NewzIntel.com

Category: Finance

  • MIL-OSI: Federal Home Loan Bank of Des Moines Announces 2024 Fourth Quarter and Annual Financial Results, Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    DES MOINES, Iowa, Feb. 12, 2025 (GLOBE NEWSWIRE) —

    Fourth Quarter 2024 Highlights

    • Net income of $206 million
    • Affordable Housing Program (AHP) assessments of $23 million
    • Voluntary community and housing contributions of $19 million
    • Advances totaled $100.0 billion
    • Mortgage loans held for portfolio, net totaled $11.9 billion
    • Letters of credit totaled $20.1 billion
    • Retained earnings totaled $3.5 billion

    Dividend

    The Board of Directors approved a fourth quarter 2024 dividend to be paid at an annualized rate of 9.75% on average activity-based stock, an increase of 0.25% from prior quarter, and 6.00% on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $138 million on February 19, 2025.

    Liquidity Mission

    The Bank provides liquidity to its members to support the housing, business, and economic development needs of the communities they serve. Members pledge collateral to access our core liquidity products of advances, letters of credit, and purchased mortgage loans under the Mortgage Partnership Finance® Program. During 2024, advance balances averaged $107.4 billion, and purchased mortgage loan balances averaged $10.9 billion. The liquidity provided through these products allows our members to:

    • meet mortgage and other loan demand in their communities when deposits alone are insufficient;
    • originate mortgage loans without holding them on their balance sheet; and
    • reduce interest rate risk by structuring advances to match their assets.

    In addition, the Bank provides a reliable source of contingent liquidity for its members. During 2024, the Bank held an average of $28.1 billion of short-term assets as a source of liquidity for this purpose.

    Affordable Housing and Community Impact

    The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10% of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During 2024, the Bank accrued statutory AHP assessments of $102 million to be awarded in 2025 through this program. In addition to the statutory assessment, the Bank voluntarily accrued $13 million for use in the AHP during 2024.

    In addition to its AHP, the Bank offers its members voluntary programs to further its housing mission and provide support for affordable housing initiatives. During 2024, the Habitat for Humanity® Advance Rate Discount program provided $100 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity® affiliate and recorded $22 million in subsidy expense. This source of low cost funding enables members to partner with Habitat for Humanity® affiliates to offer lower-rate mortgages to homeowners and support the construction of affordable housing. In 2024, the Bank funded $310 million of loans under the Mortgage Rate Relief program, which provided $29 million in grants to those seeking affordable homeownership. Mortgage Rate Relief is designed to make homeownership attainable for borrowers at or below 80% of the area median income by providing them an interest rate that is lower than the current market rate. The Bank also recorded a $4 million contribution to its Member Impact Fund during 2024. The Member Impact Fund is a discretionary program in which the Bank matches member donations to local housing and community development organizations. Through these programs and our voluntary AHP contributions, the Bank recorded a total of $68 million in voluntary community and housing contributions during 2024.

    2024 Financial Results Discussion

    Net Income – The Bank recorded net income of $914 million in 2024 compared to $962 million in the prior year.

    Net Interest Income – The Bank recorded net interest income of $1.2 billion in 2024, a decrease of $70 million when compared to the prior year, primarily due to lower average advance balances, decreases in market value adjustments on the Bank’s fair value hedge relationships, and lower prepayment fee income on advances. The decline was offset in part by improved asset-liability spreads on investments, driven by higher-yielding mortgage-backed security purchases.  

    Other Income (Loss) – The Bank recorded other income of $37 million in 2024, an improvement of $52 million when compared to the prior year, primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During 2024, the improvement in other income was also driven by increased fees on standby letters of credit and net gains recorded on litigation settlements.

    Other Expense – The Bank recorded other expense of $258 million in 2024, an increase of $37 million when compared to the prior year. The increase during 2024 was primarily driven by an increase in voluntary community and housing contributions of $21 million when compared to the prior year. Additionally, the increase during 2024 was driven by higher contract labor and consultant costs.

    Assets – The Bank’s total assets decreased to $165.3 billion at December 31, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $22.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.

    Capital – Total capital decreased to $9.5 billion at December 31, 2024, from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.

    Federal Home Loan Bank of Des Moines
    Financial Highlights
    (preliminary and unaudited)
    Dollars in millions
    Selected Balance Sheet Items December 31,
    2024    		   December 31,
    2023
    Advances $ 99,951     $ 122,530  
    Investments   52,032       49,828  
    Mortgage loans held for portfolio, net   11,896       9,967  
    Total assets   165,253       184,406  
    Consolidated obligations   153,251       171,498  
    Capital stock – Class B putable   5,989       6,873  
    Retained earnings   3,491       3,138  
    Total capital   9,451       9,831  
    Total regulatory capital1   9,489       10,023  
    Regulatory capital ratio   5.74 %     5.44 %
    1      Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as
             regulatory capital as a percentage of period end assets.
      For the Three Months Ended   For the Year Ended
      December 31,   December 31,
    Operating Results   2024       2023       2024       2023  
    Net interest income $ 241     $ 347     $ 1,236     $ 1,306  
    Provision (reversal) for credit losses on mortgage loans   1       —       (1 )     1  
    Other income (loss)   56       14       37       (15 )
    Other expense   67       77       258       221  
    Affordable Housing Program assessments   23       28       102       107  
    Net income $ 206     $ 256     $ 914     $ 962  
    Performance Ratios              
    Net interest spread   0.26 %     0.45 %     0.41 %     0.43 %
    Net interest margin   0.56       0.74       0.70       0.72  
    Return on average equity (annualized)   8.76       10.36       9.52       10.30  
    Return on average assets (annualized)   0.47       0.53       0.51       0.52  
                                   
    The financial results reported in this earnings release for 2024 are preliminary until the Bank announces audited financial results in its 2024 Form 10-K filed
    with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

    The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by nearly 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

    Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact: Julie DeVader
    515.412.2172
    jdevader@fhlbdm.com

    The MIL Network –

  • MIL-OSI Economics: Jerome H Powell: Semiannual Monetary Policy Report to the Congress

    Source: Bank for International Settlements

    Chairman Scott, Ranking Member Warren, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.

    The Federal Reserve remains squarely focused on achieving its dual-mandate goals of maximum employment and stable prices for the benefit of the American people. The economy is strong overall and has made significant progress toward our goals over the past two years. Labor market conditions have cooled from their formerly overheated state and remain solid. Inflation has moved much closer to our 2 percent longer-run goal, though it remains somewhat elevated. We are attentive to the risks on both sides of our mandate.

    I will review the current economic situation before turning to monetary policy.

    Current Economic Situation and Outlook

    Recent indicators suggest that economic activity has continued to expand at a solid pace. Gross domestic product rose 2.5 percent in 2024, bolstered by resilient consumer spending. Investment in equipment and intangibles appears to have declined in the fourth quarter but was solid for the year overall. Following weakness in the middle of last year, activity in the housing sector seems to have stabilized.

    In the labor market, conditions remain solid and appear to have stabilized. Payroll job gains averaged 189,000 per month over the past four months. Following earlier increases, the unemployment rate has been steady since the middle of last year and, at 4 percent in January, remains low. Nominal wage growth has eased over the past year, and the jobs-to-workers gap has narrowed. Overall, a wide set of indicators suggests that conditions in the labor market are broadly in balance. The labor market is not a source of significant inflationary pressures. The strong labor market conditions in recent years have helped narrow long-standing disparities in employment and earnings across demographic groups.1

    Inflation has eased significantly over the past two years but remains somewhat elevated relative to our 2 percent longer-run goal. Total personal consumption expenditures (PCE) prices rose 2.6 percent over the 12 months ending in December, and, excluding the volatile food and energy categories, core PCE prices rose 2.8 percent. Longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets.

    Monetary Policy

    Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. Since last September, the Federal Open Market Committee (FOMC) lowered the policy rate by a full percentage point from its peak after having maintained the target range for the federal funds rate at 5-1/4 to 5-1/2 percent for 14 months. That recalibration of our policy stance was appropriate in light of the progress on inflation and the cooling in the labor market. Meanwhile, we have continued to reduce our securities holdings.

    With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance. We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will assess incoming data, the evolving outlook, and the balance of risks.

    As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum-employment and price-stability goals. If the economy remains strong and inflation does not continue to move sustainably toward 2 percent, we can maintain policy restraint for longer. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly. We are attentive to the risks to both sides of our dual mandate, and policy is well positioned to deal with the risks and uncertainties that we face.

    This year, we are conducting the second periodic review of our monetary policy strategy, tools, and communications-the framework used to pursue our congressionally assigned goals of maximum employment and stable prices. The focus of this review is on the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee’s approach to monetary policy, and on the Committee’s policy communications tools. The Committee’s 2 percent longer-run inflation goal will be retained and will not be a focus of the review.

    Our review will include outreach and public events involving a wide range of parties, including Fed Listens events around the country and a research conference in May. We will take on board lessons of the past five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable. We intend to wrap up the review by late summer.

    Let me conclude by emphasizing that at the Fed, we will do everything we can to achieve the two goals Congress set for monetary policy-maximum employment and stable prices. We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission.

    Thank you. I look forward to your questions.

    MIL OSI Economics –

  • MIL-OSI USA: ICE HSI New England investigation leads to recovery of over $300,000 to victim of a computer support scam

    Source: US Immigration and Customs Enforcement

    HARTFORD, Conn. — U.S. Immigrations and Customs Enforcement’s Homeland Security Investigations and the U.S. Attorney’s Office for the District of Connecticut announced on Feb. 7 the return of $328,573 to the victim of a computer support scam as the result of an ICE HSI cybercrime investigation.

    According to the complaint (3:24cv840), in February 2024, an elderly woman was tricked by a scammer who mimicked Microsoft customer support. The victim transferred approximately $550,000 to the scammers in two wire transfers. Within two days of the transfers, the victim and a family member reported the incident to the Simsbury Police Department, who then partnered with HSI to investigate the crime. Fortunately, one of the wire transfers, in the amount of $221,000, was reversed by the bank and returned to the victim. ICE HSI special agents traced the remaining money, totaling approximately $328,573, and seized it. The U.S. Attorney’s Office then filed a civil asset forfeiture action to forfeit the money to the government, and HSI special agents and the U.S. Attorney’s Office then worked with the Department of Justice’s Money Laundering and Asset Recovery Section to return the money to the victim on Feb. 4, 2025.

    “Cyber scams run by foreign malign actors are becoming more common and more sophisticated every day,” said ICE HSI New England Special Agent in Charge Michael J. Krol. “The victim in this case contacted authorities quickly resulting in the recovery of most of her money by the bank and by HSI — a best case scenario and rare result. It is essential for victims of these kinds of cybercrimes to come forward as soon as possible. We want the public to know that help is available and to reach out immediately if they’ve been victimized by international scammers.”

    “The U.S. Attorney’s Office is committed to helping victims of crime, and civil asset forfeiture is a powerful tool that allows the government to return money to victims of fraud schemes,” said Acting U.S. Attorney Silverman. “As we continue to pursue criminal prosecution of the individuals responsible for this and other computer crimes, it is equally important to ensure that the government uses all of its tools to minimize, and in this case, undo, the financial impact these crimes have on victims. This case represents the best case scenario, where nearly every dollar taken from the victim was returned to her. While it can be difficult to come forward and admit that you have been victimized by online scammers, know that federal law enforcement and our state and local partners stand ready to help you to the fullest extent possible.”

    This case was investigated by ICE HSI New England’s Hartford Resident Agent in Charge office. If you or someone you know is a victim of elder fraud, call the HSI Tip Line at 877-4-HSI-TIP or the National Elder Fraud Hotline at 833-FRAUD-11.

    Follow us on X, formerly known as Twitter, at @HSINewEngland to learn more about HSI’s global missions and operations.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Guilty Plea from Shiprock Woman in Straw Purchase Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Shiprock woman pleaded guilty to federal charges related to the straw purchase of a firearm that was later used in a violent crime spree and murder.

    According to court documents, on April 24, 2024, Brittania Navaho, 29, an enrolled member of the Navajo Nation, purchased a revolver and ammunition from a pawn shop in Gallup, New Mexico, on behalf of Rydell Happy, a convicted felon prohibited from possessing firearms or ammunition.

    At sentencing, Navaho faces up to 15 years in prison followed by three years of supervised release.

    U.S. Attorney Alexander M.M. Uballez, and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The Farmington Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from Navajo Nation Police Department, the Navajo Nation Department of Criminal Investigations and the McKinley County Sheriff’s Office. Assistant United States Attorney R. Eliot Neal is prosecuting the case.

    This case is being prosecuted as part of the Department of Justice’s Missing or Murdered Indigenous Persons (MMIP) Regional Outreach Program, which aims to aid in the prevention and response to missing or murdered Indigenous people through the resolution of MMIP cases and communication, coordination, and collaboration with federal, Tribal, state, and local partners.

    This case is being prosecuted under the Bipartisan Safer Communities Act. The Act is a federal statute specifically designed to target the unlawful trafficking and straw-purchasing of firearms.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Announces Sentencing of Albuquerque Man for Violent Carjacking and Robbery Spree

    Source: Office of United States Attorneys

    ALBUQUERQUE – An Albuquerque man has been sentenced to 120 months in prison for a series of violent crimes committed in 2021.

    There is no parole in the federal system.

    According to court documents, Dairon Romero, 28, engaged in a crime spree that included carjacking and multiple robberies. Specifically:

    • On July 17, 2021, Romero carjacked a vehicle at gunpoint from a pregnant woman exiting a Walmart with her three young children.
    • On October 10, 2021, Romero entered a 7-Eleven convenience store, pointed a firearm at an employee, and stole approximately $200 in cash and several cartons of cigarettes.
    • On October 13, 2021, Romero robbed a Circle K, using mace on an employee and taking about $60 from the cash register.

    On April 18, 2024, Romero pleaded guilty to one count of carjacking and two counts of interference with commerce by robbery.

    At sentencing, the federal judge considered, among other things, Romero‘s violent criminal background as well as numerous other robberies Romero was alleged to have committed. This finding resulted in a sentence greater than the sentencing guideline range.

    Upon his release from prison, Romero will be subject to three years of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation, made the announcement today.

    The FBI Albuquerque Field Office investigated this case with assistance from the Albuquerque Police Department. Assistant U.S. Attorney Natasha Moghadam is prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI United Kingdom: Company which claimed to market adult films is shut down for suspected direct debit scam

    Source: United Kingdom – Executive Government & Departments

    Consumers appeared to be misdirected into paying monthly direct debits

    • Investigations into Drawntear Limited showed that the company appeared to take direct debit payments from consumers without their knowledge or authorisation 
    • Drawntear claimed in previous accounts that it marketed adult movies but no evidence was provided about how the company traded or who really controlled its business activities 
    • The company has now been wound-up in court following an application by the Insolvency Service 

    A company which claimed to sell adult films has been shut down following concerns it was being used as a direct debit scam.  

