page.

    MIL Security OSI –

  • MIL-OSI Security: Dominican National Arrested for Conspiring to Distribute Nearly 65,000 Fentanyl Pills

    Source: Office of United States Attorneys

    BOSTON – A Dominican national, unlawfully residing in Lawrence, Mass., has been arrested and charged for allegedly conspiring to distribute tens of thousands of fentanyl pills and illegally reentering the United States after deportation.  

    Juan Alexis Rodriguez Garcia, 35, was charged with conspiracy to distribute over 400 grams of fentanyl and unlawful reentry of a deported alien. The defendant was arrested this morning and, following an initial appearance in federal court in Boston, was ordered detained.  

    According to the charging documents, Rodriguez Garcia was admitted into the United States in December 2009 as a Lawful Permanent Resident in Puerto Rico. In November 2016, Rodriguez Garcia was arrested in North Andover, Mass. for fentanyl distribution, which he was later convicted of in May 2018. He was ordered removed from the United States in November 2018. It is alleged that, sometime after his removal, Rodriguez Garcia unlawfully reentered the United States.

    According to the charging documents, on March 30, 2025, as part of an ongoing drug trafficking investigation, law enforcement attempted to conduct a controlled purchase of 65,000 fentanyl pills from a known drug trafficker. It is alleged that, on April 2, 2025, Rodriguez Garcia arrived at the agreed upon location for the transaction in Lawrence. Rodriguez Garcia was arrested on site for immigration violations.

    During a subsequent search of the residence Rodriguez Garcia allegedly visited immediately prior to the planned drug deal, approximately 64,390 fentanyl pills made to look like pharmaceutical pills were found. It is alleged that the pills were packaged into three separate vacuum sealed plastic bags and found inside a large black duffel bag inside of the front closet on the first floor. It is alleged that Rodriguez Garcia’s fingerprints matched two latent prints developed from the plastic bags containing the pills. The fentanyl pills had a net weight of over 7.2 kilograms.  

    The charge of conspiracy to distribute over 400 grams of fentanyl provides for a mandatory minimum sentence of 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of unlawful reentry of a deported alien provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000. The defendant is subject to deportation upon completion of any sentence imposed. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Division; Patricia H. Hyde, Field Office Director, Boston, U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; and Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police made the announcement. Valuable assistance was also provided by the Hudson, New Hampshire Police Department. Assistant United States Attorney Kunal Pasricha of the Narcotics & Money Laundering Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI: River Valley Community Bancorp Announces 1st Quarter Results (Unaudited)

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., April 15, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended March 31, 2025. The full earnings release can be found on the Bank’s Investor Relations website at Investor Relations – River Valley Community Bank.

    The Bank remains highly rated with BauerFinancial, and Depositaccounts.com and serves its customer base through its offices located at:

    • 1629 Colusa Avenue, Yuba City, CA
    • 580 Brunswick Rd, Grass Valley, CA
    • 905 Lincoln Way, Auburn, CA
    • 904 B Street, Marysville, CA
    • 401 Ryland Street, Reno, NV (Loan Production Office)
    • 1508 Eureka Rd., Ste. 100, Roseville, CA (Loan Production Office)

    The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.

    The MIL Network –

  • MIL-OSI USA: WISH to Ignite: WISHfest25 Sparks Curiosity, Community, and Courage in Waterbury

    Source: US State of Connecticut

    More than 1,200 students, educators, and community members filled downtown Waterbury on March 28 for WISHfest25, the University of Connecticut’s third annual Waterbury Innovation, Sustainability, and Health Festival (WISHfest).

    Co-hosted by UConn Waterbury, the City of Waterbury, and Waterbury Public Schools, the festival embraced this year’s theme: “WISH to Ignite: Passion, Resilience, and Boundless Possibilities.”

    From electrifying keynotes and hands-on science exhibits to deep conversations around neurodiversity, leadership, and identity, WISHfest25 once again demonstrated that innovation isn’t limited to the lab—it thrives in community.

    From Jurassic Science to Real-Life Resilience

    The day began at the historic Palace Theater, where students heard from Jack Horner, the world-renowned paleontologist who advised six “Jurassic Park” and “Jurassic World” films—and who also happens to be severely dyslexic.

    “Being different doesn’t mean being broken,” Horner told a packed theater. “It means you see the world in a different way—and that’s where new ideas come from.”

    A panel discussion at the Palace Theater features, from left to right, Clarke, UConn NSF TRANSCEND fellow & Ph.D. student Vaishnavi Sivaprasad, Horner, and Reis, moderated by Hoeft.” (Steven Bustamante / UConn Photo)

    Horner, a MacArthur “Genius” Fellow who has received multiple honorary doctorates, shared his journey of scientific discovery and defying expectations—even showing the audience a high school report card filled with Ds and Fs. For many students, this was their first time meeting a scientist in person.

    “I still remember his talk from 10 years ago, word for word,” said Dean Fumiko Hoeft, founder and co-director of WISHfest. “It’s the kind of spark we want every student to walk away with.”

    After the event, Horner added, “You found a wonderful group of young students and lots of interesting people. I had a blast!”

    Also featured on stage was Shavana Clarke, Miss Connecticut USA 2024, a proud Jamaican American, LGBTQ+ advocate, and UConn alumna. With honesty and grace, Clarke shared her journey navigating mental health and identity, reminding students that resilience often begins with telling your story.

    Members of the Waterbury Police Department’s Mounted Unit interact with attendees at WISHfest, at the UConn Waterbury campus.” (Steve Bustamante / University of Connecticut)

    “You’re not a burden. You’re not alone. And your difference is your strength,” Clarke told the crowd, as students rose to applaud.

    Sally Reis, UConn Board of Trustees Distinguished Professor and 2025 Reed Fellow, urged educators to adopt a strength-based approach and emphasized how supporting neurodiverse and twice-exceptional learners can unlock untapped potential.

    “We spend too much time fixing what’s ‘wrong,’” Reis said. “WISHfest reminds us to discover and develop the talents of all students.”

    From the Stage to the Lab: Hands-On Learning at UConn Waterbury

    Following the morning program, energy shifted across the street to the UConn Waterbury campus, where students dove into VR simulations, brain dissections, research showcases, and interactive career stations hosted by UConn faculty, staff, and industry professionals.

    “I loved how WISHFest had such fun events at the Palace and UConn like when Jack Horner came and talked about his life,” said Julian Malusa, age 10, from Judson School in Watertown, who attended with his grandmother, reflecting on the excitement and inspiration the event provided for young attendees.

    Two UConn Waterbury students pose with Jonathan XV at WISHfest 2025 (Steve Bustamante / University of Connecticut)

    This portion of the festival was coordinated by the UConn Center for Career Readiness and Life Skills and the Northwest Regional Workforce Investment Board (NRWIB), highlighting pathways in health care, business, government, tech, and education.

    The event also earned praise from school leadership. “The Waterbury Public Schools’ students were once again wowed by WISHfest and encouraged by their visit to UConn Waterbury,” said Interim Superintendent Darren Schwartz. “I am grateful for the ongoing leadership of Dr. Fumiko Hoeft and her collaboration with the Waterbury Public Schools.”

    From 1:30 to 4:00 p.m., UConn Waterbury students participated in closed small-group sessions with keynote speakers, NSF TRANSCEND Ph.D. Fellows, researchers, and community partners—deepening discussions on AI, neurodiversity, innovation, and inclusive leadership.

    Leadership, Laughter, and Legacy: The Pre-Event Dinner

    The evening before WISHfest, over 20 civic and academic leaders gathered for a private dinner hosted by Cathy and Jim Smith at their Middlebury residence. Guests included UConn President Radenka Maric, Senator Joan Hartley, Mayor Paul Pernerewski, Interim Superintendent Schwartz, and leaders in the arts, education, and nonprofit sectors.

    A student uses a VR headset at UConn Waterbury’s WISHFest 2025 (Steve Bustamante / University of Connecticut)

    Cathy Smith, President of the Leavenworth Foundation, has long supported revitalization efforts throughout Waterbury with her husband Jim Smith—from restoring the Green and City Hall to supporting the Palace Theater, and now, WISHfest.

    Closing the Day with Art and Appreciation

    The festival concluded with a VIP reception at the Mattatuck Museum, where speakers, students, and community members came together in an evening of reflection, art, and connection.

    “This is what it means to be One UConn,” said President Radenka Maric, who returned for her second WISHfest. “We don’t just teach science or policy—we create spaces where young people can imagine new futures.”

    Powered by Partnership

    WISHfest25 is a free event, made possible through the generosity of the David and Joan Reed Endowment to UConn Waterbury, with additional support from UConn NSF TRANSCEND Ph.D. Training Program, UConn School of Business Digital Frontiers Initiative, UThe OLLI Program at UConn Waterbury, Mattatuck Museum, Palace Theater, Cathy & Jim Smith, Dunkin’, and Coca-Cola.

    A group photo of WISHfest staff, comprising UConn Waterbury staff and students, in front of the Palace Theater.(Steve Bustamante / University of Connecticut)

    “The collaboration between UConn, local schools, and community partners is what truly makes WISHfest successful,” said Monica Lattimer, co-director of WISHfest and Associate Director of Operations at UConn Waterbury. “It’s amazing to see how this event grows each year and continues to inspire our students to explore new career paths and ideas.”

