On August 31, 2024, Waskesiu RCMP received a report of a sexual assault.
Investigation determined a male approached a female in a washroom at the beach in Waskesiu during the late evening hours and attempted to sexually assault her. The woman was able to escape. She did not report physical injuries to police.
Waskesiu RCMP has been investigating this incident since and is now asking the public for assistance in identifying the suspect.
He is described as an Asian male between 16 and 21 years old, with a medium complexion and straight dark hair, which came approximately halfway down his forehead.
He is approximately 5’5″ to 5’7″ tall with a small build.
He was wearing black Crocs, grey socks, baggy black jeans or cargo pants, a woven fabric belt with a silver metal buckle, a light grey or white shirt and an oversize grey zip-up hoodie he was wearing half off his shoulders.
If you have information about this incident, think you know who the suspect may be, or saw the suspect in Waskesiu in late August/early September 2024, contact Waskesiu RCMP by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.
ROCK HILL, S.C., March 04, 2025 (GLOBE NEWSWIRE) — 3D Systems (NYSE:DDD) announced today that the Company will participate in the Cantor Global Technology Conference on March 11, 2025.
President and CEO, Dr. Jeffrey Graves will participate in a fireside chat at 2:20 p.m. Eastern Standard Time and will participate in individual meetings alongside members of the Company’s leadership team throughout the day.
A live webcast of the conference presentation will be available on 3D Systems’ Investor Relations page. The link will be live just prior to the start of the event and will be available for on-demand viewing approximately 24 hours after the event is complete. The webcast recording will be available for a limited time following the conference.
About 3D Systems More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction – empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials, and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive, and durable goods. More information on the company is available at www.3dsystems.com.
NEW YORK, March 04, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for February 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
FRAMINGHAM, Mass., March 04, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that in connection with the hiring of two senior leaders, the Human Capital Management and Compensation Committee (the “Committee”) of Definitive Healthcare’s Board of Directors granted inducement awards. The Committee granted Kate Hastings, Definitive Healthcare’s new Chief Customer Officer an inducement award consisting of 172,414 time-based restricted stock units (“RSUs”) effective March 3, 2025 and granted Benjamin Graboske, Definitive Healthcare’s new EVP, Technology, Engineering and Chief Data Officer an inducement award consisting of 1,018,330 time-based RSUs, effective March 3, 2025. Each of these awards was individually negotiated and was granted as an inducement material to Ms. Hastings’ and Mr. Graboske’s respective commencement of employment with Definitive Healthcare in accordance with Nasdaq Listing Rule 5635(c)(4).
Each of the awards is subject to the terms and conditions of Definitive Healthcare’s 2023 Inducement Plan (the “Plan”) and the terms and conditions of an applicable award agreement covering the grant.
Ms. Hastings’ RSUs will vest as follows, subject to Ms. Hastings’ continued employment through each such date: (i) 25% will vest on February 1, 2026; (ii) the remainder will vest in quarterly installments equal to 6.25% of the total RSUs over the subsequent 3 years, until fully vested.
Mr. Graboske’s RSUs will vest as follows, subject to Mr. Graboske’s continued employment through each such date: (i) 25% will vest on April 1, 2026; (ii) the remainder will vest in quarterly installments equal to 6.25% of the total RSUs over the subsequent 3 years, until fully vested.
About Definitive Healthcare
At Definitive Healthcare, our passion is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS platform creates new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.
Investor Contact: Brian Denyeau ICR for Definitive Healthcare brian.denyeau@icrinc.com 646-277-1251
HAMILTON, Bermuda, March 04, 2025 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today its Lloyd’s syndicate (“Syndicate 2008”), managed by Enstar Managing Agency Limited, has completed the previously announced transaction with Atrium Syndicate 609, managed by Atrium Underwriters Limited.
Under the terms of the loss portfolio transfer agreement, Atrium Syndicate 609 ceded net loss reserves of approximately $196 million, based on Atrium’s carried reserves as at Q3 2024, to Enstar’s Syndicate 2008. The reinsurance relates to business underwritten in the 2023 and prior years of account, with all claims handling transferring to Syndicate 2008.
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.
OMAHA, Neb., March 04, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP, a Delaware limited partnership, (NYSE: GHI) (the “Partnership”) today announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on February 20, 2025. A copy of this Form 10-K is available on the Partnership’s website at www.ghiinvestors.com/sec-filings/annual-reports. The Partnership’s unitholders may receive a hard copy of the Form 10-K free of charge upon request to the Partnership’s Investor Services department at (855) 428-2951.
The Partnership also announced that investors may now access their Tax Year 2024 Schedule K-1 forms using the Tax Package Support website at www.taxpackagesupport.com/greystone. Investors with existing access to Tax Package Support can access their Partnership Schedule K-1 information using their existing accounts. Investors needing to set up an account can do so by clicking on the “Sign Up” link. Tax Package Support representatives are available to assist users at (833) 608-3512. Representatives are available Monday through Friday from 8am-5pm CST.
In addition to being available electronically, paper copies of investor Tax Year 2024 Schedule K-1 forms will be printed and mailed to investor addresses on file unless the investor has chosen paperless delivery through the Tax Package Support website.
Further information can be found on the “K-1 Information” page of the Partnership’s website at www.ghiinvestors.com/resources/k-1-information. You may also contact the Partnership’s Investor Services department at (855) 428-2951 or via email at ghiK1s@greyco.com.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Safe Harbor Statement
Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MEDIA CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@greyco.com
INVESTOR CONTACT: Andy Grier Investors Relations 402-952-1235
Kuala Lumpur, Malaysia, March 04, 2025 (GLOBE NEWSWIRE) — ARB IOT Group Limited (“ARB IOT” or the “Company”) (NASDAQ: ARBB) today announced that it has, through its indirect wholly owned subsidiary, ARB IOT Group Sdn Bhd, signed an artificial intelligence (AI) Products Supply Agreement with Gajah Kapitalan Sdn Bhd (“GKSB”), an entity dedicated to empowering Malaysian businesses through technological innovation, with a focus on delivering advanced computing systems for enterprises, research institutions and developers in Malaysia. This agreement paves the way for ARB IOT to supply 500 units of state-of-the-art ARB-222 AI servers (“AI Products”) to provide high-performance immersible computer servers to GKSB in a deal valued at approximately US$45.0 million.
This milestone highlights ARB IOT’s commitment to expanding its presence in the rapidly growing data center sector. By tapping into the rising demand for digital assets and leveraging its expertise in AI server solutions, the Company is strategically positioned to seize new opportunities driven by the latest advancements in AI, fostering sustainable growth and value creation for its stakeholders.
Dato’ Sri Liew Kok Leong, CEO of ARB IOT expressed, “Our collaboration with GKSB strengthen our mission to provide leading-edge AI server solutions and to deliver significant cost savings and operational efficiencies to the customers. Such order represents a significant milestone for the Company and highlights the growing demand for the AI Products. This not only strengthens our collaboration but also drives our continued growth and expansion in the market.
As we carry out this agreement with GKSB, our commitment to excellence and innovation remains unwavering. The trust placed in ARB IOT to deliver these state-of-the-art AI Products reflects our shared dedication to enhancing the operational capabilities”.
Muhammad Badrun Almuhaimin Bin Baharon, Director of GKSB emphasised, “We look forward to enhancing our technological capabilities and providing valuable market insights that will enable ARB IOT to better serve the needs of our target audience where AI is universally accessible, leading to diverse applications and breakthroughs across industries”.
About GKSB GKSB is dedicated to empowering Malaysian businesses through technological innovation, focusing on delivering advanced computing systems for enterprises, research institutions and developers.
About ARB IOT Group Limited ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, precommissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.
Safe Harbor Statement This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forwardlooking statements, other than as required by applicable law.
For further information, please contact: ARB IOT Group Limited Investor Relations Department Email: contact@arbiotgroup.com
LONDON, March 04, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), an impact technology company specializing in environmental, social, and governance (ESG) issues, announced today that it will ring the Nasdaq Closing Bell on Wednesday, March 5, 2025, marking a key milestone following its successful listing in January 2025.
Diginex Limited’s Chairman and Founder, Miles Pelham, will lead the ceremony, joined by members of the board of directors, executive leadership, business partners, key advisors, and other stakeholders who have been instrumental in the Company’s success.
“Ringing the Nasdaq Closing Bell is a momentous occasion for Diginex Limited as we continue expanding our presence in the sustainability focused RegTech space,” said Miles Pelham, Chairman and Founder of Diginex Limited. “This milestone reflects the dedication of our team, the support of our stakeholders, and our unwavering commitment to driving long-term value. We look forward to accelerating our mission of empowering businesses to operate more sustainably.”
The ceremony will be broadcast live on the Nasdaq website at https://www.nasdaq.com/marketsite/bell-ringing-ceremony, with live footage and event highlights starting at 3:45 p.m. Eastern Time. Event photos and videos will be available shortly after the ceremony on Diginex Limited’s corporate website and social media channels.
About Diginex Limited
Diginex Limited is a Cayman Islands exempted company, with subsidiaries located in Hong Kong, the United Kingdom and the United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.
Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.
For investor and media inquiries, please contact:
Diginex Investor Relations Email:ir@diginex.com
IR Contact Europe Anna Höffken Phone: +49.40.609186.0 Email: diginex@kirchhoff.de
IR Contact US Jackson Lin Lambert by LLYC Phone: +1 (646) 717-4593 Email: jian.lin@llyc.global
NEW YORK, March 04, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2024.
2024 Fourth Quarter Highlights
Net income was $10.1 million, or $0.43 per share, compared to $14.3 million, or $0.60 per share, in the prior year quarter, and included $1.3 million of taxi medallion recoveries in the current quarter compared to $12.5 million in the prior year quarter.
Net interest income grew 6% to $52.0 million from $49.0 million in the prior year quarter.
Net interest margin on net loans was 8.15%, compared to 8.50% in the prior year quarter, and on gross loans it was 7.84%, compared to 8.20% in the prior year quarter.
Loan originations grew 69% to $285.7 million, compared to $169.1 million in the prior year quarter.
Credit loss provision increased to $20.6 million from $10.8 million in the prior year quarter.
The Board of Directors increased the quarterly dividend 10% to $0.11 per share.
In connection with a pending agreement in principle with the SEC’s Division of Enforcement on terms of settlement, the Company recorded a charge of $3.0 million as well as a benefit of $5.5 million related to insurance coverage of legal costs incurred.
2024 Full-Year Highlights
Net income was $35.9 million, or $1.52 per share, compared to $55.1 million, or $2.37 per share, in the prior year, and included $6.9 million of taxi medallion recoveries in the current year compared to $29.6 million in the prior year.
Net interest income grew 8% to $202.5 million from $188.1 million in the prior year.
Net interest margin on net loans was 8.35%, compared to 8.68% in the prior year, and on gross loans it was 8.05%, compared to 8.38% in the prior year.
Loan originations were $1.0 billion, compared to $960.0 million in the prior year.
Total loans, including loans held for sale, grew 12% to $2.5 billion as of December 31, 2024, compared to $2.2 billion a year ago.
Credit loss provision increased to $76.5 million from $37.8 million in the prior year.
The Company repurchased 570,404 shares of common stock at an average cost of $8.07 per share in the year, for a total of $4.6 million.
Total assets grew to $2.9 billion as of December 31, 2024, an 11% increase over December 31, 2023.
Executive Commentary – Andrew Murstein, President of Medallion
“We continue to be pleased with our quarterly and full-year performance. In the fourth quarter of 2023, taxi medallion recoveries added $0.37 to our bottom line compared to only $0.04 this quarter. For the full year, and the first time in our history, we originated over $1 billion of loans, more than half of which were high yielding recreation loans. We are quite pleased with this accomplishment.
Our commercial lending group, Medallion Capital, exited a portfolio investment during the quarter generating net gains of $3.8 million on equity investments, with full year net gains of $6.9 million. Although our equity investments are small, over time they have generated meaningful earnings to our bottom line, with net gains totaling nearly $15 million over the past three years.
Finally, in the quarter we reached an agreement in principle on terms of settlement and recorded a charge of $3.0 million related to the SEC matter as well as recognized a $5.5 million benefit related to insurance coverage of legal costs associated with this matter. The agreement is subject to approval of the Commissioners of the SEC and the court, and we look forward to bringing closure to this matter.
We are quite happy with where we are as a company, especially with the performance we have delivered over the past several years. We finished the year with record total interest income, net interest income, assets, strategic partnership loan volume, and total equity. We believe we are well-positioned for 2025 and the years ahead.”
Business Segment Highlights
Recreation Lending Segment
Originations were $72.2 million during the quarter, compared to $62.7 million a year ago.
Recreation loans, including loans held for investment and loans held for sale, grew 15% to $1.5 billion, or 62% of total loans, as of December 31, 2024, compared to $1.3 billion, or 60% of total loans, a year ago.
Interest income grew 15% to $51.3 million for the quarter, from $44.4 million in the prior year quarter.
The average interest rate was 15.07% at year-end, compared to 14.79% a year ago.
Recreation loans 90 days or more past due were $10.0 million, or 0.67% of gross recreation loans, as of December 31, 2024, compared to $9.1 million, or 0.70%, a year ago.
Allowance for credit loss was 5.00% at year-end for loans held for investment, compared to 4.31% a year ago.
In December 2024, we signed a letter of intent to sell up to $121 million of recreation loans at a premium to par value.
Home Improvement Lending Segment
Originations were $82.5 million during the quarter, compared to $66.0 million a year ago.
Home improvement loans grew 9% to $827.2 million, or 33% of total loans, as of December 31, 2024, compared to $760.6 million, or 34% of total loans, a year ago.
Interest income grew 16% to $19.9 million for the quarter, from $17.2 million in the prior year quarter.
The average interest rate was 9.81% at year-end, compared to 9.51% a year ago.
Home improvement loans 90 days or more past due were $1.4 million, or 0.17% of gross home improvement loans, as of December 31, 2024, compared to $1.5 million, or 0.20%, a year ago.
Allowance for credit loss was 2.48% at year-end, compared to 2.76% a year ago.
Commercial Lending Segment
Commercial loans were $111.3 million at 2024, compared to $114.8 million a year ago.
The average interest rate on the portfolio was 12.97%, compared to 12.87% a year ago.
Taxi Medallion Lending Segment
The Company collected $2.6 million of cash on taxi medallion-related assets during the quarter.
Total net taxi medallion assets declined to $7.7 million, a 37% reduction from a year ago, and represented less than 0.5% of the Company’s total assets, as of December 31, 2024.
Capital Allocation
Quarterly Dividend
The Board of Directors declared a quarterly dividend of $0.11 per share, payable on March 31, 2025, to shareholders of record at the close of business on March 17, 2025.
Stock Repurchase Plan
As of December 31, 2024, the Company had $15.4 million remaining under its $40 million share repurchase program. During 2024, the Company purchased 570,404 shares for $4.6 million.
Conference Call Information
The Company will host a conference call to discuss its fourth quarter and full-year financial results tomorrow, Wednesday, March 5, 2025, at 9:00 a.m. Eastern time.
In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.
A link to the live audio webcast of the conference call will also be available at the Company’s IR website.
Replay Information
The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.