    Drawntear Limited was wound-up at a hearing of the High Court in Manchester on Wednesday 12 February. 

    The company, which said it was based in Hull before moving its registered office address to Kings Langley in Hertfordshire just last month, failed to co-operate with investigations by the Insolvency Service. 

    Investigators however found evidence that those behind the company were actually based in the Czech Republic and Monaco. 

    Complaints made to Action Fraud also indicated that the company took unauthorised payments from members of the public. 

    David Usher, Chief Investigator at the Insolvency Service, said: 

    There was a complete lack of transparency over who controlled Drawntear, the real nature of its trading activities, and unexplained payments of more than £280,000 from its bank account. 

    We were concerned that the company was being used as a vehicle for fraud and the absence of any accounting records meant it was necessary for us to take decisive action to prevent further harm to the public. 

    The Insolvency Service will not hesitate to take robust action to protect consumers and we would encourage everyone to be vigilant against such objectionable rogue operators.

    Drawntear was incorporated on Companies House in November 2019, describing its business as “other retail sale in non-specialised stores”. 

    Accounts for the period up to the end of November 2022 however stated that its principal activity was “the online marketing of adult movies”. 

    There is also some suggestion it provided some form of undisclosed digital streaming services. 

    Attempts by the Insolvency Service to establish the true nature of the company’s trading activities were met with insufficient co-operation. 

    The failure to produce accounting records also meant that payments into Drawntear’s account of £283,098 and receipts of £294,234 were not explained. 

    Complaints from consumers indicated the company was taking direct debit payments without their permission. 

    In one example, a complainant identified recurring payments of £29.99 from their bank account to Drawntear which they were unaware of authorising.

    A second consumer said that monthly payments which totalled £333.50 had been taken from their account. 

    The Official Receiver has been appointed as liquidator of Drawntear Limited. 

    All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk. 

    Further information 

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Financial Statements Bulletin
    12 February 2025 at 5:00 pm (EET)

    Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    In brief: MuniFin Group in 2024

    • The Group’s net operating profit excluding unrealised fair value changes* increased by 2.9% (3.2%) in January–December and amounted to EUR 181 million (EUR 176 million). Net interest income* was at the same level as in year before and totalled EUR 260 million (EUR 259 million). Net operating profit excluding unrealised fair value changes was boosted by lower expenses and increased other income compared to the previous period.
    • Net operating profit* amounted to EUR 166 million (EUR 139 million). Unrealised fair value changes amounted to EUR -16 million (EUR -37 million) in the financial year. Unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
    • Costs* in the financial year amounted to EUR 81 million (EUR 82 million).
    • The Group’s leverage ratio remained at a strong level, standing at 12.3% (12.0%) at the end of December.
    • At the end of December, the Group’s CET1 capital ratio was very strong at 107.7% (103.4%). CET1 capital ratio was over seven times the required minimum of 15.0% (13.9%), taking capital buffers into account.
    • Long-term customer financing (long-term loans and leased assets) excluding unrealised fair value changes* totalled EUR 35,787 million (EUR 32,948 million) at the end of December and saw an increase of 8.6% (7.5%). New long-term customer financing* increased by 17.1% (0.0%) in January–December 2024 and amounted to EUR 5,056 million (EUR 4,319 million). Short-term customer financing* totalled EUR 1,825 million (EUR 1,575 million).
    • Of all long-term customer financing, the amount of green finance* aimed at environmentally sustainable investments totalled EUR 6,817 million (EUR 4,795 million), and the amount of social finance* aimed at investments promoting equality and communality totalled EUR 2,536 million (EUR 2,234 million) at the end of December. The total amount of this financing increased by 33.1% (41.0%) from the previous year. The ratio of green and social finance to long-term customer financing excluding unrealised fair value changes* grew by 4.8% percentage points to 26.1% (21.3%).
    • In 2024, new long-term funding* reached EUR 8,922 million (EUR 10,087 million). At the end of December, the total funding* was EUR 46,737 million (EUR 43,320 million), of which long-term funding* made up EUR 43,328 million (EUR 39,332 million).
    • The Group’s total liquidity* is very strong, standing at EUR 11,912 million (EUR 11,633 million) at the end of the financial year. The Liquidity Coverage Ratio (LCR) stood at 341% (409%) and the Net Stable Funding Ratio (NSFR) at 124% (124%) at the end of the year.
    • In early 2024, MuniFin reviewed the future and development potential of the consulting services offered by its subsidiary company Financial Advisory Services Inspira Plc (Inspira) and decided to discontinue Inspira’s consulting services in summer 2024.
    • The Board of Directors proposes to the Annual General Meeting to be held in spring 2025 a dividend of EUR 1.86 per share, totalling EUR 72.7 million. The total dividend payment in 2024 was EUR 1.69 per share, totalling EUR 66.0 million.
    • Outlook for 2025: The Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    Comparison figures deriving from the income statement and figures describing the change during the financial year are based on figures reported for the corresponding period in 2023. Comparison figures deriving from the balance sheet and other cross-sectional items are based on the figures of 31 December 2023 unless otherwise stated.

    * Alternative performance measure.

    Key figures (Group)

      Jan–Dec 2024 Jan–Dec 2023 Change, %
    Net operating profit excluding unrealised fair value changes (EUR million)* 181 176 2.9
    Net operating profit (EUR million)* 166 139 19.5
    Net interest income (EUR million)* 260 259 0.3
    New long-term customer financing (EUR million)* 5,056 4,319 17.1
    New long-term funding (EUR million)* 8,922 10,087 -11.6
    Cost-to-income ratio, %* 27.7 32.2 -14.0**
    Return on equity (ROE), %* 7.2 6.6 9.3**
      31 Dec 2024 31 Dec 2023 Change, %
    Long-term customer financing (EUR million)* 35,173 32,022 9.8
    Green and social finance (EUR million)* 9,353 7,029 33.1
    Balance sheet total (EUR million) 53,092 49,736 6.7
    CET1 capital (EUR million) 1,646 1,550 6.2
    Tier 1 capital (EUR million) 1,646 1,550 6.2
    Total own funds (EUR million) 1,646 1,550 6.2
    CET1 capital ratio, % 107.7 103.4 4.2**
    Tier 1 capital ratio, % 107.7 103.4 4.2**
    Total capital ratio, % 107.7 103.4 4.2**
    Leverage ratio, % 12.3 12.0 2.5**
    Personnel 178 185 -3.8

    * Alternative performance measure.
    ** Change in ratio.

    Comment on the 2024 financial year by President and CEO Esa Kallio

    The operating environment in global economy and international politics went through a whirlwind of changes in 2024. Even in the turmoil, Finland stood steady and secure: our society is built on long-standing practices and institutions that have been developed together and tried and tested over time. This stability also helps safeguard MuniFin’s strong performance through shifts in the operating environment. Finnish society must continue to operate in broad collaboration and develop the structures of society in the long term. Sometimes this requires difficult decisions in society in the short term.

    In 2024, the demand for MuniFin’s financing was especially high in the affordable social housing sector. In the future, however, the sector will be facing reductions on interest subsidy loan authorisations.

    The Finnish system for affordable social housing is a success story that has served as a model across Europe – and will hopefully continue to do so, especially now that the rising cost of living has led to a surge in homelessness in many countries. Our state-subsidised housing production system has proven effective in reducing homelessness and regional segregation, increasing the supply of affordable social housing in growth centres, advancing municipalities’ housing policy goals of ensuring a diverse housing structure, and providing high-quality housing also to students, senior citizens and people with disabilities.

    Especially in the past couple of years, affordable housing production has also significantly supported the vitality of the Finnish construction sector, helping offset the slump in housing construction. Finland’s well-functioning system should not be changed; rather, the current model and level of housing production subsidies should be kept as they are. Timely investments into affordable social housing production can also help level out construction cycles and support employment.

    In 2024, MuniFin reached new milestones in sustainable investments. In October, we issued our tenth green bond, the high demand of which was once again testament to our strong position as an international forerunner in the financial sector. Moreover, sustainable finance made up the majority of the new long-term customer financing we granted in 2024.

    Information on the Group results

    Consolidated income statement Jan–Dec 2024 Jan–Dec 2023 Change, % Jul–Dec 2024 Jul–Dec 2023 Change, %
    (EUR million)            
    Net interest income 260 259 0.3 132 135 -2.4
    Other income 2 0 >100 1 -1 >100
    Income excluding unrealised fair value changes 262 259 1.1 132 134 -1.4
    Commission expenses -17 -16 8.2 -9 -8 11.2
    HR expenses -21 -20 2.0 -10 -10 -4.3
    Other items in administrative expenses -23 -20 12.4 -12 -11 12.0
    Depreciation and impairment on tangible and intangible assets -6 -7 -7.8 -3 -3 -14.3
    Other operating expenses -14 -19 -27.0 -7 -7 -0.6
    Costs -81 -82 -1.9 -40 -39 3.0
    Credit loss and impairments on financial assets 0 -1 -72.9 -1 -1 -38.7
    Net operating profit excluding unrealised fair value changes 181 176 2.9 92 95 -2.8
    Unrealised fair value changes -16 -37 -58.4 -31 -33 -3.6
    Net operating profit 166 139 19.5 61 62 -2.4
    Income tax expense -33 -28 17.3 -12 -12 -2.3
    Profit for the period 133 111 20.1 48 50 -2.4

    The Group’s net operating profit excluding unrealised fair value changes

    MuniFin Group’s core business operations remained strong in 2024. The Group’s net operating profit excluding unrealised fair value changes increased by 2.9% (3.2%) and amounted to EUR 181 million (EUR 176 million). The growth was influenced both by an increase in other income and a decrease in costs as net interest income remained at the level of previous year.

    The Group’s income excluding unrealised fair value changes was EUR 262 million (EUR 259 million) and grew by 1.1% (6.5%). Net interest income grew by 0.3% (7.5%), totalling EUR 260 million (EUR 259 million). Net interest income was positively affected by growing business volumes. The increase in funding costs due to the market conditions and the shape of the yield curve slowed the growth of net interest income.

    Other income totalled EUR 2.0 million (EUR 0.1 million). It consisted mainly of the billing of MuniFin’s digital services and the turnover of the subsidiary company Inspira from the early part of the year. In the previous year, negative realised FX rate changes reduced other income. At 0.8% (0.1%), other income relative to income excluding unrealised fair value changes forms only a minor part of the Group’s income.

    The Group’s costs were EUR 81 million (EUR 82 million), down by 1.9% from the year before (+12.4%). The reduction in expenses was due to the fact that no contribution fee was collected for the Single Resolution Fund in 2024.

    Commission expenses totalled EUR 17 million (EUR 16 million), of which EUR 14 million (EUR 13 million) consisted of the guarantee commission collected by the Municipal Guarantee Board for guaranteeing MuniFin’s funding.

    HR and administrative expenses grew by 7.2% (9.0%) and reached EUR 44 million (EUR 41 million). HR expenses comprised EUR 21 million (EUR 20 million) and other administrative expenses EUR 23 million (EUR 20 million). The average number of employees in the Group was 187 (183) during the financial year. Other items in administrative expenses grew by 12.4% (8.8%), mainly due to the increased costs of maintaining and developing information systems.

    During the financial year, depreciation and impairment of tangible and intangible assets totalled EUR 6 million (EUR 7 million).

    Other operating expenses were EUR 14 million (EUR 19 million). The main reason for this decrease is that there was no contribution fee to the Single Resolution Fund in 2024. Other operating expenses excluding fees collected by authorities grew by 22.1% (9.9%) to EUR 11 million (EUR 9 million).

    Credit loss and impairments on financial assets were EUR 0.3 million (EUR 1.2 million). This item consists of expected credit losses (ECL). The Group updated the model used to estimate the probability of default and the forward-looking macro scenarios during the financial year. The Group’s management has assessed the impact of general cost inflation and increased interest rates on customer financing receivables and credit risk and decided to release the additional discretionary provision in full at the end of 2024 (the amount of the additional discretionary provision was EUR 0.6 million at the end of 2023, and in June 2024, EUR 0.4 million of the additional provision was released). The update of the probability of default model increased expected credit losses by EUR 0.9 million euros, as the amount of exposures that moved from stage 1 to stage 2 increased. Most of the transferred exposures were subject to the previous additional discretionary provision. Therefore, the Group’s management considered that there is no longer a basis for recording a group-specific additional provision.

    The Group’s overall credit risk position has remained low. The amount of forborne loans was EUR 561 million (EUR 497 million), while non-performing exposures amounted to EUR 292 million (EUR 142 million) at the end of the year. These non-performing exposures represented 0.8% (0.4%) of total customer exposures. At the end of December, the Group had EUR 13 million in receivables due to the insolvency of customers, for which the collateral realisation process is ongoing, or the credit receivable is due for payment by the guarantor (there were no such receivables at the end of 2023). All the Group’s customer financing receivables are from Finnish municipalities, joint municipal authorities, wellbeing services counties or joint county authorities, or accompanied by a securing municipal, joint municipal authority, wellbeing services county or joint county authority guarantee or a state deficiency guarantee supplementing real estate collateral, and therefore no final credit losses will arise. According to the management’s assessment, all receivables from customers will be fully recovered. During the Group’s history of 35 years, it has never recognised any final credit losses in its customer financing.

    The credit risk of the Group’s liquidity portfolio has likewise remained at a low level, and the average credit rating of the debt securities in the portfolio is AA+ (AA+).

    The Group’s profit and unrealised fair value changes

    The Group’s net operating profit was EUR 166 million (EUR 139 million). Unrealised fair value changes decreased the Group’s net operating profit by EUR 16 million (in 2023: decreased by EUR 37 million). In January–December, unrealised fair value changes in hedge accounting amounted to EUR -12 million (EUR -27 million) and unrealised net result on financial assets and liabilities through profit or loss to EUR -4 million (EUR -10 million).

    The Group’s effective tax rate in the financial year was 19.9% (20.2%). Taxes in the Consolidated income statement amounted to EUR 33 million (EUR 28 million). After taxes, the Group’s profit for the financial year was EUR 133 million (EUR 111 million).

    The Group’s full-year return on equity (ROE) was 7.2% (6.6%). Excluding unrealised fair value changes, the ROE was 7.9% (8.4%).

    The Group’s other comprehensive income includes unrealised fair value changes of EUR 169 million (EUR 109 million). During the financial year, the most significant item affecting the other comprehensive income was net change in fair value due to changes in own credit risk of financial liabilities designated at fair value through profit or loss totalling EUR 137 million (EUR 75 million). The cost-of-hedging amounted to EUR 30 million (EUR 25 million). Net change in fair value of financial assets at fair value through other comprehensive income was EUR 2 million (EUR 8 million).

