NewzIntel.com

Category: Finance

  • MIL-OSI Africa: Congo’s Société Nationale des Pétroles du Congo (SNPC) Explores Regional Market Bond for Hydrocarbon Development

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

    BRAZZAVILLE, Congo (Republic of the), March 26, 2025/APO Group/ —

    The Republic of Congo’s national oil company (NOC) Société Nationale des Pétroles du Congo (SNPC) is seeking to raise $300 million through regional markets to finance hydrocarbon development.

    In December 2024, SNPC launched a public bond offering titled “SNPC 6.5% Net 2024-2029”  as part of an innovative financing strategy. The proceeds will support drilling projects in the Nanga, Kouakouala and Le Mayombe oil fields. By tapping into subregional resources, SNPC aims to boost production, increase tax revenues and create employment opportunities within the Republic of Congo.​

    Speaking at the Congo Energy & Investment Forum, SNPC’s Director of Finance and Accounting, Vianney Ebenga, underscored the challenges of securing international funding for fossil energy projects, noting that “the paradigm of financial institutions at an international level has shifted to clean energy,” making it increasingly difficult to raise funds for hydrocarbon development.

    To navigate this shift, Aymor Ebiou, Advisor to the Director General in charge of Finance and Mandate at SNPC, highlighted the NOC’s response: “Funding at the international level is scarce; therefore, we have to innovate. SNPC is raising funds through the subregion so that we can develop our permits together.”​

    Supporting this approach, Fernand Gaboumba Moukengue, Director General of LCB Capital, the lead arranger for the bond issue, praised SNPC’s strategy and emphasized the strength of the domestic market: “We are considering quickly programming the second tranche of the domestic loan. You can safely raise funds through the domestic market. Today, we are more than 20 stock exchange companies to support companies seeking financing.”​

    MIL OSI Africa –

  • MIL-OSI Africa: Congo’s Minister of Hydrocarbons Confirms Congo Energy & Investment Forum (CEIF) 2026 at Gala Dinner

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

    BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

    Bruno Jean-Richard Itoua, the Minister of Hydrocarbons of the Republic of Congo, opened the Congo Energy & Investment Forum’s (CEIF) Gala Dinner announcing the premier event will take place for a second edition in 2026.

    “We commend the excellent organization of CEIF and are pleased to confirm its second edition in 2026. We also aim to host similar events, including one in Pointe-Noire, to further strengthen industry collaboration,” said Minister Itoua.

    The Gala Dinner, a gathering of high-level energy stakeholders sponsored by Imperatus Energy, including African Ministers and global energy leaders, took center stage as the winners of the prestigious CEIF in Brazzaville were unveiled.

    Denis Sassou Nguesso, President, Republic of Congo was awarded the Lifetime Achievement to the African Energy Industry Award at the opening of the main event. President Denis Sassou Nguesso is not only the President of the Republic of Congo; he is a visionary leader whose transformative impact is shaping the very future of the nation. By making the oil and gas sector the backbone of the economy, President Nguesso has sparked industrialization, expanded electrification and driven unprecedented job creation. Under his leadership, the Republic of Congo achieved the milestone of becoming an LNG producer in 2024 and witnessed an impressive surge in oil and gas discoveries, while new players entered the market. International companies have committed millions to hydrocarbon projects, and local firms have significantly scaled up their operations across the entire value chain.

    Sockaht Charles, Former Chief of Cabinet at the Ministry of Hydrocarbons & Former General Director for Upstream at SNPC was given the Lifetime Achievement Award. Sockaht Charles has been an instrumental force behind the Republic of Congo’s remarkable oil and gas success, with his visionary leadership shaping policies that have unlocked unparalleled investment and growth. As former Chief of Cabinet at the Hydrocarbons Ministry and former General Director for Upstream at SNPC, he has been at the helm of driving crucial industry reforms that have reinforced the sector’s foundation. His exceptional leadership has been pivotal in advancing the Republic of Congo’s upstream sector, championing regulatory transformations and paving the way for major developments throughout the country. Through his unwavering dedication and foresight, Sockaht Charles has not only positioned the Republic of Congo as a dominant oil and gas powerhouse, but has also fueled progress, prosperity, and a brighter, more sustainable energy future for the nation.

    Eni was named Game Changer of the Year. Eni is revolutionizing the Republic of Congo’s energy landscape with its groundbreaking Congo LNG project. As the country’s first natural gas liquefaction initiative, Congo LNG has set a benchmark for offshore gas development in the Republic of Congo. Through the deployment of the Tango FLNG unit and the upcoming Nguya FLNG planned to start operations in 2025, Congo LNG is redefining a new era of energy production in the Republic of Congo.

    TotalEnergies took home the Explorer of the Year award. TotalEnergies has taken exploration to new heights in the Republic of Congo. Despite facing geological and operational challenges in the Moho-Bilondo offshore block, the company remained resilient, bringing the project online in 2015 and now producing 140,000 barrels per day. In the face of challenging drilling conditions in the pre-salt, TotalEnergies demonstrated that through innovative drilling and a commitment to offshore production, companies can unlock the potential of the Republic of Congo’s deep-offshore acreage.

    AMMAT Global Resources won the Local Content Champion of the Year Award. Independent hydrocarbon producer Ammat Global Resources is revolutionizing the Republic of Congo’s energy sector, but its impact goes beyond exploration and production. The company has not only promoted local content but cemented it across its operations through a commitment to local inclusion, a drive for capacity building and efforts to promote community outreach. With 85% of the company’s workforce local, Ammat is setting a strong benchmark for international companies operating in the Republic of Congo.

    SLB received the Service Company of the Year Award. SLB is a driving force behind deepwater development and production efficiency in the Republic of Congo. From optimizing offshore operations to enhancing well performance to maximizing recovery rates and increasing efficiency, the company has emerged as a driving force behind the country’s production goals. Going forward, SLB’s commitment to ongoing projects and its dedication to long-term industry growth will not only bolster energy security but support sustainable operations for years to come.

    These awards recognize the outstanding achievements and contributions of individuals and companies in the Republic of Congo’s energy sector.

    MIL OSI Africa –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025: Reviving Mature Fields Key to Congo’s Hydrocarbon Future

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

    BRAZZAVILLE, Congo (Republic of the), March 26, 2025/APO Group/ —

    Industry leaders at the Congo Energy & Investment Forum (CEIF) 2025 emphasized that revitalizing the Republic of Congo’s mature oil fields is key to sustaining production and attracting new investment during the Entering The Next Era Of Oil And Gas Production In Congo session.

    The country aims to increase crude production to 500,000 barrels per day (bpd) and is seeking new investment across its diverse portfolio of oil and gas assets.

    “Congo offers opportunities in both oil and gas. We are actively developing offshore and shallow-water fields in partnership with SNPC and Bomoko Oil & Gas,” stated Yachtze Luchin, President & CEO of Unite Oil & Gas – a Silver Sponsor of CEIF 2025. He added that, “Through strategic partnerships, technological innovation and a comprehensive approach, we can maximize efficiency of mature assets.”

    Echoing Luchin’s comments, Miguel Baptista, Managing Director for Central, East & Southern Africa at SLB, said, “Mature fields remain a critical component of Congo’s hydrocarbon industry. The vast majority of production comes from these fields, and maintaining output requires a collaborative perspective, knowledge-sharing, digital tools to harness data and advanced technology deployment.”

    Service providers have a key role to play in supporting the revitalization of Congo’s mature fields. According to James Richardson, Weatherford’s Europe, Africa & Caspian Sales Director, “We need to collaborate with other service providers to optimize recovery and extend field life.”  

    Meanwhile, Massimiliano Mignacca, Managing Director of Ammat Global Resources – a Platinum Sponsor of CEIF 2025 -, underscored the necessity of modernizing operations. “Many offshore fields have been in production since the late 1970s and 1980s. To sustain efficiency, we need to remove outdated infrastructure and introduce new technology while ensuring minimal environmental impact.”

    The session also highlighted Congo’s emergence as a gas exporter and the need for continued investment in onshore projects. “Projects like Wing Wah’s onshore development are providing a significant boost to hydrocarbon expansion,” Baptista noted. “The key is to ensure that production is maintained through a holistic strategy.”

    MIL OSI Africa –

  • MIL-OSI Africa: Secretary-General’s remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue [as delivered]

    Source: United Nations – English

    hank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation. 

    This could not be more timely. 

    There is much uncertainty and instability in our world.

    But today we meet in the wake of some good news.

    Just this morning, the International Renewable Energy Agency officially confirmed that 2024 was a record year for renewables additions to global power capacity. 

    Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.
     
    The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.

    Europe’s capacity grew by 9 per cent – with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 per cent.

    All of this is another reminder of a 21st century truth:

    Renewables are renewing economies. 

    They are powering growth, creating jobs, lowering energy bills, and cleaning our air. 
     
    And every day, they become an even smarter investment. 

    Since 2010, the average cost of wind power has plunged 60%.  Solar is 90% cheaper. 

    In 2023, clean energy sectors accounted for five per cent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.

    The economic case for – and opportunities of – climate action have become ever clearer – particularly for those who choose to lead. 

    And leadership is what we need – as today’s IRENA report shows:

    To accelerate the shift to renewables…

    And to correct the imbalances in the transition, which is still starving developing countries – outside China – of the investment needed to fully embrace clean energy. 

    Excellencies, dear friends,

    As the title of this session puts it so well: we are indeed at a turning point to the future.

    In the ten years since Paris, we have seen other important progress.

    Ninety percent of global emissions are now covered by net-zero targets. 

    A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius.

    Today, countries’ national climate plans – or NDCs – if fully delivered – will take us closer to a 2.6-degree rise.

    At the same time, climate challenges are piling up.  

    It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever. 

    All of this is hitting the vulnerable hardest, and everyday people in their pockets – with higher living costs, higher insurance premiums, and higher food prices.

    Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year:

    Almost every climate indicator reached new and increasingly dangerous heights – inflaming displacement and food insecurity and inflicting huge economic losses.

    And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.

    Scientists are clear – it is still possible to meet the long-term 1.5 degree limit.

    But it requires urgent action. And it requires leadership.

    Excellencies, dear friends,

    I see two critical fronts to drive action. 

    First, new national climate plans – or NDCs – due by September.

    Investors need certainty and predictability.

    These new plans are a unique opportunity to deliver – and lay out a coherent vision for a just green transition.

    They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy.

    Together, they must reduce global emissions 60% by 2035 – compared to 2019…

    And contribute to the COP28 global energy transition goals.

    All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.

    The G20 – the largest emitters and economies – must lead.

    Every country must step up and play their part.

    The United Nations is with you all.

    President Lula and I are working to secure the highest ambition from the largest economies.

    The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans.

    And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.

    Second, we must drive finance to developing countries.

    The COP29 finance agreement must be implemented in full.

    I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.

    We need new and innovative sources of financing, and credible carbon pricing.

    Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

    And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
    Excellencies,

    We can only meet these goals with stronger collaboration – between governments, and across society and sectors.

    Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward.

    The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.

    We are at a turning point.  I urge you to seize this moment; and seize the prize.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI Africa: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

    Source: United Nations – English

    r. President of the General Assembly, Excellencies, Ladies and Gentlemen,

    I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months. 

    From day one of the Pact for the Future’s adoption, the President has been its active champion.

    I deeply appreciate your efforts, Mr. President, and your leadership.

    Excellencies,

    Adopting the Pact was the beginning of the process, not the end. 

    Today I want to focus on what we have done over the last six months — and what we need to do.

    We face a long list of challenges.  

    Conflicts and climate disasters are intensifying.  

    The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

    Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

    But let me be very clear.  It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever.  And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

    Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

    Resources are shrinking across the board — and they have been for a long time. 

    From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

    Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

    We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

    All these will contribute for a more effective implementation of the Pact for the Future.

    Excellencies,

    We’ve wasted no time moving into the implementation phase of the Pact.

    From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

    Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

    We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making. 

    And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

    Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

    First — peace and security.

    United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world. 

    The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

    In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund. 

    We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.  

    And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact. 

    Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

    The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    It will also recognize the limitations of our operations where there is little or no peace to keep.

    We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

    Second — finance for development.

    Since the Pact’s adoption, we’ve taken action on several fronts.

    For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

    We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

    The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

    And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

    Developing countries must be represented fairly in the governance of the very institutions they depend on.

    We know the environment is not favourable.

    But we must not give up.

    Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

    In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

    Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

    At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

    This includes both stretching their balance sheets and recapitalization.

    And we must ensure that concessional finance is deployed where it is most needed.

    Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

    Three — youth and future generations 

    Our efforts must deliver for young people and the generations to come. 

    The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

    Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

    With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

    Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

    We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

    And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

    Quatrièmement : la technologie.

    Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

    L’intelligence artificielle fait l’objet d’une attention particulière.

    Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau. 

    Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

    J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

    L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

    Excellences,

    Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

    L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

    Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

    Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

    Nous comptons sur votre soutien pour mener ce travail à bien.

    Excellences,

    Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

    Nous ne pouvons pas diluer nos efforts.

    Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

    Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

    Une fois encore, merci pour vos idées et votre engagement.

    ***
    [All-English]

    Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

    I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months. 

    From day one of the Pact for the Future’s adoption, the President has been its active champion.

    I deeply appreciate your efforts, Mr. President, and your leadership.

    Excellencies,

    Adopting the Pact was the beginning of the process, not the end. 

    Today I want to focus on what we have done over the last six months — and what we need to do.

    We face a long list of challenges.  

    Conflicts and climate disasters are intensifying.  

    The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

    Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

    But let me be very clear.  It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever.  And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

    Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

    Resources are shrinking across the board — and they have been for a long time. 

    From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

    Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

    We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

    All these will contribute for a more effective implementation of the Pact for the Future.

    Excellencies,

    We’ve wasted no time moving into the implementation phase of the Pact.

    From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

    Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

    We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making. 

    And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

    Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

    First — peace and security.

