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Category: Finance

  • MIL-OSI: MidWestOne Financial Group, Inc. Announces First Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, April 11, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“MidWestOne” or the “Company”), parent company of MidWestOne Bank, today announced that its first quarter 2025 financial results will be released after market closes on Thursday, April 24, 2025. The Company will host a conference call to discuss its financial results at 11:00 a.m. Central Time on Friday, April 25, 2025.

    Investors and analysts interested in participating in the call may pre-register utilizing the following link: https://www.netroadshow.com/events/login?show=29396e9f&confId=80376. After pre-registering for this event, you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 (callers located in Canada please dial 1-833-950-0062) approximately 15 minutes prior to the start of the call and providing the access code 527448. A live audio webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at https://www.midwestonefinancial.com.

    A replay of the conference call will be available within four hours of the conclusion of the call and can be accessed both online and by dialing 1-866-813-9403 within the United States and Canada (all other international callers please dial +440-204-525-0658). The pin to access the telephone replay is 162684. The replay will be available until July 24, 2025.

    About MidWestOne Financial Group, Inc.
    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Category: Earnings
    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contact:  
    Charles N. Reeves Barry S. Ray
    Chief Executive Officer Chief Financial Officer
    319.356.5800 319.356.5800
       

    The MIL Network –

  • MIL-OSI USA: Owner Of Florida Health Care Companies Sentenced for Employment Tax Crimes

    Source: US State of California

    A Florida man was sentenced today to 18 months in prison, two years of supervised release, and ordered to pay $4,381,265.76 in restitution to the United States for willfully failing to pay over employment taxes and willfully failing to file individual income tax returns.

    According to court documents and statements made in court, Paul Walczak controlled a network of interconnected health care companies operating under various names, including Palm Health Partners. Through another of his entities, Palm Health Partners Employment Services (PHPES), Walczak employed over 600 people and paid over $24 million annually in payroll. As such, Walczak was required to withhold Social Security, Medicare, and federal income taxes from his employees’ paychecks and to pay those monies over to the IRS each quarter, and to pay the companies’ portion of Social Security and Medicare taxes.

    For more than a decade, Walczak was not compliant with his tax obligations and instead used the withheld taxes to enrich himself. In 2011, Walczak did not pay two quarters of withheld taxes to the IRS. In 2012, the IRS began collection efforts, including by sending him notices about his unpaid taxes, and by meeting with Walczak to help bring him into compliance. When that effort was unsuccessful, the IRS assessed the outstanding taxes against him personally. After that was imposed, Walczak paid the assessments in October 2014. Walczak’s compliance did not last long, however. By the end of the following year, Walczak was again withholding taxes from his employees’ paychecks and keeping the money.

    From 2016 through 2019, Walczak withheld $7,432,223.80 of taxes from his employees’ paychecks, but did not pay those taxes over to the IRS. While Walczak was withholding taxes from the pay of his employees under the pretext of paying these funds to the IRS, he used over $1 million from his businesses’ bank accounts to purchase a yacht, transferred hundreds of thousands of dollars to his personal bank accounts, and used the business accounts for personal purchases at retailers such as Bergdorf Goodman, Cartier, and Saks. During this same time, he also did not pay $3,480,111 of his business’s portion of his employees’ Social Security and Medicare taxes.

    By 2019, the IRS had assessed millions of dollars in civil penalties against Walczak. Beginning with the 2018 tax year, Walczak also stopped filing personal income tax returns despite that he was still receiving income including a $360,000 salary from PHPES and $450,000 in transfers from his business bank accounts.

    Moreover, in 2019, Walczak created a new business, NextEra. Walczak used a family member as the 99% nominal owner of NextEra, but Walczak had ultimate control of the finances and operations of NextEra. Through NextEra, Walczak transferred in 2020 just under $200,000 to a bank account titled in a family member’s name, over $250,000 to a bank account in his wife’s name, and over $800,000 in payments directly to third parties for Walczak’s personal expenses, including clothing stores, department stores, and fishing retailers.

    In total, Walczak caused a tax loss to the IRS of $10,912,334.80

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Emmanuel Gomez of IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

    IRS-CI investigated the case.

    Trial Attorneys Brian Flanagan, Andrew Ascencio, and Ashley Stein of the Justice Department’s Tax Division prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Owner Of Florida Health Care Companies Sentenced for Employment Tax Crimes

    Source: United States Attorneys General

    A Florida man was sentenced today to 18 months in prison, two years of supervised release, and ordered to pay $4,381,265.76 in restitution to the United States for willfully failing to pay over employment taxes and willfully failing to file individual income tax returns.

    According to court documents and statements made in court, Paul Walczak controlled a network of interconnected health care companies operating under various names, including Palm Health Partners. Through another of his entities, Palm Health Partners Employment Services (PHPES), Walczak employed over 600 people and paid over $24 million annually in payroll. As such, Walczak was required to withhold Social Security, Medicare, and federal income taxes from his employees’ paychecks and to pay those monies over to the IRS each quarter, and to pay the companies’ portion of Social Security and Medicare taxes.

    For more than a decade, Walczak was not compliant with his tax obligations and instead used the withheld taxes to enrich himself. In 2011, Walczak did not pay two quarters of withheld taxes to the IRS. In 2012, the IRS began collection efforts, including by sending him notices about his unpaid taxes, and by meeting with Walczak to help bring him into compliance. When that effort was unsuccessful, the IRS assessed the outstanding taxes against him personally. After that was imposed, Walczak paid the assessments in October 2014. Walczak’s compliance did not last long, however. By the end of the following year, Walczak was again withholding taxes from his employees’ paychecks and keeping the money.

    From 2016 through 2019, Walczak withheld $7,432,223.80 of taxes from his employees’ paychecks, but did not pay those taxes over to the IRS. While Walczak was withholding taxes from the pay of his employees under the pretext of paying these funds to the IRS, he used over $1 million from his businesses’ bank accounts to purchase a yacht, transferred hundreds of thousands of dollars to his personal bank accounts, and used the business accounts for personal purchases at retailers such as Bergdorf Goodman, Cartier, and Saks. During this same time, he also did not pay $3,480,111 of his business’s portion of his employees’ Social Security and Medicare taxes.

    By 2019, the IRS had assessed millions of dollars in civil penalties against Walczak. Beginning with the 2018 tax year, Walczak also stopped filing personal income tax returns despite that he was still receiving income including a $360,000 salary from PHPES and $450,000 in transfers from his business bank accounts.

    Moreover, in 2019, Walczak created a new business, NextEra. Walczak used a family member as the 99% nominal owner of NextEra, but Walczak had ultimate control of the finances and operations of NextEra. Through NextEra, Walczak transferred in 2020 just under $200,000 to a bank account titled in a family member’s name, over $250,000 to a bank account in his wife’s name, and over $800,000 in payments directly to third parties for Walczak’s personal expenses, including clothing stores, department stores, and fishing retailers.

    In total, Walczak caused a tax loss to the IRS of $10,912,334.80

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Emmanuel Gomez of IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

    IRS-CI investigated the case.

    Trial Attorneys Brian Flanagan, Andrew Ascencio, and Ashley Stein of the Justice Department’s Tax Division prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Aether Holdings Announces Closing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) — Aether Holdings, Inc. (NASDAQ: ATHR) (“we,” “us,” “our,” “Aether,” or the “Company”), an emerging financial technology holding company offering software, data, and artificial intelligence technology to institutional and self-directed investors, is pleased to announce the closing of its initial public offering of 1,800,000 shares of its common stock at a price to the public of $4.30 per share on April 11, 2025.

    The gross proceeds to Aether from the offering, before deducting underwriting discounts and commissions and other offering expenses, were $7,740,000, and net proceeds were approximately $6,520,000. The shares sold in the offering began trading on the Nasdaq Capital Market under the symbol “ATHR” on April 10, 2025.

    Aether intends to use the net proceeds from the offering to further the design and development of its products, hire additional employees, including in the areas of finance, accounting, sales, marketing, securities research, and copy editing, sales and marketing expenses, and general corporate purposes and working capital.

    The Benchmark Company, LLC and Axiom Capital Management, Inc. acted as joint book-running managers for the offering. Ellenoff Grossman & Schole LLP acted as counsel to Aether. Sheppard, Mullin, Richter & Hampton LLP acted as counsel to the underwriters. ZH CPA LLC are Aether’s registered independent auditors.

    A registration statement relating to Aether’s initial public offering has been filed with the U.S. Securities and Exchange Commission, and was declared effective on April 9, 2025. Final prospectuses for the offering and related resale by selling stockholders were filed with the U.S. Securities and Exchange Commission on April 11, 2025. This registration statement and final prospectuses can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement and final prospectuses for additional information regarding Aether.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Aether Holdings, Inc.

    Aether Holdings, Inc. (NASDAQ:ATHR) is an emerging financial technology holding company focused on transforming the way investors navigate the markets. Leveraging decades of market expertise and cutting-edge technology, Aether delivers proprietary tools, data, and research to empower traders with actionable insights and enhanced decision-making capabilities.

    Aether’s flagship platform, SentimenTrader.com, is designed to serve both retail and institutional investors by offering advanced sentiment analysis through the use of machine learning (ML) and artificial intelligence (AI) capabilities. With over 20 years of sentiment data integrated into its systems, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

    Aether is committed to building an ecosystem that supports smarter, data-driven trading strategies, reinforcing its mission to empower the investing community and redefine excellence in fintech.

    Find out more about Aether Holdings at https://helloaether.com/

    By integrating advanced technologies, including artificial intelligence tools with the critical thinking and analytical abilities of its team of evidenced-based trading veterans, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of Aether’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expected”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements (which includes statements regarding the commencement of trading in our common stock and the closing of the offering described herein) are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For Aether, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: the impact of governmental laws and regulations, including the regulation of artificial intelligence; our failure to maintain and protect our reputation for trustworthiness and independence; our ability to develop new products or effectively market our products and services; our ability to continue to evolve and adapt our technology, including further adoption of artificial intelligence and machine learning techniques; our ability to attract new users and to persuade existing users to renew their subscriptions with us and to purchase higher subscription tiers from us; our ability to expand the coverage of our products to include foreign markets and additional types of financial instruments; our future capital needs; our ability to expand our revenue streams beyond the subscriber model; difficulties with third-party services we rely on or will rely on; and similar risks and uncertainties associated with the business of a start-up business operating a in a regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Company Contact
    Frank Cid
    (347)-363-0886
    ir@helloaether.com

    Investor Relations Contact
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    (347)-947-2093
    Email: matthew@strategic-ir.com

    Media Contact
    Jessica Starman, MBA
    media@helloaether.com

    The MIL Network –

  • MIL-OSI: Beam Global Reports Full Year 2024 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 11, 2025 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), (the “Company”), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation, smart cities, and energy security, today announced its operating results for the year ended December 31, 2024.

    2024 and Recent Company Highlights:

    Financial:

    • Revenues of $49.3 million, more than double any previous year’s revenue in the Company’s history excluding 2023
    • Five-year Revenue CAGR 68%
    • Revenues from non-government commercial entities increased by 229% from 2023 to 2024
    • Positive full year gross margins of 15% – an improvement of 13 percentage points over 2023
    • Adjusted non-GAAP gross margins, net of non-cash costs were 21%
    • Net cash used in Operations for 2024 was $2.2 million vs. 2023 at $13.3 million
    • Backlog of $5.6 million on December 31, 2024
    • Debt free and $100 million line of credit available and unused

    Operational:

    • Acquisition of Serbia-based Telcom – provides Beam with in-house production capabilities for power electronics
    • Received $7.4 million order from the U.S. Army for 88 off-grid EV ARCTM systems
    • Received $4.8 million order from the U.S. Department of Homeland Security for EV ARCTM systems
    • Achieved CE (Conformité Européenne) certification on EV ARCTM
    • Achieved Build America, Buy America (BABA) Act Compliance for EV ARC™
    • Launched four new products BeamSpot™, BeamBike™, BeamPatrol™, BeamWell™
    • Received first orders for BeamSpot™ and BeamWell™
    • Closed and deployed first “Driving on Sunshine” sponsorship deal with Globos Osiguranje
    • Introduced the Beam Global Reseller Program – expanding outside sales resources
    • Delivered UK Ministry of Defence EV ARC™ systems to Cyprus
    • Entered Middle Eastern and African markets through reselling partnerships
    • Added new police and international airport fleet customers, further expanding our customer base in critical sectors
    • Enhanced Beam Global leadership team:
      • COO – Mark Myers, former Nuclear Navy Officer
      • VP of Sales – Andy Lovsted joined Beam Global in the U.S.
      • Director of Channel Partnerships – Igor Labovic joined Beam Global in Europe
    • Announced partnership with Benzina Zero, an innovative provider of electric mopeds, scooters, electric bicycles and micro-mobility solutions
    • Announced partnership with Zero Motorcycles, an innovative provider of electric motorcycles
    • Expanded global patent portfolio:
      • Awarded European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
      • Awarded U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy
      • Granted U.S. Patent for High-Volume Battery Assembly and Safety Technology

    “2024 was a year of tremendous expansion for Beam Global,” said Desmond Wheatley, CEO of Beam Global. “It was a year in which we introduced more new e-mobility and energy security products in the last quarter of the year than we have done in the last decade. It was also a year in which we expanded geographically into markets with billions of potential new customers for Beam. We completed another acquisition in Serbia, which will make our products less expensive, more effective, and harder to compete with. We won new patents as we continued to build our intellectual property portfolio. Using our technological differentiation, we won new customers with unique requirements that we believe only we can fulfill. With these strategic moves and others, we created a platform for growth, which is unlike anything that we’ve had in the Company’s history. We have made dramatic improvements to our gross profitability and set the Company on a clear path to being cash-flow positive. We have sufficient cash and other working capital resources to allow us to continue to execute on our plans and we remain debt free while still having access to our $100 million line of credit which remains untapped. We believe that the Company retains excellent opportunities for growth in 2025 as a result of our geographic and product portfolio expansions, and in spite of political and economic uncertainty in the United States.”