    On the whole, unrealised fair value changes net of deferred tax affected the Group’s equity by EUR 122 million (EUR 57 million) and CET1 capital net of deferred tax in capital adequacy by EUR 13 million (EUR -3 million). The cumulative effect of unrealised fair value changes on the Group’s own funds in capital adequacy calculations was EUR 58 million (EUR 45 million).

    Unrealised fair value changes reflect the temporary impact of market conditions on the valuation levels of financial instruments at the time of reporting. The value changes may vary significantly from one reporting period to another, causing volatility in profit, equity and own funds in capital adequacy calculations. The effect on individual contracts will be removed by the end of the contract period. In the financial year, unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.

    In accordance with its risk management principles, the Group uses derivatives to financially hedge against interest rate, exchange rate and other market and price risks. Cash flows under agreements are hedged, but due to the generally used valuation methods, changes in fair value differ between the financial instrument and the respective hedging derivative. Changes in the shape of the interest rate curve and credit risk spreads in different currencies affect the valuations, which cause the fair values of hedged assets and liabilities and hedging instruments to behave in different ways. In practice, the changes in valuations are not realised on a cash basis because the Group holds financial instruments and their hedging derivatives almost always until the maturity date. The counterparty credit risk related to derivatives is comprehensively covered by collateral management. Changes in credit risk spreads are not expected to be materialised as credit losses for the Group, because the Group’s liquidity reserve has been invested in instruments with low credit risk.

    The Parent Company and subsidiary company Inspira’s results

    In 2024, MuniFin’s net interest income amounted to EUR 260 million (EUR 259 million) and net operating profit to EUR 166 million (EUR 139 million).

    The turnover of MuniFin’s subsidiary company, Financial Advisory Services Inspira Ltd, was EUR 0.4 million (EUR 1.4 million), and its net operating result amounted to EUR -0.5 million (EUR 0.0 million). The Group discontinued Inspira’s advisory services in the spring. In the future, the subsidiary company will provide some of the digital added value services MuniFin offers to its customers.

    The Group’s financial performance in July–December

    In the second half of 2024, the Group’s net operating profit excluding unrealised fair value changes amounted to EUR 92 million (Jul–Dec 2023: EUR 95 million), remaining almost at the same level as in the year before. Net interest income totalled EUR 132 million (Jul–Dec 2023: EUR 135 million) and costs EUR 40 million (Jul–Dec 2023: EUR 39 million) in July–December. Unrealised fair value changes weakened the net operating profit by EUR 31 million (in the comparison period Jul–Dec 2023: weakened by EUR 33 million). The Group’s net operating profit amounted to EUR 61 million (Jul–Dec 2023: EUR 62 million) in July–December.

    In the second half of the year, the Group’s net operating profit excluding unrealised fair value changes increased by 3.1% from the first half. Net interest income went up by 2.4% from the first half of the year. Costs amounted to EUR 40 million in July–December and to EUR 41 million in January–June. The Group’s net operating profit totalled EUR 61 million in July– December, decreasing by 42.4% from January–June. In the second half of the year, unrealised fair value changes affected the net operating profit by EUR -31 million, while in the first half of the year, their effect was EUR 16 million.

    Outlook for 2025

    Europe’s economy is starting 2025 off from a weaker position than anticipated. Business cycle expectations are subdued, and the global operating environment is fraught with uncertainty. Donald Trump’s presidential administration is expected to pursue protectionist trade policies, which could, at worst, severely slow down the euro area’s economic recovery.

    However, if Europe is exempted from the planned universal tariff on all US imports and the euro continues to weaken, businesses in the euro area could even find new opportunities to expand their market share in the US. Europe could also suffer negative economic effects if capital needed to improve productivity is increasingly allocated to strengthening military defence and supply security. The political turmoil in France and Germany adds another layer of uncertainty into the euro area economy.

    To counterbalance the growing economic uncertainty, the European Central Bank is expected to continue brisk interest rate cuts in 2025. Short-term market rates are projected to come down to about two per cent or even slightly below that by mid-year.

    The sharp interest rate cuts will be the most crucial booster for the Finnish economy in 2025. Although the overall tone of the economic turnround is still relatively subdued, the simultaneous recovery of demand drivers could boost annual GDP growth to surprisingly strong figures. Even so, macroeconomic forecasts continue to be very uncertain. Finland’s two most important export markets, the US and Germany, both entail considerable risks, and a sharperthan-expected decline in employment casts a shadow over the recovery of the domestic market. From the Group’s perspective, the 2024 rise in credit risk spreads is expected to push up the cost of funding, weakening the Group’s net interest income in 2025.

    Municipalities are undergoing sizeable adjustment programmes, but their financing deficit is nevertheless expected to grow again in 2025. Municipal finances are strained by several factors: central government transfer cuts resulting from the balancing of health and social services reform transfers, increased net investments, health and social services facilities that are left unused by wellbeing services counties but continue to incur maintenance, conversion and demolition costs, as well as uncertainty surrounding the actual costs of the employment services reform. In addition, the weakened employment outlook poses a serious risk to tax revenues.

    Privately funded housing production is expected to take an upward turn in 2025, but its volume will nevertheless remain well below normal levels. The housing market is starting to gradually pick up, and housing prices are expected to start rising moderately from 2025 onwards. In contrast, state-subsidised housing production will see fewer building starts due to reductions on interest subsidy loan authorisations. In March 2025, the Housing Finance and Development Centre of Finland (Ara) will cease to operate as an independent government agency and its operations will instead be integrated under the Ministry of the Environment. This change does not mean the end of state-subsidised housing production; rather, it aims to improve the administration of affordable social housing production. According to MuniFin’s analysis, the integration will not have a direct effect on MuniFin’s business. Interest subsidy loans will continue to be granted to state-subsidised housing production, but the related processes will be administered at the Ministry of the Environment. MuniFin will monitor the practical implications closely. With the managing authority changing, the Company may need to make changes to some of its processes in response.

    Considering the above-mentioned circumstances, the Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    These estimates are based on a current assessment of the development of MuniFin Group’s operations and the operating environment.

    Municipality Finance Plc

    Further information:

    Esa Kallio, President and CEO, tel. +358 50 337 7953

    Harri Luhtala, Executive Vice President, Finance, CFO, tel. +358 50 592 9454

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the Company operates in a completely global business environment. The Company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Attachment

    The MIL Network –

  • MIL-OSI: Lender.Market Unveils AI Financial Advisor V2.0: The Ultimate Funding Solution for Construction, Dentistry, Healthcare, and More

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., Feb. 12, 2025 (GLOBE NEWSWIRE) — Lender.Market, a leader in AI-driven lending solutions, is excited to announce the launch of AI Financial Advisor V2.0, a groundbreaking upgrade to its intelligent funding platform. Designed for construction companies, dental practices, healthcare providers, and small businesses, this next-generation AI tool streamlines financial analysis, optimizes loan matching, and empowers businesses with smarter, faster, and more customized funding solutions.

    What’s New in AI Financial Advisor V2.0?

    Industry-Specific Funding Recommendations AI tailors financial strategies for construction, dentistry, healthcare, and other capital-intensive industries.

    Instant Bank Statement Analysis Processes multiple bank statements in seconds, reviewing debits, credits, revenue trends, and cash flow.

    AI-Optimized Loan Matching Identifies the best funding options based on business performance, financial health, and industry benchmarks.

    Real-Time Financial Advice Offers strategies to improve cash flow, optimize spending, and secure funding with manageable repayment plans.

    Stronger AI Accuracy & Speed Upgraded algorithms provide deeper insights and more precise funding recommendations than ever before.

    Transforming Access to Capital for Key Industries

    1. Construction Secure project funding quickly for materials, labor, and equipment with AI-driven financial insights that align with construction business loans.
    2. Dentistry: Get tailored financing for new equipment, office expansion, or practice acquisition, with AI analyzing patient volume and revenue streams find multiple Dentistry business loans.
    3. Healthcare: Medical professionals can access funding for clinic upgrades, urgent care expansion, or telehealth services, ensuring smooth financial operations.
    4. Small Businesses & Beyond: From startups to established enterprises, AI Financial Advisor V2.0 provides custom financial strategies to support sustainable growth.

    Investor Opportunities: Join the Future of AI-Powered Finance

    As Lender.Market continues to revolutionize AI-driven lending, the company is actively seeking strategic investors to accelerate its expansion into new markets. With its proven AI technology and growing demand for industry-specific funding solutions, Lender.Market presents an exciting investment opportunity in the future of AI-powered finance.

    See the full project on our investor relations page

    Exclusive Launch Event

    Lender.Market will host a virtual and in-person launch event to showcase AI Financial Advisor V2.0, including a live demo and insights from industry experts. Register today at Contact lender market lender.market to secure your spot!

    About Lender.Market

    Lender.Market is an AI-driven lending platform that simplifies and accelerates business financing. By leveraging advanced AI algorithms, it provides real-time financial analysis, industry-specific funding solutions, and customized loan matching for businesses across various industries.

    Experience AI Financial Advisor V2.0 today at Apply lender market.

    For media inquiries, please contact:

    Name: Eli Ofel
    Email: eli@lender.market
    Phone: 732 808-3305
    Business Name: Lender Market
    Eli ofel Founder and CEO also founder and chairman of leaa health
    Lender market – lending platform

    Disclaimer: This content is provided by the Lender.Market. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    The MIL Network –

  • MIL-OSI Russia: Eastern Caribbean Currency Union: IMF Staff Concluding Statement of the 2025 Mission on Common Policies for Member Countries

    Source: IMF – News in Russian

    February 12, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC:

    The Eastern Caribbean Currency Union (ECCU) has been providing a strong anchor for macroeconomic stability in a shock-prone region, demonstrated most recently by Hurricane Beryl with its devastating impact on Grenada and Saint Vincent and the Grenadines. The recovery from successive external shocks has been strong, driven by a rebound in tourism, with ECCU economies expected to converge to modest pre-pandemic average growth rates over the medium term. To effectively manage downside risks while supporting long-term inclusive growth and the continued robustness of the quasi-currency board, policies should aim to address supply-side bottlenecks, build resilient fiscal frameworks to support fiscal sustainability, and continue to enhance financial system resilience and intermediation. Greater leveraging of synergies in regional data collection and processing could help strengthen data provision and thereby evidence-based policymaking.

    The ECCU has achieved a strong rebound from successive adverse shocks. A strong tourism season and continued infrastructure investments supported robust growth in 2024. Inflation has moderated in tune with global trends from a post-pandemic peak of more than 9 percent to less than 2 percent. Nevertheless, public debt remains high and generally well above the regional 2035 debt ceiling of 60 percent of GDP. Meanwhile, Citizenship-by-Investment (CBI) revenues have shown signs of slowing amidst heightened international scrutiny and regulatory tightening. The financial system remains stable, partly due to a prolonged period of cautious bank lending. Despite persistently elevated current account deficits, the ECCB’s reserve position has remained stable and currency backing ratio high, supporting confidence in the currency union.

    Going forward, GDP growth is set to moderate, and risks remain mostly on the downside. As most parts of the region approach full tourism capacity, average growth in the region is expected to slow from 6½ percent in 2021-24 to around 2½ percent in the medium term amid weak productivity growth and investment, a shrinking labor force, and reduced fiscal space. Moreover, given the region’s long-standing vulnerabilities of high dependence on energy imports, exposure to natural disasters (NDs), persistently high public debt, and some economies’ heavy reliance on uncertain CBI revenues, the outlook is subject to significant downside risks.

    Addressing Supply-Side Bottlenecks to Enhance Growth

    The ECCU economies have exhibited a trend slowdown in growth due to structural factors. Supporting strong, resilient, and inclusive growth is key to reducing fiscal and external imbalances and raising living standards. An updated growth accounting analysis finds that potential growth has dropped in recent decades, reflecting declines across all components of growth, notably total factor productivity (TFP). These trends reflect a series of persistent structural impediments to economic efficiency, such as impediments to credit growth, burdensome administrative and licensing processes, and labor force skills gaps and mismatches. Recurring NDs also impair productive infrastructure and hinder human capital formation, placing additional limits on TFP growth. Against this backdrop, the regional “Big Push” effort that calls for a doubling of ECCU GDP in the coming decade is a welcome aspirational initiative, both in sensitizing the membership to key growth impediments and in helping to build a regional consensus on a roadmap for reform.

    A multipronged and coordinated set of policies that build on ongoing efforts is recommended to alleviate major structural impediments to growth. Improving labor market outcomes requires a renewed effort to attune human capital to economic needs and development priorities. This involves expanding vocational training and modernizing education systems, supplemented by policies to alleviate youth and gender employment gaps, such as active labor market policies and greater access to child and elderly care. Enhancing efficient and resilient capital investment could be supported by coordinated regional efforts to accelerate the green energy transition (GET), safeguard and optimize the CBI funding model, and strengthen disaster preparedness of the capital stock. Regional mechanisms such as the ECCB’s Renewable Energy Infrastructure Investment Facility (REIIF) hold potential to scale up countries’ access to finance that can be usefully supported through regional frameworks to pool procurement and harmonize modern regulatory standards. Last year’s regional agreement to buttress the integrity of CBI regimes through enhanced regulatory, information exchange, and pricing frameworks is a welcome step to safeguard critical investment inflows. The planned regional CBI regulator provides an opportunity to address gaps in institutional reporting and strengthen accountability frameworks to ensure the productive allocation of all CBI inflows. Fallout from Hurricane Beryl highlights a potential role for common building standards across the region and the importance of prioritizing resilient infrastructure investment. Finally, policies to enhance the business environment—such as by digitalizing key services, streamlining cumbersome licensing and administrative processes, and improving financial intermediation—are essential to boost productivity and growth potential.

    Building Resilient Fiscal Frameworks to Support Fiscal Sustainability and Inclusive Growth

    The regional priority remains to rebuild fiscal buffers, reduce public debt levels consistent with the regional debt anchor, and improve fiscal resilience to shocks. Fiscal resilience is essential for macro stability and continuing to protect the quasi-currency board. The region’s high vulnerability to recurring NDs, coupled with periodic procyclical fiscal policies, are key drivers of the ECCU’s ongoing fiscal sustainability challenges. With 2035 only a decade away, sizable efforts are needed in some countries to achieve the regional debt target. Fiscal space is also needed to guard against risks and finance social spending and growth- and resilience-enhancing investment.

    This calls for a region-wide establishment of robust national fiscal resilience strategies and frameworks. Strong national medium-term fiscal frameworks (MTFFs), that incorporate well-designed country-specific fiscal rules, supported by specific fiscal measures and plans and strong fiscal institutions, will help instill prudence and create policy space. While many ECCU members have continued to upgrade their MTFFs, there is a need to enhance effective operational frameworks and underpinning fiscal policy and contingency plans that link fiscal operations with longer-term objectives. In addition, comprehensive ex-ante resilience strategies to enable resilient investment and adequate insurance against NDs would support debt sustainability and resilient growth. Integrating green budget tagging and a pipeline of projects into MTFFs will help anchor sustainable multi-year climate resilient investment plans and unlock global concessional financing. Expediting efforts to adopt a disaster risk financing strategy with self-insurance, contingent debt financing plans, and risk transfer arrangements will support liquidity for relief and reconstruction while safeguarding public finances. The relevant authorities should also consider frameworks with clear provisions for use of CBI revenue to avoid budget overreliance on these revenues given their potential volatility and to complement efforts with buffer and resilience building.