    United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world. 

    The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

    In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund. 

    We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.  

    And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact. 

    Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

    The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    It will also recognize the limitations of our operations where there is little or no peace to keep.

    We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

    Second — finance for development.

    Since the Pact’s adoption, we’ve taken action on several fronts.

    For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

    We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

    The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

    And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

    Developing countries must be represented fairly in the governance of the very institutions they depend on.

    We know the environment is not favourable.

    But we must not give up.

    Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

    In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

    Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

    At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

    This includes both stretching their balance sheets and recapitalization.

    And we must ensure that concessional finance is deployed where it is most needed.

    Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

    Three — youth and future generations 

    Our efforts must deliver for young people and the generations to come. 

    The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

    Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

    With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

    Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

    We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

    And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

    Fourth — technology.

    We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.

    Artificial Intelligence is a particular focus.

    We’re developing a report on innovative voluntary financing options for AI capacity-building to help the Global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body. 

    The zero draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

    I urge the General Assembly to act swiftly to establish this Panel, and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.

    The UN system stands ready to support this work.

    Excellencies,

    As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

    Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

    We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System.

    This work must continue — especially in light of the funding challenges we face.

    We’re counting on your support as we move forward.

    Excellencies,

    The Pact for the Future is an essential part of this process of constant renewal, as we re-shape the multilateral system for the challenges of today’s world.

    We cannot dilute our efforts.

    We need to sustain the same spirit and determination in which the Pact was forged and adopted.

    We count on you to inform, inspire and guide the implementation work ahead.

    Once again, thank you for your ideas and commitment. 

    MIL OSI Africa –

  • MIL-OSI Canada: Investing in Alberta just got easier

    When it comes to setting up shop, any good business owner knows the key to success is location, location, location. Alberta offers thousands of acres of prime real estate in top locations, providing unmatched opportunities for prosperity for businesses and entrepreneurs.

    In the face of a changing geopolitical landscape, Alberta’s government remains committed to maintaining a strong business environment that attracts investment, while supporting economic growth and prosperity for Albertans. Alberta’s government is investing in cutting-edge tools and technology to help businesses thrive and attract large-scale investments to the province.

    Alberta’s Site Selector Tool is a free online service that helps connect businesses and investors to the best locations in Alberta. It combines real-time property listings with key data on infrastructure and socio-economic insights on communities, making it easy to choose where to expand or invest. With almost 7,000 available properties already featured on the tool, Alberta’s business community is empowered with access to free, easy-to-use data and a platform to pinpoint local opportunities.

    “When it comes to innovative solutions for investment attraction, the Alberta Site Selector Tool is best in class and has the potential to help us attract high-quality jobs and billions of dollars in investment.”

    Matt Jones, Minister of Jobs, Economy and Trade

    With the launch of new features on the tool, Alberta’s government is helping investors take their research to the next level and make their data-driven business decisions even more seamless with enhanced access to information supporting a range of sectors including agriculture, energy, data centres, manufacturing and more.

    “Time is money – and Alberta’s improved Site Selector Tool gives businesses the gift of both. By using technology to simplify investment decisions, we’re making Alberta the most attractive and straightforward place to do business in Canada.”

    Nate Glubish, Minister of Technology and Innovation

    Investors can now activate new layers of data that capture a property’s proximity to infrastructure such as high-load corridors, mainline railways and international airports as well as high-capacity powerlines, substations, power generation, natural gas service areas and fibre internet. Investors can also access regional statistics on labour force availability, including labour force by occupation and industry, unemployment rates and graduate rates by degree program.

    The tool also boasts new functionality that saves investors and regional economic developers time, including the ability to:

    • Drop a pin on a map to generate location-specific data.
    • Save a custom view of the site that captures preferred filters and data layers.
    • Share and add properties to a list of favourites that can be downloaded to a spreadsheet or PDF to view later.

    This suite of enhancements was rolled out based on ongoing feedback from users, including municipalities and economic development organizations.

    “As the investment attraction agency for the Edmonton Metro Region, Edmonton Global uses the site selector tool regularly to answer questions from prospective investors, partners and team members. This information, along with insights from other data tools, helps us guide investors to make well-informed decisions for their businesses.”

    Jeff Bell, director of research & business intelligence, Edmonton Global 

    Since its launch in April 2024, the Alberta Site Selector Tool has been providing innovative ways for investors to find opportunities in Alberta while enabling economic development partners to promote their communities as a destination of choice to potential investors.

    Alberta remains the best place in Canada to invest due to its low tax environment, red tape reduction efforts and business-friendly policies. The Alberta government’s policies are attracting record investment, creating thousands of jobs and further diversifying the economy. Through investments like the Site Selector Tool, Alberta is building on its reputation as a province with unlimited opportunity.

    Related information

    • Alberta Regional Dashboard & Site Selector

    Related news

    • New tool making investing even easier in Alberta (April 2, 2024)

    MIL OSI Canada News –

  • MIL-OSI: Precision Drilling Corporation 2025 First Quarter Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 26, 2025 (GLOBE NEWSWIRE) — Precision Drilling Corporation (Precision) intends to release its 2025 first quarter results after the market closes on Wednesday, April 23, 2025, and has scheduled a conference call to begin at 11:00 a.m. MT (1:00 p.m. ET) on the next day, Thursday, April 24, 2025.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register-conf.media-server.com/register/BIfac587dca2994a30be564b41d99b43ac

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/gifawh57

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For more information about Precision, please visit our website at www.precisiondrilling.com or contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI: Usio Increases and Extends Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) — Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced that its Board of Directors has authorized to renew the Company’s Share Repurchase Program for an additional 3 years or until funds are depleted, with an aggregate total purchase limit of $4,000,000.   The original May 15, 2025 expiration date has been extended to May 15, 2028.

    “Usio has utilized virtually all of the original $4 Million the Board of Directors authorized to buyback shares in May 2022, including the repurchase of $1.5 million in stock in 2024. The management team and Board of Directors remain highly confident in the Company’s intrinsic value, and believe the new, Usio ONE initiative will prove a catalyst to unlocking the Company’s significant inherent value,” stated Louis Hoch, President and CEO of Usio. “Having generated positive cash flow over the past several years, and expecting to do so again this year, repurchasing our shares represents another means to create value for our shareholders.”

    The timing and the amount of any repurchases of common stock will be determined by Usio’s management based on the market price of Usio common stock, evaluation of market and economic conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time.

    As of December 31, 2024, the Company had unrestricted cash of approximately $8.1 million.

    The Company had approximately 26.5 million shares of common stock outstanding as of March 24, 2025.

    Repurchases may be made in open market purchases, block trades or in privately negotiated transactions. Repurchases, if any, under the program will be made at the discretion of management, and will depend upon market pricing and conditions, business, legal, accounting and other considerations. Open market purchases will be conducted in accordance with the limitations of Rule 10b-18 of the Securities and Exchange Commission (the “SEC”). Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Under applicable law, repurchased shares will be cancelled and revert to the status of authorized but unissued shares.

    The repurchase program may be modified, suspended or terminated at any time without notice, in the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to repurchase any shares.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

    Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “could,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact:

    Paul Manley
    Senior Vice President, Investor Relations
    Paul.Manley@usio.com
    612-834-1804

    The MIL Network –

  • MIL-OSI: Oxbridge Re Holdings Limited Reports Fiscal 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, March 26, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (NASDAQ: OXBR), (“Oxbridge Re” or the “Company”), which together with its subsidiaries, is engaged in the business of tokenized Real-World Assets (“RWAs”), initially in the form of tokenized reinsurance securities, and reinsurance business solutions to property and casualty insurers in the Gulf Coast region of the United States, today reported its results for the three months and year ended December 31, 2024.

    “SurancePlus is entering its third year in the Real World Asset (RWA) space, leveraging blockchain technology to tokenize targeted reinsurance contracts. As a Nasdaq-listed company, Oxbridge Re, through its subsidiary SurancePlus Inc., became the first public company to issue a security token in reinsurance—bridging the gap between the SEC, blockchain, and tokenization. This innovation significantly lowers the barrier to entry for an asset class that traditionally required millions of dollars to access, enabling participation with as little as $5,000 while maintaining rigorous AML and accreditation checks—often completed in under four minutes,” said Jay Madhu, Chairman and Chief Executive Officer of Oxbridge Re. “We are proud of our success in this space and look forward to further expanding SurancePlus in the Security Token and RWA sector, effectively democratizing access to reinsurance while ensuring strict transparency and compliance. With the RWA tokenization market currently projected to reach as much as $30 trillion by 2030, SurancePlus is well positioned to capitalize on this substantial growth opportunity.”

    Mr. Madhu continued “Subsequent to the year end, the Company completed a reverse direct offering raising gross proceeds of $3 million. These steps reflect our continued focus on strengthening the Company’s capital position while pursuing scalable growth opportunities in a rapidly evolving market. Looking ahead, we believe Oxbridge Re is well positioned to build on this momentum. Our subsidiary, SurancePlus Inc. has recently announced a strategic partnership with Plume, a blockchain platform supporting over $4.5 billion in assets and more than 18 million unique addresses. This collaboration marks a significant milestone in expanding distribution for our tokenized reinsurance offerings. As institutional and retail interest in real-world asset tokenization continues to accelerate, we remain focused on scaling our platform with discipline, transparency, and regulatory compliance. Furthermore, SurancePlus has launched its 2025–2026 tokenized reinsurance offerings, introducing a new balanced-yield security targeting a 20% annual return, while continuing its high-yield offering targeting a 42% annual return. By broadening our range of risk-return options, this year’s structure is designed to attract to a broader investor base, reinforcing our mission to make institutional-grade reinsurance accessible through compliant, blockchain-powered real-world assets.”

    Financial Performance

    Net premiums earned for the three months ended December 31, 2024, were $595,000 compared to $523,000 in the prior year. For the year ended December 31, 2024, net premiums earned increased to $2,303,000 from $1,255,000 in the prior year. This increase is primarily attributed to the higher rates on contracts as well as the prior period recognizing only seven months of premiums due to the acceleration of premiums on contracts in force during at December 31, 2022. In contrast, the current year ended December 31, 2024 accounted for a full twelve (12) months of premiums.

    For the three months ended December 31, 2024, the Company generated net loss of $460,000 or $0.05 per basic and diluted loss per share compared to a net loss of $2.67 million or $0.46 per basic and diluted earnings per share in the fourth quarter of 2023. For the year ended December 31, 2024, the Company incurred a net loss of $2.7 million or $0.45 per basic and diluted loss per share compared to net loss of $9.9 million or $1.69 per basic and diluted earnings per share in the prior year. The decline in Q4 and fiscal 2024 is primarily due to a decrease in the negative change in the fair value of our investment in Jet.AI (which was sold subsequent to the year-end) as well as the company accounting for non-controlling interests’ portion of its income.

    Total expenses, including losses and loss adjustment expenses, policy acquisition costs and general and administrative expenses, were $497,000 and $2.1 million for the three months and year ended December 31, 2024, respectively, compared to $535,000 and $2.3 million, respectively, for the same periods in the prior year. The decrease in 2024 is due to expense fluctuations along with efficiencies associated with SurancePlus offerings being recognized during the year, in addition to previous recognition of costs associated with Maxim equity distribution agreement in 2023.

    At December 31, 2024, cash and cash equivalents, and restricted cash and cash equivalents were $5.8 million compared to $3.7 million at December 31, 2023.The increase is primarily due to new collateral deposits for treaty year ending May 31, 2025 more than offsetting funds being released from the underlying trusts for treaty year ending May 31, 2024.

    Subsequent to year end, the Company completed a reverse direct offering raising gross proceeds of $3 million.

    Financial Ratios

    Loss Ratio. The loss ratio, which measures underwriting profitability, is the ratio of losses and loss adjustment expenses incurred to net premiums earned. The loss ratio remained consistent at 0% for the year ended December 31, 2024 and 2023.

    Acquisition Cost Ratio. The acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs with net premiums earned, decreased marginally to 11.0% for the year ended December 31, 2024 from 11.2% in the prior year.

    Expense Ratio. The expense ratio, which measures operating performance, compares policy acquisition costs and general and administrative expenses with net premiums earned. The expense ratio decreased to 94.3% for the year ended December 31, 2024, from 185.2% for the prior year due to lower general and administrative expenses in 2024. The decrease is due to the higher levels of premium earned and lower general administrative expenses incurred during the year ended December 31, 2024.

    Combined ratio. The combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. The combined ratio decreased to 94.3% for the year ended December 31, 2024, from 185.2% for the prior year. The decrease is due to the higher levels of premium earned and lower general administrative expenses incurred during the year ended December 31, 2024.

    Conference Call

    Management will host a conference call later today to discuss these financial results, followed by a question and answer session. President and Chief Executive Officer Jay Madhu and Chief Financial Officer Wrendon Timothy will host the call starting at 4:30 p.m. Eastern time.

    Date: March 26, 2025
    Time: 4.30 p.m. Eastern Time
    Toll-free number: – 877-524-8416
    International number: +1 412-902-1028

    Please call the conference telephone number 15 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact InComm Conferencing at +1-201-493-6280
    media@incommconferencing.com

    A replay of the call will be available by telephone replay after 7:30 p.m. Eastern Time on the same day of the call until April 09, 2025.