    What’s Next?

    Planning is already underway for WISHfest26, which will be held on Friday, April 17, 2026, and feature Temple Grandin—renowned scientist, animal behaviorist, and autism advocate—as keynote speaker. The 2026 theme will explore agriculture, nutrition, sustainability, and neurodiversity, co-sponsored by UConn CAHNR and the USDA NextGen Fellows.

    “If this year was about igniting possibility,” said Hoeft, “next year, we’ll cultivate it.”

    To learn more, visit wishfest.waterbury.uconn.edu. To inquire about sponsorship or participation in next year’s event, email wishfest@uconn.edu.

    MIL OSI USA News –

  • MIL-OSI Security: Matthew R. Galeotti, Head of the Justice Department’s Criminal Division Delivers Remarks Following Conviction of Michael Sang Correa

    Source: United States Department of Justice

    Thank you, Acting United States Attorney Grewell, Special Agent in Charge of HSI’s Denver Field Office, Steve Cagan, and everyone for being here. My name is Matthew Galeotti, and I am the Head of the Justice Department’s Criminal Division.

    Today, the Justice Department secured the conviction of Michael Sang Correa on multiple counts of torture and one count of conspiracy to commit torture.

    This verdict underscores the Justice Department’s determination to protect victims and prevent perpetrators of torture and other heinous human rights abuses abroad from seeking a new life here in America.  You cannot hide here.  We can and will prosecute you if you come to the United States after committing atrocities abroad. This country will not be a safe haven for human rights violators.

    At the outset, I want to express my admiration and gratitude for the strength and courage of the victim witnesses who travelled all the way from Africa to a courtroom in Denver, Colorado, to tell the jury what Correa and his co-conspirators did to them. Reliving those horrific crimes and facing their tormenter in person again takes tremendous bravery. It must have been painful and difficult, and we thank them for enduring this ordeal in the interests of justice.

    I also want to express my appreciation and commend the prosecutors from the Criminal Division’s Human Rights and Special Prosecutions Section, Assistant United States Attorneys from the District of Colorado, and agents from Homeland Security Investigations for relentlessly pursuing this case, and ensuring justice was done.

    The evidence presented at trial exposed the depravity of the torture Correa committed in 2006, prior to his arrival in the United States, where he sought to escape accountability for his crimes here in Colorado.

    The government’s evidence showed that Correa, along with his co-conspirators, tortured and abused victims accused of plotting a coup against the regime then in power in The Gambia, a West African country which at the time was under the regime of President Yahya Jammeh.

    Correa belonged to a special unit of President Jammeh’s security forces, known as the “Junglers,” who brutally cracked down on what the regime claimed was a coup plot.

    Trial testimony revealed the direct role Correa played in that torture.

    With the intent to cause severe pain and suffering, Correa and his co-conspirators:

    Dripped hot, molten plastic onto the bare skin of one of their victims; they put plastic bags over victims’ heads, restricting breathing; one of Correa’s co-conspirators put the barrel of a pistol into the mouth of a victim; they threatened victims with knives and stabbed one of them; they electrocuted their victims, on their hands, and on their genitals; they extinguished cigarettes into their skin; they rubbed sand into their eyes; they hit one victim in the face with a hammer; and they beat their victims ruthlessly, using fists, feet, firearms, sticks, branches, wire, and pipes, to inflict pain and cause injury.

    There were virtually no bounds on their cruelty.

    But, just as there were no bounds on the defendant’s cruelty, there are no bounds on how far this Justice Department, under the leadership of Attorney General Pamela Bondi, will go to hold people who commit such brutality to account.

    People who have committed violent crimes — let alone human rights abuses — should not come to the United States. Period. They are not entitled to live the American Dream. They belong in prison. A core policy objective of the Justice Department is to secure our communities against criminal aliens, and today’s conviction of Correa is one more step taken in that direction.

    Wherever we have jurisdiction, the Justice Department will prosecute persons who have committed atrocities abroad under the federal criminal statutes proscribing torture, war crimes, genocide, and the recruitment or use of child soldiers, among other criminal charges. The Department can also use our criminal and civil immigration and naturalization laws to revoke U.S. citizenship or obtain other criminal penalties.

    The Department of Justice participates in an interagency effort to deny safe haven in the United States to human rights violators, working closely with the Department of Homeland Security, FBI and other agencies to identify such individuals and prevent them from entering the United States. This verdict today is the outcome of successful collaboration across agencies, and especially with Homeland Security Investigations and its Human Rights Violators and War Crimes Center.

    My thanks also go to the Department’s prosecutors, paralegal specialists, historian/analysts, and others who have worked on the Correa case with impressive determination and skill. They did so while always putting the victims first, which is one of the Department’s core principles.

    Correa’s conviction is the third time in which a defendant has been found guilty of torture in federal court, and it won’t be the last. Today’s verdict is a demonstration of our commitment to leave no stone unturned to prosecute human rights violators.

     

    MIL Security OSI –

  • MIL-OSI: Synaptics to Report Third Quarter Fiscal 2025 Results on May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., April 15, 2025 (GLOBE NEWSWIRE) — Synaptics® Incorporated (Nasdaq: SYNA) today announced that it will report financial results for the third quarter of fiscal 2025 on Thursday, May 8, 2025, after the market closes. The Company will host a corresponding conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET), to discuss the results.

    To participate on the live call, analysts and investors should pre-register at Synaptics Q3 FY2025 Earnings Call Registration.
    https://register-conf.media-server.com/register/BI116ee59c921049ac96b9faa761d08c9c

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

    A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investor.synaptics.com.

    About Synaptics Incorporated:
    Synaptics (Nasdaq: SYNA) is leading the charge in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for the world’s most forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra™ AI-Native embedded compute, VerosTM wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. 

    Follow Synaptics on LinkedIn, X, and Facebook, or visit www.synaptics.com.

    For further information, please contact:
    Munjal Shah
    Synaptics
    +1-408-518-7639
    munjal.shah@synaptics.com

    The MIL Network –

  • MIL-OSI: XWELL Reports Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 15, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in democratizing wellness, today reported results for the year ended December 31, 2024.

    Recent Highlights:

    • XWELL delivered 2024 revenue growth of approximately 13% versus 2023.
    • Gross margin more than doubled, increasing from 12.2% in 2023 to 26.3% in 2024.
    • The Company reduced operating and overhead expenses in 2023 and 2024, while it continues to focus on returning to overall profitability. For the year ended December 31, 2024, the Company:
      • Reduced salaries and benefits by approximately 5% versus 2023.
      • Reduced general and administrative expenses by approximately 4% versus 2023.
      • Reduced total operating expenses by approximately 19% versus 2023, even with substantial non-recurring expenses incurred in 2024.
    • XWELL announced a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention, reinforcing its critical role in national biosecurity.
    • Accelerating its expansion outside of airport locations, XWELL launched a new Naples Wax Center in Estero, Florida in December 2024.
    • Strengthening its capital structure, XWELL successfully closed a $4 million private placement in January 2025, comprising of convertible preferred stock and warrants.
    • Leveraging its recent capital raise, XWELL announced plans to acquire select medical spas to expand into the high-growth wellness and beauty sector.
    • As part of its brand evolution, XWELL announced that it plans to unite all of its wellness offerings under a single, cohesive XWELL brand identity.

    “We believe that XWELL’s improved 2024 financial and operational performance reflects the successful execution of our growth and productivity initiatives,” said Ezra Ernst, CEO of XWELL. “We continue to capitalize on compelling growth opportunities across our brands and remain focused on achieving sustainable expansion alongside our relentless focus on wellness and our customers.”

    “We’re also grateful and proud to continue the work we developed with our partners at the CDC and Ginkgo Bioworks for another three years. An early warning system for dangerous pathogens, the Traveler-based Genomic Surveillance Program plays a crucial role in protecting national security and public health.” Mr. Ernst added, “Looking ahead, I’m excited about the opportunities ahead for XWELL. By accelerating growth both in and out of the airport, unifying our offerings under the XWELL brand, and reinforcing our role in U.S. biosecurity and exploring biosecurity opportunities outside of the United States, I believe that we’re positioning XWELL for continued growth and long-term value creation.”

    Bringing A Unified Wellness Brand to the Market
    Committed to capitalizing on compelling growth opportunities in the wellness market, XWELL has developed and communicated a clear vision, mission, and purpose-driven forward-looking plan.

    • Our vision is to liberate wellness, making it a mainstream category synonymous with health, balance, and self-care.
    • Our mission is to create environments that inspire confidence, self-improvement, and wellness for everyone, everywhere.
    • Our purpose is to reshape the way people think about wellness by showing how accessible and effortless it can be.

    The Company’s forward-looking plan focuses on expanding and integrating offerings across its brands, with a key emphasis on unifying airport and off-airport locations under the XWELL brand. This strategic alignment will enable the development of membership and loyalty programs like Priority Pass that provide seamless access to XWELL locations, fostering deeper customer relationships and enhancing brand loyalty. Additionally, a strong customer community will support targeted marketing initiatives and cross-promotional opportunities, strengthened by advanced technology and customer relationship management capabilities from the HyperPointe unit.