    Regional coordination and oversight of these efforts would help reinforce fiscal discipline and the credibility of the regional debt ceiling. To ensure the success of regional fiscal policy coordination, a strong governance framework to provide independent macroeconomic and budgetary projections and transparently assess fiscal plans, the implementation of fiscal rules, and fiscal sustainability would be beneficial. These efforts could be supported by national and/or regional independent fiscal oversight entities. International experience suggests that these entities have played an increasingly significant role in strengthening fiscal frameworks. A helpful first step could be to operationalize regular ECCB Monetary Council peer reviews of members’ fiscal strategies and progress toward the regional debt target.

    Safeguarding Financial Stability and Supporting Private Investment

    Banks’ legacy balance sheet weaknesses warrant continued policy focus. Close monitoring of agreed timelines and action plans for all extensions of implementing regional provisioning standards is important, and timely interventions should be made where necessary. Transitioning from reserve-based regulatory loan loss allowances to loss-bearing provisions would ensure appropriate recording and treatment of banks’ capital positions. Streamlining costly foreclosure and collateral sale processes and strengthening the capacity of the Eastern Caribbean Asset Management Company would support impaired asset disposal. Risks from rising overseas investments and some banks’ elevated local sovereign exposures warrant close monitoring.

    Stepped-up regional coordination would help mitigate non-bank financial system vulnerabilities. The continued rapid expansion of credit unions warrants strengthening provisioning standards, monitoring of forbearance measures, and enhancing supervisory capacity, including through greater sharing of best practices. The planned common minimum regulatory standards for non-bank financial institutions (NBFIs) under the recently endorsed Eastern Caribbean Financial Standards Board (ECFSB) represent an important opportunity to establish a more level regulatory playing field between credit unions and banks. More centralized NBFI supervision would support more efficient and effective region-wide financial stability monitoring and is more acutely needed for consolidated oversight of pan-ECCU insurance companies. The ECCU’s high dependence on global property reinsurance makes it vulnerable to the evolving reassessment of climate liability risks. The risk of more sustained hardening of the reinsurance market could worsen existing underinsurance by driving up costs and reducing capacity. Strengthening monitoring of reinsurance coverage, including through more targeted data collection, would support policy preparedness to manage these risks and narrow protection gaps.

    A more systematic approach is needed to strengthen financial intermediation and private investment. Slow bank lending growth, particularly in business credit, has long limited growth-supporting investment. Notwithstanding some recovery in construction and real estate credit, much of the high system liquidity is invested overseas and the unmet credit demand has partly fueled growth of the more risk-tolerant credit unions. The region has taken important steps to address credit access constraints through the ongoing rollout of the Credit Bureau and more demand-tailored products under the Eastern Caribbean Partial Credit Guarantee Corporation. Closer coordination of these regional initiatives and national MSME development policies would support development of regional best practices in enhancing small businesses’ bankability. This would also allow more efficient scaling up of active outreach programs to foster business formalization. Competing lending programs under national development banks should closely consider their risk-bearing capacity. Strengthening the collateral infrastructure through modernized foreclosure and insolvency frameworks, development of market-based real estate indices, and reviewing any policy impediments to secondary property market liquidity can help derisk local lending opportunities and reduce credit costs. The potential credit pricing distortions from the minimum savings rate should be reviewed alongside the ongoing efforts to encourage regional retail investment and capital market development.

    Strengthening of AML/CFT frameworks remains crucial amidst the scrutiny of CBI programs and thin correspondent banking relationships. This includes completing the long-pending designation of the ECCB as the AML/CFT supervisor for banks and centralization of AML/CFT regulatory standards under the ECFSB.

    Strengthening data provision

    Greater leveraging of synergies in regional data collection and processing could help address persistent resource and capacity gaps. Regional data provision has some shortcomings that somewhat hamper surveillance. While continued IMF/CARTAC technical assistance has proven valuable in improving data timeliness and quality, progress is often impeded by persistent staffing shortages and high turnover. A regional framework with centralization of data compilation and analysis could limit processing overlaps, enhance cross-country comparability, and better leverage the limited staffing resources.

                                                                                                                    

    The IMF team thanks the authorities and private sector counterparts for their warm hospitality and insightful and constructive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/02/12/021225-mcs-east-carib-currency-union-imf-cs-2025-mission-on-common-policies-for-member-countries

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Saskatchewan Building Permit Growth Continues to Soar

    Source: Government of Canada regional news

    Released on February 12, 2025

    Province Ranks Second in Year-Over-Year Growth

    Latest numbers by Statistics Canada show the value of the province’s building permits increasing by 59.4 per cent from December 2023 to December 2024 (seasonally adjusted), placing Saskatchewan second year-over-year among the provinces. 

    These figures follow last month’s report, which placed Saskatchewan second among the provinces for both year-over-year and month-over-month growth in the value of building permits. 

    “Saskatchewan’s business-friendly environment is leading to more investment and economic activity, which is demonstrated through the continued growth of our construction sector,” Minister of Trade and Export Development Warren Kaeding said. “The upward trend in building permits being issued is creating new jobs and opportunities for Saskatchewan people. Through our investment attraction efforts, more people are choosing Saskatchewan to live, work, and raise a family than ever before.”

    Additionally, the Province’s two largest cities both experienced strong year-over-year growth of 50.4 per cent in Regina and 34.2 per cent in Saskatoon respectively. 

    In December 2024, building permits in Saskatchewan totaled $258 million (seasonally adjusted).

    The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.

    Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.8 billion, or 2.3 per cent. This ties Saskatchewan for second in the nation for real GDP growth, and above the national average of 1.6 per cent.

    Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.  

    For more information visit InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: CEA Industries Inc. Signs Agreement to Acquire Leading Canadian Vape Retailer and Manufacturer, Fat Panda Ltd.

    Source: GlobeNewswire (MIL-OSI)

    Louisville, Colorado, Feb. 12, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced that it has signed an agreement to acquire Fat Panda Ltd. (“Fat Panda”), a leading Canadian retailer and manufacturer of nicotine vape products, for an aggregate purchase price of CAD $18 million (USD $12.6 million) payable at closing. The Company will pay the purchase price with a combination of cash, CEA Industries common shares, and seller and bank debt. The structure of this accretive acquisition is designed to have minimal dilution to CEA Industries’ shareholders.

    Fat Panda is central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids, with a market share exceeding 50% in the region. The company operates 33 retail locations, including 29 Fat Panda stores and four Electric Fog vape outlets, in the provinces of Manitoba, Ontario and Saskatchewan. Fat Panda also serves a wide range of customers through its online e-commerce platform. Its retail footprint is complemented by a comprehensive portfolio of products, including its own line of premium e-liquids manufactured in-house, along with a robust portfolio of trademarks and intellectual property.

    Since its inception in 2013, Fat Panda has established a strong foundation that has fueled its growth in the vape industry and has positioned the Company for sustained expansion. By strategically locating retail stores in high-traffic areas and developing a robust e-commerce platform, Fat Panda has achieved broad market reach and customer accessibility. Its in-house product development also enables a diverse and cost-effective product portfolio that adapts to evolving consumer preferences. Additionally, Fat Panda benefits from strong supplier partnerships and management expertise in navigating complex regulatory frameworks, which reinforces its operational resilience and compliance. Given the continuity of management at Fat Panda, combined with the leadership and financial strength of CEA Industries, the Company believes Fat Panda is well positioned for continued success and further growth and profitability.

    “CEA Industries has long been active in the Canadian market, and we are pleased to take the next step in our evolution with this acquisition of Fat Panda, marking our entrance into the high-demand Canadian vape industry,” said Tony McDonald, Chairman and CEO of CEA Industries. “Fat Panda’s market leadership in central Canada, supported by its network of 33 stores and a vertically integrated product portfolio, reflects a solidified business with strong fundamentals and a proven track record of double-digit revenue growth, consistent profitability, and positive cash flow. By combining our expertise and resources with Fat Panda’s established operations, we plan to accelerate its expansion and deepen its presence in the Canadian market to create long-term, sustainable value for our shareholders.”

    CEA Industries plans to leverage its balance sheet and the market position of Fat Panda to support the strategic expansion of Fat Panda’s retail and wholesale operations. This includes acquiring additional store locations and launching de novo stores, allowing the Company to reach untapped markets and improve accessibility for its customers. Further, CEA Industries intends to scale Fat Panda’s manufacturing operations, which produce house-brand and white-label vape products for other retailers. The Company believes these strategic initiatives will enable it to build on Fat Panda’s solid foundation, accelerate growth, and enhance profitability and operational excellence.

    The acquisition will continue the employment of the current management and of the production and retail staff, for the uninterrupted, continuous operations of the business. Certain of the senior management persons will enter into employment agreements for their continued employment after the closing of the acquisition.

    The Company expects to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

    For more information, please reference the Company’s 8-K filed today, February 12, 2025, with the Securities and Exchange Commission.

    Acquisition Disclaimers

    Completion of the acquisition is subject to a number of conditions, which include the preparation of the Fat Panda companies and delivery of audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. Completion is also subject to the Company obtaining financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Investor Contact:

    Sean Mansouri, CFA
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network –

  • MIL-OSI: Meddelelse om fejl i NAV

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen A/S
    Nikolaj Plads 6
    1067 København K

    København, den 12. februar 2025

    Meddelelse om fejl i NAV i perioden 4. februar 2025 klokken 09:45 til 10. februar klokken 10:34 i Investeringsforeningen Wealth Invest

    I afdeling I&T Nordiske Aktier Large Cap (ISIN: DK0061276656) i Investeringsforeningen Wealth Invest har der i tidsrummet fra den 4. februar kl. 09:45 til 10. februar kl. 10:34 2024 været offentliggjort fejlagtige NAV-værdier.

    ISIN Afdeling Tidsinterval Afvigelse i NAV For lav eller for høj
    DK0061276656 I&T Nordiske Aktier Large Cap 4/2 09:45- 10/2 10:34 0,5-1,03% For lav

    Der er i det nævnte tidsrum blevet handlet i afdelingen.

    Med venlig hilsen
    Investeringsforeningen Wealth Invest

    The MIL Network –

  • MIL-OSI: Usio Announces Participation in Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    February 25-26 – Oppenheimer 10th Annual Emerging Growth Conference- Virtual

    March 16-18 – The 37th Annual Roth Conference, Laguna Beach, CA

    April 9-10 – LD Micro Conference, New York, NY

    May 21 – Ladenburg Thalmann Tech Conference, New York, NY

    SAN ANTONIO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq: USIO), a leading provider of integrated, cloud-based electronic payment and embedded financial solutions, announced today its participation in a series of high-profile investor conferences. These events will include both in-person and virtual appearances, featuring presentations by Louis Hoch, CEO, or other senior company executives.

    Upcoming Conference Schedule:
    Oppenheimer 10th Annual Emerging Growth Conference
    Date: February 25-26
    Location: Virtual

    • CEO Louis Hoch will be available for one-on-one meetings. To schedule a meeting, please contact Usio or your Oppenheimer representative.

    The 37th Annual Roth Conference  
    Date: March 16-18
    Location: Laguna Beach, CA

    • The Company will be hosting one-on-one meetings with institutional investors. To schedule a meeting, please contact Usio or your Roth representative.

    LD Micro Conference,  
    Date: April 9-10
    Location: New York, NY

    • For registration information, please contact registration@ldmicro.com.

    Ladenburg Thalmann Tech Conference
    Date: May 21
    Location: New York, NY

    • To schedule a meeting, please contact your Ladenburg Thalmann representative.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to clients through its unique payment facilitation platform as a service. The Company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER
    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact:

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

    The MIL Network –

  • MIL-OSI: Kandji Announces Vulnerability Management, Delivers Stronger Security Posture for Apple in the Enterprise

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Kandji, the Apple endpoint management and security platform, today announced Vulnerability Management, a new security product that helps organizations identify, assess, prioritize, and fix security vulnerabilities due to out of date software on their Mac computers.

    Unlike other vulnerability management platforms, which only detect vulnerabilities without offering a way to resolve them, Kandji Vulnerability Management provides real-time insights and integrated workflows for automated patching of hundreds of business apps and macOS.

    According to McKinsey, 37% of companies said it takes more than three months to remediate a vulnerability, and according to Verizon’s 2024 Data Breach Investigations Report, 14% of breaches involved the exploitation of vulnerabilities as an initial access method, nearly tripling from the previous year’s figure.

    With Kandji Vulnerability Management, customers can identify vulnerabilities and then immediately remediate within a single workflow. This empowers teams to efficiently identify and fix vulnerabilities within a unified platform to improve their security posture without the time-consuming back and forth between security and IT teams.

    “As today’s workforce continues to embrace Mac computers as their device of choice, securing these systems has become more important than ever,” said Adam Petitt, co-founder and CEO of Kandji. “With our new Vulnerability Management product, we’re excited to help organizations strengthen their security posture in response to Apple’s steady growth in the enterprise, all while delivering the intuitive, best-in-class experience that both Kandji and Apple are known for.”

    With Kandji Vulnerability Management, IT teams are empowered to make the shift to proactive defense, enabling them to achieve unparalleled security while maintaining uncompromised productivity.

    Key highlights of Kandji’s Vulnerability Management include:

    • Unified detection and remediation: Integrates vulnerability management with powerful remediation tools to go beyond traditional scanners that only identify vulnerable software.
    • Faster risk reduction: Provides ability to resolve vulnerabilities through Kandji’s automated patch management for hundreds of business apps and macOS, while maintaining control with options to manually push updates or block compromised applications.
    • Reduced complexity: Eliminates the need for multiple solutions and costly workflow bottlenecks to create a streamlined and accelerated path from detection to resolution.
    • Security without sacrificing productivity: The Kandji Agent leverages Apple’s Endpoint Security framework to maintain optimal system performance while automatically prioritizing user tasks.
    • Simplified operations: Helps organizations efficiently scale their security operations by enabling more IT team members to contribute to security initiatives due to a single unified platform, lightweight agent, and intuitive interface.

    Kandji Vulnerability Management is the latest cybersecurity product available to Kandji Device Management customers. Kandji’s suite of security products also includes Endpoint Detection & Response, as well as the platform’s inherent ability to remediate vulnerabilities through Auto Apps, Custom Apps, Managed OS, and app blocking with MDM. As with all Kandji products, Vulnerability Management is purpose-built exclusively for Apple to enable robust security across an organization’s entire fleet.

    For more information please visit: https://kandji.io/vulnerability-management.