    2024 Financial Summary

    Revenues
    Beam Global’s revenues as of December 31, 2024, was $49.3 million compared to $67.4 million in 2023. Although there was a decrease year over year, this was a 124% increase over 2022 revenue of $22.0 million and twice any full year’s revenue in our history except 2023. Additionally, revenues derived from non-government commercial entities increased by 229% for the twelve months from 2023 to 2024 and were 38% of total revenues in 2024.   We believe that the decrease in revenue is a result of order timing, uncertainty in the U.S. government’s zero emission vehicle strategy related to the presidential election. These matters have mainly impacted our larger federal customers, and we do not believe that they signify any fundamental reduction in global demand for our products. We have continued to invest in our sales resources with new hires in both the U.S. and Europe and we have further expanded our selling resources without costs through adding external resources who are paid only when they make sales.     

    Gross Profit
    The Company reported a positive gross profit of $7.3 million, or 15% gross margin, for the year ended December 31, 2024, compared to a gross profit of $1.2 million, or 2% gross margin in 2023. As a percentage of revenue, the full year margin improved by thirteen percentage points primarily because we have implemented cost improvements in late 2023 as a result of design changes to the EV ARCTM as well as operational improvements and positive margins generated from the acquisitions in Europe. The gross profit includes a non-cash negative impact of $2.4 million for depreciation and $0.7 million for amortization of intangible assets resulting from the AllCell acquisition. Without this non-cash expense, our gross profit for 2024 was $10.5 million, a 21% gross margin. The Company’s engineering teams have continued to implement design changes during 2024 which further reduce costs of the bill of materials and improve the product margins. We expect the Company’s revenue to grow in the future and our fixed overhead absorption to continue to improve.

    Operating Expenses
    Total operating expenses were $19.0 million for the year ended December 31, 2024, compared to $17.5 million in the prior year.   The operating expenses in 2024 includes an increase of $3.8 million due to having a full year of operating expenses for the Serbian acquisitions and a non-cash positive impact of $0.4 million, without these, adjusted operating expenses increase for the year ended December 31, 2024 would be $1.6 million compared to the same period in 2023. The increase is mostly attributable to salaries and benefits of $0.7 million related to new hires in 2024, $0.4 million related to outside services, partially related to acquisitions, and $0.4 million related to marketing expenses.

    Loss from Operations
    Loss from operations was $11.7 million for the year ended December 31, 2024 compared to $16.3 million for the year ended December 31, 2023. Backing out the non-cash items that included $3.7 million for depreciation and amortization, $3.3 million for stock-based compensation and $0.4 million for allowance for credit losses, offset by $4.7 million for change in fair value of contingent consideration liabilities pertaining to the true-up of the earnout payment for the Amiga acquisition, the non-cash loss from operations was $8.9 million for 2024, compared to loss from operations of $11.8 million for 2023. The Non-GAAP loss from operations decreased 24% year over year due to increased gross profit of 13 percentage points in 2024 and management of operating expenses.

    Cash
    On December 31, 2024, we had cash of $4.6 million, compared to cash of $10.4 million at December 31, 2023. The cash decrease between December 31, 2023 and 2024 included cash payments for our acquisitions of $3.2 million.  Net cash used for operating activities was $2.2 million for the twelve months ended December 31, 2024 compared to $13.3 million for the same period in 2023.

    We have historically met our cash needs through a combination of debt and equity financing and more recently through increasing gross profit contributions. Our cash requirements are generally for operating activities and acquisitions.

    Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Non-GAAP Loss from Operations which is non-GAAP financial measures, in this press release. We use Non-GAAP Loss from Operations in conjunction with GAAP measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Non-GAAP Loss from Operations is also helpful to investors, analysts and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Non-GAAP Loss from Operations has limitations as an analytical tool. Therefore, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Non-GAAP Loss from Operations alongside other financial performance measures, including net loss attributable to other GAAP measures. In evaluating Non-GAAP Loss from Operations you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments reflected in this press release. Our presentation of Non-GAAP Loss from Operations should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculations of Non-GAAP Loss from Operations. Non-GAAP Loss from Operations is not presented in accordance with GAAP and the use of these terms vary from others in our industry. Reconciliation of this non-GAAP measure has been provided in the financial statement tables included within this press release, and investors are encouraged to review this reconciliation.

    Conference Call April 11, 2025 at 4:30 p.m. ET

    Management will host a conference call on Friday, April 11, 2025 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

    Participants can register for the conference through the following link:   

    https://dpregister.com/sreg/10198405/fed880d536

    PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880

    PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716

    Please ask to join the Beam Global call.

    A webcast archive will be available on our website (www.BeamForAll.com) following the call.

    About Beam Global
    Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Chicago, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X (formerly Twitter).

    Forward-Looking Statements
    This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

    Media Contact
    Andy Lovsted
    +1-858-335-8465
    Press@BeamForAll.com

    Investor Relations
    Luke Higgins
    +1-858-799-4583
    IR@BeamForAll.com

           
    Beam Global      
    Consolidated Balance Sheets      
    (In thousands)      
                     
          December 31,       December 31,  
          2024       2023  
                     
    Assets                
    Current assets                
    Cash   $ 4,572     $ 10,393  
    Accounts receivable, net of allowance for credit losses of $259 and $448     8,027       15,943  
    Prepaid expenses and other current assets     2,243       2,453  
    Inventory, net     12,284       11,933  
    Total current assets     27,126       40,722  
                     
    Property and equipment, net     13,704       16,513  
    Operating lease right of use assets     1,893       1,026  
    Goodwill     10,580       10,270  
    Intangible assets, net     8,037       9,050  
    Deposits     119       62  
    Total assets   $ 61,459     $ 77,643  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable   $ 8,959     $ 9,732  
    Accrued expenses     2,462       2,737  
    Sales tax payable     195       209  
    Deferred revenue, current     847       828  
    Note payable, current     63       40  
    Deferred consideration     –       2,713  
    Contingent consideration, current     93       –  
    Operating lease liabilities, current     696       615  
    Total current liabilities     13,315       16,874  
    Commitments and contingencies (F-14)                
    Deferred revenue, noncurrent     800       402  
    Note payable, noncurrent     199       160  
    Contingent consideration, noncurrent     216       4,725  
    Other liabilities, noncurrent     3,380       3,787  
    Deferred tax liabilities, noncurrent     1,290       1,698  
    Operating lease liabilities, noncurrent     971       455  
    Total liabilities     20,171       28,101  
                     
    Commitments and contingencies (Note 9)                
                     
    Stockholders’ equity                
    Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of December 31, 2024 and December 31, 2023.     –       –  
    Common stock, $0.001 par value, 350,000,000 shares authorized, 14,835,630 and 14,398,243 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively.     15       14  
    Additional paid-in-capital     147,072       142,265  
    Accumulated deficit     (104,643 )     (93,361 )
    Accumulated Other Comprehensive Income (AOCI)     (1,156 )     624  
                     
    Total stockholders’ equity     41,288       49,542  
                     
    Total liabilities and stockholders’ equity   $ 61,459     $ 77,643  
                     
    Beam Global
    Consolidated Statements of Operations
    ( In thousands, except per share amounts)
                   
      Year Ended
      December 31,
        2024       2023  
                   
    Revenues $ 49,336     $ 67,353  
                   
    Cost of revenues   42,040       66,149  
                   
    Gross profit   7,296       1,204  
                   
                   
    Operating expenses   18,953       17,465  
                   
    Loss from operations   (11,657 )     (16,261 )
                   
    Other income (expense)              
    Interest income   205       261  
    Other income (expense)   110       (36 )
    Interest expense   (34 )     (12 )
    Other income   281       213  
                   
    Loss before income tax expense   (11,376 )     (16,048 )
                   
    Income tax (benefit) expense   (94 )     12  
                   
    Net Loss $ (11,282 )   $ (16,060 )
                   
    Net foreign currency translation adjustments   (1,781 )     624  
    Total Comprehensive Loss $ (13,063 )   $ (15,436 )
                   
    Net Income (loss) per share – basic/diluted $ (0.77 )   $ (1.30 )
                   
    Weighted average shares outstanding – basic/diluted   14,621       12,345  
                   
    Beam Global
    Reconciliation of Loss from Operations to Non-GAAP Loss from Operations
    (Unaudited, In thousands)
                        
           Year Ended
           December 31,
             2024       2023  
                        
    GAAP Total Revenue     $ 49,336     $ 67,353  
                        
    GAAP Total COGS   42,040       66,149  
    Adjusted to exclude the following:                 
    Depreciation and amortization      3,155       970  
    Non-GAAP Total COGS    $ 38,885     $ 65,179  
                        
    Non-GAAP Gross Profit    $ 10,451     $ 2,174  
    Gross Margin %       21 %     3 %
                        
    GAAP Total Operating Expenses      18,953       17,465  
                   
    Adjusted to exclude the following:                 
    Depreciation and amortization      558       581  
    Non-cash compensation      3,322       2,675  
    Allowance for credit losses      392       0  
    Fair value of contingent consideration (1)     (4,675 )     260  
    Non-GAAP Total adjustments    $ (403 )   $ 3,516  
                   
    Non-GAAP Total Operating Expenses   $ 19,356     $ 13,949  
                        
    GAAP Loss from Operations    $ (11,657 )   $ (16,261 )
    Non-GAAP total adjustments      2,752       4,486  
    Non-GAAP Loss from Operations    $ (8,905 )   $ (11,775 )
                        

    (1)   Fair value of contingent consideration is non-cash. The Earnout Consideration is paid in the Company’s stock. See the financial statement notes included in prior quarterly and annual filings.

    The MIL Network –

  • MIL-OSI USA: Panama Express Strike Force interdicts nearly $510 million in illegal narcotics in Eastern Pacific Ocean

    Source: US Immigration and Customs Enforcement

    MIAMI – The Organized Crime Drug Enforcement Task Forces interdicted and announced the seizure of more than 44,550 pounds of cocaine and 3,880 pounds marijuana valued at approximately $509.9 million as part of the joint multiagency Panama Express Strike Force mission in the Eastern Pacific Ocean.

    The PANEX mission is a prosecutor-led, intelligence-driven, multiagency approach to disrupt and dismantle transnational criminal organizations involved in large scale drug trafficking, money laundering, and related activities with U.S. Immigration and Customs Enforcement, alongside the U.S. Coast Guard Investigative Service, the Drug Enforcement Administration, FBI and the U.S. Attorney for the Middle District of Florida.

    This patrol resulted in 11 interdictions and the detainment of 34 suspected narco-traffickers who were transferred ashore to face federal prosecution. These interdictions are tied to criminal investigations by federal partners and have been linked to transnational criminal and foreign terrorist organizations including the Clan del Golfo, Sinaloa Cartel, and Cartel Jalisco Nueva Generacion.

    These PANEX Strike Force interdictions deny these sophisticated criminal organizations more than half a billion dollars in illicit revenue. They provide critical testimonial and drug evidence as well as key intelligence for their total elimination.

    Interdictions in the Eastern Pacific Ocean are performed by members of the U.S. Coast Guard under the authority and control of the Eleventh Coast Guard District, headquartered in Alameda, Calif. Once the seized narcotics and suspects are ashore, the investigations into the origins of the narcotics and innerworkings of the transnational criminal organizations are conducted by ICE HSI, DEA, and FBI. The U.S. Attorney’s office charges and prosecutes the suspected narco-traffickers.

    The U.S. Coast Guard Cutter Mohawk, U.S. Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville, U.S. Coast Guard Tactical Law Enforcement Team-Pacific, U.S. Customs and Border Protection, Air and Marine Operations) aircrews, Joint Interagency Task Force-South assisted PANEX and the Coast Guard Cutter James during interdiction operations.

    The interdictions were:

    • On Jan. 5, the CGC James’ unmanned aircraft system (drone) spotted a suspicious vessel in international waters approximately 260 miles off the coast of Ecuador. The cutter’s boarding team interdicted the vessel, apprehended three suspected smugglers and seized over 2,025 pounds of cocaine.
    • On Jan. 6, a maritime patrol aircraft spotted three suspicious go-fast vessels headed in the same direction approximately 280 miles off the coast of Ecuador. James simultaneously intercepted the three go-fast vessels, with the help from a drone and Coast Guard Helicopter Interdiction Tactical Squadron (HITRON) aircrew, James’ boarding teams interdicted the vessels, apprehended nine suspected narco-traffickers and seized over 13,960 pounds of cocaine.
    • On Jan. 7, a maritime patrol aircraft detected a suspicious low-profile go-fast vessel in international waters, approximately 330 miles southeast of the Galapagos Islands, Ecuador. James’ embarked HITRON employed airborne use of force tactics to compel the non-compliant vessel to stop, and the boarding team apprehended three suspected narco-traffickers and seized over 8,240 pounds of cocaine.
    • On Jan. 11, a U.S. Customs and Border Protection – Air and Marine Operations aircrew detected a suspicious go-fast vessel approximately 275 miles southwest of Ecuador. James’ boat crew and Coast Guard Cutter Stone’s helicopter aircrews interdicted the go-fast vessel, apprehended three suspected narco-traffickers and seized over 3,385 pounds of cocaine.
    • On Jan. 18, Coast Guard Cutter Mohawk’s crew detected a suspicious go-fast vessel, approximately 185 miles west of Ecuador. After the suspected smugglers jettisoned the presumptive narcotics into the water, James’ small boat chased down the fleeing go-fast vessel from 60 nautical miles away while Mohawk’s crew recovered the jettisoned bales. James’ boarding teams interdicted the go-fast vessel and apprehended three suspected narco-traffickers, seizing approximately 5,950 pounds of cocaine.
    • On Jan. 30, James’ drones detected multiple suspicious go-fast vessels approximately 380 miles west off the coast of Peru. James’ boarding team employed surface use of force tactics to interdict the go-fast vessel, apprehended three suspected narco-traffickers and seized over 3,870 pounds of cocaine.
    • On Feb 1, James’ drones spotted a suspicious go-fast vessel operating approximately 280 miles off Ecuador. James’ boarding team interdicted the vessel, apprehended three suspected narco-traffickers and seized over 3,630 pounds of cocaine.
    • On Feb. 3, James’ drones detected multiple suspicious go-fast vessels operating 215 miles off Peru. James’ boarding team interdicted the vessel, apprehended three suspected narco-traffickers and seized nearly 3,490 pounds of cocaine.
    • On Feb. 15, a CBP-AMO aircrew spotted a suspicious go-fast vessel, operating 260 miles off Costa Rica. James’ helicopter interdiction aircrew employed airborne use of force tactics to compel the non-compliant vessel stop. James’ boarding team interdicted the vessel, apprehended four suspected narco-traffickers and seized nearly 3,880 pounds of marijuana.