    At the same time, XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

    Planned Strategic Investment in Medical Spas
    In March 2025, XWELL unveiled plans to acquire select medical spas during 2025, leveraging its recent $4 million private placement to expand into the high-growth wellness and beauty sector.

    This strategy aligns with XWELL’s mission to liberate wellness by creating a seamless continuum of care, extending beyond airports and into metropolitan areas where demand for advanced beauty and wellness treatments is rising.

    XWELL will initially focus on select metropolitan areas with strong demand for medspa services, including Orlando, Austin, Texas, and Salt Lake City.

    Operating At the Intersection of Travel, Health and Wellness
    Operating at the intersection of travel, health and wellness, the Company’s brands currently include XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™. 

    Travel Wellness Portfolio – XpresSpa®
    XpresSpa is the leading airport retailer of wellness services and related retail offerings. As of December 31, 2024, there were 18 domestic XpresSpa locations in total, comprised of 17 Company-owned locations and one franchise. The Company also had 10 international locations operating as of December 31, 2024, including two XpresSpa locations in the Dubai International Airport in the United Arab Emirates, one XpresSpa location in the Zayad International Airport in Abu Dhabi, United Arab Emirates, three XpresSpa locations in the Schiphol Amsterdam Airport in the Netherlands and four XpresSpa locations in the Istanbul Airport in Turkey.

    Out-of-Airport Wellness Portfolio – Naples Wax Center®
    XWELL’s first off-airport brand, Naples Wax Center, is a group of upscale hair removal and aesthetic services boutiques. Acquired in mid-September 2023, Naples Wax Center provides core products and service including face and body waxing as well as a range of skincare and cosmetic products from its current three locations.

    In December 2024, the Company announced the ongoing expansion of its out-of-airport spas with the opening of a new Naples Wax location in Estero, FL. This opening is the first in a series of strategic growth initiatives to expand the XWELL brand beyond airports. Looking ahead, in addition to its Estero location, XWELL has plans to open 6 additional locations across Florida during 2025.

    New York City’s Penn Station XpresSpa®
    Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company is executing plans to open an XpresSpa location in New York City’s Penn Station in 2025. The tech-forward spa will serve commuters, neighborhood locals, and tourists with wellness-focused retail, autonomous massage, and nail care services, enabling seamless and efficient experiences for time-crunched New York City travelers.

    Life Sciences & Biosurveillance — XpresCheck® and HyperPointe™
    XpresCheck in collaboration with the Centers for Disease Control and Prevention (“CDC”) and Ginkgo Bioworks, currently operates biosurveillance stations in 8 of the nation’s busiest airports.

    In March of 2025, XWELL announced that the CDC extended its Traveler-based Genomic Surveillance Program for three years. The contract has a total base value of $53.7 million over three years, with a maximum ceiling value of $85.7 million within the same timeframe. This program has been supported in whole or in part by the Centers for Disease Control & Prevention under contract number 75D30125C20439.  

    The TGS program functions as an early detection platform for emerging pathogens. By providing multimodal data, it enhances global biosecurity and illuminates migratory disease origin, to inform medical countermeasure research and development. The program utilizes wastewater samples from inbound international aircraft and airport triturators, along with nasal swab samples from volunteers arriving in the U.S. on select international flights.

    Additionally, the Company began reporting operating results for HyperPointe within its XpresCheck business. Beginning in June 2020, and following its acquisition by XWELL in January 2022, HyperPointe’s management team and suite of services and technology have been utilized to develop and deploy the technological infrastructure necessary to scale the growth of the XpresCheck business. HyperPointe’s experience in this space continues to play a critical role in the expansion of ongoing biosurveillance efforts created in partnership with Ginkgo Bioworks and the CDC.

    Liquidity and Financial Condition
    As of December 31, 2024, the Company had approximately $4.6 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $15.3 million, and no long-term debt.

    The Company significantly reduced operating and overhead expenses in the 2023 and 2024, while it continues to focus on returning to overall profitability.

    In January 2025, the Company announced the closing of its private placement offering of $4.0 million of the Company’s newly designated Series G Convertible Preferred Stock. The Company also issued to the investors in the private placement Series A warrants and Series B warrants exercisable for the Company’s common stock. The gross proceeds of the private placement were approximately $4.0 million, before deducting other offering expenses payable by the Company.

    Summary 2024 Financial Results

    Total Revenue
    Total revenue for the fiscal year ended December 31, 2024 was $33.9 million compared to $30.1 million in the prior year.

    Revenue for 2024 primarily consisted of approximately $18.3 million from XpresSpa locations, $430,000 from Treat locations and approximately $13.1 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $2.1 million.

    Total Cost of Sales
    Total cost of sales for the fiscal year ended December 31, 2024 were approximately $25.0 million compared to approximately $26.4 million in the prior year.

    General and Administrative Expenses; Salaries and Benefits
    General and administrative expenses for the fiscal year ended December 31, 2024 were approximately $12.5 million compared to approximately $13.0 million in the prior year.

    Salaries and benefits for the fiscal year ended December 31, 2024 were approximately $7.5 million compared to approximately $8.0 million in the prior year.

    Total Operating Expenses
    Total operating expenses for the fiscal year ended December 31, 2024 were approximately $25.6 million compared to approximately $31.9 million in the prior year.

    Operating Loss
    The operating loss for the fiscal year ended December 31, 2024 totaled approximately ($16.7) million compared to approximately ($28.2) million in the prior year.

    Net Loss Attributable to XWELL
    Net loss attributable to XWELL for the fiscal year ended December 31, 2024 totaled approximately ($16.9) million compared to approximately ($27.7) million in the prior year.

    About XWELL, Inc.  
    XWELL, Inc. (Nasdaq: XWEL) is a leading global wellness holding company operating multiple brands: XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™.  

    • XpresSpa is a leading retailer of wellness services and related products.  
    • Naples Wax Center is a group of upscale skin care boutiques.  
    • XpresCheck, in partnership with the CDC and Ginkgo Biosecurity, conducts biosurveillance monitoring in its airport locations.
    • HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.  

    For more information on XWELL’s offerings, visit www.XWELL.com. 

    Forward-Looking Statements  
    This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

    Media
    Heather Tidwell
    MWW
    htidwell@mww.com

    The MIL Network –

  • MIL-OSI USA: Gambian Man Convicted on Torture Charges

    Source: US State of North Dakota

    A Colorado jury convicted a Gambian national, Michael Sang Correa, on torture charges for his participation in the torture of numerous victims in The Gambia in 2006, including through beating and flesh burning, because of the victims’ purported involvement in a plot against The Gambia’s then-President, Yahya Jammeh.

    “Michael Sang Correa tried to evade responsibility for his crimes in The Gambia by coming to the United States and hiding his past,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “But we found him, we investigated him, and we prosecuted him. The lesson is: if you commit violent crimes—let alone torture or other human rights violations—do not come to the United States. If you do, the Department of Justice, together with its law enforcement partners, will leave no stone unturned to see that your crimes are exposed and justice is served. I thank the jurors for their service and the witnesses for the courage to relive the horror they experienced at Correa’s hands.”

    “The torture inflicted by Michael Sang Correa and his co-conspirators is abhorrent,” said Acting U.S. Attorney J. Bishop Grewell for the District of Colorado. “Today’s verdict shows you can’t get away with coming to Colorado to hide from your past crimes. The jurors are to be commended for their service throughout this trial and the witnesses for traveling so far to serve the interests of justice.”

    “Correa’s crimes caught up with him today,” said Special Agent in Charge Steve Cagen of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) Denver, who oversees HSI operations in Colorado, Montana, and Wyoming. “Correa chose the wrong country to try to escape from justice. HSI actively investigates and apprehends human rights violators who run from their criminal pasts and come here. We have a zero-tolerance policy for human rights violators.”

    According to evidence presented at trial, Michael Sang Correa, 46, served in an armed unit known as the “Junglers,” which answered to The Gambia’s then-President, Yahya Jammeh. The jury found that, as a Jungler, Correa conspired with others to commit torture. The jury also found that, together with others, he tortured five victims. The evidence at trial showed that Correa and his co-conspirators targeted these victims based on suspicions that they plotted against Jammeh.

    The evidence at trial proved that in March 2006, shortly after a failed coup attempt, Correa and his co-conspirators transported the victims to the main prison of The Gambia, known as “Mile 2 Prison.” For the rest of the month of March and well into April 2006, Correa and his co-conspirators beat, stabbed, burned, and electrocuted the victims. A victim testified that he had his thigh burned by hot, molten plastic; the Junglers also placed the victim in a large bag, suspended him in the air, and dropped him to the ground. Another victim testified that he was suffocated when Correa and his co-conspirators placed a plastic bag over his head; one of Correa’s co-conspirators also put the barrel of a pistol in his mouth. In addition to suffocation from a plastic bag over the head, another victim testified he was electrocuted on his body, including his genitals; hanged upside down and beaten in that position; and stabbed in the shoulder. A fourth victim endured electrocution and was hit in the head with a pistol. A fifth victim’s testimony indicated that he had cigarettes extinguished into his skin and experienced electrocution and was also struck in the face with a hammer. These and other horrific acts of torture and abuse emerged in the testimony of the victims at trial and revealed that Correa played an integral role in inflicting this torture on the victims.