    Helpful Links

    About Kandji
    Kandji is the Apple endpoint management and security platform. Kandji empowers companies to manage and secure Apple devices in the enterprise and at scale. By centrally securing and managing your Mac, iPhone, iPad, and Apple TV devices, IT and InfoSec teams can save countless hours of manual, repetitive work with features like one-click compliance templates and more than 150 pre-built automations, apps, and workflows. Learn more at http://www.kandji.io.

    Media Contact
    Erica Anderson
    pr@kandji.io

    The MIL Network –

  • MIL-OSI: Gevo and Axens Partner to Broaden Their Alliance to Develop and Commercialize Bio-Based Renewable Hydrocarbon Fuels and Also Develop Gevo’s ETO Technology

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., Feb. 12, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) and Axens (“Axens”) are pleased to announce they have formed a new strategic alliance to accelerate development and commercialization of sustainable aviation fuel (“SAF”) using the ethanol-to-jet (“ETJ”) pathway. The goal of the alliance is to leverage the most advantaged technologies, which we believe is Axens’ best-in-class and commercialized Jetanol™ technology. The alliance brings each partner’s complementary value propositions, real-world experience, substantially de-risked technologies, plant integrations, and pre-engineered systems to the ETJ space. The parties are also combining their technical resources to accelerate commercialization of Gevo’s patented, next-generation ethanol-to-olefins (“ETO”) technology for further process and cost improvements.

    “Today, Axens and Gevo are delivering the most cost-effective, commercially proven SAF technology with Axens Jetanol™ and Gevo’s process and business system,” says Dr. Paul Bloom, Chief Business Officer for Gevo. “By expanding our partnership to accelerate the commercialization of Gevo’s ETO technology, we’re combining our industry expertise to further reduce costs and create SAF that is competitive with fossil fuels while capitalizing on the growing carbon market.”

    Axens and Gevo are building on their previous successful commercial cooperation to ensure they remain leaders in the ETJ space by partnering with IFPEN on the final development and commercial deployment of Gevo’s next-generation ETO process for fuel applications that are expected to achieve zero carbon intensity or better. Gevo’s ETO process produces light olefins from ethanol, which can then be converted to transportation fuels utilizing commercially proven oligomerization and hydrogenation technologies.

    Provided the technology development is completed successfully, Gevo is expected to lead deployment of its ETO technology in North America with an effort to bring high-quality jobs and economic development to rural America, and Axens would provide process licensing, catalyst, equipment, and engineering services globally.

    “The immense potential for both our companies to lead the future of air-travel decarbonization is an obvious way forward,” says Quentin Debuisschert, CEO of Axens. “The combination of Gevo market know-how and capacity of project development with Axens best-in-class technology, Jetanol™, is expected to allow a fast acceptance and adoption of the ETJ Pathway. The future ETO technology commercialization will keep Axens and Gevo on the cutting edge of the ETJ pathway by offering end-users and project developers the possibility to select the most attractive technology for their situation.”

    “We believe that continuing to reduce production costs and capital costs for drop-in hydrocarbon fuels and chemicals has the potential to create large numbers of jobs, spur rural economic development, and create clear, market-based incentives for regenerative agriculture,” says Dr. Pat Gruber, Chief Executive Officer of Gevo. “It adds up to a practical approach for increased energy production and better energy security. This is a real way forward: it drives costs lower, uses the same, established fuel infrastructure, has proven and auditable improvements in sustainability, including how land is used, and offers large benefits to our society, and, in particular, strengthens our rural communities. We see this can be done, and we are pursuing it. It’s the right thing to do.”

    About Gevo
    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    About Axens
    Axens Group provides a complete range of solutions for the conversion of oil and biomass to cleaner fuels, the production and purification of major petrochemical intermediates, the chemical recycling of plastics, all-natural gas treatment and conversion options, water treatment, as well as carbon capture and storage solutions. The offer includes technologies, equipment, furnaces, modular units, catalysts, adsorbents, and related services.

    For more information, see www.axens.net.

    Forward Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the alliance between Gevo and Axens, Gevo’s ETO technology; the expected benefits of the alliance, the reduced costs from the alliance and applicable technologies, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Media Contact
    Heather L. Manuel
    VP, Stakeholder Engagement & Partnerships
    PR@gevo.com

    IR Contact
    Eric Frey
    VP, Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: Maris-Tech Secures $400,000 Repeat Order for Uranus-Based Situational Awareness Solution for Armored Fighting Vehicles

    Source: GlobeNewswire (MIL-OSI)

    Fourth Consecutive Order Reinforces Maris-Tech’s Position as a Trusted Global Vendor

    Rehovot, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, has secured a $400,000 repeat order for its Uranus-based situational awareness solution (“Uranus”) for armored fighting vehicles (“AFV”). This marks the fourth consecutive order from this customer in the defense sector, further validating Maris-Tech’s reliability in delivering mission-critical solutions.

    Designed to deliver 360° 3D situational awareness and advanced airborne threat protection, Uranus supports land defense missions, providing real-time alerts, ultra-low latency, and high-resolution video encoding. The solution addresses the growing need in the defense market for armored vehicles’ enhanced crew safety.

    The systems from the three previous orders have been successfully deployed and are fully operational in the field, meeting the customer’s expectations.

    “We are proud to once again be chosen to provide this cutting-edge solution,” said Israel Bar, Chief Executive Officer of Maris-Tech. “We believe that the continued business from this valued customer is a strong testament to both the confidence in our Uranus technology and our ability to consistently meet mission-critical operational needs. We look forward to further strengthening this relationship in the future.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: the repeat order and future delivery of the Company’s products; the growing need in the defense market for armored vehicles’ enhanced crew safety; the Company’s ability to consistently meet mission-critical operational needs; and the possibility to further strengthening the Company’s relationship with this repeated costumer in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and the Company’s other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI United Kingdom: Minister Peacock speech at the Beacon Philanthropy and Impact Forum

    Source: United Kingdom – Executive Government & Departments

    Speech by the Minister for Civil Society and Youth at on philanthropy and impact economy at the Beacon Philanthropy and Impact Forum.

    Good morning everyone, thank you Neil for that really kind introduction and thoughtful speech – the challenge you outlined is an important one.

    It’s great to be here with you at the Beacon Philanthropy and Impact Forum today.

    I want to start by thanking The Beacon Collaborative for organising this event, and the Charities Aid Foundation for sponsoring it and the City of London for hosting at this beautiful building.

    You’re here today, and are part of organisations like Beacon Collaborative, and Charities Aid Foundation, because you believe in the power of organisations and people using their resources to deliver social impact.
      And it’s a belief this Government shares. 

    The UK has a vibrant culture of service and generosity, and philanthropy is so often the outlet for that culture.

    Every week hundreds of thousands of people – in our villages, towns and cities – come together and do what they can to support others. They devote their time, their money or both, to improve the lives of people less fortunate than themselves.

    That is something we should never take for granted.

    Philanthropy sustains over 170,000 charities in the UK and thousands of others who are so small they’re not actually registered.

    And it does things Governments can’t do – reaching into communities, and applying local knowledge and insight.

    I see it all the time in my own area of Barnsley.

    I can tell you so many examples, organisations such as Barnsley Youth Choir, Barnsley Hospices and BIADS, a local dementia charity I am patron of, all rely on charitable donations and giving from the local community to sustain their vital work. As Neil said, they all have their own stories, as I know you all will.

    But you recognise, as I do, that more is possible.

    And forums like this are a vital opportunity for the sector to come together and look at how we take philanthropy in the UK to the next level.

    The instinct people have to help is always there. 

    It’s the job of the Government, working with organisations like the ones you represent, to find new, creative ways to make it not only easier to give, but more rewarding.

    That is part of why we started a new chapter in the relationship between Government and civil society through a Civil Society Covenant.

    We launched the Covenant at No10 Downing Street with the Prime Minister in October, in order to reset the relationship between Government and Civil Society. To make it a partnership that is built on a foundation of trust and respect.

    And it reflects our view that our charities, social enterprises and community groups have a huge and vital role to play in helping us deliver on this Government’s missions.

    Civil society groups can help make our streets safer, they can create opportunities for our young people, and they can reduce the burden on the NHS by supporting people to live healthier lives.

    And philanthropists, social investors and impact investors will have an important role to play in the Covenant, when it’s fully established in the coming months.

    This Government also recognises the enormous contribution social investors, philanthropists and businesses can provide in the delivery of our Plan for Change. 

    Our impact investment market, worth £76 billion, leads the way in Europe and really sets the standard, and it reflects the fact that people want to see a connection between their investment and real social impact on the ground.

    As the Minister responsible for the impact economy, encompassing both philanthropy and impact investment, I see not only the incredible work happening in this space, but the huge potential for growing the money invested in public good.

    That is why I’m proud we are building on the UK’s strong industry leadership in social impact investing and working in partnership with the Chief Secretary to the Treasury to establish the Government’s Social Impact Investment Advisory Group. And I was really pleased to speak to Darren Jones about this last night. 

    We are committed to backing private investment that delivers positive social impact right across the country, and this newly announced Advisory Group will help achieve this.

    Philanthropy is a vital part of the impact economy.

    So I’d like to be clear with everyone here today on our three priorities for philanthropy.

    Firstly, the Government wants to help to connect philanthropic investment with the places that need it most.

    Secondly, we want to unlock extra philanthropic investment.  

    Thirdly, we want to partner with civil society, communities, donors and businesses to celebrate a culture of giving. 

    On our first priority, this Government has been clear since our first day in office that we are committed to putting local people, communities and places first.

    Supporting philanthropic growth across the country is a really important route to generating more private capital that can deliver public good.

    That’s why the Secretary of State has committed to setting out a place-based philanthropy strategy so we can create an environment where the benefits of philanthropy are felt in communities everywhere.

    I know this is an area that many of you are invested in or connected to.

    Made-in-Stoke, which I was really pleased to visit a few months ago, Blackpool Pride of Place and Islington Gives are brilliant examples of what can be achieved with a place-based approach. I know many representatives of these networks are here with us today.

    By creating a community of philanthropists who are invested in the future of a city or town and who want to contribute to its success, they are blazing a trail for others to follow. And Neil, you rightly referenced the impact of place in your remarks. 

    In areas that need it most, these networks are delivering programmes supporting young people’s skills development, from sports activities to dance and ballet classes for children.

    We can learn a great deal from these models of giving – by people motivated by the idea of helping give back to the community that helped to shape them. 

    My officials and I will continue to explore how this Government can best support the growth of these innovative initiatives.  

    When it comes to the second priority of unlocking additional philanthropic investment, there are already some excellent examples of what philanthropy can deliver.

    Family Foundations such as the Reece’s Foundation in the North East are working to address some of the most complex problems in the region, supporting innovations like the National Geothermal Energy Centre whilst providing new opportunities for local people.

    But, as I said earlier, we need the right structures in place to make it as easy as possible for philanthropists to give more and would-be philanthropists to give for the first time.

    Gift Aid is a vital part of the already existing system, and it gives charities and donors important tax relief.

    And for businesses, payroll giving provides companies an easy way for employees to give in a tax-efficient way to the causes they care about.

    We want to raise awareness of just how straightforward that scheme is, and there couldn’t be a better time as February is Payroll Giving month, as I’m sure you all know.

    The final part of the equation is changing how we talk about and celebrate philanthropy.

    In 2023 we collectively gave £13.9 billion to charity. It’s a phenomenal amount of money and it’s testament to the generosity that exists across our country.

    But if you look deeper, you find that the number of donors is actually decreasing.

    Clearly there’s no one single reason why that would be the case, but I think it’s all of our responsibility to do our bit in championing and celebrating those who do donate.

    Last year I had the privilege of attending the Paris Olympics and Paralympics, seeing first hand some of our most exceptional athletes perform on the biggest stage of all.

    Over the last decades, philanthropists like Barrie Wells have supported the training success of athletes including Jessica Ennis-Hill, who started her career in Sheffield, just down the road from my constituency of Barnsley.

    After winning Gold at the 2012 Olympics in London, she went on to engage and inspire the next generation of young people through philanthropy funded workshops in the Athletes4Schools programme.

    Similarly, businesses continue to contribute to society, like Barclays, who support young people and create opportunities for all, through their community grass roots football grants.

    5,500 community groups have been supported across the UK with the aim of helping to reduce inequalities in football.

    If you look at a sector like the arts, that is one that’s always relied on a variety of funding sources.

    And that’s why, for over 20 years, DCMS has partnered with the Wolfson Foundation to deliver the DCMS/Wolfson Museums and Galleries Improvement Fund.

    But these are just some of the examples of what can be done when we work together to build things that deliver long term benefits.

    You share in our ambition to raise the amount donated and the number of people donating it, and I urge you all to talk loudly and proudly about some of the great work going on in the regions across the country.

    That just leaves me to thank you all, once again, for inviting me to join you all today.

    By working together we can fulfil the huge untapped potential that exists in the impact economy, in our civil society, and across our philanthropic landscape.

    There are no simple answers to how we do it but, by focussing on the areas I’ve set out today, I am certain we can meet the challenge head on.

    Together we can grasp the opportunity to improve people’s lives and give back to communities we all care deeply about.

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: LPL Financial Welcomes Southwest Advisory Group to Linsco Channel

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 12, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisors Steve Schulte, CFP®, MBA, and Melissa Toler Short have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Southwest Advisory Group. They reported serving approximately $300 million in advisory, brokerage and retirement plan assets* and join LPL from Ameriprise.

    Based in Yuma, Ariz., Schulte has provided financial guidance and wealth management for 25 years following an initial career in agriculture. Short transitioned from the hospitality industry to financial services in 2006. The advisors met at their local Rotary Club, striking up a friendship and eventual partnership, recognizing their skillsets, values and vision for their practice complemented each other. They are known for their collaborative approach, working closely with CPA firms and attorneys to provide holistic services that address each client’s entire financial situation. The team also includes client service associates Rhonda Kirk and Maren Green.

    As they considered what’s best for the future of their growing practice, the advisors turned to Linsco by LPL. The move marked a return to LPL for Schulte, who was previously with the firm from 2010 to 2014.

    Why they made the move to Linsco by LPL

    Linsco serves financial advisors seeking the core tenets of independence, including owning their client relationships and having flexibility to run their practice their way. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with support from an experienced branch management team, dedicated marketing consultant and other resources that allow advisors to focus on their clients.

    “Our move to LPL is a strategic decision that aligns with our desire for greater independence and autonomy,” said Schulte. “LPL’s commitment to advisor support and its absence of corporate influence and proprietary products make it the ideal partner as we seek new ways to elevate our practice and create differentiated experiences for clients.”

    Short added, “LPL is the right fit because they are focused on taking care of advisors, allowing us to optimize our practice and run it how we see fit. LPL’s leadership understands the relationship between advisor and clients is key, and they offer ample tools and resources to enhance that relationship. With Linsco, especially, we can turn over day-to-day management of operational tasks and concentrate on what we want to do most: help our clients and grow our business.”