    PANEX continues increased operations to interdict, seize, and disrupt transnational shipments of cocaine, marijuana, and other bulk illicit drugs by sea. These drugs fuel and enable cartels and transnational criminal organizations to produce and traffic illegal fentanyl, posing a significant threat to the safety of the United States.

    MIL OSI USA News –

  • MIL-OSI USA: ICE removes former Mexican governor convicted of money laundering in the US

    Source: US Immigration and Customs Enforcement

    SAN DIEGO — U.S. Immigration and Customs Enforcement removed Tomas Jesus Yarrington Ruvalcaba, 68, a citizen of Mexico wanted by Mexican authorities, April 9.

    Enforcement and Removal Operations Harlingen and San Diego deportation officers, in coordination with ERO Mexico City, removed Yarrington, a former governor of Tamaulipas, Mexico, and former presidential candidate in Mexico, at the San Ysidro Port of Entry. Yarrington was turned over to Mexican authorities without incident. He is wanted in Mexico for organized crime and transactions with illegally obtained resources.

    ICE ERO Mexico City and Security Alliance for Fugitive Enforcement Initiative were instrumental with providing essential documentation regarding Yarrington’s history during his immigrations proceedings that resulted in his removal to Mexico.

    On March 25, 2021, Yarrington pleaded guilty to conspiracy to commit money laundering in the United States District Court, Southern District of Texas and was sentenced to serve 108 months imprisonment.

    ICE Homeland Security Investigations Brownsville special agents investigated the case with assistance from the Drug Enforcement Administration, Internal Revenue Service’s Criminal Investigation, the FBI, and the Texas Attorney General’s Office. The U.S. Attorney’s Office for the Southern District of Texas handled the prosecution.

    According to court documents, Yarrington accepted bribes from individuals and private companies in Mexico to do business with the state of Tamaulipas while he served as governor. Yarrington was in that position from 1999 to 2005. He was also an Institutional Revolutionary Party candidate for the president of Mexico in 2005. Yarrington used the bribery money he received while governor to purchase properties in the U.S. He had nominee buyers buy property in the U.S. to hide his ownership of the properties and the illegal bribery money used to purchase them. Yarrington laundered his illegally obtained bribe money in the United States by purchasing beachfront condominiums, large estates, commercial developments, airplanes and luxury vehicles.

    In April 2017, authorities captured Yarrington in Italy while he was traveling under an assumed name and false passport. He was taken into custody on a provisional arrest warrant based on the indictment returned in May 2013. Although Yarrington contested extradition, Italian authorities eventually authorized his extradition to the U.S. He arrived in April 2018. The Justice Department’s Office of International Affairs secured the extradition from Italy to the United States.

    ICE ERO officers took custody of Yarrington from the Department of Justice’s Federal Bureau of Prisons, Federal Correctional Institution Thomson in Thomson, Illinois, July 3, 2024, and transferred him to ICE custody where he continued his immigration proceedings.

    On Feb. 27, an immigration judge with the DOJ Executive Office for Immigration Review ordered Yarrington removed. He waived his right to appeal.

    Members of the public can report crime and suspicious activity by calling 866-347-2423 or completing the online tip form.

    MIL OSI USA News –

  • MIL-OSI Security: Medina man charged with possession of child pornography

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Kyle Stack, 39, of Medina, NY, was arrested and charged by criminal complaint with possession of child sexual abuse material involving prepubescent minors, which carries a maximum penalty of 20 years in prison and a $250,000 fine.

    Assistant U.S. Attorney Charles M. Kruly, who is handling the case, stated that according to the complaint, in December 2019, Adobe Systems Inc. reported that four images containing child sexual abuse material were uploaded to Adobe’s servers from screen/username “Kyle Stack.” Subsequent investigation traced the uploads to the defendant. In July 2020, the New York State Police executed a search warrant at Stack’s Bates Road residence, seizing six electronic devices, two of which were later found to contain child sexual abuse material. A forensic review of Stack’s cell phone recovered a total of 4,822 images and 32 videos of child sexual abuse material, as well as 2,319 images and four videos of child erotica, and 25 animated child sexual abuse material. A review of his laptop recovered 3,476 images, eight animated images, 16 images of child bestiality and bondage, 5,930 videos, three animated videos, and 43 child bestiality and bondage videos.

    Stack made an initial appearance this afternoon before U.S. Magistrate Judge Jeremiah J. McCarthy and was detained.

    The complaint is the result of an investigation by the New York State Police, under the direction of Major Amie Feroleto, and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.   

     

    # # # #

    MIL Security OSI –

  • MIL-OSI Security: New York man sentenced to prison for money laundering crimes related to nearly half million dollars stolen from local business through computer malware

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – A New York man was sentenced in federal court here today to 46 months in prison for crimes related to laundering hundreds of thousands of dollars from a Columbus strength training equipment manufacturer. 

    Alex Bogomolny, 53, of Brooklyn, pleaded guilty in November 2024 to conspiring to commit and committing money laundering. 

    According to court documents, in 2021, a malicious banking Trojan had infected a computer of an employee of Rogue Fitness, which is headquartered in Columbus. The specific Trojan is known by the FBI to steal banking credentials and usually targets corporate victims. As a result of the Trojan, the company lost nearly half a million dollars.

    The stolen money was transferred to 22 different card numbers, including to Bogomolny’s Bank of America card.

    Further investigation of Bogomolny’s bank account revealed that between December 2019 and July 2021, he laundered more than $247,000 in additional criminal proceeds through his account.

    While executing a search warrant at the defendant’s Brooklyn residence, agents found documents that included more than 341,000 unique identifiers like names, addresses, dates of birth and Social Security numbers. The search also discovered images of driver’s licenses, U.S. passports and full lists of full credit card numbers.

    Bogomolny also used the online gambling site FanDuel to conspire to launder money. He and others would steal a victim’s identity and use it to create a FanDuel account. Then criminal proceeds were deposited into the account and later withdrawn. In total, Bogomolny and others used this scheme to deposit nearly $572,000 and withdraw more than $485,000 of the criminal proceeds.

    Finally, Bogomolny’s plea documents detail that, in 2023, the defendant met with undercover FBI agents and agreed to launder $20,000 for a six percent fee. The funds were represented as proceeds of illegal drug activities.

    Between November 2023 and March 2024, Bogomolny sent $18,800 of the original $20,000 back to the undercover FBI agents through multiple ACH transactions.

    Bogomolny later agreed to accept another $50,000 from the undercover agents. He met up with the agents in April 2024 and accepted the money, after which he was arrested.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio, and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division, announced the sentence imposed today by U.S. District Judge Algenon L. Marbley. Assistant United States Attorney Peter K. Glenn-Applegate is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Adds 295 New Immigration Cases in One Week

    Source: Office of United States Attorneys

    SAN ANTONIO – Acting United States Attorney Margaret Leachman for the Western District of Texas announced today, that federal prosecutors in the district filed 295 immigration and immigration-related criminal cases from April 4 through April 10.

    Among the new cases, Mexican national Jorge Alberto Garcia-Drue was encountered at the Frio County Jail in Pearsall after he was arrested for allegedly refusing to provide accurate identification. Immigration and Customs Enforcement/Enforcement Removal Operations agents determined that Garcia-Drue was an alien illegally present within the United States and that he had been previously removed from the country. A review of his criminal history revealed that he had also been convicted on Dec. 10, 2014 of harboring illegal aliens and aiding and abetting. For that conviction, Garcia-Drue was sentenced to 21 months in federal prison.

    In El Paso, agents responded to an address on April 3. A criminal complaint alleges that one of the agents recognized an alarming amount of smoke inside the residence. Responding to the smoke, agents entered the home and noticed that two cell phones were burning inside a toilet. At the same time, an agent noticed a broken skylight in the bathroom was broken and believed someone had escaped through the roof. Two individuals were then located and apprehended on the roof of the house. The individuals were identified as Victor Adolfo Gonzalez-Serrano and Alberto Antonio Barrera-Soria. Back inside the residence, the criminal complaint indicates that agents located air mattresses, bags full of trash, and wet clothing and shoes. 17 additional people were located inside the residence. The home had been used as a stash house, allegedly managed by Gonzalez-Serrano and Barrera-Soria, who both stated they were being paid to harbor and care for the illegal aliens. Barrera-Soria has been deported two times—most recently on July 23, 2024. He, along with Gonzalez-Serrano and a third defendant, Diego Axel Barrera-Granados, who alleged that he had been smuggled into the U.S. to transport illegal aliens, are Mexican nationals in the United States illegally and have been charged with bringing in and harboring aliens.

    On April 7, Border Patrol agents apprehended an individual east of the Paso Del Norte Port of Entry. A criminal complaint alleges that, during processing, the individual was receiving multiple phone calls and texts, causing suspicion that an alien smuggling scheme was ongoing. The apprehended individual allegedly consented for agents to use his cell phone and, when a USBP agent answered an incoming call, the agent posed as an illegal alien to coordinate a pickup. This led agents to Luis David Castro, who arrived at an agreed upon location and believed he was going to pick up an illegal alien for smuggling. He’s charged with one count of bringing in and harboring aliens. Castro is a felon convicted in 2016 for aggravated robbery with 2023 conviction for burglary of a building. 

    Guatemalan national Julio Pop-Tiul was arrested in El Paso on April 7 for illegal re-entry, having been previously removed from the U.S. on May 13, 2024. A criminal complaint alleges that Pop-Tiul is a twice-convicted felon and admitted affiliation with the 18th Street Gang. He was convicted in Los Angeles, California in 2019 for assault with a deadly weapon and in 2021 for taking a vehicle without consent.

    In Del Rio, Mexican national Jose Alfredo Almendarez-Alvarez was arrested by USBP agents for being an alien illegally present in the U.S. Almendarez-Alvarez was deported in October 2024 through Laredo. A convicted felon, he was sentenced in Huntsville in 2023 to two years’ confinement for aggravated assault with a deadly weapon.

    Other arrests this past week in the Del Rio sector include Mexican nationals Jose Eufracio-Plata, Isaias Gomez-Cruz, and Antonio Manuel Vazquez-Rodriguez. Eufracio-Plata was just deported March 7 for the third time and has four felony convictions, including two for illegal re-entry and two related to marijuana possession. Gomez-Cruz was apprehended April 3 near Carrizo Springs. Gomez-Cruz was most recently deported for the fifth time on March 3 following a conviction for illegal re-entry on Feb. 26. His criminal record includes two DWI convictions and a conviction for reckless driving. Vazquez-Rodriguez was deported March 14 through Laredo and was convicted in September 2024 for evading arrest. He was also convicted for the same offense in March 2023. Lastly, Mexican national Eduardo Gaspar-Santos was arrested April 2 after being previously deported Dec. 6, 2024. Gaspar-Santos was convicted in November 2024 in Lewisville for assault causing bodily injury.

    These cases were referred or supported by federal law enforcement partners, including Homeland Security Investigations (HSI), Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), with additional assistance from state and local law enforcement partners.

    The U.S. Attorney’s Office for the Western District of Texas comprises 68 counties located in the central and western areas of Texas, encompasses nearly 93,000 square miles and an estimated population of 7.6 million people. The district includes three of the five largest cities in Texas—San Antonio, Austin and El Paso—and shares 660 miles of common border with the Republic of Mexico.

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice 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).

    Indictments and criminal complaints are merely allegations and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced for Misbranding and Conspiring to Price Gouge N95 Masks in Early Months of COVID-19 Pandemic

    Source: Office of United States Attorneys

    BOSTON – Two brothers, who co-owned a now-defunct Florida-based company, have been sentenced in federal court in Boston for charges associated with shipping facemasks that were misbranded as N95 respirators, and price gouging hospitals, during the earliest phase of the COVID-19 pandemic.  

    Daniel Motha, 40, of Miami, Fla. and Jeffrey Motha, 36, of Norfolk, Mass. were each sentenced by U.S. District Court Judge Myong J. Joun to one year of probation and ordered to pay a $9,500 fine. In October 2025, the defendants pleaded guilty to one count of introduction of misbranded devices into interstate commerce and one count of conspiracy to commit price gouging in violation of the Defense Production Act. Daniel Motha and Jeffrey Motha were charged in October 2024, along with JDM Supply LLC (JDM). In August 2023, a third individual, Jason Colantuoni of Norfolk, Mass, pleaded guilty to conspiracy to commit price gouging in connection with this investigation. Colantuoni is scheduled to be sentenced on June 23, 2025.

    The defendants co-owned JDM, with Daniel Motha serving as the company’s chief executive officer and Jeffrey Motha serving as head of sales. In the spring of 2020, during the earliest phase of the COVID-19 pandemic, JDM conspired with another company, Advoque Safeguard LLC – a PPE manufacturer –  to distribute facemasks that were misbranded as National Institute of Occupational Safety and Health (NIOSH)-approved, N95 respirators. JDM misled one hospital into believing that the masks were NIOSH-approved N95s, when in fact they were not. As a result, the hospital accepted and paid for approximately 850,000 purported N95 masks that were manufactured by Advoque and sold by JDM, at a total price of approximately $2.6 million. To accompany the masks, JDM sent the hospital NIOSH-passing test results and approval documents for a different mask. Ultimately, the hospital did not use the masks, which were eventually returned to Advoque.

    In August 2020, a NIOSH lab tested a sample of the masks that had been shipped to the hospital. The masks tested between 83.94% and 93.24% filtration efficiency, thus falling below the 95% minimum level of filtration efficiency required for N95 respirators.  