The conference call replay will be available following the end of the call through Wednesday, March 12
U.S. dial-in number: (844) 512-2921
International dial-in number: (412) 317-6671
Passcode: 1019 6407
About Medallion Financial Corp.
Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.
Forward-Looking Statements Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control.In addition to risks relating to the current economy, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, the settlement of which remains subject to SEC and court approval, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.
Achieved Cerberus third tranche of operational performance milestones and secured final $40.5 million to fully fund $210.5 million Delayed Draw Term Loan
Closed $303.5 million loan guaranteed by the U.S. Department of Energy’s Loan Programs Office and secured first funding of $68.3 million
Secured $8 million standalone BESS order for Naval Base of San Diego to advance American energy independence
Grew customer orders backlog to $682 million, a 28% increase year over year
Launched Factory 2 Works with eight states responding to Requests for Proposals and multiple sites now shortlisted
Reiterates 2025 full-year revenue guidance range of $150 million – $190 million
Strengthened executive leadership, appointed current Chief Financial Officer, Nathan Kroeker to Chief Commercial Officer; welcomed new Chief Financial Officer, Eric Javidi, who brings extensive investing, operating and leadership experience within the energy and energy infrastructure spaces, along with a track record of success with high growth companies
EDISON, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage (LDES) systems sourced and manufactured in the United States, today announced its financial results for the fourth quarter and full-year ended December 31, 2024.
Fourth Quarter Highlights
Revenue totaled $7.3 million, a 10% increase compared to the prior year and 749% increase compared to last quarter.
Gross loss of $23.5 million, consistent with prior year, on lower Z3 material costs offset by higher project execution costs related to commissioning and field operations.
Operating expenses totaled $28.2 million, a 52% increase compared to prior year, with 45% of the total representing non-cash items. Cash operating expenses remained relatively flat, with $8.5 million (or 88% of the increase over prior year) driven by non-cash items such as PP&E write offs and stock-based compensation expense as a result of a significant stock price increase.
Net loss attributable to shareholders of $268.1 million, largely driven by non-cash change in fair value tied to mark-to-market adjustments related to the Company’s increased December 31, 2024, stock price. Adjusted EBITDA loss of $44.6 million, a 20% increase compared to the prior year, driven by an increase in Gen 2.3 PP&E write offs and Cerberus debt issuance costs.
Total cash of $103.4 million, including restricted cash, as of December 31, 2024.
$14.4 billion commercial opportunity pipeline, a 9% increase from prior year, with a $682 million orders backlog, an increase of 16% compared to prior quarter and 28% compared to December 31, 2023.
Achieved SOX compliance by strengthening the Company’s internal controls, eliminating previously disclosed material weakness.
Full-Year 2024 Highlights
Revenue totaled $15.6 million in line with the Company’s revised 2024 revenue guidance.
Gross loss of $83.3 million, a 13% increase compared to the prior year; lower Z3 material costs were more than offset by labor and overhead inefficiencies related to manual sub assembly and increased project execution.
Operating expenses totaled $91.9 million, a 16% increase compared to the prior year, with 29% of the total representing non-cash items. The year over year increase included $7.7 million in cash expenses which was primarily driven by strategic investments in sales, sourcing, software engineering, and controllership to position the Company for scaled growth.
Net loss attributable to shareholders of $685.9 million, largely driven by non-cash change in fair value tied to mark-to market adjustments stemming from the increase in stock price as of December 31, 2024. Adjusted EBITDA loss of $156.6 million.
“Over the past 12 months the team delivered significant results. The organization brought the first state-of-the-art manufacturing line into full operation, reduced Z3 costs, increased commercial opportunity pipeline and orders backlog and secured two major financing investments with Cerberus and the Department of Energy,” said Joe Mastrangelo, Eos Chief Executive Officer. “These two critical proof points strongly validate our long-term strategy and capabilities, positioning the Company to scale with the growing demand for long-duration energy storage. With the announcement of Factory 2 Works and plans to order three additional manufacturing lines, Eos is now hyper-scaling its capacity expansion to secure larger orders and deliver for customers and shareholders.”
2025 Outlook
For the full-year 2025, Eos expects to achieve revenue between $150 million and $190 million. This projected growth is expected to be driven by increased production volume on the Company’s first state-of-the-art manufacturing line as staged sub-assembly automation comes online.
Recent Business Highlights
Cerberus Strategic Investment As announced in January, Eos successfully achieved the third tranche of performance milestones previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP (“Cerberus”) as part of their strategic investment in the Company. Meeting these performance milestones allowed the Company to access the final $40.5 million of the Delayed Draw Term Loan (DDTL), fueling ongoing operations and U.S. production expansion. The $210.5 million DDTL announced in June 2024 is now fully funded, driven by the Company consistently achieving key operational milestones related to the Company’s state-of-the-art manufacturing line, raw materials cost-out, Z3 technology performance improvement and customer cash conversion. The Company surpassed its January raw materials cost-out target by 6% while delivering manufacturing cycle times below 10 seconds and maintaining 98% first pass yield to further demonstrate continued operational efficiency and progress towards profitable growth.
Commercial Growth & Bankability In the fourth quarter, the Company secured several key standalone storage orders including contracts with a municipal cooperative in Springfield Missouri, the U.S. Marine Corps Base at Camp Pendleton in San Diego and most recently the Naval Base of San Diego. Eos deployment of American-made energy storage systems is becoming increasingly vital, not only for enhancing military resilience but also for strengthening the U.S. against global energy disruptions and securing America’s energy independence.
To drive further growth, the Company launched a comprehensive insurance program in partnership with Ariel Green, a division of Ariel Re, to enhance the bankability of the Company’s technology. These products include investment tax credit (ITC) and ITC recapture protections, along with contractual warranty and performance guarantee backstop coverage. Most recently, the Company also updated its standard warranty to a 3-year term with the option to extend to 5 or 10 years. These customer-focused solutions, combined with extensive third-party validations and a more robust Company balance sheet, provide greater risk mitigation, enhanced operational stability and increased economic certainty.
Operational Capacity Expansion Demand for safe, multi-cycle, American-made energy storage has reached a level that requires significant capacity expansion. As announced in December 2024, the Company launched its search for Factory 2 Works, submitting Requests for Proposals (RFPs) to eight states, with multiple sites now shortlisted. In parallel, Eos is progressing with plans to procure three additional manufacturing lines, including sub-assemblies, battery manufacturing, and cube assembly to support 6 GWh of additional annualized manufacturing capacity. This expansion is a crucial step in scaling operations to meet the growing demand for reliable, high performance energy storage.
The Company is expanding its first manufacturing line from 1.25 GWh to 2 GWh annualized capacity and continues to progress through Factory Acceptance Testing with its staged sub-assembly automation implementation. The Company expects full implementation to occur in the second and early third quarter, which is essential for increasing throughput and reducing labor and overhead costs.
Earnings Conference Call and Webcast Eos will host a conference call to discuss its fourth quarter and full-year 2024 results on March 5, 2025, at 8:30 a.m. ET. The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.
The conference call replay will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on March 5, 2025, and can be accessed by visiting Eos Investors.
About Eos Energy Enterprises
Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. 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. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.
Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.
The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.
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, except as required by law, the Company 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.
Key Metrics
Backlog. Our backlog represents the amount of revenue that we expect to realize from existing agreements with our customers for the sale of our battery energy storage systems and performance of services. The backlog is calculated by adding new orders in the current fiscal period to the backlog as of the end of the prior fiscal period and then subtracting the shipments in the current fiscal period. If the amount of an order is modified or cancelled, we adjust orders in the current period and our backlog accordingly, but do not retroactively adjust previously published backlogs. There is no comparable US-GAAP financial measure for backlog. We believe that the backlog is a useful indicator regarding the future revenue of our Company.
Pipeline. Our pipeline represents projects for which we have submitted technical proposals or non-binding quotes plus letters of intent (“LOI”) or firm commitments from customers. Pipeline does not include lead generation projects.
Booked Orders. Booked orders are orders where we have legally binding agreements with a Purchase Order (“PO”), or Master Supply Agreement (“MSA”) executed by both parties.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we have disclosed in this earnings release non-GAAP financial measures, including adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures should be considered supplemental to, not a substitute for, or superior to, the financial measures of the Company’s calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes adjusted EBITDA, and adjusted EPS are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.
We believe that non-GAAP financial information, when taken collectively may be helpful to our investors in assessing its operating performance. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. Below is a description of the non-GAAP financial information included herein as well as reconciliations to the most directly comparable GAAP measure. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.
Adjusted EBITDA is defined as earnings (net loss) attributable to Eos adjusted for interest expense, income tax, depreciation and amortization, non-cash stock-based compensation expense, change in fair value of debt and derivatives, debt extinguishment, and other non-cash or non-recurring items as determined by management which it does not believe to be indicative of its underlying business trends. Adjusted EPS is defined as GAAP net loss per common share as adjusted for non-cash stock-based compensation expense change in fair value of debt and derivatives and debt extinguishment per common share.
EOS ENERGY ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share amounts)
For the Years Ended December 31,
2024
2023
Revenue
$
15,606
$
16,378
Cost of goods sold
98,867
89,798
Gross profit (loss)
(83,261
)
(73,420
)
Operating expenses
Research and development expenses
22,758
18,708
Selling, general and administrative expenses
60,047
53,650
Loss from write-down of property, plant and equipment
9,133
7,159
Total operating expenses
91,938
79,517
Operating loss
(175,199
)
(152,937
)
Other (expense) income
Interest expense, net
(8,718
)
(18,770
)
Interest expense – related parties
(19,499
)
(37,466
)
Change in fair value of debt – related party
33,823
—
Change in fair value of warrants
(171,226
)
(24,980
)
Change in fair value of derivatives – related parties
(405,388
)
9,983
Gain (loss) on debt extinguishment
68,478
(3,510
)
Other expense
(8,120
)
(1,795
)
Loss before income taxes
$
(685,849
)
$
(229,475
)
Income tax expense
21
31
Net loss attributable to shareholders
$
(685,870
)
$
(229,506
)
Accretion of Preferred Stock – related party
(278,330
)
—
Net loss attributable to common shareholders
$
(964,200
)
$
(229,506
)
Other comprehensive (loss) income attributable to common shareholders
Change in fair value of debt – credit risk – related party
(43,490
)
—
Foreign currency translation adjustment
(13
)
1
Comprehensive loss attributable to common shareholders
$
(1,007,703
)
$
(229,505
)
Basic and diluted loss per share attributable to common shareholders
Basic
$
(4.55
)
$
(1.81
)
Diluted
$
(4.55
)
$
(1.81
)
Weighted average shares of common stock
Basic
212,039,775
126,967,756
Diluted
212,039,775
126,967,756
EOS ENERGY ENTERPRISES, INC. CONSOLIDATED BALANCE SHEET (In thousands)
December 31,
2024
2023
Balance sheet data
Cash and cash equivalents
$
74,292
$
69,473
Other current assets
105,620
52,858
Property, plant and equipment, net
45,660
37,855
Other assets
34,746
26,306
Total assets
260,318
186,492
Total liabilities
842,085
297,292
Mezzanine equity – preferred stock
488,696
—
Total deficit
(1,070,463
)
(110,800
)
EOS ENERGY ENTERPRISES, INC. CONSOLIDATED STATEMENT OF CASHFLOWS (In thousands)
December 31,
2024
2023
Cash used in operating activities
$
(153,936
)
$
(145,018
)
Cash used in investing activities
(33,186
)
(29,461
)
Cash provided by financing activities
205,834
227,918
Effect of foreign exchange on cash, cash equivalents and restricted cash
(17
)
5
Net increase in cash, cash equivalents and restricted cash
18,695
53,444
Cash, cash equivalents and restricted cash, beginning of year
84,667
31,223
Cash, cash equivalents and restricted cash, end of year
$
103,362
$
84,667
EOS ENERGY ENTERPRISES, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (In thousands)
For the three months ended December 31,
For the twelve months ended December 31,
2024
2023
2024
2023
Net loss
$
(268,124
)
$
(41,208
)
$
(685,870
)
$
(229,506
)
add: Interest expense
5,248
8,565
28,217
56,236
add: Income tax expense
4
6
21
31
add: Depreciation and amortization
2,640
2,435
7,899
9,751
EBITDA loss
(260,232
)
(30,202
)
(649,733
)
(163,488
)
add: Stock based compensation
7,840
3,934
18,780
14,057
add (deduct): Change in fair value of derivatives
244,877
(10,922
)
576,614
14,997
deduct: Change in fair value of debt
(37,099
)
—
(33,823
)
—
(deduct) add: (Gain) loss on debt extinguishment
—
—
(68,478
)
3,510
Adjusted EBITDA loss
$
(44,614
)
$
(37,190
)
$
(156,640
)
$
(130,924
)
EOS ENERGY ENTERPRISES, INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET (LOSS) INCOME PER SHARE (In thousands, except share and per share data)
For the three months ended December 31,
For the twelve months ended December 31,
2024
2023
2024
2023
Net loss attributable to common shareholders
$
(481,516
)
$
(41,208
)
$
(964,200
)
$
(229,506
)
add: Stock based compensation
7,840
3,934
18,780
14,057
add (deduct): Change in fair value of derivatives
244,877
(10,922
)
576,614
14,997
deduct: Change in fair value of debt
(37,099
)
—
(33,823
)
—
(deduct) add: (Gain) loss on debt extinguishment
—
—
(68,478
)
3,510
Adjusted net loss attributable to common shareholders
(265,898
)
(48,196
)
(471,107
)
(196,942
)
Basic and diluted loss per share attributable to common shareholders
Basic
$
(2.20
)
$
(0.25
)
$
(4.55
)
$
(1.81
)
Diluted
$
(2.20
)
$
(0.25
)
$
(4.55
)
$
(1.81
)
Basic and diluted adjusted loss per share attributable to common shareholders
NEW YORK, March 04, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc.(NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for February 2025.
Key Highlights
Key Metrics
February 2025
BTC Mined1
180
BTC Sold
235
BTC Held2
1,032
Deployed Mining Rigs
75,000
Month End Operating Hashrate (EH/s)
13.5
Month End Fleet Efficiency (J/TH)
18.9
1 Includes February power sales estimates (based on current meter data and nodal prices) equivalent to 4 bitcoin (using month-end bitcoin price of $86,154) and 24 BTC mined at JV data centers representing Cipher’s ownership
2 Includes ~394 BTC pledged as collateral
Management Commentary for February
Cipher delivered strong production in February despite a brief, planned shutdown at our Odessa site for annual high-voltage electrical maintenance. The work was completed promptly and successfully, thanks to our well-organized and disciplined Operations team. As a reminder, Cipher reported earnings on February 25th. A webcast replay is available from the investor relations section of Cipher’s website at https://investors.ciphermining.com.
Bitcoin Production and Operations Updates for February 2025
Cipher produced ~1801 BTC in February. As part of its regular treasury management process, Cipher sold ~235 BTC in February, ending the month with a balance of ~1,0322 BTC.
Recent arrival of the first substation transformer at our Black Pearl site.
About Cipher
Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. 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 Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. 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 Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Website Disclosure
The company maintains a dedicated investor website at https://investors.ciphermining.com/ (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.