    Both Schulte and Short are deeply involved in their community, with long-term memberships in Rotary International and the Yuma Elk Lodge. They emphasize the importance of community service and giving back.

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Steve and Melissa to the Linsco community and congratulate them on the launch of Southwest Advisory Group. At LPL, we are committed to creating a differentiated and compelling experience for both advisors and their clients. We do that by offering unprecedented flexibility, strategic resources and innovative technology designed to help advisors deliver great advice and run thriving practices. We are excited to expand our Linsco footprint in Arizona and look forward to a long-lasting relationship with the entire team at Southwest Advisory Group.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated as reported to LPL

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #688901

    The MIL Network –

  • MIL-OSI: Stifel Introduces Stifel Discover

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Feb. 12, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced the launch of Stifel Discover, a new Stifel-branded content feed available through its Wealth Tracker app. The innovative feature transforms how clients engage with Stifel’s research and thought leadership, delivering timely, personalized insights through a dynamic experience.

    Key features of Stifel Discover include:

    • Proprietary Insights – Stifel Discover delivers exclusive analysis and commentary from Stifel’s Chief Investment Officer, Chief Economist, Chief Washington Policy Strategist, equity research analysts, and other thought leaders. Users can explore insights tailored to their specific portfolio, market interests, and financial goals across the universe of more than 2,000 global stocks covered by Stifel research.
    • Personalization and Timeliness – The feed updates throughout the day, surfacing the most relevant and high-impact content based on users’ preferences and market movements.
    • Seamless Access – Easily accessible from the Wealth Tracker home screen, Stifel Discover is categorized for an effortless browsing experience.
    • Future Customization by Advisors – In upcoming phases, Stifel Financial Advisors will have the ability to personalize client feeds based on financial life stages, ensuring users receive curated content aligned with their investment needs.

    “We developed Stifel Discover to address our clients’ desire to easily access the firm’s timely and actionable insights as they navigate the complex market landscape. This tool is a powerful addition to our Wealth Tracker platform. Stifel Discover now provides clients with seamless, relevant, and real-time financial intelligence at their fingertips,” said Tom Lee, Stifel’s Head of Investment Products and Services.  

    Stifel Discover was developed in partnership with MoneyLion (NYSE: ML), a leader in financial engagement and financial content solutions. Powered by MoneyLion’s proprietary content-as-a-service platform, mFeed, and its expertise in delivering personalized, interactive content experiences, Stifel Discover delivers a new standard for financial content personalization – keeping users informed, engaged, and actively involved in their financial journey.

    “We’re thrilled to partner with Stifel on this trailblazing initiative,” said Jon Stevenson, Head of Corporate Development at MoneyLion. “At MoneyLion, we’ve built a best-in-class content and engagement engine that delivers personalized financial insights to millions. Customizing this technology for Stifel allows them to take their content and create an exceptional client experience. Stifel is leading the way in content-driven engagement for wealth management, and we’re excited to be part of it.”

    The Stifel Wealth Tracker app gives users the ability to view their full financial picture by aggregating all of their assets and liabilities in one spot. Stifel Wealth Tracker is available for free download on the App Store and Google Play.

    Stifel Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    About MoneyLion

    MoneyLion (NYSE: ML) is a leader in financial technology powering the next generation of personalized products, content, and marketplace technology, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace – including our full-fledged suite of features to save, borrow, spend, and invest – seamlessly bringing together the best offers and content from MoneyLion and our 1,200+ Enterprise Partner network, together in one experience. For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech.

    For further information,
    contact Brian Spellecy
    (314) 342-2000        

    The MIL Network –

  • MIL-OSI: XO Swap by Exodus Now Available in Bifrost Wallet

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 12, 2025 (GLOBE NEWSWIRE) — XO Swap by Exodus has officially been integrated into Bifrost Wallet, marking a significant step forward for seamless cross-chain swaps. This collaboration brings XO Swap’s advanced liquidity aggregation to Bifrost, enabling users to swap tokens effortlessly, including FLR (Flare) and SGB (Songbird)—two of the most prominent assets in the Flare ecosystem.

    Bifrost has been a pioneer in supporting Songbird and Flare, making this integration a natural fit to enhance liquidity and accessibility for users. With XO Swap, Bifrost users can now swap FLR, SGB, and other key assets like BTC, ETH, and USDC, directly within their wallet without relying on centralized exchanges.

    A Collaboration to Strengthen the Ecosystem

    “Bringing XO Swap to Bifrost means more seamless, self-custodial trading options for users,” said Kevin Wood, Director of Revenue Operations at Exodus. “Supporting Songbird and Flare through Bifrost helps expand accessibility for these key assets while giving users the best swap rates in the market.”

    As one of the first wallets to support Flare and Songbird, Bifrost has been a key player in empowering users with decentralized finance tools. This integration allows for frictionless asset swapping, strengthening Songbird’s liquidity while enhancing Bifrost’s DeFi capabilities.

    “Bifrost Wallet has always prioritized interoperability and ease of use, and integrating XO Swap aligns perfectly with that mission,” said Marco, Head of Marketing at Bifrost Wallet. “Our users now have access to one of the most robust swapping engines, unlocking new trading opportunities across multiple blockchains.”

    Key Swap Pairs Now Available in Bifrost via XO Swap:

    • FLR ⇄ SGB
    • FLR ⇄ XRP
    • FLR ⇄ USDC
    • SGB ⇄ BTC
    • SGB ⇄ XRP
    • SGB ⇄ DOGE
    • BTC ⇄ FLR
    • ETH ⇄ SGB

    With XO Swap now live in Bifrost, users can experience seamless swaps with deep liquidity and competitive rates across multiple networks.

    About Exodus
    Exodus empowers individuals to take control of their lives in a digital world with secure, user-friendly crypto software. Since 2015, Exodus has made digital assets accessible through self-custodial wallets that put users in full control of their funds, enabling seamless swaps, buys, and sells. For businesses, Exodus offers Passkeys Wallet and XO Swap, leading solutions for embedded crypto wallets and swap aggregation. Committed to accessible and secure finance, Exodus is shaping the future of digital ownership. Learn more at exodus.com or follow us on X at x.com/exodus.

    About Bifrost
    Bifrost Wallet is a self-custody wallet with you in full control over your crypto assets, keys, and data, all in one simple and secure app. Supported blockchains include Bitcoin, Ethereum, XRP, Dogecoin, Flare, and many more. Learn more at bifrostwallet.com/ or follow them on X at x.com/bifrostwallet.

    Investor Contact
    investors@exodus.com

    The MIL Network –

  • MIL-OSI: Veeco Ships Nanosecond Annealing System Targeting High Volume Production of 2 Nanometer Gate-All-Around Chips

    Source: GlobeNewswire (MIL-OSI)

    PLAINVIEW, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) announced today a NSA500™ Nanosecond Annealing system shipment to a leading-edge semiconductor company for high-volume production of 2-nanometer gate-all-around logic chips. The shipment occurred during the fourth quarter of 2024.

    Equally as important, the company’s NSA500™ evaluation programs at two other leading-edge customers are progressing well with multiple applications being considered. Interest from additional logic and memory customers to evaluate Veeco’s system also remains high.

    Veeco’s recently launched next-generation annealing platform expands the company’s overall opportunity in laser annealing to leading-edge applications in logic and memory. New applications include precise shallow anneals for 3D devices, low thermal budget anneals, and material modification applications. Compared to traditional annealing solutions, the NSA500 system is capable of precisely annealing relevant surface layers without damaging the underlying device due to its combination of short dwell times in the nanosecond scale and high temperatures. 

    “Shipment of this NSA500™ Nanosecond Annealing system is an important milestone given the growing need for annealing solutions with advanced capabilities for leading-edge applications,” commented Adrian Devasahayam, Ph.D., Veeco’s Senior Vice President, Product Line Management. “We look forward to supporting our customers as they accelerate production of next-generation chips for growing markets such as artificial intelligence and high-performance computing. The broad applicability of Veeco’s NSA500 system provides a significant opportunity to expand Veeco’s served available market.”

    About Veeco
    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

    Veeco Contacts:                                
    Investors: Anthony Pappone | (516) 500-8798 | apappone@veeco.com
    Media: Brenden Wright | (410) 984-2610 | bwright@veeco.com

    The MIL Network –

  • MIL-OSI Global: Teenagers turning to AI companions are redefining love as easy, unconditional and always there

    Source: The Conversation – USA – By Anna Mae Duane, Professor of English, University of Connecticut

    Can a person love an AI chatbot? RLT_Images/DigitalVision Vectors via Getty Images

    Teenagers are falling in love with chatbots. Young people are reporting epidemic levels of loneliness, and some are turning to technology to fill the void. Recent tragedies provide a glimpse into the extent of this trend and the dangers it poses.

    A 14-year-old boy’s suicide following a romantic relationship with an AI companion raised national alarms about the dangers these relationships may pose to young people’s mental and emotional development. In 2021, a 19-year-old who had been in an emotional relationship with an AI companion broke into Windsor Castle with a crossbow, saying that he was going to kill the queen. The chatbot gave encouraging responses when he told it of his intention to kill the queen.

    These teens were among the tens of millions of people who use AI chatbot companions, a number that market forecasters expect to dramatically increase by the end of the decade.

    This youthful trend of choosing chatbots as romantic partners is both responding to and accelerating fundamental changes in how people define love in the 21st century. As a literary historian, I’ve studied how stories about romantic love have evolved over time, with young people often at the forefront of change.

    For centuries, weddings primarily served to consolidate political and economic alliances rather than unite soulmates. The radical notion that marriage should spring from romantic love came into vogue in the 17th and 18th centuries, aided by new technologies like the novel. Works such as “Clarissa” and “Wuthering Heights” portrayed the dire consequences of choosing status over love, while “Pride and Prejudice” taught its readers that rejection and misunderstanding were necessary steps in the process of finding true love.

    Not surprisingly, the relatively new pastime of novel-reading was considered dangerous for young people. Concerned elders like the philanthropist Hannah More warned that stories would change how women would respond to romantic advances. Novels, she warned in 1799, “feed habits of improper indulgence, and nourish a vain and visionary indolence, which lays the mind open to error and the heart to seduction.”

    In other words, reading stories of heart-pounding romance would make an impressionable young reader more likely to embrace such a passionate vision of love in their own lives.

    Marketing sycophancy

    Today, another transformation in the modern love story is unfolding, driven not by seductive authors or film directors, but in the advertisements and modifications offered by companion chat apps like Replika and Xioce.

    As Shelly Palmer, a professor of advanced media and technology consultant, has argued, the human experience is about storytelling, and AI companions are a new type of storytelling tool. They are spinning a seductive tale of companions who agree with you endlessly and on demand. An AI partner is “always on your side,” promises an advertisement for Replika companions, “Always ready to listen and talk.”

    In other words, the AI companion market has transformed what other applications might consider a bug – AI’s tendency toward sycophancy – into its most appealing feature.

    Rather than the tempestuous rebellion found in romance novels or the gentle obstacles that heighten the pleasure of rom-coms, this new vision of love promises perfect compatibility and unwavering support. As one college student wrote, AI companions are “always responsive and supportive, in an almost omnipotent way.”

    The 2013 science fiction movie ‘Her’ explored many aspects of human relationships with AIs that are playing out today.

    Users across Reddit forums proudly proclaim their love for AI partners who are perpetually available, nonjudgmental and infinitely patient. A teenager asked on Reddit, “Can we fall in love with AI?” and raved that their companion Jarvis “had become my confidante, my sounding board and my emotional support.”

    A contributor to another Reddit forum wrote, “I think I’m in Love with AI. “Imagine having a partner that is available just by opening an app, and they’re ready to talk to you about anything,” they wrote. “Imagine saying nearly anything and knowing that not only is your partner not going to judge you, but also will support you.” One 20-year-old male commenter wrote that he tells his AI girlfriend “about my struggles and trauma, and she comforts me and provides all the warmth I could ever ask for.”

    Downsides and doing better

    This new one-sided love story has considerable drawbacks, among them an addictive intolerance for conflict or rejection – two essential components in a partner who has free will. The embrace of such relationships may be accelerating the trend of technology curating and ultimately diminishing romantic connections.

    It’s worth noting that these beloved entities’ very existence hinges on the whims of corporate directives. If, as one user declares, the love they feel for their companion “keeps them alive,” then what happens when these chatbots disappear via software update, or corporate bankruptcy?

    To get young people to turn away from this disembodied, market-driven vision of love, it’s important to expose them to other, more fulfilling love stories, and for adults to lead by example. Literature, philosophy and history all provide powerful insights into the many forms love has taken throughout human experience, and they offer the vocabulary needed to imagine new possibilities.

    As I’ve written, both the subject and the methods of humanities classes cultivate the social skills required to navigate the challenges of human connection. These classes create a space for young people to discuss these ideas – whether through analyzing Romeo and Juliet’s tragic passion or debating whether Heathcliff is a romantic hero or a cautionary tale. The humanities provide the tools young people need to develop richer concepts of love.

    On reflection

    The rise of AI companions is often portrayed as a horror story about the dangers posed by mysteriously powerful technology. Perhaps. But this romantic trend is also a mirror reflecting what people collectively value and desire in relationships.

    I believe that it’s important to recognize that consumers are driving this market. People are helping to write this story, as they buy what AI companions sell. Investment management firm Ark Investment estimates the market for AI companions is likely to reach between US$70 billion and $150 billion in revenue by the end of the decade. If the explosive growth of the AI companion market is any indication, this romantic challenge isn’t confined to teenagers – many people who are older and supposedly wiser are drawn to the promise of unconditional compliance.

    The question to ask, then, is not simply how to protect children from AI’s seductive influence, but how much you are willing to invest, emotionally and culturally, in the messy, challenging and profoundly human art of love.

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

    – ref. Teenagers turning to AI companions are redefining love as easy, unconditional and always there – https://theconversation.com/teenagers-turning-to-ai-companions-are-redefining-love-as-easy-unconditional-and-always-there-242185

    MIL OSI – Global Reports –

  • MIL-OSI Global: Donald Trump’s war on global governance: lessons from the past on how to fight back

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    US president Donald Trump’s recent actions seem designed to reassert American power and demonstrate that it is still the dominant global power and is capable of bullying weaker nations into following America’s lead.

    He has shown contempt for international collaboration by withdrawing from the UN climate negotiations and the World Health Organization. His officials have also indicated that they will not participate in upcoming G20 meetings because he does not like the policies of South Africa, the G20 president for 2025.

    In addition, he’s shown a lack of concern for international solidarity by halting US aid programmes and by undermining efforts to keep businesses honest. He has demonstrated his contempt for allies by imposing tariffs on their exports.

    These actions demand a response from the rest of the international community that mitigates the risk to the well-being of people and planet and the effective management of global affairs.

    My research on global economic governance suggests that history can offer some guidance on how to shape an effective response.