    Daniel Motha and Jeff Motha conspired to use JDM to exploit and profit off of the critical need of hospitals and healthcare workers for scarce N95 masks during the COVID-19 pandemic. They accumulated N95 masks from various sources and then sold the N95 masks through JDM to hospitals in Massachusetts, and elsewhere, at prices that exceeded the prevailing market price.

    United States Attorney Leah B. Foley; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; Fernando McMillan, Special Agent in Charge of the Food and Drug Administration, Office of Criminal Investigations; Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Michael J. Krol, Acting Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Assistant U.S. Attorney Howard Locker of the Health Care Fraud Unit prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud. 
        
    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline via the NCDF Web Complaint Form.

    MIL Security OSI –

  • MIL-OSI USA: Huizenga Introduces Bipartisan Legislation to Strengthen Youth Sports, Small Business Economy

    Source: United States House of Representatives – Congressman Bill Huizenga (MI-02)

    Today, Congressman Bill Huizenga (R-MI) and Congressman Marc Veasey (D-TX) announced the introduction of the bipartisan and bicameral Youth Sports Facilities Act. This bipartisan bill amends Title II of the Public Works and Economic Development Act to add Youth Sports Facilities to the list of eligible uses of Economic Development Assistance grants. This will help build and improve youth sports facilities across the nation, increase tourism, and strengthen small business.

    After introducing this bipartisan legislation, Congressmen Huizenga and Veasey released the following statements:

    “The Youth Sports Facilities Act is a bipartisan solution designed to bring communities together, create economic opportunity, and improve the physical and mental well-being of students across the nation,” said Congressman Bill Huizenga. “For too long, an area code has determined whether students could have access to facilities or resources necessary to participate and compete. I am proud to champion the Youth Sports Facilities Act because it opens the doors for communities across Michigan and around the country to create new opportunities for children to develop critical skills, enhance local tourism, and foster small business growth.”

    “Youth development is about more than academics—it’s about access to safe spaces where kids can play, grow, and thrive,” said Congressman Marc Veasey, Co-chair of the Youth Sports Caucus. “This bill empowers states like Texas to invest in the sports and recreation facilities our communities need. By unlocking EDA funding, the Youth Sports Facilities Act gives underserved areas the tools to build healthier futures and stronger local economies. I’m proud to work with my colleagues to make this long-overdue investment in our kids and neighborhoods.”

    The companion bill has been introduced in the U.S. Senate by Senators Jon Ossoff (D-GA) and Todd Young (R-IN).

    “Georgia families deserve modern and safe sports facilities where their kids can play, grow, and thrive,” said Sen. Ossoff. “This bipartisan bill will help Georgia communities expand youth sports facilities, strengthen local economies, and foster mental and physical health for the next generation.”

    “Youth sports play a vital role in promoting healthy lifestyles from an early age while teaching essential life skills like teamwork and discipline. This bill would empower communities to use existing grant resources to improve youth sports facilities for children living in areas of need, encouraging greater youth sports participation across the nation,” said Sen. Young.

     

    This legislation is also endorsed by several national and local stakeholders.

    “As the leading nonprofit provider of youth sports programs, YMCA of the USA supports the Youth Sports Facilities Act. Youth sports facilities often lead to growth in local economies as families attend sporting events, support local business, hotels and restaurants. Youth sports programs create a space for families and the community to belong, improve health outcomes and strengthen the fabric of the economy and the community.” Jeffrey Britt, Chief Government Affairs Officer, YMCA of the USA

    “The Youth Sports Facilities Act will provide a new federal funding opportunity through the Economic Development Administration for municipalities like Portage to develop safe, accessible recreation facilities for the next generation to help strengthen and connect our community,” said Mayor Patricia Randall, City of Portage, Michigan. “I applaud the bipartisan leadership in Congress for reintroducing this important legislation prioritizing children’s health while spurring economic investments within communities.”

    “Because we see firsthand the role sports can play in shaping young people and growing communities, Pop Warner fully supports the re-introduction of the Youth Sports Facilities Act. By expanding the Economic Development Assistance grant program to include investments in youth sports facilities, this bill will ensure every community has the resources it needs to create safe and accessible sports environments. We urge you to pass this bill, investing in our children’s futures and in the well-being of our communities.” Steve Strawbridge, President & CEO, Pop Warner Little Scholars

    “The West Michigan Sports Commission was founded in 2007 as an economic generator to spur visitor spending for the region. One of its key tenets is generating overnight stays from event visitors, which drives spending in area hotels, restaurants, and support of other businesses, sustaining and creating jobs.  However, sports tourism and investment in sport facilities goes beyond these metrics. Investment in sport infrastructure provides a launching pad for health and wellness, vibrancy, and community activity and access to sport.” Mike Guswiler, President, West Michigan Sports Commission

    “The access barrier to sports participation keeps America’s youth off the playing field and denies them the opportunity to realize the mental & physical health benefits and develop the social skills so important to a child’s development.  SFIA fully endorses the Youth Sports Facilities Act to give communities the resources needed for investments in youth sports facilities to lower the access barrier to participation.” Todd Smith, President & CEO, Sports & Fitness Industry Association 

     

    Background:

    The COVID-19 pandemic highlighted how physical activity in communities plays a significant role in mental and physical health, especially among children. However, children who could not participate in these activities due to a lack of access to sports facilities had worse outcomes.

    For example, studies show that children playing sports can reduce anxiety and depression, ultimately saving the health system billions. Moreover, participation in youth sports could reduce cases of weight-related diseases such as type 2 diabetes, coronary heart disease, stroke, and cancers in children.

    The Economic Development Administration was created to assist state and local stakeholders with developing the conditions and amenities to grow businesses, create jobs, and expand investment in economically distressed areas. Allowing communities to access federal grants to build youth sports facilities will lead to better health outcomes for future generations of children. Not only do youth sports encourage athletic growth and teamwork, but they also create significant economic impact by attracting events and visitors to the community.

    The Youth Sports Facility Act is supported by the Sports & Fitness Industry Association, the YMCA, the National Federation of High Schools, the American College of Sports Medicine, U.S. Soccer, the NHL, the PWHL, USA Hockey, Pop Warner Little Scholars, the Michigan Sports Commission, and the National Recreation and Parks Association.

    MIL OSI USA News –

  • MIL-OSI USA: Champlain Towers South Investigation Team Provides Update to Structural Engineers

    Source: US Government research organizations

    NCST Slab-beam-column test timelapse

    This timelapse video of a test at the University of Minnesota shows how a full-scale replica of a reinforced concrete slab, beam and column from the Champlain Towers South building would perform under certain conditions believed to be present at the time of the collapse. In this test, the slab and beam on the left break away from the column, simulating the collapse of the pool deck.

    On Thursday, April 10, three members of the National Institute of Standards and Technology’s (NIST’s) National Construction Safety Team (NCST) investigating the June 2021 partial collapse of the Champlain Towers South building in Surfside, Florida, shared technical details of the investigation’s progress with members of the structural engineering professional community. This outreach will help ensure that the team’s findings and recommendations lead to improvements to codes, standards and practices that can prevent similar tragedies from occurring in the future.

    Investigative lead Judith Mitrani-Reiser gave the technical presentation along with investigative co-lead Glenn Bell and Jim Harris, co-lead of the investigation’s Building and Code History Project. The presentation took place at Structures Congress 2025, an annual event of the Structural Engineering Institute of the American Society of Civil Engineers, held this year in Phoenix. While the three experts did not provide new findings, they did offer new technical details from the evidence analysis and testing that supported the preliminary findings NIST released in earlier public presentations.

    The 2002 NCST Act authorizes NIST to conduct investigations of building failures to determine the technical cause or causes and to recommend ways to make buildings safer.

    “We want to make sure the structural engineering community understands how we tested our collapse hypotheses and arrived at our preliminary findings because these are the people who will help to develop and implement improvements to codes, standards and practices that can help save lives,” said Mitrani-Reiser.

    Mitrani-Reiser, Bell and Harris explained the team’s systematic approach to analyzing its hypotheses of what caused the building to fail on June 24, 2021. This effort has involved the collection, examination and testing of physical evidence extracted from the collapse site; collection and analysis of documents and imagery; materials and geotechnical analysis and testing; interviews and focus groups with eyewitnesses and other stakeholders; reconstruction of the condition of the structure at the time of collapse; laboratory testing of full-scale replicas of components of the building; and advanced computer simulations of the collapse initiation and progression.

    Full-scale replicas of portions of the Champlain Towers South building were built at the University of Washington and University of Minnesota and tested to failure. This image shows a test specimen at the University of Minnesota before the test.

    Credit: NIST

    “The work we have been doing is thorough and detailed, so that we can understand as much as we can about the conditions that led to this terrible tragedy,” said Bell. “We are committed to working with the engineering and construction community, including standards development organizations, to ensure our work is applied to making buildings safer.”

    The team is nearly done testing full-scale replicas of building components at the University of Washington and the University of Minnesota. The replicas were built using information the investigation has revealed about the building’s design and construction, the properties of its materials, and the forces acting on it.

    A replica of a Champlain Towers South reinforced concrete column whose construction did not meet original building design requirements was tested at the University of Washington. Specifically, the as-built columns had “short lap splices,” that is, the reinforcement did not overlap sufficiently to provide the required strength.

    Credit: NIST

    In his portion of the presentation, Harris offered an overview of the potential implications of the investigation’s findings for building design, construction and maintenance.

    In a new behind-the-scenes video, Harris explained that the detailed testing will lead to “improved practices for assessing the deterioration and effect of that deterioration on the safety of reinforced concrete buildings.”

    NCST Insider | feat. Jim Harris

    The investigation team plans to provide its next technical presentation in June 2025. 

    MIL OSI USA News –

  • MIL-OSI: Bel Fuse Schedules First Quarter 2025 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., April 11, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a designer, manufacturer, and provider of products that power, protect and connect electronic circuits, today announced plans to release preliminary financial results for the first quarter after market close on Thursday, April 24, 2025. An earnings conference call has been scheduled as follows:

    When: Friday, April 25, 2025 at 8:30 a.m. ET
    Dial in: 877.407.0784, or international: 201.689.8560
    Online: https://ir.belfuse.com/events-and-presentations
    How: Live over the internet – Simply log on to the web at the address above
    Replay: 844.512.2921, or international: 412.317.6671
      Conference ID: 13753007
       

    A replay will be available after 12:30 p.m. ET for 30 days following the call.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Contacts:

    Bel Fuse Inc.

    Lynn Hutkin, VP Financial Reporting & Investor Relations
    ir@belf.com

    Three Part Advisors
    Jean Marie Young, Managing Director
    Steven Hooser, Partner
    jyoung@threepa.com
    shooser@threepa.com

    The MIL Network –

  • MIL-OSI USA: Justice Department Implements Critical National Security Program to Protect Americans’ Sensitive Data from Foreign Adversaries

    Source: US State of California

    Department Answers Frequently Asked Questions, Provides Guidance, and Issues Limited Enforcement Policy for First 90 Days

    Today, the Justice Department took significant steps to move forward with implementing a critical program to prevent China, Russia, Iran, and other foreign adversaries from using commercial activities to access and exploit U.S. government-related data and Americans’ sensitive personal data to commit espionage and economic espionage, conduct surveillance and counterintelligence activities, develop AI and military capabilities, and otherwise undermine our national security.

    The Data Security Program implemented by the National Security Division (NSD) under Executive Order 14117 addresses this “unusual and extraordinary threat…to the national security and foreign policy of the United States” that has been repeatedly recognized across political parties and by all three branches of government.

    The Justice Department’s continued prioritization of the Data Security Program delivers on promises made by President Trump in his America First Investment Policy and NSPM-2 on Imposing Maximum Pressure on Iran, addresses threats identified in the 2025 Annual Threat Assessment of the U.S. Intelligence Community and President Trump’s 2017 National Security Strategy, and responds to the national emergency President Trump declared in Executive Order 13873.

    “If you’re a foreign adversary, why would you go through the trouble of complicated cyber intrusions and theft to get Americans’ data when you can just buy it on the open market or force a company under your jurisdiction to give you access?” said Deputy Attorney General Todd Blanche. “The Data Security Program makes getting that data a lot harder.”

    To address this urgent threat, the Data Security Program establishes what are effectively export controls that prevent foreign adversaries, and those subject to their control, jurisdiction, ownership, and direction, from accessing U.S. government-related data and bulk genomic, geolocation, biometric, health, financial, and other sensitive personal data. To assist the public in coming into compliance with the Data Security Program, NSD has issued a Compliance Guide, an initial list of over 100 Frequently Asked Questions (FAQs), and an Implementation and Enforcement Policy for the first 90 days. NSD will be taking additional steps over the coming weeks and months to implement the Data Security Program, including publishing an initial Covered Persons List that identifies and designates persons subject to the control and direction of foreign adversaries. The Data Security Program went into effect on April 8, 2025.

    Newly Issued Guidance and FAQs

    The Data Security Program Compliance Guide identifies and describes best practices for complying with the Data Security Program, thereby mitigating the unacceptable national security risk of enabling countries of concern to access and exploit Americans’ sensitive personal data. The document provides guidance on key definitions, prohibited and restricted transactions, and the requirements for building a robust data compliance program. The Compliance Guide also provides model contractual language and suggests best practices for complying with the Data Security Program’s audit and recordkeeping requirements. It is crucial that U.S. persons familiarize themselves and become prepared to comply with the Data Security Program’s prohibitions and restrictions once they became effective on April 8, 2025.

    The Data Security Program FAQs address high-level clarifications about Executive Order 14117 and provides valuable information about the Data Security Program, its scope, and accompanying processes for requesting licenses and advisory opinions, making disclosures of Data Security Program violations, and reporting rejected prohibited transactions. The FAQs reflect some of the comprehensive feedback and common issues the Department received and addressed through the rulemaking process, both as public comments in response to the Advance Notice of Proposed Rulemaking and Notice of Proposed Rulemaking, as well as questions delivered during dozens of engagements with individuals, businesses, trade groups, and other stakeholders that were potentially interested in or impacted by the Data Security Program. NSD will update these FAQs as necessary and appropriate to address additional questions raised by the public.

