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Category: Finance

  • MIL-OSI: Virtu Financial, Inc. Selects InvestorLink’s Risk Management Platform for Small and Micro-Cap Securities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Virtu Financial (NASDAQ: VIRT), a global leader in electronic market making and liquidity provision, today announced its decision to access InvestorLink’s bespoke risk management platform for small and micro-cap securities.

    Small and micro-cap securities can present unique challenges such as heightened volatility, lower liquidity, and increased susceptibility to market anomalies. Predicting when these events may occur and understanding potential causes of these circumstances can be difficult and often requires combing through dense information filings to glean insights.

    InvestorLink has developed a tool to aid market participants in these endeavors that delivers real-time data, that can enable financial institutions to detect irregularities, manage exposures proactively, and promote compliance with regulatory standards. The InvestorLink product expands the risk management toolkit specifically within the small and micro-cap securities arena.

    “Maintaining market integrity is crucial to any healthy market,” said Stephen Kay, Global Head of Broker-Dealer Sales, at Virtu Financial. “Virtu and other leading market participants have petitioned the SEC to take action to better protect retail investors from the risks unique to this market segment. This integration with InvestorLink expands our visibility into unique risk factors, enabling us to better manage risk and provide services to our clients and the market.” 

    “Market participants who access InvestorLink’s platform will gain access to advanced, real-time analytics and customizable monitoring tools that provide a granular view of risk exposures unique to this asset class. We are proud to work with Virtu and support their commitment to protecting retail investors and upholding market integrity,” said Matthew J. Michel, Founder and Managing Partner at InvestorLink. “Our solution is engineered to provide the actionable insights and operational agility necessary to safeguard against the most risk-sensitive segments in today’s markets.”

    The collaboration between Virtu and InvestorLink represents a significant step forward in risk management innovation and positions Virtu to continue its leadership across market segments.

    About Virtu Financial
    Virtu Financial is a global electronic market maker and liquidity provider that employs innovative technology and data-driven strategies to deliver market efficiency and transparency. With a commitment to robust risk management and operational excellence, Virtu Financial plays a critical role in ensuring the stability and integrity of global financial markets.

    About InvestorLink
    InvestorLink is a leading provider of capital markets workflow technology, offering a platform designed to deliver real-time analytics, comprehensive monitoring, and customizable insights. InvestorLink leverages proprietary risk scoring of structured and unstructured data to empower institutions with the tools necessary to protect market integrity and drive informed decision-making in an increasingly complex financial landscape.

    Media Contact:
    Mr. Andrew Smith
    media@virtu.com

    For more information about this announcement, please visit

    • www.investorlink.io
    • www.virtu.com

    The MIL Network –

  • MIL-OSI Security: New York Man Who Ran Multi-Million-Dollar Cryptocurrency Investment Scheme Found Guilty Of Wire Fraud And Money Laundering

    Source: Office of United States Attorneys

    SAN FRANCISCO – A federal jury convicted Douglas Jae Woo Kim, 32, of New York, New York, on 14 counts of wire fraud, international money laundering, and money laundering.  The jury reached its verdict yesterday afternoon, following a three-week trial before Senior U.S. District Judge Charles R. Breyer.  

    According to court documents and evidence presented at trial, between October 2017 and June 2020, after moving to San Francisco, Kim engaged in a scheme to defraud investors, many of whom were friends and acquaintances, of over $7 million in money and cryptocurrency by holding himself out as a legitimate trader of cryptocurrency, a form of virtual currency.  Kim falsely represented that he was seeking short-term liquidity in the form of loans or investments for cryptocurrency trading or other legitimate business purposes and promised to trade or invest the cryptocurrency provided by investors and lenders to make a profit.  He also told victims that the loans carried no or very low risk, promised high rates of return on their loans, and claimed that he had sufficient funds to personally guarantee the loans.  

    “This case may involve the new world of virtual currency, but there’s nothing new about the defendant’s scheme to defraud,” said Acting United States Attorney Patrick D. Robbins.  “Douglas Kim made bogus promise after promise to investors and lenders, only to cheat them and send their money to offshore gambling sites.  Today’s verdict sends a clear message to anyone who engages in fraud in the Northern District of California: you will be prosecuted, and you will face serious consequences.”

    “Mr. Kim deceived those who trusted him, exploiting their confidence to fund his personal gambling activities rather than the legitimate investments he offered his victims. The FBI remains committed to identifying and bringing to justice individuals who manipulate and defraud others for financial gain,” said FBI Acting Special Agent in Charge Dan Costin.

    In October 2017, Kim contacted a victim by text message and said he was looking for investors interested in making what he called a short-term loan for a “fairly modest operation.”  Kim represented that he was investing in a cryptocurrency operation in which he would make a profit from fees charged to a peer-to-peer network and from exchange transactions, and informed the victim that the operation “isn’t very risky to me.”  Within days of receiving cryptocurrency from the victim to finance the investment, Kim transferred almost all of it to bitcoin sports betting sites located outside the United States.  Kim went on to obtain over a million dollars’ worth of funds from this victim over the course of the scheme, the majority of which went to offshore sports betting sites.

    In November 2017, Kim contacted another victim by email and said he was looking for cryptocurrency for a trading strategy.  Kim assured that the victim that “my activities are fairly low risk.”  On Dec. 1, 2017, Kim obtained a cryptocurrency loan from this victim worth approximately $186,000 at the time. Once the cryptocurrency was obtained, Kim immediately sent all of it to offshore sports betting sites. In total, Kim obtained over $500,000 in funds from this victim.

    In an agreement dated Jan. 1, 2018, Kim set out the terms of a similar investment with a third victim.  The agreement called for the victim to provide cryptocurrency valued at approximately $200,000 at the time.  The same day, Kim converted more than half of the funds to bitcoin and, in the following days, transferred substantially all the converted cryptocurrency to his account with an offshore casino.  Kim went on to obtain over $4 million in funds from this victim.

    Kim defrauded numerous other victims, including nine who testified at trial, until at least July 2020, when he was charged by federal complaint.  In 2023, while he was out on pretrial release, Kim allegedly renewed his scheme to defraud.  One count related to this renewed period of fraud remains pending.  

    The jury acquitted Kim of one count of international money laundering.

    Kim is scheduled to appear on June 25, 2025, to set a date for sentencing.  He faces a maximum penalty of 20 years in prison for each count of wire fraud and international money laundering, and 10 years in prison for each count of money laundering.  Any sentence will be imposed by the Court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.  

    Assistant U.S. Attorneys Noah Stern and Maya Karwande are prosecuting the case with the assistance of Veronica Hernandez, Maryam Beros, Andy Ding, Lynette Dixon, and Christine Tian. The prosecution is the result of an investigation by the FBI and IRS Criminal Investigation. 
     

    MIL Security OSI –

  • MIL-OSI: Cario introduces blockchain-based vehicle titling to modernize ownership and reduce costs

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cario, a blockchain-powered vehicle titling platform, is leading the charge to modernize the outdated, paper-based system that governs car ownership in the United States. With the country’s newfound focus on government efficiency, a rare opportunity has emerged to transition vehicle titles into a secure, digital format. If this moment is not seized, self-sovereign ownership of vehicles could be replaced by centralized government databases, limiting individual control and future industry innovation.

    Vehicle titles remain one of the last major assets still reliant on paper, creating inefficiencies that affect consumers, dealerships, lenders, and the entire automotive industry. The current system is plagued by delays, red tape, and high operational costs, preventing dealers from legally selling vehicles until physical titles arrive by mail. Consumers, meanwhile, spend hours navigating DMV bureaucracy, while state governments face ongoing expenses tied to outdated technology.

    Blockchain as the future of vehicle titling

    Blockchain technology offers a secure and transparent alternative, creating a tamper-resistant record shared among all stakeholders, including dealerships, insurers, lienholders, and DMVs. This approach enables near-instant verification and transfers while preserving the individual’s ownership rights. Unlike centralized databases, blockchain-based titles ensure that vehicle ownership remains in the hands of individuals rather than government-controlled registries and paves the way for a programmable asset future.

    A cost-free solution for state governments

    The American Association of Motor Vehicle Administrators (AAMVA) has made slow progress toward e-titling, but existing solutions remain centralized and costly for states. Cario’s model, by contrast, is free for state governments. The cost burden shifts to dealers and lenders, who benefit from faster, more efficient title processing. This eliminates the need for expensive government contracts and taxpayer-funded technology overhauls. It also fundamentally aligns the incentives of government services with end-users, a key shift from how these services are designed today.

    A critical window for action

    With the launch of the Department of Government Efficiency (DOGE), the U.S. government is finally taking a deep look at reforming public services, making this a pivotal moment to advocate for blockchain-based titling. If blockchain solutions are not implemented, states may adopt centralized digital titles, which could limit individual access and control and hamstring future RWA innovation for decades. Cario urges consumers and industry stakeholders to take action before legacy systems cement a future of restricted ownership.

    How to get involved

    • Digitize your title: Vehicle owners can convert their titles into blockchain-based assets through Cario at no cost.
    • Spread the word: Follow us on X and sound off publicly – and to your friends and family who aren’t terminally online – about the importance of self-sovereign ownership for one of life’s most important assets.
    • Demand better: Join our campaign to let your state’s DMV and congressional representatives know that a blockchain solution for digital titling exists—and it’s cheaper, more transparent, and more efficient. Joining the campaign is quick and easy, just sign up with an email, enter in your address, and we’ll look up your representatives and craft an email for you to send (same way StandwithCrypto works).

    A new era for vehicle ownership

    Blockchain-based vehicle titling has the potential to save millions of dollars, streamline operations across the automotive industry, reduce bureaucratic inefficiencies, and protect individual ownership rights. As government agencies explore modernization efforts, stakeholders must ensure that the future of vehicle ownership remains open, secure, and decentralized.

    To learn more or to digitize your vehicle title, visit Cario’s website.

    About Cario

    Cario is a venture-backed technology company dedicated to modernizing vehicle titling through blockchain solutions. The company has completed two rounds of funding and is actively seeking strategic partners passionate about decentralization and digital ownership.

    Media contact
    Nathan Hecht
    nhecht@cario.com

    Disclaimer: This press release is provided by Cario. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/812d3268-a037-49cf-b240-c23e2a4cd6af

    The MIL Network –

  • MIL-OSI USA: NEWS: As Republicans Attempt to Undermine Social Security, Sanders, Warren, Schakowsky, Hoyle Introduce Legislation to Expand Social Security