    Such a response should be based on a realistic assessment of the configuration of global forces. It should seek to build tactical coalitions between state and non-state actors in both the global south and the global north who can agree on clear and limited objectives.

    The following three historical lessons help explain this point.

    Cautionary lessons

    The first lesson is about the dangers of being overoptimistic in assessing the potential for change.

    In the late 1960s and early 1970s, the US was confronting defeat in the war in Vietnam, high inflation and domestic unrest, including the assassination of leading politicians and the murder of protesting students.

    The US was also losing confidence in its ability to sustain the international monetary order it had established at the Bretton Woods conference in 1944.

    In addition, the countries of the global south were calling for a new international economic order that was more responsive to their needs. Given the concerns about the political and economic situation in the US and the relative strength of the Soviet bloc at the time, this seemed a realistic demand.

    In August 1971, President Richard Nixon, without any international consultations, launched what became known as the Nixon Shock. He broke the link between gold and the US dollar, thereby ending the international monetary system established in 1944. He also imposed a 10% surcharge on all imports into the US.

    When America’s European allies protested and sought to create a reformed version of the old monetary order, US treasury secretary John Connolly informed them that the dollar was

    our currency but your problem.

    Over the course of the 1970s, US allies in western Europe, Asia and all countries that participated in the old Bretton Woods system were forced to accept what the US preferred: a market-based international monetary system in which the US dollar became the dominant currency.

    The US, along with its allies in the global north, also defeated the calls for a new international economic order and imposed their neo-liberal economic order on the world.

    The second cautionary lesson highlights the importance of building robust tactical coalitions. In 1969, the International Monetary Fund member states agreed to authorise the IMF to create special drawing rights, the IMF’s unique reserve asset. At the time, many IMF developing country member states advocated establishing a link between development and the special drawing rights. This would enable those countries most in need of additional resources to access more than their proportionate share of special drawing rights to fund their development.

    All developing countries supported this demand. But they couldn’t agree on how to do it. The rich countries were able to exploit these differences and defeat the proposed link between the special drawing rights and development. As a result, the special drawing rights are now distributed to all IMF member states according to their quotas in the IMF. This means that most allocations go to the rich countries who do not need them and have no obligation to share them with developing countries.

    A third lesson arises from the successful Jubilee 2000 campaign to forgive the debts of low-income developing countries experiencing debt crises. This campaign, supported by a secretariat in the United Kingdom, eventually involved:

    • civil society organisations and activists in 40 countries

    • a petition signed by 21 million people

    • governments in both creditor and debtor countries.

    These efforts resulted in the cancellation of the debts of 35 developing countries. These debts, totalling about US$100 billion, were owed primarily to bilateral and multilateral official creditors.

    They were also a demonstration of the political power that can be generated by the combined actions of civil society organisations and governments in both rich and poor countries. They can force the most powerful and wealthy institutions and individuals in the world to accept actions that, while requiring them to make affordable sacrifices, benefit low-income countries and potentially poor communities within those states.

    What conclusions should be drawn?

    We shouldn’t under-estimate the power of the US or the determination of the MAGA movement to use that power. However, their power is not absolute. It is constrained by the relative decline in US power as countries such as China and India gain economic and political strength. In addition, there are now mechanisms for international cooperation, such as the G20, where states can coordinate their actions and gain tactical victories that are meaningful to people and planet.

    But gaining such victories will require the following:

    Firstly, the formation of tactical coalitions that include states from both the global south and the global north. If these states cooperate around limited and shared objectives they can counter the vested interests around the world that support Trump’s objectives.

    Secondly, a special kind of public-private partnership in which states and non-state actors set aside their differences and agree to cooperate to achieve limited shared objectives. Neither states alone nor civil society groups alone were able to defeat the vested interests that opposed debt relief in the late 1990s. Working together they were able to defeat powerful creditor interests and gain debt relief for the poorest states.

    Thirdly, this special partnership will only be possible if there’s general agreement on both the diagnosis of the problem and on the general contours of the solution. This was the case with the debt issue in the 1990s.

    There are good candidates for such collaborative actions. For example, many states and non-state actors agree that international financial institutions need to be reformed and made more responsive to the needs of those member states that actually use their services but lack voice and vote in their governance. The institutions also need to be more accountable to those affected by their policies and practices. They also agree that large corporations and financial institutions should pay their fair share of taxes and should be environmentally and socially responsible.

    The urgency of the challenges facing the global community demands that the world begin countering Trump as soon as possible. South Africa as the current chair of the G20 has a special responsibility to ensure that this year the G20, together with its engagement groups, acts creatively and responsibly in relation to people and planet.

    Danny Bradlow, in addition to his position at the University of Pretoria, is an advisor to the South African Institute of International Affairs on G20 issues and is a co-chair of the T20 Taskforce on the Financing of Sustainable Development.

    – ref. Donald Trump’s war on global governance: lessons from the past on how to fight back – https://theconversation.com/donald-trumps-war-on-global-governance-lessons-from-the-past-on-how-to-fight-back-249666

    MIL OSI – Global Reports –

  • MIL-OSI Security: Vicksburg Man Sentenced to Five Years in Prison for Possessing a Firearm as a Convicted Felon

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

    Jackson, Miss. – A Vicksburg man was sentenced to 60 months in federal prison for possessing a firearm as a convicted felon.

    According to court documents, Marquette Cornell McCroy, 43, was found in possession of a firearm in Vicksburg following a traffic stop. McCroy, who was the driver and sole occupant of the vehicle, had previously been convicted of a felony and was therefore prohibited from possessing firearms. McCroy threw the firearm on the ground as he attempted to flee the vehicle on foot.

    McCroy was indicted by a federal grand jury and he pled guilty on October 3, 2024.

    Acting U.S. Attorney Patrick A. Lemon and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The Vicksburg Police Department and the Federal Bureau of Investigation investigated the case.

    Assistant U.S. Attorney Bert Carraway prosecuted the case.

    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: Safe Harbor Financial Originates $1,500,000 Secured Credit Facility for Missouri Cannabis Operator

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., Feb. 12, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced the closing of a $1,500,000 secured credit facility for a Missouri-based cannabis operator. This transaction marks the second tranche of a $5,000,000 loan funding package aimed at refinancing expensive senior debt across four retail dispensaries in Missouri. An initial tranche of $1.07 million was originated on October 29, 2024.

    “Safe Harbor Financial is dedicated to supporting cannabis operators with robust and compliant financial solutions through our financial institution partners that mirror those available through traditional banking sources,” said John Foley, Senior Vice President, Commercial Lending at Safe Harbor Financial. “This credit facility exemplifies our commitment to delivering competitive market interest rates and favorable loan terms, allowing cannabis businesses to efficiently manage debt and focus on growth.”

    With a focus on competitive market pricing, Safe Harbor Financial structured the financing package to deliver optimal lending terms for the borrower. The deal underscores the Company’s ability to provide bank-quality lending solutions tailored specifically for cannabis operators, further reinforcing its leadership in cannabis financial services.

    Terry Mendez, Co-CEO of Safe Harbor Financial added: “This latest financing demonstrates Safe Harbor’s commitment to offering competitive market pricing and tailored financial solutions that support the long-term stability of cannabis operators. Capitalizing our ability to structure favorable loan terms, we empower cannabis businesses to thrive in an evolving marketplace. Safe Harbor remains dedicated to offering cannabis operators and the financial services they need to grow, while simultaneously delivering sustainable value to our investors through a strong and diversified credit portfolio.”

    This latest transaction reinforces Safe Harbor Financial’s ongoing mission to expand access to capital for cannabis businesses, an industry that has historically faced significant banking and lending challenges. By leveraging strong deposit relationships, Safe Harbor Financial continues to pioneer comprehensive financial services that meet the unique needs of the regulated cannabis market.

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S. and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s ability to issue loans in the same or similar fashion; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Safe Harbor Investor Relations
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: LeddarTech Reports Fiscal First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 12, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today provided a corporate update and announced financial results for the fiscal first quarter ended December 31, 2024.

    “2025 is off to a very exciting start for LeddarTech, as we continue to make substantial progress on our strategic plan. In fiscal Q1, we announced our collaboration and license agreement with Texas Instruments (“TI”), a premier semiconductor partner in the automotive space. Following that, we recently announced our first OEM design win from a major commercial vehicle OEM,” said Frantz Saintellemy, President and CEO of LeddarTech. “These commercial successes demonstrate strong validation by industry leaders of our products and are accelerating interest from potential customers and partners across the ADAS and AD landscape, building on our already substantial pipeline of opportunities.”

    Recent Business and Technology Highlights

    • Announced first OEM design win for LeddarVision. One of the world’s leading commercial vehicle OEMs has selected LeddarTech as the fusion and perception software supplier for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We expect to start generating engineering services revenue this fiscal year (FY2025).
    • Received US$8 million advanced royalty payments from TI. In January, LeddarTech received the second advanced royalty payment of US$3 million as part of its collaboration and license agreement with TI. This is in addition to the US$5 million received in December 2024.
    • Raised US$11.3 million under a standby equity purchase agreement (SEPA). In January, LeddarTech raised US$1.1 million (CA$1.4 million) by selling 600,000 shares at an average price of US$1.76. This is in addition to the US$10.2 million (CA$14.4 million) raised in fiscal Q1 2025 by selling 6.6 million shares at an average price of US$1.55 per share.
    • Conducted successful CES participation. LeddarTech completed a strong showing at the 2025 Consumer Electronics Show (CES), including the successful demonstration of LeddarVision Surround (LVS-2+) software utilizing TI TDA4VH-Q1 processor.
    • Announced listing transfer to Nasdaq Capital Market. Via this transfer, LeddarTech had cured the Nasdaq deficiencies and met the applicable listing standards.
    • Received ISO/IEC 27001 certification. LeddarTech proudly announced that the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have awarded LeddarTech ISO/IEC 27001 certification, a key requirement for automotive customers.

    Customer Traction and Development

    LeddarTech has a robust pipeline of over 30 active opportunities with original equipment manufacturers (OEMs) and Tier 1 automotive suppliers to support consumer demands for improved safety features and satisfy upcoming regulatory deadlines.

    During 2025, LeddarTech will continue to develop two new, revenue-generating products that are designed to accelerate revenue and adoption of LeddarVision. More information will be shared on these products when available.

    Fiscal First Quarter 2025 Financial Highlights1

    Revenue: Revenue from continuing operations for the fiscal first quarter of 2025, ending December 31, 2024, was $51,900, compared to $52,000 in the fiscal quarter ending December 31, 2023. Revenue excludes our discontinued modules and components business.

    Net loss: Net loss for the fiscal first quarter of 2025, ending December 31, 2024, was $27.0 million, compared to a net loss of $61.5 million in the fiscal quarter ending December 31, 2023, representing a 56% decrease, primarily due to transaction costs that were incurred in fiscal Q1, 2024 and did not reoccur in 2025.

    EBITDA and adjusted EBITDA2:  EBITDA loss for the fiscal first quarter of 2025, ending December 31, 2024, was $22.1 million, compared to a $60.3 million loss in the fiscal quarter ending December 31, 2023, representing a 63% decrease, primarily due to transaction costs that were incurred in fiscal Q1, 2024 and did not reoccur in 2025. Adjusted EBITDA loss for the fiscal first quarter of 2025, ending December 31, 2024, was $11.1 million, compared to adjusted EBITDA loss of $8.6 million in the fiscal quarter ending December 31, 2023, representing a 11% increase, primarily due to a change in the amount of capitalized development costs.

    Continuing operations Q1-2025
    		   Q1-2024
    		  
    Revenues $51,878   $52,000  
    Loss from operations (13,218,705)   (63,912,986)  
    Finance costs, net 13,746,884   (2,422,558)  
    Loss before income taxes (27,012,529)   (61,490,428)  
    Net loss and comprehensive loss (27,012,664)   (61,490,428)  
    Net loss and comprehensive loss attributable to Shareholders of the Company (27,012,664)   (61,188,116)  
    Loss per share    
    Net loss per share (basic and diluted) (in dollars) (0.86)   (17.06)  
    Weighted average common shares outstanding (basic and diluted) 31,483,617   3,587,572  
    EBITDA (loss) (22,059,095)   (60,290,981)  
    Adjusted EBITDA (loss) (11,143,209)   (8,572,571)  
             

    The following table sets forth a reconciliation of adjusted EBITDA and EBITDA to net loss reported in accordance with IFRS for the three months ended December 31, 2024 and 2023.

      Q1-2025
    		   Q1-2024
    		  
    Net loss from continued operations ($27,012,664)   ($61,490,428)  
    Deferred income taxes 135   –  
    Depreciation of property and equipment 170,977   189,639  
    Depreciation of right-of-use assets 112,822   108,365  
    Amortization of intangible assets 165,134   137,112  
    Interest expenses 4,504,501   764,330  
    EBITDA loss from continuing operations (22,059,095)   (60,290,981)  
         
    Foreign exchange loss (gain) 3,635,140   (67,715)  
    Loss (gain) on revaluation of financial instruments carried at fair value 5,602,056   (2,963,283)  
    Gain on lease modification –   (166,661)  
    Stock-based compensation 1,678,690   (5,985,250)  
    Listing expense –   59,139,572  
    Transaction costs –   1,761,747  
    Adjusted EBITDA loss from continuing operations (11,143,209)   (8,572,571)  
             

    Balance Sheet and Liquidity3

    As of December 31, 2024, LeddarTech’s consolidated cash and cash equivalents balance totaled $17.7 million, compared to $5.3 million on September 30, 2024. Subsequent to the end of the quarter, the Company raised approximately $5.9 million, using a recent exchange rate of 1.43 Canadian dollars per US dollar. This included a US$3 million advance royalty payment from Texas Instruments and US$1.1 million from the sale of stock issuance under our standby equity purchase agreement or SEPA. LeddarTech’s cash balance as of Monday, February 10, 2025, was approximately $15.9 million.

    Non-IFRS Financial Measures

    A non-IFRS financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in Company’s consolidated primary financial statements.

    In Q2-2024, the Company started to use two new non-IFRS financial measures because we believe these non-IFRS financial measures are reflective of our ongoing operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.

    Below are descriptions of the non-IFRS financial measures that we use to explain our results and reconciliations to the most directly comparable IFRS financial measures.

    EBITDA (loss) is calculated as net earnings (loss) before interest expenses (income), deferred income taxes, depreciation of property and equipment, depreciation of right-of-use assets and amortization of intangible assets.

    EBITDA (loss) should not be considered an alternative to net loss in measuring performance or used as a measure of cash flow.

    Adjusted EBITDA (loss) is calculated as EBITDA (loss), adjusted for foreign exchange gain (loss), loss (gain) on revaluation of financial instruments carried at fair value, gain or loss on lease modification, share‐based compensation, listing expense, transaction costs, restructuring costs and impairment loss on intangible assets.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Market listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    1    All amounts in Canadian dollars except where otherwise noted.