    Ten years after these crimes, Correa obtained a visa to enter the United States, arriving in this country in December 2016. Correa escaped apprehension until 2019, and upon his arrest by ICE that year he was placed in removal proceedings. He was charged with torture in 2020. This is the first conviction of a non-U.S. citizen on torture charges in a federal district court.

    Correa faces a maximum penalty of 20 years in prison for each of the five torture counts and the count of conspiracy to commit torture. He will remain in U.S. custody pending his sentencing at a date to be determined by the Court. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The HSI Denver Field Office investigated the case, with support from HSI agents in Senegal, as well as personnel at the U.S. Embassy in Banjul, The Gambia, and the FBI Legal Attaché in Senegal.  The Human Rights Violators and War Crimes Center (HRVWCC) significantly supported the case. Established in 2009, the HRVWCC furthers the government’s efforts to identify, locate, and prosecute human rights abusers in the United States, including those who are known or suspected to have participated in persecution, war crimes, genocide, torture, extrajudicial killings, female genital mutilation, and the use or recruitment of child soldiers.

    Acting Principal Deputy Chief Christina Giffin and Trial Attorney Marie Zisa of the Criminal Division’s Human Rights and Special Prosecutions Section (HRSP) and Assistant U.S. Attorneys Melissa Hindman and Laura Cramer-Babycz for the District of Colorado prosecuted the case, with assistance from HRSP Historian/Analyst Dr. Christopher Hayden.

    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 HSI tip line at 1-866-DHS-2-ICE (1-866-347-2423) or internationally at 001-1802-872-6199. They can also email HRV.ICE@ice.dhs.gov or complete its online tip form at www.ice.gov/exec/forms/hsi-tips/tips.asp.

    MIL OSI USA News –

  • MIL-OSI Security: Fargo Man Sentenced to Federal Prison for Robbery

    Source: Office of United States Attorneys

    Fargo – Acting United States Attorney Jennifer Klemetsrud Puhl announced that Lucas Tavares, Age 34 of Fargo, ND, appeared in United States District Court today and was sentenced by Chief Judge Peter Welte to serve eight years in federal prison, followed by three years of supervised release for the offense of Hobbs Act Robbery.  Tavares was also ordered to pay a $100 special assessment fee.

    As reflected in court documents, on March 5, 2024, Tavares robbed the Loaf ‘N Jug located at 1201 N. University Ave, Fargo, ND. An employee told responding officers that Tavares held a knife to his neck during the robbery.  Fargo Police Department detectives quickly identified Tavares as the robber and took him into custody on the same day as the robbery.  A federal grand jury indicted Tavares for one count of Hobbs Act Robbery.  Tavares pleaded guilty on January 13, 2025.

    This case was investigated by the Federal Bureau of Investigation and was prosecuted by the United States Attorney’s Office, District of North Dakota, Assistant U.S. Attorney Richard Lee. 

    # # #

    MIL Security OSI –

  • MIL-OSI: Intermap Presenting at the Planet MicroCap Showcase on April 23, 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, April 15, 2025 (GLOBE NEWSWIRE) —  Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that its Chairman and CEO, Patrick A. Blott, will present at the Planet MicroCap Showcase: VEGAS 2025, in partnership with MicroCapClub on Wednesday, April 23, 2025, at 12:30 pm PT / 3:30 pm ET.

    To access Intermap’s Planet MicroCap presentation
    Date Wednesday, April 23, 2025
    Time 12:30 pm PT / 3:30 pm ET
    Webcast Watch here

    In addition to his presentation, Mr. Blott will host one-on-one investor meetings on Thursday, April 24, 2025, providing an opportunity to discuss the Company’s strategic initiatives and ongoing performance. Interested parties can watch a pre-conference interview with Mr. Blott.

    Intermap is executing on its global strategy following its upsized C$12 million bought deal in February. The Company’s multidimensional partnership with Indonesia continues to expand as demand grows from governments and insurers for its proprietary elevation data. In addition, expanding military collaborations are fueling the development of next-generation technologies, for which Intermap will hold exclusive commercial rights. These strategic initiatives underpin the Company’s 2025 revenue guidance of $30 to $35 million—with 70% growth at the low end—and are expected to boost the adjusted EBITDA margin to approximately 28% compared with 23% in 2024.

    “We’ve never been in a stronger position to accelerate growth and create long-term value for our shareholders,” Patrick A. Blott, Intermap Chairman and CEO. “I look forward to updating investors at the Planet MicroCap Showcase on the full potential of Intermap.”

    If you are unable to attend the live presentation, all Company webcasts will be available on the conference event platform under the Agenda tab.

    To book a meeting with Intermap’s Chairman and CEO Patrick Blott
    If you would like to book a one-on-one investor meeting with Intermap and to attend the Planet MicroCap Showcase: VEGAS 2025, in partnership with MicroCapClub, please make sure to register.

    One-on-one meetings will be scheduled and conducted in person at the conference venue: Paris Hotel & Casino in Las Vegas, NV.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Planet MicroCap
    Planet MicroCap is a global multimedia financial news, publishing and events company for the MicroCap investing community. We have cultivated an active and engaged audience of folks who are interested in learning about and staying ahead of the curve in the MicroCap space. The Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub website is available here.

    About Intermap Technologies 
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: Rivalry Announces Application for a Management Cease Trade Order for Late Filing of Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 15, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, today announces that it will be late in filing its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024 and related certifications (the “Annual Filings”).

    In response to the Annual Filings delay, the Company has applied to the Ontario Securities Commission for a management cease trade order (the “MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion. If the MCTO is granted, such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Annual Filings on SEDAR+.

    As previously announced, the Company has initiated a review of strategic alternatives to maximize long-term stakeholder value (the “Strategic Review”). The Company has determined that it is in the best interests of the Company to utilize its current management resources to advance the Strategic Review, resulting in a delay of completing the Annual Filings by the April 30, 2025 deadline.

    The Company is working on the preparation of the Annual Filings and expects to complete the Strategic Review and the Annual Filings by June 30, 2025. Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.

    The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date hereof.

    Company Contact:
    Steven Salz, Co-founder & CEO
    ss@rivalry.com

    Investor Contact:
    investors@rivalry.com

    Cautionary Note Regarding Forward-Looking Information and Statements

    This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Strategic Review, the anticipated filing of the Annual Filings, the application for the MCTO and the granting thereof by the Ontario Securities Commission.

    Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; negative cash flow from operations and the Company’s ability to operate as a going concern; failure to retain or add customers; the Company having a limited operating history; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

    No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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

    The MIL Network –

  • MIL-OSI USA: Rep. Barry Moore introduces Why Does the IRS Need Guns Act

    Source: United States House of Representatives – Congressman Barry Moore

    Washington D.C. – This week, U.S. Representative Barry Moore (AL-01) introduced the Why Does the IRS Need Guns Act. The Internal Revenue Service (IRS) has clearly been weaponized against the American people and their latest abuse is the use of taxpayer dollars to purchase firearms for agents. This legislation is cosponsored by Representatives Harriet Hageman (R-WY), Mary Miller (R-IL), and Clay Higgins (R-LA).

    Since the start of 2020, the IRS has spent $10 million on weapons, ammo, and combat gear.

    This legislation:

    • Prohibits the IRS from purchasing, receiving, or storing firearms and ammo.
    • Requires the IRS to transfer to the General Services Administration (GSA) any firearms or ammunition under IRS control.
    • Compels GSA to initiate the sell and auction of the firearms to licensed dealers and the ammunition to the general public.
    • Transfers the IRS Criminal Investigations Division to be folded into the Department of Justice’s jurisdiction.

    “The IRS has consistently been weaponized against American citizens, targeted religious organizations, journalists, gun owners, and everyday Americans,” said Moore. “Arming these agents does not make the American public safer. My legislation, the Why Does the IRS Need Guns Act, would disarm these agents, auction off their guns to Federal Firearms License Owners, and sell their ammunition to the public. The only thing IRS agents should be armed with are calculators.”

    “It is a shocking fact that the Biden administration spent over $10 million on firearms and ammunitions for IRS employees. This is especially troubling in light of the Select Subcommittee on the Weaponization of the Federal Government’s investigation into the IRS which exposed patterns of political targeting and harassment by agents. I am proud to support Congressman Moore’s bill which rightly strips the IRS of its arsenal and transfers the Criminal Investigations Division to the Department of Justice. The Why Does the IRS Need Guns Act will ensure the agency sticks to its mission of collecting revenue rather than moonlighting as a paramilitary law enforcement agency susceptible to politicization.” said Congresswoman Hageman.

    “There is absolutely zero justification for wasting taxpayer dollars to arm a federal agency that was never meant to act as an enforcement arm of the government,” said Congresswoman Mary Miller. “The IRS doesn’t need a stockpile of guns and ammunition — it needs proper transparency, oversight, and accountability. I fully support Rep. Moore’s bill to disarm the IRS and end this dangerous power grab once and for all.”