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, Feb. 27 – As Donald Trump and Republicans in Congress attempt to advance legislation to give massive tax breaks to billionaires and undermine Social Security, Sens. Bernie Sanders (I-Vt.), Ranking Member on the Senate Finance Committee’s Subcommittee on Social Security, Pensions and Family Policy, and Elizabeth Warren (D-Mass.), along with Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.), introduced the Social Security Expansion Act. The legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years by applying the Social Security payroll tax on all income above $250,000. Importantly, this legislation would not raise taxes by one penny on the over 91 percent of American households who make $250,000 or less.
    These estimates reflect an analysis of the legislation conducted by the Social Security Administration at the request of Sen. Sanders in 2023.
    Joining Sanders, Warren, Schakowsky and Hoyle on the Social Security Expansion Act are Sens. Jeff Merkley (D-Ore.), Peter Welch (D-Vt.), Alex Padilla (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Ed Markey (D-Mass.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.) and Sheldon Whitehouse (D-R.I.), as well as 17 cosponsors in the House including Reps. Chellie Pingree (D-Maine), Judy Chu (D-Calif.), Steve Cohen (D-Tenn.), Gwen Moore (D-Wis.), Pramila Jayapal (D-Wash.), Rashida Tlaib (D-Mich.), Eleanor Holmes-Norton (D-D.C.), Delia Ramirez (D-Ill.), Christopher R. Deluzio (D-Pa.), Andrea Salinas (D-Ore.), Mark Pocan (D-Wis.), Jill Tokuda (D-Hawaii), Greg Casar (D-Texas), Lois Frankel (D-Fla.), Troy Carter (D-La.), James McGovern (D-Mass.) and Ro Khanna (D-Calif.).
    “At a time when nearly half of older Americans have no retirement savings and over 26% of seniors are trying to survive on an income of less than $17,500 a year, our job is not to cut Social Security as many of our Republican colleagues want to do,” said Sanders. “Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need. The legislation we are introducing today will expand Social Security benefits by $2,400 a year, lift millions of seniors out of poverty and extend the solvency of Social Security for generations to come by making sure that the wealthiest people in our society pay their fair share into the system. Right now, a billionaire pays the same amount into Social Security as someone who makes $176,100 a year. Our bill puts an end to that absurdity. And by doing that, we can expand Social Security benefits and make sure that Social Security can pay out every single benefit owed to every eligible American for the next 75 years.”
    “Social Security serves as a lifeline for millions of seniors, and hardworking Americans deserve to receive the benefits they paid into,” said Warren. “It’s a mistake for Donald Trump and his allies in Congress to focus on securing tax cuts for billionaires and large corporations when we should be focusing on expanding and increasing Social Security benefits so that everyone can retire with dignity.”
    “Social Security is your hard-earned money; it is not an entitlement. President Donald Trump and his unelected billionaire sidekick Elon Musk think they alone can decide if you get your Social Security check. They had better think again. That is stealing. Americans pay into the program with each paycheck. We must expand Social Security benefits, not cut them, and I have a bill to do just that,” said Schakowsky. “The Social Security Expansion Act will protect the national treasure that is Social Security by extending the trust fund’s solvency for 75 years and expanding benefits by $2,400 a year so that everyone in America can retire with the security and dignity they deserve after a lifetime of hard work.”
    “Protecting Social Security is our commitment to seniors who’ve worked their whole lives to earn it,” said Hoyle. “While Congressional Republicans continue to threaten cuts to Social Security, I am proud to join Senator Sanders, Senator Warren and Representative Schakowsky in introducing a concrete proposal that extends the program for another 75 years by having millionaires and billionaires pay their fair share like every other working American. The Social Security Expansion Act was my first bill in Congress, and I will not stop fighting until I see it passed into law.”
    Social Security is the most successful government program in the history of our country. For 86 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American on time and without delay. Before 1935, when it was signed into law by President Franklin D. Roosevelt, about 50 percent of the nation’s seniors lived in poverty, as did countless Americans with disabilities and surviving dependents of deceased workers. Nearly 90 years later, the senior poverty rate is down to 9.7 percent and in 2023 alone, Social Security lifted 27.6 million Americans out of poverty, including more than 19.5 million seniors.
    Despite this success, tens of millions of seniors are still struggling to get by, and many older workers fear that they will never be able to retire with security and dignity. While the average Social Security benefit is only $1,838 a month, nearly 40 percent of seniors rely on Social Security for a majority of their income; one in seven rely on it for more than 90 percent of their income; and nearly half of Americans aged 65 and 74 have no retirement savings at all.
    By requiring millionaires and billionaires to finally pay their fair share into the program, the Social Security Expansion Act would ensure the fund’s solvency to the end of the century, help low-income workers stay out of poverty by improving the Special Minimum Benefit, restore student benefits up to age 22 for children of disabled or deceased workers, strengthen benefits for senior citizens and people with disabilities, increase Cost-Of-Living-Adjustments (COLAs) and expand program benefits across-the-board.
    The Social Security Expansion Act has also been endorsed by over 25 groups, including: Social Security Works, MoveOn, National Committee to Preserve Social Security and Medicare, Strengthen Social Security Coalition, American Federation of Teachers, Justice in Aging, Income Movement, Public Citizen, Blue Future, Campaign for America’s Future, Labor Campaign for Single Payer, Indivisible, American Federation of Government Employees (AFGE), AAFGE Council 215, Alliance for Retired Americans, American Federation of State, County and Municipal Employees (AFSCME), AFSCME Retirees, American Postal Workers Union, People Power United, Left Click, Defeat Republicans, Progress America, The People United, Iron PAC, Puget Sound Advocates for Retirement Action, Progressive Change Campaign Committee, Other98 and Solidarity Action.
    Read the bill text, here.
    Read the fact sheet and full list of supporting organizations, here.
    Read the Social Security Administration’s 2023 analysis of the legislation, here.
    Read a 2021 analysis of what the world’s wealthiest people would pay under this legislation, here.

    MIL OSI USA News –

  • MIL-OSI United Nations: New Permanent Representative of Mauritius Presents Credentials

    Source: United Nations 4

    (Based on Information Provided by the Protocol and Liaison Service)

    The new Permanent Representative of Mauritius to the United Nations, Milan J.N. Meetarbhan, presented his credentials to UN Secretary-General António Guterres today.

    Prior to his appointment, he taught at the Mauritius campus of Paris-Panthéon-Assas University and served as a consultant to the university.

    Mr. Meetarbhan previously held the position of Permanent Representative of Mauritius to the United Nations from January 2011 to January 2015.  Before that, he was Chief Executive of the Financial Services Commission from December 2005 to December 2010.Since 1995, he has been a senior adviser to the Prime Minister of Mauritius.

    Earlier in his career, he served as legal adviser in the Ministry of Finance and was later appointed as a member of the Stock Exchange Commission. He also chaired the Financial Services Consultative Committee, a government body responsible for reviewing financial sector legislation.  In addition to his public service roles, he was an Associate Professor of Law and Head of the Law School of the University of Mauritius.

    Mr. Meetarbhan holds a doctorate in international law and a diploma of advanced studies in international economic relations and international organizations law from Sorbonne University in Paris.  He also earned a specialized graduate diploma in diplomacy and international relations from the University of Paris XI.

    __________

    * This supersedes BIO/4267 of 24 January 2011.

    MIL OSI United Nations News –

  • MIL-OSI USA: UConn Law Professors Lead Drafting of New Proposed Hate Crimes Bill

    Source: US State of Connecticut

    The Connecticut Hate Crimes Advisory Council and Governor Ned Lamont have proposed a bill to simplify and strengthen the state’s hate crimes statutes. UConn Law professors Sachin Pandya and Richard A. Wilson took lead roles in drafting the statute.

    Currently,  there are 20 separate hate crime statutes created over a 100-year period. This has created confusion as the statutes differ on what is covered and who is protected, as well as what hate crimes were covered by which statute. The new bill aims for consistency to make the law clear.

    “The proposal puts all the hate crimes in one place in the criminal code,” Pandya said at a news conference held by the governor. “That makes it easier for police to find them. It makes them more consistent in what they require and who they protect. That makes the law easier to understand and enforce. It adds hate crime penalty enhancements for crimes involving physical injury or property damage, including for murder, arson, and other more serious crimes.”

    The reform process began in 2021, when the council was created. It helped establish the Hate Crime Investigative Unit in the state police and then developed a hate crime reporting form for police, the first of its kind in the country.

    “Then it became apparent that there were flaws with the hate crime statutes,” Wilson said. “There are 20 of them, and none are called ‘hate crime.’ They only cover minor felonies and do not specifically sanction bias-motivated murder or arson or other serious crimes. The statutes list different protected groups and they have different intent requirements. The list of flaws goes on; they’re a mess. They are outdated and inadequate to the task of protecting Connecticut’s citizens from hate crime, in a context where the willingness of the federal government to prosecute hate crime is uncertain.”

    Wilson, who has been a member of the Hate Crimes Advisory Council since its inception, recruited Pandya to work on a new statute. Together, they visited every courthouse in the state and interviewed 72 police officers, prosecutors, judges, public defenders, and community groups in Connecticut as well as New York. They found a widespread consensus that the statutes were not workable.

    Pandya drafted a new statute that brought all the 20 statutes into a single chapter and addressed the glaring inconsistencies. He and Wilson met with stakeholders on the council and throughout the state to discuss the draft and made adjustments based on the feedback, keeping consolidation as the main objective.

    Wilson called the effort a “labor of love.”

    In addition to consolidating all the hate crime statutes into one statute, the proposed bill authorizes the attorney general to investigate and bring civil actions on behalf of victims and authorizes judges to order participation in anti-bias programs for someone convicted of any hate crime. Previously only some of the statutes allowed for those actions.

    While Pandya and Wilson led the efforts to draft the bill, bringing it to the legislature has been an effort from the whole Hate Crimes Advisory Council and is now a governor’s bill. It has support from many government agencies and community organizations across the state. It also has many ties to UConn.

    Council co-chairs Douglas S. Lavine ’77 and Amy Lin Meyerson ’94 are law school alumni, and Meyerson is an adjunct professor currently leading the school’s Transactional Law Clinic. Council members Michelle Querijero ’08 and Ken Barone, who led the creation of the reporting form, are also connected to the university – Querijero as a law alumna and Barone as Associate Director of the Institute for Municipal and Regional Policy at the School of Public Policy.

    Querijero has taken the lead in creating a new statewide hate crimes reporting portal (reporthate.ct.gov) available to the public.

    “Hate crimes are vastly and systemically underreported, and for that reason the council determined that we needed to put together a public-facing reporting portal by which the public could report these hate crimes,” Querijero said at the news conference.

    The next step for the new bill will be a public hearing before it is voted on later in the legislative session.

    “When you hear from the [Anti-Defamation League], when you see the news, when you see that racist language out there, it’s a crime against that individual,” Lamont said at the news conference. “It’s also a dog whistle to others to commit similar type crimes. And that’s why we take this with the utmost seriousness. That’s why we treat it differently than just an individual crime. And this is why every day we want to make it easier for you to report this, easier for us to be able to enforce it, and make sure people know we’re here fighting for you.”

    MIL OSI USA News –

  • MIL-OSI: Spree Finance Partners with BookIt to Revolutionize Web3 Commerce and Rewards

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Spree Finance, the blockchain-native commerce, rewards, and credit infrastructure network, today announces an exclusive partnership to power payments and rewards for BookIt, the next-gen booking “super-app” from global travel and rewards technology leaders OneCompany and Superlogic. This partnership enables Spree and Bookit to reward consumers for accessing coveted travel, entertainment, and premium retail products and experiences.

    First-of-its-kind Decentralized Commerce Network

    This first-of-its-kind partnership marks the first time cryptocurrency holders can seamlessly transact with 2M+ Real-World merchants and brands in travel, entertainment, and retail directly from their self-custodied wallets, enabling crypto for real-world commerce. Spree’s on-chain payments and Commerce DeFi credit rails will integrate with BookIt’s premium travel and retail merchant network starting today. Users can pay with 3,000+ supported cryptocurrencies and tokens for travel and retail purchases while earning stable-coin-backed rewards: Spree Points.

    “Blockchain technology has proven its major use case of digital-asset-to-digital-asset ‘Trade’, but to reach mass-consumer adoption, we need to solve the use case of digital-asset-to-real-world-commerce ‘Pay’ use case,” said Jared Christopherson, Spree Co-founder. “While many blockchain protocols today are fast and charge low fees, bringing real-world merchants and brands on-chain at scale has been challenging, until now! With 2M+ merchants in its network, BookIt is the perfect partner for Spree to enable the future of decentralized commerce.”

    A Next-Generation Commerce and Credit Infrastructure

    Spree is redefining the future of digital payments with its innovative Commerce DeFi infrastructure, integrating crypto commerce with a robust DeFi credit infrastructure. This approach enables users to transact in digital assets effortlessly while providing merchants with instant liquidity.

    At the heart of the Spree Network is a pair of tokens. Spree token which governs the network while SP (Spree Points), a stable-coin backed “universal rewards” token can not only incentivize users and facilitate transactions across its extensive network of merchants, but also power Spree’s Defi-lending protocol to enable instant settlement for merchants and credit orchestration for consumers. Unlike legacy payment rails like Visa and Mastercard, merchants pay up to 90% less in processing fees when accepting payments over Spree’s decentralized payments network, which leverages secure blockchain-native rails to remove friction and middlemen, and reduce excess fees. Significantly lower fees allow merchants to take control of their revenue and directly reward the end consumer without middlemen. 

    Revolutionizing Rewards and Loyalty

    Offering consumers more than just travel, Bookit provides elite access to VIP experiences, from front-row seats at major sporting events, to exclusive concerts, private wine tours, and celebrity chef tastings. Bookit members can earn up to 10x the rewards of competing platforms, using SP as its native rewards token, providing consumers with additional benefits on purchases, and flexibility when redeeming SP universal rewards points across its network of 2M+ merchants and brands.

    “Our mission with BookIt is to reimagine the e-commerce journey for travel, entertainment and retail as a “consumer-first” experience, where your loyalty is our priority and your rewards is an asset – not something that corporations can arbitrarily devalue,” said Lin Dai, CEO of Superlogic, co-creator of BookIt super-app. “Integrating with Spree’s next-gen commerce and rewards rails is revolutionary for the entire travel and loyalty industry, and we are proud to be the first of many major enterprise partners to partner with Spree.” 

    A veteran in blockchain solutions for enterprises, Lin Dai has worked closely with world-class brands including Warner Music Group, American Express, Pepsi, Anheuser-Busch and more on Web3 initiatives. As part of the new partnership, Lin Dai will be joining Spree’s board to guide its strategy and adoption with enterprise clients. 

    Spree Finance at ETH Denver 2025: Buildathon, Partnerships & Exclusive Events

    Spree will have a dynamic presence at ETH Denver 2025, with co-founder and head of technology Carter Razink actively participating in the Buildathon. As part of its commitment to fostering innovation, Spree will sponsor the Buildathon winner’s trip to the next year’s EthDenver conference, empowering emerging developers to further their journey.

    On February 28, Spree will co-host an exclusive event with leading EthDenver communities including Spork DAO and Pudgy Penguins, bringing together industry leaders, builders, and Web3 enthusiasts, followed by an after-party at Temple nightclub.

    On Mar 1, at the BuiDl stage of the EthDenver conference, at 12:05pm, Lin Dai, Co-CEO of Bookit, Pat Yiu, of MEGA, and Carter Razink, co-founder and head of technology at Spree, will be interviewed live on stage to discuss the partnership and the future of decentralized commerce and credit, while any conference attendees can visit the Spree booth where the team will be showcasing the BookIt super app and Spree’s innovative Commerce DeFi solutions in action. For a limited time, conference attendees visiting the Spree booth will receive a complimentary pre-registration for Gold-tier membership to BookIt, a $99 value, to unlock higher rewards and build up their status towards future on-chain benefits. 