    Toll-free replay number: 877-660-6853
    International replay number: +1-201-612-7415
    Conference ID: 13752504

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (www.OxbridgeRe.com) (NASDAQ: OXBR, OXBRW) (“Oxbridge Re”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its subsidiaries Oxbridge Re NS, SurancePlus Inc. and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Re NS and Oxbridge Reinsurance Limited.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    345-749-7570
    jmadhu@oxbridgere.com


    OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES

    Consolidated Balance Sheets

    (expressed in thousands of U.S. Dollars, except per share and share amounts)

        At December 31,  
        2024     2023  
                 
    Assets                
    Investments:                
    Equity securities, at fair value (cost : $1,532 and $1,926)     113       680  
    Cash and cash equivalents     2,135       495  
    Restricted cash and cash equivalents     3,758       3,250  
    Premiums receivable     1,059       977  
    Other investments     48       2,478  
    Loan Receivable     –       100  
    Due from related party     –       63  
    Deferred policy acquisition costs     109       101  
    Operating lease right-of-use assets     148       9  
    Prepayment and other assets     94       96  
    Property and equipment, net     1       4  
    Total assets   $ 7,465       8,253  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities:                
    Notes payable to EpsilonCat Re and DeltaCat Re Token Holders     1,732       1,523  
    Notes payable to noteholders     118       118  
    Unearned premiums reserve     991       915  
    Operating lease liabilities     148       9  
    Accounts payable and other liabilities     366       356  
    Total liabilities     3,355       2,921  
                     
    Shareholders’ equity:                
    Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,379,002 and 5,870,234 shares issued and outstanding)     6       6  
    Additional paid-in capital     34,105       32,740  
    Accumulated Deficit     (30,163 )     (27,414 )
    Total Oxbridge shareholders’ equity     3,948       5,332  
    Non-controlling interests     162       –  
    Total shareholders’ equity     4,110       5,332  
    Total liabilities and shareholders’ equity     7,465       8,253  


    OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES
    Consolidated Statements of Operations
    (Unaudited)
    (expressed in thousands of U.S. Dollars, except per share amounts)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                 
    Revenue                                
    Assumed premiums     –       (26 )     2,379       2,170  
    Change in unearned premiums reserve     595       549       (76 )     (915 )
                                     
    Net premiums earned     595       523       2,303       1,255  
    SurancePlus Management Fee Income     –       –       312       300  
    Net investment and other income     60       62       248       303  
    Interest and gain on redemption of Series A-1 Preferred Shares     47       –       47       –  
    Interest and gain on redemption of loan receivable     –       –       41       –  
    Unrealized loss on other investments     (208 )     (2,561 )     (2,145 )     (8,945 )
    Change in fair value of equity securities     (72 )     71       (260 )     38  
                                     
    Total revenue   $ 422       (1,905 )   $ 546       (7,049 )
                                     
    Expenses                                
    Policy acquisition costs and underwriting expenses     66       61       254       141  
    General and administrative expenses     431       474       1,917       2,183  
                                     
    Total expenses   $ 497       535     $ 2,171       2,324  
                                     
    Loss before income attributable to tokenholders and non-controlling interests     (75 )     (2,440 )     (1,625 )     (9,373 )
                                     
    Income attributable to tokenholders     (246 )     (232 )     (962 )     (542 )
    Loss before income attributable to non-controlling interests     (321 )     (2,672 )     (2,587 )     (9,915 )
                                     
    Income attributable to non-controlling interests     (139 )     –       (139 )     –  
                                     
    Net loss attributable to ordinary shareholders     (460 )     (2,672 )     (2,726 )     (9,915 )
                                     
    Loss per share attributable to ordinary shareholders                                
    Basic and Diluted     (0.05 )     (0.46 )     (0.45 )     (1.69 )
                                     
    Weighted-average shares outstanding                                
    Basic and Diluted     6,121,020       5,870,234       6,099,051       5,867,129  
                                     
    Performance ratios to net premiums earned:                                
    Loss ratio     0.0 %     0.0 %     0.0 %     0.0 %
    Acquisition cost ratio     11.1 %     11.7 %     11.0 %     11.2 %
    Expense ratio     83.5 %     102.3 %     94.3 %     185.2 %
    Combined ratio     83.5 %     102.3 %     94.3 %     185.2 %

    The MIL Network –

  • MIL-OSI: Usio Announces Improved Profitability; Fourth Quarter GAAP Earnings of $0.02 per share and Full Year GAAP Earnings of $0.12 per share

    Source: GlobeNewswire (MIL-OSI)

    Full Year Revenues up in each of ACH & Complementary Services, Card and Output Solutions Business Units

    Record Full Year 2024 Dollar Processing Volume of $7.1 Billion, a 33% Increase Compared to Fiscal 2023; Transactions Processed also up a Strong 26% Year-over-Year

    Cash Position Increases to Record High of $8.1 Million

    SAN ANTONIO, March 26, 2025 (GLOBE NEWSWIRE) — Usio, Inc: (Nasdaq: USIO), a leading FinTech company that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced financial results for the fourth quarter and year ended December 31, 2024.

    Louis Hoch, Chairman and Chief Executive Officer of Usio, said, “We are delivering on our commitments as profitability improved, cash flow was strong, and revenue grew in each of our ACH & Complementary Services, Card and Output Solutions businesses in both the fourth quarter and full year 2024. We also delivered another year of positive Adjusted EBITDA1. Results were driven across Usio by a 33% increase in total dollar processing volume, which rose to $7.1 billion from $5.3 billion in 2023, while transactions processed reached record levels on 26% year-over-year growth. We attribute this solid revenue performance to our innovative technology and complementary business strategy while the bottom line continues to improve as we implement our disciplined cost control and enhance our results through operating leverage that our business model provides.

    “For the quarter, we reported top line growth as well as our third consecutive quarter of positive GAAP net income, approximately $0.6 million, or $0.02 per share. For both the quarter and the year, revenues were up in three of our business units, and in the fourth, prepaid revenues were up when excluding the COVID incentive programs that was essentially wound down in fiscal 2023. Cash flow remains strong, enabling us to bolster our balance sheet, which provides us with resources to support our growth initiatives. In addition, cash flow in 2024 was also used to repurchase $1.4 million of our stock. And, today, the Board reauthorized a new repurchase agreement of $4 million which further illustrates our confidence in the business’ long-term prospects. Together, this is a strong set up for what we believe will be another year of both top line and Adjusted EBITDA1 growth in 2025.”

    Momentum continues to accelerate in ACH and complementary services, with revenues up 17% in the quarter and 12% for the year, in large part reflecting success cross-selling ACH into existing Card and Prepaid accounts. Card revenue growth remains solid, up 6% for the quarter and 3% for the year, led by PayFac, where revenues were up 29% in the quarter, and 22% on the year. Output Solutions had a strong fourth quarter, growing revenues a healthy 13%, which drove the business to full year growth after facing headwinds in prior quarters during the year. Total dollars loaded on prepaid cards exceeded $111 million in the fourth quarter, the sixth consecutive quarter of over $100 million in prepaid card loads. Fiscal 2024 revenues comparisons in prepaid continue to reflect last year’s expiration of COVID incentive programs, but we believe that Prepaid should begin to benefit from the over 90 client agreements signed in 2024 and a more concerted focus on recurring revenue, ‘evergreen’ clients.”

    Gross profits and margins were down modestly for both the quarter and the year, due primarily to product mix. Selling, general and administrative expenses were up just 3% for the year, reflecting continued strong expense control. The Company closed the 2024 fiscal year with $8.1 million cash on hand compared to year end cash of $7.2 million in 2023. The Company expects this trend of positive cash growth to continue in fiscal 2025.

    Mr. Hoch concluded, “In 2024 our various growth initiatives enabled us to regain nearly all of the revenue lost with the planned expiration of large COVID related card programs while improving profitability and further strengthening our financial position. More importantly, we are fully embarking on our new One Usio strategy, better integrating all of our various product offerings so that we approach the market as a unified force with a portfolio of capabilities that can meet our customer’s various electronic payment and associated needs. Already, we are seeing success selling multiple, complementary Usio products to an increasing number of clients who benefit from the synergies and efficiencies that arise from consolidating their relationships. While this has always been one of our competitive advantages, in 2025 we are redoubling our efforts and organizing around this concept to better unlock the inherent value of this strategy. At the same time, we believe we have the infrastructure to support our growth initiatives such that we can expect to see continued improvement in our operating leverage. We believe 2025 will be another year of growth as we create value for our shareholders.”

    Fiscal 2025 Guidance

    The Company continues to expect strong 14 – 16% growth in revenue in 2025 while also anticipating Adjusted EBITDA1 margins in the 5 – 7% range. Guidance is conditioned on no appreciable deterioration in economic conditions.

    Fourth Quarter 2024 Financial Summary

    Revenues were $20.6 million for the fourth quarter, up 2% compared to $20.1 million in the same period in 2023.

        Three Months Ended December 31,  
        (in millions, except percentages)  
        2024     2023     $ Change     % Change  
                                     
    ACH and complementary service revenue   $ 4.6     $ 3.9     $ 0.7       17 %
    Credit card revenue     7.2       6.9       0.4       6 %
    Prepaid card services revenue     3.0       4.0       (1.0 )     (24 )%
    Output Solutions revenue     5.1       4.6       0.6       13 %
    Interest – ACH and complementary services     0.2       0.2       (0.1 )     (22 )%
    Interest – Prepaid card services     0.3       0.5       (0.2 )     (41 )%
    Interest – Output Solutions     0.0       0.0       0.0       73 %
    Total Revenue   $ 20.6     $ 20.1     $ 0.4       2 %
     

    Revenue growth was primarily attributable to 17% growth in our ACH and complementary services revenue, alongside 13% growth in Output solutions, helping offset a 24% decrease in Prepaid revenues associated with the anticipated wind down of COVID incentive programs in 2024. Credit card revenues also saw a 6% increase, due to the success of our PayFac portfolio achieving 29% growth in the quarter, mitigating the continued attrition of our legacy credit card portfolios.

    Gross profits were $5.1 million, down 4% from $5.3 million for the in 2023. Gross margins were 24.6% compared to 26.1% in the same period in 2023. Gross margins in the quarter primarily reflect a shift in revenue mix, and a decline in interest revenues versus the prior year period due to the lower interest rates in the period. 

    The Company had an operating loss of $0.6 million, compared to an operating loss of $0.0 million from the same period in 2023. 

    Adjusted EBITDA1 was positive $0.5 million in the quarter, down $0.5 million from $1.1 million in the same period in 2023, due primarily to lower gross profit margins, and an 8% increase in SG&A expense.

    For the quarter, the Company generated $0.5 million of interest revenue compared to $0.8 million in the year ago quarter.

    Net income for the fourth quarter of 2024 was $0.6 million, or $0.02 per share, compared to net income of $0.03 million or $0.00 per share for the same period in 2023. Results in the current quarter primarily by the receipt and recognition of approximately $1.5 million in funds related to the employee retention tax credit made available through the CARES Act, and extended through the American Rescue Plan Act.

    During the quarter, the Company repurchased 331,222 shares of its stock at an average price of $1.46 for a total cost of $482,426 as part of its share buyback program.

    1 See reconciliation of non-GAAP financial measures below.

    Financial Results for Full Year 2024

    Revenues for 2024 were $82.9 million, down 1% from $84.1 million for the same period in 2023.

        Year Ended December 31,  
        (in millions, except percentages)  
        2024     2023     $ Change     % Change  
                                     
    ACH and complementary service revenue   $ 16.7     $ 14.9     $ 1.8       12 %
    Credit card revenue   29.3       28.5       0.8       3 %
    Prepaid card services revenue     14.1       18.7       (4.6 )     (25 )%
    Output Solutions revenue     20.6       20.5       0.1       1 %
    Interest – ACH and complementary services     0.8       0.5       0.3       59 %
    Interest – Prepaid card services     1.3       0.9       0.4       44 %
    Interest – Output Solutions     0.2       0.0       0.1       220 %
    Total Revenue   $ 82.9     $ 84.1     $ (1.1 )     (1 )%
     

    The Company experienced strong revenue growth in its ACH and complementary services business segment, seeing an $1.8 million, or 12% increase over 2023. This revenue growth, alongside a 55% increase in aggregate interest revenues, helped to offset the 25% decline in our prepaid card services, as we saw the anticipated wind down of revenues associated with COVID incentive programs in 2024. Strong net new customer and organic growth, specifically in our corporate and commercial card programs, generated over $7 million of revenues in 2024, greatly offsetting the revenues in 2023 associated with those COVID programs. Credit card revenues were also up 3%, with PayFac growing 22% in 2024, mitigating attrition in our legacy credit card lines of business. Revenues associated with our PayFac portfolio now exceed 50% of total credit card processing revenues, and performance associated with our PayFac model is anticipated to become more representative of overall credit card revenue growth. Output Solutions revenues were up 1%, as we fully implemented our new processing equipment through the year in order to position the business unit for continued growth in 2025 due to the increased capacity, efficiency, and speed our new equipment provides.

    Gross profit for the year ended December 31, 2024 was $19.6 million, down 2% from $20.1 million in fiscal 2023. Gross margins were 23.7% for the year ended December 31, 2024 compared to 23.9% in fiscal 2023, generally reflecting a shift in business mix over the year.

    The Company reported $2.9 million in Adjusted EBITDA1 for the year ended December 31, 2024, a $1.0 million decline versus $3.9 million in 2023, due primarily to slightly lower revenues and gross margin, alongside a 3% increase in SG&A expense in 2024. The Company increased its cash balance by $0.9 million, while utilizing $1.4 million on share repurchases in 2024. The Company significantly improved its net income for the year by $3.8 million to $3.3 million compared to a loss of $0.5 million for fiscal 2023 due to the recognition of an approximate $3.1 million federal tax benefit. The Company reported earnings of $0.12 per share, a significant improvement compared to loss of $(0.02) per share, in fiscal 2023. 

    Conference Call and Webcast

    Usio, Inc.’s management will host a conference call with a live webcast Wednesday, March 26, 2025 at 4:30 pm Eastern time to provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call + 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/invest.

    A replay of the call will be available approximately one hour after the end of the call through April 10, 2025. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international). The replay conference playback code is 2388192.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), is a leading Fintech that operates a full stack of proprietary, cloud-based integrated payment and embedded financial solutions in a single ecosystem to a wide range of merchants, billers, banks, service bureaus and card issuers. The Company operates credit/debit and ACH payment processing platforms, as well as a turn-key card issuing platform to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has a development office in Austin, Texas.

    Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    About Non-GAAP Financial Measures

    This press release includes non-GAAP financial measures, EBITDA, adjusted EBITDA, and adjusted EBITDA margins, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as costs related to acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA, adjusted EBITDA, and adjusted EBITDA margins as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations. 

    In previous periods, the Company reported the non-GAAP financial measure of adjusted operating cash flows, which excluded certain items from operating cash flows to provide a measure of cash generated from its core operations. Beginning with the current reporting period, the Company is no longer presenting adjusted operating cash flows as a non-GAAP financial measure. The decision to discontinue reporting adjusted operating cash flows is due to changes in the presentation of certain assets, specifically the movement of assets held for customers, into the financing activities section of our cash flow statement. As a result of this reclassification, the need for the adjusted operating cash flows measure is no longer required, as the adjustments previously made to exclude these amounts are not necessary. 

    Management believes EBITDA, adjusted EBITDA, and adjusted EBITDA margins are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. 

    EBITDA, adjusted EBITDA, and adjusted EBITDA margins should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. They are not measurements of our financial performance under GAAP and should not be considered as alternatives to revenue, or net income, as applicable, or any other performance measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other businesses. EBITDA, adjusted EBITDA, and adjusted EBITDA margins have limitations as analytical tools and you should not consider these Non-GAAP measures in isolation or as a substitute for analysis of our operating results as reported under GAAP.

    1 See reconciliation of non-GAAP financial measures below.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “could,” “should,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact:

    Paul Manley
    Senior Vice President, Investor Relations
    Paul.Manley@usio.com
    612-834-1804

    USIO, INC.
    CONSOLIDATED BALANCE SHEETS
     
        December 31, 2024     December 31, 2023  
    ASSETS                
    Cash and cash equivalents   $ 8,056,891     $ 7,155,687  
    Accounts receivable     5,053,639       5,564,138  
    Accounts receivable, tax credit     1,494,612       —  
    Settlement processing assets     47,104,006       44,899,603  
    Prepaid card load assets     25,648,688       31,578,973  
    Customer deposits     1,918,805       1,865,731  
    Inventory     403,796       422,808  
    Prepaid expenses and other     585,500       444,071  
    Current assets before merchant reserves     90,265,937       91,931,011  
    Merchant reserves     4,890,101       5,310,095  
    Total current assets     95,156,038       97,241,106  
                     
    Property and equipment, net     3,194,818       3,660,092  
                     
    Other assets:                
    Intangibles, net     881,346       1,753,333  
    Deferred tax asset     4,580,440       1,504,000  
    Operating lease right-of-use assets     3,037,928       2,420,782  
    Other assets     357,877       355,357  
    Total other assets     8,857,591       6,033,472  
                     
    Total Assets   $ 107,208,447     $ 106,934,670  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Current Liabilities:                
    Accounts payable   $ 1,256,819     $ 1,031,141  
    Accrued expenses     3,366,925       3,801,278  
    Operating lease liabilities, current portion     612,680       633,616  
    Equipment loan, current portion     147,581       107,270  
    Settlement processing obligations     47,104,006       44,899,603  
    Prepaid card load liabilities     25,648,688       31,578,973  
    Customer deposits     1,918,805       1,865,731  
    Current liabilities before merchant reserve obligations     80,055,504       83,917,612  
    Merchant reserve obligations     4,890,101       5,310,095  
    Total current liabilities     84,945,605       89,227,707  
                     
    Non-current liabilities:                
    Equipment loan, non-current portion     571,862       718,980  
    Operating lease liabilities, non-current portion     2,534,017       1,919,144  
    Total liabilities     88,051,484       91,865,831  
                     
    Commitments and Contingencies                
    Stockholders’ Equity:                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares issued and outstanding in 2024 and 2023     —       —  
    Common stock, $0.001 par value, 200,000,000 shares authorized; 29,902,415 and 28,671,606 issued and 26,609,651 and 26,332,523 outstanding in 2024 and 2023 (see Note 12)     198,317       197,087  
    Additional paid-in capital     99,676,457       97,479,830  
    Treasury stock, at cost; 3,292,764 and 2,339,083 shares in 2024 and 2023 (see Note 12)     (5,770,592 )     (4,362,150 )
    Deferred compensation     (6,914,563 )     (6,907,775 )
    Accumulated deficit     (68,032,656 )     (71,338,153 )
    Total stockholders’ equity     19,156,963       15,068,839  
                     
    Total Liabilities and Stockholders’ Equity   $ 107,208,447     $ 106,934,670  
       
    USIO, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
     
        Three Months Ended (unaudited)     Twelve Months Ended  
        December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  
    Revenues   $ 20,560,088     $ 20,130,642     $ 82,931,840     $ 84,066,245  
    Cost of services     15,495,310       14,871,207       63,317,396       63,992,417  
    Gross profit     5,064,778       5,259,435       19,614,444       20,073,828  
                                     
    Selling, general and administrative:                                
    Stock-based compensation     564,300       545,711       2,093,406       2,222,969  
    Other expenses     4,547,694       4,195,580       16,728,081       16,216,690  
    Depreciation and Amortization     555,581       521,932       2,263,302       2,081,533  
    Total operating expenses     5,667,575       5,263,223       21,084,789       20,521,192  
                                     
    Operating loss     (602,797 )     (3,788 )     (1,470,345 )     (447,364 )
                                     
    Other income:                                
    Interest income     116,558       103,337       464,746       219,986  
    Other income     1,476,272       —       1,737,685       50,000  
    Interest expense     (12,267 )     (3,614 )     (53,802 )     (5,202 )
    Other income, net     1,580,563       99,723       2,148,629       264,784  
                                     
    Income (loss) before income taxes     977,766       95,935       678,284       (182,580 )
                                     
    Federal income tax expense (benefit)     109,613       —       (3,076,440 )     —  
    State income tax expense     239,227       70,000       449,227       292,524  
    Income tax expense (benefit)     348,840       70,000       (2,627,213 )     292,524  
                                     
    Net Income (Loss)   $ 628,926     $ 25,935     $ 3,305,497     $ (475,104 )
                                     
    Earnings (Loss) Per Share                                
    Basic income (loss) per common share:   $ 0.02     $ 0.00     $ 0.12     $ (0.02 )
    Diluted income (loss) per common share:   $ 0.02     $ 0.00     $ 0.12     $ (0.02 )
    Weighted average common shares outstanding                                
    Basic     27,162,675       26,503,251       26,852,129       26,490,868  
    Diluted     27,162,675       26,503,251       26,852,129       26,490,868  
     
    USIO, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
     
        December 31, 2024     December 31, 2023  
    Operating Activities                
    Net income (loss)   $ 3,305,497     $ (475,104 )
    Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:                
    Depreciation     1,391,315       1,209,506  
    Amortization     871,987       872,027  
    Loss on disposal of equipment     18,340       —  
    Deferred federal income tax     (3,076,440 )     —  
    Employee stock-based compensation     2,093,406       2,190,369  
    Vendor stock-based compensation     —       32,600  
    Non-cash revenue from return of treasury stock     —       (156,162 )
    Changes in operating assets and liabilities:                
    Accounts receivable     510,499       (1,192,498 )
    Accounts receivable, tax credit     (1,494,612 )     —  
    Prepaid expenses and other     (141,429 )     6,318  
    Operating lease right-to-use assets     (617,146 )     374,701  
    Other assets     (2,520 )     —  
    Inventory     19,012       84,547  
    Accounts payable and accrued expenses     (208,675 )     252,689  
    Operating lease liabilities     593,937       (403,506 )
    Merchant reserves     (419,994 )     400,594  
    Customer deposits     53,074       311,609  
    Net cash provided by operating activities     2,896,251       3,507,690  
                     
    Investing Activities                
    Purchases of property and equipment     (991,881 )     (834,964 )
    Sale of equipment     47,500       —  
    Net cash used by investing activities     (944,381 )     (834,964 )
                     
    Financing Activities                
    Payments on equipment loan     (106,807 )     (56,992 )
    Proceeds from issuance of common stock     97,663       —  
    Purchases of treasury stock     (1,408,442 )     (456,961 )
    Assets held for customers     (3,725,882 )     6,570,747  
    Net cash provided (used) by financing activities     (5,143,468 )     6,056,794  
                     
    Change in cash, cash equivalents, customer deposits and merchant reserves     (3,191,598 )     8,729,520  
    Cash, cash equivalents, customer deposits and merchant reserves, beginning of year     90,810,089       82,080,569  
                     
    Cash, Cash Equivalents, Settlement Processing Assets, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Year   $ 87,618,491     $ 90,810,089  
                     
    Supplemental disclosures of cash flow information                
    Cash paid during the period for:                
    Interest   $ 53,802     $ 5,202  
    Income taxes     290,144       116,204  
    Non-cash operating activities:                
    Right of use assets obtained in exchange for operating lease liabilities   $ 1,156,543     $ –  
    Non-cash investing and financing activities:                
    Issuance of deferred stock compensation   $ 1,497,300     $ 2,650,505  
    Non-cash transaction for acquisition of equipment in exchange for note payable     —       811,819  
                     
    USIO, INC.
    STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
     
        Common Stock     Additional Paid- In     Treasury     Deferred     Accumulated     Total Stockholders’  
        Shares     Amount     Capital     Stock     Compensation     Deficit     Equity  
                                                             
    Balance at December 31, 2022     27,044,900     $ 195,471     $ 94,048,603     $ (3,749,027 )   $ (5,697,900 )   $ (70,863,049 )   $ 13,934,098  
                                                             
    Issuance of common stock under equity incentive plan     1,731,506       1,731       3,619,315       —       (2,650,505 )     —       970,541  
    Reversal of deferred compensation amortization that did not vest     (115,000 )     (115 )     (188,088 )     —       103,091       —       (85,112 )
    Deferred compensation amortization     —       —       —       —       1,337,539       —       1,337,539  
    Non-cash return of treasury stock     —       —       —       (156,162 )     —       —       (156,162 )
    Purchase of treasury stock     —       —       —       (456,961 )     —       —       (456,961 )
    Net loss     —       —       —       —       —       (475,104 )     (475,104 )
                                                             
    Balance at December 31, 2023     28,661,406     $ 197,087     $ 97,479,830     $ (4,362,150 )   $ (6,907,775 )   $ (71,338,153 )   $ 15,068,839  
                                                             
    Issuance of common stock under equity incentive plan     1,189,050       1,178       2,130,336       —       (1,497,300 )     —       634,214  
    Issuance of common stock under employee stock purchase plan     66,959       67       97,596       —       —       —       97,663  
    Reversal of deferred compensation amortization that did not vest     (15,000 )     (15 )     (31,305 )     —       31,320       —       —  
    Deferred compensation amortization     —       —       —       —       1,459,192       —       1,459,192  
    Purchase of treasury stock     —       —       —       (1,408,442 )     —       —       (1,408,442 )
    Net income     —       —       —       —       —       3,305,497       3,305,497  
                                                             
    Balance at December 31, 2024     29,902,415     $ 198,317     $ 99,676,457     $ (5,770,592 )   $ (6,914,563 )   $ (68,032,656 )   $ 19,156,963  
     
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
     
        Three Months Ended (unaudited)     Twelve Months Ended  
        December 31, 2024     December 31, 2023     December 31, 2024     December 31, 2023  
                                     
    Reconciliation from Operating Income/(Loss) to Adjusted EBITDA:                                
    Operating income (loss)   $ (602,797 )   $ (3,788 )   $ (1,470,345 )   $ (447,364 )
    Depreciation and amortization     555,581       521,932       2,263,302       2,081,533  
    EBITDA     (47,216 )     518,144       792,957       1,634,169  
    Non-cash stock-based compensation expense, net     564,300       545,711       2,093,406       2,222,969  
    Adjusted EBITDA   $ 517,084     $ 1,063,855     $ 2,886,363     $ 3,857,138  
                                     
                                     
    Calculation of Adjusted EBITDA margins:                                
    Revenues   $ 20,560,088     $ 20,130,642     $ 82,931,840     $ 84,066,245  
    Adjusted EBITDA     517,084       1,063,855       2,886,363       3,857,138  
    Adjusted EBITDA margins     2.5 %     5.3 %     3.5 %     4.6 %

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc Welcomes Scott Living by Drew & Jonathan™, the Signature Home Brand of Drew and Jonathan Scott, to Its BaaS Program

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., March 26, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that Scott Living by Drew & Jonathan™, the home furnishings brand created by TV hosts and renovation experts Drew and Jonathan Scott, has joined its Branding-as-a-Service (BaaS) Program. This collaboration will bring Scott Living’s trusted brand into the GigaCloud B2B Marketplace, creating new avenues for sellers and broadening product selection for buyers. Scott Living’s expertise in outdoor furniture and décor aligns with current consumer trends and presents potential growth opportunities for sellers and retailers in this product category.

    “Brand has always been a powerful driver in the industry, and by introducing Scott Living into BaaS, we aim to help our marketplace participants reach consumers faster with the right combination of quality products and design solutions from a brand they can trust,” said Larry Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud.

    “GigaCloud is more than just a marketplace,” added Wu. “We are a service toolbox offering diverse, tailored solutions that empower our customers to build and scale efficiently. Our Supplier Fulfilled Retailing model serves as the backbone of the program, streamlining supply chain management while enhancing our ecosystem through advanced technology and robust infrastructure to drive operational efficiency. This partnership unlocks new opportunities for our sellers and delivers greater value across our marketplace network worldwide.”

    “Partnering with GigaCloud marks an exciting new chapter for Scott Living,” said Drew and Jonathan Scott. “Since launching our very first product line over a decade ago, our mission has always been to make high-quality home furnishings that work for a variety of families and lifestyles. GigaCloud’s platform opens new doors for us to reach a broader audience and allows us to collaborate with more suppliers and retail channels to continue delivering home products that our customers love. We look forward to seeing how this partnership will help us connect with even more families, create opportunities, and inspire future innovations in the home space.”