    “The weaponization of the IRS against working Americans is a threat to our Constitutional freedoms,” said Congressman Higgins. “IRS agents should not hit homes and businesses like SWAT teams, and they should not terrorize American families. This legislation disarms the IRS. I thank my colleague Congressman Moore for introducing this important legislation.”

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Government Expands Legislation to Target Street Weapons and Illicit Drugs

    Source: Government of Canada regional news

    Released on April 15, 2025

    Yesterday, the Legislative Assembly of Saskatchewan introduced House amendments to The Safe Public Spaces (Street Weapons) Act that will expand the Act to include fentanyl, hypodermic needles and methamphetamine.  

    Including fentanyl, methamphetamine and hypodermic needles as categories of street weapons recognizes the significant risks these items present to public safety. These amendments follow the government’s prior commitment to implement a comprehensive plan to protect communities from illicit fentanyl and methamphetamine production, transportation, trafficking and street use in the province.

    The Act is expected to be passed during the spring sitting of the Legislative Assembly and come into force this summer after regulations have been finalized. Once in force, the Act will enable municipalities and First Nations to opt in to new rules to regulate the possession, transportation and storage of items potentially used as street weapons, such as large knives, machetes, hypodermic needles and bear spray.

    “We are dedicated to creating safer communities for all Saskatchewan residents,” Justice Minister and Attorney General Tim McLeod said. “This legislation represents a pivotal step in ensuring that public spaces remain places of enjoyment and comfort, free from intimidation, violence caused by street weapons and illicit drugs.” 

    The government recognizes that many items used as street weapons have legitimate, legal purposes. The legislation contains appropriate exemptions to ensure these items can continue to be used for their lawful purposes, such as medical treatment, food preparation and protection from wildlife threats.

    These new rules form part of the government’s multi-ministry approach to safer communities and neighbourhoods, which also includes $11.9 million for approximately 100 new municipal police officers, $2.7 million for 14 new Safer Communities and Neighbourhoods (SCAN) personnel to target nuisance properties, $2.5 million for the Saskatchewan Police College over the next three years, and updating The Safer Communities and Neighbourhoods Act to provide additional options to address nuisance properties. 

    For more information on Saskatchewan’s ongoing work to create safe communities and neighborhoods please visit: 

    Saskatchewan Announces Measures to Protect Communities Against Fentanyl and Methamphetamine | News and Media | Government of Saskatchewan.

    Government of Saskatchewan Announces Major Investments in Public Safety | News and Media | Government of Saskatchewan.

    Government of Saskatchewan Introduces New Bear Spray Regulations | News and Media | Government of Saskatchewan.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Gambian Man Convicted on Torture Charges

    Source: United States Department of Justice

    A Colorado jury convicted a Gambian national, Michael Sang Correa, on torture charges for his participation in the torture of numerous victims in The Gambia in 2006, including through beating and flesh burning, because of the victims’ purported involvement in a plot against The Gambia’s then-President, Yahya Jammeh.

    “Michael Sang Correa tried to evade responsibility for his crimes in The Gambia by coming to the United States and hiding his past,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “But we found him, we investigated him, and we prosecuted him. The lesson is: if you commit violent crimes—let alone torture or other human rights violations—do not come to the United States. If you do, the Department of Justice, together with its law enforcement partners, will leave no stone unturned to see that your crimes are exposed and justice is served. I thank the jurors for their service and the witnesses for the courage to relive the horror they experienced at Correa’s hands.”

    “The torture inflicted by Michael Sang Correa and his co-conspirators is abhorrent,” said Acting U.S. Attorney J. Bishop Grewell for the District of Colorado. “Today’s verdict shows you can’t get away with coming to Colorado to hide from your past crimes. The jurors are to be commended for their service throughout this trial and the witnesses for traveling so far to serve the interests of justice.”

    “Correa’s crimes caught up with him today,” said Special Agent in Charge Steve Cagen of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) Denver, who oversees HSI operations in Colorado, Montana, and Wyoming. “Correa chose the wrong country to try to escape from justice. HSI actively investigates and apprehends human rights violators who run from their criminal pasts and come here. We have a zero-tolerance policy for human rights violators.”

    According to evidence presented at trial, Michael Sang Correa, 46, served in an armed unit known as the “Junglers,” which answered to The Gambia’s then-President, Yahya Jammeh. The jury found that, as a Jungler, Correa conspired with others to commit torture. The jury also found that, together with others, he tortured five victims. The evidence at trial showed that Correa and his co-conspirators targeted these victims based on suspicions that they plotted against Jammeh.

    The evidence at trial proved that in March 2006, shortly after a failed coup attempt, Correa and his co-conspirators transported the victims to the main prison of The Gambia, known as “Mile 2 Prison.” For the rest of the month of March and well into April 2006, Correa and his co-conspirators beat, stabbed, burned, and electrocuted the victims. A victim testified that he had his thigh burned by hot, molten plastic; the Junglers also placed the victim in a large bag, suspended him in the air, and dropped him to the ground. Another victim testified that he was suffocated when Correa and his co-conspirators placed a plastic bag over his head; one of Correa’s co-conspirators also put the barrel of a pistol in his mouth. In addition to suffocation from a plastic bag over the head, another victim testified he was electrocuted on his body, including his genitals; hanged upside down and beaten in that position; and stabbed in the shoulder. A fourth victim endured electrocution and was hit in the head with a pistol. A fifth victim’s testimony indicated that he had cigarettes extinguished into his skin and experienced electrocution and was also struck in the face with a hammer. These and other horrific acts of torture and abuse emerged in the testimony of the victims at trial and revealed that Correa played an integral role in inflicting this torture on the victims.

    Ten years after these crimes, Correa obtained a visa to enter the United States, arriving in this country in December 2016. Correa escaped apprehension until 2019, and upon his arrest by ICE that year he was placed in removal proceedings. He was charged with torture in 2020. This is the first conviction of a non-U.S. citizen on torture charges in a federal district court.

    Correa faces a maximum penalty of 20 years in prison for each of the five torture counts and the count of conspiracy to commit torture. He will remain in U.S. custody pending his sentencing at a date to be determined by the Court. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The HSI Denver Field Office investigated the case, with support from HSI agents in Senegal, as well as personnel at the U.S. Embassy in Banjul, The Gambia, and the FBI Legal Attaché in Senegal.  The Human Rights Violators and War Crimes Center (HRVWCC) significantly supported the case. Established in 2009, the HRVWCC furthers the government’s efforts to identify, locate, and prosecute human rights abusers in the United States, including those who are known or suspected to have participated in persecution, war crimes, genocide, torture, extrajudicial killings, female genital mutilation, and the use or recruitment of child soldiers.

    Acting Principal Deputy Chief Christina Giffin and Trial Attorney Marie Zisa of the Criminal Division’s Human Rights and Special Prosecutions Section (HRSP) and Assistant U.S. Attorneys Melissa Hindman and Laura Cramer-Babycz for the District of Colorado prosecuted the case, with assistance from HRSP Historian/Analyst Dr. Christopher Hayden.

    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 HSI tip line at 1-866-DHS-2-ICE (1-866-347-2423) or internationally at 001-1802-872-6199. They can also email HRV.ICE@ice.dhs.gov or complete its online tip form at www.ice.gov/exec/forms/hsi-tips/tips.asp.

    MIL Security OSI –

  • MIL-OSI Security: Carter Lake Man Sentenced to 7 Years in Federal Prison for Child Pornography Charge

    Source: Office of United States Attorneys

    COUNCIL BLUFFS, Iowa – A Carter Lake man was sentenced on March 12, 2025, to 84 months in in federal prison for receiving child pornography.

    According to public court documents and evidence presented at sentencing, the National Center for Missing and Exploited Children received a CyberTip that an account, later determined to be associated with Jay McCall Schnider, 52, received and uploaded files containing child sexual abuse material between April 2020 and July 2023. Law enforcement seized an electronic device during the execution of a search warrant of Schnider’s Carter Lake residence. A forensic examination of the seized electronic device showed that Schnider used the device to receive images and videos containing child sexual abuse material.

    After completing his term of imprisonment, Schnider will be required to serve a five-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Federal Bureau of Investigation.

    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 Child Exploitation and Obscenity Section, 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 –

  • MIL-OSI: Southside Bancshares, Inc. Announces First Quarter Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    TYLER, Texas, April 15, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside”) (NYSE: SBSI), the holding company for Southside Bank, announced today it will release its first quarter financial results before the market opens on Tuesday, April 29, 2025. Southside will host a conference call to discuss its results on Tuesday, April 29, 2025, at 11:00 a.m. CST.

    The call will be hosted by Lee R. Gibson, CEO, Keith Donahoe, President, Julie Shamburger, CFO, and Lindsey Bailes, VP, Investor Relations. Following prepared remarks there will be a question and answer session for the analyst community.

    The Conference Call Details

    The conference call can be accessed by webcast, for listen-only mode, here or on the company website, https://investors.southside.com, under Events.

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register using this online form to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate register 10 minutes prior to the conference call to ensure a more efficient registration process.

    For those unable to attend the live event, a webcast recording will be available here or on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

    About Southside Bancshares, Inc.

    Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $8.52 billion in assets as of December 31, 2024. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 53 branches and a network of 72 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at 903-630-7965 or lindsey.bailes@southside.com.

    For further information:                                
    Lindsey Bailes
    903-630-7965

    The MIL Network –

  • MIL-OSI Security: Canadian Man Sentenced to 14 Years in Federal Prison for Transportation of a Minor to Engage in Criminal Sexual Activity

    Source: Office of United States Attorneys

    COUNCIL BLUFFS, Iowa – A Saskatchewan, Canada man was sentenced on March 6, 2025 to 14 years in federal prison for transporting a minor with the intent to engage in criminal sexual activity.

    According to public court documents, Quentin Joel Nighttraveller, 45, drove his fourteen-year-old daughter from Canada to the United States. Nighttraveller worked as a commercial truck driver. In Rogers, Minnesota, Nighttraveller stopped to get the truck repaired. Nighttraveller sexually assaulted the victim. They continued the trip and while in Avoca, Iowa, the victim ran from the truck in the gas station and requested assistance. Nighttraveller drove away.

    After completing his term of imprisonment, Nighttraveller will be required to serve a five-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Federal Bureau of Investigation and the Pottawattamie County Sheriff’s Office.

    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 Child Exploitation and Obscenity Section, 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 –

  • MIL-OSI: Carlyle Secured Lending, Inc. Schedules Earnings Release and Quarterly Earnings Call to Discuss its Financial Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 15, 2025 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 11:00 a.m. EST on Wednesday, May 7, 2025 to announce its financial results for the first quarter ended March 31, 2025. The Company will report its quarterly financial results on Tuesday, May 6, 2025.

    The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website at carlylesecuredlending.com and will also be available on the website soon after the call’s completion.

    About Carlyle Secured Lending, Inc.

    Carlyle Secured Lending, Inc. is a publicly traded (NASDAQ: CGBD) business development company (“BDC”) which began investing in 2013. The Company focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Carlyle Secured Lending is externally managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and wholly owned subsidiary of Carlyle.

    Web: carlylesecuredlending.com

    About Carlyle   

    Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

    Contacts:

    Investors:   Media:
    Nishil Mehta   Kristen Ashton
    +1-212-813-4900   +1-212-813-4763
    publicinvestor@carlylesecuredlending.com   kristen.ashton@carlyle.com
         

    The MIL Network –

  • MIL-OSI: Banzai Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Revenue of $16.7 Million on a Consolidated, Pro-forma Basis for the Twelve Months Ending December 31, 2024, Representing 267% Annual Growth; Exceeded Guidance of $10 Million by 67%

    Q4 2024 Adjusted Net Loss Improved by $7.8 Million from ($9.2) Million in Q4 2023 to ($1.4) Million, Bringing the Company Closer to Profitability

    Management to Host Fourth Quarter and Full Year 2024 Results Conference Call Today, Tuesday, April 15, 2025 at 5:30 p.m. Eastern Time

    SEATTLE, April 15, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 and Subsequent Key Financial & Operational Highlights

    • Completed two acquisitions: ClearDoc, Inc. (“OpenReel”) on December 19, 2024, and Vidello, Ltd. (“Vidello”) on January 31, 2025.
    • Signed a definitive agreement to acquire Act-On Software Inc. (“Act-On”), an enterprise marketing automation platform (MAP) provider, which is projected to increase revenue by $27 million for the twelve-month period ending December 31, 2025, on a pro-forma basis, when completed; acquisition subject to closing conditions.
    • Completed ahead-of-schedule repayment of $20.3 million of outstanding liabilities as of March 31, 2025, pursuant to the $24.8 million debt payoff and restructuring agreements announced on September 24, 2024.

    Pro-Forma, As Consolidated Highlights of Banzai International, Inc; ClearDoc, Inc. (d/b/a OpenReel); and Vidello, Ltd.

    • Revenue of $16.7 million on a consolidated, pro-forma basis, for the year ended December 31, 2024, representing 267% annual growth compared to Banzai’s stand-alone revenue in FY 2023.
    • Expanded customer base to over 90,000 total customers.

    Highlights of Banzai International, Inc.

    • Revenue of $4.5 million for FY 2024, a decrease of $0.03 million over FY 2023 of $4.6 million on a GAAP basis.
    • Revenue of $1.3 million for Q4 2024 compared to $1.1 million for Q3 2024, a 20% sequential increase.
    • Annual Recurring Revenue (ARR) of $6.8 million for Q4 2024. This represents a 54% annualized ARR growth rate compared to Q3 2024.
    • Q4 2024 Adjusted Net Loss was ($1.44) million, a $(0.03) million sequential improvement from Q3 2024 Adjusted Net Loss of ($1.47) million. This represents an annualized improvement of $0.12 million.
    • FY 2024 Adjusted EBITDA improved by $5.4 million to ($6.5) million in FY 2024 from ($11.9) million in FY 2023.
    • Launched a comprehensive initiative designed to improve net income by up to $13.5 million annually while maintaining growth outlook.
    • Demio’s AI-powered webinar platform recognized with multiple accolades from the Gartner Digital Markets brands – Capterra, Software Advice, and GetApp.

    Highlights of ClearDoc Inc. (d/b/a OpenReel)

    • OpenReel demonstrated profitable financial results in FY 2024.
    • FY 2024 Revenue of $6.3 million
    • FY 2024 Net Income of $0.1 million

    Highlights of Vidello, Ltd.

    • Vidello demonstrated profitable financial performance in CY 2024.
    • CY 2024 Revenue of $6.1 million
    • CY 2024 Net Income of $1.5 million
    • Launched CreateStudio 4.0, the latest version of its award-winning video creation product.
    • Vidello, Ltd. FY 2024 ends March 31, 2024. CY 2024 results included audited financials for the period January 1, 2024, through March 31, 2024, and include reviewed, unaudited financials for the period April 1, 2024, through December 31, 2024.

    “The fourth quarter was underscored by significant consolidated, pro-forma revenue growth enabled by the recently closed acquisitions of Vidello and OpenReel, and continued strong performance for our products,” said Joe Davy, Founder and CEO of Banzai. “Pro-forma revenue was $16.7 million for the full year 2024 including the recently closed acquisitions, representing a 267% increase from the prior year’s standalone results. Vidello’s next-generation video creation, editing, and marketing suite, and OpenReel’s digital video creation platform combined to add approximately $12.4 million in revenues that enabled us to exceed our previously announced 2024 guidance. In addition, we are making continued progress toward closing the acquisition of Act-On Software, which is projected to increase revenue by $27 million for the full year 2025 on a pro-forma basis when completed, which remains subject to the satisfaction or waiver of closing conditions and therefore there is no guarantee it will be completed or provide such revenue.

    “For the fourth quarter, we achieved a 54% annualized Annual Recurring Revenue growth rate. Growth was driven by our focus on mid-market and enterprise customers, and on the Reach product through re-engineering and expanded sales efforts. In total, we now serve over 90,000 customers.

    “To better serve our customers, we have continued to invest in our products and growth initiatives. We recently launched CreateStudio 4.0, with major A.I. enhancements for video creation including new A.I. builders, hook generators and assistant, and improved audio visualizer, call-to-action, and UI improvements. We added significant enhancements to our Demio platform through deeper integration with Salesforce, and key enhancements designed to maximize efficiency and scalability. Demio’s success was further validated with accolades including the Capterra Shortlist, the Software Advice Frontrunners, the GetApp Category Leaders, and Forbes.

    “In 2024 we developed a completely re-engineered Reach offering, that we feel positions us for future growth in that category, as well as Curate, an AI-powered newsletter product which has already gained meaningful early customer traction.

    “We made significant improvements to our balance sheet and cost structure, which we believe will position us for sustainable profitability in the future. With the investment in our Vidello acquisition, we further improved our financial position and flexibility with a $34.3 million year over year improvement in stockholders’ equity, expected to be positive $3.4 million as of March 31, 2025. We also implemented a strategic initiative that we expect will enable us to significantly improve net income, substantially extend our cash runway, and invest in growth. We are making significant progress toward these goals and overall improvement in net income is expected to be approximately $13.5 million annually when fully implemented, while maintaining our growth outlook.

    “Looking ahead, combined with our new acquisitions we are fueling marketing results with an integrated platform of AI-powered MarTech solutions that will continue to drive growth. We are launching exciting new products and capabilities that will provide innovative solutions for our clients and further our market reach. We continually strive to manage costs efficiently while investing in our software platform, sales and marketing, and product development. We look forward to additional updates on our anticipated milestones in the weeks and months to come,” concluded Davy.

    Fourth Quarter 2024 Financial Results

    Banzai believes its non-GAAP financial measure ARR is more meaningful in evaluating its performance. The Company’s management team evaluates its financial and operating results utilizing this non-GAAP measure. For the three months ended December 31, 2024, ARR increased to $6.8 million, representing a 54% annualized ARR growth rate.

    Total GAAP revenue for the three months ended December 31, 2024, was $1.3 million, a sequential increase of 20.3% from the three months ended September 30, 2024, and an increase of 20.1% compared to the prior year quarter.