    NSD’s primary mission with respect to the implementation and enforcement of the Data Security Program is to protect U.S. national security from countries of concern that may seek to collect and weaponize Americans’ most sensitive personal data and government-related data. U.S. persons should “know their data” and the front-line role they play in mitigating these risks. As further explained in the Compliance Guide, individuals and entities subject to U.S. jurisdiction, as well as foreign individuals and entities conducting business in or with the United States or with U.S. persons, must comply with the Data Security Program.

    The Compliance Guide and FAQs are explanatory and intended to provide general guidance to regulated parties about compliance with the Data Security Program. Nothing in these documents supplements, modifies, or supersedes the requirements set forth in the Data Security Program. NSD intends to update the FAQs on an ongoing basis as NSD identifies additional questions and responses that should be made public to aid the regulated community in compliance.

    Newly Issued Enforcement Policy for the First 90 Days

    The Data Security Program went into effect on April 8, 2025. Starting April 8, 2025, entities and individuals were required to comply with the Data Security Program’s prohibitions and restrictions on engaging in covered data transactions. To provide additional time for entities and individuals to come into compliance, the Data Security Program delays certain affirmative due-diligence obligations, which do not go into effect until Oct. 6, 2025.

    NSD recognizes that individuals and companies may need to take a number of steps to determine whether the Data Security Program’s prohibitions and restrictions apply to their activities, and to implement changes to their existing policies or to implement new policies and processes to comply.

    To allow the private sector to focus its resources and efforts on promptly coming into compliance and to allow NSD to prioritize its resources on facilitating compliance, NSD will target its enforcement efforts during the first 90 days to allow U.S. persons (e.g., individuals and companies) additional time to implement the changes required by the Data Security Program, provide additional opportunities for the public to engage with NSD, and to minimize potential disruptions for businesses. As explained in NSD’s Data Security Program Implementation and Enforcement Policy Through July 8, 2025, NSD will not prioritize civil enforcement actions against any person for violations of the Data Security Program that occur from April 8 through July 8, 2025, so long as the person is engaging in good faith efforts to comply with or come into compliance with the Data Security Program during that time. These efforts include engaging in compliance activities described in that policy, such as amending or renegotiating existing contracts, conducting internal reviews of data flows, deploying the CISA security requirements, and so on.

    At the end of this 90-day period, individuals, and entities should be in full compliance with the DSP. This policy does not limit NSD’s lawful authority and discretion to pursue civil enforcement if entities and individuals did not engage in good faith efforts to comply with, or come into compliance with, the Data Security Program.

    During this 90-day period, NSD encourages the public to contact NSD at nsd.firs.datasecurity@usdoj.gov with informal inquires or information about the DSP and the guidance NSD has released. Although NSD may not be able to respond to every inquiry, NSD will use its best efforts to respond consistent with available resources, and any inquiries or information submitted may be used to develop and refine future guidance. Correspondingly, NSD discourages the submission of any formal requests for specific licenses or advisory opinions during this 90-day period. Although requests for specific licenses or advisory opinions during this 90-day period can be submitted, NSD will not review or adjudicate those submissions during the 90-day period (absent an emergency or imminent threat to public safety or national security).

    MIL OSI USA News –

  • MIL-OSI USA: Participate in Love Our NY Lands Stewardship Days

    Source: US State of New York

    overnor Kathy Hochul today announced that New York State agencies and partners will celebrate a series of stewardship events to help enhance parks, historic sites, environmental education centers, campgrounds, state forests, wildlife management areas, and a variety of public lands as part of the Love Our New York Lands Stewardship Days. Service projects hosted during these events will raise awareness and visibility of the State’s expansive outdoor recreation assets and provide opportunities for volunteers to plant trees, restore habitats, and engage with their local communities throughout the year.

    “New York’s natural beauty is unmatched, and with a record number of visitors continuing to take advantage of the world-class outdoor recreation opportunities our state has to offer, we have a responsibility to preserve these outdoor spaces for future generations to enjoy,” Governor Hochul said. “I encourage all New Yorkers to get offline and get outside – to connect in person, give back, and help protect the lands we love while strengthening the environmental and cultural legacy of our state.”

    The 2025 Love Our New York Lands days kicks off with Canal Clean Sweep from April 18 through 20, followed by I Love My Park Day on May 3, Adirondack and Catskill Park Day on September 6, and Wildlife Day on October 4. This volunteer initiative is operated in partnership with Parks & Trails New York (PTNY), the New York State Office of Parks, Recreation and Historic Preservation (State Parks), Department of Environmental Conservation (DEC), and Canal Corporation.

    Love Our New York Lands encourages year-round stewardship and provides visitors with the knowledge to reduce their impact, engages users to practice sustainable and safe recreation, and helps all visitors feel welcome while visiting state lands. To help achieve Governor Hochul’s initiative to plant 25 million trees by 2033, up to 2,500 tree seedlings from the DEC’s Colonel William F. Fox Memorial Saratoga Tree Nursery will be made available to plant at I Love My Park Day this year. These efforts will invigorate tree planting efforts and help achieve the many benefits of trees in New York’s communities. The public can track and record tree plantings and find other community-based tree planting events through the DEC Tree Tracker Dashboard.

    Registration is currently open for the 20th annual Canal Clean Sweep taking place April 18-20. Volunteers can choose from nearly 100 events across the New York State Canal System and Canalway Trail. Help celebrate the bicentennial of the Erie Canal by joining thousands of volunteers to clean up our state’s greenways and canalways in preparation for the summer season. Visit www.ptny.org/canalsweep for more information and to sign up for an event.

    Registration is also open for the 14th annual I Love My Park Day on May 3. This is the largest single-day statewide volunteer event that enhances our State Park system, and DEC public lands, with volunteers participating by cleaning up debris, planting trees and gardens, restoring trails and wildlife habitats, removing invasive species, and working on various site improvement projects. Visit https://www.ptny.org/ilovemypark to sign up and participate.

    Additional opportunities will be available at Adirondack and Catskill Park Day on September 6 and at Wildlife Day on October 4. These events will highlight the state’s uniquely protected Forest Preserve lands in the Catskills and Adirondacks and wildlife conservation efforts and wildlife-associated recreation. More information will be available at https://www.ptny.org/lovenylands.

    Parks & Trails New York Executive Director Paul Steely White said, “State Parks are welcoming more visitors each year–88 million visits across 250+ sites in 2024 alone. If only a fraction of those visitors attend a Love Our New York Lands volunteer event, we can make a real difference. Stewardship helps park goers feel connected to their environment and their community. PTNY is encouraged to work alongside agency partners committed to making their sites more enjoyable, accessible, and inviting to people of all backgrounds. We’ll see you out there!”

    Office of Parks, Recreation and Historic Preservation Commissioner Pro Tempore Randy Simons said, “Our volunteers are crucial in making our state park system the very best in the nation and thanks to our partners at Parks & Trails New York, we are continuing to expand the opportunities to give back and promote responsible stewardship. We look forward to welcoming new and returning volunteers for these events and inspiring the next generation of visitors to help maintain and preserve our amazing public lands.”

    New York State Canal Corporation Director Brian U. Stratton said, “The Canal Clean Sweep, co-hosted with our partners at Parks & Trails New York, is a perfect way to get people connecting with each other, their communities and the Canalway Trail. Working together, these stewardship days make a real difference in creating spaces that are more inviting and welcoming for visitors from near and far. I look forward to rolling up my sleeves and joining our volunteers for the Canal Clean Sweep in just a few short weeks.”

    Department of Environmental Conservation Acting Commissioner Amanda Lefton said, “New York State’s unparalleled environmental and recreational assets draw millions of people each year. Thanks to the many volunteers and environmental stewards, the Love Our New York Lands days and ongoing educational campaign continue to encourage visitors to plan ahead, visit responsibly, and practice Leave No Trace™ principles to collectively preserve and continue sharing our public lands. We hope you can join Parks & Trails New York and our State agency partners to steward public lands and promote safe, sustainable, and responsible recreation all year round.”

    Assemblymember Deborah Glick said, “Since the pandemic, New Yorkers have learned that our state parks are not only a wonderful way to get out and enjoy the amazing nature our beautiful state has to offer, but also to give back. Love Our New York Lands is a great opportunity for New Yorkers to get outside, enjoy our beautiful parks, and reduce their impact on the climate, and I hope many of us will participate.”

    The Love Our New York Lands campaign, launched in 2020 by DEC and State Parks, encourages all users of state-owned lands to recognize that these lands are shared by ALL of us, our families, and our neighbors, and we all need to take care of them. The campaign includes guidance on Leave No Trace™ principles so that visitors can do their part to help ensure these special places are protected for future generations. Love Our New York Lands encourages visitors to be respectful of other visitors in these shared spaces. Visitors are asked to share trails, treat people with kindness, and leave things as they found them for others to enjoy. Visitors are encouraged to think of themselves as responsible for helping protect these irreplaceable destinations for future generations. More information is available on DEC’s website.

    Governor Hochul is committed to expanding access to outdoor recreation. The FY25 Enacted Budget included $300 million in capital funding to invest in park improvements, which includes $100 million for the celebration of the New York State Parks’ Centennial. The Governor also launched a new $150 million NY SWIMS capital grant program to expand access to safe swimming opportunities for New Yorkers, address equity gaps, and provide resources for communities facing extreme heat.

    Additionally, the FY26 Executive Budget proposes $200 million for State Parks to invest in and aid the ongoing transformation of New York’s flagship parks and support critical infrastructure projects throughout the park system. The Governor’s new Unplug and Play initiative also earmarks $100 million for construction and renovation of community centers through the Build Recreational Infrastructure for Communities, Kids and Seniors (NY BRICKS), $67.5 million for the Places for Learning, Activity and Youth Socialization (NY PLAYS) initiative helping New York communities construct new playgrounds and renovate existing playgrounds; and an additional $50 million for the Statewide Investment in More Swimming (NY SWIMS) initiative supporting municipalities in the renovation and construction of swimming facilities.

    About Parks & Trails New York

    Parks & Trails New York is New York’s leading statewide advocate for parks and trails, dedicated since 1985 to improving our health, economy, and quality of life through the use and enjoyment of green space for all. With thousands of members and supporters across the state, PTNY is a leading voice in the protection of New York’s magnificent state park system and the creation and promotion of more than 1,500 miles of greenways, bike paths, river walks and trails. More information can be found here.

    About New York State Office of Parks, Recreation and Historic Preservation

    The New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 parks, historic sites, recreational trails, golf courses, boat launches and more, which saw a record 88 million visits in 2024. For more information on any of these recreation areas, visit parks.ny.gov, download the free NY State Parks Explorer app  or call 518.474.0456. Connect with us on  Facebook,  Instagram, X, LinkedIn the OPRHP Blog or via the OPRHP Newsroom.

    About New York State Department of Environmental Conservation

    The New York State Department of Environmental Conservation manages five million acres of public lands, including three million acres in the Adirondack and Catskill Forest Preserve, 55 campgrounds and day-use areas, more than 5,000 miles of formal trails and hundreds of trailheads, boat launches, and fishing piers. Plan your next outdoor adventure and connect with @NYSDEC on social media.

    About the New York State Canal System

    New York’s Canal system includes four historic canals: the Erie, Champlain, Oswego, and Cayuga – Seneca. Spanning 524 miles, the waterway links the Hudson River with the Great Lakes, the Finger Lakes and Lake Champlain. The canals form the backbone of the Erie Canalway National Heritage Corridor and connect hundreds of unique communities. The New York State Canal Corporation is a subsidiary of the New York Power Authority. Like Canals on Facebook at NYS Canal Corporation and follow Canals on X (formerly Twitter) at @NYSCanalCorp.

    MIL OSI USA News –

  • MIL-OSI Security: United States Department of Justice Equitable Sharing Funds

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – United States Attorney W. Stephen Muldrow, Puerto Rico Governor Jenniffer González-Colón, and Puerto Rico Police Bureau Commissioner Jospeh González today announced updated/new information regarding the United States Department of Justice Equitable Sharing Funds for agencies in Puerto Rico.

    Asset forfeiture is the taking of property by the government without compensation because of the property’s connection to criminal activity. It is a legal tool that enables the federal government to recover property that can be used to compensate victims of the crime underlying the forfeiture, among other important law enforcement interests.

    There are two distinct asset forfeiture programs: (a) the Department of Justice’s Asset Forfeiture Program over which the Attorney General exercises statutory authority; and (b) the Department of the Treasury’s Treasury Asset Forfeiture Program managed by the Secretary of the Treasury).

    The Justice Asset Forfeiture Program has four primary goals:

    1. To punish and deter criminal activity by depriving criminals of property used in or acquired through illegal activities.

    2. To promote and enhance cooperation among federal, state, local, tribal, and foreign law enforcement agencies.

    3. To recover assets that may be used to compensate victims when authorized under federal law.

    4. To ensure the Program is administered professionally, lawfully, and in a manner consistent with sound public policy.

    The Justice Asset Forfeiture Fund receives the proceeds of forfeiture made pursuant to laws enforced or administered by members of Justice’s Asset Forfeiture Program. Thirteen agencies, including Justice agencies and components as well as non-Justice agencies, comprise the Asset Forfeiture Program’s membership.  That membership includes Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Drug Enforcement Administration (DEA), U.S. Postal Inspection Service (USPIS), and Federal Bureau of Investigation (FBI).