    “Scott Living brings a fresh, design-forward appeal that resonates with younger and trend-conscious consumers, a perfect complement to our growing ecosystem that is redefining how furniture is marketed and distributed globally,” said Marshall Bernes, Head of GigaCloud’s BaaS Program and a member of the Company’s Board of Directors. 

    About GigaCloud Technology Inc
    GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://www.gigacloudtech.com.

    About Scott Living by Drew & Jonathan
    Scott Living by Drew & Jonathan helps people create a home that looks good and feels good. After transforming houses for hundreds of families, the designers, renovators, entrepreneurs, and Property Brothers hosts Drew and Jonathan Scott know that each family is unique in the way they live, love, grow, and gather, and the best design solutions prioritize functionality and value. With curated collections of quality furniture, lighting, textiles, decor, and home improvement products, the brothers help families reimagine what’s possible in their spaces to reflect their personal style.

    Scott Living collections are widely available at a variety of North American and online retailers, including Amazon, Wayfair, Costco, Sam’s Club, QVC, Lowe’s, The Home Depot, and Home Goods.

    In 2025, Drew and Jonathan Scott are celebrating ten years of creating home products that help families make beautiful, functional spaces that feel as good as they look through their Scott Living and Drew & Jonathan Home brands.

    For more information, please visit ScottLivingHome.com.

    Forward-Looking Statements

    This press release may contain “forward-looking statements.” Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:
    GigaCloud Technology Inc
    Investor Relations – ir@gigacloudtech.com

    PondelWilkinson, Inc.
    Laurie Berman (Investors) –lberman@pondel.com
    George Medici (Media) – gmedici@pondel.com

    Scott Brothers Global
    Media – SBG@Rubenstein.com

    The MIL Network –

  • MIL-OSI Economics: Agriculture Committee adopts two decisions to enhance transparency, notifications

    Source: WTO

    Headline: Agriculture Committee adopts two decisions to enhance transparency, notifications

    Tariff-Rate Quotas (TRQs) allow a specified quantity of a product to be imported at a lower tariff rate, while any quantity exceeding that limit is subject to higher tariffs.
    Triennial reviews of Nairobi and Bali decisions
    The Chair announced that members successfully concluded the third triennial review of the Nairobi Decision on Export Competition in December 2024 through a written procedure. The outcome package includes the Review Report (G/AG/39 ) and a decision on a comprehensive export competition notification requirements and formats (G/AG/2/Add.2 ). This streamlines the relevant notification requirements adopted in 1995 (G/AG/2 ) and integrates the export competition questionnaire (ECQ) from the Nairobi Decision. She thanked members for their constructive engagement in reaching consensus.
    Members also adopted a key document on enhanced transparency of TRQ administration notifications (RD/AG/134/Rev.2)  in order to implement the Bali Decision on Tariff Rate Quota administration. Members hailed the successful adoption of the decision on TRQ notifications (G/AG/2/Add.3), recognizing it as the culmination of months of hard work and productive dialogue.
    Members also launched discussions on the second triennial review of the operation of the Bali Decision and shared their expectations of the review.
    Updates on agricultural market developments, food security
    Members heard updated reports from the World Food Programme(WFP), the International Grains Council (IGC) and the World Bank on the latest developments in food security and agriculture. The organizations were invited to the Committee to share information and experiences as a follow-up to  the report and recommendations of the work programme undertaken pursuant to the MC12 declaration on food insecurity.
    The WFP warned that the world is entering a period of high uncertainty, marked by a worsening global food security crisis and humanitarian funding cuts. It estimated that 343 million people suffered from acute food insecurity across 74 countries in 2024 — nearly 200 million more than pre-pandemic levels.
    The WFP stressed that conflict remains the primary driver of food insecurity in war zones, including Sudan, the Democratic Republic of the Congo, Gaza and Somalia. Other factors, such as climate change, economic instability, rising food prices and currency depreciation, continue to affect food supply in developing economies.
    The WFP urged governments to find political solutions to end conflicts, strengthen food systems and enhance support for local economies. It also called for governments to secure funding to protect vulnerable populations and build community food resilience.
    The IGC projected record grain production and a global rebound in grain trade in 2025–26, driven by strong demand from Asia and Africa, as well as other positive market trends. The IGC also outlined its ongoing efforts to improve and standardize trade statistics for rice through better classification of rice types in global trade. It has also developed a dashboard for net food-importing countries to track market changes and refine food security strategies.
    The World Bank echoed concerns raised by the WFP and IGC, stating that acute food insecurity remains at record levels, with an estimated 713–757 million people undernourished. It introduced its Global Challenge Program on Food and Nutrition Security, which includes early warning systems, cross-sectoral approaches to nutrition, and improved access to climate finance for smallholders.
    The World Bank reaffirmed its commitment to nutrition security, emphasizing its alignment with global efforts such as the Nutrition for Growth Summit in Paris and its integration of nutrition objectives across health, agriculture and social protection investments.
    Members thanked the international organizations for their updates. Some highlighted concerns over food insecurity in least developed countries (LDCs) and net food-importing developing countries (NFIDCs), citing conflict, climate change and high import dependency as key challenges. Others emphasized the need for greater financial support for food and climate resilience while urging the WTO to address the root causes of food insecurity through further agricultural reforms.
    Members also discussed follow-up to Food Security Work Programme recommendations (G/AG/38) from the 12th Ministerial Conference. The Chair commended members’ efforts in implementing some of these recommendations within the Committee and the Working Group on Trade, Debt and Finance. Some members stressed the need to turn recommendations into concrete actions, including informal dedicated workshops to share experiences.
    Review of the NFIDC list 
    Divergences remain on the annual review of the NFIDCs list, which is undertaken annually in the Committee’s March meeting. Some members favoured a data-based review exercise requiring NFIDCs to present updated statistics, whereas some others saw no basis to submit such data by NFIDCs beyond their inclusion in the list.
    The discussion concluded without a common understanding of whether the annual review had been accomplished. Some members called for continued discussions in subsequent meetings, while others opposed extending talks beyond the annual March meeting. At the same time, members agreed that the current list (G/AG/5/Rev.12) remains valid unless consensus dictates otherwise.
    Review of agricultural policies
    A total of 208 questions were raised by members concerning individual notifications and specific implementation matters during the meeting. This peer review process allows members to address issues related to the implementation of commitments outlined in the Agreement on Agriculture. Of these, 31 issues were raised for the first time, while 15 were recurring matters from previous Committee meetings.
    The 31 new items covered a range of topics, including Australia’s food and fibre program, Brazil’s rural initiative, Canada’s multiple farm and dairy support programs, and the European Union’s tariffs on Russian agri-food imports. Other topics included India’s sugar support and tariff changes on Bourbon whiskey, Indonesia’s various farm support policies, and Japan’s support for CO₂ reduction and fertilizer procurement. Members also reviewed Paraguay’s financial assistance to farmers, Switzerland’s farm payments, Thailand’s debt relief measures and rice support, Türkiye’s tax and pricing systems, the United Kingdom’s productivity-boosting scheme, and the United States’ applied tariffs and multiple farm support programs.
    Since the previous meeting in November 2024, a total of 110 individual notifications have been submitted to the Committee, covering market access, domestic support, export competition and notifications in the context of the NFIDC Decision. The majority of these notifications — 45 in total — pertain to export competition.
    The Chair urged members to submit timely and complete notifications and to respond to overdue questions, stressing the critical importance of enhanced transparency.
    All questions submitted for the meeting are available in G/AG/W/252. All questions and replies received are available in the WTO’s Agriculture Information Management System (AG IMS).
    Technology transfer
    The Chair reported productive discussions at an informal meeting on 13 February regarding guidance on how to pursue further discussions on technology transfer in 2025.
    Some members expressed interest in shifting discussions from experience-sharing to the WTO framework of rules and its role in promoting agricultural innovations and technologies. While they acknowledged that the Agreement on Agriculture provides a clear policy and legal basis for agricultural technology transfer — essential for improving food security and rural development — barriers remain in accessing these technologies, highlighting the need for affordable innovations. To address these challenges, these members suggested future seminars to discuss both policy considerations under the Agreement on Agriculture and practical country case studies.
    Some members also emphasized the need for the Committee to further explore sustainable agriculture, with a focus on practical, expert-led discussions. One suggestion was to highlight the importance of capacity building in developing economies, supported by strengthened collaboration with regional research centres.
    The Chair noted the need to continue discussions on this agenda item at the next meeting, which will help the incoming Chair plan future work.
    Other business
    The Chair said that the election of the new Chair will be considered at the June meeting, as the consultation process is still ongoing.
    The Inter-American Institute for Cooperation on Agriculture (IICA) briefly introduced its 2025 work plan (G/AG/GEN/248). In close cooperation with the WTO, the IICA will organize a seminar in Paraguay in the second half of the year to train government officials from the region on improving their notification capacity and negotiation skills.
    Next meeting
    The next meeting of the Committee on Agriculture is scheduled for 23-24 June 2025.

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    MIL OSI Economics –

  • MIL-OSI Video: Ahead of the Threat Podcast: Episode Eight – Scott Aaronson

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Class is in session! Professor Scott Aaronson, a leading researcher in quantum computers, takes time away from his teaching at the University of Texas at Austin to give Ahead of the Threat a detailed overview of quantum theory and the applications of what a quantum computer could do—when one is invented. Though a real quantum computer remains unlikely for a few more years, its potential to unravel nearly all known encryption has led to the development of post-quantum encryption to protect sensitive data.

    In the episode’s Top Three segment that highlights current cybersecurity news, hosts Bryan Vorndran, assistant director of the FBI’s Cyber Division, and Jamil Farshchi, FBI strategic engagement advisor, discuss Google’s acquisition of the cloud computing company Wiz for $32 billion; the European Union’s Artificial Intelligence Act, and a new ransomware attack at Jaguar Land Rover.

    You can read an FBI Joint Cybersecurity Advisory on Medusa Ransomware at https://www.cisa.gov/news-events/cybersecurity-advisories/aa25-071a. You can also read NIST’s Post-Quantum Cryptography Standardization Overview at https://csrc.nist.gov/projects/post-quantum-cryptography.

    Listen to Ahead of the Threat episodes, read the transcripts, and find related material at https://www.fbi.gov/aheadofthethreat.
    —————————————————
    Subscribe to Ahead of the Threat wherever you get your podcasts:
    Apple Podcasts: https://podcasts.apple.com/us/podcast/ahead-of-the-threat-the-fbi-cyber-podcast/id1774312272
    Spotify: https://open.spotify.com/show/7nV7uYsEK4nH87ADpooAyA
    More ways to follow us: https://ahead-of-the-threat.transistor.fm/subscribe

    Follow us on social media:
    X: https://twitter.com/fbi
    Facebook: https://facebook.com/FBI
    Instagram: https://instagram.com/fbi
    YouTube: youtube.com/user/fbi

    https://www.youtube.com/watch?v=WB9bvr_Nf4w

    MIL OSI Video –

  • MIL-OSI Video: Inside the FBI Podcast: My Mission Miniseries – Kelly Walker

    Source: Federal Bureau of Investigation (FBI) (video statements)

    On this My Mission episode of the Inside the FBI Podcast, we’ll meet Kelly Walker, an elementary school teacher-turned-Hazardous Devices School curriculum specialist who helps the Bureau prepare the nation’s civilian public-safety bomb techs to protect communities from explosive threats.

    For a full transcript and additional resources, visit https://www.fbi.gov/news/podcasts.

    You can visit https://www.fbi.gov to learn more about how our field offices support our mission and help keep Americans safe. You can also visit https://www.fbi.gov/mymission to hear other FBI personnel reflect on their unique missions within the Bureau. Finally, you can visit https://www.fbi.gov/tactics to learn more about the FBI’s Critical Incident Response Group.
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
    More ways to follow us: https://inside-the-fbi.transistor.fm/…

    Follow us on social media:
    X: https://twitter.com/fbi
    Facebook: https://facebook.com/FBI
    Instagram: https://instagram.com/fbi
    YouTube: youtube.com/user/fbi

    https://www.youtube.com/watch?v=IfT7HFBSFOY

    MIL OSI Video –

  • MIL-OSI USA: Revitalizing Downtowns in Western New York

    Source: US State of New York

    overnor Kathy Hochul today announced that the Village of Cattaraugus will receive $10 million in funding as the Western New York winner of the eighth round of the Downtown Revitalization Initiative, and the Villages of Westfield and Angola will each receive $4.5 million as the Western New York winners of the third round of NY Forward. For Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward Program, each of the state’s 10 economic development regions are being awarded $10 million from each program, to make for a total state commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.

    “Our state’s downtowns unite friends and families, and these investments will only help reshape neighborhoods to become more vibrant destinations for shopping, dining and living,” Governor Hochul said. “Through our Pro-Housing Communities Program, affordable housing opportunities will open up in neighborhoods across Western New York and local economies will thrive from these opportunities.”

    To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 287 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $100 million in funding to cover infrastructure projects necessary to create new housing in Pro-Housing Communities, and a further $10.5 million for technical assistance to help communities seeking to foster housing growth.

    Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 4,400 units of housing — 1,823 of which are affordable or workforce housing. The programs committed over $8.5 million to 11 projects that provide affordable or free child care and child care worker training. DRI and NY Forward have also invested in the creation of public parks, public art (such as murals and sculptures) and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.