    Total cost of revenue for the three months ended December 31, 2024 was $0.4 million, compared to $0.3 million in the prior year quarter, an increase of 19.9%. The increase was proportional to the revenue for the corresponding period.

    Gross profit for the three months ended December 31, 2024, was $0.9 million, compared to $0.8 million in the prior year quarter. Gross margin was 71.2% in the fourth quarter of 2024, compared to 71.3% in the fourth quarter of 2023.

    Total operating expenses for the three months ended December 31, 2024, were $4.8 million, compared to $4.0 million in the prior year quarter.

    Net loss for the three months ended December 31, 2024, was $7.9 million, compared to $6.4 million in the prior year quarter. The greater net loss is primarily due to higher Pubco expense & overall operating expenses.

    Adjusted Net Loss for the three months ended December 31, 2024, was ($1.4) million, compared to ($9.2) million in the prior year quarter. This was driven by improvements to the Company’s efficiency and by write-off agreements entered into for certain liabilities, substantially reducing the Company’s current and future cash liabilities.

    Adjusted EBITDA for the three months ended December 31, 2024, was ($4.1) million, compared to Adjusted EBITDA of ($23.7) million for the prior year quarter, representing an improvement of $19.6 million.

    Full Year 2024 Financial Results

    Total revenue for the year ended December 31, 2024, and 2023, was $4.5 million and $4.6 million, respectively, a decrease of 0.7%. This decrease is primarily attributable to lower Reach revenue which declined by approximately $19 thousand due to a shift in Banzai’s focus to its Demio product and decision to phase out the legacy Reach offering, which decision was reversed in the later part of Q1 2024, with the launch of Reach 2.0. In 2024 Banzai revitalized its focus on the Reach offering through re-engineering and expanded sales efforts. Demio revenue was lower by approximately $223 thousand for the year ended December 31, 2024 as compared to the year ended December 31, 2023 due to churn and lower new sales period-over-period, and due to the company’s strategic shift to focus on mid-market customers, which the Company expects will ultimately result in higher Average Customer Value and Net Retention Rate for the Demio product.

    Cost of revenue for the years ended December 31, 2024, and 2023 was $1.42 million and $1.44 million, respectively. This represents an improvement of approximately $22 thousand, or approximately 1.5%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. This improvement is due primarily to a higher average customer value that led to an approximately 5% lower average cost per customer, driven by lower contracted services and infrastructure costs of approximately $84 thousand and $90 thousand, respectively.

    Gross profit for the year ended December 31, 2024, and 2023 was $3.11 million and $3.12 million, respectively. This represents a decrease of approximately $11 thousand, or approximately 0.4%, which was due to the decreases in revenue of approximately $33 thousand and decreases in the cost of revenue of approximately $22 thousand described above. Gross margin for the year ended December 31, 2024 and 2023 was 68.6% and 68.3%, respectively.

    Total operating expenses for the year ended December 31, 2024 and 2023, were $16.6 million and $12.9 million, respectively, an increase of 28.4%. This increase was due primarily to an overall increase in salaries and related expenses of approximately $0.5 million, marketing expenses of approximately $0.6 million, costs associated with audit, technical accounting, and legal and other professional services of approximately $2.6 million. On September 16, 2024, the Company implemented a reduction in force (the “Reduction”) intended to decrease expenses and maintain a streamlined organization to support key programs and customers, that is expected to conserve cash. As part of the Reduction, the Company reduced its headcount by 24 employees, which represented approximately 34% of the Company’s full-time employees as of September 16, 2024. The cost-saving measures from the Reduction are expected to reduce annual operating expenses by approximately an additional $1.3 million beginning in the fourth quarter of 2024. The Company estimates that it will incur total restructuring charges of approximately $0.1 million, including severance payments in connection with the Reduction. The Company completed the reduction in October, 2024.

    Net loss for the year ended December 31, 2024 and 2023, was $31.5 million and $14.4 million, respectively. The greater net loss is primarily due to an increase in total other expenses of approximately $13.4 million during the year ended December 31, 2024 compared to the year ended December 31, 2023, in addition to an increase in operating expenses of approximately $3.7 million.

    Adjusted Net Loss for the year ended December 31, 2024 and 2023, was ($6.5) million and ($11.9) million, respectively, representing an improvement of $5.4 million.

    Net cash used in operating activities for the year ended December 31, 2024, was $9.6 million, compared to $1.6 million for the year ended December 31, 2023.

    Cash totaled $1.1 million as of December 31, 2024, compared to $2.1 million as of December 31, 2023.

    Annual Recurring Revenue (“ARR”) refers to annual run-rate revenue of subscription agreements from all customers in the last month of the measured period. These statements are forward-looking and actual ARR may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Banzai’s actual ARR to differ materially from these forward-looking statements.

    Fourth Quarter and Full Year 2024 Results Conference Call

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

    To access the call, please use the following information:

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

    Note About Non-GAAP Financial Measures

    Adjusted EBITDA

    In addition to our results determined in accordance with U.S. GAAP, we believe that Adjusted EBITDA, a non-GAAP measure as defined below, is useful in evaluating our operational performance distinct and apart from certain irregular, non-cash, and non-operational expenses. We use this information for ongoing evaluation of operations and for internal planning purposes. We believe that non- GAAP financial information, when taken collectively with results under GAAP, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies.

    Non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We endeavor to compensate for the limitation of Adjusted EBITDA, by also providing the most directly comparable GAAP measure, which is net loss, and a description of the reconciling items and adjustments to derive the non-GAAP measure.

    Adjusted EBITDA should only be considered alongside results prepared in accordance with GAAP, including various cash-flow metrics, net income (loss) and our other GAAP results and financial performance measures.

    Net Income/(Loss) to Adjusted EBITDA Reconciliation

        Year Ended
    December 31,    		     Year Ended
    December 31,    		     Year-over-     Year-over-  
    ($ in Thousands)   2024     2023     Year $     Year %  
    Net loss   $ (31,513 )   $ (14,406 )   $ (17,107 )     118.7 %
    Other expense (income), net     88       (63 )     151       -239.7 %
    Depreciation expense     24       7       17       242.9 %
    Stock based compensation     1,166       1,246       (80 )     -6.4 %
    Interest expense     —       1,068       (1,068 )     -100.0 %
    Interest expense – related party     3,047       4,486       (1,439 )     -32.1 %
    Income tax expense     —       —       —     nm  
    GEM settlement fee expense     200       —       200     nm  
    Gain on extinguishment of liabilities     (681 )     —       (681 )   nm  
    Loss on debt issuance     653       —       653     nm  
    Loss on issuance of term notes     1,072       —       1,072     nm  
    Loss on conversion and settlement of Alco promissory notes – related party     4,809       —       4,809     nm  
    Loss on conversion and settlement of CP BF notes – related party     6,529       —       6,529     nm  
    Change in fair value of warrant liability     (626 )     (1,807 )     1,181       -65.4 %
    Change in fair value of warrant liability – related party     (573 )     115       (688 )     -598.3 %
    Change in fair value of simple agreement for future equity     —       (208 )     208       -100.0 %
    Change in fair value of simple agreement for future equity – related party     —       (2,752 )     2,752       -100.0 %
    Change in fair value of bifurcated embedded derivative liabilities     —       (1,405 )     1,405       -100.0 %
    Change in fair value of bifurcated embedded derivative liabilities – related party     (51 )     (3,063 )     3,012       -98.3 %
    Change in fair value of convertible notes     693       (34 )     727       -2138.2 %
    Change in fair value of term notes     89       —       89     nm  
    Change in fair value of convertible bridge notes     (10 )     —       (10 )   nm  
    Yorkville prepayment premium expense     81       —       81     nm  
    Goodwill impairment     2,725       —       2,725     nm  
    Transaction related expenses     5,772       4,746       1,026       21.6 %
    Adjusted EBITDA (Loss)   $ (6,506 )   $ (11,944 )   $ 5,438       -45.5 %


    About Banzai

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

    Forward-Looking Statements

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

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

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

     
    BANZAI INTERNATIONAL, INC.
    Consolidated Balance Sheets
     
        December 31, 2024     December 31, 2023  
    ASSETS            
    Current assets:            
    Cash   $ 1,087,497     $ 2,093,718  
    Accounts receivable, net of allowance for credit losses of $24,210 and $5,748, respectively     936,321       105,049  
    Prepaid expenses and other current assets     643,674       741,155  
    Total current assets     2,667,492       2,939,922  
                 
    Property and equipment, net     3,539       4,644  
    Intangible assets, net     3,883,853       —  
    Goodwill     18,972,475       2,171,526  
    Operating lease right-of-use assets     72,565       134,013  
    Bifurcated embedded derivative asset – related party     63,000       —  
    Other assets     11,154       38,381  
    Total assets     25,674,078       5,288,486  
                 