    To close ETH Denver in style, Spree Finance is hosting a private dinner together with leading hedge fund ETH Strategy bringing together key industry leaders and investors from both blockchain and enterprise world, to cross-pollinate ideas and collaborate on the future of mass-consumer adoption.

    For more information, users can visit www.spree.finance and www.bookit.com.

    About Spree

    Spree is a blockchain-native decentralized commerce and rewards protocol that enables frictionless real-world transactions by humans or AI agents. Powered by Spree, 3,000+ tokens can be used with 2M+ major Real-World merchants in travel, entertainment, and retail, earning consumers up to 30% back in on-chain rewards, while reducing merchant processing fees by up to 90%. Users can follow Spree on: https://x.com/spreefinance

    About BookIt

    BookIt is a next-gen platform that rewards consumers for booking coveted travel and entertainment experiences and purchasing premium retail products, co-created by Superlogic, the leader in experiential rewards technology, and Open Network Exchange, the leader in global travel and leisure-based commerce solutions. For more users can visit Bookit.

    Contact

    Jon Phillips

    PhillComm Global

    spree@phillcomm.global

    The MIL Network –

  • MIL-OSI USA: Southern Tier Winners of DRI and NY Forward Program

    Source: US State of New York

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

    “By investing in the future of these Southern Tier communities, this funding will revitalize their downtown areas by building vibrant and thriving destinations where businesses, families and visitors can flourish,” Governor Hochul said. “With our Pro-Housing Communities initiative, we’re giving local leaders the tools to transform their cities, towns and villages into hubs of opportunity, culture and affordable living. This is how we build stronger, more connected communities that work for everyone across New York.”

    To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 273 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $100 million in funding to cover infrastructure projects necessary to create new housing in Pro-Housing Communities, and a further $10 million to technical assistance to help communities seeking to foster housing growth and associated municipal development.

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

    $10 Million Downtown Revitalization Initiative Award for Binghamton

    The City of Binghamton’s Clinton Street Neighborhood Business District is primed for revitalization. Its historic storefronts, walkable footprint, development ready spaces and proximity to Binghamton’s urban core make it ready-built as the next great downtown in Upstate New York. The Clinton Street corridor is recognized as the “backbone” of the City’s First Ward, providing a social center with dense commercial activity proximate to nearby residential areas. The area has a storied history of immigration, a legacy still felt today in the diverse churches and neighborhoods of the First Ward. The area also boasts a history of a “walk to work” culture fostered by General Aniline and Film (GAF)/Anitec Industries, a former area employer who attracted economic and social activity in the neighborhood. Binghamton seeks to make Clinton Street a reinvigorated corridor better connected to the city and serving the First Ward neighborhood through support for infill development, expanded affordable housing, adaptive reuse and rehabilitation and enhanced public infrastructure. Combined, these improvements will offer a welcoming, eclectic atmosphere fostering innovation, entrepreneurship and retail activity while retaining cultural and historical heritage.

    $4.5 Million NY Forward Award for Bath

    Situated along the scenic Cohocton River, the Village of Bath is a historic planned community that serves as a “Gateway” to Keuka Lake — renowned for its scenery, wineries and vineyards. The Village of Bath has experienced significant changes over the past decade and has recognized the need to strengthen its core and return to its role as the downtown neighborhood that people experience and enjoy. The Village’s Liberty Street Historic District revitalization is the next step in this journey. The Village seeks to bolster growth by creating an active downtown with enhanced public spaces, strategic placement of amenities and new housing opportunities that will attract visitors and foster an atmosphere that will retain and attract residents and businesses.

    $4.5 Million NY Forward Award for Dryden

    Dryden is an ideal place for young families to grow and for older generations to age. Home to just over 2,000 residents, Dryden has developed over time as a small bedroom community to the nearby cities and universities and as an extremely high traveled and visited community. With median home values and rents that are affordable to all, Dryden’s parks, tree-lined sidewalks and friendly neighborhoods make it a desirable small community to live in, promoting a high quality of life. Dryden seeks to reinvest in its historic downtown by continuing to support an attractive and inviting Main Street with a robust mix of shopping, dining and residential spaces to foster a high quality of life for its residents. The Village will foster a welcoming and walkable downtown community where residents can live a sustainable lifestyle in friendly neighborhoods with convenient access to goods and services.

    New York Secretary of State Walter T. Mosley said, “The Downtown Revitalization Initiative and NY Forward program are playing a pivotal part in the resurgence of the Southern Tier region. The three communities selected as winners for this round — Binghamton, Bath and Dryden — are all focused on creating walkable downtowns with increased housing and economic opportunities that will improve the quality of life for existing residents and attract even more people to their communities. We look forward to seeing the exciting projects these communities select to make their visions for the future become a reality.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “These dynamic, community-led Downtown Revitalization Initiative and NY Forward investments will further fuel the economic engines needed to support local businesses, create new housing and foster growth in the City of Binghamton and the villages of Bath and Dryden. The transformational, inclusive plans will infuse new life into these communities, creating innovative spaces and places that will benefit both current and future generations of residents and visitors, showcasing all that the Southern Tier region has to offer.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $19 million investment in Bath, Dryden and Binghamton’s Clinton Street Neighborhood, continue the Downtown Revitalization Initiative and NY Forward’s history of having a transformative impact on communities across New York. These three communities will soon experience benefits including increased housing supply and improved infrastructure that will enhance vibrancy and promote walkability. Thank you to Governor Hochul for her continued commitment to these targeted investments that create new economic opportunities in the Southern Tier.”

    State Senator Lea Webb said, “It is exciting to see continued investments in our downtowns, which are integral in community development. The City of Binghamton and Village of Dryden will receive funding through the Downtown Revitalization Initiative and the New York Forward programs. These state initiatives provide critical funding to support the revitalization and growth of downtowns small and large across New York. I am excited to see the full potential of the Clinton Street Corridor unlocked with this funding so that it can continue its growth as a vibrant neighborhood, attracting more businesses, residents and visitors to Binghamton’s First Ward. I am also thrilled to see the Village of Dryden receive this transformative funding, which will help reenergize the downtown, support long-term growth and economic prosperity.”

    State Senator Thomas O’Mara said, “This is great news for the Village of Bath that will allow local leaders to move forward on development projects that will strengthen our entire region. State investments through the NY Forward program and other initiatives have had an enormously positive impact on communities I represent across the Southern Tier and Finger Lakes regions. These critical state investments have helped our local leaders bolster local communities and economies, spark economic growth and opportunity within the tourism sector and other small businesses and industries, ease the burden on local property taxpayers and strengthen the overall quality of life for community residents and families.”

    Assemblymember Anna Kelles said, “I was thrilled to learn of this award and excited for all the creative and thoughtful initiatives the Village of Dryden will invest in with this NY Forward Grant award. These much-needed funds will play a key role in revitalizing the village’s original business section on West Main Street, an area rich with history. By restoring and enhancing this district, the grant will not only preserve the village’s heritage, but also foster economic growth by attracting new businesses and visitors to support a vibrant walkable downtown. Additionally, these improvements will foster a strong pedestrian-friendly hub, encouraging community engagement and making Dryden an even more welcoming place to live, work and explore. I want to thank Governor Hochul and the Regional Economic Development Council for committing to our growth and helping build our communities.”

    Assemblymember Donna Lupardo said, “I am thrilled that the City of Binghamton’s proposal to revitalize Clinton Street won this year’s Downtown Revitalization Initiative. They have exciting plans to develop this historically important section of the city into a thriving hub once again. The DRI and NY-Forward initiatives deliver resources that are reimagining important community spaces across the State. Over the years, we have seen real results from these efforts here in the Southern Tier. I’d like to thank the Governor, the Southern Tier Regional Economic Development Council and all of the awardees for their effort to transform our downtowns.”

    Assemblymember Philip A. Palmesano said, “This is terrific news for the Village of Bath and the surrounding community. The Village has worked tirelessly, finding ways to move forward with the strategic goals outlined in their Economic Development Strategic Action Plan, Housing Demand Study and Liberty Street Building Evaluation and Design Guidelines. Funding from the NY Forward program will give them the ability to implement that vision to benefit the whole community by promoting economic growth and strengthening the Village’s position as a hub for increased tourism and local investment. Thank you to the Regional Economic Development Council and Governor Hochul for recognizing the hard work and commitment of our local leaders.”

    Binghamton Mayor Jared Kraham said, “From my first days in office, we’ve been fighting for the First Ward. I made a commitment early on to invest in the Clinton Street neighborhood and work alongside community partners to unlock its potential as the Southern Tier’s next great downtown. Today’s announcement of $10 million in State funding kicks that work into overdrive and brings us one major step closer to making our vision a reality. Clinton Street’s time is now. With this historic investment from New York State and the hard work of our First Ward partners, the team at City Hall has never been better equipped to deliver on the promise of a better future for the First Ward and our community as a whole. I am grateful to Governor Kathy Hochul and the Regional Economic Development Council for recognizing our vision and supporting our efforts to make it a reality.”

    Village of Dryden Mayor Michael Murphy said, “We are incredibly excited and grateful that the Village of Dryden has been awarded $4.5 million from the NY Forward Grant Program! This achievement represents the culmination of a collaborative effort between the Village Board, our dedicated staff, the Dryden Business Association and passionate community members. With the combined support of state and private funding, the Village of Dryden is poised to transform into a thriving destination for new businesses and families. We extend our heartfelt thanks to Governor Hochul for this incredible program and for recognizing the potential of the Village of Dryden. Together, we are building a brighter future for our residents and businesses!”

    Village of Bath Mayor Michael Sweet said, “We are incredibly grateful to Governor Kathy Hochul for awarding this NY Forward grant and to the members of the Regional Economic Development Council for their support in making this possible. A special thank you to Omar Sanders, Regional Director; Judy McKinney-Cherry, Executive Director of SCOPED; Jamie Johnson, Executive Director of the Steuben County IDA; and Matthew Bull, Director of Community and Infrastructure Development at the Steuben County IDA, for their unwavering commitment to our community’s growth. Your leadership and dedication are truly making a lasting impact, and we deeply appreciate all that you do.”

    Southern Tier Regional Economic Development Council Co-Chairs Judy McKinney-Cherry and Dr Mary Bonderoff said, “The STREDC is incredibly proud to continue our support for the City of Binghamton and the villages of Dryden and Bath, and their promising futures thanks to the Governor’s Downtown Revitalization and NY Forward Initiatives. These targeted, community-driven projects will benefit both residents and visitors alike, promoting economic growth and creating more vibrant downtowns where people will want to live, work and play for generations to come.”

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

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

    About the Downtown Revitalization Initiative

    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all 10 regions of the State to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.

    About the NY Forward Program

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Former Navy Sailor Pleads Guilty to Plotting to Attack Naval Station Great Lakes in North Chicago

    Source: US State of North Dakota

    A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Illinois, purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC).

    Xuanyu Harry Pang, 38, of North Chicago, Illinois, pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States. The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

    According to court records filed in the case, in the summer of 2021, Pang communicated with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

    A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack. The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes. The pair communicated online through an encrypted messaging application about possible targets for the attack, including Naval Station Great Lakes and other locations in the Chicago area. Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

    On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee. The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Illinois. During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station. He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator.

    Pang is currently detained without bond and is scheduled to be sentenced at a later date. He faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Sue Bai, head of the Justice Department’s National Security Division, Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois, Assistant Director David J. Scott of the FBI’s Counterterrorism Division, and Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office made the announcement.

    The FBI Chicago Joint Terrorism Task Force – which is comprised of multiple federal, state, and local law enforcement agencies – is investigating the case, with valuable assistance provided by the Naval Criminal Investigative Service.

    Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone for the Northern District of Illinois and Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Former Navy Sailor Pleads Guilty to Plotting to Attack Naval Station Great Lakes in North Chicago

    Source: United States Attorneys General 1

    A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Illinois, purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC).

    Xuanyu Harry Pang, 38, of North Chicago, Illinois, pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States. The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

    According to court records filed in the case, in the summer of 2021, Pang communicated with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

    A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack. The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes. The pair communicated online through an encrypted messaging application about possible targets for the attack, including Naval Station Great Lakes and other locations in the Chicago area. Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

    On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee. The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Illinois. During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station. He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator.

    Pang is currently detained without bond and is scheduled to be sentenced at a later date. He faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Sue Bai, head of the Justice Department’s National Security Division, Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois, Assistant Director David J. Scott of the FBI’s Counterterrorism Division, and Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office made the announcement.

    The FBI Chicago Joint Terrorism Task Force – which is comprised of multiple federal, state, and local law enforcement agencies – is investigating the case, with valuable assistance provided by the Naval Criminal Investigative Service.

    Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone for the Northern District of Illinois and Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: The Victory Bancorp, Inc. to Present at the Banking Virtual Investor Conference March 6th

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc., (VTYB) based in Limerick, PA, focused on business banking, today announced that Joseph Major, CEO & Chairman, will present live at the Banking Virtual Investor Conference hosted by VirtualInvestorConferences.com, on March 6th, 2025

    DATE: March 6th
    TIME: 1 pm – 1:30 pm EST
    LINK: https://bit.ly/41x8NQ1

    Available for 1×1 meetings: March 6th, 1:30 pm 4:30 pm

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    2024 Financial Highlights:

    • Loan Growth: Up $26.6M despite higher rates and softer demand, reflecting strong lending focus.
    • Deposit Growth: Increased $33M, driven by exceptional service and relationship banking.
    • Capital Acquisition: Issued $4.65M in subordinated debt; $2.5M allocated to support growth and capital.
    • Earnings: Q4 net earnings rose $83K year-over-year; slightly down from Q3 ($586K to $558K); Q4 ROAE at 7.58%.
    • Book Value: Stable at $14.84 per share (Q4), down slightly from $14.89 (Q3).
    • Equity: Grew by $1.4M year-over-year to December 31, 2024.
    • Dividends: Paid $0.065 per share in Q4; $0.26 for the year.

    Loan Quality Metrics (as of December 31, 2024):

    • Losses to Average Loans: 0.0% vs. peer average of 0.05%.
    • 30-89 Day Past Due Loans: 0.01% vs. peer average of 0.42%.
    • Non-Performing Loans: 0.05% vs. peer average of 0.49%.

    Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB and is the parent company of The Victory Bank. The Bank, founded in 2008, is a Pennsylvania state-chartered commercial bank headquartered in Limerick Township, Montgomery County. It offers a full range of banking services, including checking and savings accounts, home equity lines of credit, and personal loans. In addition to traditional banking, the Bank specializes in high-quality business lending, serving small and mid-sized businesses and professionals. With three offices across Montgomery and Berks Counties, it is dedicated to meeting the financial needs of the local community. For more information, visit its website at VictoryBank.com. FDIC-Insured.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    The Victory Bancorp, Inc.
    Joseph W. Major,
    Chairman and Chief Executive Officer

    Robert H. Schultz,
    Chief Financial Officer, Chief Operating Officer

    Owen Magers
    Investor Relations
    484-791-3435

    The Victory Bancorp, Inc.
    548 N. Lewis Rd.
    Limerick, PA 19468
    610-948-9000

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI Global: How the UK’s rollback of banking regulations could risk another financial crisis

    Source: The Conversation – UK – By Alper Kara, Head of Department of Economics and Finance, Brunel University of London

    1000 Words/Shutterstock

    After the global financial crisis of 2007-08, the UK’s banking sector was placed under a much stricter regime. Bonuses were limited, regulations were beefed up and the whole industry scrutinised like never before.

    The idea was to make banks safer places for everyone’s money. But regulators are now thinking about easing some of these financial safeguards in a bid to boost economic growth.

    One proposal is to change the rules on mortgage affordability. One industry regulator, the Financial Conduct Authority, is considering relaxing the lending restrictions which were designed to prevent households from building up unsustainable debt.

    This includes reviewing affordability tests and allowing banks to lend more freely to borrowers with smaller deposits or lower incomes. Some commentators argue that these changes will help first-time buyers and increase overall mortgage availability.

    But the risks of easier mortgage lending cannot be ignored. Before the last crisis, lenders approved loans to borrowers without verifying income or creditworthiness, assuming that rising property values would provide a safety net.

    And when interest rates increased and property values collapsed, many borrowers could not afford their repayments – and lost their homes.

    In fact, mortgage repayments are already becoming more difficult. The Bank of England has warned that over 1.5 million UK households will face significantly higher mortgage costs in 2025 after their current deals expire.

    And loosening lending rules could easily push house prices even higher. When more buyers qualify for mortgages, demand for housing increases and prices go up. This makes home ownership even less affordable, especially for those first-time buyers.

    Expanding access to debt without fixing underlying issues around housing supply only creates more financial risk. And it seems to be part of a broader trend towards deregulation.

    Internationally agreed banking rules, which require banks to hold more capital as protection against financial shocks, are being delayed in the UK until 2027. The Bank of England has justified the wait by
    saying that banks need more flexibility to increase lending and investment without the constraints those rules would bring.

    Banks are also challenging regulations that require them to hold on to a specific type of debt designed to ensure that failing banks can absorb financial losses without taxpayer bailouts. But if these rules are weakened, the banking system could become more fragile, forcing governments to intervene.

    The banking system is showing other signs of fragility too.

    Banking on regulations

    One worrying trend is the increasing use of something called “synthetic risk transfers”. This is a technique that banks use to reduce the amount of risk on their balance sheets, by transferring it to outside investors – such as hedge funds or insurers – through special financial contracts.

    These are sometimes compared to “collateralised debt obligations” (or CDOs), where a bank bundles multiple loans (such as mortgages, corporate debt or car loans) and sells portions of that bundle to investors. These complex transactions were a key factor in the global financial crisis because they concealed risky loans, spreading financial instability across global markets.

    Then there’s the UK’s motor finance sector, where lenders have been accused of charging excessive interest rates on car loans. This could lead to compensation claims of up to £44 billion, making it potentially one of the biggest consumer finance scandals since payment protection insurance (PPI).

    On that occasion, banks and lenders wrongly sold PPI to millions of customers, leading to a record £50 billion in compensation payouts.

    With the ongoing case of motor finance, the British government wanted regulators to limit compensation payouts to avoid disrupting financial markets, but this was rejected by the supreme court.

    Yet despite these problems, some still claim that deregulation will do wonders for the sector’s financial flexibility. The British chancellor Rachel Reeves has argued that relaxing some regulations and reducing red tape will encourage growth and increase the UK’s competitiveness in global financial markets.

    Sometimes there’s a reason for red tape.
    Oksana Valiukevic/Shutterstock

    Perhaps she agrees with Donald Trump, whose aggressive financial agenda includes relaxed capital requirements and weakened regulatory oversight.

    But past experience suggests that weakening financial safeguards and encouraging more debt in pursuit of short term growth can have severe long-term consequences.

    Research shows that financial deregulation often leads to financial instability and economic crises. It also suggests that expanding credit does not fix housing affordability, and that reducing capital requirements does not make banks safer.

    The global financial crisis was a direct result of excessive risk-taking in an underregulated system. Governments had to bail out banks with taxpayer money, leading to more than a decade of austerity.

    The same mistakes could happen again. For now though, it looks like some of those hard lessons have been forgotten.

    Alper Kara does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How the UK’s rollback of banking regulations could risk another financial crisis – https://theconversation.com/how-the-uks-rollback-of-banking-regulations-could-risk-another-financial-crisis-249386

    MIL OSI – Global Reports –

  • MIL-OSI Security: Reston predator sentenced to 19 years in prison for sexually exploiting minors

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – A Reston man was sentenced today to 19 years in prison for sexually exploiting minor victims he met online.

    According to court documents, on July 1, 2024, Xavier Dejuan Jackson, 28, arrived on a flight into Dulles International Airport. Customs and Border Protection Officers initiated a secondary inspection of Jackson’s devices, resulting in the discovery of several videos and images that appeared to depict minors engaged in sexually explicit conduct.

    Jackson met Minor Victim 1 on a social media application in January 2024. Minor Victim 1 revealed to Jackson she lived with her parents, attended high school, and was 17 years old. On various occasions, Jackson transported Minor Victim 1 across state lines to engage in sexual activity with him. Beginning on Jan. 16, 2024, Jackson repeatedly traveled to Maryland to pick up Minor Victim 1 and transported her 40 minutes to his apartment in Reston to engage in sexual activity with him. Each time Jackson engaged in sexual activity with Minor Victim 1, he recorded his exploitation of her on his cellphone. Jackson then distributed the videos to Minor Victim 1 via Snapchat.

    In February 2024, Jackson began communicating with Minor Victim 2 on Instagram. On March 1, 2024, Minor Victim 2 informed Jackson she was 14 years old. When Minor Victim 2 asked how old he suspected she was, Jackson replied, “Like 17 maybe 16 but that was a stretch and ya it’s not too hard when you know what to look for.”

    After Minor Victim 2 revealed her age, Jackson resumed sexually explicit conversations with her. Jackson requested that Minor Victim 2 produce for and send to him explicit videos and directed her in what he wanted her to say and how he wanted her to expose herself. Jackson received these videos via Snapchat and stored them in a folder under the victim’s name. Also stored within that folder were three videos depicting Minor Victim 2 engaged in sexual activity.

    On March 2, 2024, Jackson asked Minor Victim 2 to meet in person for sexual activity. Over the next several days, the two discussed potential opportunities. Minor Victim 2 expressed fear of embarrassing herself, but Jackson persisted. Jackson pressed Minor Victim 2 for her address. Jackson continued to engage in sexually explicit messages and exchange sexually explicit photos with Minor Victim 2. They discussed locations Jackson could pick up Minor Victim 2, including her specific high school or a mall near her parent’s house.

    On June 23, 2024, Minor Victim 2 asked Jackson when he would next be available to meet up for sexual activity. He responded that it would be over a week because he would be out of the country. He was arrested on July 1, 2024, after his return flight to Dulles.

    On Feb. 4, 2024, Jackson initiated contact on Snapchat with a person he believed was 15 years old. Though he was then 27 years old, Jackson told the person he was 19. On March 25, 2024, Jackson inquired how much the person would charge for nude depictions of herself and sent a detailed request describing what type of sexually explicit videos he wanted. The person said that sort of video would cost $45, which Jackson sent her via PayPal. Jackson received and saved on his cellphone videos responsive to his request approximately two hours after Jackson sent the money to the person’s PayPal account. Further investigation revealed that the person Jackson believed was 15 years old was actually 19 years old.

    On Nov. 21, 2024, Jackson pled guilty to sexual exploitation of a child, transportation of minors, and attempted coercion and enticement of a minor to engage in illicit sexual activity. In addition to his

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Christopher Heck, Acting Special Agent in Charge of Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Washington, D.C., made the announcement after sentencing by U.S. District Judge Michael S. Nachmanoff.

    Assistant U.S. Attorney Vanessa K. Strobbe prosecuted the case.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:24-cr-212.

    MIL Security OSI –

  • MIL-OSI: Viridien Announces its Q4 & Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), February 27th, 2025, 17h45 CET

    2024: A YEAR OF OVERACHIEVEMENTS

    2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

      Q4 FY1
    Revenue2 $339M $ 1,117M (-1%)
    Adjusted EBITDA3 $157M $455M (+14%)
    Net Cash-Flow $27M $56M (+73%)

    Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

    “In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

    In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

    In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

    2024 Highlights2

    • Group2
      • IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
      • Overall stable group revenue at $1,117 million.
      • Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
        • Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
        • 33% revenue growth for New Businesses, exceeding our 30% target.
      • Group adjusted EBITDA3 of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
      • Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
      • Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
      • Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).  
    • Digital, Data and Energy Transition (DDE)
      • Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
      • Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%).         $(12) million penalty vs $(13) million in Q4 2023.
        • Geoscience:
          • Revenue at $404 million (+20%). $107 million in Q4 (+10%).
          • GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).
    • New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.
    • Earth Data:
      • Revenue at $383 million (+14%). $131 million in Q4 (+27%).
      • Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
      • $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
      • New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.
    • Sensing and Monitoring (SMO)
      • Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023.        $100 million in Q4 (-16%).
      • Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
      • Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
      • New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
    • Market trends
      • E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
      • Evolving Industry Trends:
        • Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
        • Middle East growth expected with investments in advanced imaging and digital solutions.
        • Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
      • New Businesses:
        • Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
        • Increased interest from the Minerals & Mining sector for subsurface characterization.
        • Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
        • Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
    • New reporting KPI for EDA
      • Starting in Q1 2025, we will change the reporting KPIs for EDA:
        • To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.
    • Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).
    • Full year 2025 financial outlook
      • In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
        • Geoscience: growth backed by industry leading technology and strong backlog.
    • Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
      • Sensing & Monitoring: further savings expected from the restructuring plan.
      • New Businesses: growth and first year positive contribution to the group’s profitability.
    • Financial objective: net cash flow of c.$100m.
    • Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.
    • Full Year 2024 Conference call
      • The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
      • An English language analysts conference call is scheduled today at 6.00 pm (CET).
      • Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
      • A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

    The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

    Contact:

     VP Corporate Finance

    Jean-Baptiste Roussille
    jean-baptiste.roussille@viridiengroup.com

    Q4 & FY 2024- Financial Results

    Key Segment P&L figures
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Exchange rate euro/dollar 1,07 1,09 2% 1,08 1,09 1%  
    Segment revenue 320 339 6% 1 125 1 117 (1%)  
    DDE 201 238 19% 672 787 17%  
    Geoscience 98 107 10% 335 404 20%  
    Earth Data 103 131 27% 337 383 14%  
    Prefunding 62 49 (20%) 194 205 6%  
    After-Sales & other 41 82 99% 143 178 25%  
    SMO 119 100 (16%) 453 330 (27%)  
    Land 42 55 32% 176 157 (10%)  
    Marine 66 29 (56%) 230 117 (49%)  
    Beyond the core 11 16 45% 48 56 17%  
    Segment EBITDA 122 128 5% 400 422 5%  
    Adjusted * Segment EBITDA 121 157 30% 400 455 14%  
    DDE 117 150 28% 367 458 25%  
    SMO 9 18 – 56 35 (37%)  
    Corporate and other (5) (11) – (24) (38) (59%)  
    Segment operating income 15 33 – 138 113 (18%)  
    Adjusted* Segment Opinc 14 89 – 138 173 25%  
    DDE 21 89 – 140 206 47%  
    SMO (1) 11   24 4 (83%)  
    Corporate and other (6) (11) – (26) (38) (44%)  
    *Adjusted for non-recurring charges and gains.              
    Other KPI
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Geoscience Backlog 184 351 90% 184 351 90%  
    Total Capex (42) (81) (92)% (232) (285) (23)%  
    Industrial capex (8) (4) 51% (44) (17) 61%  
    R&D capex (4) (5) (5)% (17) (16) 7%  
    Earth Data (Cash) (29) (72) – (171) (252) (47)%  
    Earth Data Cash predunding rate 210% 68%   113% 81%    
    EDA Library net book value* 458 456 (0)% 458 456 (0)%  
    Liquidity 422 392   422 392    
    o.w. undrawn RCF 95 90   95 90    
    Gross debt* (1 301) (1 223)   (1 301) (1 223)    
    o.w. accrued interests (20) (18)   (19) (18)    
    o.w. lease liabilities (103) (125)   (103) (125)    
    Net debt* 974 921   974 921    
    Net debt*/Segment adjusted EBITDA        x2.4 x2.0    
    *Post IFRS15/16              
    Consolidated IFRS Income Statements
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Exchange rate euro/dollar 1,07 1,09   1,08 1,09    
    Revenue 265 427 61% 1 076 1 211 13%  
    EBITDA 68 216 – 351 516 47%  
    Operating Income (11) 49 – 119 143 21%  
    Equity from Investment (3) (1) 47% (2) (0) 77%  
    Net cost of financial debt (20) (24) (20%) (95) (97) (2%)  
       Other financial income (loss) (2) 5 – (4) 4 –  
       Income taxes 11 1 (94%) (14) (13) 3%  
    Net Income / Loss from continuing operations (25) 29 – 4 36 –  
    from discontinued operations 10 0 (100%) 12 15 20%  
    Net income / (loss) (15) 29 – 16 51 –  
    Shareholder’s net income / (loss) (15) 29 – 13 50 –  
    Basic Earnings per share in $ 0,00 0,00   1,81 6,97    
    Diluted Earnings per share in € 0 0,00   1,80 6,93    
    Cash Flow items
    (In million $)    		 2023
    Q4    		 2024
    Q4    		 Var.
    %    		 2023
    FY    		 2024
    FY    		 Var.
    %    		  
     
    Segment EBITDA 122 128 5% 400 422 5%  
    Income Tax Paid 9 (2) – 6 (12) –  
    Change in Working Capital & Provisions 21 30 42% 3 48 –  
    Other Cash Items 1 (0) – 1 (1) –  
    Cash provided by Operating Activity 153 155 1% 410 457 11%  
    Earth Data Capex (29) (72) – (171) (252) (47%)  
    Industrial Capex & Dev. Costs (13) (9) 32% (61) (33) 46%  
    Acquisitions and Proceeds of Assets 5 6 24% 3 7 –  
    Cash from Investing Activity (37) (75) – (229) (278) -22%  
    Paid Cost of Debt (44) (43) 2% (91) (86) 6%  
    Lease Repayement (19) (12) 36% (57) (56) 2%  
    Asset Financing 1 (0) – 22 (1) –  
    Cash from Financing Activity (63) (56) 11% (126) (142) -13%  
    Discontinued Operations Acquisitions (6) 3 – (23) 19 –  
    Net Cash Flow 48 27 -43% 32 56 73%  
    Financing cash flow (2) (49)   (6) (69)    
    Forex and other 7 (12)   3 (11)    
    Net increase/(decrease) in cash 52 (34)   29 (25)    

     CONSOLIDATED FINANCIAL STATEMENTS – December 31st, 2024

    6.1 2023-2024 Viridien consolidated financial statements

    6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

    In millions of US$ Notes December 31
    (1)        2024 2023
    Operating revenues 18, 19 1,211.3 1,075.5
    Other income from ordinary activities   0.1 0.3
    Total income from ordinary activities   1,211.4 1,075.8
    Cost of operations   (871.2) (817.4)
    Gross profit   340.2 258.4
    Research and development expenses – net 20 (17.8) (26.1)
    Marketing and selling expenses   (37.1) (36.1)
    General and administrative expenses   (82.9) (75.8)
    Other revenues (expenses) – net 21 (58.9) (1.4)
    Operating income 19 143.5 119.0
    Cost of financial debt – gross   (109.4) (103.3)
    Income from cash and cash equivalents   12.3 8.0
    Cost of financial debt – net 22 (97.2) (95.3)
    Other financial income (loss) 23 3.7 (3.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method   50.1 19.9
    Income taxes 24 (13.4) (14.0)
    Net income (loss) before share of net income (loss) from companies accounted for under the equity method   36.6 5.9
    Net income (loss) from companies accounted for under the equity method 8 (0.5) (2.0)
    Net income (loss) from continuing operations   36.1 3.9
    Net income (loss) from discontinued operations 5 14.7 12.3
    Consolidated net income (loss)   50.8 16.2
    Attributable to:      
    Owners of Viridien S.A   49.8 12.9
    Non-controlling interests   1.0 3.3
    Weighted average number of shares outstanding (a) 29 7,150,958 7,131,286
    Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (a) 29 7,184,713 7,171,894
    Net income (loss) per share (in US$)      
    (1)        – Base (a)   6.97 1.81
    (2)        – Diluted (a)   6.93 1.80
    Net income (loss) from continuing operations per share (in US$)      
    (3)        – Base (a) $ 4.91 0.08
    (4)        – Diluted (a) $ 4.89 0.08
    Net income (loss) from discontinued operations per share (in US$)      
    (5)        – Base (a) $ 2.06 1.72
    (6)        – Diluted (a) $ 2.05 1.72

    (a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

    The accompanying notes are an integral part of the consolidated financial statements.

    Consolidated statement of comprehensive income (loss)

    In millions of US$ December 31
    (2)        2024 (a) 2023 (a)
    Net income (loss) from consolidated statement of operations 50.8 16.2
    Other comprehensive income to be reclassified in profit (loss) in subsequent period:    
    Net gain (loss) on cash flow hedges 0.4 2.0
    Variation in translation adjustments (23.0) 14.2
    Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1) (22.7) 16.2
    Other comprehensive income not to be classified in profit (loss) in subsequent period:    
    Net gain (loss) on actuarial changes on pension plan 3.6 (4.6)
    Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2) 3.6 (4.6)
    Total other comprehensive income (loss) for the period, net of taxes (1)+(2) (19.1) 11.6
    Total comprehensive income (loss) for the period 31.8 27.8
    Attributable to:    
    Owners of Viridien S.A 31.3 25.1
    Non-controlling interests 0.5 2.7
    (a) Including other comprehensive income related to discontinued operations which is not material.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    In millions of US$ Notes (3)        Dec 31, 2024 Dec 31, 2023
    ASSETS      
    Cash and cash equivalents 28 301.7 327.0
    Trade accounts and notes receivable, net 3, 18 339.9 310.9
    Inventories and work-in-progress, net 4 163.3 212.9
    Income tax assets 24 22.9 30.8
    Other current assets, net 4 74.0 92.1
    Assets held for sale, net 5 24.5 –
    Total current assets   926.2 973.7
    Deferred tax assets 24 43.6 29.9
    Other non-current assets, net 16 8.9 6.8
    Investments and other financial assets, net 7 25.7 22.7
    Investments in companies accounted for under the equity method 8 1.1 2.2
    Property plant & equipment, net 9 220.6 206.1
    Intangible assets, net 10 535.4 579.7
    Goodwill, net 11 1,082.8 1,095.5
    Total non-current assets   1,918.1 1,942.9
    TOTAL ASSETS   2,844.3 2,916.6
    LIABILITIES AND EQUITY      
    Financial debt – current portion 13 56.9 58.0
    Trade accounts and notes payable 3 120.9 86.4
    Accrued payroll costs   84.5 89.1
    Income taxes payable 24 20.4 12.5
    Advance billings to customers   19.2 24.0
    Provisions – current portion 16 19.7 8.7
    Other current financial liabilities 14 0.5 21.3
    Other current liabilities 12 182.5 250.3
    Liabilities associated with non-current assets held for sale 5 2.4 –
    Total current liabilities   507.0 550.3
    Deferred tax liabilities 24 18.4 24.3
    Provisions – non-current portion 16 28.8 30.1
    Financial debt – non-current portion 13 1,165.6 1,242.8
    Other non-current financial liabilities 14 – 0.5
    Other non-current liabilities 12 1.7 4.3
    Total non-current liabilities   1,214.5 1,302.0
    Common stock (a) 15 8.7 8.7
    Additional paid-in capital   118.7 118.7
    Retained earnings   1,036.5 980.4
    Other Reserves   55.2 27.3
    Treasury shares   (20.1) (20.1)
    Cumulative income and expense recognized directly in equity   (1.1) (1.4)
    Cumulative translation adjustments   (113.3) (90.8)
    Equity attributable to owners of Viridien S.A.   1,084.7 1,022.8
    Non-controlling interests   38.1 41.5
    Total Equity   1,122.8 1,064.3
    TOTAL LIABILITIES AND EQUITY   2,844.3 2,916.6
    (a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

    In millions of US$ Notes December 31
    (4)        2024 2023
    OPERATING ACTIVITIES      
    Consolidated net income (loss) 1, 19 50.8 16.2
    Less: Net income (loss) from discontinued operations 5 (14.7) (12.3)
    Net income (loss) from continuing operations   36.1 3.9
    Depreciation, amortization and impairment 1, 19, 28 124.7 91.5
    Impairment and amortization of Earth Data surveys 1, 10, 28 261.4 153.1
    Amortization and depreciation of Earth Data surveys, capitalized 10 (16.6) (15.4)
    Variance on provisions   14.3 (2.6)
    Share-based compensation expenses   3.4 2.8
    Net (gain) loss on disposal of fixed and financial assets   (3.7) (1.7)
    Share of (income) loss in companies recognized under equity method   0.5 2.0
    Other non-cash items   (0.3) 5.2
    Net cash flow including net cost of financial debt and income tax   419.8 238.8
    Less: Cost of financial debt   97.2 95.3
    Less: Income tax expense (gain)   13.4 14.0
    Net cash flow excluding net cost of financial debt and income tax   530.4 348.1
    Income tax paid – Net (a)   (12.4) 5.5
    Net cash flow before changes in working capital   518.0 353.6
    Changes in working capital   (61.2) 54.7
    – Change in trade accounts and notes receivable   (128.4) 51.8
    – Change in inventories and work-in-progress   28.1 49.2
    – Change in other current assets   10.5 (9.9)
    – Change in trade accounts and notes payable   26.8 (5.4)
    – Change in other current liabilities   1.8 (31.0)
    Net cash flow from operating activities   456.7 408.3
    INVESTING ACTIVITIES      
    Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) 9 (32.9) (60.9)
    Investments in Earth Data surveys 10 (252.1) (171.1)
    Proceeds from disposals of tangible and intangible assets 28 6.8 0.4
    Proceeds from divestment of activities and sale of financial assets 28 – 6.2
    Dividends received from investments in companies under the equity method   0.5 –
    Acquisition of investments, net of cash & cash equivalents acquired 28 – (1.9)
    Variation in other non-current financial assets 28 (8.2) (5.2)
    Net cash-flow used in investing activities   (286.0) (232.5)
    FINANCING ACTIVITIES      
    Repayment of long-term debt 13, 28 (59.4) (1.8)
    Total issuance of long-term debt 13, 28 0.1 23.9
    Lease repayments 13, 28 (55.7) (57.0)
    Financial expenses paid 13, 28 (85.6) (90.7)
    Net proceeds from capital increase:      
    – from shareholders:   – 0.1
    – from non-controlling interests of integrated companies   – –
    Dividends paid and share capital reimbursements:   – –
    – Equity attributable to owners of Viridien S.A.   – –
    – to non-controlling interests of integrated companies   (3.8) (0.9)
    Net cash-flow from (used in) financing activities   (204.4) (126.4)
    Effect of exchange rate changes on cash   (11.0) 2.6
    Net cash flows incurred by discontinued operations 5 19.3 (23.0)
    Net increase (decrease) in cash and cash equivalents   (25.3) 29.0
    Cash and cash equivalents at beginning of year   327.0 298.0
    Cash and cash equivalents at end of period   301.7 327.0
    (a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    In millions of US$, except for share data Number of shares issued (a) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2023 7,123,573 8.7 118.6 967.9 50.0 (20.1) (3.4) (102.4) 1,019.3 39.5 1,058.8
    Net gain (loss) on actuarial changes on pension plan (1)       (4.6)         (4.6)   (4.6)
    Net gain (loss) on cash flow hedges (2)             2.0   2.0   2.0
    Net gain (loss) on translation adjustments (3)               14.8 14.8 (0.6) 14.2
    Other comprehensive income (1)+(2)+(3)   – – (4.6) – – 2.0 14.8 12.2 (0.6) 11.6
    Net income (loss) (4)       12.9         12.9 3.3 16.2
    Comprehensive income (1)+(2)+(3)+(4)   – – 8.3 – – 2.0 14.8 25.1 2.7 27.8
    Exercise of warrants 238   0.1           0.1   0.1
    Dividends                 – (1.0) (1.0)
    Cost of share based payment 12,951     2.6         2.6   2.6
    Transfer to retained earnings of the parent company                 –   –
    Variation in translation adjustments generated by the parent company         (22.7)       (22.7)   (22.7)
    Changes in consolidation scope and other       1.6       (3.2) (1.6) 0.3 (1.3)
    Balance at December 31, 2023 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3

    (a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).