    $10 Million Downtown Revitalization Initiative Award for Cattaraugus
    The Village of Cattaraugus is a vibrant community that is protected and tucked away, perched on a steep incline and sheltered by surrounding hills, productive farmlands and mature verdant forests. The original 19th century brick heart of the village, amazingly intact and a designated National Historic District, imbues a sense of history and character. Stores and businesses are locally owned, and the surrounding area abounds with hundreds of creative artists and artisans. The Village seeks to transform its historic red brick Main Street into a communal gathering place where our natural beauty, cultural heritage and small-town character converge to foster economic growth and enhance quality of life. The Village would become a regional attraction for dining and lodging using its industrial rail heritage to encourage outdoor recreation on its trails that will attract visitors and new residents to stay and enjoy the welcoming nature of the Village.

    $4.5 Million NY Forward Award for Westfield
    Westfield is a charming village that graces the southern shore of Lake Erie. This picturesque locale is defined by its stunning waterfront vistas and a wealth of recreational opportunities, inviting residents and visitors to embrace the natural beauty that surrounds them. Visitors and residents enjoy Westfield events like First Fridays, the Arts and Crafts Festival, the weekly Farmer’s Market, the Tour Chautauqua Cycling Event, the Grape and Wine Festival, Christmas in the Village, the Hot Toddy Crawl and the Christmas Cookie weekend. Historically, Westfield’s economy depended on agriculture and industry. Westfield’s vision is to cultivate a vibrant and sustainable community that celebrates its rich history, natural beauty and agricultural heritage while fostering economic growth, creating housing choices and celebrating diverse cultural activities in a safe and welcoming environment.

    $4.5 Million NY Forward Award for Angola
    Located within the Town of Evans, the waterfront cottage village of Angola is a tourism destination area that draws thousands of regional, national and international visitors each year. While the Town benefits from its lakefront, the Village possesses entertainment options that are attractive to visitors like festivals, art attractions and more. The Village seeks to capitalize on community strengths and its strategic location near key assets — waterfront, rich history and natural resources — to create a unique and vibrant downtown destination in the rural Southtowns of Erie County. Leveraging the historic Angola Theater as the anchor, the Village will bolster the local economy and quality of life through its quaint historic buildings, creative visual and performing arts, unique retail and special events.

    New York Secretary of State Walter T. Mosley said, “Governor Hochul recognizes that when we are investing in our communities, we can positively impact not just that community, but the entire region. And that’s exactly what will happen for these three communities receiving awards from our Downtown Revitalization Initiative and NY Forward program. We can’t wait to see how these investments will make Cattaraugus, Westfield, Angola and the entire Western New York region flourish.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “The three Western New York communities selected to be reinvigorated by the latest round of Governor Hochul’s Downtown Revitalization Initiative and NY Forward programs each have unique projects that will boost business, create new housing, improve quality of life for local families, and attract new visitors. We congratulate the Villages of Cattaraugus, Angola, and Westfield for submitting solid plans to improve their downtowns by making smart investments in the existing assets. We are excited to see your blueprints for revitalization become a reality.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $19 million DRI and NY Forward award represents monumental investment in the villages of Cattaraugus, Westfield and Angola, that will assist these three picturesque communities as they increase housing supply while transforming their downtowns to increase vibrancy and bring modern improvements to historic surroundings. This commitment to Western New York is only the latest example of Governor Hochul’s focus on enhancing communities and creating economic opportunities in all of New York’s regions.”

    Western New York Regional Economic Development Council Co-Chairs Steve Stoute and Eric Reich said,“These investments mark a significant step in the revitalization of these vibrant communities. Each village boasts a rich history and cultural heritage, and this funding will help unlock their full potential, while enhancing economic growth, fostering sustainability, and creating welcoming destinations for both residents and visitors. By preserving their distinct character while promoting long-term development, the funding will strengthen local economies and ensure a lasting impact for generations to come. The council extends its gratitude to Governor Kathy Hochul for her steadfast support through the Downtown Revitalization Initiative and the NY Forward program, and we look forward to witnessing the transformative outcomes of these investments.”

    Village of Cattaraugus Mayor Anthony Nagel said, “The Village of Cattaraugus is deeply honored to receive the Downtown Revitalization Initiative grant, a transformative investment in our community’s future. This funding will enable us to revitalize our infrastructure, support local businesses, and enhance the overall quality of life for our residents and visitors. We extend our sincere gratitude to Governor Hochul for recognizing the potential of our village and making this significant investment. With this grant, we are committed to preserving our heritage while fostering a stronger, more vibrant future for generations to come.”

    Village of Westfield Mayor Dennis Lutes said, “On behalf of the Village of Westfield, I am deeply honored that we have been selected as recipients of a NY Forward grant. We extend our heartfelt gratitude to Governor Kathy Hochul for her leadership and for establishing the NY Forward program to support small communities like ours. This investment marks a pivotal moment for Westfield, providing us with an incredible opportunity to revitalize our village and build upon the progress we have already made. We are truly grateful to Governor Hochul, Department of State, the Western New York Regional Economic Development Council, Empire State Development, the Westfield Development Corporation, and all the dedicated stakeholders who contributed to making this application a success. Their hard work and commitment to our community are greatly appreciated.”

    Village of Angola Mayor Thomas M. Whelan said, “I am deeply grateful for the opportunity to receive the NY Forward grant. This funding will have a transformative impact on our community, enabling us to revitalize key areas and enhance the quality of life for our residents, businesses, and visitors. The NY Forward grant reflects New York State’s steadfast commitment to supporting small communities like ours, fostering growth, and driving meaningful progress. We are honored to be a recipient of this initiative and eager to put these funds to work for the betterment of our village. I sincerely appreciate Governor Kathy Hochul and her team for their support and belief in our vision. Her dedication to strengthening small communities is truly inspiring, and we look forward to working together to bring our vision to fruition.”

    Cattaraugus, Westfield and Angola will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community’s vision for their downtown and that can leverage and expand upon the state’s investment.

    The Western New York Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.

    About the Downtown Revitalization Initiative
    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.

    About the NY Forward Program
    First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

    NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program will have awarded a total of $300 million to 60 communities across every region of the State.

    MIL OSI USA News –

  • MIL-OSI USA: Alaska Businesswoman Sentenced for Tax Evasion Scheme

    Source: US State Government of Utah

    An Alaska woman was sentenced yesterday to 12 months in prison for evading taxes on income she earned from the business she operated.

    According to court documents and statements made in court, Tina H. Yi, was the sole owner and operator of SJ Investment LLC, a hotel, bar, and liquor store in Nome, Alaska, that did business as Polaris HBL. Yi created the business in approximately April 2007 and operated it until approximately October 2017, when the property was destroyed in a fire.

    From approximately 2014 to 2018, Yi maintained two sets of financial records relating to the business’s income and expenses, one of which accurately captured SJ Investment’s income and expenses, and one that understated the business’s income. Yi provided the false records to her accountant to prepare her tax returns. As a result, her 2014 through 2018 tax returns were false.

    Yi caused a total tax loss to the IRS of over $550,000.

    In addition to her prison sentence, U.S. District Judge Timothy M. Burgess for the District of Alaska ordered Yi to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Michael J. Heyman for the District of Alaska made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Tom Bradley for the District of Alaska are prosecuting the case. Former Tax Division Trial Attorney Ahmed Almudallal assisted with the prosecution. 

    MIL OSI USA News –

  • MIL-OSI USA: California Department of Justice Releases Report on Officer-Involved Shooting of Christopher Mercurio

    Source: US State of California

    OAKLAND – California Attorney General Rob Bonta, pursuant to Assembly Bill 1506 (AB 1506), today released a report on Christopher Mercurio’s death from an officer-involved shooting in Valencia, California, on January 11, 2023. The incident involved a deputy from the Los Angeles Sheriff’s Department. The report is part of the California Department of Justice’s (DOJ) ongoing efforts to provide transparency and accountability in law enforcement practices. The report provides a detailed analysis of the incident and outlines DOJ’s findings. After a thorough investigation, DOJ concluded that criminal charges were not appropriate in this case.  

    “We recognize the considerable challenges and difficulties faced by all those impacted, including Mr. Mercurio’s family, the law enforcement agencies involved, and the community as a whole,” said Attorney General Bonta. “The California Department of Justice aims to partner with law enforcement to build a just and equitable legal environment, ensuring that the rule of law is upheld, and justice is accessible to everyone.”

    At approximately 10:58 PM, on Wednesday, January 11, 2023, a LASD deputy went to the Macy’s department store in the Valencia Town Center, in Valencia, in response to a trespassing call. At the Macy’s, the deputy contacted Mr. Mercurio. Mr. Mercurio refused to leave and struck Deputy Gonzalez in the head. Mr. Mercurio continued to advance towards Deputy Gonzalez and ignored commands to step back. Shortly thereafter, the deputy fired two shots at Mr. Mercurio and fatally wounded him.

    Under AB 1506, which requires DOJ to investigate all incidents of officer-involved shootings resulting in the death of an unarmed civilian in the state, DOJ conducted a thorough investigation into this incident and concluded that there is insufficient evidence to prove, beyond a reasonable doubt, that the deputy involved acted without the intent to defend themselves and others from what each of them reasonably believed to be the imminent risk of death or serious bodily injury. Therefore, there is insufficient evidence to support a criminal prosecution of the deputy. As such, no further action will be taken in this case. 

    As part of its investigation, DOJ has identified three policy and training recommendations related to this incident. The first recommendation is that LASD expand its de-escalation policy to promote officer safety so that it includes specific guidelines, definitions, and examples of potential de-escalation techniques, including a variety of tactics and strategies covering an array of circumstances. In addition, it is recommended that LASD provide its deputies with improved training on de-escalation tactics, techniques, skills, strategies, and approaches for safely and effectively addressing situations without use of force whenever possible.

    The second recommendation is that LASD policies provide deputies with effective guidance and training regarding how to identify people with a mental health condition by considering several factors, including: (1) self-reporting, (2) information provided by witnesses, (3) the agency’s and justice system’s previous knowledge of the individual, or (4) an officer’s direct observations. In addition, it is recommended that LASD provide deputies with effective training on how to interact with people who have mental health conditions, and procedures to follow during these encounters.

    The third recommendation is that LASD provide refresher training on deputy requirements and responsibilities after an officer-involved shooting. In addition, it is recommended that deputies fully understand that they are not to discuss the matter with any member or person other than a supervisor in the very limited manner proscribed by LASD policy, or other authorized personnel like the Homicide Bureau Investigator, or the Division of Law Enforcement.

    A copy of the report can be found here.

    MIL OSI USA News –

  • MIL-OSI Security: Alaska Businesswoman Sentenced for Tax Evasion Scheme

    Source: United States Attorneys General 1

    An Alaska woman was sentenced yesterday to 12 months in prison for evading taxes on income she earned from the business she operated.

    According to court documents and statements made in court, Tina H. Yi, was the sole owner and operator of SJ Investment LLC, a hotel, bar, and liquor store in Nome, Alaska, that did business as Polaris HBL. Yi created the business in approximately April 2007 and operated it until approximately October 2017, when the property was destroyed in a fire.

    From approximately 2014 to 2018, Yi maintained two sets of financial records relating to the business’s income and expenses, one of which accurately captured SJ Investment’s income and expenses, and one that understated the business’s income. Yi provided the false records to her accountant to prepare her tax returns. As a result, her 2014 through 2018 tax returns were false.

    Yi caused a total tax loss to the IRS of over $550,000.

    In addition to her prison sentence, U.S. District Judge Timothy M. Burgess for the District of Alaska ordered Yi to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Michael J. Heyman for the District of Alaska made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Tom Bradley for the District of Alaska are prosecuting the case. Former Tax Division Trial Attorney Ahmed Almudallal assisted with the prosecution. 

    MIL Security OSI –

  • MIL-OSI: MRF 2025 Resource Limited Partnership Final Closing April 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Middlefield, on behalf of MRF 2025 Resource Limited Partnership (“MRF 2025” or the “Partnership”), is pleased to announce that it has completed the second closing of the initial public offering of MRF 2025 Class A and Class F units for total gross proceeds of $5.0 million. The maximum offering size is $50 million. The offering is being made in each of the provinces of Canada. The Partnership intends to have a third and final closing on April 29, 2025.

    The objectives of the Partnership are to provide investors with capital appreciation and significant tax benefits to enhance after-tax returns to limited partners, including the deductibility of 100% of their original investment. The Partnership intends to achieve these objectives by investing in an actively managed, diversified portfolio comprised primarily of equity securities of Canadian companies involved in the resource sector.

    Middlefield is a leading provider of flow-through share funds in Canada and has a strong track record of delivering positive after-tax returns. Since 1983, Middlefield has sponsored 70 public and private flow-through funds and has acted as agent or manager for over $2.5 billion of resource investments.

    The syndicate of agents for the offering is being co-led by CIBC Capital Markets and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Richardson Wealth Limited, Manulife Securities Incorporated, iA Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Wellington-Altus Private Wealth Inc.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

    The MIL Network –

  • MIL-OSI Security: Air Force Member Charged with Sexual Exploitation of a Nine-Year-Old Child on Long Island

    Source: Office of United States Attorneys

    Defendant was Paying the Child to Send Him Sexually Explicit Photos and Videos of Herself

    This morning, in federal court in Central Islip, David Ibarra was arraigned on an indictment charging him with sexual exploitation of a child, coercion, and enticement.  Ibarra, an active-duty senior airman in the United States Air Force, was initially charged by complaint in February 2025 and ordered detained in Anchorage, Alaska, before his transfer to the Eastern District of New York.  Today’s proceeding was held before United States District Court Judge Joanna Seybert who ordered the defendant detained pending trial.

    John J. Durham, United States Attorney for the Eastern District of New York and Leslie Backschies, Acting Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the charges.

    “As alleged, the defendant, a 31-year-old man posing as a 13-year-old boy, manipulated a vulnerable child into producing and sending him sexually explicit images and videos of herself via text message in exchange for money,” stated United States Attorney Durham.  “My Office will continue its relentless pursuit of sexual predators who target children and work to secure lengthy prison sentences in these cases to protect our community and children from such conduct.”