    The Treasury Asset Forfeiture Program also has four priorities:

    1. To administer and manage the Treasury Forfeiture Fund (TFF) program in a fiscally responsible manner that seeks to minimize administrative costs and maximize the benefits for law enforcement and the compensation of eligible victims; 

    2. To ensure program policies protect due process rights of individuals;

    3. To focus resources on strategic cases and investigations that result in actions against high profile criminals and criminal enterprises to affect the greatest financial damage to criminal organizations; and

    4. To foster a strong working relationship between federal and state or local law enforcement agencies

    The Treasury Forfeiture Fund receives the proceeds of forfeitures made pursuant to laws enforced or administered by Treasury and Department of Homeland Security law enforcement agencies. Members include U.S. Immigration and Customs Enforcement – Homeland Security Investigations (HSI), Internal Revenue Service – Criminal Investigation (IRS-CI), U.S. Secret Service (USSS), U.S. Customs and Border Protection (CBP), and U.S. Coast Guard (USCG)

    Through equitable sharing, any state, local, or tribal law enforcement agency that directly participates in a law enforcement effort that results in a federal forfeiture may request an equitable share of the net proceeds of the forfeiture.  The Equitable Sharing Program is an important aspect of the Justice and Treasury Asset Forfeiture Programs. Federal law authorizes the Attorney General and the Secretary of the Treasury to share federally forfeited assets with participating law enforcement agencies.  The exercise of this authority is discretionary and limited by statute. The Attorney General and the Secretary of the Treasury are not required to share assets in any case. Participation in an investigation with a member of the Justice Asset Forfeiture Program may result in equitable sharing paid from Justice’s Asset Forfeiture Funds (AFF), while participation in an investigation with a Treasury Asset Forfeiture Program member agency may result in equitable sharing paid from Treasury’s Forfeiture Funds (TFF).

    In Puerto Rico, the following agencies are participating in the Equitable Sharing Program: Puerto Rico Police Bureau; Puerto Rico Special Investigations Bureau; Puerto Rico Ports Authority General Security Department; Puerto Rico National Guard Counterdrug Unit; Ponce Municipal Police Department; and the San Juan Police Department. Since the year 2020, these agencies have received Equitable Sharing Funds and are currently pending to receive Equitable Sharing Funds:

    • Puerto Rico Police Bureau $2,604,847.72 (received) and $27,360,386.06 (pending)
    • Puerto Rico Special Investigations Bureau $871,128.38 (received) and $110,791.90 (pending)
    • Puerto Rico Ports Authority General Security Department $587,357.42 (received) and $112,889.15 (pending)
    • Puerto Rico National Guard Counterdrug Unit $481,221.69 (received) and $5655 (pending)
    • Ponce Municipal Police Department $160,047.89 (received) and $9,709.20 (pending)
    • San Juan Police Department $1,439,682.39 (received) and $167,375.29 (pending)

    Equitable Shared Funds must be used to increase or supplement the resources of the receiving state, local, or tribal law enforcement agency. Shared funds shall not be used to replace or supplant the agency’s appropriated resources. The recipient agency must benefit directly from the sharing.

    “Forfeiting the proceeds and instrumentalities of crime puts the money to work for good – helping the victims of crime, funding community programs and providing resources to be used to promote public safety,” said W. Stephen Muldrow, United States Attorney for the District of Puerto Rico. “Equitable sharing redirects illegal proceeds toward the local law enforcement agencies who work with their federal counterparts to dismantle large scale criminal enterprises.  Such sharing can enable state and local agencies to commit the necessary resources to conduct a complex, long-term investigation that in the end enhances public safety.”

    More agencies can participate in the Equitable Sharing Program. To become a Program participant, agencies must submit an Equitable Sharing Agreement and Certification (ESAC) and affidavit to the Money Laundering and Asset Recovery Section (MLARS). Agencies must also be registered in the federal government’s System for Award Management (SAM.gov). Eligible agencies must comply with all rules and obligations, including bookkeeping procedures, internal controls, reporting and audit requirements.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Bergen County Man Sentenced To 86 Months In Prison For Distribution And Possession Of Child Pornography

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Bergen County, New Jersey, man was sentenced to 86 months in prison for distributing and possessing images of child sexual abuse, U.S. Attorney Alina Habba announced.

    Michael Kimmerle, 35, of New Milford, New Jersey previously pleaded guilty before U.S. District Judge Claire C. Cecchi in Newark federal court to an information charging him with one count of distribution of child pornography and one count of possession of child pornography.

    According to documents filed in this case and statements made in court:

    From August 24, 2021, through August 7, 2022, Kimmerle distributed material containing video files of child sexual abuse, via a publicly available online peer-to-peer (P2P) file-sharing program. Law enforcement used undercover online sessions to access the P2P program. During these sessions a user shared multiple video files of child sexual abuse from an Internet Protocol address traced to Kimmerle’s residence.  During a September 14, 2022 search of Kimmerle’s residence, law enforcement found over 600 thumbnail images containing child pornography on Kimmerle’s laptop, including images derived from video files Kimmerle previously distributed through the P2P file-sharing program.

    In addition to the prison term, Judge Cecchi sentenced Kimmerle to 5 years of supervised release and ordered him to pay $59,500 in restitution to the victims.

    U.S. Attorney Habba credited special agents of the U.S. Department of Homeland Security, Homeland Security Investigations, Newark, under the direction of Acting Special Agent in Charge Spiros Karabinas, with the investigation leading to sentencing.

    The government is represented by Assistant U.S. Attorney Chelsea D. Coleman of the Opioid Abuse Prevention and Enforcement Unit in Newark.

    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 (CEOS) in the Justice Department’s Criminal Division, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit: https://www.justice.gov/psc.

                                                               ###

    Defense counsel: John J. Bruno, Jr., Esq., Rutherford, New Jersey

    MIL Security OSI –

  • MIL-OSI Security: Federal Prosecutors Charge This Week 21 Defendants with Being Illegal Aliens Found in the United States Following Removal

    Source: Office of United States Attorneys

    LOS ANGELES – Federal prosecutors working alongside with U.S. Immigration and Customs Enforcement and other federal law enforcement partners have filed charges against 21 defendants in the last week who allegedly were found in the U.S. following removal, the Justice Department announced today.   

    Many of the defendants charged were previously convicted of felony offenses prior to their removal from the United States, including alien smuggling, burglary, grand theft, and assault with a deadly weapon.

    The crime of being found in the United States following removal carries a base sentence of up to two years in federal prison. Defendants who were removed after being convicted of a felony face a maximum 10-year sentence and defendants removed after being convicted of an aggravated felony face a maximum of 20 years in federal prison.

    Some of the recently filed cases are summarized below:

    • David Casas-Herrera, 45, of Mexico, was charged via a federal criminal complaint with being an illegal alien found in the United States after removal. Casas-Herrera was removed from the U.S. in 1997, 2001, twice in 2003, twice in 2004, 2007, 2009, 2011, and 2022. His criminal history includes convictions in U.S. District Court in the Southern District of California in 2006 and 2022 of alien smuggling, for which he was sentenced to 15 months and 21 months in federal prison, respectively. He also has two prior convictions for being an illegal alien found in the U.S. following removal: in Arizona federal court in 2003 and in San Diego federal court 2010 for which he was sentenced to terms of 60 days in prison each time. Assistant United States Attorney Gregory Scally of the Orange County Office is prosecuting this case.
    • Marta Stoican, 40, of Romania, was charged via a federal criminal complaint with being an illegal alien found in the United States after removal. Stoican, who was removed from the U.S. in 2022, was charged after being arrested by the Baldwin Park Police Department on suspicion of burglary on April 5. Stoican has a criminal history that includes convictions in 2017 for grand theft, possession of shoplifting gear, and theft. Special Assistant United States Attorney Elizabeth Bisland of the Domestic Security and Immigration Crimes Section is prosecuting this case.
    • Juan Solorzano Reyes, 40, of Mexico, who was charged via a federal criminal complaint with being an illegal alien found in the United States after removal.  Reyes, who was removed from the U.S. in 2003, 2006, 2008, 2009, 2013, and 2020, was charged after being convicted in Orange County Superior Court in 2011 of possession for sale of methamphetamine, for which he was sentenced to four years in California state prison, and in 2022 of assault with a deadly weapon, criminal threats, and vandalism, for which he was sentenced to 180 days in California state prison. Assistant United States Attorney Gregory Staples of the Orange County Office is prosecuting this case.

    Criminal complaints contain allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    U.S. Immigration and Customs Enforcement and Homeland Security Investigations are investigating these matters.

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice 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 (OCDETF) and Project Safe Neighborhood (PSN).      

    MIL Security OSI –

  • MIL-OSI: Canada Energy Partners Announces Private Placement, Partial Revocation Order and Variation Order

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 11, 2025 (GLOBE NEWSWIRE) — Canada Energy Partners Inc. (NEX:CE.H) (the “Company”) announces that on February 5, 2025 the British Columbia Securities Commission (the “BCSC”) granted a partial revocation (the “Partial Revocation”) of a failure-to-file cease trade order (“FFCTO”) previously issued by the BCSC on September 4, 2024. The Partial Revocation permits the Company to complete a private placement transaction for the purpose of finalizing its annual financial statements for the year ended April 30, 2024, interim financial statements, management’s discussion and analysis and certification of interim filings for the periods ended July 31, 2024 and October 31, 2024, as well as provide funding for certain operational, filing and debt expenses. 

    On April 10, 2025, the BCSC issued a variation order (the “Variation Order”) to:

    • cancel the proposed share consolidation of the Company’s common shares on a 10:1 basis.  The consolidation was cancelled in order to comply Policy 2.5 – Continued Listing Requirements and Inter-Tier Movement of the TSX Venture Exchange (the “TSXV”);
    • revise the securities offered and the price of the securities offered under the Company’s proposed non-brokered private placement (the “Private Placement”) from up to 5,000,000 units (consisting of one common share and one common share purchase warrant) at a price of $0.05 per unit to up to 25,000,000 common shares of the Company (each, a “Common Share”) at a price of $0.01 per Common Share.  The structure of the Private Placement was amended to eliminate further dilution through the issuance of warrants and the Company will comply with the NEX Policy and Policy 4.1 – Private Placements of the TSXV; and
    • revise the date of the FFCTO from September 2, 2024 to September 4, 2024.

    Pursuant to the Partial Revocation and Variation Order, the Company intends to complete the Private Placement of up to 25,000,000 Common Shares of the Company at a price of $0.01 per Common Share for gross proceeds of up to $250,000. 

    The Company intends to use the net proceeds raised from the Private Placement as follows:

    Description Estimated Amount
    Accounting, audit and legal fees associated with the preparation and filing of the relevant continuous disclosure documents, as well as the preparation of the materials for the annual meeting, Private Placement and application for the partial revocation order and full revocation $45,000
    Filing fees associated with obtaining the partial revocation order and full revocation order, including fees payable to the applicable regulators, including the BCSC $20,000
    Legacy accounts payable, including accounting and legal fees, consulting fees and outstanding transfer agent fees $160,000
    Unallocated Working capital $25,000
       

    No proceeds of the Private Placement will be used to fund payments to non arms’ length parties or to persons conducting Investor Relations Activities within the meaning of the Policy 1.1 – Interpretation of the TSXV.

    The Company may pay finders’ fees of up to 10% cash on a portion of the Private Placement as disclosed in representation 4(n) of the Partial Revocation, subject to compliance with applicable securities laws and policies of the TSXV.

    All securities issued pursuant to the Private Placement will be subject to a statutory four month plus one day hold period.  Closing of the Private Placement is subject to receipt of all required regulatory approvals, including acceptance from the TSXV. 

    Prior to completion of the Private Placement, each proposed placee will receive a copy of the FFCTO, the Partial Revocation and the Variation Order, and will be required to provide an acknowledgement to the Company that all of the Common Shares issued in connection with the Private Placement, will remain subject to the FFCTO until such order is fully revoked, and that the granting of the Partial Revocation by the BCSC does not guarantee the full revocation of the FFCTO in the future.

    For more information, please contact:

    CANADA ENERGY PARTNERS INC.
    Attention:  Grant Hall, President
    Email:  ghall@canadaenergypartners.com
    Direct Phone: (520) 668 4101

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

    This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur, including, without limitation, estimated revenues. Forward-looking statements in this press release include statements about the closing of the Private Placement and the intended use of proceeds of the Private Placement. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, TSXV approval of the Private Placement. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates 16 toilets and drinking water facilities under supervision of Varanasi Commissionerate of the Lucknow CGST Zone

    Source: Government of India

    Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates 16 toilets and drinking water facilities under supervision of Varanasi Commissionerate of the Lucknow CGST Zone

    Government of India committed to gender-sensitive sanitation, education, and vision of a Viksit Bharat by 2047: MoS Shri Pankaj Chaudhary

    Modern sanitation and safe drinking water would enhance attendance and instil confidence among girl students towards women empowerment: CBIC Member Shri Surjit Bhujbal

    Posted On: 11 APR 2025 8:37PM by PIB Delhi

    Under the Cleanliness Mission of the Government of India, Union Minister of State for Finance Shri Pankaj Chaudhary inaugurated 16 toilets and drinking water facilities — 3 in Government Girls Inter College and 13 across Kasturba Gandhi Vidyalayas — in Maharajganj district, today.

     

     

    The project was executed under the overall supervision of the Varanasi Commissionerate of the Lucknow CGST Zone, with help from the Central Board of Indirect Taxes and Customs (CBIC) and the Central Public Works Department (CPWD). The project began in FY 2022-23 and was completed in March 2025, benefiting over 5,000 girl students from remote rural areas.

    The facilities located at the different remote locations of the district were formally inaugurated and handed over to the beneficiary schools today by Shri Chaudhary, in presence of Shri Surjit Bhujbal, Member, CBIC; Shri P.K. Katiyar, Chief Commissioner Lucknow Zone; and Shri Vinish Chaudhary, CGST Commissioner Varanasi.

     

     

    In his address on this occasion, Shri Chaudhary emphasised the Government of India’s unwavering commitment to gender-sensitive sanitation, education, and the vision of a Viksit Bharat by 2047. Shri Chaudhary underlined the role of Swachchta in building a clean, inclusive, and empowered India.

     

     

    In his address on at the occasion, Shri Bhujbal said that the availability of modern sanitation and safe drinking water would not only enhance attendance and confidence among girl students but would also stand as a meaningful step towards women empowerment.

     

     

    Commending the CPWD for their exceptional coordination and commitment, Shri Bhujbal said CPWD beat the administrative, logistical and geographical challenges to ensure timely project delivery, and shared that the project was efficiently completed within the allocated budget and resulted in a noticeable cost savings.