    In millions of US$, except for share data Number of shares issued (b) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2024 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3
    Net gain (loss) on actuarial changes on pension plan (1)       3.6         3.6   3.6
    Net gain (loss) on cash flow hedges (2)             0.4   0.4   0.4
    Net gain (loss) on translation adjustments (3)               (22.5) (22.5) (0.6) (23.0)
    Other comprehensive income (1)+(2)+(3)   – – 3.6 – – 0.4 (22.5) (18.5) (0.6) (19.1)
    Net income (loss) (4)       49.8         49.8 1.0 50.8
    Comprehensive income (1)+(2)+(3)+(4)   – – 53.4 – – 0.4 (22.5) 31.3 0.5 31.8
    Exercise of warrants                      
    Dividends                 – (3.8) (3.8)
    Cost of share based payment 24,703     2.7         2.7   2.7
    Transfer to retained earnings of the parent company                 –   –
    Variation in translation adjustments generated by the parent company         28.0       28.0   28.0
    Changes in consolidation scope and other                      
    Balance at December 31, 2024 7,161,465 8.7 118.7 1,036.5 55.2 (20.1) (1.1) (113.3) 1,084.7 38.1 1,122.8

    (b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

    The accompanying notes are an integral part of the consolidated financial statements.

    1All variations refer to the same period last year
    2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
    3Adjusted for non-recurring items

    Attachment

    The MIL Network –

  • MIL-OSI: 21Shares AG (the “Company”) – Announcement: Filing of Amendment Request regarding Exchange Traded Products entered the Official List of the FCA and admitted to LSE

    Source: GlobeNewswire (MIL-OSI)

    This Announcement relates to the following Exchange Traded Products entered the Official List of the FCA and admitted to the London Stock Exchange:

    ETP: 21Shares Bitcoin ETP
    ISIN: CH0454664001
    TIDM: ABTC / BTCU

    ETP: 21Shares Ethereum Staking ETP
    ISIN: CH0454664027
    TIDM: AETH / ETHU

    ETP: 21Shares Bitcoin Core ETP
    ISIN: CH1199067674
    TIDM: CBTC / CBTU

    ETP: 21Shares Ethereum Core Staking ETP
    ISIN: CH1209763130
    TIDM: ETHC/ CETU

    (hereinafter referred to as the “Products” and each a “Product”)

    Name, registered office and address of the Company: 21Shares AG is a stock corporation under the laws of Switzerland. It has its registered office and address at Pelikanstrasse 37, 8001 Zurich.

    With respect to each Product, during the period between 24 May 2024 and the dates specified in the table below for each Product (see column “Dates” in the table below), the following total number of outstanding Products presented in the table below have been recorded in the Official List of the FCA and admitted to trading on the London Stock Exchange. Those total numbers of Products that were incorrectly filed and listed into the Official list of the FCA by the Company are set out in column “Incorrectly Disclosed/Filed Total Numbers” in the table below.

    Further to the Company’s previous announcement dated 25 February 2025, in order to correct the incorrectly disclosed/filed total number of outstanding Products listed into the Official list of the FCA, the Company has submitted a formal amendment request to the FCA to rectify them and specify the correct number of such total number of outstanding Products, as recorded in the Official List of the FCA and admitted to trading on the London Stock Exchange (see column “Actual/Corrected Total Numbers” in the table below).

    The Company hereby informs the public of the revised total number of outstanding number of its Products (and the corresponding number of tranches of each such Product) listed into the Official list of the FCA and admitted to trading on the London Stock Exchange as of the dates specified below:

    ISIN Products Dates Incorrectly Disclosed/Filed Total Numbers Actual/Corrected Total Numbers Actual number of tranches of Products that are listed into the Official list of the FCA and admitted to trading on the London Stock Exchange
    CH0454664001 21Shares Bitcoin ETP 28.05.2024 – 15.01.2025 1’165’472’500 26’152’500 39
    CH0454664027 21Shares Ethereum Staking ETP 28.05.2024 – 14.01.2025 491’947’500 12’325’000 37
    CH1199067674 21Shares Bitcoin Core ETP 28.05.2024 – 15.01.2025 361’110’000 13’155’000 40
    CH1209763130 21Shares Ethereum Core Staking ETP 28.05.2024 – 09.12.2024 38’820’000 2’510’000 20

    Contact Details:
    21Shares AG, attn. Mr. Eric Baumgartner, Pelikanstrasse 37, 8001 Zurich, Switzerland, email: legal@21.co

    Further Information:
    For further information, please refer to the Programme and UK Base Prospectus dated May 22, 2024, and the respective Final Terms. This Announcement neither constitutes a prospectus nor advertisement within the meaning of the Swiss Financial Services Act. Copies of the prospectus and any supplements thereto, if any, as well as copies of all transaction documents are available free of charge at 21Shares AG, Zurich (email: etp@21shares.com).

    * * *
    This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG.
    This document and the information contained herein is not for publication or distribution into the United States of America and should not be distributed or otherwise transmitted into the United States or to U.S. persons (as defined in the U.S. Securities Act of 1933, as amended (the “Securities Act) or publications with a general circulation in the United States. This document does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The securities referred to herein have not been and will not be registered under the Securities Act or the laws of any state and may not be offered or sold in the United States of America absent registration or an exemption from registration under Securities Act. There will be no public offering of the securities in the United States of America.

    The products are exchange traded products, which do not qualify as units of a collective investment scheme according to the relevant provisions of the Swiss Federal Act on Collective Investment Schemes (CISA), as amended, and are not licensed thereunder. Therefore, the products are neither governed by the CISA nor supervised or approved by the Swiss Financial Market Supervisory Authority FINMA (FINMA). Accordingly, Investors do not have the benefit of the specific investor protection provided under the CIS

    The MIL Network –

  • MIL-OSI USA: Ricketts: States Should “Play a More Active Role in Federal Highway Programming”

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a member of the Senate Environment and Public Works Committee, called for states to play a more active role in federal highway programming. Ricketts said the following:
    “Transportation infrastructure, we’ve all said it, is incredibly important in my home state in Nebraska, just like it is where you all come from,” Ricketts said. “It’s important for our competitiveness, for our industrial opportunity, and really just our quality of life. And so it’s something that we want to make sure we’re doing to the best job possible. As we’re looking to reauthorize, toward Highway Reauthorization, states need to be playing a more active role in the programming.”
    “The Department of Transportation should be doing something where we empower states through the formula funding to be able to let them make the decisions and not cherry-pick different ‘green’ projects that are discretionary grants,” Ricketts said.
    [embedded content]
    Click here to watch
    Ricketts made the comments in a Senate Environment and Public Works Committee hearing on implementation of the Infrastructure Investment and Jobs Act. During the hearing, he also questioned the panelists on ways to improve efficiency and service quality through process improvement, similar to Nebraska’s successful process improvement when Ricketts was Governor.

    MIL OSI USA News –

  • MIL-OSI: Correction: Virtune announces a change of ETP calculation agent for all ETPs

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, February 27, 2025 – Virtune announces that as of March 3, 2025, the ETP Calculation Agent for Virtune’s ETPs will change to ETFBook. The ETP Calculation Agent is responsible for calculating and distributing PCFs (Portfolio Composition Files) to counterparties as a third party in relation to Virtune.

    Notification of Service Provider Change within Virtune’s ETP Program

    Virtune announces a change of ETP Calculation Agent to ETFBook for all Virtune’s ETPs, which will be reflected in the updated final terms, available as of March 3, 2025. This change aims to optimize and streamline the process of PCF calculations and their further distribution.

    Please note that this change does not affect investors or the trading of Virtune’s ETPs, and no action is required from investors.

    Change:

    • New ETP Calculation Agent: SquaredData GmbH, owner of the ETFBook brand.
    • Address: Weissenrainstrasse 28, 8707 Uetikon am See, Zurich, Switzerland.

    This change applies to all Virtune’s ETPs, which include the following:

    • Virtune Bitcoin ETP (ISIN: SE0020845709)
    • Virtune Staked Ethereum ETP (ISIN: SE0020541639)
    • Virtune Staked Solana (ISIN: SE0021309754)
    • Virtune Staked Polkadot ETP (ISIN: SE0021148129)
    • Virtune XRP ETP (ISIN: SE0021486156)
    • Virtune Avalanche ETP (ISIN: SE0022050092)
    • Virtune Chainlink ETP (ISIN: SE0021149259)
    • Virtune Arbitrum ETP (ISIN: SE0021310133)
    • Virtune Staked Polygon ETP (ISIN: SE0021630217)
    • Virtune Staked Cardano ETP (ISIN: SE0021630449)
    • Virtune Crypto Altcoin Index ETP (ISIN: SE0023260716)
    • Virtune Crypto Top 10 Index ETP SEK (ISIN: SE0020052207)
    • Virtune Crypto Top 10 Index ETP EUR (ISIN: SE0020052215)

    Press contact

    Christopher Kock, VD Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Lloyds Bank plc: 2024 Form 20-F Filed

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Lloyds Bank plc announces that on 27 February 2025 it filed its Annual Report on Form 20-F for the year ended 31 December 2024 with the Securities and Exchange Commission.

    A copy of the Form 20-F is available through the ‘Investors’ section of our website at www.lloydsbankinggroup.com and also online at www.sec.gov

    Shareholders can receive hard copies of the complete audited financial statements free of charge upon request. Printed copies of the 2024 Lloyds Bank plc Annual Report on Form 20-F can be requested from Investor Relations by email to investor.relations@lloydsbanking.com

    -END-

    For further information:  
       
    Investor Relations  
    Douglas Radcliffe  +44 (0)20 7356 1571
    Group Investor Relations Director  
    douglas.radcliffe@lloydsbanking.com  
       
    Corporate Affairs  
    Matt Smith +44 (0)20 7356 3522
    Head of Media Relations  
    matt.smith@lloydsbanking.com  
       

    FORWARD LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI Security: Roanoke Man Pleads Guilty to Robbery Conspiracy Connected to Murder of Drug Supplier

    Source: Office of United States Attorneys

    Garrett Williams Admits to Helping Plan Robbery that Led to Murder of Drug Supplier

    ROANOKE, Va. – A Roanoke man involved in distributing large quantities of marijuana, has admitted to helping plan a robbery that ultimately led to the murder of his drug supplier

    Garrett Isaac Williams, 22, pled guilty yesterday in federal court to one count of conspiracy to commit Hobbs Act Robbery. Last month, Williams’ co-defendant, Joseph Walker, pled guilty to one count of Hobbs Act Robbery and discharging a firearm in furtherance of a drug trafficking crime.

    According to court documents, beginning no later than January 2023, Walker and Williams conspired to distribute marijuana and marijuana wax they sourced from E.B., who periodically traveled from Pennsylvania to supply the pair at Mr. Walker’s residence in Roanoke, Virginia.

    Eventually, the men fell into debt to E.B. Then, in an effort to collect money he was owed, E.B. attempted to phone Walker but instead inadvertently called Walker’s mother. This phone call caused Walker and Williams to set in motion a plan to end their relationship with E.B. However, instead of paying down their debt, they conspired to order more marijuana from E.B., rob E.B. of that marijuana upon delivery and, in so doing, scare him from returning to Virginia.

    On April 17, 2023, E.B. traveled from Pennsylvania to Walker’s residence, bringing with him approximately 10 pounds of marijuana and two pounds of marijuana wax in a deal facilitated by Williams. During E.B.’s trip, Williams maintained communication with him and provided updates to Walker so that he was prepared for E.B.’s arrival. For his part, Walker concealed a Sig Sauer, .45 caliber pistol on his person, intending to use it as part of the robbery. Upon E.B.’s arrival, Walker invited him into his home where he confronted E.B. about the phone call E.B. made to his mother, before immediately shooting him twice, killing him. Walker then took the marijuana that E.B. had brought with him and, to conceal his crime, dragged E.B.’s body out of his residence, placed it in the trunk of E.B.’s car and drove to Bedford County, Virginia where he set the car on fire.

    While not physically present at the time of the robbery, Williams admitted to planning to rob E.B by force.

    Acting United States Attorney Zachary T. Lee, Stanley M. Meador, Special Agent in Charge of the FBI’s Richmond Division and Lieutenant Colonel Matthew Hanley, Superintendent of Virginia State Police made the announcement.

    The Federal Bureau of Investigation and Virginia State Police, with assistance from the United States Marshals Service, Bureau of Alcohol, Tobacco, Firearms and Explosives,  Brevard County Sheriff’s Office, the Roanoke City Commonwealth’s Attorney’s Office, the Roanoke City Police Department, the Roanoke County Police Department, the City of Lynchburg Police Department, and the Bedford County Commonwealth’s Attorney’s Office are investigating the case.