    “As alleged in the indictment, this individual targeted and then repeatedly coerced a child into sending him sexually explicit photos and videos of herself—produced at his specific direction—in exchange for money,” stated FBI Acting Assistant Director in Charge Backschies. “The FBI is committed to finding and arresting the monsters who prey on vulnerable children, and we will continue to work with our partners to ensure these predators are off the streets and behind bars where they can no longer pose a danger to our communities.”

    As set forth in court filings, law enforcement identified Ibarra from cell phone records obtained for an individual who was communicating, via text message, with a 9-year-old girl living in Suffolk County, New York, and soliciting sexually explicit images and videos from her in exchange for money.  During these communications, Ibarra, who claimed to be a 13-year-old boy named “Dave” living in Texas, repeatedly pressured the victim to send him more images and gave her specific directions as to what sexually explicit poses he wanted her to record (“Can we be a little dirty before we go to sleep?  Pls and I’ll send money…”).  Ibarra made approximately 17 payments to the victim’s Apple Pay account to induce her to continue producing sexually explicit images for the defendant’s gratification.  

    This prosecution is part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by United States Attorneys’ Offices, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit https://www.justice.gov/psc

    The charges in the indictment are allegations and the defendant is presumed innocent unless and until proven guilty.  If convicted of the charges, Ibarra faces a mandatory minimum sentence of 15 years in prison and up to 30 years in prison. 

    The government’s case is being handled by the Criminal Section of the Office’s Long Island Division. Assistant United States  Attorney Paul G. Scotti is in charge of the prosecution.

    The Defendant:

    DAVID IBARRA
    Age:  31
    Anchorage, Alaska

    E.D.N.Y. Docket No. 25-CR-90 (JS)

    MIL Security OSI –

  • MIL-OSI Security: Drug trafficking, murder-for-hire and kidnapping conspiracies send cartel leader to prison for life

    Source: Office of United States Attorneys

    LAREDO, TEXAS – A 41-year-old Mexican citizen residing in Nuevo Laredo, Tamaulipas, Mexico, has been ordered to federal prison following his multiple convictions related to a murder-for-hire scheme that brought three sicarios aka hitmen across the border into Laredo, announced U.S. Attorney Nicholas J. Ganjei.

    Noe Gonzalez-Martinez aka Tocayo was a leader and manager of the Cartel Del Noreste (CDN). A federal jury deliberated for approximately one hour before convicting him Dec. 13, 2023, on all counts following a three-day trial. They found him guilty of conspiracy to possess with intent to distribute five kilograms or more of cocaine, murder-for-hire conspiracy, murder for hire, conspiracy to kidnap, possession of firearms in furtherance of a drug trafficking-related crime and interstate travel in aid of racketeering. 

    U.S. District Judge Nelva Gonzales Ramos has now ordered Gonzalez-Martinez to serve the rest of his life plus 60 months in federal prison. At the hearing, the court heard about his role as a leader/organizer and his conduct in the crimes as well as the substantial progress Gonzalez-Martinez made toward the completion of the offenses.

    “Drug trafficking and violence go hand-in-hand, and this is particularly true in the case of cartels, as this case shows,” said Ganjei. “The Department of Justice is committed to preventing the cartels from ever gaining a foothold in America, and the vigorous prosecution of their leadership is a critical component of that. Through the conviction of Mr. Gonzalez-Martinez, the Southern District of Texas (SDTX) has dealt a major blow to the CDN cartel. This is, however, just the beginning. SDTX is pursuing every opportunity and every avenue to dismantle cartel operations on both sides of the border. Stay tuned.”

    “With drug trafficking comes violence that typically spills over from Mexico and into the United States, particularly the southwest border. The Drug Enforcement Administration’s (DEA) tenacious agents did not only thwart the drug trafficking activities of this violent CDN but successfully managed to halt several murders, one of which would have been carried out by the drug trafficking organization’s trusted lead enforcer Noe Gonzalez Martinez,” said DEA Special Agent in Charge Daniel C. Comeaux. “This case is a testament that the DEA is definite in its fight against these foreign terrorist drug trafficking organizations who illegally crossed into the United States for the sole purpose of kidnapping and murdering an American Citizen. We will continue to bring to justice anyone thinking about ripping peace out of our American neighborhoods and communities.”

    “This brazen scheme planned out by CDN is a direct threat to the safety and stability of South Texas. The campaign of terror, drug-trafficking, and violence this man employed has no place on American soil. Immigration and Customs Enforcement (ICE) and Homeland Security Investigations (HSI), in coordination with our federal partners, have prioritized Mexican cartels, like CDN, and will continue to aggressively combat their criminal acts until they are no more,” said ICE-HSI San Antonio Special Agent in Charge Craig Larrabee.

    During the trial, the jury heard evidence that between Sept. 7, 2021, and Sept. 13, 2021, Gonzalez-Martinez and several other CDN members traveled from Nuevo Laredo into Laredo. There, Gonzalez-Martinez solicited the help of other CDN affiliates to recruit, plan and coordinate the kidnapping and murder of an individual the cartel believed had stolen from them.

    The investigation revealed Gonzalez-Martinez communicated via cellphone with co-conspirators to plan and coordinate the recovery of drugs and proceeds from the intended victim. In addition, Gonzalez-Martinez provided co-conspirators with an address where they could retrieve firearms to execute the murder.

    On Sept. 13, 2021, co-conspirators took possession of an automobile and firearms to carry out the murder. The firearms included a .45 caliber pistol, .357 magnum revolver, and two AR-15s.

    Testimony also revealed the CDN’s operations and additional details of the murder-for-hire plot. The three sicarios were to kidnap the suspected drug thief and return him to Mexico for cartel members to make an example of him. If they were unable to do so, they were to kill him and return the stolen property to the cartel.

    The jury heard from law enforcement who were able to thwart the crime and take the hitmen into custody prior to carrying out the murder. Authorities apprehended Gonzalez-Martinez July 29, 2022, at the international port of entry in Laredo.

    At trial, Gonzalez-Martinez attempted to convince the jury someone else was responsible for arranging and overseeing the commission of the crime. The jury did not believe defense’s claims and found him guilty as charged. 

    The three sicarios – Juan Antonio Martinez-Padilla aka Juan Antonio Martinez-Lopez aka Otoniel Martinez-Padilla, 60, Gregorio Gonzalez-Barragan, 34, and Rodolfo Reyna-Zapata, 27, all from Nuevo Laredo, Mexico, previously received sentences of 240, 352, and 352 months, respectively.

    Gonzalez-Martinez will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    DEA, ICE-HSI and the Laredo Police Department conducted the investigation. Former Assistant U.S. Attorney (AUSA) Jose Angel Moreno and AUSA Steven Chamberlin prosecuted the case.

    This case is 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 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 and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI Security: HIGH SPRINGS MAN SENTENCED TO FEDERAL PRISON FOR WIRE FRAUD

    Source: Office of United States Attorneys

    GAINESVILLE, FLORIDA – Sean Walker, 34, of High Springs, Florida, was sentenced to 42 months in federal prison for wire fraud in connection with COVID-19 relief fraud. The sentence was announced by Michelle Spaven, Acting United States Attorney for the Northern District of Florida.

    “Our office will continue to eliminate waste, fraud, and abuse of taxpayer money, including holding those accountable who conspired to falsely obtain government funds during the COVID‑19 pandemic,” said Acting United States Attorney Spaven.

    Court documents reflect that Walker obtained over $20,000 in unemployment insurance benefits from the State of California, which were funded in part by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These funds were intended to provide emergency financial assistance to the millions of Americans who were suffering from the economic effects caused by the COVID-19 pandemic. Walker’s benefits application contained materially false and fraudulent statements. Walker knew that he had never lived or worked in that state and was not entitled to unemployment insurance benefits from California.

    In addition to his prison sentence, Walker was also ordered to pay $21,690 in restitution to California’s Employment Development Department. Walker’s imprisonment will also be followed by three years of supervised release.

    Walker is one of nine defendants who were convicted of similar COVID-19 relief fraud as a result of a joint investigation by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation (IRS-CI). The case was prosecuted by Assistant United States Attorneys Adam Hapner and David P. Byron.

    “While many were facing hardship and uncertainty, these defendants sought to exploit government programs intended to help those in need,” said Special Agent in Charge Ron Loecker, of the IRS-CI, Tampa Field Office. “Their actions were driven by greed and a blatant disregard for the law, undermining the purpose of critical relief efforts. We remain committed to holding accountable those who abuse these programs for personal gain and ensuring that justice is served.”

    “The sentencing of Sean Walker conveys the important message that you cannot steal money from Americans without consequence,” said Kristin Rehler, Special Agent in Charge of the FBI Jacksonville Division. “The funds stolen by this defendant and other co-conspirators add to the massive amount of COVID-19 relief fraud that will ultimately be paid for by taxpayers. The FBI’s investigation into these schemes exemplifies our commitment to hold thieves accountable, and we will continue to work in coordination with our partners to protect the pocketbooks of hard-working Americans.”

    The COVID-19 Fraud Enforcement Task Force marshals 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 Justice.gov/Coronavirus and Justice.gov/Coronavirus/CombatingFraud.

    Anyone with information about allegations of attempted fraud involving COVID-19 relief funds can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.

    The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General.  To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office, Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

    MIL Security OSI –

  • MIL-OSI Security: River Hills Man Sentenced to 21 Months’ Imprisonment for Paying Health Care Kickbacks

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that, on March 21, 2025, Justin Drew Hanson was sentenced to 21 months’ incarceration for paying healthcare kickbacks in violation of the Anti-Kickback Statute.  Hanson was also ordered to pay over $2.2 million in restitution to Medicaid and Medicare as well as a $75,000 fine.

    According to court records, Hanson and his co-defendant, Mohammed Kazim Ali, owned a Milwaukee-area clinical laboratory called Noah Associates.  Beginning in 2017, Ali and Hanson engaged in a three-year-long scheme to pay kickbacks to the owner of a Milwaukee substance use treatment clinic in exchange for referrals of Medicaid and Medicare patients for urine drug testing performed by Noah Associates.  Hanson and Ali procured sham agreements that further concealed their fraud, ultimately paying over $400,000 in kickbacks to procure the tests.  The tests, however, were not ordered by any physician and were not medically necessary for the treatment of patients.  As a result of the scheme, Medicaid and Medicare paid Noah Associates over $2.2 million for the unnecessary tests.  Hanson personally received hundreds of thousands of dollars from Noah Associates during the scheme. 

    At sentencing, United States District Judge J.P. Stadtmueller emphasized the seriousness of Hanson’s crime, including Hanson’s manipulation and breach of trust of the Medicaid and Medicare programs to receive millions of dollars that were not truly earned.  Judge Stadtmueller further noted that Hanson’s criminal conduct was significant and detrimental because he stole “from every taxpayer citizen in the United States.”  In addition to his sentence, Hanson will also be excluded from participation in the Medicaid and Medicare programs and has shut down Noah Associates.  His co-defendant, Ali, also pleaded guilty for paying healthcare kickbacks and was sentenced to 15 months’ imprisonment earlier this year.

    “Mr. Hanson’s kickbacks resulted in Medicaid and Medicare – and taxpayers – repeatedly paying for unnecessary services,” said Acting U.S. Attorney Frohling.  “Rather than bill the government for tests that patients truly needed, Hanson abused the Medicaid and Medicare programs for his own benefit.  The United States Attorney’s Office is committed to working with its law enforcement partners to hold individuals who engage in these schemes accountable for their actions.”

    “The FBI will relentlessly pursue individuals like Mr. Hanson whose actions defrauded the American people and wasted taxpayer money,” said Special Agent in Charge Michael Hensle of the FBI Milwaukee Field Office. “The FBI will continue to work with our local, state, and federal law enforcement partners to ensure those responsible for schemes to defraud the American people are brought to justice.”

    “HHS-OIG is dedicated to protecting the integrity of Medicare and Medicaid and to ensure taxpayer money is used as intended to serve vulnerable populations,” said Special Agent in Charge Mario M. Pinto of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG).  “The kickback scheme in this case undermined the public’s trust in our nation’s health care system and can interfere with impartial medical decision-making. We will continue to work with our law enforcement partners to hold accountable those who manipulate taxpayer-funded health programs to boost their profits.” 

    The Federal Bureau of Investigation and the Office of the Inspector General, Department of Health and Human Services investigated the case.  Assistant United States Attorneys Michael Carter and Julie Stewart handled the prosecution.     

    ###

    For further information contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    (414) 297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI Security: Two arrests following fatal collision in Colindale

    Source: United Kingdom London Metropolitan Police

    Detectives investigating a fatal collision in Colindale have made two arrests.

    Two men – aged 18 and 19 – were arrested on Wednesday, 26 March on suspicion of causing death by dangerous driving and failing to stop. Both are currently in police custody.

    This follows an incident in Grahame Park Way, NW9 on Tuesday, 25 March where a car was in collision with a female pedestrian.

    Despite the best efforts of the emergency services, the woman – aged in her 60s – died at the scene.

    Her family are being kept updated with the progress of this investigation and continue to be supported by specially trained officers.

    The car involved did not stop but was later found abandoned in nearby Franco Avenue.

    Detectives from the Met’s Serious Collision Investigation Unit are investigating the collision and are appealing for witnesses to come forward. They are keen to hear from anyone who saw the incident or anyone leaving the car in Franco Avenue, including road users who have camera footage, to get in contact.

    You can call detectives on 020 8246 9820 or dial 101 and quote CAD4453/25March. You can also provide information anonymously to the independent charity Crimestoppers on 0800 555 111.

    MIL Security OSI –

  • MIL-OSI Security: Upper Tantallon — RCMP seeking information in relation to an arson

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is seeking information in relation to an arson that occurred in Upper Tantallon.

    Yesterday, at approximately 2:30 a.m., RCMP officers and fire services responded to a report of a 2016 Ford Mustang on fire on Hemlock Dr. Investigators learned that the vehicle was lit on fire by a woman who fled in a nearby sedan or small SUV.

