Category: Finance

  • MIL-OSI Australia: $258 million for critical Northern Territory highways

    Source: Workplace Gender Equality Agency

    The Albanese Government is building the Northern Territory’s future, today announcing a $200 million investment to upgrade the Stuart Highway. 

    The Stuart Highway is the major highway running north to south through the heart of Australia. Extending approximately 2700 kilometres, it is a critical corridor for freight and tourism, connecting Darwin to Katherine and Alice Springs, and on to South Australia. 

    This funding will go towards the progressive duplication of priority sections of the Stuart Highway between Darwin and Katherine, to enhance freight movement and improve road safety.  

    This new project brings the Australian Government’s total investment into the Stuart, Victoria and Barkly Highways to nearly $780 million.

    Construction is expected to begin in mid-2026 and finish by mid-2028.

    The Albanese Government is also investing a further $58.3 million towards the Carpentaria Highway Upgrade, taking the total Australian Government commitment to $203.3 million. 

    This additional funding will allow the upgrade of a further 35 kilometres of the Carpentaria Highway. 

    The project, which is being delivered in partnership with the Northern Territory Government, will deliver upgrades to around 175 kilometres of the Carpentaria Highway, commencing at the Stuart Highway. 

    This will improve the efficiency, safety and accessibility of the Carpentaria Highway from the Borroloola township in the east, through the Beetaloo Sub-basin to the Stuart Highway in the west.

    These projects add to a number of projects already committed to the Stuart Highway, including the $171.8 million Northern Territory National Network Highway Upgrades (Phase 2), which is delivering works such as pavement strengthening, widening and resurfacing, on priority sections of the Stuart, Victoria and Barkly Highways. 

    The Australian Government’s total commitment to the Northern Territory under the Infrastructure Investment Program over the next 10 years, from 2025-26, is $2.8 billion. 

    Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “I’m proud to be part of a Government which is building this country’s future, investing in critical freight and transport corridors like the Stuart Highway. 

    “This will be transformational for both residents and visitors of Darwin and Katherine, making journeys smoother, safer and more enjoyable. 

    “This is the transport spine of Australia, and we’re investing $200 million to get it in good nick.” 

    Quotes attributable to Federal Member for Lingiari Marion Scrymgour: 

    “This investment in Stuart Highway will ease congestion, increase safety and improve travel times and connectivity across the territory for locals and tourists.

    “The Australian Government remains committed to ensuring the future growth and sustainability of remote communities and regional centres across the Northern Territory.” 

    MIL OSI News

  • MIL-OSI Canada: Amendments to the Income Tax Act, 2000 will Continue to Make Life More Affordable for Saskatchewan Residents

    Source: Government of Canada regional news

    Released on March 24, 2025

    The Government of Saskatchewan will amend The Income Tax Act, 2000 to incorporate initiatives announced in the 2025-26 Budget. Changes to the Act include introducing the Fertility Treatment Tax Credit and Small and Medium Enterprise Investment Tax Credit, as well as ensuring the continued indexation of tax credits for initiatives in The Saskatchewan Affordability Act and other income tax programs. 

    “Our government listened to the priorities of Saskatchewan people and delivered a budget that addresses those priorities, including making life more affordable,” Deputy Premier and Minister of Finance Jim Reiter said. “These tax credits provide relief for parents trying to grow their families without worrying about the high costs of fertility treatments and create incentives for businesses to invest and scale-up their operations.”

    The Fertility Treatment Tax Credit supports access to fertility treatments by offering a refundable tax credit of 50 per cent toward the costs of an eligible fertility treatment in Saskatchewan of up to $20,000.  

    The Small and Medium Enterprise Investment Tax Credit supports Saskatchewan’s small and medium-sized businesses, which are critical to a growing economy. It includes a 45 per cent non-refundable tax credit for individuals or corporations who invest equity in eligible small and medium-sized businesses in Saskatchewan. The credit focuses on sectors such as food and beverage manufacturing, as well as machinery and transportation equipment manufacturing sectors.

    “The introduction of the Small and Medium Enterprise Investment Tax Credit will have a positive effect on the Regina and Saskatchewan business communities,” Regina and District Chamber of Commerce President Mike Tate said. “By introducing tax relief and incentives, the amendments will reduce the financial burden on businesses and allow for reinvestment in innovation, expansion and job creation. This will enable local businesses to thrive while attracting new investments to Saskatchewan.”

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    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI Security: ICE, Law Enforcement Partners Arrest 370 Alien Offenders During Enhanced Operation in Massachusetts

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

    BOSTON — U.S. Immigration and Customs Enforcement and federal law enforcement partners apprehended 370 illegal aliens in Massachusetts during an enhanced targeted enforcement operation focusing on transnational organized crime, gangs, and egregious illegal alien offenders March 18-23.

    “The Commonwealth is a safer place for our residents to live and work because ICE and our federal law enforcement partners arrested hundreds of alien offenders and removed them from the streets of Massachusetts,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “Throughout this enhanced enforcement operation, we targeted the most dangerous alien offenders in some of the most crime-infested neighborhoods in and around Boston. Our efforts resulted in 370 arrests throughout the commonwealth. ICE and our federal law enforcement partners are committed to protecting the homeland through the eradication of transnational criminal organizations, dismantling dangerous criminal gangs preying on the American public, locating and arresting criminal alien offenders, and making our communities a safer place to live.”

    During the six-day enhanced operation, ICE and federal law enforcement partners targeted egregious criminal alien offenders including transnational criminal organizations known to operate in and around Boston and throughout Massachusetts. These organizations include the notorious MS-13, Tren de Aragua, Trinitarios, and 18th Street gangs.

    “This week’s enhanced enforcement operations with our partners from the FBI, DEA, ATF, DSS and CBP prove that we are taking a whole of government approach to protecting our communities from foreign nationals involved in transnational gangs, drug traffickers, child predators, violent criminals and dangerous individuals living in New England,” said ICE Homeland Security Investigations New England Special Agent in Charge Michael J. Krol. “ICE will use every resource and authority we have to prioritize the safety and security of our communities.”

    “Everyone should agree that we cannot and will not tolerate individuals who not only violate our immigration laws but then commit crimes that endanger our communities. Those who enter and remain in this country unlawfully are breaking the law,” said U.S. Attorney for the District of Massachusetts Leah B. Foley. “My office remains committed to working alongside our law enforcement partners to ensure that dangerous individuals are identified, prosecuted, and removed, so that the people of Massachusetts can live and work in safe and secure communities.”

    205 of those arrested had significant criminal convictions or charges. Six were foreign fugitives currently facing charges or convictions for murder, drug trafficking, organized crime, and money laundering

    “Safeguarding the integrity of the immigration and citizenship process is critical. We simply can’t permit violent and dangerous criminals to enter or remain in the United States under false pretenses, with unknown allegiances and intentions. It’s a direct threat to public safety and our national security,” said Special Agent in Charge of the FBI Boston Division Jodi Cohen. “There’s no question our communities are safer today because of this enhanced, targeted operation. FBI Boston, like all our federal partners, will continue to support ICE with these efforts.”

    Law enforcement officials seized approximately 44 kilograms of methamphetamines, 5 kilograms of fentanyl, 1.2 kilograms of cocaine, three firearms and ammunition from illegal alien offenders during the operation.

    “DEA is proud to have worked with our federal partners in this successful enforcement effort using all of the resources of the federal government to remove violent criminal aliens from our communities, said DEA New England Field Division acting Special Agent in Charge Stephen Belleau. “DEA has prioritized investigations on those involving violent, illegal criminal aliens responsible for flooding our communities with deadly and dangerous drugs. DEA’s core mission is to keep the American public safe by seizing deadly and dangerous drugs before they get into our communities, and to bring justice to the criminals responsible for manufacturing, distributing, and supplying these drugs.”

    ICE and their federal law enforcement partners made many of the apprehensions after local jurisdictions refused to honor immigration detainer requests to turn over the offenders and instead chose to release aliens from custody, forcing officers and agents to make at-large arrests in Massachusetts communities.

    “The successful outcome of this immigration enforcement operation demonstrates the dedication and collaboration of our law enforcement partners,” said Special Agent in Charge of the ATF Boston Field Division James M. Ferguson. “By targeting individuals who pose a threat to public safety, we are reinforcing our commitment to protecting our communities and upholding the integrity of our nation’s immigration laws.”

    “The Diplomatic Security Service is fully committed to supporting the Administration’s priority to reduce illegal immigration and root out those who endeavor to exploit the U.S. travel system,” said Diplomatic Security Service Boston Field Office Special Agent in Charge Matthew O’Brien. “This enhanced operation definitively made our communities safer. DSS proudly coordinates with our U.S. and international law enforcement partners to conduct passport, visa fraud, and human trafficking investigations and assist in apprehending fugitives to protect the integrity of U.S. borders and prevent illegal immigration.”

    Among those arrested during the enhanced targeted operation include:

    • A Dominican alien who illegally re-entered the U.S. after removal charged with multiple drug distribution crimes, arrested in Boston.
    • A Dominican alien who illegally re-entered the U.S. after removal charged with trafficking fentanyl, arrested in Boston.
    • A Chilean alien convicted of 4 counts of indecent assault and battery on a child under 14 years old, arrested in Marlborough.
    • A Brazilian alien charged with manslaughter, homicide by a motor vehicle, homicide while under the influence of liquor, breaking and entering in the nighttime with intent to commit a crime, and larceny, arrested in Worcester.
    • A Honduran alien who illegally re-entered the U.S. after removal convicted of rape of a child, assault and battery of a person over 14 and failure to register as a sex offender, arrested in Salem.
    • A Brazilian alien wanted for murder and convicted for firearms trafficking in his native country, arrested in Milford.
    • A Brazilian alien wanted for homicide in in his home country, arrested in Lowell.
    • A Russian alien charged with unlawful possession of ammunition and wanted in his native country for armed robbery and membership in a criminal organization, arrested in Medford.
    • A Dominican alien wanted for homicide in his native country, arrested in Dorchester.
    • A Brazilian alien wanted in his native county for failure to serve a sentence after his convictions for homicide and illegal possession of a firearm arrested in Marlborough.
    • A Salvadoran alien previously deported from the U.S. and documented 18th Street gang member convicted of assault and battery and sentenced to two and a half years committed arrested in Wakefield.
    • A Guatemalan alien charged with rape and convicted of enticing a minor under the age of 16, released by the New Bedford District Court without the ICE detainer being honored, arrested in New Bedford.
    • A Jamaican alien previously deported from the U.S. convicted of possession with intent to distribute cocaine, armed robbery, possession of a firearm, and assault arrested in Pittsfield.
    • A Brazilian alien wanted for in his native country for drug trafficking, money laundering, membership in a criminal organization arrested in West Yarmouth.

    Partner law enforcement participating in the operation were the Boston offices of the FBI, DEA, U.S. Customs and Border Protection, ATF, U.S. Marshals Service and DSS, as well as the U.S. Attorney’s Office for the District of Massachusetts.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X: @EROBoston and @HSINewEngland.

    MIL Security OSI

  • MIL-OSI: Brookfield Corporation Completes Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 24, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has filed its 2024 annual materials on Form 40-F, including its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available at www.brookfield.com and a hardcopy will be provided to shareholders free of charge upon request.

    About Brookfield Corporation
    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com
    Investor Relations:
    Katie Battaglia
    Tel: (212) 776-2252
    Email: katie.battaglia@brookfield.com

    The MIL Network

  • MIL-OSI USA: Wyden, Warren Press Social Security Commissioner Nominee on Trump, Musk Efforts to Gut Agency

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    March 24, 2025

    Ahead of Finance Committee hearing, lawmakers push nominee to make commitments to stop further cuts to Americans’ benefits Senators say “we are gravely concerned about the current trajectory of the SSA and more specifically, that those charged with leading it might profit off its destruction.”

    Washington D.C.—U.S. Senators Ron Wyden, D-Ore., and Elizabeth Warren, D-Mass., said today they are pressing the Social Security Commissioner nominee to commit to stopping the Trump Administration and the self-styled “Department of Government Efficiency’s” ongoing efforts to hollow out the Social Security Administration (SSA).

    Wyden, ranking member of the Senate Finance Committee; and Warren, a member of the Finance Committee, warned those Social Security schemes may be a “prelude to privatization.” 

    The lawmakers highlighted recent reports of significant staffing cuts, office closures, and new burdensome administrative requirements on seniors who receive Social Security. At the same time, reports have also revealed that Elon Musk’s Wall Street allies have infiltrated the agency.

    “These new developments leave us deeply concerned that DOGE and the Trump Administration are setting up the SSA for failure—a failure that could cut off Social Security benefits for millions of Americans—and that will then be used to justify a ‘private sector fix,” the lawmakers wrote to Social Security Commissioner nominee Frank Bisignano ahead of his Tuesday hearing at the Finance Committee..

    Last week, the lawmakers wrote to Bisignano with concerns about how layoffs and office closures are impacting Americans’ Social Security benefits and services. In recent days, SSA officials have only intensified their efforts to undermine the program.

    One policy change will require beneficiaries who can’t verify their identity online to do so in person. This change could force seniors and people with disabilities to travel more than 100 miles to sign up for benefits, creating particular problems for vulnerable populations, including people with severe disabilities or illnesses. An internal memo from SSA revealed inside officials have acknowledged the policy could lead to “service disruptions.” 

    “Republicans have flirted with the idea of privatizing Social Security for over two decades. The latest changes at the Social Security Administration leave us worried that Elon Musk—with his clear disdain for the program that provides financial security to millions of Americans—has taken up the mantle as the latest privatization crusader,” the lawmakers continued.

    Beyond Musk planting a number of his private equity friends in various roles in the agency, Bisignano’s payment firm, Fiserv, which enables money movement for thousands of financial institutions and millions of people, could potentially also stand to benefit from SSA privatization. 

    The senators laid out specific commitments they expect Bisignano to make before the Finance Committee votes on his nomination. 

    The full text of the letter is here.

    MIL OSI USA News

  • MIL-OSI Security: Fresno Man Pleads Guilty to Being a Felon in Possession of Ammunition in Ghost Gun

    Source: Office of United States Attorneys

    FRESNO, Calif. — Donald Henderson, 30, of Fresno, pleaded guilty today to being a felon in possession of ammunition in connection with his possession of a loaded ghost gun, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, on Sept. 4, 2024, Henderson arranged to sell a rifle to an undercover police officer in Clovis while believing the undercover officer was a prostitute. When officers arrived, Henderson quickly entered a vehicle as a passenger, at which point officers engaged in a high-speed chase during which Henderson threw a rifle out the window. The rifle was a privately manufactured firearm, or “ghost gun,” with a loaded high-capacity magazine. Henderson is prohibited from possessing firearms or ammunition because of prior felony convictions in Fresno County, including for burglary and illegal possession of a firearm.

    This case is the product of an investigation by Homeland Security Investigations and the Clovis Police Department. Assistant U.S. Attorney Robert Veneman-Hughes is prosecuting the case.

    Henderson is scheduled to be sentenced by U.S. District Judge Kirk E. Sherriff on June 23, 2025. Henderson faces a maximum statutory penalty of 15 years in prison and a $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    This case is being prosecuted as part of the joint federal, state, and local Project Safe Neighborhoods (PSN) Program, the centerpiece of the Department of Justice’s violent crime reduction efforts. PSN is an evidence-based program proven to be effective at reducing violent crime. Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them. As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime.

    MIL Security OSI

  • MIL-OSI Security: Repeat Offender Sentenced to 15 Years in Federal Prison for Child Pornography

    Source: Office of United States Attorneys

    EL DORADO – A Smackover, Arkansas man was sentenced on March 19, 2025, to 180 months in prison without the possibility of parole for receiving child pornography.  The Honorable Chief Judge Susan O. Hickey presided over the sentencing hearing, which was held in the U.S. District Court in El Dorado.

    According to court documents, Eric David Ponder, age 46, used an online peer-to-peer program to download child pornography to two different electronic devices.  Ponder’s crime came to light when an Ozark Police detective discovered illegal online activity from Ponder’s use of the peer-to-peer program.  El Dorado Police detectives and agents with the Federal Bureau of Investigation then served a search warrant at Ponder’s residence and discovered the two devices Ponder used to access and receive child pornography. 

    In 2014, Ponder was convicted for Distributing, Possessing, or Viewing Sexually Explicit Conduct Involving a Child in Benton County, Arkansas, and was sentenced to five years in the Arkansas Department of Correction.  Ponder was a registered sex offender when he committed the federal offense.