    The CBIC, in its continued commitment to the Swachh Bharat Mission, has successfully undertaken 3,062 Swachchta projects over the past six years, with a vision to support a defecation-free and cleaner India. In FY 2023-24, CBIC completed 197 projects out of the 40.39 crore allocated budget, utilising Rs. 36.70 crore towards key initiatives such as record digitisation, construction of Divyang-friendly toilets, and creation of workplace facilities like creches.

     

    CBIC also actively contributes to a cleaner and greener society through plantation drives, public art, and park renovations. Under initiatives like Swachchta Hi Sewa and Swachchta Pakhwada, workshops have been conducted, e-office adoption has increased, and efforts towards effective records management and disposal of obsolete stock have been accelerated.

    These initiatives reaffirm CBIC’s commitment to the national vision of Swachh Bharat and sustainable development.

    ***

    NB/KMN

    (Release ID: 2121088) Visitor Counter : 50

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India hosts 8th Meeting of Joint Committee on ASEAN-India Trade in Goods Agreement (AITIGA)

    Source: Government of India

    Posted On: 11 APR 2025 6:38PM by PIB Delhi

    India hosted the 8th meeting of the AITIGA Joint Committee to review the ASEAN-India Trade in Goods Agreement (AITIGA) at Vanijya Bhawan, New Delhi, from April 07 to 11, 2025. The event was conducted in a hybrid format. The meeting was co-chaired by Shri Rajesh Agrawal, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, India and Deputy Co-Chair Dr. Sugumari S. Shanmugam Senior Director Ministry of Investment, Trade and Industry, Malaysia. The meeting saw participation from delegates representing ASEAN countries, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam.

    The committee’s primary objective was to advance the ongoing review of the AITIGA, aiming to modernize the agreement to be more effective, user-friendly, and conducive to trade. Five out of eight Sub-Committees (SCs) under the AITIGA JC also conducted hybrid meetings on the margins of the 8th AITIGA JC. Out of which, four SCs, namely Sub-Committee on Customs Procedures and Trade Facilitation (SC-CPTF); Sub-Committee on Economic & Technical cooperation (SC-ETC); Sub-Committee on National Treatment and Market Access (SC-NTMA); and Sub-Committee on Sanitary and Phytosanitary (SC-SPS) met in New Delhi, India, while the Sub-Committee on Rules of Origin (SC-ROO) met in Jakarta, Indonesia, facilitating progress in textual discussions and progressing in groundwork for tariff negotiations.

    ASEAN remains a pivotal trade partner for India, accounting for approximately 11% of India’s global trade. In the fiscal year 2023-24, bilateral trade between India and ASEAN reached USD 121 billion.

    The next AITIGA JC meeting is scheduled for June 2025 in Kuala Lumpur, Malaysia, continuing the collaborative efforts to enhance ASEAN-India economic integration.

    ****

    Abhishek Dayal/Nihi Sharma

    (Release ID: 2121030) Visitor Counter : 123

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB Group approves new financing for European security, transport, energy, water and deep tech as well as support for Ukrainian firms

    Source: European Investment Bank

    • EIB Board approves €3.6 billion in financing for clean transport, energy and innovation, as well as upgrading water and sanitation in Africa.
    • EIB Board also backed broader support for Europe’s automotive sector, which has received more than €11bn EIB financing in the past five years.
    • EIF Board approved investment in deep tech venture capital fund and backing for war-affected small- and medium-sized companies in Ukraine.

    The Boards of Directors of the European Investment Bank (EIB) and the European Investment Fund (EIF), meeting this week, approved new financing to support economic prosperity and resilience, boost innovation and EU’s strategic autonomy in new technologies, and deepen global partnership.

    “The EIB Group is responding to Europe’s priorities in the current volatile international context, providing financing for projects to boost security, technological innovation, critical infrastructures, and the deepening our international partnerships” said EIB Group President Nadia Calviño. “We also affirmed our commitment to support Europe’s manufacturing champions in the automotive industry. The automotive sector is the second largest focus of the EIB group after energy, where the EIB Group has committed more than €11.5 billion over the past five years.”

    The EIB Board approved a total of €3.6 billion of new projects for water and energy infrastructure, housing and clean transport.

    The EIF’s Board approved transactions totalling €2.2 billion, including four operations under the EU4Business Guarantee Facility to facilitate access to finance for war-affected enterprises in Ukraine.

    Backing the automotive sector

    The EIB Board of Directors discussed ways to further step-up support for Europe’s automotive industry, with a focus on innovation and investment in future technologies. The EIB Group has provided more than €11.5 billion euros to support the sector over the past five years, with financing covering the entire supply chain and key infrastructures – from battery and components manufacturing to electric vehicle charging stations.

    Transport, energy, water and housing

    New financing approved by the EIB includes more than €1 billion for low-emission transport in northern Europe, urban mobility in Germany, climate-resilience in Poland and an upgrade of 350 kilometres of the main transport route in Malawi.

    Large-scale energy and water investment totalling €1.4 billion was also agreed, including research and development of heat pumps in Poland and Belgium, improvements to water and sanitation in Latvia and Guinea and an expansion of electricity distribution in Brazil.

    Financing to enable construction of more than 700 affordable homes in Czechia was also approved.

    Fresh EIB financing of €1.1 billion for company investments agreed today includes small-business financing programmes in Spain and Greece and venture-debt financing for 3D software, digital health and disease-resistant and drought-resistant agriculture.

    Venture capital support for deep-tech and cybersecurity

    Among the greenlighted EIF equity investments were participations in a pan-European venture capital fund seeking to scale up deep technology investments – including cybersecurity – with resources under the European Tech Champions Initiative, and a venture capital fund supporting early-stage tech companies in emerging European venture capital markets.

    The EIF Board also endorsed two new mandates, which will respectively foster the Polish venture capital market and early-stage technology transfer and deep tech investments in Spain.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI Security: Sussex County Man Sentenced To 80 Months For Distribution Of Child Pornography

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Sussex County, New Jersey, man was sentenced to 80 months for distributing videos and images of child sexual abuse, U.S. Attorney Alina Habba announced.

    Gaetano Lapegna, 67, of Franklin, New Jersey previously pleaded guilty before U.S. District Judge Claire C. Cecchi to an information charging one count of distribution of child pornography.  Judge Cecchi imposed the sentence today in Newark federal court.

    According to documents filed in this case and statements made in court:

    From December 2022 to March 2023, Lapegna distributed videos and images of child sexual abuse via a publicly available online peer-to-peer (P2P) file-sharing program.  During the course of the investigation, an undercover law enforcement officer conducted online sessions using the P2P program, during which a user shared hundreds of videos and images of child sexual abuse from an IP address traced to Lapegna’s address.

    Subsequent to a lawful search of his residence on March 30, 2023, law enforcement officers recovered over 100 items depicting child pornography on Lapegna’s thumb drive. Law enforcement also found that Lapegna’s computer was running the same version of the P2P program from which law enforcement downloaded child pornography from Lapegna.

    In addition to the prison term, Judge Cecchi sentenced Lapegna to five years of supervised release and ordered restitution of $50,000.

    U.S. Attorney Habba credited special agents of the U.S. Department of Homeland Security, Homeland Security Investigations Newark, under the direction of Special Agent in Charge Ricky J. Patel, with the investigation leading to today’s sentencing.  She also thanked the United States Postal Inspection Service, Sussex County Prosecutor’s Office, and Franklin Borough Police Department for their assistance.

    The government is represented by Assistant U.S. Attorney Farhana C. Melo of the Economic Crimes Unit in Newark.

    Defense counsel:  Claressa Lowe Esq., Assistant Federal Public Defender, Newark

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Union Commerce and Industry Minister, Shri Piyush Goyal meets with H.E Mr Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs & International Cooperation of Italy to India

    Source: Government of India

    Union Commerce and Industry Minister, Shri Piyush Goyal meets with H.E Mr Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs & International Cooperation of Italy to India

    Strengthening bilateral trade and investment ties discussed

    Posted On: 11 APR 2025 5:11PM by PIB Delhi

    The Union Minister of Commerce and Industry, Shri Piyush Goyal met with H.E. Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs of Italy here today to discuss strengthening bilateral trade and investment ties. The meeting reinforced the longstanding relationship between India and Italy, built on shared values of democracy and fair play. The two leaders discussed ways to expand economic cooperation, and explored new avenues to advance this partnership.

    This high-level engagement marks a significant step to advance the Joint Strategic Action Plan 2025-2029, agreed at the level of the two Prime Ministers in November 2024, with purposeful momentum, promoting smoother trade flows, nurturing investment opportunities, and achieving tangible outcomes, to pave the way for a prosperous, mutually beneficial partnership that benefits both our nations. It may be noted that India-Italy trade is estimated at about US$ 15 billion in 2023-2024 while Foreign Direct Investments from Italy into India are estimated at about US$ 4 billion since the year 2000.

    During discussions, both leaders acknowledged the relevance of India’s dynamic and fast-growing economy while emphasizing the significance of diversifying trade relations and deepening economic ties to achieve growth and prosperity.

    The leaders also discussed the progress of the EU-India Free Trade Agreement (FTA) negotiations and emphasized the importance of prioritizing trade issues to streamline negotiations and deliver a commercially meaningful package to build resilient value chains to provide stability to business against emerging risks.

    Sectors like pharma, textiles, industry 4.0 & technological collaboration, gems & jewellery, ship building, energy transition and agri-tech and food processing were highlighted as key areas of collaboration. Italy recognized the necessity of engaging with India as a strategic partner to diversify its trade relationships. The trade barriers faced by exporters and investors were also discussed, with both sides agreeing to resolve such issues through continuous dialogue. Both Ministers earlier attended the plenary session of the India-Italy Business, Science and Technology Forum and also interacted with Indian and Italian business leaders.

    It was agreed that the next meeting of the Joint Commission for Economic Cooperation would be held in Italy at a mutually convenient time, accompanied by a high-level business delegation to advance bilateral trade, enhance market access, and promote investments.

    ***

    Abhishek Dayal/Nihi Sharma/Ishita Biswas

    (Release ID: 2120975) Visitor Counter : 105

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Justice Department Implements Critical National Security Program to Protect Americans’ Sensitive Data from Foreign Adversaries

    Source: United States Attorneys General 11

    Department Answers Frequently Asked Questions, Provides Guidance, and Issues Limited Enforcement Policy for First 90 Days

    Today, the Justice Department took significant steps to move forward with implementing a critical program to prevent China, Russia, Iran, and other foreign adversaries from using commercial activities to access and exploit U.S. government-related data and Americans’ sensitive personal data to commit espionage and economic espionage, conduct surveillance and counterintelligence activities, develop AI and military capabilities, and otherwise undermine our national security.

    The Data Security Program implemented by the National Security Division (NSD) under Executive Order 14117 addresses this “unusual and extraordinary threat…to the national security and foreign policy of the United States” that has been repeatedly recognized across political parties and by all three branches of government.

    The Justice Department’s continued prioritization of the Data Security Program delivers on promises made by President Trump in his America First Investment Policy and NSPM-2 on Imposing Maximum Pressure on Iran, addresses threats identified in the 2025 Annual Threat Assessment of the U.S. Intelligence Community and President Trump’s 2017 National Security Strategy, and responds to the national emergency President Trump declared in Executive Order 13873.

    “If you’re a foreign adversary, why would you go through the trouble of complicated cyber intrusions and theft to get Americans’ data when you can just buy it on the open market or force a company under your jurisdiction to give you access?” said Deputy Attorney General Todd Blanche. “The Data Security Program makes getting that data a lot harder.”

    To address this urgent threat, the Data Security Program establishes what are effectively export controls that prevent foreign adversaries, and those subject to their control, jurisdiction, ownership, and direction, from accessing U.S. government-related data and bulk genomic, geolocation, biometric, health, financial, and other sensitive personal data. To assist the public in coming into compliance with the Data Security Program, NSD has issued a Compliance Guide, an initial list of over 100 Frequently Asked Questions (FAQs), and an Implementation and Enforcement Policy for the first 90 days. NSD will be taking additional steps over the coming weeks and months to implement the Data Security Program, including publishing an initial Covered Persons List that identifies and designates persons subject to the control and direction of foreign adversaries. The Data Security Program went into effect on April 8, 2025.

    Newly Issued Guidance and FAQs

    The Data Security Program Compliance Guide identifies and describes best practices for complying with the Data Security Program, thereby mitigating the unacceptable national security risk of enabling countries of concern to access and exploit Americans’ sensitive personal data. The document provides guidance on key definitions, prohibited and restricted transactions, and the requirements for building a robust data compliance program. The Compliance Guide also provides model contractual language and suggests best practices for complying with the Data Security Program’s audit and recordkeeping requirements. It is crucial that U.S. persons familiarize themselves and become prepared to comply with the Data Security Program’s prohibitions and restrictions once they became effective on April 8, 2025.

    The Data Security Program FAQs address high-level clarifications about Executive Order 14117 and provides valuable information about the Data Security Program, its scope, and accompanying processes for requesting licenses and advisory opinions, making disclosures of Data Security Program violations, and reporting rejected prohibited transactions. The FAQs reflect some of the comprehensive feedback and common issues the Department received and addressed through the rulemaking process, both as public comments in response to the Advance Notice of Proposed Rulemaking and Notice of Proposed Rulemaking, as well as questions delivered during dozens of engagements with individuals, businesses, trade groups, and other stakeholders that were potentially interested in or impacted by the Data Security Program. NSD will update these FAQs as necessary and appropriate to address additional questions raised by the public.

    NSD’s primary mission with respect to the implementation and enforcement of the Data Security Program is to protect U.S. national security from countries of concern that may seek to collect and weaponize Americans’ most sensitive personal data and government-related data. U.S. persons should “know their data” and the front-line role they play in mitigating these risks. As further explained in the Compliance Guide, individuals and entities subject to U.S. jurisdiction, as well as foreign individuals and entities conducting business in or with the United States or with U.S. persons, must comply with the Data Security Program.