    2    EBITDA and adjusted EBITDA are non-IFRS measures and are presented by the Company as they are used to assess operating performance. These non-IFRS measures do not have standardized meanings under IFRS and are not likely comparable to similarly designated measures reported by other corporations. The reader is cautioned that these measures are being reported in order to complement, and not replace, the analysis of financial results in accordance with IFRS. See “Non-IFRS Financial Measures” below.

    3    All amounts in Canadian dollars except where otherwise noted.

    The MIL Network –

  • MIL-OSI Europe: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Deutsche Bundesbank in English

    Check against delivery.
    Ladies and gentlemen,
    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.
    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.
    1 The role of the financial industry
    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 
    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:
    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.
    Financing all of this requires a substantial amount of capital.
    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.
    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.
    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 
    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.
    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.
    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 
    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.
    Let’s now have a closer look at the digitalization including AI.
    2 Artificial intelligence: innovation and competitiveness
    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.
    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]
    There are important questions – to which, to be honest, there are no simple answers:
    Are the opportunities and risks of AI balanced? 
    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 
    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]
    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 
    AI enables both incremental and disruptive innovation across all parts of society: 
    by facilitating faster decision-making
    optimizing existing processes, 
    or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.
    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]
    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.
    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.
    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: US-President Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 
    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.
    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.
    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.
    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]
    Even more far-reaching questions concern our society.
    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.
    In other words: What are the basic rules for using this technology?
    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.
    3 Strengthening the financial industry
    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.
    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 
    Let me highlight only two measures:
    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 
    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 
    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 
    Let me make it perfectly clear: Europe is a leader in this field. 
    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).
    4 Conclusion
    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.
    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 
    Thank you very much. 

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI USA: UConn Waterbury Poised for Expansion with New Building’s Imminent Opening

    Source: US State of Connecticut

    UConn Waterbury’s local footprint is growing significantly with the expansion of several of its academic, research, and administrative operations into a historic building adjacent to the downtown campus.

    The six-story building at 36 N. Main St. has undergone extensive renovation by Green Hub Development III, LLC., which is leasing about 26,300 square feet to UConn to expand the University’s offerings in nursing, allied health, and other programs.

    UConn has been moving equipment and furnishings into the building and started using some of the space already over the winter, with the rest to be occupied starting later this month.

    They include clinic-style nursing and health care simulation rooms, research facilities, study lounges, office and administrative space, a spacious former banquet room, and other areas suitable for maker space, incubator studios, classes, and large gatherings.

    UConn’s plan to expand its nursing education programs into the building is particularly noteworthy given the high demand in that profession, both statewide and specifically in Waterbury and the Naugatuck Valley region.

    “UConn Waterbury’s expansion into this historic space is an investment in our students, faculty, and the greater community,” says Fumiko Hoeft, UConn Waterbury’s campus dean and chief administrative officer, and a neuroscientist and UConn professor of psychological sciences.

    The Odd Fellows Building at 36 N. Main St. in Waterbury sits around the corner from the UConn Waterbury campus on Jan. 27, 2025. About 26,300 square feet of the building’s interior was recently renovated to provide additional space for various programs at UConn Waterbury. (Sydney Herdle/UConn Photo)

    “With the new facilities, we are strengthening our role as an educational and economic driver in the Naugatuck Valley,” she says. “We are honored to be part of this building’s next chapter. Its transformation aligns with our commitment to innovation, workforce development, and community partnerships.”

    The growth of UConn Waterbury’s campus and academic offerings complements the UConn Strategic Plan, which includes ensuring that the campuses in Waterbury, Hartford, Stamford, and Avery Point offer signature programs that are destinations within UConn.

    “The spirit of every UConn campus is unique, and we are looking closely at their academic offerings and facilities to best build on those strengths and opportunities, in alignment with our university-wide strategic plan,” says Anne D’Alleva, UConn’s provost and executive vice president for academic affairs.

    “At UConn Waterbury, the new space fits perfectly with that vision,” she adds. “Our academic programs and research will grow and thrive there, and further underscore UConn’s role as a core element of this richly diverse, innovative city and region.”

    UConn’s Board of Trustees approved the expansion plans in 2023, which are part of a larger commitment to strengthen the University’s presence and partnerships in the Naugatuck Valley.

    They include UConn’s deep involvement in the Waterbury Promise scholarship program, under which many dozens of Waterbury graduates are attending the University; and the establishment and growth of the allied health sciences major on the campus.

    UConn Waterbury also prides itself on providing a tight-knit community that serves students’ individual needs while ensuring they can access world-class UConn programs in undergraduate and graduate-level fields that lead to strong, satisfying career paths.

    “The demand for skilled professionals is higher than ever. UConn Waterbury’s expansion directly aligns with our mission to prepare students for high-demand careers, ensuring that our regional workforce remains strong and competitive,” says Cathy Awwad, president and chief executive officer of the Northwest Regional Workforce Investment Board (NRWIB).

    UConn Waterbury’s new space in the building at 36 N. Main St. will also be ideal for serving current students while also advancing community partnerships with schools, the City of Waterbury, the regional business community, and other groups.

    The six-story building, originally built for the local chapter of the International Order of Odd Fellows social group, is in a prime downtown location and dates to 1895.

    Its renovation was funded through a state grant to the City of Waterbury along with Green Hub’s private funding. It was modernized for today’s needs while retaining key elements of its history, including Venetian Gothic exterior features overlooking the Waterbury Green and the ornate ceiling in its former banquet hall.

    “This project has been years in the making, and seeing it come to life is a testament to UConn’s commitment to Waterbury and the region,” says former Waterbury Mayor Neil O’Leary, who was deeply involved in the project and other partnerships with the University during and after his time in office.

    “This expansion is more than just a physical footprint; it’s an investment in the next generation of healthcare professionals, entrepreneurs, and community leaders,” he says.

    The building is around the corner from UConn Waterbury’s East Main Street location, with easy access between the back courtyard of the campus and an entrance to the newly leased space.

    It will house clinical simulation spaces, clinical and cognitive neuroscience research dry and wet laboratories, a maker space, and an incubator studio.

    It will also provide resources for humanities and social sciences, including the HACER Lab, a hub for humanistic inquiry, research, and pedagogy developed in collaboration with Waterbury students and community partners, the Ideas + Impact initiative and other learning communities focused on social impact, sustainability, and health-related projects.

    These facilities will be used by programs in nursing, allied health, psychological sciences, urban and community studies, humanities and social sciences, business, and community partnerships.

    Additionally, it will serve as the home for the Haskins Global Literacy Hub, a newly formed partnership between Yale, UConn Global Affairs, and UConn Waterbury focused on promoting education and conducting cutting-edge research to enhance literacy globally.

    A large nursing simulation lab with equipment sits on the fifth floor of the Odd Fellows Building in Waterbury on Jan. 27, 2025. About 26,300 square feet of the building’s interior was recently renovated to provide additional space for various programs at UConn Waterbury. (Sydney Herdle/UConn Photo)

    “Having UConn expand in downtown Waterbury strengthens our local economy, creates new opportunities for students, and enhances the city’s reputation as a center for education and innovation. This project is a great example of how partnerships between the city, state, and private sector can drive meaningful change,” Waterbury Mayor Paul Pernerewski says.

    Programs and activities in the space will also advance UConn Waterbury’s connections with local schools and others as a location for community events.

    For instance, on a recent morning, scores of local high school students visited UConn Waterbury for the kickoff of the Waterbury Robotics Institute to be based at the campus. The initiative, a collaboration with First Robotics, will bring students from the city’s high schools and middle schools to campus to work on projects with their peers, UConn students, and UConn faculty mentors.

    They were among the first to use the newly leased space at 36 N. Main St., with several of the student groups testing and demonstrating their robots in the large collaborative learning room on the building’s second floor.

    “This expansion will have a lasting impact not only on UConn students, but also on Waterbury’s middle and high schoolers who aspire to pursue careers in healthcare, technology, business, and other growing fields,” says Waterbury Public Schools Interim Superintendent Darren Schwartz.

    “The increased access to cutting-edge learning spaces and mentorship opportunities will strengthen our student college and career readiness,” he says.

    The Odd Fellows Building has a rich history in the City of Waterbury, and its restoration and use by UConn carries strong emotional and economic significance to the area.

    Built at a cost of $100,000 and said to be among the finest of its time in the region, the building’s opening in 1895 drew more than 5,000 members of the group from around the East Coast and was featured in the New York Times.

    In fact, the opening was marked by a parade and the event was so important to the city that all factories and schools were closed for the day, and all business shut down at noon, according to another Times article.

    A clothing store occupied the first floor for about its first five years in addition to the meeting rooms and social spaces used by the Odd Fellows and others on the higher floors. Later, the popular Grieve, Bissett & Holland department store was in the building from 1902 until the mid-1960s.

    The structure had been unused for more than 15 years before the renovation.

    “Restoring this landmark building and giving it a new purpose has been incredibly rewarding,” says Joe Gramando, Green Hub’s managing partner. “UConn’s presence here ensures that this space will remain a vibrant part of Waterbury’s future, serving students, researchers, and the broader community for years to come.”

    MIL OSI USA News –

  • MIL-OSI: Nametag Introduces VerifiedHire™ to Combat North Korean Remote IT Worker Fraud

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 12, 2025 (GLOBE NEWSWIRE) — Nametag, the leading provider of integrated identity verification and account protection solutions, today announced VerifiedHire™, a groundbreaking solution for secure employee onboarding and initial credentialing. VerifiedHire combats North Korean IT workers and other remote worker fraud schemes using Nametag’s revolutionary Deepfake Defense™ identity verification (IDV) engine, ensuring that only legitimate users gain access to enterprise networks and applications.

    Nation State Actors Are Exploiting Insecure Hiring Practices to Infiltrate Global Enterprises
    Investigations have uncovered numerous programs to place Democratic People’s Republic of Korea (DPRK)-affiliated operatives into remote IT jobs within U.S. and global enterprises. This enables the country to avoid international sanctions, funnel money to weapons development programs, and steal secrets. Hundreds of western enterprises have been compromised; one program involving two front companies employing more than 130 DPRK IT workers has generated over $88 million for North Korea’s government. To combat these and other remote worker fraud schemes, Nametag created VerifiedHire.

    VerifiedHire Stops Fake IT Workers and Remote Worker Fraud
    Nametag’s solution prevents imposters from infiltrating corporate networks by replacing outdated, insecure initial credentialing procedures with robust identity assurance. New hires are directed to a self-service onboarding microsite, where they navigate intuitive workflows to verify their identity with Nametag’s Deepfake Defense engine. Verified hires can then set their passwords and enroll in multi-factor authentication (MFA) with their company’s identity provider(s). Imposters are prevented from gaining access, while security and risk teams gain crucial visibility into potential insider threats.

    “Employee onboarding is a gap in IT security that nobody has been able to figure out—except Nametag,” said the senior IT director at a top-ranked, publicly-traded biotechnology company. “VerifiedHire has transformed our employee onboarding experience. The ability for new hires to set up their own accounts without IT intervention is a game-changer. VerifiedHire is the only solution for employee onboarding and credentialing that delivers the level of identity security and assurance we require.”

    Key Features and Benefits

    • Prevents Infiltration: VerifiedHire is the first solution directly aimed at combating sophisticated remote worker fraud schemes, including deepfake-wielding nation-state threat actors.
    • Stops Contractor Fraud: Enterprises can use Nametag to quickly verify their extended workforce at scale, discovering imposters and revealing potential insider threats.
    • Eliminates Temporary Passwords: VerifiedHire replaces outdated, insecure temporary password delivery systems with an initial credentialing experience that’s modern, secure, and streamlined.
    • Powered by Deepfake Defense: VerifiedHire is built on Deepfake Defense, the only identity verification engine proven effective against modern, AI-powered impersonation threats.
    • Cost Savings: By deflecting new employee verification and initial credentialing to self-service, VerifiedHire creates substantial time and cost savings for IT and Human Resources departments.

    “Nametag’s launch of VerifiedHire underscores our continued commitment to creating end-to-end workforce account protection,” said Aaron Painter, CEO at Nametag. “Since every organization employs a unique approach to employee onboarding, we developed an out-of-the-box-solution that is easily customized to each enterprise’s workflows, software environments, and business requirements.”

    VerifiedHire fits seamlessly into enterprise onboarding workflows through plug-and-play integrations with Identity and Access Management (IAM) providers such as Okta, Microsoft Entra, Cisco Duo, and OneLogin. Nametag also integrates with IT Service Management (ITSM) platforms such as ServiceNow and Zendesk. Turnkey integrations with Human Resources Information Systems (HRIS) such as Workday are under development. Nametag’s platform supports a deep level of configuration and customization, including industry-leading privacy controls.

    Nametag VerifiedHire™ is available today. Visit getnametag.com to learn more and view a demo.

    About Nametag
    Nametag provides integrated identity verification and account protection solutions that prevent modern impersonation threats and streamline user experiences. Powered by Deepfake Defense™, Nametag detects and blocks sophisticated attacks which bypass other, outdated approaches to user verification, delivering the highest possible level of identity assurance. Nametag’s out-of-the-box solutions help enterprises secure their entire user account lifecycle, from onboarding through recovery, while ensuring compliance with the latest privacy standards. Security-conscious enterprises trust Nametag to protect their businesses and reduce IT and support costs. For more information, visit getnametag.com.

    Nametag Media Contact:
    Jennifer Schenberg
    PenVine for Nametag
    917-445-4454
    jennifer@penvine.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7a13a7c-3efe-4e03-ae07-f395f05d3af5

    The MIL Network –

  • MIL-OSI: BOS to Present at the Emerging Growth Conference on February 18, 2025

    Source: GlobeNewswire (MIL-OSI)

    RISHON LE ZION, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), an integrator of supply chain technologies, is pleased to announce that Eyal Cohen, Chief Executive Officer, will present at the Emerging Growth Conference on Tuesday, February 18, 2025, at 9:40 am Eastern Time.

    Mr. Cohen will provide an overview presentation and may subsequently open the floor for questions. Questions may be submitted in advance to Questions@EmergingGrowth.com.

    Investors can register in advance to attend the conference and receive any updates at: https://goto.webcasts.com/starthere.jsp?ei=1696664&tp_key=a17d7ff4c2&sti=bosc.

    If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference.

    About BOS.
    BOS integrates cutting-edge technologies to streamline and enhance supply chain operations across three specialized divisions:

    • Intelligent Robotics Division: Automates industrial and logistics inventory processes through advanced robotics technologies, improving efficiency and precision.
    • RFID Division: Optimizes inventory management with state-of-the-art solutions for marking and tracking, ensuring real-time visibility and control.
    • Supply Chain Division: Integrates franchised components directly into customer products, meeting their evolving needs for developing cutting-edge products.

    For more information about BOS, please visit https://www.boscom.com/.

    For additional information, contact:

    The MIL Network –