    Ponder was indicted by a Grand Jury in the Western District of Arkansas in March of 2024 and entered a plea of guilty in September of 2024.   

    U.S. Attorney Clay Fowlkes of the Western District of Arkansas made the announcement.

    The Federal Bureau of Investigation, El Dorado Police Department, Ozark Police Department, and Smackover Police Department investigated the case.

    Assistant U.S. Attorneys Devon Still and Trent Daniels prosecuted the case on behalf of the United States.

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

    MIL Security OSI

  • MIL-OSI: Urgently Notified By Nasdaq Of Non-Compliance With Nasdaq’s Continued Listing Standards

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., March 24, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that The Nasdaq Stock Market LLC (“Nasdaq”) notified Urgently (the “Notice”) that Urgently’s net income from continuing operations had fallen below the minimum requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(3) (the “Minimum Net Income Requirement”). The Notice also noted that the Urgently does not meet the alternatives of market value of listed securities or stockholders’ equity (collectively with the Minimum Net Income Requirement, the “Continued Listing Standards”).

    In accordance with Nasdaq Listing Rule 5810(c)(2)(C), Urgently has 45 calendar days, or until May 5, 2025, to provide Nasdaq with a plan to regain compliance with the Continued Listing Standards (the “Compliance Plan”). If Nasdaq accepts the Compliance Plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice. If Nasdaq does not accept the Compliance Plan, then the Nasdaq staff will provide written notification to Urgently that its common stock will be subject to delisting. Urgently may appeal any such determination to delist its securities, but there can be no assurance that any such appeal would be successful.

    Urgently intends to submit the Compliance Plan to Nasdaq within the required time period. There can be no assurance that Nasdaq will accept the Compliance Plan, or that Urgently will be able to regain compliance with the Continued Listing Standards or maintain compliance with any other Nasdaq requirement in the future.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Urgently cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding Urgently’s ability to regain compliance with the Continued Listing Standards and Urgently’s intentions to submit a Compliance Plan to Nasdaq within the required time period. Urgently’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of important risks and uncertainties, including without limitation the risk that Urgently may not meet the Continued Listing Standards during any compliance period or in the future, the risk that Nasdaq may not grant Urgently relief from delisting, and the risk that Urgently may not ultimately meet applicable Nasdaq requirements after such relief, if any, is granted, among other important risks and uncertainties. A further description of the risks and uncertainties relating to the business of Urgently is contained in Urgently’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Urgently undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.

    The MIL Network

  • MIL-OSI: Diversified Royalty Corp. Announces Fourth Quarter and Year End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months (“Q4 2024”) and year ended December 31, 2024.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024, compared to 6.8% for the three months ended December 31, 2023 (“Q4 2023”) and 8.4% for the year ended December 31, 2023. The weighted average organic royalty growth1 on a constant currency basis was 5.4% in Q4 2024 and 4.8% for the year ended December 31, 2024.
    • Revenue was $17.0 million in Q4 2024 and $65.0 million for the year ended December 31, 2024, up 3.9% and 15.0%, respectively, compared to the same periods in 2023.
    • Adjusted revenue1 was $18.4 million in Q4 2024 and $70.2 million for the year ended December 31, 2024, up 3.8% and 14.0%, respectively, compared to the same periods in 2023.
    • Distributable cash1 was $12.6 million in Q4 2024 and $44.8 million for the year ended December 31, 2024, up 21.5% and 17.5%, respectively, compared to the same periods in 2023.
    • Payout ratio1 was 82.3% in Q4 2024 based on dividends of $0.0625 per share for the quarter, compared to 84.2% in Q4 2023 based on dividends of $0.0609 per share for the comparable quarter and 90.0% for the year ended December 31, 2024 based on dividends of $0.2487 per share for the year, compared to 90.2% based on dividends of $0.2415 per share for the comparable year.
    • In celebration of DIV’s 10-year anniversary, we are proud to recognize the following:
      • On October 6, 2014, we announced our name change to “Diversified Royalty Corp.”
      • DIV’s very first dividend was $0.0157 per share, paid on November 28, 2014
      • The total dividends paid to shareholders since then is $269.1 million, or $2.25 per share

    Fourth Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “Overall, DIV is pleased with how its royalty partners performed with weighted average organic royalty growth of 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024. As with all portfolios, there are varying degrees of performance within the portfolio. Mr. Lube, our largest royalty partner, continued to see strong double-digit growth, generating SSSG1 (defined below) of 12.0% for the three-month period ended December 31, 2024, and 10.5% for the year ended December 31, 2024. This exceptional performance is the result of Mr. Lube’s management team working with their franchisees to share best practices and optimize the performance of each location. DIV’s other variable royalty partners generated mixed results with Oxford generating positive SSSG and Mr. Mikes generating negative SSSG in Q4. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. DIV is deferring 20% of Sutton’s royalties to help them invest in the business and build on the positive momentum in Q4. DIV continues to see a decrease in royalty income from AIR MILES® because of the loss of Metro as a loyalty partner and continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Fourth Quarter Results

       Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,602   $ 7,810     $ 31,190   $ 28,429  
    Stratusa   2,268     2,099       8,714     8,171  
    BarBurrito   2,101     2,032       8,403     2,032  
    Nurse Next Doorb   1,341     1,316       5,309     5,207  
    Oxford   1,206     1,162       4,530     4,521  
    Sutton   899     1,095       4,206     4,339  
    Mr. Mikes   1,040     1,130       4,226     4,570  
    AIR MILES®   896     1,044       3,640     4,352  
    Adjusted revenuec $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    a) Stratus royalty income for the three months and year ended December 31, 2024, was US$1.6 million and US$6.4 million, respectively, translated at an average foreign exchange rate of $1.4000 and $1.3703 to US$1, respectively (three months and year ended December 31, 2023 – royalty income of US$1.5 million and US$6.1 million, respectively, translated at an average foreign exchange rate of $1.3610 and $1.3493 to US$1, respectively).
    b) Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c) DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q4 2024, DIV generated $17.0 million of revenue compared to $16.4 million in Q4 2023. After considering the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $18.4 million in Q4 2024, compared to $17.7 million in Q4 2023. Adjusted revenue increased primarily due to incremental revenue received through the acquisition of the BarBurrito rights on October 4, 2023, positive SSSG2 at Mr. Lube + Tires and Oxford, the annual contractual royalty increases at Stratus and Nurse Next Door, partially offset by negative SSSG from Mr. Mikes and lower royalty income from AIR MILES® and the 20% deferral of the Sutton royalties, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) generated SSSG3 of 12.0% for the Mr. Lube + Tires stores in the royalty pool for Q4 2024 and 10.5% for the year ended December 31, 2024, compared to SSSG of 14.0% and 17.1%, for the same respective prior periods in 2023.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.3 million (US$1.6 million translated at an average foreign exchange rate of $1.4000 to US$1.00) for Q4 2024 and $8.7 million (US$6.4 million translated at an average foreign exchange rate of $1.3703 to US$1.00) for the year ended December 31, 2024. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q4 2024 and $5.2 million for the year ended December 31, 2024. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was -4.7% in Q4 2024 and -3.4% for the year ended December 31, 2024, compared to SSSG of 7.3% and 10.1%, for the same respective prior periods in 2023. The lower SSSG percentage in the current period is primarily due to lower restaurant guest traffic. In addition, in the comparable period, SSSG was measured against quarters that included the impact from COVID-19 related government regulations, including vaccine mandates.

    Royalty income and management fees of $1.0 million were generated by Mr. Mikes in Q4 2024, compared to $1.2 million in Q4 2023, which excludes approximately $0.05 million from the partial payment of deferred contractual royalty fees and accrued management fees. Royalty income and management fees of $4.2 million were generated for the year ended December 31, 2024, compared to $4.4 million generated for the year ended December 31, 2023, excluding approximately $0.18 million from the partial payment of deferred contractual royalty fees and accrued management fees.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 4.0% in Q4 2024 and 0.2% for the year ended December 31, 2024, compared to SSSG of -0.2% and 5.9%, for the same respective prior periods in 2023. Oxford’s SSSG has returned to being positive after lapping the completion of the Ontario Government funding of student learning support, which included private tutoring, which funding completed in the first half of 2023.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q4 2024, royalty income of $0.9 million was generated from the AIR MILES® Licenses compared to $1.0 million generated in Q4 2023, a decrease of 14.2% from the comparable quarter. For the year ended December 31, 2024, royalty income of $3.6 million was generated compared to $4.4 million generated in the comparable year, a decrease of 16.4%. The decrease is largely due to the loss of AIR MILES® sponsor Metro and continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q4 2024, royalty income of $0.9 million was generated by Sutton, which is net of a 20% royalty deferral, compared to $1.1 million generated in Q4 2023. For the year ended December 31, 2024, royalty income of $4.1 million was generated, which includes a 20% royalty deferral for Q4, 2024, compared to $4.3 million generated in the comparable year. DIV and Sutton entered into a royalty deferral agreement during Q4 2024, which provides Sutton with a 20% deferral of royalties from October 1, 2024 to December 31, 2025. The deferred royalties do not accrue interest and are due in full on December 31, 2027. Sutton finished 2024 on a strong note, opening two new franchise locations in Q4 and has a growing pipeline of franchise opportunities across Canada. Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development, and build on the positive momentum that began in the back half of 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q4 2024 and $8.3 million for the year ended December 31, 2024. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q4 2024 and for the year ended December 31, 2024, distributable cash7 increased to $12.6 million ($0.0759 per share) and $44.8 million ($0.2762 per share), respectively, compared to $10.4 million ($0.0723 per share) and $38.1 million ($0.2671 per share), in the respective periods in 2023.

    The increase in distributable cash7 for the quarter was primarily due to higher adjusted revenue7, lower general and administrative expenses, lower professional fees, lower interest expense, and lower salaries and benefits. The increase in distributable cash7 for the year was primarily due to higher adjusted revenue7, lower general and administrative expenses, and lower professional fees, partially offset by higher interest expense and higher and salaries and benefits.

    The increase in distributable cash per share7 for the quarter and year end were primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding.

    In Q4 2024 and for the year ended December 31, 2024, the payout ratio7 was 82.3% on dividends of $0.0625 per share and 90.0% on dividends of $0.2487 per share, respectively, compared to the payout ratio of 84.2% on dividends of $0.0609 per share and 90.2% on dividends of $0.2410 per share for the same respective periods in 2023. The decrease in payout ratio for the quarter and year end were primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share.

    7. Adjusted revenue and distributable cash are non-IFRS financial measures and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q4 2024 and for the year ended December 31, 2024, was $4.0 million and $26.6 million, respectively, compared to net income of $9.1 million and $31.7 million for the same respective periods in 2023. The decrease in net income in Q4 2024 was primarily due to impairment loss on intangible assets and higher share-based compensation expense, partially offset by higher adjusted revenue8 and lower general and administrative expenses, interest expense on credit facilities, and income tax expense. The decrease in net income for the year was primarily due to impairment loss on intangible assets, higher share-based compensation expense, salaries and benefits, and interest expense on credit facilities, partially offset by higher adjusted revenue8 and lower general and administrative expenses, and income tax expense.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: Sutton having a growing pipeline of franchise opportunities across Canada; Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development and build on the positive momentum that began in the back half of 2024; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) may continue and may regress; DIV and its royalty partners performance may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months and year ended December 31, 2024, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

       Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,543   $ 7,750     $ 30,953   $ 28,196  
    Stratus   2,269     2,099       8,714     8,171  
    BarBurrito   2,080     2,013       8,320     2,013  
    Oxford   1,194     1,152       4,487     4,481  
    Sutton   872     1,068       4,096     4,229  
    Mr. Mikes   1,025     1,115       4,181     4,520  
    AIR MILES®   896     1,044       3,640     4,352  
    Royalty income $ 16,879   $ 16,241     $ 64,391   $ 55,962  
    DIV Royalty Entitlement   1,320     1,295       5,228     5,126  
    Adjusted royalty income $ 18,199   $ 17,536     $ 69,619   $ 61,088  
    Management fees   153     152       599     533  
    Adjusted revenue $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

       Three months ended December 31,     Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Distributions received from NND LP $ 1,314   $ 1,284     $ 5,197   $ 5,095  
    Add: NND Royalties LP expenses   2     2       27     22  
    DIV Royalty Entitlement   1,316     1,286       5,224     5,117  
               
    Less: NND Royalties LP expenses   (2 )   (2 )     (27 )   (22 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses $ 1,314   $ 1,284     $ 5,197   $ 5,095  
                               

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

      Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
               
    Cash flows generated from operating activities $ 11,724   $ 7,400     $ 46,491   $ 30,816  
               
    Current tax expense   (1,300 )   (845 )     (6,516 )   (5,061 )
    Accrued interest on convertible debentures   788     788            
    Accrued interest on bank loans   (13 )         (438 )    
    Distributions on MRM units earned in current periods   (34 )   (38 )     (138 )   (164 )
    Mandatory principal payments on credit facilities       (577 )     (643 )   (1,008 )
    Payment of lease obligations   (28 )   (28 )     (110 )   (107 )
    NND LP expenses   (2 )   (2 )     (27 )   (22 )
    Accrued DIV Royalty Entitlement, net of distributions   2           27      
    Foreign exchange and other   (13 )   394       146     229  
    Changes in working capital   (33 )   (527 )     303     3,579  
    Transactions costs       32           32  
    Taxes paid   1,512     1,648       6,012     7,691  
    Note receivable       2,130       (305 )   2,130  
    Distributable cash $ 12,603   $ 10,376     $ 44,802   $ 38,115  
                               

    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes (excluding the collection of Mr. Mikes deferred royalty management fees) plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q4, 2024), Nurse Next Door and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period, excluding BarBurrito as there was no full-period adjusted royalty income generated from BarBurrito in the prior period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months and year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    24 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 24.03.2025

    Espoo, Finland – On 24 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:                

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,408,132 4.93
    CEUX 1,220,634 4.93
    BATE
    AQEU
    TQEX 166,276 4.93
    Total 3,795,042 4.93

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 24 March 2025 was EUR 18,703,105. After the disclosed transactions, Nokia Corporation holds 194,123,580 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI: Wrap Technologies, Inc. to Report Fourth Quarter 2024 and Full Year Financial Results on Monday, March 31, 2025 at 4:30 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it will hold a conference call on Monday, March 31, 2025 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Wrap management will host the presentation, followed by a question-and-answer period.

    Interested parties may submit questions to the Company prior to the call at ir@wrap.com by 5:00 p.m. Eastern Time on March 28, 2025. Questions will be addressed based on the relevance to the Company’s strategic direction and execution, stockholder base and public disclosure rules.

    Date: Monday, March 31, 2025
    Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
    Webcast Link: Click here to register

    The fourth quarter 2024 earnings press release with financial results and other related materials will be available on the “Investors” section of Wrap’s website at ir@wrap.com.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether designed to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock or incapacitate, instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution (“Intrensic”) is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    The MIL Network

  • MIL-OSI: Satellogic Reports 2024 Financial Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    Revenue up 28% to $12.9 million in 2024

    Redomicile to U.S. Nears Completion; Set to Accelerate Market Opportunities

    Completed $10 Million Private Placement

    Entered into $50 Million At-The-Market (ATM) Program

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and financial results for the year ended December 31, 2024.

    “The second half of 2024 was highlighted by commercial milestones, including a pivotal agreement with Maxar Intelligence granting them exclusive rights to task Satellogic’s high-revisit constellation and use our cost-effective satellite imagery to support national security missions for the U.S. Government and select U.S. partners internationally.” said Satellogic CEO, Emiliano Kargieman.

    “Additionally, we were selected by NASA as one of eight recipients of NASA’s Commercial SmallSat Data Acquisition Program (CSDA) On-Ramp1 Multiple Award contract, with a maximum cumulative value of $476 million for all award winners. We have begun work on our first task order with NASA, an 18-month, seven figure award that will allow NASA researchers to utilize Satellogic data for critical earth science imagery analysis. This award highlights Satellogic’s commitment to delivering high-quality Earth observation data to advance scientific research and enhance life on Earth,” said Kargieman.

    “In 2024, we have made good progress in raising capital to further invest in the business. In December we announced the private placement of $10 million made by a single institutional investor and the filing of a $150 million shelf registration statement and the entry into a $50 million ATM program. We are pleased to have successfully completed this private placement, which positions us for continued growth as we advance our mission and continue our focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities. The shelf registration statement and ATM program allow for future flexibility in our capital markets strategy by establishing a framework for potential future capital-raising opportunities to further strengthen our liquidity position,” concluded Kargieman.

    “We are also excited to disclose our intended domestication to the U.S. in December, which is expected to be completed by the end of the month,” commented Rick Dunn, Satellogic CFO. We believe the domestication will continue to lower our barriers to entry in the U.S. and allied markets and improve transparency for investors and customers.”

    “In terms of financial results, we ended 2024 with $22.5 million of cash on hand and continued to reduce our cash used in operations by $13.7 million, or 27.6%, compared to the year ended December 31, 2023. Our revenue increased 28% to $12.9 million, while our cost of sales, excluding depreciation expense, remained flat year-over-year. As a percentage of revenue, our cost of sales were 39% for the year ended December 31, 2024, a substantial improvement compared to 50% in the prior year.”

    “While our improving revenue performance and strategic progress are encouraging and confidence-building, we’ve continued the work started in 2023 to realign and streamline our business to better position us to capitalize on near-term growth opportunities. Specifically, we further reduced our workforce by 104 full time equivalents in the second quarter of 2024, incurring approximately $2.0 million in cumulative severance-related charges that have been paid out in 2024, and also identified additional operating cost reductions. The cumulative impact of these workforce reductions and operating expense savings is expected to result in approximately $9.6 million of annual savings. As a result of our previously announced successful Mark V deployment, the Company now has capacity to meet current customer needs and we expect to moderate our constellation growth initiatives going forward to pace with expected customer growth.”

    “We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.

    Financial Results for the Year Ended December 31, 2024

    • Revenue for the year ended December 31, 2024, increased by $2.8 million, or 28%, to $12.9 million, as compared to revenue of $10.1 million for the year ended December 31, 2023. The increase was driven primarily by a $5 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $2.2 million decrease in revenue generated from the Space Systems business line. Revenue for the year ended December 31, 2024 included $9.5 million attributable to our Asset Monitoring line of business, $1.8 million attributable to our Space Systems line of business, and $1.6 million attributable to our CaaS line of business compared to $4.5 million, $3.9 million and $1.6 million, respectively, in the prior year.
    • Cost of Sales, excluding depreciation expense, for the year ended December 31, 2024, remained flat at $5.0 million, as compared to $5.1 million for the year ended December 31, 2023. However, as a percentage of revenue, our cost of sales were 39% for the year ended December 31, 2024, as compared to 50% for the year ended December 31, 2023.
    • Selling, General and Administrative expenses for the year ended December 31, 2024, decreased by $2.0 million, or 6%, to $33.0 million, as compared to $35.0 million for the year ended December 31, 2023. This decrease was primarily driven by a decrease in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024. Additionally, the decrease was driven by lower expense for estimated credit losses on accounts receivable and lower insurance costs due to rate improvements on certain policies. These decreases were partially offset by a $4.0 million increase in professional fees consisting mainly of the accrued, nonrecurring advisory fee pursuant to the subscription agreement entered into with Liberty in connection with going public in 2022 and professional fees related to the secured convertible notes.
    • Engineering expenses for the year ended June 30, 2024, decreased $7.8 million, or 35%, to $14.4 million for the year ended December 31, 2024 from $22.2 million for the year ended December 31, 2023. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024, in addition to fees resulting from the termination of our high-throughput plant lease in the Netherlands.
    • Net loss for the year ended December 31, 2024, increased by $55.2 million to $116.3 million, as compared to a net loss of $61.0 million for the year ended December 31, 2023. The increase was primarily driven by an increase in the change in fair value of financial instruments ($60.0 million) and other expenses ($3.2 million) offset by increases in revenue and decreases in operating costs.
    • Non-GAAP Adjusted EBITDA loss for the year ended December 31, 2024, improved by $10.4 million to $33.7 million, from an Adjusted EBITDA loss of $44.1 million for the year ended December 31, 2023, primarily due to year-over-year increases in revenue and decreases in operating expenses.
    • Cash was $22.5 million at December 31, 2024, compared to $23.5 million at December 31, 2023.
    • Net cash used in operating activities was $35.9 million for the year ended December 31, 2024, compared to $49.6 million for the year ended December 31, 2023. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.

    Use of Non-GAAP Financial Measures

    We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, capital expenditures and non-cash items (i.e., depreciation, embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.

    We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.

    We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other income (expense), net, changes in the fair value of financial instruments and stock-based compensation. Other income, net consists mainly of differences related to foreign exchange gains and losses as well as gains and losses on disposal of property and equipment.

    The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.

      Years Ended December 31,
    (in thousands of U.S. dollars) 2024   2023
    Net loss available to stockholders $ (116,272 )   $ (61,018 )
    Interest expense   71       51  
    Income tax expense   2,858       9,082  
    Depreciation expense   12,655       17,256  
    Non-GAAP EBITDA $ (100,688 )   $ (34,629 )
    Professional fees related to Secured Convertible Notes   2,444        
    Other expense (income), net   2,107       (9,271 )
    Change in fair value of financial instruments   60,071       (6,474 )
    Stock-based compensation   2,335       6,299  
    Non-GAAP Adjusted EBITDA $ (33,731 )   $ (44,075 )
                   

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    To learn more, please visit: http://www.satellogic.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, (xv) competition for EO services, (xvi) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xvii) unknown defects or errors in our products, (xviii) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xix) substantial doubt about our ability to continue as a going concern, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch and (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Contacts

    Investor Relations:

    Ryan Driver, VP of Strategy & Corporate Development
    ryan.driver@satellogic.com

    Media Relations:

    Satellogic
    pr@satellogic.com

    SATELLOGIC INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    UNAUDITED
     
      Year Ended December 31,
    (in thousands of U.S. dollars, except share and per share amounts) 2024   2023
    Revenue $ 12,870     $ 10,074  
    Costs and expenses      
    Cost of sales, exclusive of depreciation shown separately below   5,024       5,056  
    Selling, general and administrative   32,992       34,968  
    Engineering   14,405       22,197  
    Depreciation expense   12,655       17,256  
    Total costs and expenses   65,076       79,477  
    Operating loss   (52,206 )     (69,403 )
    Other (expense) income, net      
    Interest income, net   970       1,722  
    Change in fair value of financial instruments   (60,071 )     6,474  
    Other (expense) income, net   (2,107 )     9,271  
    Total other (expense) income, net   (61,208 )     17,467  
    Loss before income tax   (113,414 )     (51,936 )
    Income tax expense   (2,858 )     (9,082 )
    Net loss available to stockholders $ (116,272 )   $ (61,018 )
    Other comprehensive loss      
    Foreign currency translation gain (loss), net of tax   (538 )     279  
    Comprehensive loss $ (116,810 )   $ (60,739 )
           
    Basic net loss per share for the period attributable to holders of Common Stock $ (1.28 )   $ (0.68 )
    Basic weighted-average Common Stock outstanding   91,164,286       89,539,910  
    Diluted net loss per share for the period attributable to holders of Common Stock $ (1.28 )   $ (0.68 )
    Diluted weighted-average Common Stock outstanding   91,164,286       89,539,910  
                   
    SATELLOGIC INC.
    CONSOLIDATED BALANCE SHEETS
    UNAUDITED
     
      December 31,
    (in thousands of U.S. dollars, except per share amounts)  2024     2023 
    ASSETS      
    Current assets      
    Cash and cash equivalents $         22,493     $         23,476  
    Accounts receivable, net of allowance of $148 and $126, respectively                          1,464       901  
    Prepaid expenses and other current assets                           3,907                               2,173  
    Total current assets                         27,864                             26,550  
    Property and equipment, net                         27,228                             41,130  
    Operating lease right-of-use assets   877       3,195  
    Other non-current assets                           5,722                               5,507  
    Total assets $         61,691     $         76,382  
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY      
    Current liabilities      
    Accounts payable $         3,754     $         7,935  
    Warrant liabilities                         11,511                               2,795  
    Earnout liabilities                           1,501       419  
    Operating lease liabilities   363       2,143  
    Contract liabilities                           5,871                               3,728  
    Accrued expenses and other liabilities                         11,621                               4,372  
    Total current liabilities                         34,621                             21,392  
    Secured Convertible Notes at fair value   79,070        
    Operating lease liabilities   516       1,789  
    Contract liabilities         1,000  
    Other non-current liabilities   516       526  
    Total liabilities                       114,723                             24,707  
    Commitments and contingencies      
    Stockholders’ (deficit) equity      
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023                                 —                                     —  
    Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024 and 77,289,166 shares issued and 76,721,343 shares outstanding as of December 31, 2023                                 —                                     —  
    Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of December 31, 2024 and December 31, 2023                                 —                                     —  
    Treasury stock, at cost, 567,823 shares as of December 31, 2024 and 567,823 shares as of December 31, 2023                         (8,603 )                           (8,603 )
    Additional paid-in capital                       356,247                           344,144  
    Accumulated other comprehensive loss   (571 )     (33 )
    Accumulated deficit   (400,105 )     (283,833 )
    Total stockholders’ (deficit) equity                       (53,032 )                           51,675  
    Total liabilities and stockholders’ (deficit) equity $         61,691     $         76,382  
                   
    SATELLOGIC INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    UNAUDITED
     
      Year Ended December 31,
    (in thousands of U.S. dollars) 2024   2023
    Cash flows from operating activities:      
    Net loss $ (116,272 )   $ (61,018 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation expense   12,655       17,256  
    Debt issuance costs   2,397        
    Operating lease expense   1,515       2,751  
    Stock-based compensation   2,335       6,299  
    Change in fair value of financial instruments   60,071       (6,474 )
    Foreign exchange differences   (2,936 )     (10,933 )
    Loss on disposal of property and equipment   4,377        
    Expense for estimated credit losses on accounts receivable, net of recoveries   22       1,126  
    Non-cash change in contract liabilities   (1,323 )     1,188  
    Other, net   234       666  
    Changes in operating assets and liabilities:      
    Accounts receivable   (1,126 )     (385 )
    Prepaid expenses and other current assets   (1,666 )     2,114  
    Accounts payable   (2,356 )     1,533  
    Contract liabilities   2,532       598  
    Accrued expenses and other liabilities   7,200       (2,059 )
    Operating lease liabilities   (2,024 )     (2,233 )
    Cash paid for interest on Secured Convertible Notes   (1,525 )      
    Net cash used in operating activities   (35,890 )     (49,571 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (5,038 )     (14,885 )
    Other   6       450  
    Net cash used in investing activities   (5,032 )     (14,435 )
    Cash flows from financing activities:      
    Proceeds from Secured Convertible Notes   30,000        
    Payments of debt issuance costs   (2,397 )      
    Tax withholding payments for vested equity-based compensation awards   (660 )     (458 )
    Proceeds from exercise of Public Warrants   1        
    Proceeds from PIPE Investment, net of transaction costs   9,600        
    Proceeds from exercise of stock options   911       375  
    Net cash provided by (used in) financing activities   37,455       (83 )
    Net (decrease) increase in cash, cash equivalents and restricted cash   (3,467 )     (64,089 )
    Effect of foreign exchange rate changes   2,546       10,900  
    Cash, cash equivalents and restricted cash – beginning of period   24,603       77,792  
    Cash, cash equivalents and restricted cash – end of period $ 23,682     $ 24,603  

    The MIL Network

  • MIL-OSI New Zealand: Universities – The art of investing in alternative assets – UoA

    Source: University of Auckland (UoA)

    Lego, instruments, classic cars and baseball cards are among the alternative investments University of Auckland finance lecturer, Gertjan Verdickt, discusses in his new book The Passion Portfolio: Investing in Style.

    Co-authored with Jürgen Hanssens (senior manager at KPMG Belgium and an avid Lego collector) the book details the mechanics behind the world of ‘passion’ investing.

    The researchers offer readers an understanding of how the prices of passion investments evolve, along with the factors that drive these changes.

    “We want to help people navigate these often opaque markets, where transactions are infrequent, and where in some instances, exclusivity, rather than transparency, is both the norm and the value driver,” says Verdickt, whose investment portfolio includes wine.

    Verdickt and Hanssens discuss the pros and cons of various investments: wine, Lego, whisky, watches, bags, jewellery, art, stamps, instruments, vintage cars, precious metals and baseball cards.

    They provide average historical annual returns by examining at least twenty years of data for each object.

    Of all the investment options, whisky comes out on top with an average annual return of 17.52 percent. In second place is baseball cards, which posted an average annual return of nearly 13 percent compared to the stock market’s 10 percent.

    Research suggests that adding collectibles like whisky, baseball cards, or Lego to an existing stock portfolio can reduce overall portfolio risk, says Verdickt.

    Each chapter of his book follows a structured approach, examining the advantages and risks of different asset classes, their historical returns and key factors that influence their value. Readers can learn about the authentication process, assess long-term investment potential, and gain insights into platforms that track pricing.

    While passion investing can be lucrative, it’s also less regulated than traditional markets, increasing the risk of fraud. As such, Verdickt and Hanssens discuss how to spot counterfeit goods. They also explore arbitrage – where investors can take advantage of pricing discrepancies across different markets.

    A well-documented provenance and pedigree, says Verdickt, can significantly increase the value of an alternative investment and, in turn, boost its likelihood of being sold.

    The finance expert says passion investments require patience and expertise. “Unlike stocks, which can be sold at the click of a button, luxury assets are illiquid. A work of art is resold only once every nine years on average. Wine appreciates over decades. These are long-term investments that demand both knowledge and time.

    “Lego, on the other hand, is accessible to everyone, with relatively low initial capital required compared to many other collectibles.”

    Because demand for Lego sets remains high, while supply is relatively limited, it’s a more liquid investment than most other alternative assets, he says.

    “The book is for investors looking to diversify beyond traditional securities,” says Verdickt. “It’s also for people who are keen to put their money into something they love, something that’s tangible.”

    MIL OSI New Zealand News

  • MIL-OSI Submissions: African Energy Week (AEW) 2025 to Host National Oil Company (NOC)-International Oil Company (IOC) Forum in Cape Town, Strengthening Public-Private Sector Partnerships in Africa’s Energy Market

    SOURCE: African Energy Chamber

    The inaugural NOC-IOC Forum at African Energy Week 2025: Invest in African Energies will foster collaboration between Africa’s national oil companies and international oil companies to drive investment, enhance capacity building and unlock the continent’s hydrocarbon potential

    CAPE TOWN, South Africa, March 24, 2025/ — This year’s African Energy Week (AEW): Invest in African Energies conference will debut the first-ever National Oil Company (NOC) and International Oil Company (IOC) Forum, a dynamic platform that brings key public and private sector stakeholders into direct conversation to drive investment, secure new deals, foster local capacity building and advance exploration.

    A key focus of the forum will be enhancing collaboration in the exploration, development and production of hydrocarbon resources across the continent, with an emphasis on data sharing and joint decision-making to unlock untapped potential. In South Africa, TotalEnergies is preparing to drill its first exploration well on Block 3B/4B, leveraging 14,000 km of 2D seismic and 10,800 km² of 3D seismic, with a large set of exploration prospects already identified. In Angola, Sonangol is ramping up offshore exploration on Block 6/24, focusing on geological and geophysical studies and seismic data reprocessing to assess the block’s resource potential, which includes a possible commercial oil discovery. Meanwhile, in Equatorial Guinea, GEPetrol has partnered with Panoro Energy on Block EG-23, conducting subsurface studies to evaluate the block’s potential, with the possibility of drilling an exploration well.

    In parallel, new market activity is reshaping Africa’s exploration landscape, as both NOCs and IOCs pursue strategic acquisitions, partnerships and project expansions. Chevron has strengthened its presence in Equatorial Guinea by securing PSCs for two highly prospective offshore blocks. In October 2024, Brazilian NOC Petrobras acquired a 10% stake in the offshore Deep Western Orange Basin in South Africa as part of its strategy to boost reserves and expand its footprint in Africa’s emerging oil and gas markets. Last month, Chinese state-backed company Sinopec signed an $850 million contract with Algerian NOC Sonatrach for exploration and development, securing a PSC covering the Hassi Berkane North license. Sonatrach is also in discussions with Eni, TotalEnergies, Chevron and ExxonMobil for exploration and development activities in the region. The NOC-IOC Forum will provide a key platform to examine these developments, fostering discussions on how public and private sector cooperation can accelerate exploration, attract capital and unlock new resource opportunities.

    The NOC-IOC Forum will also focus on forging new partnerships to drive capacity-building programs and facilitate knowledge-sharing, empowering local talent in the oil and gas sector. The National Petroleum Corporation of Namibia (NAMCOR) has been active in establishing partnerships to support the country’s goal of producing first oil by year-end. This includes a collaboration with QatarEnergy focused on providing training and development opportunities for NAMCOR employees in industry-specific skills. In October 2024, NAMCOR also signed an agreement with global technology company SLB to improve operational performance in decarbonization, green hydrogen and sustainable energy, with an emphasis on local capacity development. Meanwhile, Mozambique’s Empresa Nacional de Hidrocarbonetos is investing in specialized offshore drilling services, reinforcing the state’s involvement in the country’s oil and gas projects through an agreement with Italian multinational oilfield services company Saipem.

    Additionally, the NOC-IOC Forum will facilitate the exchange of insights on regional and global energy regulations, helping participants navigate the evolving energy landscape. In the Republic of Congo, Société Nationale des Pétroles du Congo is working closely with private sector companies and IOCs to gather input for its upcoming Gas Master Plan, as well as developing a new gas code aimed at modernizing the regulatory framework to attract foreign investment. This push for regulatory improvements has driven increased IOC activity in the country, with Eni advancing the second phase of its $5 billion Congo LNG project and TotalEnergies committing $600 million to expand its E&P operations, specifically in the deep offshore Moho Nord Field.

    The NOC-IOC Forum offers a strategic platform for both African NOCs and IOCs to present their exploration strategies, access available acreage and showcase ongoing energy developments. By facilitating direct engagement across sectors, the forum will drive insightful exchanges on sharing data and insights to improve decision-making, optimizing operational efficiencies and unlocking new investment opportunities. These discussions will ensure that partnerships are mutually beneficial, aligning national development goals with commercial objectives while fostering a more integrated and strategic approach to Africa’s energy future.

    “The launch of the first-ever NOC-IOC Forum at AEW 2025 marks a pivotal moment for Africa’s energy sector. By positioning key national and international stakeholders in direct dialogue, the forum aims to drive investment, foster collaboration and empower local talent. This is an exciting opportunity for both NOCs and IOCs to present their strategies, forge new partnerships and contribute to the sustainable development of Africa’s hydrocarbon sector,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    MIL OSI – Submitted News

  • MIL-OSI USA News: More Investment, More Jobs, and More Money in Americans’ Pockets

    Source: The White House

    More Investment, More Jobs, and More Money in Americans’ Pockets

    Today, Hyundai announced a $20 billion investment in the United States — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs. The investment, which builds on Hyundai’s pledge earlier this year to “further localize production in the U.S.,” is the latest success in President Donald J. Trump’s pursuit of a Made in America renaissance.

    It’s further proof that President Trump’s economic agenda is working.

    Hyundai is far from the only automaker planning major investments as President Trump leverages tariffs to remake the U.S. into a global manufacturing powerhouse:

    • Stellantis announced a $5 billion investment in its U.S. manufacturing network — including re-opening an Illinois manufacturing plant — as it pledges to increase domestic vehicle production.
    • Volkswagen is considering shifting production of the high-end Audi and Porsche brands to the U.S.
    • Honda is expected to produce its next-generation Civic hybrid model in Indiana.
    • Nissan is considering moving production from Mexico to the U.S.
    • Rolls-Royce is expected to “ramp up” production in the U.S. by hiring more American workers and expand its U.S.-based operations.
    • Volvo is considering expanding its U.S.-based output.

    It’s not just the auto sector; domestic and foreign companies have pledged trillions in new investments since President Trump took office:

    • Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    • Apple announced a $500 billion investment in U.S. manufacturing and training.
    • Nvidia announced it will invest hundreds of billions of dollars over the next four years in U.S.-based manufacturing.
    • Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    • Eli Lilly and Company announced a $27 billion investment in domestic manufacturing.
    • United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    • France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    • Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
    • Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    • GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    • GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    • London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    • Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    • Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    • Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    • Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    • Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    • Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    • India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    • Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    • Samsung is considering moving its dryer production from Mexico to South Carolina.
    • LG is considering moving its refrigerator manufacturing from Mexico to Tennessee.
    • Italian spirits group Campari is “assessing the opportunities to expand its production in the U.S.”
    • Essity, a Swedish hygiene product manufacturer, is considering shifting production to the U.S.
    • Taiwan-based Compal Electronics is considering a U.S.-based expansion.
    • Taiwan-based Inventec is expected to expand its manufacturing operations into Texas.
    • LVMH, a French luxury giant, is “seriously considering” an expansion to its U.S.-based production capabilities.
    • Cra-Z-Art, the biggest toymaker in the U.S., said it will move a “large percentage” of its China-based manufacturing back home.
    • Prepac, a Canadian furniture manufacturer, announced it will move production from Canada to the U.S.

    MIL OSI USA News

  • MIL-OSI Canada: Latest Alberta investment – bringing in the dough

    Crust Craft’s new $51-million high-capacity baking facility in Edmonton will serve local and surrounding markets while boosting our province’s agriculture and food manufacturing sectors. This 120,000 to 150,000 square feet facility will create 55 new, permanent jobs and 25 temporary jobs for hard-working Albertans.

    To support this expansion, Alberta’s government will provide $2 million through the Investment and Growth Fund, a deal-closing program designed to attract high-impact, private sector investments to the province. This $2-million provincial investment helped incentivize Crust Craft’s Alberta investment, highlighting a $25.5 return on investment for every provincial dollar invested.

    At a time of great external economic uncertainty, Alberta was competing with a U.S. jurisdiction for Crust Craft’s investment. The Investment and Growth Fund helped close the deal, keeping these jobs and investment right here at home.

    “Alberta’s government is proud to work with Crust Craft to establish its new facility in Edmonton. Crust Craft choosing to expand its business in Alberta is further proof that our investment-friendly policies and programs, like the Investment and Growth Fund, have a significant impact on retaining and attracting business to Alberta. Looking to the future, the opportunities are endless for Alberta and Crust Craft’s partnership.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Crust Craft’s products are helping to grow the province’s agri-processing and food manufacturing sectors while providing a local, high-quality option for customers.

    “Alberta-made bakery products are an attractive option for Canadian retail and hospitality businesses and support interprovincial market diversification. I am pleased that Crust Craft is helping to provide Albertans and Canadians with an Alberta option for their crusts, flatbreads and doughs.”

    RJ Sigurdson, Minister of Agriculture and Irrigation

    “We are thrilled to be growing and expanding this locally owned company in the province where it started 35 years ago. We will be able to provide not only employment opportunities and growth for our people, but also a larger local market for our farming families and vendor partners. Our goal of ‘Bringing Real Bread to Life’ is being realized with this expansion by introducing our brand of Panaji naan breads to even more people.”

    Paul Flesher, president, Crust Craft Inc.

    As an intake partner, Edmonton Global worked closely with Crust Craft and Alberta’s government to help facilitate the Investment and Growth Fund grant for the new facility, which will help grow and diversify Edmonton’s economy.

    “Crust Craft’s expansion demonstrates how the Edmonton region offers the right mix of talent, infrastructure and government support to help businesses scale. The support from the Investment and Growth Fund was instrumental in ensuring that Crust Craft continues to thrive right here in our region. We’re thrilled to see a homegrown company like Crust Craft investing in its future here, creating new jobs and further cementing the Edmonton region as a leader in food manufacturing.”

    Malcolm Bruce, CEO, Edmonton Global 

    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 efforts are attracting record investment, creating thousands of jobs and further diversifying the economy for many years to come.

    Alberta’s government continues to support the Investment and Growth Fund. If passed, in Budget 2025, the provincial government is investing $45 million over the next three years to expand opportunity and attract investment across Alberta.

    Quick facts

    • Since fall 2021, 13 Investment and Growth grants have been announced that will create more than 1,250 permanent, full-time jobs and more than 1,000 temporary jobs, with a total capital investment of more than $820 million.

    Related information

    • Crust Craft

    MIL OSI Canada News

  • MIL-OSI New Zealand: INVESTOR SUMMIT SPEECH

    Source: New Zealand Government

    Ka nui te mihi kia kotou, kia ora, and good morning everyone. 
    To those of you visiting us from overseas, can I extend a very special welcome to each and every one of you. 
    Welcome to New Zealand, welcome to the best country on planet Earth, and welcome to our stunning Auckland waterfront. 
    And to all those Kiwis I see in the room today, thank you for being here and showcasing some of the extraordinary businesses and talent that exists in our business community. 
    And it was a real pleasure to meet many of you informally last night, and my Ministers and I are really looking forward to spending much more time with you over the next two days. 
    I meant it before when I said this is the best country on planet Earth. 
    Because what makes New Zealand so very special and unique is our Kiwi Spirit which is exemplified in the qualities, character, and attitude of New Zealanders.  
    For us, it‘s about resilience and determination, ingenuity and innovation, adventure and exploration, creativity and practical problem-solving, humility and mateship, fairness, and a deep care for our land and community. 
    It’s no surprise that growing up in New Zealand, our heroes are Kiwi trailblazers and pioneers, people who have dared to push boundaries, challenge the status quo, and leave a lasting mark on the world.
    From our early Māori explorers navigating vast oceans guided by the stars, to modern-day adventurers like Sir Edmund Hillary conquering Everest.   
    To Ernest Rutherford, the father of nuclear physics, who split the atom and revolutionised our understanding of science. To Rocket Lab’s Peter Beck and his groundbreaking developments in rocket technology launching satellites into space. 
    And Kate Shepperd, who secured New Zealand women the right to vote – the very first country in the world to do so. 
    And our phenomenal athletes who show the world what determination and talent can achieve. Or the stunning world of The Lord of the Rings created by one of our most creative storytellers – Peter Jackson.
    We may be a small country, but time and again, we have proven that size is no barrier to greatness. From the peaks of Everest to the frontlines of social progress, from scientific breakthroughs to arts and sporting legends, Kiwis have led the way.
    And we’re living in an age when New Zealand has never been closer to the action – right in the middle of the booming Indo-Pacific with direct connections to Asia and North America. 
    With the weight of global economic activity shifting from the Atlantic to the Pacific and digital connections breaking down barriers, New Zealand has never been closer to the world.  
    But for all our spirit and hard work, we also know New Zealand can’t do it alone. 
    We’re a small country of around five million people like Ireland, Singapore, and Denmark. 
    Just as those countries have prospered by tapping into larger markets, building stronger international connections, and fostering trade and investment, New Zealand needs to do the same. 
    If we want our country to thrive, we need to work even harder to compete on the world stage – and, in particular, to unlock the commercial partnerships that will supercharge the next generation of growth in the New Zealand economy. 
    That means the Government will work more with Industry to deliver much of the infrastructure and projects that will be showcased over the next two days. 
    Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide.
    I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth.  
    But it’s not just infrastructure. 
    I want to develop closer ties between outstanding New Zealanders and their companies based here, with investors and organisations based offshore.  
    I also want to unlock more partnerships between indigenous Iwi Māori organisations and commercial investors, whether they are based in Auckland or Abu Dhabi, Dunedin or Denver.  
    I want start-ups based in Christchurch and Hamilton fighting for seed capital in San Francisco and London – winning their share of global influence and success. 
    Breaking perceptions about the New Zealand economy is critical to that. 
    Yes, we have globally competitive dairy, film, and tourist industries, but our space industry is also operating at the cutting edge, ranking fourth in the world for launches behind the US, China, and Russia. 
    Over the next two days, you will hear more about our plan to unleash growth and ensure New Zealand reaches its full potential. 
    We want you to join us on that journey, and we will have several opportunities on display. 
    That will include the opportunity to deliver infrastructure in partnership with the Crown – both in the form of immediate opportunities and the pipeline of projects going forward. 
    It will include working with Iwi Māori organisations to grow their businesses as they make a multigenerational investment in their people. 
    It will include opportunities in a range of specific sectors where we believe New Zealand has a unique role to play and where we expect the Government to focus its efforts on growth. 
    In the very short term, we have made good economic progress in our first year in Government, although there’s still a long way to go. 
    New Zealand is now in the early stages of a cyclical economic recovery, with growth beginning to pick up and unemployment expected to peak around its current rate. 
    Inflation has fallen and now sits comfortably anchored within the Reserve Bank’s target band at 2.2%. 
    Annual tourism expenditure was up 23% last year, and services and manufacturing activity have returned to growth after extended periods of contraction. 
    Business confidence is at around its highest level in a decade. As confidence has risen, retail trade has picked up, and growth is expected to rise, hitting 3% in 2026. 
    So, there’s now cause for optimism in the New Zealand economy that the recovery is underway and better days lie ahead. 
    For policymakers here in New Zealand, that poses an opportunity – not just to watch the economic recovery, but to shape it. 
    Step-changing economic productivity, lifting incomes, creating jobs, and unleashing the investment New Zealand needs to become much more prosperous.  
    Which brings us to today. 
    I know the only way we will raise incomes, lift New Zealanders’ standard of living, and fund the quality public services we rely on is by unlocking more investment, more innovation, and more entrepreneurship.
    Having broken inflation last year, our collective focus has now turned to shaping the economic recovery – ensuring we take every possible step to lift New Zealand’s economic performance. 
    That renewed energy and effort forms the backdrop of this Summit. 
    My Government is working around the clock to make New Zealand an outstanding place to do business. 
    But before I highlight some of those reforms and my economic priorities as Prime Minister, I want to make a more fundamental point about New Zealand as an investment destination. 
    New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world. 
    That reputation is long-standing, but in challenging times, it has come into sharper focus. 
    We stand up for our values and live by them, too. That means respecting civil liberties, private property and private life, and the democratic and social institutions that underpin them. 
    We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive. Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity. 
    For farmers and growers living in rural New Zealand, it has allowed a modern economic miracle: the opportunity to not just collectively operate one of the most efficient agricultural sectors in the world but to live in some of the most stunning parts of the world while they do it. 
    Finally, we might disagree sometimes – but we’re not disagreeable. Over the next two days, you will hear from various political leaders.
    You will hear from senior Ministers representing each of the three political parties in our Coalition Government, as well as Barbara Edmonds, the Labour Party’s Opposition Finance Spokesperson.  
    It’s pretty normal in New Zealand for political parties to disagree with each other – often loudly, and sometimes even with my own Coalition colleagues. 
    But I believe the broad political representation that is here demonstrates that most New Zealanders share the same motivations – higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us. 
    When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm. 
    Political stability, however, is not an excuse for a lack of ambition. 
    You should be under no illusions about my commitment to the Government’s growth agenda and the reforms we are pushing through to unleash investment in the New Zealand economy. 
    Last month, Minister for Economic Growth Nicola Willis published our Government’s Going for Growth Agenda – we have copies for you here – which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential. 
    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth. 