Media Contact: Ryan Dicovitsky / Kendal Till Dukas Linden Public Relations CipherMining@DLPR.com
1 Includes February power sales estimates (based on current meter data and nodal prices) equivalent to 4 bitcoin (using month-end bitcoin price of $86,154) and 24 BTC mined at JV data centers representing Cipher’s ownership
LOS ANGELES, March 04, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced its participation in the Piper Sandler Western Bank Forum on Monday, March 10 and Tuesday, March 11, 2025, in Marina del Rey, CA.
Anthony Kim, Chief Banking Officer, and Ron Santarosa, Chief Financial Officer, will host one-on-one and small group meetings throughout the day.
A copy of the presentation being used for meetings with institutional investors will be available in the Investor Relations section of the Company’s website at www.hanmi.com.
About Hanmi Financial Corporation Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.
Nokia Corporation Stock Exchange Release 4 March 2025 at 22:30 EET
Nokia Corporation: Repurchase of own shares on 04.03.2025
Espoo, Finland – On 4 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
2,620,152
4.76
CEUX
1,073,651
4.75
BATE
–
–
AQEU
100,000
4.75
TQEX
–
–
Total
3,793,803
4.76
* 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 4 March 2025 was EUR 18,043,327. After the disclosed transactions, Nokia Corporation holds 142,405,206 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
NEW YORK, March 04, 2025 (GLOBE NEWSWIRE) — KraneShares today announced its KraneShares Artificial Intelligence & Technology ETF (Ticker: AGIX) has become one of the first US-listed exchange-traded funds to directly invest in a private company1, acquiring shares in Anthropic. KraneShares believes this places AGIX at the forefront of ETF innovation, delivering investors unparalleled access to high-growth private AI opportunities.
As of the date of this release, Anthropic represented 4.60% of AGIX’s net assets.2 Holdings are subject to change.
AGIX was launched on July 18, 2024, by KraneShares in collaboration with Etna Capital Management, an established pioneer in AI venture investing. Etna’s expertise is underscored by its early-stage investments in groundbreaking AI innovators such as Anthropic, xAI, and Perplexity.
AGIX offers shareholders direct exposure to Anthropic, a pioneer in large language models (LLMs) and enterprise-focused AI solutions.
Anthropic is an artificial intelligence research company founded in 2021. It is backed by technology giants, including Amazon and Google, and focuses on developing safe and ethical AI systems. Its flagship product, the Claude AI assistant, has become a cornerstone for businesses seeking advanced yet responsible AI capabilities.
“This transaction redefines what’s possible for ETFs in private markets,” said Derek Yan, Senior Investment Strategist at KraneShares. “KraneShares has always been dedicated to unlocking investment opportunities that were once out of reach for most investors. By securing direct ownership in Anthropic – a leading private AI company – we are making investing in private companies more accessible.”
“We believe we are at the dawn of a new era of intelligence, and Anthropic is uniquely positioned to lead the global competition among AI model companies. This leadership will be driven by Anthropic’s commitment to cutting-edge research, strategic capital deployment, comprehensive model training data preparation, and a strong focus on delivering controllable and safe models tailored for enterprise needs,” said Solomon Bier, Partner at Etna Capital Management. “We are thrilled about AGIX’s investment in Anthropic and are actively working on expanding the pipeline of private investments for AGIX, positioning it as a solution for investors seeking exposure to AI companies across both public and private markets.”
AGIX is designed to prepare investors’ portfolios for the era of artificial general intelligence (AGI) by investing in companies driving progress toward this goal. We believe the inclusion of Anthropic, a leading LLM company, enhances AGIX’s distinctive role in delivering comprehensive exposure to the full AI value chain across public and private markets.
For more information on the KraneShares Artificial Intelligence & Technology ETF (Ticker: AGIX), top 10 holdings, and its innovative structure, please visit https://kraneshares.com/agix.
About KraneShares
KraneShares is an investment manager focused on providing innovative, high-conviction, and first-to-market ETFs based on extensive investing knowledge. KraneShares identifies groundbreaking capital market opportunities and offers investors cost-effective and transparent tools for gaining exposure to diverse asset classes. Founded in 2013, KraneShares serves institutions and financial professionals globally.
Citations:
Data from Bloomberg as of 2/14/2025.
Data from Bloomberg as of 3/3/2025. *Up to limits permitted by the Investment Advisors Act of 1940.
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/agix. Read the prospectus carefully before investing.
Risk Disclosures:
Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.
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Stryk Global Diplomacy will coordinate efforts between African and U.S. players to attract greater investment across the African oil and gas value chain
SANDTON, South Africa, March 4, 2025/ — The African Energy Chamber (AEC) (https://EnergyChamber.org) – representing the voice of the African energy sector – has enlisted international consulting firm Stryk Global Diplomacy (SGD) to support oil and gas engagement between the U.S. and Africa. This collaboration will not only ensure that Africa’s energy interests are effectively represented in U.S. legislative and policy discussions, but also aims to facilitate greater capital and technology injection by U.S. firms into African oil and gas projects.
The strategic partnership will strengthen U.S. understanding of Africa’s vital role in enhancing global energy security, while fostering greater investment and cooperation. SGD will also advise the AEC on fostering a more inclusive and constructive approach to G20 energy dialogues in the lead-up to and during the African Energy Week (AEW): Invest in African Energies conference – taking place in Cape Town from September 29 to October 3, 2025. The collaboration will address ongoing challenges such as financing and policy issues that impact African oil and gas projects. Led by Founder and Chairman Robert Stryk, SGD offers strategic diplomatic solutions, making it a strong partner for the AEC as it works to accelerate energy development across the continent.
“Africa needs to produce energy for its people, its development and meet global demand so we avoid volatile energy markets that hurt both American and African consumers,” stated Stryk. “Vilifying Africa’s energy industry – the economic engine of multiple nations – because it is based on fossil fuels, although the proportion of renewables is growing, is not justified. Africans need energy to fix energy poverty issues and spur economic growth. They should be allowed to make their own choices. Our firm will work to bring energy matters of Africans to the important decision markets globally.”
As Africa’s oil and gas industry faces increasing pressure from climate groups and stringent Environment, Social and Governance (ESG) regulations, this collaboration will tackle critical challenges, with finance and climate policies being the most pressing. In recent years, regulations restricting oil and gas financing have limited Africa’s ability to develop its natural resources. Notably, the European Union has sought to reduce or eliminate funding for fossil fuel projects, while environmental organizations such as Greenpeace continue to oppose lending. Up to 11 European banks have cut access to financing for upstream oil and gas projects, despite rising demand across the EU and broader global economy.
In this context, the U.S. – with its extensive network of major oil and gas companies and financial institutions – stands to play a key role. African national oil companies, indigenous firms, independents and international energy companies are struggling to secure the financing needed to develop new oil and gas projects and combat energy poverty. However, strengthened collaboration with the U.S. could reverse this trend. The U.S. is not only one of the world’s largest oil and gas producers but, under its new administration, is expected to have an increased presence in Africa’s energy sector. There are significant opportunities for U.S. oil and gas companies in Africa.
In the oil sector, Africa’s mature producers including Angola, Libya and Nigeria are launching licensing rounds in 2025 to attract fresh investment in exploration projects. Emerging markets such as Senegal, Namibia and Ivory Coast are also seeking increased upstream investment following billion-barrel offshore discoveries. Countries like Gabon, Ghana, Equatorial Guinea and Algeria – some of the continent’s largest oil producers – are facing potential phase-out of finance and production, which could devastate these economies and leave their populations in the dark.
Meanwhile, Africa’s natural gas sector, with over 620 trillion cubic feet of proven reserves, offers the promise of increased energy supplies and reduced emissions. With over 600 million lacking access to electricity and 900 million relying on traditional biomass for cooking, Africa’s energy future must be driven by pragmatic, Africa-centric solutions. As a cleaner-burning fuel, natural gas offers a sustainable pathway to industrialization and economic empowerment. Major projects like Mozambique’s Rovuma Basin developments, Senegal and Mauritania’s Greater Tortue Ahmeyim LNG, Tanzania LNG and the Republic of Congo’s Marine XII permit have the potential to transform the continent’s energy matrix, but more investment is needed to address energy poverty effectively.
“Stryk is a super Lobbyist. He understands Africa and he gets results. He is adaptive and forward-thinking. He achieves results by building consensus. I am confident he is going to help give the African energy sector a voice in Washington,” stated NJ Ayuk, Executive Chairman of the AEC.
“Given that 600 million people on the continent lack access to electricity and 900 million people lack access to clean cooking technologies, it’s impossible — even inhumane — to discuss climate change without addressing energy poverty. The notion that producing energy in Africa will lead to a ‘carbon bomb’ is misleading and ignores the critical need for energy access across the continent. Our partnership with SGD is a crucial step in ensuring U.S. policymakers understand the importance of oil and gas in Africa’s economic development. Energy poverty remains one of the biggest threats to Africa’s future, and we must work with partners who recognize that natural gas is not the problem – it is part of the solution,” concluded Ayuk.
The EIB Global facility will support businesses owned by women, run by women, employing or serving women, in line with the 2X Challenge.
The credit line will offer longer-term loans tailored to the needs of small businesses. It will help to grow the economy and create decent jobs by boosting private-sector investment.
The EIB loan is backed by the European Commission and European Union member states through the African, Caribbean and Pacific Trust Fund.
The European Investment Bank (EIB Global) and Stanbic have launched a €20 million (ZWG 525.9 million) credit line, to provide longer-term loans at favourable conditions to small and medium-sized businesses (SMEs) in Zimbabwe. The facility will focus on SMEs and businesses owned or run by women, which employ a significant number of women, or which offer services specifically to women.
The African continent has one of the highest percentages of women entrepreneurs in the world. More than half the SMEs in Zimbabwe are led by women, while over half of Zimbabwean companies say that limited access to credit is preventing their growth. Worldwide, women-run businesses are less likely to be able to access the finance they need. In line with the EU’s Global Gateway which contributes to narrowing the global investment gap worldwide, the EIB-Stanbic facility will address this financing gap with financial tools targeting the needs of women entrepreneurs and advance women’s economic empowerment in Zimbabwe. It contributes to the 2X Challenge, an initiative to mobilise investment that increases women’s participation in the economy in emerging markets, by improving women’s access to finance, leadership opportunities and quality employment.
“With over half of the SMEs in Zimbabwe owned by women, EIB Global support for these businesses will have a real impact on economic growth, jobs and prosperity,” commented Thomas Östros, EIB Vice-President responsible for diversity and inclusion as well as for operations in Southern Africa. “Backing women in business contributes to more sustainable and inclusive growth, strengthening communities.”
“This initiative aligns with our core belief that Zimbabwe is our home, we drive her growth. By supporting SMEs and enterprises owned or run by women and employing significant numbers of women we are fostering economic inclusion and national development. By empowering SMEs and women-run businesses we are empowering families, communities, and ultimately, the nation. Through this partnership, we are committed to driving meaningful change and unlocking opportunities for women entrepreneurs and SMEs across Zimbabwe through provision of much-needed medium-term funding,” said Solomon Nyanhongo, Chief Executive of Stanbic Bank.
Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, added, “Investing in women is investing in Zimbabwe’s future. Through the Team Europe Initiative on Gender Equality and Women’s Empowerment, the EU and EU Member States are working together to create a transformative impact for Zimbabwean women. This dedicated credit line complements Team Europe’s efforts on the ground in implementing the Global Gateway Strategy – we are not only unlocking opportunities for women entrepreneurs but also driving inclusive economic growth. This partnership between the EU, EIB Global, and Stanbic demonstrates our commitment to women’s economic empowerment and financial inclusion, creating jobs, and strengthening Zimbabwe’s private sector.”
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.
The 2X Challenge is an initiative to mobilise investment that increases women’s participation in the economy in emerging markets, by improving women’s access to finance, leadership opportunities and quality employment. To improve the impact of its activities on women and girls, the EIB has adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan with the aim of embedding gender equality and, in particular, women’s economic empowerment in the EIB’s business model covering its lending, blending and advising work within and outside the European Union.
Global Gateway is the European strategy to boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems across the world. Through a ‘Team Europe approach’, Global Gateway brings together the EU, its Member States and their financial and development institutions to mobilise the private sector to leverage investments promoting sustainable growth.
Between 2021 and 2027, Team Europe is mobilising up to €300 billion of investments for sustainable, transformational and high-quality projects, taking into account the needs of partner countries and ensuring lasting benefits for local communities. This allows EU’s partners to create resilient and sustainable societies and economies, but also create opportunities for the EU Member States’ private sector to invest and remain competitive, whilst ensuring the highest environmental and labour standards, as well as sound financial management.
JACKSONVILLE, Fla. – A Florida woman has been sentenced March 3 to house arrest and ordered to pay more than $3 million in restitution to the Internal Revenue Service for wire fraud and tax fraud following a joint investigation with U.S. Immigration and Customs Enforcement.
Feliciano Rodriguez, 47, of Orlando, was ordered to pay $3,338,558 in restitution, and ordered to serve a five-year term of supervised release. The court also entered a money judgment against Rodriguez in the amount of $347,760, representing the proceeds of the wire fraud.
“Fraudulent schemes that provide under-the-table cash payments ultimately exploit undocumented aliens for large profits and undermines the integrity of the industry, endangering both the workers and the system that’s meant to protect them,” said ICE Homeland Security Investigations Jacksonville Assistant Special Agent in Charge Tim Hemker. “ICE, alongside our law enforcement partners, will investigate those who engage in illegal practices and hold them accountable for their actions.”
According to court documents, Rodriguez established a shell company that purported to be involved in the construction industry. She obtained a workers’ compensation insurance policy in the name of the shell company to cover a minimal payroll for a few purported employees, then “rented” the workers’ compensation insurance to work crews who had obtained subcontracts with construction contractors on projects in various Florida counties as well as contractors in other states. Rodriguez sent the contractors a certificate as “proof” that the work crews had workers’ compensation insurance, as required by Florida law. By sending the certificate Rodriguez falsely represented that the work crews worked for the shell company. Over the course of the scheme, Rodriguez “rented” the certificates to dozens of work crews, defrauding the worker’s compensation carrier, typically allowing numerous undocumented illegal workers to be employed unlawfully.
As part of the scheme, the contractors issued payroll checks for the workers’ wages to the shell companies and Rodriguez cashed these checks, then distributed the cash to the work crews, after deducting their fee, which was typically about 6 percent of the payroll. During the scheme, Rodriguez cashed payroll checks totaling approximately $13 million. Neither the shell company nor the contractors reported to government authorities the wages that were paid to the workers, nor did they pay either the employees’ or the employer’s portion of payroll taxes – including Social Security, Medicare, and federal income tax. The amount of payroll taxes due on wages collected by Rodriguez totaled over $3 million.
The scheme also facilitated the avoidance of the higher cost of obtaining adequate workers’ compensation insurance for the numerous workers on the work crews to whom Rodriguez “rented” the workers’ compensation insurance. The policy that Rodriguez purchased and then “rented” out was for an estimated payroll of $121,800 and the insurance company issued a policy for a premium of approximately $8,006. Had a workers’ compensation insurance policy been purchased for the actual payroll totaling approximately $5 million dollars, the policy premium would have totaled about $461,679.