    No injuries were reported.

    The woman involved is described as being between 5-foot-5 and 5-foot-7, 130 pounds.

    Investigators are asking anyone in the Westwood Hills area with security camera footage of suspicious vehicle activity to come forward.

    Anyone with information about this incident is asked to contact police at 902-490-5020. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 25-41069

    MIL Security OSI –

  • MIL-OSI Security: Ingramport — RCMP seeking information in relation to a theft of fishing nets

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is seeking the public’s assistance in relation to a theft that occurred in Ingramport.

    Yesterday, at approximately 9:30 a.m., RCMP officers received a report of theft of licenced fishing gear from the Ingram Port river near Rivers End Rd. Investigators learned that two elver fishing nets were taken sometime in the early morning hours.

    Later that day, information and evidence gathered led RCMP officers to complete a search at a property in Sipekne’katik. The nets were not located.

    Investigators have obtained images of a person(s) of interest and are asking for the public’s assistance to identify them. The nets have an estimated value of $4,000.

    Anyone who can identify the person(s) of interest or with information about this incident is asked to contact police at 902-490-5020. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 25-40673, 2025-386187

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Pleads Guilty to Scheming to Defraud Maryland, California of More Than $2.3 Million in Covid-19 Unemployment Insurance Benefits

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Baltimore, Maryland – David Godin, 34, aka “James St Patrick,” aka “David Wetty,” aka “Vic Pro,” of Miami, Florida, has pleaded guilty to wire fraud and aggravated identity theft, in connection with a scheme to defraud the Maryland Department of Labor (MD-DOL) and California Employment Development Department (CA-EDD). Godin attempted to defraud MD-DOL and CA-EDD of more than $2.3 million in unemployment insurance (UI) benefits during the COVID-19 pandemic.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the guilty plea with Special Agent in Charge Troy W. Springer, National Capital Region, U.S. Department of Labor’s Office of Inspector General (DOL-OIG), and Special Agent in Charge Kareem A. Carter, Internal Revenue Service – Criminal Investigation (IRS-CI), Washington, D.C. Field Office.

    According to the plea agreement, from June 2020 through November 2023, Godin engaged in a sophisticated scheme to defraud the MD-DOL and CA-EDD by using the personal identifiable information of identity theft victims, anonymous email addresses, virtual private networks, and proxy servers.  This enabled Godin to file numerous fraudulent UI claims with multiple states from a single location; aggregate UI information in discrete accounts; and avoid fraud safeguards put in place by state insurance programs.

    Godin submitted and caused the submission of at least 140 fraudulent UI claims to MD-DOL, CA-EDD, and other state workforce agencies, resulting in approximately $2,364,226 in UI benefits. He obtained $1,087,345.66 through the fraud scheme. As part of the plea agreement, Godin is required to pay restitution of $1,087,345.66. Additionally, Godin must forfeit money, property, and/or assets that he obtained through the scheme, including a money judgment of at least $1,087,345.66.

    Godin faces a maximum sentence of 20 years in federal prison for the wire fraud scheme and a consecutive mandatory minimum sentence of two years in federal prison for using the personal identifiable information of identity theft victims during and in relation to the fraudulent activities.   A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors. U.S. District Judge Matthew J. Maddox has scheduled sentencing for June 30, at 10 a.m.   

    This case is part of the District of Maryland COVID-19 Strike Force, a Strike Force that is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information about the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  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 (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Hayes commended DOL-OIG and IRS-CI for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Bijon A. Mostoufi and Jared M. Beim, who are prosecuting the federal case, and Joanna N. Huber, who is supporting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/report-fraud.

    # # #

     

    MIL Security OSI –

  • MIL-OSI USA: Senator Hawley Calls on Department of Energy to Cancel Grain Belt Express $5 Billion Loan

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to Energy Secretary Chris Wright, urging him to immediately cancel the Biden administration’s last-ditch attempt to force a $4.9 billion loan for the Grain Belt Express transmission line. The Biden administration pushed the nearly $5 billion loan through at the eleventh hour, allowing the government to seize land from Missouri’s farmers and ranchers.

    “I write once again to bring your attention to the Department of Energy’s $4.9 billion conditional loan to the green-energy Grain Belt Express transmission line. Recently, officials from the Department of Energy confirmed that your department is moving forward with the Draft Environmental Impact Statement (EIS) process, a key step in approving the loan. This goes directly against the wishes of constituents in my state – who have fought this transmission line for years,” argued Senator Hawley.

    He reminded the Energy Secretary of his past correspondence with the agency and expressed his alarm that Energy is moving forward with a Biden-era loan designed to enrich out-of-state corporations with no regard for Missouri farmland. 

    “I am alarmed that DOE is moving forward with the draft EIS process for the Grain Belt Express. Currently, Invenergy, the parent company for the Grain Belt Express is bringing eminent domain cases against farmers in my state. Additionally, I have repeatedly raised concerns to DOE about the viability of the transmission line. Your department should be taking every possible action to stop this loan,” he wrote.

    Senator Hawley concluded, “It’s not too late to reverse course. I urge you to immediately terminate all agency actions related to the Department of Energy’s $4.9 billion loan to the Grain Belt Express.”

    Senator Hawley has repeatedly advocated on behalf of Missouri famers and landowners against the Biden Administration’s federal government land grab.
     
    Read the full letter here or below. 

    The Honorable Chris Wright
    Secretary
    U.S. Department of Energy
    1000 Independence Ave SE
    Washington, DC 20560


    Dear Secretary Wright,

    I write once again to bring your attention to the Department of Energy’s $4.9 billion conditional loan to the green-energy Grain Belt Express transmission line. Recently, officials from the Department of Energy confirmed that your department is moving forward with the Draft Environmental Impact Statement (EIS) process, a key step in approving the loan. This goes directly against the wishes of constituents in my state – who have fought this transmission line for years.

    Shortly after President Trump took office, DOE announced it would pause all loans funded by Democrats Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act (IRA). In response to this announcement, on February 4, 2025, I wrote a letter to DOE seeking clarity about status of the draft EIS and the Grain Belt Express’s conditional loan.

    On March 6, 2025, I received correspondence from your department indicating that the process would continue to move forward. It reads:

    “During the public comment period, DOE LPO hosted 6 public meetings – 4 in-person meetings and 2 virtual public meetings – to allow the public to learn more about DEIS, ask questions, and provide oral testimony, on the following dates. In person meetings: Feb. 10 (Dodge City, Kansas), Feb. 11 (Concordia, KS), Feb 12 (St. Joseph, MO), Feb. 13 (Carrollton, MO); Virtual Meetings: Feb. 19 and 20… LPO will review all the comments received and prepare a response to comments, document and incorporate any updates in the Environmental Impact Statement, and we estimate that DOE will issue a Final EIS in July 2025.”

    I am alarmed that DOE is moving forward with the draft EIS process for the Grain Belt Express. Currently, Invenergy, the parent company for the Grain Belt Express is bringing eminent domain cases against farmers in my state. Additionally, I have repeatedly raised concerns to DOE about the viability of the transmission line. Your department should be taking every possible action to stop this loan.

    It’s not too late to reverse course. I urge you to immediately terminate all agency actions related to the Department of Energy’s $4.9 billion loan to the Grain Belt Express.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Calls Out Trump Undermining Small Business Owners, Demands Admin Release Report on Proposed Cuts to the Bipartisan MBDA

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WAHINSGTON, D.C. – As the Trump Administration seeks to dismantle the Minority Business Development Agency (MBDA), U.S. Senator Tammy Baldwin (D-WI) is demanding that they immediately release their report outlining the proposed cuts and its potential impact on small business owners across America. Senator Baldwin and her Republican colleagues helped make the MBDA permanent and she helped bring home Wisconsin’s first Business Center in 2023, ensuring entrepreneurs and business owners did not need to travel or use Chicago or Detroit’s Business Center. Local Business Centers provide small business owners technical assistance, assisting with access to capital and contracts, and supporting job creation and retention. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs.

    “I fought hard to bring this support to Wisconsin, helping our entrepreneurs and small business owners access capital, contracts, and markets – creating jobs and growing our economy,” said Senator Baldwin. “Right now, behind closed doors, the Trump Administration is weighing what resources they can rip away from our local businesses, workers, and economies – and I’m not going to stand idly by. This is wrong and at the very least, they need to be transparent and let the people of our state see the impacts of these proposed cuts.”

    Senator Baldwin worked to include the bipartisan Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act, making the MBDA permanent and increasing its funding and reach.  President Trump’s Executive Order seeks to eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent, to determine what can be restructured or cut. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, Baldwin is requesting a copy of that report by April 2nd, 2025.

    Senator Baldwin’s full letter can be found here and below:

    Dear Deputy Under Secretary Latif:

    I write regarding the Executive Order issued on March 14, 2025, which seeks to dismantle the Minority Business Development Agency (MBDA). This action by the Trump Administration undermines the work of the only federal agency exclusively dedicated to supporting the development and expansion of minority-owned businesses, which contribute trillions to the U.S. economy, employ millions of workers, and support local economies.

    Congress affirmed its bipartisan support for MBDA by expanding its reach and making it permanent in the Bipartisan Infrastructure Investment and Jobs Act. Our bipartisan amendment made the MBDA more effective by putting into statute the mission and goals of the agency and giving it the proper tools to carry them out successfully. It also created a presidentially appointed and Senate-confirmed Under Secretary of Commerce for Minority Business Development to lead the agency. This allowed MBDA to increase their programs and outreach to minority-owned businesses and allowed for the expansion of MBDA business centers into additional states—including Wisconsin.

    The Executive Order ignores Congress’s bipartisan commitment to MBDA’s reliability and geographic reach and would instead eliminate MBDA’s “non-statutory components and functions…to the maximum extent consistent with applicable law.” Any plans by this Administration to restructure MBDA should include input from Members of Congress who are familiar with its impact. The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent. It is critical to include the Senators who represent states with MBDA Business Centers in this evaluation process, and the first step is providing me with a copy of the report to my Senate office to evaluate the scope of these proposed cuts. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, I am requesting a copy of that report, which you would have already submitted to OMB, by April 2, 2025.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Security: Medical Device Manufacturer And Its Owner Agree To Pay $550,000 To Resolve False Claims Act Allegations

    Source: Office of United States Attorneys

              GRAND RAPIDS – The United States has reached a settlement agreement with The Prometheus Group (Prometheus), a New Hampshire manufacturer of rectal therapeutic systems and probes, and Richard Poore, its president and sole owner, to resolve a civil lawsuit filed against them. The lawsuit alleges that the defendants violated the False Claims Act by causing health care providers to bill Medicare for services in which the providers improperly re-used single-user rectal sensors and single-use catheters on multiple patients.  As part of the settlement, Prometheus and Poore will pay $550,000 to resolve the claims against them.  

              “Medicare beneficiaries deserve treatment that is reasonable and safe,” said Acting U.S. Attorney for the Western District of Michigan Andrew B. Birge. “Device manufacturers and medical practitioners cannot flaunt the rules and jeopardize the wellbeing of patients in our community.”

              “Manufacturers and providers must ensure that medical devices are utilized in a manner that ensures the safety of patients and complies with Federal laws and regulations,” said Mario M. Pinto, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General – Chicago Region.  “Our agency, working in conjunction with our law enforcement partners, will always work to hold those accountable who jeopardize patient safety or submit false claims to Federal health care programs.”

              “The FBI is committed to investigating bad actors and protecting the public from healthcare professionals and top executives who exploit the trust of patients by prioritizing greed and convenience over safe health practices,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The FBI remains dedicated to safeguarding public health and maintaining the integrity of the medical system.”

              Prometheus manufactures and sells device systems for use in pelvic muscle rehabilitation (PMR), a non-surgical therapy to eliminate or reduce symptoms of pelvic floor disorders, including urinary and fecal incontinence. Specifically, Prometheus has manufactured and marketed the Pathway CTS 2000 Pelvic Floor Training System and the Morpheus System.  Both systems required the use of a rectal pressure probe that is inserted into a patient’s rectum during therapy. Prometheus manufactured its own sensor for use with the Pathway System and encouraged its customers to use a competitor’s anorectal manometry catheter with the Morpheus System.

              The U.S. Food and Drug Administration (FDA) cleared the Prometheus rectal pressure sensor to be used as a single-user device and the anorectal manometry catheter to be used as a single-use device.  For example, the instructions for use identify the rectal pressure sensor as “a potential bio-hazard” and state: “This sensor is restricted for single person use only. Use by another person is strictly prohibited by Federal Regulations.” Similarly, the anorectal manometry catheter was cleared by the FDA as a disposable single-use device, with packaging that states: “Do not re-use.”

              According to the United States’ complaint, the defendants knew of these restrictions, but for years encouraged and instructed health care providers to reuse the rectal pressure sensors and anorectal manometry catheters on multiple patients, using a glove or condom to cover the probes, as a way to reduce the overhead costs associated with Prometheus’s systems.  The government alleged that using the devices in this manner, which exposed patients to unnecessary risk of infections, was not reasonable or necessary, and thus was ineligible for Medicare coverage. 

              The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the United States Attorney’s Office for the Western District of Michigan, with assistance from the Department of Health and Human Services, Office of Inspector General, the FDA’s Office of Criminal Investigations, and the Federal Bureau of Investigation.

              The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud.  One of the most powerful tools in this effort is the False Claims Act.  Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

              The lawsuit, which was filed in the U.S. District Court for the Western District of Michigan, is captioned United States v. The Prometheus Group., et al., No. 22-cv-446 (W.D. Mich.).  The lawsuit was handled by Senior Trial Counsel Jay D. Majors and former Assistant U.S. Attorney Andrew J. Hull. 

    The claims resolved by the settlement are allegations only, and there has been no determination of liability. 

    ###

    MIL Security OSI –