    Across each of those pillars, we have Ministers from across the Government working day and night to drive through reform – in transport,  tourism, aquaculture, construction, advanced aviation, mining, energy, agriculture, and horticulture. 
    Over the next two days, you will hear much more about our work programme in those areas that will play a critical role in the next phase of New Zealand’s growth story – with more information on a series of specific investable propositions available in the private sector. 
    Among that reform programme are some significant changes designed to achieve a profound step change in the New Zealand economy that I would like to touch on today. 
    For a start, we are clearing away decades of broken planning law – brick by brick. 
    We have introduced the Fast Track regime, which streamlines the consenting process for projects that are regionally and nationally significant. 
    In short, instead of seeking different permissions under different laws, under Fast Track, it’s all done in one place, with a faster process and fewer hurdles to getting underway. 
    That regime is now up and running, and I know a number of projects have already submitted applications since it became operational last month. 
    In short, if you want to build a wind farm, a highway, a quarry, hundreds of new homes, or any other regionally or nationally significant projects, we are busting down the doors to make it happen faster and cheaper. 
    149 projects have already been listed in legislation, but nothing prevents new projects from applying for referral into the scheme. 
    And it doesn’t stop with Fast Track. 
    Further planning reforms are also on the way, including a total replacement of the Resource Management Act. 
    We are also eliminating the barriers to more significant investment in energy and generation to unleash abundant, affordable energy. 
    The impact of unaffordable and unreliable energy on economic growth has been brought into the spotlight in recent years following the Russian invasion of Ukraine. 
    Industries in Europe that had historically relied on access to low-cost natural gas came under tremendous strain, putting pressure on growth and household incomes. 
    In New Zealand, we are lucky that 85% of electricity generation is already renewable, thanks to decades of investment in hydro, wind, solar, and geothermal.  
    But we can’t risk falling short in the years to come. So, as a Government, we are tearing down the barriers to fresh energy investment. That means introducing more permissive rules for renewables.
    But it also means ending restrictions on offshore oil and gas exploration – and providing certainty for market participants by confidently saying that gas has to be part of New Zealand’s energy mix going forward.  
    At the same time, we are making it easier to invest in New Zealand from offshore.  
    That started last year, with fresh directives to our Overseas Investment Office, which slashed processing times and made applications more predictable. 
    Today, an application for offshore investment is approved within 18 days on average, compared to 28 days prior to those changes.
    And two weeks ago, we announced upcoming changes to legislation designed to further improve the timeliness and reliability of our overseas investment regime. 
    We also announced just last month that, from April 1 this year, individuals who invest at least $5 million in New Zealand will be eligible for an Active Investor Visa, with a pathway to residency after three years. 
    I know that for many of you from offshore in this room, that will be positive news. But as a New Zealander, I have to say it’s an even bigger deal for the sharp, ambitious Kiwis here and all around the country, who are hungry for capital and hungry to grow. 
    We know the impact foreign investment has on local businesses. It’s not just the capital investment; it’s the skills, connections, and linkages into new markets. 
    That translates into higher wages, more jobs, more money in Kiwi wallets, and more resilient businesses that make an even greater contribution in the community. 
    We need more of it, especially for a small country hungry to grow like New Zealand, which is why I have invited many of you here today. 
    I believe New Zealand’s best days are ahead of us—and we can make them happen if we get serious about partnering with commercial expertise to solve some of our biggest economic challenges and seize on the huge economic opportunities ahead of us. 
    Helping to end New Zealand’s infrastructure deficit through private sector partnership.
    Fattening out our capital markets and opening up new sectors for growth.
    Strengthening our connections to the world, enhancing technology, lifting productivity, and opening new markets for our products and services. 
    Over the next two days, you will hear from a range of leaders—cabinet Ministers, business leaders, and Iwi Māori leaders—who I know are committed to responding to our challenges and opportunities. 
    There will also be plenty of time across both days for closer interactions and to discuss the opportunities and challenges that you are confronting in your own businesses. 
    While you’re here, please also enjoy our hospitality and culture. We’re not just here to do business—we’re here to build relationships and make the case for New Zealand as an outstanding country to invest in, to visit, and to establish roots in. 
    So once again, and on behalf of the New Zealand Government and the New Zealand people, welcome to this year’s Summit. 
    I’m excited to get stuck in – and I can’t wait to hear more from you over the next two days about your approach to business and the difference you could make for growth, investment, jobs, and opportunity for us here in New Zealand. 
    Thank you. 

    MIL OSI New Zealand News

  • MIL-OSI USA: Reed: Trump Slashing SBA, Decimating Service and Oversight, & Shifting New Student Loan Portfolio onto Agency is Another Economic Blow to Main Street and Taxpayers

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    PROVIDENCE, RI – After the Trump Administration announced plans to slash 43 percent of the U.S. Small Business Administration’s (SBA) workforce while also reducing SBA capabilities and shifting management of the federal government’s student loan portfolio from the U.S. Department of Education to the SBA, U.S. Senator Jack Reed (D-RI) denounced the move as irresponsible and harmful to small businesses, students, and taxpayers alike.
    “Small businesses are a big part of our economy and we should be helping them innovate, grow, and thrive,” said Senator Reed, the Ranking Member of the Senate Appropriations Financial Services and General Government (FSGG) Subcommittee, which oversees funding for the SBA.  “Instead of cutting red tape, President Trump is piling on new bureaucratic challenges and decimating customer service capabilities of federal agencies.  He is eliminating key SBA resources and staff that help small businesses access capital and create jobs while at the same time trying to tack on new student loan mandates.  His chaotic tariff taxes are already raising costs for entrepreneurs, and these latest SBA cuts will add more financial pressure and uncertainty for many small businesses.”
    “President Trump’s irresponsible decision to downsize the SBA and saddle it with overseeing a massive $1.6 trillion student loan portfolio of over 40 million-plus Americans makes zero sense. The intent to transfer these loans flies in the face of both education and appropriations law.  It would sow chaos and confusion, burden borrowers, and needlessly cost taxpayers.  If people don’t know where to turn or can’t get the expert help they need from the proper federal agency then it could lead to a spike in loan defaults,” said Reed, noting President Trump can’t legally transfer management of the loan portfolio to the SBA without Congressional authorization.
    Reed continued: “Putting the financial interests of students and small businesses at risk is a screwup by the Trump Administration.  I expect these cynical ploys will be challenged in court.  And I will work with my colleagues in Congress to uphold the law, support small businesses, and ensure that student borrowers can get the loan servicing and protections they need.”
    Reed says Congressional authorization is needed in order to legally transfer management of the extensive student loan portfolio from the U.S. Department of Education to the SBA.
    Created by Congress in 1953, the SBA helps American entrepreneurs nationwide start, build, and grow businesses. The SBA is a key partner for Rhode Island small businesses, offering a variety of services that small businesses can leverage, including:
    Financing: SBA offers a range of loans, grants, and other funding programs to eligible businesses.
    Education and training: SBA offers educational programs and counseling to help small business owners start and grow their businesses.
    Disaster assistance: When disaster strikes, SBA provides critical assistance to businesses, homeowners, and renters.
    Government contracting: SBA helps small businesses compete and win government contracts.
    Policy advocacy: SBA works with Congress and local governments to ensure small business input is heard in policy matters.
    Support underserved businesses: SBA helps level the playing field for veteran, women, and minority small business owners.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Incredible India Content Hub

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:04PM by PIB Delhi

    Development and promotion of tourist destinations and products, including religious tourism is undertaken by the respective State Government/UT Administration. The Ministry of Tourism complements the efforts of States/UTs by developing and promoting various tourism products of the country through various schemes and initiatives.

    Ministry of Tourism works closely with Ministry of Road Transport and Ministry of Civil Aviation for improving road and air connectivity to tourist destinations. Under RCS UDAN, Ministry of Tourism collaborated with Ministry of Civil Aviation and shared the Viability Gap Funding (VGF) amount for 53 tourism routes identified.

    In order to attract foreign investment in the tourism sector, 100% Foreign Direct Investment (FDI) is allowed under the automatic route in the tourism and hospitality industry in India, subject to applicable regulations and laws. 100% FDI is allowed in tourism construction projects, including the development of hotels, resorts and recreational facilities.

    To give fillip to private investment in tourism, three-star or higher category classified hotels located outside cities with population of more than 1 million, ropeways & cable cars and Exhibition-cum-Convention Centre Projects with minimum built-up floor area of 100,000 square metres of exclusively exhibition space or convention space or both combined, have been included in the Harmonized Master List of infrastructure sub-sectors.

    Further in Union Budget 2025-26, an announcement for inclusion of hotels located in the top 50 tourist destination sites in the country, identified for development in challenge mode, in the Harmonized Master List of infrastructure sub-sectors.

    The Ministry has launched the revamped version of Incredible India Digital Platform (IIDP) on September 27, 2024 as a comprehensive resource for travellers and stakeholders interested in exploring the country’s rich cultural heritage, natural beauty, and diverse attractions. One of the new feature of the IIDP is the Incredible India Content Hub – a comprehensive digital repository, featuring rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. This repository is intended for the use of a diverse range of stakeholders, including tour operators, journalists, students, researchers, film makers, authors, influencers, content creators, government officials, and ambassadors. The IIDP uses an AI-powered tool that personalizes visitor experiences by offering real-time weather updates, city exploration, and essential travel services. The portal has also partnered with several OTAs (Online Travel Agents) and Stakeholders for seamless booking of flights, hotels, cabs, and buses and tickets for ASI monuments.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2114402) Visitor Counter : 59

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Measures to Curb Air Pollution in Tourism Industry

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:03PM by PIB Delhi

    As informed by the Ministry of Environment, Forest and Climate Change, Air pollution in Delhi is a collective result of multiple factors including high level of anthropogenic activities in the high-density populated areas in NCR, arising from various sectors viz. Vehicular Pollution, Industrial Pollution, Dust from Construction & Demolition Project activities, Road and Open Areas Dust, Biomass Burning, Municipal Solid Waste burning, Fires in Landfills, air pollution from dispersed sources, etc.

    During post-monsoon and winter months, lower temperature, lower mixing heights, inversion conditions and stagnant winds lead to trapping of the pollutants resulting in high pollution in the region. This is further aggravated due to the emissions from episodic events like firecrackers and stubble burning in NCR States.

    Air Quality Index is a tool for effective communication of air quality status to people in terms, which are easy to understand. It transforms complex air quality data of various pollutants into a single number (index value), nomenclature and colour.

    The web-based system is designed to provide AQI on real time basis. It is an automated system that captures data from continuous monitoring stations without human intervention, and displays AQI based on running average values. For manual monitoring stations, an AQI calculator is developed wherein data can be fed manually to get AQI value.

    The AQI values ranges from 0 to 500. There are six AQI categories, namely Good, Satisfactory, Moderately polluted, Poor, Very Poor, and Severe which are mentioned below:

    AQI Categories

    AQI value

    Good

    0–50

    Satisfactory

    51-100

    Moderate

    101-200

    Poor

    201-300

    Very Poor

    301-400

    Severe

    >400

    Various initiatives have been taken for control of pollution from different sources (transport, C&D activities, industries etc.) in Delhi-NCR, which has resulted in overall improvement in air quality. However, effectiveness of each of these actions can’t be evaluated in absolute terms as meteorological parameters like wind speed and mixing height which are variable factors also play crucial role in governing overall air quality.  Various measures taken by the Government to reduce Air Pollution in Delhi-NCR from different sources, are enclosed as Annexure-I.

    Due to the concerted efforts made by all stakeholders, gradual improvement has been observed in Delhi air quality. The number of days of Good-Moderate Air Quality Index (AQI) categories has increased to more than 200 for consecutive two years i.e. 2023 and 2024 in comparison of 110 days in 2016. Further, 2024 has recorded maximum number of days (209) in Good-Moderate AQI categories since 2016, except for COVID year 2020. The details of AQI of Delhi from 2016-2024 are enclosed as Annexure-II.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    ANNEXURE-I

    Steps taken by the Government for abatement of Air Pollution in Delhi NCR:

    1. National Clean Air Programme:
    • National Clean Air Programme (NCAP) has been launched by Ministry of Environment, Forest and Climate Change (MoEFCC) in January 2019 with an aim to improve air quality in 130 cities (non-attainment cities and Million Plus Cities) in 24 States by engaging all stakeholders.
    • There are total 06 Non-attainment cites (NACs) in Delhi NCR, out of which 03 cities – Delhi, Alwar and Noida are funded under National Clean Air Programme (NCAP) and 03 cities- Ghaziabad, Meerut and Faridabad are funded under Fifteenth Finance Commission (XV-FC).
    • City Action Plans for improvement in air quality have been rolled out for implementation in all the 06 identified cities in Delhi NCR.
    1. Regulatory Actions in Delhi-NCR:
    • Graded Response Action Plan (GRAP) was formulated for Delhi-NCR to tackle the issue of sudden rise in air pollution levels. The revised GRAP was published by CAQM in December 2024 and further directions were issued for its implementation. Actions listed for different AQI levels under GRAP are invoked from time to time by a sub-committee constituted by CAQM.
    • For air pollution abatement and control in Delhi / NCR, the Commission for Air Quality Management in NCR and Adjoining Areas has devised a comprehensive policy for air pollution abatement in NCR in July 2022, stipulating sector-specific action points quantifying targets along with timelines and implementation plan by various agencies in NCR States. The policy framework details sector-wise interventions, quantified targets and timelines for various sectors contributing to air pollution.
    • Directions prescribing measures for control of pollution from various sources such as implementation of RECD system/ dual fuel kits in DG sets, use of cleaner fuels in industries, shift to EV/ CNG/ BS VI diesel fuel in transport sector, implementation of dust control measures at C&D sites etc., have been issued by CAQM. Further, policy to curb air pollution in NCR has also been formulated.
    1. Measures for control of emissions from Stubble Burning in Delhi-NCR:
    • Ministry of Agriculture & Farmers Welfare (MoA&FW) in 2018 launched scheme for providing subsidy for purchase of crop residue management machinery and establishment of custom hiring centres (CHCs) in NCT of Delhi and the States of Punjab, Haryana and Uttar Pradesh for in-situ management of paddy straw. During the period from 2018-19 to 2024-25 (as on 28.02.2025), Rs. 3698.45 crores have been released by MoA&FW (Punjab – Rs. 1756.45 crores, Haryana – Rs. 1081.71 crores, Uttar Pradesh – Rs. 763.67 crores, NCT of Delhi – Rs. 6.05 Crores, ICAR- Rs. 83.35 crores & others Rs. 7.22 Crores). The states have distributed more than 3.00 lakhs machines to the individual farmers and to more than 40000 CHCs in these 4 States, which also include more than 4500 Balers & Rakes which are used for collection of straw in the form of bales for further ex-situ utilization. MoA&FW in 2023 revised guidelines under the scheme to support establishment of crop residue/paddy straw supply chain, by providing financial assistance on the capital cost of machinery and equipment.
    • An Inter-Ministerial Committee has been constituted under the chairmanship of Special Secretary, MoA&FW for convergence of scheme of Schemes/Initiatives supporting Ex-situ management of paddy straw.
    • CAQM has provided a Framework to the states concerned for control / elimination of crop residue burning and directed these to draw up detailed state-specific action plans based on the major contours of the framework. Directions have also been issued by CAQM to State Governments of Punjab, Haryana and Uttar Pradesh to strictly and effectively implement revised action plan to eliminate and control stubble burning.
    • CAQM has issued directions permitting use of PNG or biomass as industrial fuel in NCR except Delhi where only PNG is permitted as industrial fuel. CAQM has also issued directions for co-firing of 5-10% biomass with coal in thermal power plants located within 300 kms of Delhi, and, in captive power plants of industrial units located in NCR.
    • Central Pollution Control Board (CPCB) has framed Guidelines for grant of one-time financial support under Environment Protection Charge funds for establishment of pelletization and Torrefaction plants to promote utilisation of paddy straw. So far, 15 plants have been sanctioned with utilization capacity of 2.7 lakh tonnes of paddy straw per annum.
    • During stubble burning season of 2023 (10.11.23 onwards), 33 scientists of CPCB were deployed as flying squads for assisting CAQM in NCR and adjoining areas for intensifying monitoring and enforcement actions towards prevention of paddy stubble burning incidents in 22 districts of Punjab and 11 districts of Haryana. The flying squads coordinated with state govt/nodal officers/officers from respective districts and sent their daily report to CAQM.
    • CPCB has deployed 26 teams (in 16 districts of Punjab and 10 districts of Haryana) for the period 01st October – 30th November, 2024 to intensify monitoring and enforcement actions regarding stubble burning. These teams are coordinating with concerned authorities/ officers deployed at the district level by the State Govt. and reporting to CAQM.
    • MoA&FW had deputed 31 Central Teams, which have conducted Quality Survey work w.e.f. 1-15th September, 2024 in the States of Punjab, Haryana and Uttar Pradesh and the Teams had visited 275 manufacturers and conducted quality audit of 910 agricultural machines. Further, 10 Central Teams have conducted survey on utilization of machines in States of Punjab and Haryana during 15th October – 31st October 2024. A Team comprising members from DA&FW, CAQM and ICAR and other stakeholders had visited to the State of Punjab to witness the activities of paddy straw management on 14th November, 2024.
    1. Measures for control of vehicular emissions:
    • Directions issued by CAQM to Government of NCT of Delhi and State Governments of Haryana, Rajasthan and Uttar Pradesh for migration of public transport services, especially buses in NCR to cleaner modes. All state govt. bus services between Delhi and any city/town in the states of Haryana, Rajasthan and Uttar Pradesh to be operated only through EV /CNG/BS-VI diesel w.e.f. 01.11.2023.
    • Installation of VRS system at 3256 petrol pumps in Delhi-NCR in compliance with orders of Hon’ble Supreme Court and Hon’ble NGT.
    1. Measures for control of industrial emission:
    • Installation of Online Continuous Emission Monitoring System (OCEMS) in red category air polluting industries in Delhi-NCR
    • Industrial units in Delhi have shifted to PNG/cleaner fuels and, operational units in NCR have shifted to PNG/Biomass.
    • Directions issued for conversion of brick kilns to zig-zag technology in Delhi and NCR. Brick kilns not converted to zig-zag technology are not permitted to operate in Delhi-NCR.
    • In order to control DG set emissions, CPCB also provides funds for retrofitment/ upgradation of DG sets in Govt. hospitals in Delhi-NCR and guidelines have been issued in this regard.
    • Ban on use of pet coke and furnace oil as fuel in NCR States since October 24, 2017.
    • An approved fuel list is in force in Delhi-NCR w.e.f. 01.01.2023. Industries operating on only PNG or biomass are permitted in NCR, except for specific requirement of other fuels by specific industries owing to technical, technological and process requirements. The industries not operating on approved fuels are not allowed to operate in Delhi-NCR.
    • Stringent PM emission norms for biomass based boilers have been prescribed for compliance in NCR.
    1. Construction & Demolition (C&D) Waste:
    • Directions issued to DPCC and NCR SPCBs to enforce installation of anti-smog guns and other dust control measures at C&D sites.
    • Directions issued for setting up of a “Dust Control and Management Cell” by road owning/ maintaining/ construction agencies for monitoring and effective implementation of dust control measures in the NCR.  
    • Online monitoring mechanism (through web portal) introduced for monitoring compliance of dust mitigation measures for construction sites.
    1. Close Monitoring & Ground level implementation in Delhi-NCR:
    • 40 teams have been deputed by CPCB since December 2021, to assist CAQM, for conducting incognito inspections of air polluting industries, C&D sites, DG sets in Delhi-NCR to check implementation status of pollution control measures and compliance of other provisions of the Air (P&CP) Act,1981.

    Annexure-II

    Comparative Status of AQI- Delhi from 01 January to 31 December, 2016-2024

    Category

    Year

    2016

    2017

    2018

    2019

    2020

    2021

    2022

    2023

    2024

    2016

    2017

    2018

    2019

    2020

    2021

    2022

    2023

    2024

    No. of days

    354

    365

    365

    365

    366

    365

    365

    365

    366

    Good (0–50)

    0

    2

    0

    2

    5

    1

    3

    1

    0

    110

    152

    159

    182

    227

    197

    163

    206

     209

    Satisfactory (51–100)

    24

    45

    53

    59

    95

    72

    65

    60

    66

    Moderate (101–200)

    86

    105

    106

    121

    127

    124

    95

    145

    143

    Poor (201–300)

    120

    115

    114

    103

    75

    80

    130

    77

    70

    244

    213

    206

    183

    139

    168

    202

    159

    157

    Very Poor (301–400)

    99

    89

    72

    56

    49

    64

    66

    67

    70

    Severe (>401)

    25

    9

    20

    24

    15

    24

    6

    15

    17

    *******

    (Release ID: 2114403) Visitor Counter : 68

    MIL OSI Asia Pacific News

  • MIL-OSI USA: NASA Takes to the Air to Study Wildflowers

    Source: NASA

    For many plant species, flowering is biologically synced with the seasons. Scientists are clocking blooms to understand our ever-changing planet.
    NASA research is revealing there’s more to flowers than meets the human eye. A recent analysis of wildflowers in California shows how aircraft- and space-based instruments can use color to track seasonal flower cycles. The results suggest a potential new tool for farmers and natural-resource managers who rely on flowering plants.
    In their study, the scientists surveyed thousands of acres of nature preserve using a technology built by NASA’s Jet Propulsion Laboratory in Southern California. The instrument — an imaging spectrometer — mapped the landscape in hundreds of wavelengths of light, capturing flowers as they blossomed and aged over the course of months.
    It was the first time the instrument had been deployed to track vegetation steadily through the growing season, making this a “first-of-a-kind study,” said David Schimel, a research scientist at JPL.

    For many plant species from crops to cacti, flowering is timed to seasonal swings in temperature, daylight, and precipitation. Scientists are taking a closer look at the relationship between plant life and seasons — known as vegetation phenology — to understand how rising temperatures and changing rainfall patterns may be impacting ecosystems.
    Typically, wildflower surveys rely on boots-on-the-ground observations and tools such as time-lapse photography. But these approaches cannot capture broader changes that may be happening in different ecosystems around the globe, said lead author Yoseline Angel, a scientist at the University of Maryland-College Park and NASA’s Goddard Space Flight Center in Greenbelt, Maryland.
    “One challenge is that compared to leaves or other parts of a plant, flowers can be pretty ephemeral,” she said. “They may last only a few weeks.”
    To track blooms on a large scale, Angel and other NASA scientists are looking to one of the signature qualities of flowers: color.

    Mapping Native Shrubs
    Flower pigments fall into three major groups: carotenoids and betalains (associated with yellow, orange, and red colors), and anthocyanins (responsible for many deep reds, violets, and blues). The different chemical structures of the pigments reflect and absorb light in unique patterns.
    Spectrometers allow scientists to analyze the patterns and catalog plant species by their chemical “fingerprint.” As all molecules reflect and absorb a unique pattern of light, spectrometers can identify a wide range of biological substances, minerals, and gases.
    Handheld devices are used to analyze samples in the field or lab. To survey moons and planets, including Earth, NASA has developed increasingly powerful imaging spectrometers over the past 45 years.
    One such instrument is called AVIRIS-NG (short for Airborne Visible/InfraRed Imaging Spectrometer-Next Generation), which was built by JPL to fly on aircraft. In 2022 it was used in a large ecology field campaign to survey vegetation in the Jack and Laura Dangermond Preserve and the Sedgwick Reserve, both in Santa Barbara County. Among the plants observed were two native shrub species — Coreopsis gigantea and Artemisia californica — from February to June.
    The scientists developed a method to tease out the spectral fingerprint of the flowers from other landscape features that crowded their image pixels. In fact, they were able to capture 97% of the subtle spectral differences among flowers, leaves, and background cover (soil and shadows) and identify different flowering stages with 80% certainty.
    Predicting Superblooms
    The results open the door to more air- and space-based studies of flowering plants, which represent about 90% of all plant species on land. One of the ultimate goals, Angel said, would be to support farmers and natural resource managers who depend on these species along with insects and other pollinators in their midst. Fruit, nuts, many medicines, and cotton are a few of the commodities produced from flowering plants.
    Angel is working with new data collected by AVIRIS’ sister spectrometer that orbits on the International Space Station. Called EMIT (Earth Surface Mineral Dust Source Investigation), it was designed to map minerals around Earth’s arid regions. Combining its data with other environmental observations could help scientists study superblooms, a phenomenon where vast patches of desert flowers bloom after heavy rains.
    One of the delights of researching flowers, Angel said, is the enthusiasm from citizen scientists. “I have social media alerts on my phone,” she added, noting one way she stays on top of wildflower activity around the world.
    The wildflower study was supported as part of the Surface Biology and Geology High-Frequency Time Series (SHIFT) campaign. An airborne and field research effort, SHIFT was jointly led by the Nature Conservancy, the University of California, Santa Barbara, and JPL. Caltech, in Pasadena, manages JPL for NASA.
    The AVIRIS instrument was originally developed through funding from NASA’s Earth Science Technology Office.
    News Media Contacts
    Andrew Wang / Jane J. LeeJet Propulsion Laboratory, Pasadena, Calif.626-379-6874 / 818-354-0307andrew.wang@jpl.nasa.gov / jane.j.lee@jpl.nasa.gov
    Written by Sally YoungerNASA’s Earth Science News Team
    2025-041

    MIL OSI USA News

  • MIL-OSI Banking: Verizon to speak at New Street Research Conference on March 26

    Source: Verizon

    Headline: Verizon to speak at New Street Research Conference on March 26

    NEW YORK – Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the New Street Research and BCG Future of Connectivity Leaders Conference on Wednesday, March 26, at 8:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    Boulben will discuss the unit’s progress to innovate on its mobile and broadband platforms, bringing differentiated offers to the market and enhancing its value proposition, while elevating the customer experience and strengthening customer relationships.

    Verizon is on track to deliver on its full-year 2025 financial and operational guidance and remains committed to its three key priorities of growing wireless service revenue, expanding adjusted EBITDA1 and generating strong free cash flow1.

    For 2025, Verizon continues to expect the following:

    • Total wireless service revenue growth2 3 of 2.0 percent to 2.8 percent.
    • Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
    • Adjusted EPS1 growth of 0 to 3.0 percent.
    • Cash flow from operations of $35.0 billion to $37.0 billion.
    • Capital expenditures between $17.5 billion and $18.5 billion.
    • Free cash flow1 of $17.5 billion to $18.5 billion.

    1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    2 Total wireless service revenue represents the sum of Consumer and Business segments.

    3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Reclassified 2024 annual revenues were more than $2.9 billion.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    Non-GAAP Reconciliations

    Free Cash Flow Forecast

    (dollars in millions)

    12 Mos. Ended 12/31/25

    Net Cash Provided by Operating Activities Forecast

    $ 35,000 – 37,000

    Capital expenditures forecast (including capitalized software)

    (17,500 – 18,500)

    Free Cash Flow Forecast

    $ 17,500 – 18,500

    MIL OSI Global Banks

  • MIL-OSI USA: Attorney General Introduces Newest Team Member for Internet Crimes Against Children Unit

    Source: US State of Idaho

    (L-R) Attorney General Raúl Labrador, K-9 Badger, ICAC Investigator Lauren Lane

    [BOISE] – Today, Attorney General Raúl Labrador introduced the newest member of his ICAC Unit – K-9 Badger, a two-year-old English Labrador (no relation).  Badger is specifically trained to detect hidden electronic storage devices (ESD), like SD cards and flash drives that may contain child sexual abuse material (CSAM).
    Suspects regularly put CSAM on easily concealable devices and go to great lengths to hide them, knowing that possession of such materials is a felony in Idaho with a potential sentence of 10 years per count.  Electronic storage devices with CSAM have been concealed to specifically avoid detection by investigators.   K-9s like Badger give ICAC investigators a powerful edge when it comes to CSAM search warrants.
    SD cards and other devices like air tags, cell phones, hidden cameras, laptops, and hard drives are all sprayed with triphenylphosphine oxide, or TPPO, during the manufacturing process to dissipate heat.  Badger is one of only 195 K-9s worldwide trained to detect TPPO, even in challenging environments, including underwater.  Badger joins K-9 Ardis with the Pocatello Police Department as the second ICAC Unit ESD K-9 in Idaho working to detect electronic storage devices.
    “The capabilities of Badger and other ESD K-9s are truly remarkable,” said Attorney General Labrador.  “In the fight against those that would exploit and endanger kids, Badger is a potent weapon.  I’m looking forward to all that Badger can bring to our ICAC Unit and our state.  Another Labrador on the team is always welcome!”
    In addition to detecting electronic storage devices.  Badger is also dual certified as a therapy dog and will assist with relatives and victims during search warrants and throughout the legal process.  Badger will also accompany his handler, ICAC Investigator Lauren Lane, during educational presentations throughout Idaho.
    Badger joins twenty investigators, forensic analysts and support staff in the Attorney General’s ICAC Unit, alongside affiliated partner agencies across the state dedicated to investigating cases of child sexual exploitation and enticement, as well as the possession, distribution, and manufacturing of CSAM.

    MIL OSI USA News

  • MIL-OSI Europe: Answer to a written question – Broadening EU taxonomy to strengthen investment opportunities and industrial resilience – E-000018/2025(ASW)

    Source: European Parliament

    The EU taxonomy aims to help identify investments into activities that make a substantial contribution to EU environmental objectives.

    The taxonomy already covers several technologies that are important for Europe’s strategic autonomy and resilience, such as manufacturing of renewable energy, generation of electricity and/or heat from renewable sources, hydrogen, storage and batteries, grids technologies, also recognised under the Net-Zero-Industry-Act[1], as well as transitional energy activities including gas and nuclear.

    Although defence activities are not covered as such in the taxonomy, undertakings in the defence sector can report investments into greening of their buildings or transport like any other sector[2].

    The EU taxonomy is a living document. More activities could be added to its scope over time. This could include more strategic activities.

    The Platform on Sustainable Finance[3], an independent advisory group, is currently developing recommendations for potential inclusion of mining and refining of critical raw materials in the taxonomy.

    In line with the EU Defence Industrial Strategy (EDIS)[4], improving access to finance for the defence industry is a priority for the EU, and the EU sustainable finance framework does not impose any limitations in this regard.

    EDIS stresses that, ‘with the exception of weapons subject to prohibitions by international conventions signed by Member States — which are therefore deemed by the EU to be incompatible with social sustainability — the defence industry enhances sustainability, given its contribution to resilience, security and peace’.

    • [1] Regulation (EU) 2024/1735 of the European Parliament and of the Council of 13 June 2024 on establishing a framework of measures for strengthening Europe’s net-zero technology manufacturing ecosystem and amending Regulation (EU) 2018/1724, OJ L, 2024/1735, 28.6.2024.
    • [2] Commission Notice on the interpretation and implementation of certain legal provisions of the EU Taxonomy Climate Delegated Act establishing technical screening criteria for economic activities that contribute substantially to climate change mitigation or climate change adaptation and do no significant harm to other environmental objective, OJ C, C/2023/267, 20.10.2023 , https://eur-lex.europa.eu/eli/C/2023/267/oj
    • [3] https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-finance/platform-sustainable-finance_en
    • [4] https://defence-industry-space.ec.europa.eu/eu-defence-industry/edis-our-common-defence-industrial-strategy_en

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the nomination of Lucian Romașcanu as a Member of the Court of Auditors – A10-0039/2025

    Source: European Parliament

     

    ANNEX 1: CURRICULUM VITÆ OF LUCIAN ROMAȘCANU

    ABOUT ME

    Married, two children

    Politician with top parliamentary and governmental experience with a wealth of prior experience in the private sector.

    Solid experience in working with public and European funds in the public positions held, minister, senator or head of a higher administrative territorial unit.

    EDUCATION AND TRAINING

    [ 2000 – 2002 ] Executive MBA

    University Of Washington, Seattle / ASEBUSS Bucharest

    City: Bucharest | Country: Romania |

    [ 1986 – 1991 ] BSc

    Academy Of Economic Studies

    City: Bucharest | Country: Romania |

    WORK EXPERIENCE

    [ 28/10/2024 – Current ] President

    Buzău County Council

    City: Buzău | Country: Romania

     uninominal elected position

     administrative coordination of Buzău county, 404 000 inhabitants and 87  administrative territorial units

     yearly budget – over EUR 100 million

    [ 21/12/2016 – 27/10/2024 ] Senator

    The Senate of Romania

    City: Bucharest | Country: Romania

    Various positions in the parliament of Romania:

     Chair, Culture and Media Committee

     President, Romanian parliament delegation to the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE)

     Leader, Social-Democratic Party senators

    [ 11/2021 – 06/2023 ] Minister Of Culture

    Government of Romania

    City: Bucharest | Country: Romania

    • yearly budget – over EUR 300 million

     

    [ 06/2017 – 01/2018 ] Minister Of Culture

    Government of Romania

    City: Bucharest | Country: Romania

    • yearly budget – over EUR 270 million

    [ 2015 – 2016 ] Management Advisor to the President of the Board

    Romanian National Television

    City: Bucharest | Country: Romania

     100 % state owned

     5 TV Channels

     EUR 67 million yearly turnover

     2 450 employees

    [ 2012 – 2015 ] Managing Director

    Dogan Media International

    City: Bucharest | Country: Romania

     Turkish capital

     EUR 20 million yearly turnover

     over 400 employees

     32 % y-o-y revenue growth

    [ 2009 – 2012 ] General Manager

    Cancan Media

    City: Bucharest | Country: Romania

     EUR 8 million yearly turnover

     140 employees

     12% y-o-y revenue growth

    [ 2006 – 2009 ] Managing Director

    Ringier Romania

    City: Bucharest | Country: Romania

     Swiss capital

     EUR 30 million yearly turnover

     240 employees

    [ 2004 – 2006 ] Managing Director

    Best Print Services

    City: Bucharest | Country: Romania

     EUR 10 million yearly turnover

     110 employees

     financing negotiations, investment programme supervising

     ERP design and implementation

     18 % y-o-y revenue growth

    [ 2002 – 2004 ] General Manager

    HL Display Romania

    City: Bucharest | Country: Romania

     Swedish capital

     start-up

     EUR 1 million yearly turnover

     5 employees

     Accountable for the Profit and Loss (P&L) statement

     budgeting, revenue and cost control responsibility

     

    [ 1999 – 2002 ] Sales Director

    Ringier Romania

    City: Bucharest | Country: Romania

     Swiss capital

     sales team coordination (14 people)

     crafting sales strategy, planning action, setting sales objectives

     sales presentations delivered to media agencies, key clients; contract negotiation

    [ 1997 – 1999 ] Sales Director

    MediaPro Holding

    City: Bucharest | Country: Romania

     organising and harmonising the sales structures of the different group companies

     crafting sales strategy, planning action, setting sales objectives

     sales presentations delivered to media agencies, key clients; negotiating sales budgets responsibility, in depth reorganisation of the sales structure of 16 different companies

    [ 1993 – 1997 ] Country Representative Amorim Irmaos

    City: Bucharest | Country: Romania

     start-up

     EUR 4 million yearly turnover

     building the presence on the Romanian market, obtaining and maintaining the leader position (90 % market share)

    [ 1991 – 1993 ] Account manager

    Vinexport Trading Co.