    LIABILITIES AND STOCKHOLDERS’ DEFICIT            
    Current liabilities:            
    Accounts payable     7,782,746       6,439,863  
    Accrued expenses and other current liabilities     3,891,018       5,194,240  
    Convertible notes (Yorkville)     —       1,766,000  
    Convertible notes – related party     8,639,701       5,233,932  
    Convertible notes     215,057       —  
    Notes payable – related party, net of discount     —       9,164,924  
    Notes payable, carried at fair value     3,575,000       —  
    Deferred underwriting fees     —       4,000,000  
    Deferred fee     —       500,000  
    Warrant liability     15,000       641,000  
    Warrant liability – related party     2,300       575,000  
    Earnout liability     14,850       59,399  
    Due to related party     167,118       67,118  
    GEM commitment fee liability     —       2,000,000  
    Deferred revenue     3,934,627       1,214,096  
    Operating lease liabilities, current     22,731       234,043  
    Total current liabilities     28,260,148       37,089,615  
                 
    Deferred revenue – long-term     117,643       —  
    Deferred tax liability     10,115       —  
    Operating lease liabilities, non-current     49,974       —  
    Other long-term liabilities     —       75,000  
    Total liabilities     28,437,880       37,164,615  
                 
    Commitments and contingencies (Note 17)            
                 
    Stockholders’ equity (deficit):            
    Common stock, $0.0001 par value, 275,000,000 (250,000,000 Class A and 25,000,000 Class B) shares authorized and 8,195,163 (5,884,029 Class A and 2,311,134 Class B) and 2,585,297 (274,163 Class A and 2,311,134 Class B) issued and outstanding at December 31, 2024 and December 31, 2023, respectively     800       259  
    Preferred stock, $0.0001 par value, 75,000,000 shares authorized, 1 and 0 shares issued and outstanding at December 31, 2024 and December 31, 2023     —       —  
    Additional paid-in capital     75,515,111       14,889,936  
    Accumulated deficit     (78,279,713 )     (46,766,324 )
    Stockholders’ equity (deficit)     (2,763,802 )     (31,876,129 )
    Total liabilities and stockholders’ equity (deficit)   $ 25,674,078     $ 5,288,486  
     
    BANZAI INTERNATIONAL, INC.
    Consolidated Statements of Operations
     
        For the Years Ended December 31,  
        2024     2023  
    Operating income:            
    Revenue   $ 4,527,879     $ 4,561,300  
    Cost of revenue     1,422,542       1,444,618  
    Gross profit     3,105,337       3,116,682  
                 
    Operating expenses:            
    General and administrative expenses     16,548,902       12,905,073  
    Depreciation and amortization expense     24,179       7,160  
    Total operating expenses     16,573,081       12,912,233  
                 
    Operating loss     (13,467,744 )     (9,795,551 )
                 
    Other expenses (income):            
    SEPA commitment fee and deferred fee expense     —       3,826,176  
    GEM warrant expense     —       2,448,000  
    GEM commitment fee expense     —       2,000,000  
    GEM settlement fee expense     200,000       —  
    Other expense (income), net     88,329       (62,985 )
    Interest income     (10 )     (813 )
    Interest expense     —       1,068,447  
    Interest expense – related party     3,047,101       4,486,027  
    Gain on extinguishment of liabilities     (680,762 )     —  
    Loss on debt issuance     653,208       —  
    Loss on extinguishment of term notes     1,071,563       —  
    Loss on conversion and settlement of Alco promissory notes – related party     4,808,882       —  
    Loss on conversion and settlement of CP BF notes – related party     6,529,402       —  
    Change in fair value of warrant liability     (626,000 )     (1,807,000 )
    Change in fair value of warrant liability – related party     (572,700 )     115,000  
    Change in fair value of simple agreement for future equity     —       (207,570 )
    Change in fair value of simple agreement for future equity – related party     —       (2,752,430 )
    Change in fair value of bifurcated embedded derivative liabilities     —       (1,404,863 )
    Change in fair value of bifurcated embedded derivative liabilities – related party     (51,000 )     (3,063,278 )
    Change in fair value of convertible notes     693,000       (34,000 )
    Change in fair value of term notes     88,588       —  
    Change in fair value of convertible bridge notes     (10,176 )     —  
    Yorkville prepayment premium expense     80,760       —  
    Goodwill impairment     2,725,460       —  
    Total other expenses, net     18,045,645       4,610,711  
    Loss before income taxes     (31,513,389 )     (14,406,262 )
    Income tax expense     —       —  
    Net loss     (31,513,389 )     (14,406,262 )
                 
    Deemed dividend – Series A and Series B warrant modification (net of tax)     (418,360 )     —  
                 
    Net loss attributable to common shareholders   $ (31,095,029 )   $ (14,406,262 )
                 
    Net loss per share attributable to common shareholders            
    Basic and diluted   $ (6.97 )   $ (6.00 )
                 
    Weighted average common shares outstanding            
    Basic and diluted     4,458,169       2,401,988  
     
    BANZAI INTERNATIONAL, INC.
    Consolidated Statements of Cash Flows
     
        For the Years Ended December 31,  
        2024     2023  
    Cash flows from operating activities:            
    Net loss   $ (31,513,389 )   $ (14,406,262 )
    Adjustments to reconcile net loss to net cash used in operating activities:            
    Depreciation and amortization expense     24,179       7,160  
    Provision for credit losses on accounts receivable     18,462       (102,112 )
    Non-cash shares issued to Yorkville for aggregate commitment fee     —       3,288,000  
    Non-cash issuance of warrants accounted for as liabilities     —       2,448,000  
    Non-cash share issuance for marketing expenses     245,252       —  
    Non-cash settlement of GEM commitment fee     200,000       2,000,000  
    Non-cash share issuance for Yorkville redemption premium     80,760       —  
    Discount at issuance on notes carried at fair value     747,962       686,016  
    Non-cash interest expense – related party     1,532,475       513,977  
    Amortization of debt discount and issuance costs     —       958,822  
    Amortization of debt discount and issuance costs – related party     1,393,785       2,410,735  
    Amortization of operating lease right-of-use assets     137,717       173,245  
    Stock based compensation expense     1,165,680       1,245,796  
    Gain on extinguishment of liability     (680,762 )     —  
    Loss on conversion and settlement of Alco promissory notes – related party     4,808,882       —  
    Loss on conversion and settlement of CP BF notes – related party     6,529,402       —  
    Loss on debt issuance     653,208       —  
    Loss on extinguishment of term notes     1,071,563       —  
    Impairment loss     2,725,460       —  
    Excise tax     —       305,719  
    Change in fair value of warrant liability     (626,000 )     (1,807,000 )
    Change in fair value of warrant liability – related party     (572,700 )     115,000  
    Change in fair value of simple agreement for future equity     —       (207,570 )
    Change in fair value of simple agreement for future equity – related party     —       (2,752,430 )
    Change in fair value of bifurcated embedded derivative liabilities     —       (1,404,863 )
    Change in fair value of bifurcated embedded derivative liabilities – related party     (51,000 )     (3,063,278 )
    Change in fair value of convertible promissory notes     693,000       (34,000 )
    Change in fair value of term notes     88,588       —  
    Change in fair value of convertible bridge notes     (10,176 )     —  
    Changes in operating assets and liabilities:            
    Accounts receivable     15,828       65,479  
    Prepaid expenses and other current assets     551,645       (407,648 )
    Other assets     27,227       —  
    Deferred offering costs     —       (1,708,163 )
    Accounts payable     1,012,281       5,339,614  
    Due to related party     —       67,118  
    Deferred revenue     (6,315 )     283,660  
    Accrued expenses     498,051       4,448,867  
    Operating lease liabilities     (237,607 )     (284,963 )
    Earnout liability     (44,549 )     (229,700 )
    Deferred fees     —       500,000  
    Deferred revenue – long-term     10,573       —  
    Deferred tax liability     10,115       —  
    Other long-term liabilities     (75,000 )     —  
    Net cash used in operating activities     (9,575,403 )     (1,550,781 )
    Cash flows from investing activities:            
    Cash acquired in acquisition of OpenReel     82,219       —  
    Net cash provided by investing activities     82,219       —  
    Cash flows from financing activities:            
    Effect of Merger, net of transaction costs (Note 4)     —       (7,615,462 )
    Payment of GEM commitment fee     (1,200,000 )     —  
    Repayment of convertible notes (Yorkville)     (750,000 )     —  
    Proceeds from term notes, net of issuance costs     2,782,438       —  
    Repayment of term notes     (1,939,583 )     —  
    Partial repayment of convertible notes – related party     (283,315 )     —  
    Proceeds from Yorkville redemption premium     35,040       —  
    Proceeds from advance from related party     100,000       —  
    Proceeds from issuance of GEM promissory note     —       —  
    Proceeds from issuance of notes payable, net of issuance costs – related party     —       4,387,701  
    Proceeds from issuance of convertible notes, net of issuance costs     2,602,000       3,235,000  
    Proceeds from issuance of convertible notes, net of issuance costs – related party     —       2,583,000  
    Proceeds received for exercise of Pre-Funded warrants     2,072       —  
    Proceeds from issuance of shares to Yorkville under the SEPA agreement     880,943       —  
    Proceeds from issuance of common stock     6,257,368       30,761  
    Net cash provided by financing activities     8,486,963       2,621,000  
    Net decrease in cash     (1,006,221 )     1,070,219  
    Cash at beginning of period     2,093,718       1,023,499  
    Cash at end of period   $ 1,087,497     $ 2,093,718  

    The MIL Network –