    The Compliance Guide and FAQs are explanatory and intended to provide general guidance to regulated parties about compliance with the Data Security Program. Nothing in these documents supplements, modifies, or supersedes the requirements set forth in the Data Security Program. NSD intends to update the FAQs on an ongoing basis as NSD identifies additional questions and responses that should be made public to aid the regulated community in compliance.

    Newly Issued Enforcement Policy for the First 90 Days

    The Data Security Program went into effect on April 8, 2025. Starting April 8, 2025, entities and individuals were required to comply with the Data Security Program’s prohibitions and restrictions on engaging in covered data transactions. To provide additional time for entities and individuals to come into compliance, the Data Security Program delays certain affirmative due-diligence obligations, which do not go into effect until Oct. 6, 2025.

    NSD recognizes that individuals and companies may need to take a number of steps to determine whether the Data Security Program’s prohibitions and restrictions apply to their activities, and to implement changes to their existing policies or to implement new policies and processes to comply.

    To allow the private sector to focus its resources and efforts on promptly coming into compliance and to allow NSD to prioritize its resources on facilitating compliance, NSD will target its enforcement efforts during the first 90 days to allow U.S. persons (e.g., individuals and companies) additional time to implement the changes required by the Data Security Program, provide additional opportunities for the public to engage with NSD, and to minimize potential disruptions for businesses. As explained in NSD’s Data Security Program Implementation and Enforcement Policy Through July 8, 2025, NSD will not prioritize civil enforcement actions against any person for violations of the Data Security Program that occur from April 8 through July 8, 2025, so long as the person is engaging in good faith efforts to comply with or come into compliance with the Data Security Program during that time. These efforts include engaging in compliance activities described in that policy, such as amending or renegotiating existing contracts, conducting internal reviews of data flows, deploying the CISA security requirements, and so on.

    At the end of this 90-day period, individuals, and entities should be in full compliance with the DSP. This policy does not limit NSD’s lawful authority and discretion to pursue civil enforcement if entities and individuals did not engage in good faith efforts to comply with, or come into compliance with, the Data Security Program.

    During this 90-day period, NSD encourages the public to contact NSD at nsd.firs.datasecurity@usdoj.gov with informal inquires or information about the DSP and the guidance NSD has released. Although NSD may not be able to respond to every inquiry, NSD will use its best efforts to respond consistent with available resources, and any inquiries or information submitted may be used to develop and refine future guidance. Correspondingly, NSD discourages the submission of any formal requests for specific licenses or advisory opinions during this 90-day period. Although requests for specific licenses or advisory opinions during this 90-day period can be submitted, NSD will not review or adjudicate those submissions during the 90-day period (absent an emergency or imminent threat to public safety or national security).

    MIL Security OSI –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission to Mauritius

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

    WASHINGTON D.C., United States of America, April 11, 2025/APO Group/ —

    • The Mauritian economy continues to exhibit resilience with growth at 4.7 percent in 2024 and contained inflation. The growth outlook remains favorable, though risks are to the downside.
    • Mauritius needs to recalibrate the macroeconomic policy mix to rebuild fiscal space. The monetary policy framework needs to be strengthened while continued monitoring of macro-financial risks is essential to maintain financial stability.
    • Advancing key reforms to foster external competitiveness and private sector-led growth while enhancing climate resilience will reduce external imbalances.

    An International Monetary Fund (IMF) mission led by Mariana Colacelli visited Mauritius from March 31 to April 11, 2025, to conduct the 2025 Article IV Consultation.

    At the conclusion of the visit, Ms. Colacelli issued the following statement:

    “Real GDP grew by a robust 4.7 percent in 2024, driven by services, construction, and tourism. The growth outlook is favorable, supported by the services sector. However, real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the severe drought.

    “Headline inflation is projected to remain contained in 2025. Inflation eased in 2024 to 3.6 percent from 7.0 percent in 2023. Inflation was 2.5 percent in March, remaining within the Bank of Mauritius’ (BOM) target range of 2-5 percent, driven by declining international food and energy prices, and lower fuel excise duties.

    “The external current account deficit is estimated to have widened in 2024 while foreign reserves increased to US$ 8.4 billion at end-2024.

    “A deterioration in global growth and higher uncertainty in trade and financial markets could dampen growth. Delays in recalibrating the macroeconomic policy mix could lead to a disorderly adjustment. Extreme climate events could damage infrastructure and agriculture, weakening tourism and growth.

    “Policy discussions centered on recalibrating the macroeconomic policy mix to rebuild fiscal space, strengthening the monetary policy framework, and maintaining financial stability.

    “As in fiscal year 2023/24, the fiscal policy stance in fiscal year 2024/25 is expected to be expansionary—with the primary fiscal deficit projected to widen to 6.6 percent of GDP, excluding grants. Public debt is projected to reach almost 90 percent of GDP at end-June 2025. Implementing an ambitious medium-term growth-friendly fiscal consolidation plan, starting in fiscal year 2025/26, is critical to help rebuild fiscal space and support fiscal sustainability. Boosting tax revenue and reducing current spending while protecting the most vulnerable, and strengthening fiscal governance, are needed.

    “Since 2023, the monetary policy stance has become less accommodative, and inflation has decreased to BOM’s target range. The BOM should remain ready to further tighten the monetary policy stance should inflationary pressures revive. The implementation of the monetary policy framework should be strengthened, and BOM independence must be safeguarded. Conserving foreign reserves will enhance the resilience of the economy in the face of external shocks. We support the authorities’ plans to gradually phase out the BOM’s ownership of the Mauritius Investment Corporation.

    “Continued monitoring of macro-financial risks, including those associated with global business companies operating in the Mauritius International Financial Center and the real estate sector, will maintain financial stability.

    “Advancing structural reforms to foster external competitiveness and private sector-led growth while enhancing climate resilience will reduce external imbalances. Key reforms would improve governance, sustain compliance with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards, boost private sector competitiveness, and enhance labor supply and skills.

    “The IMF team extends its thanks to the Mauritian authorities and people for the constructive and open dialogue and warm hospitality.”

    MIL OSI Africa –

  • MIL-OSI Canada: SIRT Investigating Collision Involving RCMP Vehicle

    Source: Government of Canada regional news

    Released on April 11, 2025

    On Tuesday, April 8 at approximately 11:02 p.m., the Saskatchewan Serious Incident Response Team (SIRT) received a notification from the Saskatchewan RCMP regarding a serious incident involving police. 

    SIRT’s Civilian Executive Director accepted the notification as within SIRT’s mandate and directed an investigation by SIRT. 

    On that day at approximately 10:02 p.m., Punnichy RCMP received the first of a series of calls for service reporting a disturbance involving firearms at a residence on the Kawacatoose First Nation. Two members of the RCMP responded to this call, each operating a fully marked RCMP vehicle. Several additional calls regarding the same incident were received as members responded to the initial call. At approximately 10:12 p.m., while travelling through the Kawacatoose First Nation with the emergency equipment activated on both vehicles, the lead RCMP vehicle was signaled to stop by a 16-year-old male standing at roadside. The male was struck by the second RCMP vehicle in the southbound lane of travel.

    Immediately after the collision, RCMP members requested EMS assistance and provided first aid until the arrival of EMS. EMS provided care to the male until the arrival of STARS Air Ambulance, who airlifted the male to hospital in Regina where he was determined to have sustained serious injuries within the meaning of The Police Act, 1990. 

    Immediately following the notification, a SIRT team consisting of the Civilian Executive Director and six SIRT Investigators was deployed to Punnichy and the Kawacatoose First Nation to begin their investigation. SIRT’s investigation will examine the conduct of police during this incident. A community liaison will also be appointed pursuant to S.91.12 (1) (a) of The Police Act, 1990. The RCMP will maintain responsibility for any investigation into the original call for service. No further information will be released at this time. A final report will be issued to the public within 90 days of the investigation ending.

    SIRT’s mandate is to independently investigate incidents where an individual has died or suffered serious injury arising from the actions of on and off-duty police officers, or while in the custody of police, as well as allegations of sexual assault or interpersonal violence involving police.

    For updates on SIRT investigations, follow SIRT on Twitter at https://x.com/SIRT_SK.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: XRP News: XploraDEX AI Trading Platform Nears Launch – $XPL Presale Heats Up as Investors Race to Get In Early

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, April 11, 2025 (GLOBE NEWSWIRE) — A trading revolution is brewing on the XRP Ledger, and early investors are already making their moves. XploraDEX, the first AI-powered decentralized exchange built natively on XRPL, is nearing its highly anticipated platform launch—and its presale is quickly becoming one of the hottest opportunities of the year.

    The native token $XPL is the key to accessing XploraDEX’s cutting-edge AI trading features, and with the presale already surpassing its soft cap, interest is accelerating by the hour. Crypto investors, whale wallets, and forward-looking DeFi users are flooding in—knowing that once the platform goes live, the entry price will never be this low again.

    [Join $XPL Presale]

    Why All Eyes Are on XploraDEX

    Unlike traditional DEXs, XploraDEX is powered by artificial intelligence built to support smarter, more profitable trading. The platform will offer predictive market analytics, automated trading strategies, intelligent portfolio rebalancing, and on-chain AI alerts that guide users through volatile market conditions—all while operating on the ultra-fast and low-cost XRP Ledger.

    Traders will be able to:

    • Execute AI-assisted buy/sell decisions in real-time
    • Receive adaptive market forecasts and volatility signals
    • Automate strategies based on risk tolerance and trade history
    • Access personalized dashboards that evolve with market behavior

    XploraDex is not just a DEX. It’s an intelligent trading assistant, engineered to remove emotional trading and improve results with data-driven execution.

    $XPL Token: Your Gateway to Smarter DeFi

    The $XPL token powers the entire ecosystem. It unlocks:

    • Premium access to AI trading tools
    • Trading fee discounts and staking rewards
    • Early access to future platform features
    • Governance rights to vote on upgrades and AI model evolution

    With over 43% of the presale allocation already claimed and the hard cap closing in, $XPL is quickly transforming from an early-stage token to one of the most talked-about opportunities in the XRP DeFi space.

    [Participate in $XPL Presale]

    What’s Coming Next

    The XploraDEX AI trading engine is set to go live shortly after the presale concludes. Early participants will be the first to access beta tools, claim staking bonuses, and benefit from increased exposure once the platform lists on XRPL DEXs.

    If you missed early entries into tokens like UNI, GMX, or DYDX—this could be your second chance. XploraDEX is building infrastructure that rivals the top DEXs in crypto, with the unique twist of AI-powered intelligence at its core.

    Final Call: The Clock Is Ticking

    With $XPL Presale demand exploding and limited tokens left before the hard cap is reached, this is your final window to join XploraDEX before the AI-powered trading platform launches. The opportunity to get in early—to trade smarter, and to own a piece of the infrastructure before the rest of the world catches on—is now.

    Join the $XPL Presale Today: https://sale.xploradex.io

    Stay connected and Join the XploraDEX AI Revolution

    Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/79ae359d-d4e1-472b-b4d9-64f570b57b7e

    The MIL Network –

  • MIL-OSI: Alpine Banks of Colorado announces shareholder approval of forward stock split of Class A common stock and amended and restated Articles of Incorporation

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., April 11, 2025 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), announced yesterday its shareholders voted to approve amended and restated Articles of Incorporation to affect the following actions, among other things:

    • Increase the total authorized shares of common stock that the Company is authorized to issue from 15,100,000 to 30,000,000.
    • Increase the authorized shares of the Class A common stock from 100,000 to 15,000,000.
    • Effect a forward stock split of the outstanding shares of the Class A common stock by a ratio of 150-for-1.
    • Provide that holders of Class A common stock and Class B common stock shall be entitled to share equally in dividends and other distributions on a per share basis based upon the number of shares issued and outstanding.
    • Provide that each one share of Class B common stock shall be entitled to one vote.
    • Provide that each one share of Class A common stock shall be entitled to 20 votes.
    • Provide that unless otherwise required by law, the Class A common stock and Class B common stock will vote together as a single class on all matters, including the election of directors.
    • Provide that a majority of the total voting power of the outstanding shares of common stock entitled to vote shall constitute a quorum at any meeting of shareholders.
    • Provide that the approval of certain corporate actions requires the approval of more than 66 2/3% of the voting power of the outstanding shares of common stock entitled to vote.

    The amended and restated Articles of Incorporation and the related stock split of the Class A common stock will become effective upon the effective date specified in the filing with the Colorado Secretary of State which Alpine anticipates will occur on May 1, 2025.

    The 150-for-1 stock split of Alpine’s Class A common stock will be executed in the form of a stock dividend of 149 additional shares of Class A shares for every one Class A share issued and outstanding to shareholders as of the close of business on the record date of April 22, 2025. After the close of business on May 1, 2025, Alpine’s transfer agent, Equiniti Trust Company, LLC, will distribute to shareholders of record on the record date a book entry statement in lieu of a share certificate, which will represent the additional number of Class A shares to be received as a result of the stock split. Holders of Class A shares do not need to exchange their existing stock certificates if they hold shares in certificate form.

    Alpine currently has approximately 52,150 Class A shares outstanding. After the stock split, the number of Class A shares outstanding will increase to approximately 7,822,500 shares. Alpine’s Class B common stock will not be affected by the stock split but will be affected by the amended and restated Articles of Incorporation as described above.

    Answers to frequently asked questions about the stock split are available in the Investor Relations section of our website at https://www.alpinebank.com/who-we-are/investor-relations.html.

    About Alpine Banks of Colorado
    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.5 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains, and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B nonvoting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

    Contacts:   Glen Jammaron   Eric A. Gardey
        President and Vice Chairman   Chief Financial Officer
        Alpine Banks of Colorado   Alpine Banks of Colorado
        2200 Grand Avenue    2200 Grand Avenue
        Glenwood Springs, CO 81601   Glenwood Springs, CO 81601
        (970) 384-3266    (970) 384-3257
             

    A note about forward-looking statements
    This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “looks forward to,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market-pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate-related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact:   Eric Gardey, Chief Financial Officer
        Alpine Banks of Colorado
        (970) 384-3257
        ericgardey@alpinebank.com 

    The MIL Network –