    City: Bucharest | Country: Romania

     coordinating exports to Dutch, Canadian and Israeli markets

     taking part in negotiations, supervising deliveries, preparing export documents.

    MANAGEMENT AND LEADERSHIP SKILLS

    Team leader, good negotiator

     good teams coordination

     precise identification and delimitation of competences and hierarchies, multitasking with attention to detail

     analytical but also action and results oriented

     very good communication and presentation skills

     strong negotiation skills with different typologies or cultures

    COMMUNICATION AND INTERPERSONAL SKILLS

    Excellent communicator, adaptable and perseverant

     excellent interpersonal and communication skills within different environments, coordinating and motivating teams of various sizes

     committed, self-starter, dynamic, perseverant, adaptable, rapidly assimilating new information from various fields

    LANGUAGE SKILLS

    Mother tongue(s): Romanian

    Other language(s):

    English

    LISTENING C2 READING C2 WRITING C2

    SPOKEN PRODUCTION C2 SPOKEN INTERACTION C2

    French

    LISTENING B2 READING B2 WRITING B1

    SPOKEN PRODUCTION B1 SPOKEN INTERACTION B1

    Levels: A1 and A2: Basic user; B1 and B2: Independent user; C1 and C2: Proficient user

    DIGITAL SKILLS

    My Digital Skills

    Excellent command of Microsoft Office (Word, Excel, Outlook) | Proficiency of using computer and internet | Enterprise-Resource-Planning-Software (ERP) | Implement change management: from organisational changes to CRMs launch

    DRIVING LICENCE

    Motorbikes:  A

    Cars:  B

    HOBBIES AND INTERESTS

    Avid reader, passionate about sports and music

    ANNEX 2: ANSWERS BY LUCIAN ROMAȘCANU TO THE QUESTIONNAIRE

    Questionnaire for Candidates for Membership of the Court of Auditors

    Professional experience

    1. Please list your professional experience in public finance be it in budgetary planning, budget implementation or management or budget control or auditing.

     A:

     As manager in the private sector

    i. I proposed, negotiated, approved and controlled budgets of EUR tens of millions in the different companies I managed.

     

     As Senator in the Romanian Parliament:

    i. I discussed, amended and approved eight of the Romanian yearly budgets with all the activities involved in this laborious process.

    ii. I received, analysed, and was involved in amending, approving or rejecting the budgets of the institutions that operate directly under the supervision of the Senate of Romania – Romanian National Television, Romanian National Radio, the Romanian Cultural Institute, the Audio Visual Council, among others.

    iii. I was involved in top level decisions during major crises, including the pandemic and the energy crisis, where the budgetary impact and control over decisions was a key priority.

     

     As Minister of Culture

    i. I analysed past years’ budgets and drew conclusions on the performance of the previous budgets and implemented corrective measures where necessary.

    ii. I drew up the yearly budgets, negotiated them with the Ministry of Finance and presented them in front of the Romanian parliament – the yearly budget of the Ministry of Culture is about EUR 300 million.

    iii. I oversaw the execution of the yearly budgets both in terms of performance and legality.

    iv. I worked closely with the Romanian Court of Accounts in all aspects related to their activities concerning my ministry.

     

     As President of Buzau County

    i. I analysed the previous years’ budgets to allow me to draw conclusions on the County’s financial performance and subsequently prepared budgetary corrections for the next period.

    ii. I drew up the 2025 budget and supervised its approval by the County counsellors – the yearly budget is about EUR 110 million.

    2. What have been your most significant achievements in your professional career?

     A: Considering the scope of this questionnaire, I would list some of the achievements related to the financial and budgetary fields:

    i. In my first mandate as Minister, I was able to increase the budget of the Ministry of Culture by 47 % and oversaw an execution rate of more than 98 % without any adverse opinion from the Romanian Court of Accounts.

    ii. As the leader of the group of the Social Democratic Party senators I was a key actor in the negotiation and successful vote of the Romania’s annual budgets in due time.

    iii. As member of the Parliament during the COVID-19 crisis I was able, together with my colleagues, to ensure – through the necessary Parliamentary decisions – all the resources that the state needed to fight the pandemic and follow-up the way the resources were allocated and spent.

    3. What has been your professional experience of international multicultural and multilinguistic organisations or institutions based outside your home country?

     A:

    i. In the private sector I worked on top executive positions for multinational companies, where I exposed to different cultures within the organisations I worked for.

    ii. As a member of the Romanian parliament and a committee chair, I was constantly involved in activities of parliamentary diplomacy with representatives of different countries and cultures. As the President of the Romanian Parliament delegation to the Organization for Security and Co-operation in Europe (OSCE) I was involved in meetings, discussions and negotiations with representatives from more than 50 member countries.

    iii. As a minister I had the opportunity to have a full international agenda with meetings and negotiations with colleagues from different countries and cultures.

    4. Have you been granted discharge for the management duties you carried out previously, if such a procedure applies?

     A: The duties I carried out previously were not subject to a discharge procedure.

    5. Which of your previous professional positions were a result of a political nomination?

     A: For the past eight years of my career, I was in the public service following general or local elections and I was appointed twice as Minister of Culture. All positions were held as a member of the Social Democratic Party (PSD).

    6. What are the three most important decisions to which you have been party in your professional life?

     A: Having a career that spans over decades, there were several important decisions that made the difference, and I am proud of. I will mention three of them, which are relevant for the three main chapters of my career so far, in the private sector, government and parliament:

    i. One of my important decisions I made during my years as manager in the private sector was the deep restructuring of the division I was in charge of in within Ringier Romania, the result being that the newspaper and magazine titles in my portfolio accounted for 50 % of the group’s turnover and almost 100 % of the group’s profit.

    ii. As Minister of Culture, I was able to restructure and streamline the budget to allocate 270 % more money to domestic cultural projects than in the preceding year.

    iii. As a senator and group leader I supported, negotiated in the committees and got the votes for the investment programmes of the Government, including recovery and resilience fund (RRF) projects, which reached almost 7 % of Romania’s GDP in 2024.

    Independence

    7. The Treaty stipulates that the Members of the Court of Auditors must be ‘completely independent’ in the performance of their duties. How would you act on this obligation in the discharge of your prospective duties?

    A: If confirmed, as a Member of the Court of Auditors, I commit myself to carry out my duties in full independence and with the highest ethical standards, in the general interest of the European Union and of the European citizens, and in full respect of the Treaties’ provisions and the Rules of Procedure of the Court. I will fully comply with the provisions of the Code of conduct for ECA members and observe the ethical principles enshrined therein: integrity, independence, objectivity, competence, professional behaviour, confidentiality, transparency, dignity, commitment, loyalty, discretion and collegiality.

    I will neither seek nor take instructions from any government or other institution, body office, or entity. At the same time, I shall refrain from any action incompatible with my prospective duties, striving to set an example by my personal conduct. Even after the cessation of my duties, I undertake to ensure the confidentiality of information and respect the rules concerning appointments and benefits.

    In this role, I will ensure that the Court’s independence is rigorously protected and that my duties are performed with integrity, impartiality and a strong commitment to the highest standards of public service.

    8. Do you or your close relatives (parents, brothers and sisters, legal partner and children) have any business or financial holdings or any other commitments, which might conflict with your prospective duties?

     A: Neither I nor any member of my family have any business or financial interests that could give rise to a conflict of interest with the duties and responsibilities associated with the role of Member of the European Court of Auditors (ECA).

    9. Are you prepared to disclose all your financial interests and other commitments to the President of the Court and to make them public?

     A: Yes, I am ready to disclose all requested information and provide a declaration of interest in accordance with the European Court of Auditors’ Code of Conduct and ethical guidelines, ensuring complete transparency and accountability.

    10. Are you involved in any current legal proceedings? If so, please provide us with details.

     A: No, I am not involved in any current legal proceedings.

    11. Do you have any active or executive role in politics, if so at what level? Have you held any political position during the last 18 months? If so, please provide us with details.

     A: Yes, I am currently the leader of the Buzau County organisation of the Social Democratic Party and the national spokesperson of the party for all matters.

    12. Will you step down from any elected office or give up any active function with responsibilities in a political party if you are appointed as a Member of the Court?

     A: Yes, without any hesitation. Becoming a member of ECA means that I will put an end to my political career.

    13. How would you deal with a major irregularity or even fraud and/or corruption case involving persons in your Member State of origin?

     A: If such a case happens, I would handle it in the same manner as any other case of fraud in any other Member State, with the utmost independence and integrity, taking a fully impartial, objective, unbiased and professional approach.

     Upholding impartiality and integrity, respecting the rule of law, strictly following established policies, rules, and procedures, and ensuring fairness and equal treatment are all essential for any institution to function effectively and maintain the trust of EU citizens.

    Performance of duties

    14. What should be the main features of a sound financial management culture in any public service? How could the ECA help to enforce it?

    A: Within the framework set by the Financial Regulation, sound financial management is understood as budget implementation in compliance with the three principles of:

    i) economy

    ii) efficiency

    iii) effectiveness.

    Public funds must be used for the public good, upholding the fundamental principles of transparency and accountability, which are the two key pillars of good governance.

    I strongly believe that transparency, fairness and accountability, with a focus on performance as well, should be seen as the main features of implementing these principles and fostering a sound financial management culture in public service and these have been guiding elements in both my private and public-sector career.

    What is more, the challenging context we are facing requires that we all do our utmost to rebuild and strengthen citizens’ trust in public institutions and decision-making processes at national and European levels. In this regard, I see added value in a multilayered approach aiming to ensure that proper budgetary planning is accompanied by ethical governance and transparent reporting, followed by a thorough controlling and accountability process, all supported by clear and proactive communication efforts at each of these stages. Not least, I see merit in incorporating early risk analysis and mitigation in all stages described above, to ensure the best possible outputs.

     The ECA has the important role of helping to establish a culture of professional financial management and ensuring its sustainability across all EU institutions. The ECA delivers recommendations and monitors their implementation, both key activities for the above-mentioned role. Identifying best practices and issuing audit recommendations are essential ways to strengthen sound financial management. Furthermore, the ECA’s substantial moral authority can help inspire more transparent and accountable accounting practices throughout the EU.

     The ECA also plays a significant role in simplifying the legislative framework and administrative procedures where appropriate, contributing to effective financial management and facilitating necessary reforms. The EU needs simpler procedures with less bureaucracy, and the ECA can play a vital role in Europe’s simplification agenda.

    15. Under the Treaty, the Court is required to assist Parliament in exercising its powers of control over the implementation of the budget. How would you further improve the cooperation between the Court and the European Parliament (in particular, its Committee on Budgetary Control) to enhance both the public oversight of the general spending and its value for money?

    A: As a prospective Member of the Court of Auditors, I assure you of my commitment to building a relationship based on openness, transparency, mutual trust and efficiency between the European Parliament – in particular its Committee on Budgetary Control (CONT) – and the Court of Auditors. As we are still early in the current institutional and legislative cycle, I believe we need to work, from both sides, to further strengthen the connection between the two institutions and foster a culture of constant engagement between the CONT Committee and the ECA. As such, if confirmed, I would like to assure you of my full openness to dialogue and suggestions on how to improve and strengthen the Court’s contributions in support of the decision-making process in the CONT Committee, meant to allow Parliament to exercise its democratic oversight effectively, particularly when exercising its powers of control over the implementation of the budget. Also given the current difficult regional and international context, I cannot stress enough the importance of safeguarding the EU budget – both at EU and national levels – and I am aware that this is a prime concern for this Parliament and for the CONT Committee in particular.

     

    By working together, we can ensure that any expenditure of EU money is made in a legal, responsible, and accountable manner, having at heart the best interests of the EU and its citizens.

     Moreover, since Members of the European Parliament directly represent the interests of EU citizens, it is crucial to incorporate their perspectives to ensure the ECA’s work remains relevant to the challenges faced by EU citizens, while upholding the Court’s full independence in its work.

     

    16. What added value do you think performance auditing brings and how should the findings be incorporated in management procedures?

     

    A: Compliance audits, financial audits and performance audits complement each other. While compliance auditing verifies whether activities and programmes comply with applicable legal and regulatory requirements, performance auditing evaluates whether these activities and programmes have been executed optimally.

     

    In the context of the implementation of the current multi-annual financial framework for 2021-2027, the Court of Auditors has already recommended future-proofing EU funding for climate adaptation as part of the EU’s economic growth strategy, with implications for the EU’s competitiveness both internally and externally. This contributed to building a results-oriented approach and ensuring that financial decisions are properly translated into effective actions and solutions to the benefit of EU citizens.

     

    Building on this model, further actions could be envisaged in order to support the proper follow-up to the efficiency of spending on the EU’s competitiveness objectives, based on performance auditing, also taking into account the need to consider the EU’s overall development objectives.

     In the same logic, a stronger focus on performance could prove useful in support of the new Commission objectives related to simplification and accountability, also with respect to public procurement procedures. Performance-based evaluations could also consider the administrative costs at the level of Member States, as well as at the level of the business community. Performance auditing offers forward-looking insights, evaluating whether processes are functioning effectively to achieve the set targets and goals.

    Given the projected increased complexity of the EU financial instruments, accountability and traceability of EU funds becomes even more important, also as a prerequisite of the performance-based model, to be considered in the future endeavours of the Court of Auditors, as well as in the relationship with the other EU institutions with budgetary responsibilities – namely the European Commission and the European Parliament.

     That being said, we must always strive to make recommendations that are both relevant and practical, and that can be clearly understood and embraced by the audited entity, especially by the appropriate management level with the competence to implement them optimally in terms of time, cost, and resources.

     

    17. How could cooperation between the Court of Auditors, the national audit institutions and the European Parliament (Committee on Budgetary Control) on auditing of the EU budget be improved?

     A: At this stage, I cannot provide a definitive answer, as I have yet to assess the matter from the perspectives of either the Committee on Budgetary Control or ECA. Gaining practical experience at the Court of Auditors will be essential in forming a well-informed view.

     What is clear, however, is that the cooperation between the Court of Auditors and national audit bodies, as outlined in Article 287(3) of the Treaty on the Functioning of the European Union, is crucial for effective budgetary control. In the context of shared management, leveraging the expertise of national auditors is particularly important.  

     Maintaining an open dialogue with the budgetary and legislative authorities, national SAIs, and other stakeholders strengthen the institution’s relevance and the impact of its work.

    Both the European Parliament (through the CONT Committee) and national audit institutions that report to national parliaments are key stakeholders for the ECA, with a shared goal of safeguarding the EU budget and ensuring optimal use of EU taxpayers’ money. In this regard, the ECA should continue to share its relevant reports with national audit bodies and other institutions to keep them informed of its activities and to communicate its recommendations on pertinent policy areas.

    Therefore, I believe that a well organised, transparent exchange of information, a strong understanding of each side’s needs, and effective collaborative arrangements are key to success. Any actions taken must uphold the legal framework for cooperation, ensuring both the obligation to work in good faith and the independence of the Court of Auditors and national audit bodies.

    Moreover, I would encourage direct structured dialogue between the Contact Committee and the EP Committee on Budgetary Control, with regular exchanges on good practices and lessons learned, effective budget implementation and control, governance, transparency and accountability matters. Additionally, I believe that joint risk analyses could also be a part of this more structured dialogue, a common understanding on challenges and specific risk across the EU, and exchange on ways to address these.

    At its end, the European Parliament also plays a significant role in raising awareness of the ECA’s work and the EU budget control system among their constituents. Also, the Members of the European Parliament should help the audit authorities in their respective Member States to better understand the challenges they face in carrying out their duties.

    18. How would you further develop the reporting of the ECA to give the European Parliament all the necessary information on the accuracy of the data provided by the Member States to the European Commission?

    A: High-quality reporting is based mainly on the quality of data provided. ECA evaluation and reporting depends on the quality of the data provided, especially since it supports the European Parliament in consolidating its budgetary decisions.

    In this respect, also considering that European statistics are public goods, and building on the current Regulation on European Statistics, it is important to analyse, in dialogue with the European Commission and the other institutions, how the current system could be improved to focus on new data sources, new technologies and insights generated by the digital era, as to ensure that the data provided reflect the new set of challenges and economic realities in order to support the reasoning of EU decisions and policy objectives.

    Always remembering that the Court itself has limited resources and must best use them to report its work.

    Other questions

    19. Will you withdraw your candidacy if Parliament’s opinion on your appointment as Member of the Court is unfavourable?

    A: As a former member of the Romanian parliament and former committee chair, I have full respect for the decisions of the European Parliament. In this respect, if any doubts were raised about my integrity or independence, I would of course consider, after discussions with my Member State, withdrawing my nomination. I would also carefully consider the views and discussions in the Budgetary Control Committee regarding the areas of professional improvement and act accordingly.

    Nevertheless, since I was nominated by the Romanian Government and the procedure under the TFEU states that the Council has the final decision, I consider that following the full procedure is the correct way to act that respects all the institutions involved.

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

    INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

    Date adopted

    18.3.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    22

    2

    5

    Members present for the final vote

    Georgios Aftias, Gilles Boyer, Caterina Chinnici, Tamás Deutsch, Dick Erixon, Daniel Freund, Gerben-Jan Gerbrandy, Niclas Herbst, Monika Hohlmeier, Virginie Joron, Kinga Kollár, Giuseppe Lupo, Marit Maij, Claudiu Manda, Csaba Molnár, Fidias Panayiotou, Jacek Protas, Julien Sanchez, Jonas Sjöstedt, Carla Tavares, Tomáš Zdechovský

    Substitutes present for the final vote

    Maria Grapini, Erik Marquardt, Bert-Jan Ruissen, Vlad Vasile-Voiculescu, Annamária Vicsek

    Members under Rule 216(7) present for the final vote

    Andrzej Halicki, Valentina Palmisano, Georgiana Teodorescu

     

     

    MIL OSI Europe News

  • MIL-OSI Security: New Bern Gang Member Sentenced to 10 years in Prison For Possession of a Firearm as a Felon

    Source: Office of United States Attorneys

    RALEIGH, N.C. – A New Bern  man was sentenced today to 10 years in prison for illegally possessing firearms as a convicted felon.  Nathan Sheptock, 24, pled guilty to the charge on August 22, 20224.   

    According to court documents and other information presented in court, Nathan Sheptock, a validated Crip street gang member, illegally possessed two firearms including an AK-style 12-guage shotgun with a 10-round magazine. On August 9, 2023, North Carolina Probation responded to a verbal altercation between Sheptock and a woman at Sheptock’s house on Kinston Street in New Bern. Since Sheptock was actively on probation at the time, probation officers conducted a warrantless search of the house and observed what appeared to be narcotics in plain sight.  A witness also reported that Sheptock was keeping firearms in the house. New Bern Police then obtained a search warrant for the house and found firearms hidden in the backyard. The firearms were DNA tested and lab confirmed to contain Sheptock’s DNA.

    Sheptock has a violent criminal history, including multiple convictions for Common Law Robbery from a series of robberies of pizza delivery drivers that Sheptock and an accomplice carried out in 2017.

    “When violent felons such as Mr. Sheptock possess firearms, they are committing serious federal crimes and endangering our communities,” Acting United States Attorney Daniel P. Bubar stated today.  “I commend the FBI and our state partners at the New Bern Police Department and NC Probation for their hard work in this case, which brought Sheptock to justice.”

    “The FBI will not tolerate violent gang members who break the law and then disregard the restrictions they brought upon themselves as convicted felons. Mr. Sheptock was convicted of multiple robberies in 2017, therefore prohibited from owning a weapon. The FBI and our partners at the New Bern Police Department are unwavering in our commitment to making our communities safer for everyone,” said Robert M. DeWitt, the FBI Special Agent in Charge in North Carolina. 

    This case was brought as part of the New Bern Violent Crime Action Plan (VCAP) which is a collaboration of the U.S. Attorney’s Office and the New Bern Police Department, the Craven County Sheriff’s Office, the Federal Bureau of Investigation (FBI), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the District Attorney for the region. A primary objective of VCAP is to investigate and prosecute individuals contributing significantly to crime in New Bern and surrounding areas.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge James C. Dever III.  New Bern PD, the FBI, and NC Probation investigated the case and Assistant U.S. Attorneys Philip Aubart and Julie Childress prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 4:23-CR-61-D-BM.

    ###

    MIL Security OSI

  • MIL-OSI Security: Naples Man Sentenced To 30 Years For Coercion And Enticement Of A Minor To Engage In Sexual Activity

    Source: Office of United States Attorneys

    Fort Myers, Florida – U.S. District Judge Thomas P. Barber has sentenced Juan Sebastian Perez (24, Naples) to 30 years in federal prison for enticement of a minor to engage in sexual activity, distribution of child sexual abuse material (CSAM), and possession of images and videos depicting the sexual abuse of children. Perez was also sentenced to a life term of supervised release and ordered to register as a sex offender. Perez entered a guilty plea on December 18, 2024.

    According to court documents, from November 2023 through June 26, 2024, Perez was involved with child exploitation, to include the enticement of a minor to engage in sexual activity and the distribution and possession of CSAM. Perez sought out and chatted with at least one minor over the internet through a social media application. 

    In June 2024, the FBI received a report concerning a 14-year-old child being persuaded by Perez to produce sexually explicit pictures to send to him. At Perez’s urging and direction, the minor sent sexually explicit pictures and videos to Perez.

    When the FBI executed a search warrant at Perez’s home, Perez agreed to speak with agents and admitted to using several social media applications. Perez told agents that he had come across CSAM online and admitted to soliciting nude images from users with whom he had communicated with. A subsequent forensic examination of Perez’s electronic devices revealed images and videos of CSAM. 

    This case was investigated by Federal Bureau of Investigation, Fort Myers Child Exploitation and Human Trafficking Task Force, with assistance from the Lake Oswego Police Department. It was prosecuted by Assistant United States Attorney Yolande G. Viacava.

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

    MIL Security OSI

  • MIL-OSI Security: Violent Level 3 Sex Offender From Harwich Sentenced to Decade in Prison for Child Pornography Offense

    Source: Office of United States Attorneys

    Defendant previously convicted of lewdness and indecent assault and battery on a child

    BOSTON – A Level 3 sex offender from Harwich, with prior violent convictions involving minor victims, was sentenced today in federal court in Boston for possessing child sexual abuse material (CSAM).

    Jonathan Fleischmann, 37, was sentenced by U.S. District Court Judge Allison D. Burroughs to 10 years in prison to be followed by five years of supervised release. Fleischmann was also ordered to pay restitution in the amount of $7,500. In July 2024, Fleischmann pleaded guilty to one count of possession of child pornography.

    “Despite his prior predatory behavior and the fact that he was already facing serious charges in state court – charges that involved ambushing and attempting to kidnap a young girl at gunpoint outside her home – this defendant continued to demonstrate a complete disregard for the safety and well-being of children by downloading hundreds of atrocious CSAM from the dark web. Each image and video he viewed or shared re-victimized the real, vulnerable children depicted in them. These crimes do not exist in a vacuum; they cause significant harm to the children and families affected,” said United States Attorney Leah B. Foley. “Today’s sentence reflects the seriousness with which we treat these crimes and our commitment to protecting children from individuals like Mr. Fleischmann, who refuse to learn or take steps toward remediating their vile tendencies.”

    “Over and over, Fleischman committed deeply disturbing sex crimes aimed at children. For years, he has been a threat to the community but after today’s sentence, he will be off the streets for a decade,” said Homeland Security Investigations New England Special Agent in Charge Michael J. Krol. “Child sexual abuse material immortalizes the abuse of a child and those who download, trade, and possess CSAM are perpetuating the trauma those children experienced. We are committed to protecting kids and seeking justice for those victimized through child exploitation.”

    Fleishmann is a Level 3 sex offender due to prior convictions in Barnstable District Court of Indecent Assault and Battery on a Child Under 14 in 2006, as well as Open and Gross Lewdness and Possession of Child Pornography in 2017 for masturbating to CSAM in a Honey Dew Donuts parking lot.

    Additionally, in September 2020, Fleischmann was charged in Barnstable Superior Court with home invasion, armed kidnapping and assault to rape for invading a Yarmouth home and forcibly taking a 16-year-old female at gunpoint into her house as she arrived home from school. That investigation also revealed that Fleishmann had accessed a dark web hidden service on his cellphone dedicated to the trafficking of child pornography. He was later released in April 2021 on conditions including cash bail and GPS monitoring.

    Fleischmann is prohibited from possessing digital devices due to his prior convictions.

    On March 18, 2023, law enforcement was notified that Fleischmann was observed downloading suspected CSAM media files onto a cell phone at his workplace in Brewster. Specifically, while the phone was left open and charging on a counter, Fleischmann’s co-workers saw that it displayed media files in the process of downloading, with file names that were consistent with CSAM.

    When approached by law enforcement at his residence later that day, Fleishmann initially denied owning the cell phone but eventually agreed to produce it – retrieving the device from a hidden location beneath a bathroom sink. A subsequent search of the cell phone revealed approximately 255 image files and 55 video files depicting CSAM – including files portraying child rape, sadistic or masochistic conduct and the abuse of infants or toddlers.

    Fleischmann has remained in federal custody since his May 2023 arrest in this case. In May 2024, Fleischmann was sentenced to 12 years in state prison in connection with the Yarmouth home invasion. Following today’s hearing, the defendant was released into state custody to serve the 12-year state sentence, which will run concurrently with the federal sentence imposed today.

    U.S. Attorney Foley and HSI SAC Krol made the announcement today. Valuable assistance was provided by the Cape & Islands District Attorney’s Office and the Brewster Police Department. Assistant U.S. Attorney Luke A. Goldworm of the Major Crimes Unit prosecuted the case.

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

    MIL Security OSI

  • MIL-OSI Security: Morgantown Construction Company Owner Admits to Harboring Illegals, Tax Fraud

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – Hetzon Marroquin Reyes, owner and operator of A&M Homes, LLC, in Morgantown, West Virginia, has admitted to harboring illegal aliens for financial gain and tax interference.

    According to the court documents and statements made in court, Reyes, also known as “Hector,” age 40, hired and harbored illegal aliens to work for his construction company. Reyes created fraudulent driver’s licenses and immigration forms to provide to the West Virginia Division of Labor inspectors. Reyes also used social security numbers issued to persons other than the illegal employees for tax purposes. In some cases, the social security numbers used actually belonged to deceased individuals.          

    “We are committed to protecting the integrity of the United States’ immigration system and to prevent the exploitation of that system for any purpose including commercial advantage and private financial gain,” stated Acting United States Attorney Randolph J. Bernard.  “Those, like the defendant, who choose to violate the law for a perceived profit will do so at their peril and at the expense of a substantial fine and imprisonment.”

    Reyes faces up to 10 years in federal prison for the harboring charge and faces up to three years for the tax interference count. A federal district court judge would determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorney Jarod Douglas is prosecuting the case on behalf of the government.

    The case was investigated by the Department of Homeland Security, the Internal Revenue Service-Criminal Investigations, and the Social Security Administration-Office of Inspector General.

    U.S. Magistrate Judge Michael John Aloi presided.

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

    MIL Security OSI

  • MIL-OSI Security: NEWARK EXPEDITER ADMITS CONSPIRING TO GIVE BRIBES TO NEWARK OFFICIALS AND OTHER FRAUD

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Newark-based expediter today admitted to conspiring to give bribes to Newark public officials, including then-Newark Councilmember Joseph A. McCallum, Jr., in connection with real estate development and construction-related transactions and conspiring with others to create and sell falsified documents supposedly issued by the City of Newark in connection with development, construction, rental or sale of such properties in Newark. Baxter also admitted to feigning the need to pay a bribe to a Newark official to fraudulently obtain money for himself and participating in a separate scheme to fraudulently obtain federal COVID-19 Paycheck Protection Program (PPP) loans, U.S. Attorney John Giordano announced.

    Lamont Baxter, 49, pleaded guilty before U.S. District Judge William J. Martini to seven counts in an information charging him with conspiring to give bribes to Newark officials, giving bribes to McCallum in connection with a developer’s real estate transactions, committing wire fraud in connection with a purported cash bribe payment, conspiring to commit wire fraud in connection with falsifying documents purportedly issued by the City of Newark, and committing wire fraud to obtain PPP loans.  

    According to documents filed in these cases and statements made in court:

    As an expediter on real estate and construction matters in Newark, from 2017 through August 2022, Baxter served as a liaison between Newark officials and agencies and individuals seeking permits, Certificates of Continued Occupancy (CCO), Certificates of Code Compliance (CCC), approvals and other actions on an expedited basis. To provide these expediting services, for years, Baxter conspired with others, including developers, to pay cash bribes to various Newark officials so that these officials completed the official acts that Baxter requested on behalf of the developers and others.  Baxter would often use the term “taking care of” a Newark official to indicate to a developer when additional cash or extra payment was needed to be added to official fees charged by Newark so that Baxter could use the extra money to bribe a Newark official, such as an official handling the issuance of a CCC.

    In addition to paying bribes to Newark officials on behalf of others, Baxter also once fraudulently obtained a $10,000 cash payment for himself by falsely indicating to his developer client that the cash was needed to pay a bribe to a Newark official. In that instance, Baxter kept the entire payment for himself and simply pretended that he had given the payment to a Newark Official.

    Part of Baxter’s participation in the bribery schemes included delivering cash bribes exceeding $5,000 from 2019 to 2020 to then-Councilmember McCallum on behalf of a Newark developer who sought and obtained McCallum’s official assistance in obtaining approvals for real estate projects in Newark. On March 15, 2022, before Judge William J. Martini, McCallum admitted receiving bribes while serving as a Councilmember and a director of the Newark Community Economic Development Corporation, as part of his guilty plea to wire fraud for devising a scheme to defraud Newark and of the right to McCallum’s honest services and subscribing to a false personal tax return for calendar year 2018.

    Part of Baxter’s expediting services from 2017 to August 2022, included conspiring with others to create and deliver falsified and fraudulent CCOs, CCCs, and certificates of approval issued by the City of Newark notifying a utility that was to provide electricity for a property that the required inspection had been conducted at the property (known as “cut-in cards”) to individuals who needed these official documents in relation to the development, construction, rental or sale of properties in Newark.  Baxter and others used this scheme to fraudulently obtain payments from the individuals who required these official documents from the City of Newark.

    Baxter also used the various entities he incorporated to obtain payments as an expediter to facilitate a scheme to fraudulently obtain PPP loans during the COVID-19 pandemic.  In 2020 and 2021, Baxter participated in preparing and submitting fraudulent PPP loan applications that included false tax forms and documents and contained false information on the application forms, concerning, among other things, the companies’ gross revenue.  As part of this scheme, Baxter even attempted to obtain a PPP loan for a lounge that he did not actually own and control, pretending to be its owner. As a result of his fraudulent scheme, Baxter obtained over $40,000 in PPP loan funds.  

    The conspiracy to commit bribery charge in Count 1 of the information to which Baxter pleaded guilty carries a maximum penalty of 5 years in prison and the bribery charge in Count 2 to which Baxter pleaded guilty carries a maximum penalty of 10 years in prison. The wire fraud and wire fraud conspiracy charges in Counts 3 through 7 to which Baxter pleaded guilty each carry a maximum penalty of 20 years in prison. All of the charges carry a maximum fine of $250,000, or twice the pecuniary gain to the defendant or loss to the victims, whichever is greater. Sentencing for Baxter is scheduled for August 12, 2025 at 11 a.m.

    U.S. Attorney Giordano credited special agents of the FBI’s Newark Field Office, under the direction of Special Agent in Charge in Newark Terence G. Reilly in Newark; special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, and special agents of the U.S. Department of Housing and Urban Development, Office of Inspector General, under the direction of Special Agent in Charge Shawn Rice, with the investigation leading to today’s guilty plea by Baxter.

    The government is represented by Deputy Chief Jihee G. Suh and Assistant U.S. Attorney Francesca Liquori of the U.S. Attorney’s Office’s Special Prosecutions Division and Chief Katherine Calle of the U.S. Attorney’s Office’s Opioid Unit.

    All other co-conspirators identified in the Information are presumed innocent until proven guilty.

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    Defense counsel: John A. McMahon, Esq. 

    MIL Security OSI