    The Star City Drug and Violent Crime Task Force also aided in the investigation and is comprised of officers from the Roanoke City Police Department, Roanoke County Police Department, City of Salem Virginia Police Department, the Vinton Police Department, and Virginia State Police Bureau of Criminal Investigation’s Salem Field Office.

    Assistant U.S. Attorneys M. Coleman Adams and Kelly McGann are prosecuting the case, with assistance from Assistant U.S. Attorney Drew O. Inman.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Lackawanna County Man Charged With Receiving Child Pornography

    Source: Office of United States Attorneys

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Reinaldo Gonzalez, Jr., age 31, of Gouldsboro, Pennsylvania, was indicted on February 25, 2025, by a federal grand jury on child pornography charges.

    According to Acting United States Attorney John C. Gurganus, the indictment alleges that Gonzalez received numerous images of minors engaged in sexually explicit conduct in 2022 and 2023, in Wayne County, Pennsylvania.

    The case was investigated by Homeland Security Investigations. Assistant U.S. Attorney Jenny P. Roberts is prosecuting the case.

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

    The maximum penalty under federal law for this offense is 120 years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

    Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI Africa: African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

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

    N’DJAMENA, Chad, February 27, 2025/APO Group/ —

    The African Development Bank (www.AfDB.org) and the government of Chad have signed a grant agreement worth $44.9 million to finance the asphalting of the 49.5-kilometre Kyabé-Mayo section of the Kyabé-Singako road, including the construction of a 55-metre bridge.

    The agreement was signed in N’Djamena on 19 February 2025 by Tahir Hamid Nguilin, Minister of State for Finance, Budget, Economy, Planning and International Cooperation, and Claude N’Kodia, the Bank’s Acting Representative in Chad. Several members of the Chadian government were also present, including the Minister for Infrastructure, Access-Improvement and Road Maintenance, Amir Idriss Kourda, and the Secretary of State for Finance and Budget, Ali Djadda Kampard. Also present was a delegation from the International Monetary Fund, led by its head of mission for Chad, Julien Reynaud,

    The funding will support one of the Chadian government’s key development objectives through strategic infrastructure improvement.

    “The [Moyen-Chari] region, including Kyabé, Singako and Am Timan, has strong economic potential. It is Chad’s main agricultural basin and livestock area, rich in fish resources. Fish are supplied from Moyen-Chari to a large part of the country’s south and even to foreign markets,” stated Nguilin, also the Bank’s Governor for Chad.

    The road project will open up southern and eastern regions of Chad, reduce vulnerability, and strengthen the resilience of local populations, especially women and young people. It will improve the transportation of goods and people between Kyabé and Singako by providing an all-weather road, facilitating the flow of agricultural and animal products from the rich areas of Moyen-Chari and Salamat to the consumer centers of Sarh, Moundou, N’Djamena and Abéché. It will also enhance accessibility to Moyen-Chari from neighboring Sudan.

    The agreement paves the way for support from the Islamic Development Bank to finance the second section of the 205-kilometer Mayo-Singako-Am Timan at an estimated cost of $275.5 million.

    “The African Development Bank is a strategic partner of Chad, particularly in the transport sector. The construction of the road section will reduce the overall cost of transport in Moyen-Chari […] and improve the living conditions of local people thanks to easier access to health and education facilities and to the country’s main consumer centers,” said N’Kodia.

    The Kyabé-Mayo section of the Kyabé-Singako road is one of the missing links in the N’Djamena-Moundou-Sarh-Kyabé-Am Timan-Abéché corridor and forms part of the priority structuring network that the Chadian government aims to develop to ensure nationwide coverage and permanent accessibility.

    The African Development Bank Group remains a strategic financial partner for Chad, with its strategy paper focusing on two priority pillars: developing infrastructure to achieve strong and diversified economic growth and promoting good governance to increase the effectiveness of public action and the attractiveness of the economic environment.

    MIL OSI Africa –

  • MIL-OSI Security: North Carolina Man Sentenced to 10 Years in Prison for Sexual Exploitation of a Minor

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

    HUNTSVILLE, Ala. – A North Carolina man was sentenced for attempted enticement of a minor, announced U.S. Attorney Prim F. Escalona and Federal Bureau of Investigation Special Agent in Charge Carlton L. Peeples.

    U.S. District Court Judge Anna M. Manasco sentenced Jonathan Allen Norris, 45, of Carolina Beach, North Carolina, to 120 months in prison, followed by a life term of supervised release. In October 2024, Norris pleaded guilty to attempted coercion and enticement of a minor. This conviction will require Norris to register as a sex offender in accordance with the Sex Offender Registration and Notification Act.

    According to the plea agreement, in December 2022, an undercover law enforcement officer posing as a 15-year-old girl responded to an ad posted by Norris on a social media application.  On January 6, 2023, Norris arrived in Birmingham from New Mexico to engage in a sexual act with a minor.

    If you suspect or become aware of possible sexual exploitation of a child, please contact law enforcement. To alert the FBI Birmingham Office, call 205-326-6166. Reports can also be filed with the National Center for Missing & Exploited Children (NCMEC) or online at www.cybertipline.org.

    The case was brought as part of Project Safe Childhood, a nationwide initiative launched by the Department of Justice in May 2006 to combat the growing epidemic of child sexual exploitation and abuse.  Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet and to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    The FBI investigated the case along with the Homewood Police Department. Assistant U.S. Attorney Daniel S. McBrayer prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI Security: FBI Safe Streets Task Force Arrests Homicide Fugitive From Washington State

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

    On February 24, 2025, the FBI Safe Streets Violent Crime Task Force, with assistance from the Utah County Major Crimes Task Force and the Orem Police Department, arrested 20-year-old Jose Antonio Cedeno-Ponce, wanted in connection with a homicide that occurred on January 10, 2025, in King County, Washington. Law enforcement encountered Cedeno-Ponce at a business in Utah County and took him into custody without incident.

    “Task forces allow law enforcement to seamlessly work together with the shared goal of keeping our communities safe,” said Special Agent in Charge Mehtab Syed of the Salt Lake City FBI. “It’s important that the defendant face the serious charges brought against him.”

    Cedeno-Ponce has been charged in the Superior Court of Washington for King County with Murder in the Second Degree. According to the court documents, Cedeno-Ponce drove to a location in Tukwila to engage in a fight with high schoolers and armed himself with a knife before anyone approached him. During the fight, he fatally struck the victim. Cedeno-Ponce subsequently left the state and abandoned his vehicle in Idaho.

    Cedeno-Ponce is currently being held at the Utah County Jail where he will await extradition to Washington state. The public should be reminded that the above are merely allegations and that all persons are presumed innocent until proven guilty in a court of law.

    The FBI Safe Streets Task Force is made up of agents and law enforcement from Salt Lake City, West Valley City, and Springville Police Departments. The Task Force investigates violent crime and gang violence in the greater Salt Lake Metro area.

    MIL Security OSI –

  • MIL-OSI Security: Sex Offender Sentenced to More than 10 Years in Prison for Possessing Child Pornography

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

    CAPE GIRARDEAU – U.S. District Judge Stephen N. Limbaugh Jr. on Tuesday sentenced a registered sex offender caught with child sexual abuse material to 130 months in prison. 

    Thomas O. Stroud Jr., 43, of Wappapello, in Wayne County, Missouri, pleaded guilty in U.S. District Court in Cape Girardeau in November to possession of child pornography.

    According to court documents, Stroud has a prior federal conviction for possessing child pornography in 2009.  Following his release from federal prison, Stroud was required to register as a sex offender.  He was also placed on a 40-year term of supervised release.  In March 2024, while Stroud was serving his term of supervised release, Stroud’s probation officer discovered that he had been using a cell phone to communicate with someone in Indiana.  During the communications, Stroud obtained several images of child pornography.  

    After serving his 130-month sentence, Stroud will once again be placed on supervised release.    

    This case was investigated by the U.S. Probation Office and the Federal Bureau of Investigation.  Assistant U.S. Attorney Jack Koester prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Former Middle School Teacher Admits Child Pornography Charge

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

    ST. LOUIS – A former St. Louis County, Missouri middle school teacher on Wednesday admitted possessing hundreds of images and videos containing child sexual abuse material.

    Scott R. Ellis, 38, pleaded guilty to one felony count of possession of child pornography. Ellis admitted possessing 72 images containing child abuse material on his cell phone and about 700 videos and more than 900 images in his Mega cloud storage account.

    The investigation began with two cyber tipline reports to the National Center for Missing and Exploited Children about child pornography in Ellis’ Google account.

    Ellis is scheduled to be sentenced on June 3. The charge carries a penalty of up to 20 years in prison.

    The FBI and the St. Louis County Police Department Bureau of Special Investigations investigated the case. Assistant U.S. Attorney Jillian Anderson is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI United Kingdom: Pineapples Award nomination is ‘pear-fect’ news

    Source: Anglia Ruskin University

    The Lab building at ARU Peterborough – photograph courtesy of Philip Vile

    ARU Peterborough’s new £32 million building is in the running for a prestigious national award – just a few months after its official opening.

    The Lab, the third building at the city’s rapidly growing university, has been shortlisted in the Best Building category at the Pineapples Awards 2025.

    The Pineapples Awards recognise projects that make a positive impact on places and people, celebrating buildings that are welcoming rather than simply aesthetically pleasing. Award winners receive a golden pineapple trophy, with the pineapple historically being a symbol of welcome in UK architecture.

    The awards have a unique judging process, with the 51 judges asked to evaluate projects from both a professional and personal perspective. Judges consider the social and environmental impact, their own physical reactions, and how people from diverse backgrounds might experience the space.

    Designed by Cambridge-based MCW architects and built by Morgan Sindall Construction, ARU Peterborough’s The Lab features engineering workshops, a microbiology lab, a tissue culture lab, teaching spaces, and the Living Lab, which has been specifically designed for public engagement events, talks, and exhibitions.

    The timber building also meets high environmental standards, earning an Excellent rating from BREEAM, the leading global standard for building sustainability. During its construction, over 258 tonnes of CO2 emissions were saved.

    As the third building to open since the university’s launch in 2022, The Lab’s specialised teaching facilities have enabled ARU Peterborough to expand its range of employment-focused courses, particularly in STEM (science, technology, engineering, and maths) subjects.

    “The University is already receiving national attention for our impact in improving access to education and raising skills levels in the region, and we’re thrilled that our fabulous buildings are also being recognised.

    “We’ve worked hard to make sure ARU Peterborough is a wonderful place to study, work, and visit. Our campus is open and accessible to the community, and this Pineapples Award nomination is testament to that. I encourage anyone who hasn’t already visited ARU Peterborough to come and explore for themselves.”

    Professor Ross Renton, Principal of ARU Peterborough

    “The most rewarding part of being an architect is seeing your buildings being used and loved by so many people. The double-height Living Lab at ARU Peterborough was designed as a golden beacon for the campus – a space where students, as well as the community, can come together for lectures, events, and exhibitions.

    “The Lab’s open and transparent nature reflects the commitment to creating a welcoming building that has a positive impact on both places and people. This Pineapples Award shortlisting is thanks to the shared vision of the Cambridgeshire and Peterborough Combined Authority, Peterborough City Council, and ARU, and we’re incredibly proud to be a part of it.”

    Lien Geens, Associate Director of MCW architects

    “This nomination is a fantastic recognition of the ambition behind ARU Peterborough and the impact it’s already having on our region.

    “The Lab is more than just a building – it’s a gateway to opportunity, innovation, and community engagement. Investing in education and skills is vital for our region’s future, and seeing ARU Peterborough’s campus being nationally celebrated shows we’re on the right track.”

    Dr Nik Johnson, Mayor of Cambridgeshire and Peterborough

    The golden pineapples will be announced and presented to the winning projects at a ceremony in April.

    ARU Peterborough is a partnership between Anglia Ruskin University, Peterborough City Council and the Cambridgeshire and Peterborough Combined Authority.

    MIL OSI United Kingdom –

  • MIL-OSI Security: Federal Grand Jury in Louisville Returns 6 Indictments Charging 13 Defendants

    Source: Office of United States Attorneys

    Louisville, KY – On February 19, 2025, a federal grand jury in Louisville charged 13 Kentucky residents in six indictments involving methamphetamine and firearms offenses.   

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Acting Special Agent in Charge A.J. Gibes of the ATF Louisville Field Division, Special Agent in Charge Jim Scott of the DEA Louisville Field Division, Special Agent in Charge Rana Saoud of Homeland Security Investigations Nashville, Special Agent in Charge Karen Wingerd of the Internal Revenue Service, Criminal Investigation, Cincinnati Field Office, Commissioner Phillip Burnett, Jr. of the Kentucky State Police, and Chief Paul Humphrey of the Louisville Metro Police Department made the announcement.

    According to the first indictment, Johnathan Hankins, 34, and Tremell Smith, 33, both of Louisville, are each charged with two counts of possession with intent to distribute 50 grams or more of methamphetamine between March 11, 2024, and May 22, 2024.