“Today’s sentence sends a clear message that off the books payroll schemes which enable illegal immigrants the ability to work without paying taxes will not be tolerated. These schemes are violations of a number of serious federal criminal statutes including wire fraud and tax evasion. The impact of this scheme, and others like it, harm law-abiding businesses and legal workers who are unable to compete against the tax-free labor of illegal immigrants,” said Special Agent in Charge Ron Loecker, of the IRS Criminal Investigation (IRS-CI), Tampa Field Office. “We are proud to work alongside our partners at Homeland Security Investigations on this case, and we will continue this partnership to ensure all employers are on an even playing field.”
This case was investigated by ICE Jacksonville, IRS-CI, and the Florida Department of Financial Services. It was prosecuted by Assistant U.S. Attorney John Cannizzaro.
Missouri Secretary of State Launches “Don’t Fall for the Call” Campaign to Combat Investment Scams
JEFFERSON CITY, MO– The Securities Division of the Missouri Secretary of State’s Office today announced the launch of its new public awareness campaign, “Don’t Fall for the Call,” aimed at educating Missouri residents about the dangers of investment fraud and phone scams targeting vulnerable citizens, especially the elderly.
“Scammers are increasingly using phone calls to prey on unsuspecting individuals, often offering fraudulent investment opportunities that are too good to be true,” said Missouri Secretary of State Denny Hoskins, CPA. “With this campaign, we aim to empower Missouri investors with the knowledge they need to recognize and avoid scams, helping to protect their hard-earned money and financial security.”
The “Don’t Fall for the Call” initiative is designed to educate citizens about how scammers often use high-pressure tactics to convince people to invest in fake opportunities. The Missouri Securities Division emphasizes the importance of verifying the legitimacy of any unsolicited phone call or investment offer before taking action.
Missouri Securities Commissioner Michael O’Donnell also underscored the significance of proactive fraud education.
“Missouri’s older citizens are often targeted by fraudsters who exploit their trust and desire for financial security,” O’Donnell said. “Our goal with this campaign is to raise awareness and make it clear that no legitimate investment opportunity will ever pressure you into making decisions on the spot. If something feels off, trust your instincts—don’t fall for the call.”
Scammers often use aggressive tactics to convince victims to act quickly, claiming urgent financial opportunities, and offering promises of high returns with little risk. The Securities Division urges individuals, especially older adults, to be cautious of unsolicited calls and to report any suspicious activity to the Missouri Securities Division immediately.
As part of the campaign, the Missouri Secretary of State’s office continues to develop resources for consumers on how to recognize phone scams and protect themselves. The Securities Division will also continue to partner with local community organizations to offer educational materials and workshops to help residents spot fraud before it becomes a financial loss.
Missouri residents who believe they may have been targeted by a fraudulent investment scheme are encouraged to contact the Missouri Securities Division’s Hotline at 1-800-721-7996 or file a complaint online at www.sos.mo.gov/securities/mipc/complaint.
“Missouri’s consumers deserve to feel confident and informed about their financial choices,” Hoskins added. “We want to ensure that they can recognize fraud and make smart, confident investment decisions.”
For more information, please contact:
Office of the Missouri Secretary of State Securities Division Commissioner Michael O’Donnell (573) 751-4136 http://www.sos.mo.gov/securities
Missouri Secretary of State Communications Division Communications Director Rachael Dunn [email protected] (573) 751-0949
LAREDO, Texas – A driver has been charged with conspiracy and importation of controlled substances, announced U.S. Attorney Nicholas J. Ganjei.
Mauricio Sebastian Valdez Rivas, 67, is in custody and expected to make his initial appearances before a U.S. magistrate judge in Laredo in the near future.
A federal grand jury returned the two-count indictment related to an alleged failed smuggling attempt of 16.95 kilograms of cocaine from Mexico into the United States.
On Feb. 7, Rivas allegedly drove into the port of entry at the Juarez-Lincoln Bridge seeking entry into the United States. At that time. authorities performed an x-ray scan of the vehicle and noticed an anomaly near the front of the vehicle, according to the charges.
At secondary inspection, law enforcement allegedly found a trap door behind the front license plate which had a hidden compartment containing 15 bundles of cocaine.
The drugs have an estimated street value of $10,000.
If convicted, Rivas faces a mandatory minimum of 10 years and up to life in federal prison as well as up to $10 million in fines.
Homeland Security Investigations conducted the investigation with the assistance of Customs and Border Protection. Assistant U.S. Attorney Andrew P. Hakala-Finch prosecuted the case.
An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.
Source: The Conversation – Canada – By Tracy Smith-Carrier, Associate Professor and Canada Research Chair (Tier 2) in Advancing the UN Sustainable Development Goals, Royal Roads University
To eradicate poverty, we need policy actions that address the root of financial hardship. A basic income does just that.(Shutterstock)
Over half of Canadians feel “financially paralyzed” by the cost-of-living crisis, according to a recent poll. As life becomes more unaffordable for more people, we need governments to create policies that will improve public health and well-being.
One such policy is a basic income guarantee: an unconditional cash transfer from government to ensure people can meet their basic needs and live with dignity.
A basic income guarantee differs from the universal basic income (UBI) model often discussed. While a UBI is set at the same amount and made available to everyone, a basic income guarantee is targeted to those need it, through a benefit that rises as income declines.
Our recently published research looks into one basic income program, the Ontario Basic Income Pilot that was launched in 2017 but abruptly ended the following year. We conducted a study to understand how Ontario’s pilot impacted the lives of those who participated in it.
We interviewed 46 participants across four cities included in the pilot. We asked about their experiences before the pilot, during their participation in it and after its abrupt end.
In 2017, the Ontario government, under then-premier Kathleen Wynne, launched the Ontario Basic Income Pilot to test the efficacy of an unconditional cash transfer. A total of 4,000 people were enrolled, and the pilot was slated to run in Hamilton, Lindsay, Brantford and Thunder Bay over a three-year period.
Set at 75 per cent of the low-income measure (one of Statistics Canada’s three poverty lines), the pilot provided $1,415 monthly for single people and an additional $500 for people with disabilities (up to $1,915 monthly), with every dollar earned subject to a 50 per cent claw-back.
Despite a campaign promise to complete the pilot, incoming premier Doug Ford abandoned it in 2018. Participants weren’t forewarned but learned of its cancellation like everyone else — on the news or through social media.
The pilot’s guiding principles, written by the late-Senator Hugh Segal, affirmed that “no individual will be made worse off during or after the pilot, as a result of participation in the pilot.” Our study, however, indicates that the mental health of many participants was demonstrably worsened in the pilot’s demise.
With a three-year promise of stable income, participants told us of being able to plan better for their futures. Some pursued higher education, others found better paying and more stable jobs or started their own businesses. Some moved into better housing, leaving behind mold-infested or poorly maintained dwellings, only to plead with their landlords to break their new leases after the pilot was cancelled.
We found that increased income security improved participants’ mental health, reduced their stress and allowed them to improve diets with healthier food options. Some spoke of no longer having to rely on food charity as they could go the grocery store like everyone else.
Interviewees described what life is like in poverty: not being able to go out for a cup of coffee with friends or buy gifts for your children on their birthdays, not being able to entertain family over the holidays or go out and socialize.
Some had not disclosed their financial situation to family or friends because their sense of shame was so profound. Yet, feeling unable to discuss their situation essentially cut them off from valuable sources of social support.
Structural violence
Ontario’s premature cancellation of the pilot was an act of structural violence — a policy decision that caused needless and avoidable harm and suffering. Anthropologist Nancy Scheper-Hughes explains that structural violence refers to “the invisible social machinery of inequality that reproduces social relations of exclusion and marginalization.”
Structural violence upholds the poverty, racism, sexism and other social inequities that lead to higher rates of illness, suffering and premature death. It is often invisible and can result from policy omissions, but the termination of the pilot was a public, deliberate decision.
By throwing participants’ lives and carefully laid plans into chaos, and thrusting them back into poverty, our research shows the Ontario government’s policy decision caused significant harm.
The cost of mental illness in Canada already amounts to over $50 billion annually (in direct health-care costs and lost productivity) but without intervention could increase to $291 billion by 2041.
Poverty is not caused by personal failings. It is the social environment people live in that has the greatest impact on life trajectories.
To eradicate poverty, we need policies that address the root of financial hardship. A basic income does just that. The Parliamentary Budget Officer of Canada recently released estimates that show a basic income, using parameters similar to the Ontario pilot’s, could cut poverty by up to 40 per cent. This is an affordable option with the potential for broad positive effects.
We already have the Canada Child Benefit for families and the Guaranteed Income Supplement for older adults that provide forms of a basic income guarantee, although these benefits must be enlarged to be truly adequate. What we need now is a program that provides a robust income floor beneath which no one can fall.
Whatever their ideological leanings, politicians have a duty to advance policies that bolster public health and well-being. Improving mental health through a basic income is a wise investment, one that will prevent the needless suffering of generations to come.
Tracy Smith-Carrier has received funding from the Social Sciences and Humanities Research Council of Canada and from the Canada Research Chairs program.
Elaine Power has received funding from the Social Sciences and Humanities Research Council of Canada and the Canadian Institutes for Health Research.
Tampering with a Monitoring Device/Clean Air Act, Conspiracy
Trials
United States v. Jason Lee Wagner
No. 3:22-CR-01754(Western District of Texas)
ECS Senior Litigation Counsel Todd Gleason
ECS Senior Trial Attorney Gary Donner
ECS Paralegal Chloe Harris
On February 7, 2025, a jury convicted Jason Lee Wagner of conspiracy and 12 smuggling violations (18 U.S.C. §§ 371, 545, 2). Sentencing is scheduled for June 25, 2025.
Between March 2015 and December 2019, Wagner and others bought and sold endangered reptiles from individuals in Mexico. Wagner and other co-conspirator suppliers and middlemen used social media to offer reptiles for sale and to negotiate the terms of the sale and delivery with customers in the United States and Mexico. His co-conspirators also used international money transfers to provide for “crossing fees,” sales and purchases, and other expenses. They then packaged and re-packaged the reptiles for illegal crossings using USPS and other courier services to transport them between Mexico and the United States.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Indictments
United States v. Roy Ladell Weaver, et al.
No. 1:25-CR-00048 (Middle District of Pennsylvania)
ECS Trial Attorney Ron Sarachan
AUSA David Williams
RCEC Patricia Miller
On February 19, 2025, a grand jury indicted Roy Ladell Weaver and his company, Pro Diesel Werks, LLC, with conspiring to impede the lawful functions of the Environmental Protection Agency (EPA) and to violate the Clean Air Act (CAA), and substantive CAA violations (18 U.S.C. § 371; 42 U.S.C. § 7413(c)(2)(C)).
Pro Diesel Werks provided vehicle repair and maintenance and performance enhancement services, including services on diesel engines and vehicle emission systems. The indictment alleges that between 2013 and March 2024, Weaver and the company, along with co-conspirators, disabled the hardware emissions control systems on the diesel vehicles of Pro Diesel Werks’ customers (a practice referred to as a “delete” or “deleting”), defeating the systems’ ability to reduce pollutant gases and particulate matter released to the atmosphere. The defendants are also alleged to have tampered with the monitoring device and method required under the CAA, that is they disabled the onboard diagnostic system on vehicles preventing the system software from monitoring the emission control system hardware deletes (a practice referred to as a “tune” or “tuning”).
The defendants charged customers between approximately $2,000 and $4,000 per vehicle to remove and disable the emission control systems on motor vehicles with diesel engines.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
On February 7, 2025, Corey Potter pleaded guilty to violating the Lacey Act for illegally transporting crab from Alaska (16 U.S.C. §§ 3372(a)(2)(A), 3373(d)(1)(B)). Sentencing is scheduled for May 13, 2025. Kyle Potter, his son, was previously sentenced to pay a $20,000 fine and complete a five-year term of probation. A third defendant, Justin Welch, was ordered to pay a $10,000 fine and complete a three-year term of probation.
Corey Potter owns two crab catching vessels; Kyle Potter and Welch worked as vessel captains. In February and March 2024, the vessels harvested more than 7,000 pounds of Tanner and Golden king crab in Southeast Alaska. Corey Potter directed Welch and Kyle Potter to land the crab to Seattle, Washington, where they intended to sell it at a higher price than they would have in Alaska. Neither captain landed the harvested crab at a port in Alaska, and they never recorded the harvest on a fish ticket, as required under state law.
A large portion of the king crab that arrived in Seattle from Alaska had died and was unmarketable. Corey Potter knew that some of the crab aboard was infected with Bitter Crab Syndrome (BCS), a parasitic disease fatal to crustaceans. Officials were forced to destroy more than 4,000 additional pounds of Tanner crab due to the risk of BCS infection. If the defendants had properly landed the crab in Alaska, authorities could have inspected the harvest and removed the infected crab before leaving Alaska.
The National Oceanic and Atmospheric Administration Office of Law Enforcement conducted the investigation.
United States v. Kendall Glenn Hacker
No. 5:25-CR-00002 (Eastern District of Kentucky)
AUSA Emily Greenfield
On February 7, 2025, Kendall Glenn Hacker pleaded guilty to conspiracy and to violating the Animal Crush statute (18 U.S.C. §§ 371, 48(a)(2), (a)(3)).
Between November 2021 and June 2022, Hacker sent money through online payment applications, such as PayPal and Venmo, to Michael Macartney, an online chat group administrator. The members and participants of these groups funded, created, obtained, received, exchanged and/or distributed animal crush videos.
Homeland Security Investigations conducted the investigation.
United States v. Chamness Dirt Works, et al.
No. 3:24-CR-00430 (District of Oregon)
AUSA Bryan Chinwuba
RCEC Karla Perrin
On February 7, 2025, property management company Horseshoe Grove, LLC, pleaded guilty to violating the Clean Air Act (CAA) National Emission Standards for Hazardous Air Pollutants (NESHAP) for asbestos work practice standards (42 U.S.C. §§ 7412(h),7413(c)(1)). Horseshoe Grove’s owner and operator Ryan Richter pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)). Construction and demolition company Chamness Dirt Works, Inc., pleaded guilty to violating the CAA NESHAP for asbestos, and company owner and president, Ronald Chamness, pleaded guilty to a CAA negligent endangerment violation (42 U.S.C. § 7413(c)(4)). Sentencing is scheduled for April 3, 2025.
In November 2022, Horseshoe Grove acquired a property in The Dalles, Oregon, which included a mobile home park and two dilapidated apartment buildings. The previous owner provided the new buyers with an asbestos survey from December 2021, which identified more than 5,000 square feet of friable chrysotile asbestos within the two deteriorating buildings, with levels ranging from 2% to 25%. The survey also noted non-friable asbestos in various building materials, including siding and flooring, throughout the apartments. Despite these findings, Horseshoe Grove failed to implement the necessary precautions for asbestos removal.
In March 2023, Chamness Dirt Works began demolishing the two asbestos-laden structures without following proper removal procedures. Chamness did not engage a certified asbestos abatement contractor, did not wet the asbestos-containing debris, and dumped the material in a regular landfill.
Horseshoe Grove paid Chamness Dirt Works a total of $49,330 for the demolition, which did not meet the required safety standards.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
Nos.4:25-CR-00018, 4:24-CR-00006, 00084 (District of Montana)
ECS Senior Trial Attorney Patrick Duggan
ECS Trial Attorney Sarah Brown
AUSA Jeff Starnes
ECS Paralegal Tonia Sibblies
On February 10, 2025, Hollis G. Hale pleaded guilty to violating the Lacey Act and the Endangered Species Act (16 U.S.C. §§ 1538(a)(1)(G), 3372(d)(2), 3373(d)(3)(B)). Sentencing is scheduled for June 11, 2025.
Hale conspired with Jack Schubarth to create giant hybrid sheep for captive hunting. Schubarth smuggled Marco Polo argali sheep parts from Kyrgyzstan into the United States. This protected species of sheep, native to high elevations in the Pamir region of Central Asia, is deemed the largest in the world.
In 2013, Schubarth provided genetic material to a third-party cloning facility, and, in 2016, received successfully cloned pure Marco Polo argali embryos. Schubarth raised a pure male argali clone that he named “Montana Mountain King.” In 2018, Schubarth began breeding Montana Mountain King with other species and selling the offspring throughout the U.S. To evade detection, Schubarth falsely labeled the offspring on Certificates of Veterinary Inspection and other official forms.
In June and July 2020, Hale facilitated the purchase and interstate transport of twelve hybrid Marco Polo argali sheep from Schubarth and falsely identified 43 species of sheep on a Certificate of Veterinary Inspection. Hale falsified these documents knowing these sheep are prohibited in Montana. Schubarth was sentenced in September 2024 to six months’ incarceration, followed by three years’ supervised release.
The U.S. Fish and Wildlife Service Office of Law Enforcement and the Montana Department of Fish, Wildlife and Parks conducted the investigation.
United States v. Zackery Brandon Barfield
No. 5:25-CR-00011 (Northern District of Florida)
ECS Senior Trial Attorney Patrick Duggan
AUSA Joseph Ravelo
On February 12, 2025, Zachary Brandon Barfield pleaded guilty to three counts of poisoning and shooting dolphins in violation of the Marine Mammal Protection Act and the Federal Insecticide, Fungicide, and Rodenticide Act (16 U.S.C. §§ 1372(a)(2)(A), 1375(b); 7 U.S.C. §§ 136j(a)(2)(G), 136l(b)(2)). Sentencing is scheduled for May 21, 2025.
Barfield is a charter and commercial fishing captain operating out of Panama City, Florida. In the summer of 2022, Barfield became frustrated with dolphins eating red snapper from the lines of charter fishing clients. Between June and August 2022, Barfield and others placed a commercial methomyl insecticide inside bait fish to feed to and poison the dolphins that surfaced near his boat.
While captaining another fishing trip in December 2022, Barfield saw dolphins eating snapper from fishing lines. This time, he used a 12-gauge shotgun to shoot and kill a dolphin that surfaced near his vessel. In the summer of 2023, while on a charter fishing trip, Barfield used the same shotgun to shoot a dolphin that surfaced near the lines of clients.
The National Marine Fisheries Service Office of Law Enforcement conducted the investigation with assistance from the Florida Fish and Wildlife Conservation Commission.
United States v. James H. Spencer
No. 23-CR-00015 (Western District of Virginia)
AUSA Michael Baudinet
On February 21, 2025, James Howard Spencer, the Mayor of Glen Lyn, Virginia, pleaded guilty to a felony violation of the Clean Water Act (CWA) (33 U.S.C. § 1319(c)(2)(A)). Spencer admitted to directing employees of the Town of Glen Lyn to illegally discharge raw sewage and other pollutants into the East River, a tributary of the New River, on three occasions- in the summer of 2019, December 2020, and June 2021.
The discharges occurred at a pump station located behind the Glen Lyn Post Office, which was not an authorized discharge point of the National Pollutant Discharge Elimination System (NPDES) permit for the Glen Creek Wastewater Treatment Plant. The East River, a perennial stream and a tributary of the New River, is a protected waterway under the CWA.
Spencer knowingly violated multiple conditions of the NPDES permit, including discharges from unauthorized locations and failing to report the discharges to the Virginia Department of Environmental Quality.
The Environmental Protection Agency’s Criminal Investigation Division and the Virginia State Police conducted the investigation.
United States v. Liza Hash
No. 1:25-CR-20007 (Southern District of Florida)
AUSA Tom Watts-FitzGerald
On February 25, 2025, Liza Hash pleaded guilty to discharging oil into United States and contiguous zone waters, violating the Clean Water Act (CWA) (33 U.S.C. §§ 1319(c)(2), 1321(b)(3)). Sentencing is scheduled for May 21, 2025.
Hash was the owner and operator of the S/V Juliet, a sailing vessel used for multi-day scuba diving trips between Miami and the Bahamas. Over the course of approximately six years, Hash’s vessel carried up to 12 passengers per trip, along with the crew, between the U.S. and the Bahamas.
On June 16, 2023, U.S. Coast Guard investigators boarded the Juliet following its return from the Bahamas. After noticing an active oil sheen originating from the vessel, they conducted a safety examination.
During the inspection, they noted oily water in the bilge, and a pump connected to the vessel’s grey water tank, to facilitate illegal overboard discharges. Hash had used the vessel’s grey water tank (which is intended to hold liquid waste from the boat’s washer, dryer, sinks, and showers) to store oil-contaminated bilge water and discharge overboard.
Investigators estimate that Hash discharged approximately 26,000 gallons of oily water during the five-year period.
The United States Coast Guard conducted the investigation.
United States v. Old Dutch Mustard Company, Inc., d/b/a Pilgrim Foods Company, et al.
No. 1:25-CR-00002 (District of New Hampshire)
ECS Trial Attorney Ron Sarachan
AUSA Matthew Hunter
ECS Paralegal Tonia Sibblies
On February 24, 2025, The Old Dutch Mustard Company, d/b/a Pilgrim Foods Company (Old Dutch), and company owner and president Charles Santich, pleaded guilty to violating the Clean Water Act (33 U.S.C. §§ 1311(a), 1319(c)(2)(A)).
Old Dutch manufactured vinegar and mustard products, generating acidic wastewater during the process. Much of this wastewater consisted of spilled or leaked vinegar, or discarded vinegar that did not meet specifications. Old Dutch did not have a permit to discharge process wastewater. Instead, it stored the process wastewater in tanks and a trucking company hauled one or two truckloads of the wastewater off-site daily to the Rochester Publicly Owned Treatment Works (POTW). Old Dutch paid the trucking company for transporting each load. A second wastewater stream consisted of stormwater that became acidic after flowing through areas of the facility (especially the tank farm) where vinegar spilled. Old Dutch also paid the trucking company to haul the acidic stormwater to the POTW.
Santich decided to reduce costs by ordering workers to discharge some of the wastewater to a manmade ditch formed by an abandoned railroad bed at the top of a hill behind the facility, from which the wastewater would flow into the Souhegan River. In May 2017, Santich hired an excavation company to extend an underground pipe to the top of the hill behind the facility. He then directed an employee to repeatedly pump wastewater through the underground pipe to the abandoned railroad bed. Once the process wastewater or contaminated stormwater discharged at the top of the hill, it flowed to the river. Old Dutch did not have an NPDES or any other permit to discharge pollutants into the river.
In March 2021, Santich directed the same excavation company to install a sump at the corner of the tank farm area to collect the acidic stormwater and pump it directly up the hill through the buried pipe. Similarly, during the Fall of 2022, Santich hired the excavation company to clean out the undergrowth in the manmade ditch at the top of the hill and line it with riprap to create a better drainage ditch and facilitate the flow of wastewater to the river.
On August 2, 2023, EPA agents executed a search warrant at the Old Dutch facility and witnessed this illegal activity. Agents observed liquid that smelled like vinegar discharging from the end of the underground pipe into the riprap-lined ditch. The wastewater discharge had a pH of 3.6. The agents then conducted a dye test starting at the sump outside the corner of the tank farm area. The dye discharged from the underground pipe at the top of the hill and flowed along the riprap-lined drainage ditch and down to the river.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation, with assistance from the New Hampshire Department of Environmental Services.
On February 26, 2025, Fabcon Precast LLC (Fabcon) pleaded guilty to willfully violating an Occupational Safety and Health Administration (OSHA) regulation (29 U.S.C. § 666(e)). The criminal charge is related to an incident where an employee was killed when a pneumatic door closed on his head.
Fabcon operates several facilities in the United States, including one in Grove City, Ohio, that manufactures precast concrete panels. At Fabcon, employees known as batch operators were responsible for the operation and cleaning of the facility’s only concrete mixer. Concrete was discharged from the bottom of the mixer through a pneumatic door. By design, the mixer had an exhaust valve that released the pneumatic energy powering the discharge door, rendering it inoperable. Some months prior to June 6, 2020, the handle that operated the valve broke off and was not replaced.
On June 6, 2020, Zachary Ledbetter, a batch operator since January 2020, was on duty when the discharge door failed to close after releasing a batch of concrete. Because the valve was broken, Ledbetter could not perform the proper procedure to make the door safe to work around. When he attempted to free the door it closed on his head, trapping him. Eventually, Ledbetter was freed and transported to a hospital where he died five days later.
The U.S. Department of Labor Office of Inspector General conducted the investigation.
No. 3:24-CR-00618 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
On February 27, 2025, a court sentenced Vyacheslav I. Piglitsin to time served and to pay $4,355 in restitution. On March 2, 2024, Piglitsin drove over the border from Mexico with Mexican pesticides that he failed to present for inspection (19 U.S.C. §§ 1433 and 1436). Inspectors found seventy-two 1-liter bottles of “Bovitraz” in his vehicle.
The U.S. Environmental Protection Agency Criminal Investigation Division and Homeland Security Investigations conducted the investigation.
Sentencings
United States v. Michael Hart
No. 3:24-CR-00383 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
Former AUSA Melanie Pierson
AUSA Mark Pletcher
On February 3, 2025, a court sentenced Michael Hart to time served followed by one year of supervised release. Hart also will pay $1,500 in restitution. Hart pleaded guilty to conspiring to illegally import hydrofluorocarbons (HFCs) into the United States from Mexico and sell them in violation of law (18 U.S.C. § 371). In addition, Hart admitted to conspiring to illegally import hydrochlorofluorocarbons (HCFCs), namely HCFC 22, which is banned under the Clean Air Act.
Between June and December 2022, Hart purchased refrigerants in Mexico and smuggled them into the United States in his vehicle, concealed under a tarp and tools. Hart posted the refrigerants for sale on OfferUp, Facebook Marketplace, and other sites, and sold them for a profit.
The U.S. Environmental Protection Agency Criminal Investigation Division, Homeland Security Investigations, and Customs and Border Protection conducted the investigation.
United States v. Thalia Zambrano
No. 3:24-CR-01552 (Southern District of California)
ECS Assistant Chief Stephen DaPonte
On February 6, 2025, a court sentenced Thalia Zambrano to time served, after she pleaded guilty to conspiracy (18 U.S.C. § 371).
On June 28, 2024, authorities apprehended Zambrano when she drove into the United States at the San Ysidro Port of Entry with 18 bottles of undeclared “Taktic” (Amitraz) concealed beneath a blanket on the back seat her car. Regulators in the United States canceled this pesticide due to the high concentration of amitraz.
The U.S. Environmental Protection Agency Criminal Investigation Division, Homeland Security Investigations, and Customs and Border Protection conducted the investigation.
United States v. Andrew Laughlin
No. 2:24-CR-00104 (Eastern District of California)
AUSA Kathryn Lydon
On February 10, 2025, a court sentenced Andrew Laughlin to pay a $5,000 fine, complete a two-year term of probation, and pay $4,209 in restitution into the Lacey Act Reward Fund. Laughlin pleaded guilty to one count of smuggling reptiles into the United States (18 U.S.C. § 545).
In 2017, U.S. Fish and Wildlife Service agents identified Laughlin as part of a nationwide investigation into the smuggling of turtles from the United States to an individual in Hong Kong (Individual A). Individual A met and maintained contact with certain wildlife-smuggling associates via Facebook. Investigators identified Laughlin as a suspect in the wildlife smuggling ring from Individual A’s Facebook contacts and communications with covert agents. In addition to corresponding on Facebook, Laughlin also sent text messages to Individual A and co-conspirators.
Between March and April 2018, Laughlin acted as a “middleman” in an international amphibian smuggling ring. During a conversation with an undercover agent, Laughlin said that he participated in the ring in order to acquire hard-to-find newts. He shipped or received at least four packages of amphibians, including packages to or from individuals located in Hong Kong and Sweden. The packages were falsely labeled as items including a “toy car,” “rubber toys,” or “a ceramic art piece.” The boxes actually contained live animals, including eastern box turtles, spotted turtles, and a variety of newt species.
A search warrant executed at the defendant’s residence uncovered 80 live newts of various species. Some of them tested positive for a virulent fungus which originated in Asia and has spread throughout the illegal pet trade. The restitution covered expenses incurred to store and test the animals.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Photo of newts seized from Laughlin’s residence; photo included in case press release at time of guilty plea
Nos. 1:22-CR-00131, 00132 (Eastern District of California)
AUSA Karen Escobar
On February 10, 2025, a court sentenced Jose Angel Beltran-Chaidez to 24 months incarceration, followed by two years of supervised release. Beltran-Chaidez pleaded guilty to possession with intent to distribute heroin in this multi-defendant case involving drugs and animal welfare violations (21 U.S.C. §§ 841 (a)(1), (b)(1)(A)).
Between March and April 2021, Jorge Calderon-Campos (who calls himself “Americano”) supplied 26 pounds of methamphetamine to co-defendants Mark Garcia and Alberto Gomez-Santiago, and an additional 60 pounds to Francisco Javier Torres Mora. Between January and April 2022, Calderon-Campos also possessed roosters he used to participate in an animal fighting venture.
During a search of his residence on April 26, 2022, law enforcement officers found numerous hens and roosters, various cockfighting implements (including razors and spurs) and six cockfighting trophies, including several with plates inscribed with “Team Amkno” (shorthand for “Team Americano”). At Calderon-Campos’s “stash house,” law enforcement officers found 14 hens and 77 roosters, cockfighting leashes, a cockfighting trophy, and a variety of syringes and pill bottles containing substances related to cockfighting supplements.
Jorge Calderon-Campos was sentenced in November 2024 to eight years and one month of incarceration. Calderon-Campos pleaded guilty to conspiracy to distribute methamphetamine and heroin and to violating the Animal Welfare Act (21 U.S.C. §§ 841 (a)(1), (b)(1)(A)); 7 U.S.C. § 2156(b); 18 U.S.C. § 49(a)).
On August 26, 2024, a court sentenced Antonio Beltran-Chaidez to 46 months’ incarceration, followed by 24 months’ supervised release, after he pleaded guilty to possessing heroin with the intent to distribute (21 U.S.C. § 841(a)(1)).
In January 2024, co-defendant Gomez-Santiago was sentenced to four years and nine months incarceration, followed by 60 months supervised release. Mora was sentenced to four years and nine months incarceration. Horacio Ortega-Martinez, another associate of Calderon-Campos, was sentenced in April 2023 to 18 months incarceration, followed by 36 months supervised release, after pleading guilty to possessing gamecocks for an animal fighting venture (7 U.S.C § 2156 (b)).
Co-defendant Garcia pleaded guilty and was sentenced on March 3, 2025, to 24 months’ incarceration, followed by two years of supervised release. Byron Adilio Alfaro-Sandoval is scheduled for status conference June 18, 2025.
Homeland Security Investigations and the Drug Enforcement Administration conducted the investigation, with assistance from the U.S. Department of Agriculture Office of Inspector General, the U.S. Marshals Service, the U.S. Customs and Border Protection, the U.S. Secret Service, the Bureau of Land Management, the Kern County High Intensity Drug Trafficking Area Task Force, the California Highway Patrol, the California Department of Corrections and Rehabilitation, the Kern County Sheriff’s Office, the Kern County Probation Department, and the Bakersfield Police Department.
On February 11, 2025, a court sentenced Christopher Lee Carroll to serve nine years of incarceration and to pay $3 million in restitution. A jury convicted Carroll in August 2024 of three counts of bank fraud, three counts of making false statements to a financial institution, one count of conspiracy to violate the Clean Air Act (CAA), 13 violations of the CAA, and two counts of threatening a witness (18 U.S.C. §§ 371, 2, 1014, 1512 (b)(3), 1344; 42 U.S.C. § 7413(c)(2)(C)).
Carroll and his business partner, George Reed, owned a time share exit company called Square One Group LLC. In April of 2020, they submitted a false and fraudulent application for a $1.2 million Paycheck Protection Program (PPP) loan. The loan application falsely stated that the spouses of Reed and Carroll owned the company to conceal Carroll’s status as a paroled felon, which would have precluded his company from receiving PPP funds. Carroll also used his wife’s name to avoid any potential liability for the fraud.
The PPP loan was supposed to help save businesses and jobs, but Carroll did not use the money to pay dozens of employees who were out of work or keep paying for health insurance for 17 of those employees. Instead, he used it to start a trucking company, Whiskey Dix Big Truck Repair LLC. Carroll and Reed then applied for loan forgiveness, falsely claiming that they’d spent the money on payroll and other permitted expenses. Additionally, Reed and Carroll later sought a second loan of more than $1.6 million, taking a total of $660,000 in “owner draws” from the company after the loan was approved.
From May 2020 through December 2021, Carroll and Whiskey Dix violated the CAA by unlawfully removing the emissions control systems from more than 30 diesel-fueled trucks. In January 2022, Carroll tried to pressure two employees to take responsibility for the emissions tampering. When one of the employees said he was going to talk to federal investigators, Carroll threatened to stop paying for the employee’s attorney.
The court sentenced Whiskey Dix to complete a three-year term of probation after the jury convicted the company on 16 CAA violations. Reed pleaded guilty to bank fraud in September of 2022 and was sentenced January 23, 2025, to time served, and five years of supervised release. Reed was held jointly liable for $3 million in restitution.
The Federal Bureau of Investigation and the U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
On February 13, 2025, a court sentenced Jeffrey Radtke to 21 months’ incarceration, followed by three years of supervised release. Radtke pleaded guilty to conspiracy to create and distribute animal crush videos (18 U.S.C.§§ 371, 48(a)(2), (a)(3)).
Between June 2021 and August 2022, Radtke sent more than 40 payments (ranging from $1 through $300) he received from co-conspirators to pay videographers in Indonesia and other locations outside of the United States to create videos depicting the torture and deaths of juvenile macaque monkeys.
During the execution of a search warrant in April 2023, law enforcement found more than 2,600 videos and 2,700 images depicting animal crushing on Radtke’s computer.
Homeland Security Investigations conducted the investigation.
United States v. Jonathan Achtemeier
No. 3:24-CR-05072 (Western District of Washington)
AUSA Seth Wilkinson
AUSA Lauren Staniar
SAUSA Karla Perrin
On February 14, 2025, a court sentenced Jonathan Achtemeier to pay a $25,000 fine and serve four months’ incarceration, followed by one year of supervised release. Achtemeier pleaded guilty to conspiracy to violate the Clean Air Act (CAA) for his role in tampering with required monitoring devices on diesel trucks (18 U.S.C. § 371).
Between 2019 and 2022, Achtemeier modified the software on hundreds of trucks nationwide to prevent the monitoring devices from detecting the removal of emissions controls. Achtemeier conspired with mechanics and truck fleet operators, instructing them on how to remove or disable anti-pollution hardware on diesel trucks, a process known as “deleting.” Achtemeier tampered with the monitoring device on his clients’ trucks by connecting laptops to the trucks’ onboard computers and remotely “tuning” the vehicles’ computers, which rendered required monitoring devices inaccurate. This allowed the trucks to run without functioning emissions control systems and resulted in the trucks emitting significantly more pollution than legally allowed.
Achtemeier charged as much at $4,500 per truck for work that often took him two hours or less. He advertised his services on social media nationwide, doing business as Voided Warranty Tuning or Optimized Ag. Between 2019 and 2022 his company took in more than $4.3 million in gross profits.
The Environmental Protection Agency Criminal Investigation Division conducted the investigation.
Assistance from ECS Senior Counsel Elinor Colbourn
On February 18, 2025, a court sentenced Andres Alejandro Sanchez to complete a three-year term of probation to include six months’ home detention. Sanchez pleaded guilty to violating the Lacey Act for illegally importing a spider monkey into the United States (16 U.S.C. §§ 3372(a)(1), 3373(d)(2)).
On October 7, 2024, Sanchez travelled from Mexico to Laredo, Texas, and failed to declare a spider monkey he had in his vehicle to Customs and Border Protection officers as he attempted to cross the border.
The U.S. Customs and Border Protection, Homeland Security Investigations, and U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation.
Case photo of baby spider monkey rescued by authorities
United State v. Jose Carrillo
No. 8:23-CR-00222 (Middle District of Florida)
ECS Senior Trial Attorney Matt Morris
AUSA Erin Favorit
ECS Paralegal Jonah Fruchtman
On February 18, 2025, a court sentenced Jose Carrillo to 84 months’ incarceration, followed by three years of supervised release. Carrillo pleaded guilty to conspiring to violate the Animal Welfare Act and knowingly possessing a firearm after a felony conviction (18 U.S.C. §§ 371, 922(g)(1) and 924(d)).
On June 7, 2023, authorities executed a search warrant at Carrillo’s residence, seizing a total of 10 pit bull-type dogs. Several of the dogs exhibited scarring consistent with dogfighting. Authorities also discovered a .22 caliber rifle, a bloodstained wooden dogfighting “pit,” syringes, veterinary medications, a skin stapler, break sticks used to separate fighting dogs, and other suspected dogfighting paraphernalia.
The U.S. Department of Agriculture Office of Inspector General conducted the investigation with assistance from the following agencies: Homeland Security Investigations; Bureau of Alcohol, Tobacco, Firearms and Explosives; U.S. Marshal Service; and the Pasco County (Florida) Sheriff’s Office.
Photo of dogs from Carillo’s home included in press release, link below.
Nos. 2:23-CR-00600, 2:24-CR-00890 (District of Arizona)
AUSA Glenn McCormick
On February 18, 2025, a court sentenced Eric T. Scionti to 47 months’ incarceration, followed by three years of supervised release. Scionti pleaded guilty to possession of a firearm and ammunition by a convicted felon and Animal Crushing in two separate cases (18 U.S.C. §§ 922(g)(1), 924(a)(8), 48(a)(1)).
In December 2022, federal authorities received an anonymous tip that Scionti, a convicted felon, possessed a number of handguns, as well as grenades and bullet-proof body armor. On January 18, 2023, agents executed a search warrant, seizing six firearms and 1,826 rounds of ammunition from areas of a residence controlled by the defendant. Scionti has multiple Arizona state felony convictions and was prohibited by federal law from possessing firearms or ammunition.
While researching the defendant’s online activities, agents found video evidence depicting Scionti torturing pigeons. Agents executed a subsequent search warrant on September 29, 2023, for records and information associated with Scionti’s email account. During that search, agents seized approximately 168 videos and 89 digital photographs depicting Scionti torturing and mutilating live pigeons.
The Federal Bureau of Investigation conducted the investigations in these cases.
On February 19, 2025, a court sentenced Manuel Domingos Pita to 48 months’ incarceration and to pay more than $55 million in restitution. Also, Pita will forfeit real estate and cash/bank accounts. Pita pleaded guilty to a wire fraud conspiracy, conspiracy to defraud the United States, and a willful violation of the Occupational Safety and Health Administration Act for causing the death of an employee (18 U.S.C. §§ 371, 1343; 29 U.S.C. § 666(e)).
Pita created and operated several shell construction companies, including one named Domingos 54 Construction, Inc. Pita used Domingos 54 to provide workers, including undocumented aliens, with construction jobs. However, Pita failed to secure the required workers compensation insurance coverage for these employees by falsifying the number of workers for which he sought coverage in worker’s compensation insurance applications. In addition, Pita failed to pay any federal employment taxes on the wages that these workers earned during the course of the scheme between 2018 and 2022.
Pita failed to disclose the number of workers he had. Had he properly disclosed the number of workers, he would have paid an additional $22.7 million+ in premiums. Additionally, Pita failed to pay to the IRS over $33.7 million in federal employment taxes on those workers’ wages.
Between February and July 2019, investigators with the Occupational Safety and Health Administration (OSHA) issued six citations to Domingos 54 for failure to provide fall protection to workers. Even after being cited for these violations, Pita continued to ignore OSHA requirements. In March 2020, Pita assigned a worker and three other carpenters to install sheeting on the roof of a residential home in windy conditions without providing the required fall-protection gear or ensuring its use. As a result, one of the workers was blown off the roof and died from his injuries.
The Federal Bureau of Investigation, Internal Revenue Service Criminal Investigation, Homeland Security Investigations, Florida Department of Financial Services’ Bureau of Insurance Fraud-Criminal Investigations, and the Department of Labor’s Office of Inspector General conducted the investigation.
Nos. 3:24-CR-00101, 00116 (Northern District of Florida)
ECS Deputy Chief Joe Poux
ECS Paralegal Jonah Fruchtman
On February 20, 2025, a court sentenced Fernando Cruz Rubio to time served. Rubio pleaded guilty to violating the Act to Prevent Pollution from Ships (APPS) for failing to maintain an oil record book (ORB) (33 U.S.C. § 1908(a)).
Rubio worked as a chief engineer on the M/V Suhar, a Panamanian-flagged ocean-going bulk carrier that routinely hauled cement from Tampico, Mexico, to Pensacola, Florida. The ship was managed by Gremex Shipping S.A. de C.V., which was responsible for the ship’s day-to-day operations, including hiring all crew, and ensuring compliance with all environmental and international regulations.
The Coast Guard inspected the ship when it arrived in Pensacola on August 25, 2023. Inspectors determined that the vessel’s crew regularly discharged untreated oily bilge water overboard, bypassing onboard pollution control equipment, and falsified the ship’s ORB to conceal these discharges. On various trips, between March 2021 through August 25, 2023, Rubio, as the Suhar’s chief engineer, failed to accurately maintain the ORB and did not record overboard bilge water discharges.
Gremex was sentenced in October 2024 to pay a $1.75 million fine, serve a four-year term of probation, and implement an environmental compliance plan. The shipping corporation also pleaded guilty to violating APPS.
The U.S. Coast Guard Investigative Service conducted the investigation.
United States v. Clancy Logistics, Inc., et al.
No. 3:24-CR-00344 (District of Oregon)
AUSA Andrew Ho
RCEC Gwendolyn Russell
On February 25, 2025, a court sentenced to Clancy Logistics, Inc., and owner Timothy C. Clancy, to each complete three-year terms of probation. They were also ordered to pay a fine of $101,510.00, jointly and severally. The defendants pleaded guilty to a felony count of tampering with a Clean Air Act monitoring device (42 U.S.C. § 7413(c)(2)(C)).
Between October 2019 and July 2023, Timothy C. Clancy tampered with the onboard diagnostic systems (OBDs) and caused others to tamper with the OBDs, of at least 13 Class 8 diesel semi-trailer trucks owned or operated by his companies, Clancy Transport, Inc., and Clancy Logistics, Inc. The defendants’ actions prevented the OBDs from detecting malfunctions caused by the deletion of the vehicles’ emission control systems, in violation of the Clean Air Act (42 U.S.C. § 7413(c)(2)(C)).
As part of this process, Clancy directed his employees to disable and remove the emissions hardware from his companies’ vehicles. This involved removing exhaust systems and their corresponding emissions control components from the vehicles, hollowing out the functioning portion of the devices so that only the casing remained, and re-installing the casing to create the appearance that the emissions controls were intact. The vehicles’ OBDs were then tuned so that they could no longer detect the removal of the control equipment.
Clancy and his companies tampered with the OBDs on their diesel semi-trailer trucks so that they could operate the vehicles with real or perceived increased performance and fuel efficiency and reduce or eliminate the cost and burden associated with maintaining the vehicles. As a result, a greater volume of pollutants was emitted from the vehicles.
The U.S. Environmental Protection Agency Criminal Investigation Division conducted the investigation.
No. 5:24-CR-00028 (Western District of North Carolina)
AUSA Katherine T. Armstrong
On February 27, 2025, a court sentenced Robert G. Gambill to pay a $9,500 fine and to forfeit a rifle, scope, and ammunition for killing a bald eagle in violation of the Bald and Golden Eagle Protection Act (16 U.S.C. § 668(a)). As required under provisions of the Act, $2,500 of the fine will be apportioned equally between two witnesses who reported the shooting.
On June 5, 2024, Gambill set his firearm on a fencepost and targeted, shot, and killed a bald eagle that was perched in a tree near a bridge in Sparta, North Carolina. After killing the eagle, Gambill drove away from the scene, abandoning the carcass on the bank of the New River. Two witnesses recovered the carcass and turned it over to the U.S. Fish and Wildlife Service (FWS). The U.S. FWS forensic laboratory determined that injuries suffered by the bald eagle were consistent with a gunshot wound from a high-powered rifle.
The U.S. Fish and Wildlife Service Office of Law Enforcement conducted the investigation, with assistance from the North Carolina Wildlife Resources Commission and the Alleghany County Sheriff’s Office.
On February 28, 2025, a court sentenced Willie Russell to 24 months’ incarceration, followed by three years’ supervised release, after he pleaded guilty to conspiracy and exhibiting dogs in an animal fighting venture (7 U.S.C. § 2156(a)(1); 18 U.S.C. § 371). Russell is the fourteenth and final defendant to plead guilty in this federal dog fighting case. The other co-defendants are: Tamichael Elijah; Marvin Pulley, III; Brandon Baker; Christopher Travis Beaumont; Herman Buggs, Jr.; Terrance Davis; Timothy Freeman; Terelle Ganzy; Gary Hopkins; Cornelious Johnson; Rodrecus Kimble; Donnametric Miller; Willie Russell; and, Fredricus White.
On April 24, 2022, the defendants converged on a property in Donalsonville, Georgia, where they held a large-scale dog fighting event. They brought a total of 24 pit bull-type dogs to fight in a series of matches over that weekend. Law enforcement personnel who disrupted the event found numerous dogs inside crates in cars on the property.
The participants used their cars to store dogs who had already fought, as well as those awaiting their turn in the fighting pit. Some dogs were kept on chains on the property. Law enforcement rescued a total of 27 dogs, including a badly injured dog that later perished from its injuries. Dogs in the cars also bore recent injuries and scars.
All defendants but Freeman pleaded guilty to felony conspiracy to violate the animal fighting prohibition of the federal Animal Welfare Act. Defendants Beaumont and Miller also pleaded guilty to sponsoring or exhibiting (i.e., handling) a dog in a dog fight. Defendants Baker, Davis, Ganzy, Johnson, Pulley, and White further pleaded guilty to possessing and transporting a dog for purposes of using the dog in an animal fighting venture. Freeman pleaded guilty to spectating at an animal fight. Defendants Miller and Pulley also pleaded guilty to unlawfully possession of a firearm by a person with a prior felony conviction.
The U.S. Department of Agriculture Office of the Inspector General; and the Seminole County, Georgia, Sheriff’s Office conducted the investigation, with assistance from the Bay County, Florda, Sheriff’s Office.
Source: United Nations General Assembly and Security Council
United Nations Secretary-General António Guterres has appointed Anthony Ngororano of Rwanda as the United Nations Resident Coordinator in Madagascar, with the host Government’s approval, on 1 March 2025.
Mr. Ngororano has over 20 years of experience in sustainable development in leadership roles across the UN system and prior to this in the private sector. Most recently, he served as the United Nations Development Programme (UNDP) Resident Representative to Kenya. Prior to that, he served as UNDP Resident Representative to Mauritania.
Before his role in Mauritania, Mr. Ngororano served as Chief of the Executive Board Branch in the Office of the Executive Director of the United Nations Population Fund (UNFPA) in New York and he held several posts in UN-Women, including Country Representative in Haiti and Chief of the Africa Section in New York.
He served as the Senior Economic Adviser to the Prime Minister of Rwanda with the rank of Permanent Secretary and prior to that he held diverse positions with UNDP including Country Adviser in the Regional Bureau for Africa in New York, and in a range of policy, planning and programme roles in Nigeria, Zambia, and Rwanda.
He also worked as an investment banker with Citigroup N.A in Kenya and Tanzania after starting his career as an economist in the Ministry of Finance, Planning and Economic Development in Uganda.
Mr. Ngororano holds masters’ degrees in development economics and international relations from the University of East Anglia and the University of Sussex respectively. He also holds a Master of Arts degree with honours in economics from the University of Edinburgh.
PM Shri Narendra Modi addresses Post Budget Webinar on Manufacturing, Exports and Nuclear Energy Stakeholders discuss export ecosystem and e-commerce growth at the Webinar
Export Promotion Mission (EPM), a proposed ₹2,250 crore initiative, to boost India’s exports: Experts
Posted On: 04 MAR 2025 6:22PM by PIB Delhi
As part of the Post-Budget Webinar on the Union Budget 2025-26, organized by NITI Aayog, various outreach sessions on Theme 3 comprising of discussions on the topics – Manufacturing, Exports and Nuclear Energy Missions, were successfully held on March 4, 2025. The Exports session, led by the Ministry of Commerce & Industry in consultation with the Ministry of Electronics & Information Technology (MeitY), brought together key stakeholders, including industry leaders, exporters, entrepreneurs, and policymakers, to deliberate on strategies to enhance India’s export capabilities and fortify the country’s global trade position.
At the outset, Prime Minister of India addressed the participants of the Webinar. He highlighted the reforms undertaken by the Government to create an enabling and nurturing ecosystem for promoting Manufacturing and Exports in the country. He highlighted the transformative approach of the Union Budget 2025-26 which is in line with the reform-oriented agenda undertaken of the Government. He encouraged the participants to come forward with fresh and innovative ideas and contribute to policy formulation and implementation on the themes of Manufacturing, Exports, and Nuclear Energy with a view to promote India’s Exports to the world. His ideas were appreciated by all the stakeholders and shaped the subsequent discussion on various themes.
Subsequently, the Breakout session on Exports was moderated by Shri Sanjay Nayyar, President ASSOCHAM, with an esteemed panel comprising of Shri Rajesh Nambiar, President, NASSCOM, Shri Ajay Sahai, Director General, Federation of Indian Export Organization (FIEO), Shri Pankaj Mohindroo, President, Indian Cellular and Electronics Association (ICEA), Shri Kalyan Basu, Managing Director, MonetaGo, Ms. Jyoti Vij, Director General, FICCI, and Ms. Nivruti Rai, CEO, Invest India. Their insights and expertise contributed to meaningful discussions on fostering a conducive ecosystem for exports and driving economic growth through policy interventions and digital innovation.
During the deliberations, several key initiatives were discussed as potential pathways to strengthening India’s exports. Among them was the Export Promotion Mission (EPM), a proposed ₹2,250 crore initiative aimed at boosting India’s exports, particularly for MSMEs, by providing financial incentives, market access support, and compliance facilitation. Participants emphasized that a partnership-driven, whole-of-government approach is needed to address market access issues and facilitate the growth of new and e-commerce exporters.
Additional strategic policy recommendations included expanding Export Credit Guarantee Corporation (ECGC) coverage to high-risk markets, enhancing collateral-free export credit through EXIM Bank, and providing incentives for MSMEs to adopt sustainability standards and global certifications. Industry experts also stressed the need to strengthen the Driving International Holistic Market Access Initiative (DISHA) to offer sector-specific MSME support.
Participants also highlighted the importance of Export Readiness Programs to train MSMEs in e-commerce, digital marketing, and international trade regulations. The expansion of the E-Commerce Niryat Credit Card Scheme was another key area of discussion to bolster cross-border digital trade.
Another major point of discussion was BharatTradeNet (BTN), envisioned as a pioneering Digital Public Infrastructure (DPI) initiative designed to create a seamless, electronic and paperless trade ecosystem for international trade and trade finance. Institutionalizing BharatTradeNet as India’s Digital Public Infrastructure for Trade, integrating it with Aadhaar, DigiLocker, UPI, and other digital platforms, and aligning it with financial institutions for seamless trade finance approvals were also considered integral to simplifying export operations. Strengthening State/District Export Cells, expanding Buyer-Seller Meet (BSM) Programs, and developing a Central Trade Registry and Interoperability Framework for BharatTradeNet were seen as critical steps toward increasing efficiency in trade facilitation. Stakeholders suggested that by aligning with global trade facilitation standards, BTN could help streamline trade documentation, enhance trade financing, and deepen export credit accessibility. It was also suggested that one of the ways to prioritise implementation of BTN would be, by establishing a Special Purpose Vehicle (SPV).
A structured plan under the National Framework for GCCs was also discussed to expand Global Capability Centres (GCCs) beyond Tier-1 cities by re-orienting regulations, taxation policies, and infrastructure. Based on the discussion, the following recommendations were made by the panellists for the dispersal of GCCs into emerging GCC cities: reducing compliance burden and ease of doing business, building a quality talent pool and talent pipeline, GCCs partnerships in R&D with academia, a national framework on GCC and dedicated policy interventions, the GIFT city model for emerging Tier 2 cities, tax incentives for GCCs in SEZ in Tier 2 cities, a national policy to streamline incentives for GCCs such as incentivizing employment generation, R&D activities, and skilling, transfer pricing rationalization, improving physical and digital infrastructure in emerging Tier-2 hubs for GCC, partnership with National Mission e.g. AI and Quantum, and marketing and branding of GCCs in India and emerging Tier 2 cities.
The session concluded with a final address by Union Minister of State for Commerce and Industry, Shri Jitin Prasada, who highlighted the government’s unwavering commitment to creating a globally competitive export ecosystem and ensuring the seamless integration of Indian enterprises into global value chains.
The Breakout Session on Exports successfully provided a forward-looking actionable roadmap, capturing key insights and recommendations from industry experts, policymakers, and entrepreneurs. These discussions will play a crucial role in shaping future policies for strengthening India’s exports through policy reforms, infrastructure development, and digital transformation. The key takeaways from the session shall be implemented by the respective departments.
Nuclear Energy is Critical for India’s Net Zero Goal, Major Expansion Planned: Dr. Jitendra Singh India to Open Nuclear Sector for Private Players, Key Legislative Changes on the Horizon
Government Unveils Nuclear Power Roadmap: Private Investments, SMRs, and 100 GW Goal by 2047
Public Awareness Drive on Nuclear Energy Crucial for India’s Clean Energy Transition: Dr. Jitendra Singh
Posted On: 04 MAR 2025 5:47PM by PIB Delhi
Addressing a post-budget webinar organized by NITI Aayog, Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences, and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh emphasized that Nuclear Energy is critical for India’s Net Zero goal.
He highlighted the Union Budget 2024-25’s vision for India’s nuclear power expansion, which sets a target of achieving 100 GW by 2047.
Pointing out the crucial role of nuclear energy in India’s transition to clean energy and achieving Net Zero emissions by 2070, he called for private sector participation, regulatory reforms, and sustained public engagement.
Highlighting the growing energy demand, Dr. Jitendra Singh stated that India’s electricity needs are expected to increase four to five times by 2047. While renewable energy sources are expanding, they alone cannot meet the base-load demand, making nuclear power a key component of India’s energy strategy. “Achieving 100 GW of nuclear power will require a focused and determined approach, adding around 4 GW annually from now onwards,” he said, expressing confidence in meeting the goal with proper planning and execution.
A major shift in India’s nuclear policy is the proposed involvement of the private sector in designing, building, and operating nuclear power plants. Dr. Jitendra Singh acknowledged that legislative amendments to the Atomic Energy Act, Civil Liability for Nuclear Damage Act, and Electricity Act would be required to enable this participation. “Opening up the nuclear sector will send a strong policy signal to industry players, boosting investor confidence and encouraging long-term investments,” he noted.
He also highlighted that NPCIL, along with its subsidiaries, aims to contribute nearly half of the 100 GW target by leveraging domestic and international partnerships. Meanwhile, NTPC’s joint venture, Ashwini, has already taken the lead in constructing four 700 MWe PHWRs at Mahi-Banswara.
The Minister further announced the launch of a Small Modular Reactor (SMR) R&D Mission, with the objective of developing five SMRs by 2033. These reactors, known for their adaptability, could be deployed in industrial zones, remote areas, and hard-to-abate sectors like cement and steel manufacturing.
Dr. Jitendra Singh emphasized that India’s nuclear energy journey, pioneered by Dr. Homi Bhabha, was often met with skepticism, both domestically and internationally, due to restrictive global policies and misplaced concerns over nuclear proliferation. However, he noted that under Prime Minister Narendra Modi’s leadership since 2014, India has witnessed a paradigm shift, with greater acceptance of its nuclear energy program as a key component of clean and sustainable power generation. He pointed out that unlike in the past, the announcement of a 100 GW nuclear target has not faced any negative implications, reflecting India’s growing credibility in the global nuclear community and the recognition of its responsible and transparent approach to nuclear energy development.
Dr. Jitendra Singh also underscored the need for a nationwide awareness campaign to address public concerns regarding nuclear energy. “A much more vigorous and sustained public outreach program is necessary to dispel fears and highlight nuclear power as a safe and clean energy source,” he said, urging collaboration among government agencies, private players, and environmental groups.
With a roadmap now being formulated in consultation with stakeholders, the Minister affirmed that while challenges exist, achieving the 100 GW target by 2047 is both ambitious and achievable.
PM to participate in Post-Budget Webinar on Employment on 5th March Key themes: Investing in People, Economy, and Innovation
Posted On: 04 MAR 2025 5:09PM by PIB Delhi
Prime Minister Shri Narendra Modi will participate in the Post-Budget Webinar on Employment on 5th March, at around 1:30 PM via video conferencing. The key themes of the webinar include Investing in People, Economy, and Innovation. Prime Minister will also address the gathering on the occasion.
Employment generation has been one of the key focus areas of the government. Driven by the vision of the Prime Minister, the government has taken multiple steps to promote job growth and generate greater avenues of employment. The webinar will foster collaboration among government, industry, academia, and citizens encouraging discussions to help translate the transformative Budget announcements towards the same into effective outcomes. With a key focus on empowering citizens, strengthening the economy, and fostering innovation, the deliberations will aim at paving the way for sustainable and inclusive growth; leadership in technology and other sectors; and a skilled, healthy workforce working towards realising the goal of Viksit Bharat by 2047.
“PM-SYM will assure monthly pension for the enrolled unorganized sector workers during their old age. It is for the first time since independence that such a scheme is envisaged for the crores of workers engaged in the informal sector.”
– Prime Minister Narendra Modi
Introduction
Pradhan Mantri Shram Yogi Maandhan (PM-SYM), is a voluntary and contributory pension scheme launched by the Government of India to provide social security to unorganised workers. This scheme ensures a minimum monthly pension of ₹3,000 after the age of 60 for workers who belong to the unorganised sector and have a monthly income of up to ₹15,000. The scheme is a tribute to the workers in the Unorganized sectors who contribute around 50 per cent of the nation’s Gross Domestic Product (GDP).
Unorganized Workers are mostly engaged as home-based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless laborers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio-visual workers or workers in similar other occupations. As per the e-Shram portal, there are over 30.51 crore unorganised workers registered, as on 31 December 2024.
PM-SYM was introduced in the Interim Budget 2019. The scheme is administered by the Ministry of Labour and Employment in collaboration with Life Insurance Corporation of India (LIC) and Common Service Centres e-Governance Services India Limited (CSC SPV) for seamless implementation. LIC is the Pension Fund Manager and responsible for Pension pay out. The scheme is a part of the government’s broader social security initiatives and aligns with the vision of universal pension coverage for workers in the unorganised sector.
Key Features of PM-SYM
The Pradhan Mantri Shram Yogi Maandhan scheme provides numerous benefits, ensuring financial security in old age for unorganised sector workers.
Minimum Assured Pension: ₹3,000 per month after 60 years of age.
Government Contribution: The Government of India matches the worker’s contribution on a 1:1 basis.
Voluntary and Contributory: The scheme is voluntary, allowing workers to contribute based on their affordability and requirement.
Family Pension: If the beneficiary passes away, the spouse receives 50% of the pension amount as a family pension. Family pension is applicable only to spouse.
Exit Provisions: Participants can exit the scheme under specified conditions (detailed in section 9).
Easy Enrolment: Eligible workers can register at Common Service Centres (CSCs) or through the Maandhan portal.
Fund Management: The scheme is administered by LIC, ensuring financial stability and credibility.
Eligibility Criteria
To enroll in PM-SYM, individuals must meet the following eligibility conditions:
Age Requirement: 18 to 40 years.
Income Limit: Monthly income should be ₹15,000 or less.
Unorganised Sector Employment: Workers engaged in professions such as:
Street vendors, rag pickers, rickshaw pullers
Construction workers, daily wage labourers
Agricultural workers, beedi workers
Domestic workers, weavers, artisans, fishermen, leather workers, etc.
Exclusion Criteria:
Should not be covered under the Employees’ Provident Fund (EPF), Employees’ State Insurance Corporation (ESIC), or National Pension Scheme (NPS).
Should not be an income taxpayer.
Should not be receiving benefits from any other government pension scheme.
Documents Required:
Aadhaar Card
Savings bank account or Jan Dhan account details with IFSC
The contribution amount varies based on the age at the time of enrolment. The earlier a worker enrolls, the lower the monthly contribution.
Age at Entry
Monthly Contribution (by Worker)
Equal Contribution by Government
18 years
₹55
₹55
20 years
₹65
₹65
25 years
₹80
₹80
30 years
₹105
₹105
35 years
₹150
₹150
40 years
₹200
₹200
Upon reaching 60 years of age, beneficiaries start receiving a fixed pension of ₹3,000 per month for their lifetime.
Enrolment Process
Enrolment in PM-SYM is facilitated through Common Service Centres (CSCs) across India. The steps include:
Visit a CSC with Aadhaar and a savings bank account.
Provide biometric authentication using Aadhaar.
Fill the online registration form.
First subscription is to be paid in cash.
Choose the auto-debit facility from the bank account.
Receive a PM-SYM card upon successful enrolment.
Alternatively, eligible workers can enroll through the Maandhan portal (https://maandhan.in/).
All the Labour offices of State and Central Governments, all the branch offices of LIC, the offices of ESIC/EPFO will act as Facilitation Centres to give full information to the unorganised workers about the Scheme, its benefits and the procedure to be followed, at their facilitation desks/ help desks. Customer Care number 1800 2676 888 (available 24*7) and web portal has the facility for registering the complaints.
Implementation and Current Status
The steps taken by government to ensure that the benefits of the scheme reach the unorganized sector workers are:
Holding periodic review meeting with States/ UTs.
Regular meeting with state Common Services Centre (CSC) heads.
Launch of new features such as Voluntary Exit, Revival Module, Claim Status and Account Statement.
Extension of revival of dormant accounts from 1 year to 3 years.
Two-way integration of PM-SYM and e-Shram.
SMS campaign to create awareness.
Communication with Chief Secretaries of States/UTs regarding enrolment under PM-SYM scheme.
Launch of Donate-a-Pension Module to encourage the employer to pay the premium of their staff under PM-SYM pension scheme and increase the enrolment.
Interaction with Department of Financial Services, Pension Fund Regulatory and Development Authority, National Institute of Public Finance and Policy to increase the outreach of the pension scheme.
Exit and Withdrawal Provisions
Considering the hardships and erratic nature of employability of unorganised workers, the exit provisions of scheme have been kept flexible.
Exit Before 10 Years: If a worker exits the scheme before 10 years, the contributed amount is refunded with savings bank interest rate.
Exit After 10 Years but Before 60 Years: The beneficiary receives his/her share of contribution along with accumulated interest as actually earned by fund or at the savings bank interest rate, whichever is higher.
Death Before 60 Years or Permanent Disability caused by an accident:
The spouse can continue the scheme or
Withdraw the contributed amount with interest as actually earned by fund or at the savings bank interest rate whichever is higher.
Death After 60 Years: The spouse receives 50% of the pension as a family pension.
After the death of subscriber as well as his/her spouse, the entire corpus will be credited back to the fund.
Situation of Default: If a subscriber has not paid the contribution continuously, he/she will be allowed to regularize his contribution by paying entire outstanding dues, along with penalty charges, if any, decided by the Government.
Conclusion
PM-SYM is a landmark initiative that provides financial security to millions of unorganised workers. By ensuring a monthly pension of ₹3,000, it helps workers lead a dignified life post-retirement. With large number of enrolments and ongoing promotional efforts, PM-SYM aims to provide universal pension coverage, creating a more inclusive social security framework in India.
Source: Hong Kong Government special administrative region
Invest Hong Kong (InvestHK) hosted the Women’s Health & Tech Forum 2025 today (March 4), bringing together distinguished speakers from the Government, academia, and the private sector to explore the intersection of technology and women’s health. The forum featured comprehensive sessions and media opportunities covering policy initiatives, clinical research translation, and ecosystem development, attracting key stakeholders from Hong Kong’s rapidly evolving health sector. Government’s strategic vision for advancing women’s health The Hong Kong Special Administrative Region (HKSAR) Government has positioned health innovation as a key driver of new quality productive forces in Hong Kong, with a clear vision to develop the city into an international health and medical innovation hub. Through comprehensive reforms in drug and medical device approval mechanisms, enhanced clinical trial capabilities, and accelerated research translation, the Government is creating a robust foundation for innovation in crucial sectors including women’s health. The Under Secretary for Health, Dr Libby Lee, stated, “The HKSAR Government is committed to complementing technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub. As we move forward, we must continue to prioritise health and well-being of people in our innovation agenda. This requires collaboration across sectors – Government, academia, healthcare providers, and the private sector – all working together to address unmet needs and create sustainable and scalable solutions. Together, we can harness technology to improve health outcomes, empower women, and build a healthier society for all.” InvestHK’s pivotal role in fostering innovation Hong Kong’s growing prominence in health technology is supported by InvestHK’s strategic initiatives to attract and facilitate innovative companies. The agency’s comprehensive approach combines with Hong Kong’s world-class infrastructure development, talent pool, and comprehensive ecosystem, developing Hong Kong as a leading health tech hub. The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, commented, “As a global innovation and technology hub, Hong Kong is leveraging cutting-edge technologies and world-class expertise to advance women’s healthcare. With the global femtech market expected to grow substantially, InvestHK is dedicated to attracting pioneering solutions to strengthen the healthcare ecosystem in Hong Kong and across Asia.” Advancing women’s health through academic-government collaboration Primary healthcare has become the backbone of Hong Kong’s public health initiatives. A significant development announced at the forum was the collaboration between the District Health Centre and the Chinese University of Hong Kong (CUHK) to introduce post-natal health services within the primary healthcare framework, showcasing how academic-government partnerships can effectively serve the unmet needs in local communities. The Commissioner for Primary Healthcare, Dr Pang Fei-chau, emphasised, “Primary healthcare has become the foundation of our public health initiatives, bringing essential services closer to the community through the District Health Centre Scheme. The Government has launched the Life Course Preventive Care plan. Based on the core principles of prevention-oriented and whole-person care, a personalised preventive care plan will be formulated according to the latest evidence to establish healthy lifestyle patterns and raise self-health management awareness among citizens of different age groups, thereby improving the overall health of the population, providing accessible and coherent healthcare network services, and establishing a sustainable healthcare system.” The Chairperson of the Department of Obstetrics and Gynaecology at the CUHK, Prof Liona Poon, highlighted, “This collaboration helps address the unmet needs in post-natal health, which represents a significant step forward in women’s healthcare delivery. This partnership combines the CUHK’s pioneering clinical expertise with the Government’s community outreach capabilities. Through this integrated approach, we can better support women’s health needs at the community level.” Driving innovation in women’s health tech Hong Kong’s health tech ecosystem continues to attract and nurture innovative companies addressing critical women’s healthcare needs. WomenX Biotech Limited, a Hong Kong-based start-up inventing non-invasive HPV test using menstrual blood, and EveryBaby, an Irish health tech company specialising in preterm birth prevention through cervical tissue analysis, exemplify how both local and international companies are leveraging the city’s advantages to advance women’s health technologies. The Founder of WomenX Biotech Limited, Dr Choi Pui-wah, shared, “The city’s research capabilities and clinical resources have been crucial in developing our technology for early disease detection. Hong Kong’s supportive ecosystem has enabled us to transform monthly menstrual blood collection into a powerful tool for women’s health monitoring.” The CEO of EveryBaby, Mr Dabriel Choi, added, “We chose Hong Kong as our Asian headquarters because of its strong healthcare foundation and strategic position for entering the Mainland China market. The ecosystem here facilitates meaningful partnerships between start-ups, researchers, and healthcare providers, which is essential for developing and validating our innovative preterm birth prevention technology.”A hub for women’s health innovation The Women Health & Tech Forum 2025 has effectively demonstrated Hong Kong’s commitment to advancing women’s health through technology. By fostering collaboration between the Government, academia, and the private sector, and by leveraging the city’s strengths in life and health science, Hong Kong is establishing itself as a leading hub for women’s health innovation. This commitment to combining technological and institutional innovation aligns with the Government’s broader vision of developing Hong Kong into an international health and medical innovation hub, creating impact both locally and across the region.
Source: Hong Kong Government special administrative region
Renowned Japanese technology service provider Ricoh establishes international InnoAI Center in Hong Kong (with photo) ******************************************************************************************
Invest Hong Kong (InvestHK) announced that a renowned Japanese technology service provider with a presence in Hong Kong for over 60 years, Ricoh Hong Kong, organised a launching ceremony of its new Ricoh InnoAI Center as well as the Ricoh InnoAI Program in Cyberport today (March 4). These initiatives aim to provide technical support to local companies as well as empower start-ups by providing them with cutting-edge artificial intelligence (AI) resources and support, enhancing Hong Kong’s status as an international innovation and technology (I&T) hub. Associate Director-General of Investment Promotion for InvestHK Mr Charles Ng, said at the launch ceremony, “We congratulate Ricoh on this significant milestone. The establishment of the Ricoh InnoAI Center is a testament to Hong Kong’s thriving start-up ecosystem and its confidence in the city’s status as an international I&T hub. We are excited to support initiatives that enhance Hong Kong’s reputation as a leader in technology and innovation.” The Managing Director of Ricoh Hong Kong Limited, Mr Ricky Chong, said, “Hong Kong is a multicultural and vibrant city with a mature business environment and a deep talent pool. Aligning with the objectives outlined in the National 14th Five-Year Plan, which supports Hong Kong’s development as an international centre in eight key areas, including as an international I&T centre, Hong Kong plays a vital role in helping enterprises ‘come in’ and ‘go global’. These present favourable conditions for Ricoh Asia Pacific to choose Hong Kong as its operational base, attracting talent from the Greater Bay Area and around the world.” He added, “With the rapid development of AI technology, businesses really need more innovative and forward-looking solutions to adapt to the ever-changing market demands and consumer behaviors. Therefore, we launched our Ricoh InnoAI Program with HK$50 million as the estimated capital in the first year for office set up, staff recruitment, and infrastructure configuration. The Program aims to provide comprehensive support to local start-ups, helping them stand out in a highly competitive business environment.” As a global leader in technology, Ricoh is committed to enhancing companies’ business efficiency and operational effectiveness through digital transformation. The new Ricoh InnoAI Program will bring new business opportunities to Ricoh Asia Pacific, enhance its product diversification, and serve as a hub for collaboration, offering start-ups access to advanced AI tools, expert guidance, and a vibrant workspace designed to nurture creativity and innovation. For more information about Ricoh Hong Kong, please visit www.ricoh.com.hk. To obtain a copy of the photo, please visit www.flickr.com/photos/investhk/albums/72177720324130898.
Waterloo, IA – From March 2-4, the U.S. Marshals Service partnered with six law enforcement agencies in Black Hawk County to conduct Operation Black Hawk County, an enforcement/compliance initiative to investigate and arrest non-compliant and fugitive sex offenders.
Operation Black Hawk County’s goal is to ensure 100% compliance of the 322 registered sex offenders in Black Hawk County. By mid-day March 4, law enforcement personnel also conducted 284 sex offender compliance checks, and arrested six total offenders on outstanding warrants.
As a part of Operation Black Hawk County, one registered offender was identified as having an active deportation order through Immigrations and Custom Enforcement (ICE). On March 2, law enforcement officers took the individual into custody at his residence without incident. ICE transported him from Black Hawk County, where he awaits deportation to the country of Myanmar.
“The safety and well-being of our community is our highest priority,” said U.S. Marshal for the Northern District of Iowa Christopher Barther. “We remain committed to working tirelessly, using every resource available, to protect our citizens, uphold the law, and ensure justice prevails.”
Operation Black Hawk County investigators initiated both state and federal criminal cases for failure to register as a sex offender under the Sex Offender Registration and Notification Act, apprehended sex offenders in violation of registration requirements or wanted on active warrants and conducted sex offender compliance checks to increase police presence and identify non-compliant sex offenders for further investigation.
All defendants are presumed innocent until proven guilty.
As the federal government’s primary agency for sex offender and fugitive investigations, the U.S. Marshals Service use its resources and investigative expertise to make neighborhoods safer. The agency has a key mission to help keep non-compliant sex offenders accountable.
Convicted sex offenders are required to comply with federal, state, and local requirements to register. The Adam Walsh Child Protection and Safety Act (AWA) authorizes USMS to assist state, local, tribal, and territorial authorities in the location and apprehension of non-compliant and fugitive sex offenders; investigate violations of the AWA for federal prosecution; and assist in the identification and location of sex offenders relocated because of a major disaster.
The U.S. Marshals Service is the federal government’s primary agency for fugitive investigations. Nationwide, 60 local task forces are dedicated to violent crime reduction by locating and apprehending wanted criminals. These task forces also serve as the central point for agencies to share information on fugitive matters. The Northern Iowa Fugitive Task Force comprises officers from the U.S. Marshals Service, U.S. Immigration and Customs Enforcement, Cedar Rapids Police Department, Waterloo Police Department, Marion Police Department, the Iowa Division of Criminal Investigation, and the Iowa Department of Corrections.
Defendant alleged to have received and transmitted victim funds to fraudsters.
Baltimore, Maryland – U.S. District Judge Stephanie A. Gallagher has sentenced Ambrose A. Obinna Warrior, 44, of Milford Mill, Maryland, to 42 months in federal prison. Warrior served as an unlicensed money transmitter in connection with various romance, business email compromise, and investment schemes.
Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI), Baltimore Field Office; Special Agent in Charge Mehtab Syed, FBI Salt Lake City Field Office; and Acting Postal Inspector in Charge Ajay Lall, U.S. Postal Inspection Service – Washington Division.
According to the plea agreement, beginning in March 2018, and continuing through at least August 2021, Warrior received victims’ funds and transferred them to other scheme participants through federally insured financial institutions in exchange for a percentage. Warrior opened personal and business bank accounts and formed the limited liability company, The Golden Voice of Orientals, to conduct, control, manage, and direct his unlicensed money transmitting business.
Additionally, Warrior used WhatsApp to communicate bank account information to other scheme participants and his fee for receiving and transmitting funds from victims, which was usually 20 percent or more. After depositing the funds, Warrior retained a portion of the money as a fee and ensured others received a portion of the fraudulent funds. Warrior also transferred victims’ funds to scheme participants overseas.
In total, Warrior transmitted or attempted to transfer more than $700,000 in proceeds from various schemes. Victims lost at least $467,912.
Reporting from consumers about fraud and fraud attempts is critical to law enforcement’s efforts to investigate and prosecute schemes targeting older adults. If you or someone you know is age 60 or older, and has been a victim of financial fraud, help is available. Call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). This Department of Justice Hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers through assessing the needs of the victim and identifying next steps, including identifying appropriate reporting agencies, providing information to callers to assist them in reporting or connecting them with agencies, and providing resources and referrals on a case-by-case basis. The hotline is staffed from 10 a.m.-6 p.m., Monday through Friday. English, Spanish, and other languages are available. Learn more about the Department’s Elder Justice Initiative at www.elderjustice.gov. Victims are encouraged to file a complaint online with the FBI’s Internet Crime Complaint Center at this website or by calling 1-800-225-5324.
U.S. Attorney Hayes commended the FBI and United States Postal Inspection Service for their work in the investigation. Ms. Hayes also thanked Assistant U.S. Attorneys Evelyn Lombardo Cusson and Adeyemi Adenrele who prosecuted the federal case. The FBI’s Baltimore and Salt Lake City Field Offices, along with the St. George Resident Agency, investigated this case.