    According to the second indictment, Shawn Beason, 35, of Louisville, and Justin Cummins, 28, and William Willis, 54, both of Mount Vernon, Kentucky, are charged with one count of possession with intent to distribute 50 grams or more of methamphetamine on April 5, 2024.

    According to the third indictment, Ejai Shanklin, 22, of Louisville, is charged with three counts of possession with intent to distribute 50 grams or more of methamphetamine and one count of possessing a firearm in furtherance of a drug trafficking crime between April 6, 2024, and June 6, 2024. Daryl Horton, 22, of Louisville, is charged with one count of possession with intent to distribute 50 grams or more of methamphetamine on May 20, 2024.

    According to the fourth indictment, Jeffrey Bradley, 33, Britney Calloway, 39, and Curtis Wright, 66, all of Louisville, and Jeffrey Holder, 49, of Ferguson, Kentucky, are charged with one count of conspiracy to distribute methamphetamine. Beginning as early as June 26, 2024, and continuing through August 7, 2024, the defendants conspired to distribute 50 grams or more of methamphetamine.

    Bradley is also charged with three counts of possession with intent to distribute 50 grams or more of methamphetamine. Calloway and Wright are also each charged with one count of possession with intent to distribute 50 grams or more of methamphetamine.  Holder is also charged with one count of possession with intent to distribute 50 grams or more of methamphetamine, one count of possessing a firearm in furtherance of a drug trafficking crime, and one count of possession of a firearm by a convicted felon. On June 26, 2024, Holder possessed an Inter Ordnance, Hellcat, .38 caliber handgun, an Imperial Metal Products, Model IMP .22 caliber revolver, and a Remington Arms Company, Model 1100, 12-gauge shotgun. Holder was prohibited from possessing a firearm because he had been convicted of the following felony offenses.

    On March 19, 2008, in Powell Circuit Court, Holder was convicted of flagrant nonsupport.

    On March 19, 2008, in Powell Circuit Court, Holder was convicted of trafficking in a controlled substance in the first degree.

    On September 8, 2014, in Powell Circuit Court, Holder was convicted of theft by unlawful taking.

    On September 8, 2014, in Powell Circuit Court, Holder was convicted of theft by unlawful taking.

    On December 17, 2014, in Powell Circuit Court, Holder was convicted of trafficking in a controlled substance in the first degree (two counts).

    On May 20, 2016, in Powell Circuit Court, Holder was convicted of flagrant nonsupport.

    On March 29, 2017, in Pulaski Circuit Court, Holder was convicted of flagrant nonsupport and bail jumping in the first degree.

    On November 27, 2019, in Pulaski Circuit Court, Holder was convicted of fleeing or evading police in the first degree, wanton endangerment in the first degree, trafficking in a controlled substance in the first degree, and possession of a controlled substance in the first degree.

    On January 7, 2021, in Pulaski Circuit Court, Holder was convicted of fleeing or evading police in the first degree (two counts) and wanton endangerment in the first degree.

    According to the fifth indictment, Honesty Davis, 35, of Louisville, is charged with one count of possession with intent to distribute 50 grams or more of methamphetamine on August 26, 2024.

    According to the sixth indictment, Jaquan Tooley, 28, of Louisville, is charged with one count of possession with intent to distribute 50 grams or more of methamphetamine on September 13, 2024.

    Eight of the 13 defendants have been arrested and made their initial court appearances this week before a U.S. Magistrate Judge of the U.S. District Court for the Western District of Kentucky. One defendant will make his initial appearance on March 3, 2024. Ejai Shanklin, Daryl Horton, Jeffrey Holder, and William Willis are in state custody and will make initial appearances before a U.S. Magistrate Judge at a later date.

    If convicted, the defendants each face minimum sentences ranging from 10 to 25 years, and all face a maximum sentence of life in prison. A federal district court judge will determine any sentence after considering the sentencing guidelines and other statutory factors.

    There is no parole in the federal system.   

    The cases are being investigated by the ATF, DEA, HSI, IRS-CI, KSP, and the Louisville Metro Police Department.

    Assistant U.S. Attorney Erwin Roberts is prosecuting the cases.

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

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Minneapolis Non-Profit Executive and Business Consultant Plead Guilty in $6 Million Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – A Minneapolis non-profit executive and business consultant pleaded guilty to leading a scheme to defraud a number of federal, state, local, private programs and other sources of funding, resulting in a loss of over $6 million, and also to illegally possessing a firearm after a felony, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, from 2020 until 2024, Tezzaree El-Amin Champion, 28, engaged in a fraud scheme through two Minneapolis-based entities he founded and controlled:  a marketing company he owned, Futuristic Management LLC, and a non-profit organization he led, Encouraging Leaders.  

    Encouraging Leaders, under Champion’s direction, submitted at least 42 grant and public-contract applications with related follow-up correspondence containing material false misrepresentations, in order to obtain funding.  Fraudulent applications were submitted to the U.S Department of Justice, Hennepin County, the City of Minneapolis, the Center for Disease Control Foundation, the Minnesota Department of Education, the Minnesota Department of Human Services, the Minnesota State Arts Board, the Otto Bremer Trust, the Greater Twin Cities United Way, and others. False statements included false rosters of Encouraging Leaders’ board of directions; false assertions that Encouraging Leaders had been independently audited; false claims that certain local governments, companies, and community organizations had agreed to partner with Encouraging Leaders; requests for payment based on overstated hours of work; and false claims that Encouraging Leaders administered events that either never occurred or were organized by others. Champion misused significant portions of the funds that Encouraging Leaders received in response to the applications, for example by transferring funds to himself and using organizational funds for personal matters. Based on the fraudulent applications, Encouraging Leaders sought more than $3.8 million in funding through 42 grants, was awarded 27 grants for more than $2.7 million in funding. Encouraging Leaders actually received approximately $1.5 million in funding as part of the scheme.

    Through Futuristic Management, Champion recruited and assisted clients in submitting fraudulent applications to Hennepin County’s Small Business Relief grant program as well as the U.S. Small Business Administration’s Paycheck Protection and Economic Injury Disaster Loan programs. The applications dramatically overstated applicant incomes and expenses, and were supported by fake tax records and fake lease documents that Champion obtained.  Champion also submitted nine fraudulent applications on his own behalf.  Simultaneously, Champion defrauded Hennepin County, for whom his company was serving as a business advisor under the County’s Elevate Business program. As part of the program, Champion agreed to provide free marketing services to local small businesses. But rather than provide free services, Champion billed and received payments from the County for services for which he had already been paid by his clients. Many of these clients were the same businesses and individuals Champion had assisted with false PPP, EIDL, and SBR applications.  Champion also used his company to fraudulently obtain loans marketed by PayPal Business Loan and issued by WebBank.  In the PayPal applications, Champion overstated his company’s gross sales and attached fake Wells Fargo bank statements inflating his bank balances and deposits.  In total, the part of the scheme relating to Futuristic Management resulted in a loss of more than $2.1 million.

    During the investigation of Champion’s offenses, law enforcement searched Champion’s home.  Officers found Futuristic Management financial records, a safe containing $127,000 in U.S. currency, and a Ruger LCR .357 revolver with Champion’s DNA on it.  Due to a 2018 conviction in Hennepin County for second-degree assault with a dangerous weapon, Champion is prohibited under federal law from possessing firearms or ammunition at any time.

    Champion pleaded guilty in U.S. District Court yesterday before Judge Katherine M. Menendez to one count of wire fraud, one count of money laundering, and one count of illegally possessing a firearm as a felon.  Champion agreed to pay restitution of at least $3,479,575 to the victims of his offenses. Earlier this month, Champion’s co-defendant Marcus A. Hamilton pleaded guilty to participating in the Futuristic Management part of the scheme. Sentencing hearings for both defendants will be scheduled at a later date.

    This case is the result of an investigation conducted by IRS-Criminal Investigations, the U.S. Postal Inspection Service, the Minnesota Bureau of Criminal Apprehension, and the Minneapolis Police Department’s Special Crimes Investigations Division.

    Assistant U.S. Attorneys Matthew D. Forbes and Joseph H. Thompson are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Economics: IMF Managing Director Kristalina Georgieva’s Statement at the Conclusion of the First Meeting of the G20 Finance Ministers and Central Bank Governors

    Source: International Monetary Fund

    February 27, 2025

    Cape Town, South Africa: International Monetary Fund Managing Director Kristalina Georgieva delivered the following remarks at the first meeting of the G20 Finance Ministers and Central Bank Governors in Cape Town, South Africa:

    “I would like to thank the Government of South Africa for hosting this week’s G20 meeting, and Minister Godongwana and Governor Kganyago for their leadership in shepherding a focused discussion on our shared global economic challenges.

    There was one resounding common theme I heard during our discussions: the need to reinvigorate global growth in an environment characterized by limited macroeconomic policy space and heightened policy uncertainties. Against this backdrop, I see important opportunities to advance the reforms needed to deliver lasting global economic prosperity.

    Global Outlook: Low Growth, High Debt

    We project global growth at 3.3 percent this year and next—steady but well below historic average and in the context of high public debt levels. Underlying this, we see divergences widening across economies, with growth in the U.S. stronger and a somewhat more gradual pick up in the EU than previously expected. In emerging markets and developing economies, growth in 2025 broadly matches last year’s performance.

    The global disinflation process continues. With the gradual cooling of labor markets and energy prices expected to decline further, headline inflation is projected to continue its trajectory toward central bank targets.

    At the same time, uncertainty with regard to economic policies is high. Governments around the world are shifting policy priorities. There are significant policy changes in the United States, in areas such as trade policy, taxation, public spending, immigration, and deregulation, with implications for the U.S. economy and the rest of the world. Governments in other countries are also adjusting their policies. The combined impacts of possible policy changes are complex and still difficult to assess but will come into clearer view in the months ahead.

    Risks are also diverging. In the short-term, there is some upside potential in the U.S., where positive sentiment could boost activity. But, overall risks are to the downside for most other economies, including the risk of policy-induced disruptions to the disinflation process or capital outflows from emerging market economies.

    Domestic Policies to Boost Growth

    With the outlook for growth stuck at its lowest in decades, the central task is to craft policies that provide a strong foundation for higher and more durable growth.

    Macroeconomic and financial stability must be preserved to enable growth. To that end, countries must manage multiple pressures: contain short-term risks, rebuild buffers, lift medium-term growth prospects.

    For central banks, the focus remains fully restoring price stability, and to do so while supporting activity and employment.

    On the fiscal side, most countries need to put public debt on sustainable path and rebuild fiscal buffers. While mobilizing more domestic revenues is crucial in many countries, it is equally important to promote more efficient public spending. The two go hand-in-hand to ensure that countries have the fiscal space to meet future shocks and provide the basis for higher future growth.

    Critically, it is important that countries embrace ambitious reforms to lift productivity and enhance growth prospects. The specific priorities will vary from country to country, but in general this calls for a pivot toward supply side policies: cutting red tape, increasing competition and encouraging entrepreneurship, strengthening education systems, smart regulation that can encourage risk-taking and rapid but safe advances productivity-enhancing technology, such as AI.

    Cooperative Actions to Boost Growth

    While domestic reforms are essential, many countries cannot go it alone. Stepped up external support is vital to help countries implement reforms, through capacity development and concessional external support, and actions to crowd-in more private inflows.

    There is also an urgent need to address debt challenges. A few countries may need to restructure their debt, while many more face high interest payments and refinancing needs that cripple their ability to invest in their future. A key step is to improve the predictability and timeliness of restructuring processes, building on the significant progress already achieved, including under the Common Framework. We also need to help countries with sustainable debt but faced with elevated interest payment and refinancing needs that crowd out their capacity to invest in education, health or infrastructure.

    The IMF has a role to play. Through policy advice, capacity development, and lending where relevant, we help countries maintain or restore macroeconomic stability and implement sound policies needed for durable growth. We will continue to play a leading role on debt through our debt sustainability analyses and our support for international efforts to address debt challenges, including the Global Sovereign Debt Roundtable.

    We remain committed to helping our member countries achieve greater prosperity and stability.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Staff Concludes Visit to Zambia

    Source: International Monetary Fund

    February 27, 2025

    Lusaka, Zambia: An International Monetary Fund (IMF) staff team, led by Mercedes Vera Martin, visited Zambia during February 19-25, 2025, as part of the Fund’s ongoing engagement with the Zambian authorities and other stakeholders.

    At the conclusion of the visit, Mrs. Vera Martin issued the following statement:

    “The mission team engaged with the Zambian authorities on recent macroeconomic developments and the economic outlook. Encouragingly, the Zambian economy has shown greater resilience than previously anticipated in 2024, supported by stronger-than-projected performance in both the mining and non-mining sectors”.

    “We also took stock of the authorities’ progress in meeting key commitments under the IMF-supported program. These efforts will be formally assessed in the context of the fifth review of the Extended Credit Facility arrangement, which is expected to be initiated with a mission in early May 2025.”

    “During this visit, IMF staff held discussions with Finance Minister Musokotwane, Bank of Zambia Governor Kalyalya, and their teams, as well as representatives from various government agencies and other key stakeholders. The IMF team would like to express its gratitude to the Zambian authorities and all stakeholders for their constructive engagement and support during this mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –