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Category: Finance

  • MIL-OSI China: More tweaks ahead for property policy

    Source: China State Council Information Office

    Policy fine-tuning in real estate may be necessary in 2025 for China to more effectively address debt risks facing developers, a crucial link in ensuring a steady economic recovery and preventing systemic financial risks, economists and analysts said.

    Possible measures include launching a systematic policy plan that details the roadmap for risk disposal, supports debt restructuring of qualified real estate enterprises and optimizes housing delivery efforts, they said.

    “To resolve real estate market risks, it is necessary to gradually shift from simply safeguarding housing project deliveries to fully supporting qualified enterprises,” said Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.

    Zhang said a “one company, one policy” risk resolution approach is necessary as some real estate enterprises have faced difficulties in getting finance and transferring funds across projects and regions, hampering the sustainable development of the property market.

    For responsible, law-abiding developers, Zhang suggested taking a combination of measures to extend their debt maturities, reduce repayment obligations and enhance their capital via debt-to-equity swaps or new investments.

    For the tiny proportion of smaller developers involved in illegal operations, bankruptcy liquidation in line with legal regulations is needed, said Zhang.

    The Central Economic Work Conference in December decided to take the real estate sector as a crucial link in effectively preventing and defusing risks, calling for reversing the downturn of and stabilizing the property market.

    China Real Estate Information Corp (CRIC) said capital market debt maturities of Chinese property developers are projected to reach 525.7 billion yuan ($72.5 billion) in 2025, 8.9 percent up from 2024. CRIC predicts that the third quarter will be a peak of debt repayments with maturities worth about 157.4 billion yuan.

    Echoing Zhang’s views, a China Index Academy report suggested a systematic risk resolution plan for property developers, with efforts so far having primarily focused on safeguarding real estate projects.

    “A comprehensive plan aimed at addressing risks facing developers should be established, detailing methods, principles, supportive policy measures and coordination mechanisms for risk disposal.”

    To ensure that presold real estate projects have access to necessary funding, China introduced a real estate financing coordination mechanism last year.

    Via the mechanism, Chinese banks had approved 5.6 trillion yuan worth of loans to property projects as of Jan 22, financing the delivery of 14 million homes, the National Financial Regulatory Administration said.

    However, the total financing of 65 typical Chinese real estate enterprises in 2024 was 462.9 billion yuan, down 31 percent from 2023, according to CRIC.

    Shi Lulu, director of Asia-Pacific corporate ratings at Fitch Ratings, said higher debt maturities, weakening sales, declining margins and reduced cash generation may continue in 2025 for many Chinese homebuilders.

    The risk of sales failing to stabilize remains a key factor behind the negative ratings outlook or watch of some of Fitch’s rated Chinese homebuilder issuers, Shi said, though it is expected that the magnitude of negative rating actions will abate as State-owned developers have maintained access to the onshore bond market.

    “The most critical debt chain in the real estate sector lies between developers and homebuyers, rather than developers and banks or developers and foreign bond investors,” said Lu Ting, chief China economist at Nomura.

    Stressing the importance of rebuilding homebuyer confidence by ensuring that they will receive the homes they paid for, Lu said this does not always mean completing every building and requires active efforts by government departments.

    MIL OSI China News –

    February 5, 2025

  • MIL-OSI USA: Crapo Statement on Meeting With CMS Administrator Nominee

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Published: February 04, 2025

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) released the following statement after meeting with Dr. Mehmet Oz, President Trump’s nominee to be Centers for Medicare and Medicaid Services (CMS) Administrator:
    “I had a constructive meeting with Dr. Oz, where we discussed his approach to health care policy and vision for CMS.  I value his advocacy for consumer choice and his commitment to expanding Americans’ access to affordable, high-quality health care.  I look forward to considering his nomination before the Finance Committee.”

    Save image here.

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI Australia: Arrests – Theft – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested two males aged 40 and 41 in relation to copper wire theft in Alice Springs yesterday.

    Police have been investigating reports of copper wire being stolen from telecommunication pits located between the Gap and Alice Springs Airport since April 2024.

    Around 3.45pm yesterday, police received a report from Bushfires NT that two males were sighted burning copper cable casing in bushland near Norris Bell Avenue.

    General duties members attended and witnessed the pair burning the insulation to allegedly gain access to a large amount of copper cable.

    Both were arrested without incident and have been charged in relation to the theft and lighting a fire on a total fire ban day. They were remanded in custody to appear in court today.

    Investigations are ongoing and anyone with information is urged to contact police on 131 444 and quote reference P25034899. You can also report anonymously through Crime Stoppers on 1800 333 000 or through https://crimestoppersnt.com.au/.

    MIL OSI News –

    February 5, 2025

  • MIL-OSI Australia: Additional support for healthcare students and graduates from Rural, Regional and Remote locations

    Source: New South Wales Government 2

    Headline: Additional support for healthcare students and graduates from Rural, Regional and Remote locations

    Published: 5 February 2025

    Released by: Minister for Regional Health, Minister for Regional NSW

    Healthcare students and graduates living or seeking employment in rural, regional and remote NSW can now apply for 9 types of scholarships designed to support their studies and boost the state’s regional health workforce.

    Minister for Regional Health Ryan Park today opened the first round of the NSW Government’s $5 million Rural and Regional Health Career Scholarships Program for 2025, which support Students of Nursing, Midwifery, Medicine, Dentistry and Allied Health.

    Applications are now open for the Diploma of Nursing Rural Travel Support Incentive, which provides financial travel assistance for Diploma of Nursing students from a rural area (Modified Monash Model locations 3 or above) and live more than 100km (one way) from the Registered Training Organisation. Eligible students can apply for a travel incentive of $5,000 to go towards the cost of travel and accommodation related to their Diploma of Nursing studies.

    Applications are also open for the New Graduate Nursing and Midwifery Rural Support Incentive, which provides a one-off payment of $1,000 to support relocation costs for non-local graduate registered nurses and midwives seeking employment in identified rural or remote LHD locations.

    These scholarships are expected to support more than 1,100 healthcare workers.

    The full list of scholarships include:

    • Diploma of Nursing Rural Travel Support Incentive
    • New Graduate Nursing and Midwifery Rural Support Incentive
    • Allied Health Rural Generalist Program (Level 1) Scholarship
    • Allied Health Rural Generalist Diploma Rural Practice (Level 2) Scholarship
    • Rural Allied Health Assistant Scholarship
    • Aboriginal Rural Allied Health University Student Scholarship
    • Supporting Entry into University Medicine or Dentistry Scholarship (GAMSAT)
    • Supporting Entry into University Medicine or Dentistry Scholarship (UCAT)
    • Getting Started in Medicine Scholarship for First Year Students

    For more information on the $5 million Rural and Regional Health Career Scholarships Program, including eligibility criteria and opening dates, visit the NSW Health website.

    These scholarships build on a series of measures The Minns Labor Government has introduced to strengthen the state’s health workforce including:

    • Implementing the Safe Staffing Levels initiative in our emergency departments
    • Providing permanent funding for 1,112 FTE nurses and midwives on an ongoing basis
    • Abolishing the wages cap and delivering the highest pay increase in more than a decade for nurses and other health workers
    • Investing an additional $200.1 million in key worker accommodation
    • Beginning to roll out 500 additional paramedics in regional, rural and remote communities
    • Boosting subsidies for regional health workers.

    Quotes attributable to Minister for Regional Health Ryan Park:

    “Staffing our regional, rural and remote healthcare facilities is a major challenge.

    “This year the program is expected to support 150 nursing and midwifery students, 100 medical and dentistry and 35 allied health students from regional, rural and remote locations while they undertake their healthcare studies.

    “This Program is helping to strengthen our regional, rural and remote health workforce in NSW, which will result in improved experiences for patients living in these locations.”

    Quotes attributable to Minister for Regional NSW Tara Moriarty:

    “Ensuring rural and regional communities have access to the best healthcare is a key priority for the Minns Government and also a significant challenge.

    “These scholarships are not just a great opportunity for regional and rural students looking for a career in healthcare, but they will also play a part in helping recruit and retain healthcare workers in our regional communities.”

    MIL OSI News –

    February 5, 2025

  • MIL-OSI USA: Booker, DeLauro Introduce Expanded Food Safety Investigation Act

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    WASHINGTON, D.C. – U.S. Senator Cory Booker (D-NJ) and U.S. Representative Rosa DeLauro (D-CT-03) introduced the Expanded Food Safety Investigation Act (EFSIA), legislation that would grant the Food and Drug Administration (FDA) the authority to collect microbial samples from concentrated animal feeding operations (CAFOs), also known as factory farms, during outbreaks or when there is a public health need. 

    Factory farming is at the heart of the spread of bird flu. The reintroduction of this legislation comes as public health experts raise alarms about the ongoing threat of H5N1, avian influenza, as variations continue to mutate, and in addition to persistent foodborne illness risks.  

    The CDC reports that 1 in 6 Americans suffer from foodborne illnesses annually, resulting in 128,000 hospitalizations and 3,000 deaths. Many of these illnesses stem from bacteria and other microbes originating in animal agriculture. Over 55 percent of foodborne Salmonella cases are linked to animals and animal products. Harmful bacteria from animal production facilities also contaminate fields of produce, further endangering consumers.

    Despite these clear threats, public health agencies currently lack the authority to conduct microbial sampling on factory farms, limiting their ability to investigate and prevent outbreaks. Investigators are frequently denied access to farms, obstructing efforts to pinpoint the source of outbreaks and implement safeguards.

    “Every year, thousands of Americans fall victim to foodborne illnesses,” said Senator Booker. “Currently, the FDA lacks the jurisdiction to investigate outbreaks and identify the sources of contaminated food stemming from animal agriculture. This bicameral legislation will reduce the prevalence of foodborne diseases by empowering the FDA and other public health agencies to properly respond to and investigate outbreaks when they happen and get contaminated food off our grocery shelves.”

    “It is clear that corporate consolidation has made our food system more vulnerable—not only to foodborne illness but also to emerging public health threats like H5N1,” said Representative DeLauro. “This crisis is exacerbated by a weak FDA, which lacks the authority to properly investigate outbreaks and remove contaminated food from the market. Under current law, multinational corporations can obstruct FDA foodborne illness investigations, delaying critical public health interventions. That cannot continue. That is why I am reintroducing the Expanded Food Safety Investigation Act, which will ensure FDA has the power to investigate corporate agribusinesses, respond effectively to public health threats, and protect American consumers.”

    “The Expanded Food Safety Act would close a critical gap in our public health safety net by allowing outbreak investigators a chance to trace the source of outbreaks on large animal farms,” said Sarah Sorscher, Director of Regulatory Affairs at Center for Science in the Public Interest. “This common sense safeguard is long overdue and can help provide solutions to stop outbreaks at their source.”

    The legislation is endorsed by American Society for the Prevention of Cruelty to Animals (ASPCA), Animal Rights Initiative, Antibiotic Resistance Action Center at The George Washington University, Associated Humane Societies, Center for Biological Diversity, Center for Food Safety, Center for Science in the Public Interest, Ceres Community Project, Chilis on Wheels, Compassionate Action for Animals, Consumer Federation of America, Consumer Reports, Earthjustice, Environmental Working Group, Farm Forward, Farm Sanctuary, Food and Water Watch, Food Animal Concerns Trust, Friends of the Earth, Godspeed Horse Hostel Inc, Government Accountability Project, Iowa Environmental Council, KWT Consulting, Mercy For Animals, National Sustainable Agriculture Coalition, Natural Resources Defense Council, Mercy For Animals, PIRG, San Francisco Bay Physicians for Social Responsibility, Slow Food USA, STOP Foodborne Illness, Strategies for Ethical & Environmental Development (SEED), Texas Humane Legislation Network, Vegan Activist Alliance, and World Animal Protection.

    The full text of the bill can be found here.

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI: Landmark Bancorp, Inc. Announces 6.3% Increase in Net Earnings for the Year Ended December 31, 2024, and Fourth Quarter Earnings Per Share of $0.57. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, Feb. 04, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.57 for the three months ended December 31, 2024, compared to $0.68 per share in the third quarter of 2024 and $0.46 per share in the same quarter last year. Net income for the fourth quarter totaled $3.3 million, compared to $2.6 million in the fourth quarter of 2023 and $3.9 million in the prior quarter. For the three months ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 9.54% and the efficiency ratio was 70.0%.

    For the year ended December 31, 2024, diluted earnings per share totaled $2.26 compared to $2.13 during 2023. Net earnings for 2024 totaled $13.0 million, compared to $12.2 million in 2023, or an increase of 6.3%. For the year ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 10.01% and the efficiency ratio was 69.1%.

    2024 Performance Highlights

      ● Fourth quarter loan growth totaled $50.5 million or an annualized increase of 20.1% over the prior quarter.
      ● For the year, gross loans grew $103.7 million or 10.9%.
      ● Net interest margin improved 21 basis points to 3.51% compared to 3.30% in prior quarter.
      ● Deposits increased $53.3 million, or 16.6% annualized, from the prior quarter.
      ● Total borrowings decreased $34.7 million in the fourth quarter.
      ● A pre-tax loss of $1.0 million was realized in the fourth quarter to reposition a portion of the investment portfolio.
      ● Credit quality remained good with net charge-offs totaling $219,000 in the fourth quarter.
         

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “During 2024, we experienced strong loan demand, especially for residential mortgages and commercial real estate loans. In the fourth quarter 2024, we saw strong growth in virtually all loan categories, with total gross loans increasing by $51 million or 20% (annualized). Total deposits also increased in the fourth quarter by more than $53 million, mostly due to seasonal growth in money market and interest checking accounts. The increase in deposits coupled with investment securities sales and maturities this quarter helped fund loan growth and reduce expensive short-term borrowings. For the year, net interest income grew 5.6% over the previous year while in the fourth quarter 2024 our net interest margin improved to 3.51%. Strategic investments in our people and product offerings resulted in higher non-interest expenses, particularly in the fourth quarter. Credit quality remained solid overall.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid March 5, 2025, to common stockholders of record as of the close of business on February 19, 2025. On December 16, 2024, the Company issued a 5% stock dividend to common stockholders, representing the 24th consecutive year that a stock dividend has been paid.

    Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, February 5, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 296482. A replay of the call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

    Net Interest Income

    Net interest income in the fourth quarter of 2024 amounted to $12.4 million representing an increase of $795,000, or 6.9%, compared to the previous quarter. The increase in net interest income was due mainly to lower interest expense on deposits and other borrowed funds. The net interest margin increased to 3.51% during the fourth quarter from 3.30% during the prior quarter. Compared to the previous quarter, interest income on loans increased $22,000 to $16.0 million due to higher average balances but partially offset by lower yields on loans. Average loan balances increased $24.5 million while the average tax-equivalent yield on the loan portfolio decreased 15 basis points to 6.28%. Interest on investment securities declined slightly due to lower balances while partially offset by higher earning rates. Compared to the third quarter 2024, interest on deposits decreased $480,000, or 8.2% mainly due to lower rates, while interest on other borrowed funds declined by $363,000, due to lower rates and balances. The average rate on interest-bearing deposits decreased 23 basis points to 2.25% while the average rate on other borrowed funds decreased 51 basis points to 5.10% in the fourth quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the fourth quarter of 2024, a decrease of $882,000 from the previous quarter. The decrease in non-interest income during the fourth quarter of 2024 was primarily due to a $1.0 million loss on the sales of lower yielding investment securities mentioned above, while the third quarter of 2024 did not include any sales of investment securities. Additionally, lower sales of residential mortgages this quarter resulted in a decline of $182,000 in gains on sales of these mortgages. The decline in other non-interest income of $221,000 this quarter compared to the prior quarter resulted from sales of premises, equipment and foreclosed assets that did not re-occur in the current quarter. Partially offsetting those declines was an increase of $722,000 in bank owned life insurance income.

    Non-Interest Expense

    During the fourth quarter of 2024, non-interest expense totaled $11.9 million, an increase of $1.3 million compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $470,000 in professional fees and $461,000 in compensation and benefits. The increase in professional fees this quarter was primarily due to higher consulting costs on several initiatives. The increase in compensation and benefits was attributable to an increase in employees and higher incentive compensation costs.

    Income Tax Expense (Benefit)

    Landmark recorded an income tax benefit of $886,000 in the fourth quarter of 2024 compared to income tax expense of $867,000 in the prior quarter. The effective tax rate was (37.0%) in the fourth quarter of 2024 compared to 18.1% in the third quarter of 2024. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which reduced the effective tax rate.

    Balance Sheet Highlights

    As of December 31, 2024, gross loans totaled $1.1 billion, an increase of $50.5 million, or 20.1% annualized since September 30, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $21.1 million), commercial (growth of $10.7 million), agriculture (growth of $8.6 million) and one-to-four family residential real estate (growth of $7.8 million) loans. Investment securities decreased $38.5 million during the fourth quarter of 2024 and included sales of $36.0 million in low-rate U.S. treasury securities offset by purchases of $18.0 million in market rate U.S. treasury securities. Pre-tax unrealized net losses on the investment securities portfolio increased from $13.3 million at September 30, 2024 to $20.9 million at December 31, 2024 mainly due to higher market rates for these securities at year end.

    Period end deposit balances increased $53.3 million to $1.3 billion at December 31, 2024. The increase in deposits was mainly driven by an increase in money market and checking (increase of $71.3 million) but partially offset by declines in certificates of deposit (decrease of $9.2 million) and non-interest-bearing demand deposits (decrease of $8.6 million). The increase in money market and checking accounts was mainly driven by seasonal growth in public fund deposit account balances. Total borrowings decreased $34.7 million during the fourth quarter 2024. At December 31, 2024, the loan to deposits ratio was 78.2% compared to 77.6% in the prior quarter.

    Stockholders’ equity decreased to $136.2 million (book value of $23.59 per share) as of December 31, 2024, from $139.7 million (book value of $24.18 per share) as of September 30, 2024. The decrease in stockholders’ equity was due to an increase in accumulated other comprehensive losses as the unrealized net losses on investments securities increased during the fourth quarter. The ratio of equity to total assets decreased to 8.65% on December 31, 2024, from 8.93% on September 30, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.22% of total gross loans on December 31, 2024, compared to $11.5 million, or 1.15% of total gross loans on September 30, 2024. Net loan charge-offs totaled $219,000 in the fourth quarter of 2024, compared to $9,000 during the third quarter of 2024. A provision for credit losses for loans of $1.5 million was recorded in the fourth quarter of 2024 compared to $650,000 in the third quarter of 2024.

    Non-performing loans totaled $13.1 million, or 1.25% of gross loans at December 31, 2024 compared to $13.4 million, or 1.34% of gross loans at September 30, 2024. Loans 30-89 days delinquent declined to $6.2 million, or 0.59% of gross loans, as of December 31, 2024, compared to $7.3 million, or 0.73% of gross loans, as of September 30, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of changing inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including changes in interpretation or prioritization; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of additional rate changes, if any, by the Federal Reserve; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (unaudited)

        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Dollars in thousands)   2024     2024     2024     2024     2023  
    Assets                                        
    Cash and cash equivalents   $ 20,275     $ 21,211     $ 23,889     $ 16,468     $ 27,101  
    Interest-bearing deposits at other banks     4,110       4,363       4,881       4,920       4,918  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     64,458       83,753       89,325       93,683       95,667  
    Municipal obligations, tax exempt     107,128       112,126       114,047       118,445       120,623  
    Municipal obligations, taxable     71,715       75,129       74,588       75,371       79,083  
    Agency mortgage-backed securities     129,211       140,004       142,499       149,777       157,396  
    Total investment securities available-for-sale     372,512       411,012       420,459       437,276       452,769  
    Investment securities held-to-maturity     3,672       3,643       3,613       3,584       3,555  
    Bank stocks, at cost     6,618       7,894       9,647       7,850       8,123  
    Loans:                                        
    One-to-four family residential real estate     352,209       344,380       332,090       312,833       302,544  
    Construction and land     25,328       23,454       30,480       24,823       21,090  
    Commercial real estate     345,159       324,016       318,850       323,397       320,962  
    Commercial     192,325       181,652       178,876       181,945       180,942  
    Agriculture     100,562       91,986       84,523       86,808       89,680  
    Municipal     7,091       7,098       6,556       5,690       4,507  
    Consumer     29,679       29,263       29,200       28,544       28,931  
    Total gross loans     1,052,353       1,001,849       980,575       964,040       948,656  
    Net deferred loan (fees) costs and loans in process     (307 )     (63 )     (583 )     (578 )     (429 )
    Allowance for credit losses     (12,825 )     (11,544 )     (10,903 )     (10,851 )     (10,608 )
    Loans, net     1,039,221       990,242       969,089       952,611       937,619  
    Loans held for sale, at fair value     3,420       3,250       2,513       2,697       853  
    Bank owned life insurance     39,056       39,176       38,826       38,578       38,333  
    Premises and equipment, net     20,220       20,976       20,986       20,696       19,709  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,578       2,729       2,900       3,071       3,241  
    Mortgage servicing rights     3,061       3,041       2,997       2,977       3,158  
    Real estate owned, net     167       428       428       428       928  
    Other assets     26,855       23,309       28,149       29,684       28,988  
    Total assets   $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     351,595       360,188       360,631       364,386       367,103  
    Money market and checking     636,963       565,629       546,385       583,315       613,613  
    Savings     145,514       145,825       150,996       154,000       152,381  
    Certificates of deposit     194,694       203,860       192,470       191,823       183,154  
    Total deposits     1,328,766       1,275,502       1,250,482       1,293,524       1,316,251  
    FHLB and other borrowings     53,046       92,050       131,330       74,716       64,662  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     13,808       9,528       8,745       15,895       12,714  
    Accrued interest and other liabilities     20,656       25,229       20,292       20,760       19,480  
    Total liabilities     1,437,927       1,423,960       1,432,500       1,426,546       1,434,758  
    Stockholders’ equity:                                        
    Common stock     58       55       55       55       55  
    Additional paid-in capital     95,051       89,532       89,469       89,364       89,208  
    Retained earnings     56,934       60,549       57,774       55,912       54,282  
    Treasury stock, at cost     –       (396 )     (330 )     (249 )     (75 )
    Accumulated other comprehensive loss     (15,828 )     (10,049 )     (18,714 )     (18,411 )     (16,556 )
    Total stockholders’ equity     136,215       139,691       128,254       126,671       126,914  
    Total liabilities and stockholders’ equity   $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217     $ 1,561,672  


    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Earnings (unaudited)

        Three months ended,     Year ended,  
        December 31,     September 30,     December 31,     December 31,     December 31,  
    (Dollars in thousands, except per share amounts)   2024     2024     2023     2024     2023  
    Interest income:                                        
    Loans   $ 15,955     $ 15,933     $ 14,223     $ 61,400     $ 51,753  
    Investment securities:                                        
    Taxable     2,210       2,301       2,453       9,298       9,594  
    Tax-exempt     738       747       761       3,008       3,094  
    Interest-bearing deposits at banks     49       41       49       193       242  
    Total interest income     18,952       19,022       17,486       73,899       64,683  
    Interest expense:                                        
    Deposits     5,350       5,830       4,879       22,310       15,254  
    FHLB and other borrowings     737       1,100       1,203       3,886       4,048  
    Subordinated debentures     389       416       422       1,635       1,590  
    Repurchase agreements     77       72       96       344       499  
    Total interest expense     6,553       7,418       6,600       28,175       21,391  
    Net interest income     12,399       11,604       10,886       45,724       43,292  
    Provision for credit losses     1,500       500       50       2,300       349  
    Net interest income after provision for credit losses     10,899       11,104       10,836       43,424       42,943  
    Non-interest income:                                        
    Fees and service charges     2,710       2,880       2,763       10,742       10,220  
    Gains on sales of loans, net     522       704       255       2,386       2,269  
    Bank owned life insurance     976       254       242       1,723       913  
    Losses on sales of investment securities, net     (1,031 )     –       (1,246 )     (1,031 )     (1,246 )
    Other     194       415       240       924       1,074  
    Total non-interest income     3,371       4,253       2,254       14,744       13,230  
    Non-interest expense:                                        
    Compensation and benefits     6,264       5,803       5,756       23,103       22,681  
    Occupancy and equipment     1,550       1,429       1,429       5,663       5,565  
    Data processing     452       464       462       1,889       1,940  
    Amortization of mortgage servicing rights and other intangibles     240       256       437       1,164       1,844  
    Professional fees     1,043       573       730       2,912       2,452  
    Valuation allowance on real estate held for sale     –       –       –       1,108       –  
    Other     2,325       2,034       1,748       8,240       7,501  
    Total non-interest expense     11,874       10,559       10,562       44,079       41,983  
    Earnings before income taxes     2,396       4,798       2,528       14,089       14,190  
    Income tax expense (benefit)     (886 )     867       (111 )     1,086       1,954  
    Net earnings   $ 3,282     $ 3,931     $ 2,639     $ 13,003     $ 12,236  
                                             
    Net earnings per share (1)                                        
    Basic   $ 0.57     $ 0.68     $ 0.46     $ 2.26     $ 2.13  
    Diluted     0.57       0.68       0.46       2.26       2.13  
    Dividends per share (1)     0.20       0.20       0.19       0.80       0.76  
    Shares outstanding at end of period (1)     5,775,198       5,776,282       5,751,475       5,775,198       5,751,475  
    Weighted average common shares outstanding – basic (1)     5,775,227       5,765,348       5,755,175       5,758,056       5,751,585  
    Weighted average common shares outstanding – diluted (1)     5,789,764       5,770,514       5,755,175       5,764,282       5,754,840  
                                             
    Tax equivalent net interest income   $ 12,574     $ 11,777     $ 11,017     $ 46,428     $ 44,040  
    (1 ) Share and per share values at or for the periods ended September 30, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
         

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)

        As of or for the three months ended,     As of or for the year ended,  
        December 31,     September 30,     December 31,     December 31,     December 31,  
    (Dollars in thousands, except per share amounts)   2024     2024     2023     2024     2023  
    Performance ratios:                                        
    Return on average assets (1)     0.83 %     1.01 %     0.67 %     0.83 %     0.80 %
    Return on average equity (1)     9.54 %     11.95 %     9.39 %     10.01 %     10.70 %
    Net interest margin (1)(2)     3.51 %     3.30 %     3.11 %     3.28 %     3.17 %
    Effective tax rate     -37.0 %     18.1 %     -4.4 %     7.7 %     13.8 %
    Efficiency ratio (3)     70.0 %     66.5 %     71.9 %     69.1 %     71.2 %
    Non-interest income to total income (3)     25.9 %     25.5 %     24.3 %     25.3 %     25.1 %
                                             
    Average balances:                                        
    Investment securities   $ 409,648     $ 428,301     $ 463,763     $ 432,928     $ 486,268  
    Loans     1,010,153       985,659       934,333       974,293       891,487  
    Assets     1,568,821       1,562,482       1,555,742       1,558,236       1,535,694  
    Interest-bearing deposits     944,969       936,218       910,610       938,223       892,373  
    FHLB and other borrowings     57,507       77,958       84,408       70,226       74,210  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     12,212       10,774       13,785       12,216       18,361  
    Stockholders’ equity   $ 136,933     $ 132,271     $ 111,560     $ 129,944     $ 114,339  
                                             
    Average tax equivalent yield/cost (1):                                        
    Investment securities     3.03 %     2.99 %     2.86 %     3.00 %     2.76 %
    Loans     6.28 %     6.43 %     6.04 %     6.30 %     5.81 %
    Total interest-bearing assets     5.34 %     5.38 %     4.97 %     5.28 %     4.71 %
    Interest-bearing deposits     2.25 %     2.48 %     2.13 %     2.38 %     1.71 %
    FHLB and other borrowings     5.10 %     5.61 %     5.65 %     5.53 %     5.45 %
    Subordinated debentures     7.15 %     7.64 %     7.73 %     7.55 %     7.34 %
    Repurchase agreements     2.51 %     2.66 %     2.79 %     2.82 %     2.72 %
    Total interest-bearing liabilities     2.52 %     2.82 %     2.54 %     2.70 %     2.13 %
                                             
    Capital ratios:                                        
    Equity to total assets     8.65 %     8.93 %     8.13 %                
    Tangible equity to tangible assets (3)     6.58 %     6.84 %     5.98 %                
    Book value per share   $ 23.59     $ 24.18     $ 22.07                  
    Tangible book value per share (3)   $ 17.53     $ 18.11     $ 15.87                  
                                             
    Rollforward of allowance for credit losses (loans):                                        
    Beginning balance   $ 11,544     $ 10,903     $ 10,970     $ 10,608     $ 8,791  
    Adoption of CECL     –       –       –       –       1,523  
    Charge-offs     (246 )     (153 )     (442 )     (659 )     (850 )
    Recoveries     27       144       80       476       894  
    Provision for credit losses for loans     1,500       650       –       2,400       250  
    Ending balance   $ 12,825     $ 11,544     $ 10,608     $ 12,825     $ 10,608  
                                             
    Allowance for unfunded loan commitments   $ 150     $ 300     $ 200                  
                                             
    Non-performing assets:                                        
    Non-accrual loans   $ 13,115     $ 13,415     $ 2,391                  
    Accruing loans over 90 days past due     –       –       –                  
    Real estate owned     167       428       928                  
    Total non-performing assets   $ 13,282     $ 13,843     $ 3,319                  
                                             
    Loans 30-89 days delinquent   $ 6,201     $ 7,301     $ 1,582                  
                                             
    Other ratios:                                        
    Loans to deposits     78.21 %     77.64 %     71.23 %                
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.59 %     0.73 %     0.17 %                
    Total non-performing loans to gross loans outstanding     1.25 %     1.34 %     0.25 %                
    Total non-performing assets to total assets     0.84 %     0.89 %     0.21 %                
    Allowance for credit losses to gross loans outstanding     1.22 %     1.15 %     1.12 %                
    Allowance for credit losses to total non-performing loans     97.79 %     86.05 %     443.66 %                
    Net loan charge-offs to average loans (1)     0.09 %     0.00 %     0.15 %     0.03 %     -0.01 %
    (1 ) Information is annualized.
    (2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
         

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)

        As of or for the three months ended,     As of or for the year ended,  
        December 31,     September 30,     December 31,     December 31,     December 31,  
    (Dollars in thousands, except per share amounts)   2024     2024     2023     2024     2023  
                                   
    Non-GAAP financial ratio reconciliation:                                        
    Total non-interest expense   $ 11,874     $ 10,559     $ 10,562     $ 44,079     $ 41,983  
    Less: foreclosure and real estate owned expense     (13 )     (23 )     (40 )     (47 )     (61 )
    Less: amortization of other intangibles     (151 )     (171 )     (174 )     (663 )     (765 )
    Less: valuation allowance on real estate held for sale     –       –       –       (1,108 )     –  
    Adjusted non-interest expense (A)     11,710       10,365       10,348       42,261       41,157  
                                             
    Net interest income (B)     12,399       11,604       10,886       45,724       43,292  
                                             
    Non-interest income     3,371       4,253       2,254       14,744       13,230  
    Less: losses on sales of investment securities, net     1,031       –       1,246       1,031       1,246  
    Less: gains on sales of premises and equipment and foreclosed assets     (62 )     (273 )     –       (326 )     (1 )
    Adjusted non-interest income (C)   $ 4,340     $ 3,980     $ 3,500     $ 15,449     $ 14,475  
                                             
    Efficiency ratio (A/(B+C))     70.0 %     66.5 %     71.9 %     69.1 %     71.2 %
    Non-interest income to total income (C/(B+C))     25.9 %     25.5 %     24.3 %     25.3 %     25.1 %
                                             
    Total stockholders’ equity   $ 136,215     $ 139,691     $ 126,914                  
    Less: goodwill and other intangible assets     (34,955 )     (35,106 )     (35,618 )                
    Tangible equity (D)   $ 101,260     $ 104,585     $ 91,296                  
                                             
    Total assets   $ 1,574,142     $ 1,563,651     $ 1,561,672                  
    Less: goodwill and other intangible assets     (34,955 )     (35,106 )     (35,618 )                
    Tangible assets (E)   $ 1,539,187     $ 1,528,545     $ 1,526,054                  
                                             
    Tangible equity to tangible assets (D/E)     6.58 %     6.84 %     5.98 %                
                                             
    Shares outstanding at end of period (F)     5,775,198       5,776,282       5,751,475                  
                                             
    Tangible book value per share (D/F)   $ 17.53     $ 18.11     $ 15.87                  

    The MIL Network –

    February 5, 2025

  • MIL-OSI United Kingdom: Birmingham scores transformative investment into new Sports Quarter

    Source: United Kingdom – Executive Government & Departments

    US company Knighthead have invested £100m to build new Sports Quarter in East Birmingham.

    • Following on from the Chancellors plans to go ‘further, faster on growth’ US company Knighthead has invested £100m in regeneration project in East Birmingham.
    • The Sports Quarter project will include a 60,000-seat stadium, sporting facilities and commercial and residential spaces, creating 8,400 new jobs and driving further investment.
    • Announcement is the latest in a series of job-boosting investments across the country showing the Plan for Change is working.

    US company Knighthead has invested £100 million into East Birmingham, showing how the Government’s Plan for Change is boosting jobs and opportunities in the West Midlands.

    The new site is estimated to create 8,400 new jobs annually in Birmingham while also supporting the wider city and West Midlands. The investment will pave the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches. Beyond sport, the campus plans also include leisure, commercial, and residential development.

    Business Secretary Jonathan Reynolds will visit the site and learn about how the new Sports Quarter and surrounding area is projected to provide £370 million in growth each year.  

    Securing investment is central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    The West Midlands is a powerhouse for investment, and this project will not only play a vital role in bringing thousands of new jobs into the area but will put more money into the pockets of the local community here in East Birmingham.

    Seeing global investors put billions in the UK economy shows the Plan for Change is working, with more and more companies choosing Britain. This is another vote of confidence in our plans to deliver growth that supports skilled jobs and raises living standards across the country.

    This is the latest in a series of investment projects into the West Midlands, as the region continues to be a powerhouse for investment. The West Midlands attracted over 130 Foreign Direct Investment Projects in 2024, creating 7,581 jobs.

    Unleashing the full potential of the UK’s cities and regions is a core objective of the government’s Industrial Strategy. Facilitating investments like this is central to achieving this goal.

    Secretary of State for Culture, Media and Sport, Lisa Nandy said:

    The Birmingham Sports Quarter is an exciting venture that highlights how sport can be an important driver for regeneration and growth.

    Across the divisions, our professional football clubs are vital community assets at the heart of towns and cities around the country, so it is fantastic to see investment directly benefiting residents of Birmingham and the wider region.

    Investment continues to flow into the UK sports sector on an unprecedented level. The UK is an appealing destination for investors aiming to capitalise on diverse revenue streams and long-term growth prospects.

    The commercial attractiveness of the UK sports sector is underpinned by both legacy and heritage and its position at the cutting edge of innovative subsectors such as sports-tech and women’s sports.

    The Business Secretary’s visit comes after Birmingham City Football Club’s Chairman Tom Wagner’s meeting with Minister for Investment Baroness Gustafsson OBE at One Goal, the government’s annual sports investment conference. The Department for Business and Trade continues to support transformational institutional investment into UK sport and local communities.

    Co-founder of Knighthead & Chairman of Birmingham City Football Club Tom Wagner said:

    Birmingham and the West Midlands have huge untapped potential for growth, and we intend to seize that opportunity. With the support of government, the Sports Quarter can be a catalyst for regeneration, transforming the prospects for people in of one of the poorest parts of the UK and crowding in interest and investment from around the globe.

    Richard Parker, Mayor of the West Midlands, said:

    This investment is a huge vote of confidence in Birmingham and the West Midlands. It was made possible by strong partnerships with Knighthead and others committed to our region’s growth.

    We’ve worked to create the perfect conditions to attract investment, and this will bring thousands of jobs, new opportunities, and a major economic boost.

    Working with Tom Wagner and Knighthead, we’ll unlock our region’s full potential – delivering the Sports Quarter and lasting change for the region.

    The announcement comes after the Chancellor vowed to go further and faster to kickstart economic growth last week, as the government wants to help put more money in people’s pockets.

    The Budget in the Autumn fixed the foundations of the UK’s economy by putting in place measures to support economic and fiscal stability and long-term investment in national infrastructure.

    Securing investment is central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

    The government’s new modern Industrial Strategy will deliver long-term, sustainable, inclusive growth right across the UK by driving investment into the economy and hardwire stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.

    Notes to editors

    • Today’s announcement comes off the back of Knighthead announcing its £3 billion regeneration project last March and also follows the company’s acquisition of Birmingham City Football Club in 2023.

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    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

    February 5, 2025

  • MIL-OSI USA: Wisconsin Man Indicted for Selling and Smuggling Firearms to Buyers in Saudi Arabia

    Source: US State Government of Utah

    A six-count indictment was unsealed today charging Mark John Buschman, 60, of Viroqua, Wisconsin, for allegedly selling firearms and related parts without a license to buyers in Saudi Arabia, shipping the prohibited items, and then lying to federal inspectors about it.

    According to the indictment, Buschman allegedly conducted an illegal export conspiracy for more than five years, lasting from about February 2019 to about December 2024. Buschman obtained firearms and firearms parts in the U.S. and advertised the items for sale on eBay and other online marketplace-style websites. When buyers in Saudi Arabia expressed interest in the items for sale, he agreed to sell and ship the items out of the country to them. Throughout the course of the conspiracy, Saudi Arabian-based buyers paid the defendant approximately $398,000.

    Court documents indicate that serial numbers from some of the firearms and firearms parts were removed before he shipped the items. The defendant then prepared the items further before shipping them by concealing the firearms and firearm parts inside of common household appliances and tools such as toasters, coffee makers, space heaters, fans, and landscaping edge trimmers. For example, the defendant concealed rifle barrels in items such as car axles, and smaller pistols inside of toasters. Using a fake return address, the defendant shipped the items through the U.S. Postal Service to freight forwarders, which are companies that specialize in the logistics of shipping items from one country to another. The defendant allegedly shipped the items to freight forwarding companies that operated out of Ohio, New Jersey, Oregon, and elsewhere without declaring that the shipments contained firearms and firearms parts.

    Buschman is charged by indictment with conspiracy to smuggle goods from the United States; attempted smuggling of goods from the United States; transporting and shipping firearms with removed, obliterated, or altered serial numbers; mailing firearms as nonmailable prohibited items; unlawful dealing in firearms without a license; and making false statements to law enforcement. If convicted on all counts, Buschman faces a maximum penalty of 42 years in prison and fines of up to $1.5 million. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Homeland Security Investigations Cleveland Office, U.S. Postal Inspection Service Cleveland Office, and Bureau of Alcohol, Tobacco, Firearms & Explosives are investigating the case with assistance from U.S. Customs and Border Protection.

    Assistant U.S. Attorneys Matthew Shepherd and Jerome J.  Teresinski for the Northern District of Ohio, Trial Attorney Christopher Cook of the National Security Division’s Counterintelligence and Export Section, and Assistant U.S. Attorney Corey Stephan for the Western District of Wisconsin prosecuted the case.

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI Security: Owner of District Real Estate Company Sentenced for Defrauding Paycheck Protection Program

    Source: Office of United States Attorneys

                WASHINGTON – Patrick Strauss, 54, of Washington D.C., was sentenced today in U.S. District Court to 48 months of probation – including six months of home confinement to be followed by a period of intermittent incarceration, that is, 26 weekends in jail – and ordered to pay restitution in the amount of $304,900 and fined $8,784, all for participating in a conspiracy that fraudulently obtained more than $304,000 in Paycheck Protection Program loans.

               The sentence was announced by U.S. Attorney Edward R. Martin Jr., FBI Special Agent in Charge Sean Ryan of the Washington Field Office Criminal and Cyber Division, D.C. Inspector General Daniel Lucas, and Executive Special Agent in Charge Kareem A. Carter of the Internal Revenue Service – Criminal Investigation (IRS-CI) Washington, D.C., Field Office. 

               Strauss pleaded guilty on September 12, 2024, to one count of conspiracy to commit bank fraud. According to court documents, Strauss was owner of Powergrid Real Estate LLC. In 2020, he was approached by someone who asked him if he wanted to file an application for a PPP loan. Strauss was aware that Powergrid did not qualify for a PPP loan because it had no employees and no payroll.

               A co-conspirator prepared the PPP loan application for Powergrid, that falsely claimed that the company had 16 employees and an average monthly payroll of $132,547.17. The co-conspirator also prepared phony federal tax forms and payroll records to support the fraudulent PPP loan applications.

              In July 2020, Strauss submitted the PPP loan application to Capital Bank. On July 29, 2020, Capital Bank wired $304,900 into Powergrid’s bank account. In July 2021, a co-conspirator prepared false and fraudulent federal tax returns. Strauss submitted the faked papers to Capital Bank in support of loan forgiveness for Powergrid. 

               The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through the PPP.  In April 2020, Congress authorized over $300 billion in additional PPP funding. 

               The PPP allowed qualifying small-businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1 percent. PPP loan proceeds were required be used by businesses on payroll costs, interest on mortgages, rent, and utilities. The PPP allowed the interest and principal on the PPP loan to be forgiven if the business spent the loan proceeds on these expense items within a designated time after receiving the proceeds and used at least a certain percentage of the PPP loan proceeds on payroll expenses. 

               The case was investigated jointly by U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and the Internal Revenue Service – Criminal Investigation (IRS-CI) Washington, D.C., Field Office. In announcing the sentence, U.S. Attorney Martin commended the work of those who investigated the case.

               This matter was prosecuted by Assistant U.S. Attorney John Crabb, Jr. 

               Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    24cr374

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Oregon Check Casher Sentenced to Federal Prison for Payroll Tax Scheme Involving $177 Million

    Source: Office of United States Attorneys

    PORTLAND, Ore.–A Tualatin, Oregon man was sentenced to federal prison today for conspiring to defraud the United States and filing false currency transaction reports.

    David Katz, 48, was sentenced to 48 months in federal prison and three years’ supervised release. He was also ordered to pay $44,877,254 in restitution to the IRS.

    According to court documents and trial testimony, from January 2014 through December 2017, Katz, as president of Check Cash Pacific, Inc., conspired with others in the construction industry to defraud the United States by facilitating under-the-table payments to construction workers. To carry out the scheme, sham construction companies were created and used to cash more than $177 million in payroll checks at different Check Cash Pacific locations. The cash was used to pay construction workers under-the-table, with no taxes being withheld or reported to the IRS.

    Construction companies would notify Katz when they planned to bring checks into one of his check cashing locations so that Katz could ensure he had enough cash on hand to complete the transaction. Hundreds of thousands of dollars of payroll checks were cashed daily and Katz was aware that at least one of his co-conspirators used a false name and social security number. Acting as compliance officer, Katz allowed hundreds of false regulatory reports to be filed knowing they contained the fake identity.

    For his role in the scheme, Katz received a 2% commission on each transaction which, in total, amounted to more than $4 million. Over the course of their conspiracy, Katz and his co-conspirators prevented the IRS from collecting more than $44 million in payroll and income taxes due on the cash wages.

    On December 2, 2021, a federal grand jury in Portland returned a five-count indictment charging Katz with one count of conspiracy to defraud the United States and four counts of filing false currency transaction reports with FinCEN. On June 12, 2024, a federal jury in Portland found  Katz guilty of all charges.

    This case was investigated by IRS Criminal Investigation. It was prosecuted by Robert S. Trisotto and Andrew T. Ho, Assistant U.S. Attorneys for the District of Oregon.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Three Mexican Nationals arrested with 14 kilograms of crystal methamphetamine

    Source: Office of United States Attorneys

    Seattle – Three citizens of Mexico were arrested late last week in Bellevue, Washington in connection with a drug deal involving more than 25 pounds of crystal methamphetamine, announced U.S. Attorney Tessa M. Gorman. All three men are being held at the Federal Detention Center at SeaTac, Washington, on a criminal complaint.

    According to records filed in the case, on January 29, 2025, an undercover agent with Homeland Security Investigations began communicating with a transnational drug organization about purchasing crystal methamphetamine. The deal was set for the next day: 30 pounds of crystal methamphetamine for $62,000 to be exchanged at a restaurant parking lot in Bellevue.

    After the undercover agents were shown the drugs, they walked the defendants back towards a vehicle where they claimed the money was waiting. As law enforcement swooped in to arrest the drug traffickers, they attempted to flee but were taken into custody. The men are charged with conspiracy to distribute controlled substances and possession of controlled substances with attempt to distribute.

    The three men are identified as:

    Eber Omar Barrones-Madrid, age 24

    Juan Jose Prado-Estrada, age 25

    Jose Manuel Ochoa-Sanchez, age 27

    The charges contained in the criminal complaint are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case is being investigated by Homeland Security Investigations (HSI).

    The case is being prosecuted by Assistant United States Attorney Vince Lombardi.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI: Bitdeer Announces Strategic Acquisition of 101 MW Site and Gas-fired Power Project in Alberta to Deliver the Industry’s First Fully-Vertically Integrated Bitcoin Mining Site

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.

    The 101 MW gas-fired power project includes all permits and licenses required to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”). Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.

    Concurrently, the Company plans to build 99 MW of datacenter capacity for Bitcoin mining. This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.

    Strategic Benefits

    • Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The Company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
    • Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh1, based on current gas prices.
    • Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
    • Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.

    “We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium. It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Chief Strategy Officer at Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”

    Regarding the project, Danielle Smith, Premier of Alberta said, “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

    Estimated Costs and Development Timeline
    The Company plans to commence site preparation and initial infrastructure development in Q2 2025 and energization in Q4 2026.

    Asset Actual and Estimated Costs
    101 MW Fox Creek Site and 19-acre land near Fox Creek, Alberta $21.7 million cash
    Gas-fired power plant ~$90 million
    Electrical & datacenter infrastructure $300K per MW or ~$30 million
     

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for blockchain and high-performance computing industry. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    BlocksBridge Consulting
    Nishant Sharma
    bitdeer@blocksbridge.com

    1 Assumes natural gas costs of ~$2.06 / GJ, plus regular maintenance and O&M

    The MIL Network –

    February 5, 2025

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.04.25

    Cantwell Votes NO On Advancing RFK Jr.’s Nomination for HHS Secretary

    WASHINGTON, D.C. – Today, at a meeting of the Senate Committee on Finance, U.S. Senator Maria Cantwell (D-WA) voted no on advancing the nomination of Robert F. Kennedy Jr., President Trump’s nominee to serve as Secretary of Health and Human Services.

    “I wanted to vote for Mr. Kennedy in the context of my family’s history. My dad stood behind his father the night his father gave the famous speech. I told him in my office, in my family, the Kennedy’s stood up. But when he answered Senator Cassidy’s question, and he couldn’t even give him the answer — that yes, the data is there to support vaccines today — I don’t need any more data, all of a sudden.”

    Sen. Cantwell continued: “I need someone at HHS who is going to say, we are going to be a leader in medical technology, science, vaccines, we are going to fight foreign powers, we are going to be there to provide global health. And I don’t want a recalcitrant. I need a leader. And that is why I’m voting no,” said Sen. Cantwell.

    The speech Sen. Cantwell referenced was on the night of Dr. Martin Luther King Jr.’s assassination on April 4, 1968, when Sen. Robert F. Kennedy Sr. spoke in Indianapolis and delivered the tragic news to attendees. Her father, Paul Cantwell, was standing just behind the late Senator during that speech. Today, the Kennedy-King National Commemorative Site near the site of the speech honors both Dr. King and Sen. Kennedy.   

    Last week, Sen. Cantwell grilled Robert F. Kennedy Jr. during his nomination hearing before the Senate Finance Committee on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health:

    “I represent a very big innovation state – innovation in health care, specifically. Innovation like NIH funding to the Fred Hutch Cancer Center that helped develop the HPV vaccine, which has the potential to eliminate over 95% of cervical cancer. NIH also funds a lot of jobs and grants – nearly 11,000 people in the State of Washington and over $1.2 billion worth grants,” Sen. Cantwell said last week during the nomination hearing. “I definitely am troubled by the medical research side of innovation, and some of the things that you have said. In fact, this issue about laying off 600 employees at NIH.”

    Video of Sen. Cantwell’s Q&A with RFK Jr. during last week’s nomination hearing is available HERE; audio is HERE; and a transcript of Sen. Cantwell’s questioning is available HERE. Our full press release on the nomination hearing is available HERE.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s remarks during today’s Finance Committee markup is available HERE, audio HERE, and transcript HERE.

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI USA: Welch on Elon Musk’s USAID Takeover: “Constitutionally, no President and no unelected billionaire can unlawfully shut a Congressionally authorized agency down.” 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) tonight took to the Senate floor to speak on President Trump and Elon Musk’s unconstitutional actions to dismantle the U.S. Agency for International Development (USAID) and call on Congress to protect the agency, which has played an indispensable role in protecting the interests, security, and reputation of the United States around the globe. 
    Watch Senator Welch’s speech below: 

    Read Senator Welch’s remarks as delivered here. 
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  

    Senate Committee on Finance  

    Senate Committee on Agriculture, Nutrition, & Forestry 

    Ranking Member, Subcommittee on Rural Development, Energy, and Credit  

    Senate Committee on the Judiciary 

    Ranking Member, Subcommittee on the Constitution  

    Senate Committee on Rules & Administration  

    Senator Peter Welch has spent the bulk of his life working to improve the lives of folks who too often get left behind. After fighting housing discrimination in Chicago, he enrolled in law school at the UC-Berkeley, and later settled in White River Junction, Vermont, where he worked as a public defender before founding a small law practice. He was first elected to represent Windsor County in the Vermont Senate in 1980. Peter was elected to the U.S. House of Representatives where he served for 16 years before being elected to the Senate in 2022. In the Senate, he’s focused on lowering costs for Vermonters, making Washington work better for Vermont, and protecting civil rights and democracy in America and abroad.
    Learn more about his work by visiting his website or by following him on social media. 

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI: NVIDIA Responds to TRC Capital’s ‘Mini-Tender’ Offer

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — NVIDIA has received notice of an unsolicited “mini-tender” offer by TRC Capital Investment Corporation (TRC) dated January 21, 2025, to purchase up to 1,000,000 shares of NVIDIA’s common stock at a price of $131.50 per share in cash. The offer represents less than 0.01% of NVIDIA’s outstanding common stock.

    The closing of TRC’s offer is conditioned on, among other things, the trading price per share of NVIDIA’s common stock not decreasing more than 5% from the closing price per share on January 21, 2025, unless waived by TRC prior to expiration of the offer.

    TRC’s offer is currently scheduled to expire one minute after 11:59 p.m., New York City time, on February 20, 2025. TRC may extend the offer, or terminate it, before the expiration date.

    NVIDIA is not affiliated with TRC and does not endorse the offer documentation or the offer itself.  NVIDIA expresses no opinion and is neutral on TRC’s offer and encourages shareholders to obtain current market quotations for their shares of NVIDIA common stock, consult with their brokers or financial advisors, and exercise caution with respect to TRC’s offer.

    A mini-tender offer is an offer for less than 5% of a company’s shares. It is not subject to the disclosure and procedural requirements required by the U.S. Securities and Exchange Commission (SEC) for larger tender offers. The SEC’s guidance to investors on mini-tender offers is available at https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html.

    NVIDIA requests that a copy of this news release be included with all distributions of materials relating to TRC’s mini-tender offer.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Stewart Stecker
    Investor Relations
    sstecker@nvidia.com

    Mylene Mangalindan
    Corporate Communications
    press@nvidia.com

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. 

    The MIL Network –

    February 5, 2025

  • MIL-OSI USA: Grassley, Welch Work to Provide Rural Hospitals with Financial Stability and Security

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHIGNTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, and Sen. Peter Welch (D-Vt.) introduced the bipartisan Rural Hospital Support Act to prevent rural hospital closures by extending and modernizing critical Medicare programs. 

    “As a lifelong resident of rural Iowa, I know the importance of having access to health care services close to home. In addition to providing life-saving care, rural hospitals are a source of economic security for many rural communities,” Grassley said. “Our bipartisan bill will ensure the continuity of these vital programs and help keep rural hospitals’ doors open.” 

    “Rural hospitals provide essential care to patients in rural communities, including to folks who rely on Medicare and Medicaid. In Vermont, rural hospitals are also job creators and economic drivers. But across the country, rural hospitals are struggling to stay open, and they need a lifeline,” Welch said. “Our bipartisan legislation will help ensure rural hospitals are reimbursed for resources they need to continue delivering vital care in our rural communities.” 

    Specifically, the Rural Hospital Support Act would: 

    • Permanently extend the Medicare-Dependent Hospital (MDH) program to ensure eligible rural hospitals are reimbursed for their costs; 
    • Permanently extend the Low-Volume Hospital (LVH) program to level the playing field for rural hospitals whose operating costs often outpace their revenue; 
    • Update the rebasing year for Sole Community Hospitals (SCH) and MDHs to allow hospitals to tie reimbursement estimates to more recent trends in costs. 

    Cosponsors of the bill include Sens. Shelley Moore Capito (R-W.Va.), Tim Kaine (D-Va.), Roger Wicker (R-Miss.), Jeanne Shaheen (D-N.H.), Jerry Moran (R-Kan.), Tina Smith (D-Minn.), Cindy Hyde-Smith (R-Miss.), John Fetterman (D-Pa.), John Boozman (R-Ark.), Mark Kelly (D-Ariz.), Roger Marshall (R-Kan.) and Gary Peters (D-Mich.). 

    The Rural Hospital Support Act has garnered support from Iowa and national stakeholders, including the Iowa Hospital Association, MercyOne, UnityPoint Health, the Alliance for Rural Hospital Access, the American Hospital Association and the National Rural Health Association.  

    Download audio of Grassley discussing the bill HERE.

    Find bill text HERE and a summary HERE.

    Background:

    Rural hospitals provide critical care for patients, many of whom rely on Medicare and Medicaid. These hospitals also serve as economic anchors – accounting for around 14 percent of total employment in rural areas. 

    The MDH and LVH programs have supported rural communities for decades. The programs were last extended as part of the Continuing Resolution on December 20, 2024, and would expire on March 31, 2025, without congressional action. The Rural Hospital Support Act does not change other rural hospital Medicare programs including critical access hospitals (CAH), rural referral centers (RRC), Rural Community Hospital Demonstration or the new voluntary rural emergency hospitals (REH). Each of these rural programs offer unique flexibilities to ensure health care services are accessible in rural America.

    -30-

    MIL OSI USA News –

    February 5, 2025

  • MIL-OSI Australia: Firearm, drugs seized during vehicle intercept at Claremont

    Source: Tasmania Police

    Firearm, drugs seized during vehicle intercept at Claremont

    Wednesday, 5 February 2025 – 9:50 am.

    A man has been charged after police seized a loaded firearm and a trafficable quantity of methylamphetamine (ice) from a vehicle at Claremont yesterday.
    The driver of the vehicle – a 29 year old Claremont man – was arrested and charged with driving while disqualified, trafficking in a controlled substance, and multiple firearm offences.
    During a subsequent search of an address at Claremont, officers from Southern Drugs & Firearms Unit, the Dog Handler Unit, and Glenorchy Criminal Investigation Branch seized additional ammunition and a trafficable quantity of MDMA.
    The driver was detained to appear in the Hobart Magistrates Court today.
    Detective Acting Inspector Richard Penney said “One loaded firearm on the streets illegally, is one too many”.
    “Tasmania Police remains committed to ensuring those who deal in illicit drugs and firearms are brought to justice.”
    Anyone with information about illegal drug and firearm activity is urged to contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au  

    MIL OSI News –

    February 5, 2025

  • MIL-OSI Security: Manhattan Man Pleads Guilty to Mailing a Letter Containing a Threat to Kill Two Judges

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Christopher McCarty, age 33, of Manhattan, pled guilty today to mailing a letter containing a threat to kill two New York State judges.  United States Attorney Carla B. Freedman and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    McCarty admitted that between May and June 2023, he was incarcerated at the Auburn Correctional Facility in Auburn, New York.  McCarty admitted that on or about May 31, 2023, he mailed a letter to New York State Governor Kathy Hochul.  In the letter, McCarty wrote that when he was released from prison, he was going to kill two New York State judges who had presided over his case leading to his incarceration at Auburn Correctional Facility.

    At sentencing scheduled for June 10, 2025, before Senior United States District Judge Glenn T. Suddaby, McCarty faces a maximum term of imprisonment of 5 years, post-release supervision of up to 3 years, and a fine of up to $250,000. 

    This case was investigated by the FBI’s Joint Terrorism Task Force and the New York State Department of Corrections and Community Supervision.  Assistant U.S. Attorney Rick Belliss is prosecuting the case.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI United Kingdom: Funding secured for next phase of major flood defence scheme

    Source: City of Derby

    Derby’s Our City, Our River (OCOR) project has been handed a £35 million boost by the Government, with the allocation of Flood Defence Grant-in-Aid to deliver the next phase of the scheme

    The funding has been released by the Department for Environment, Food and Rural Affairs (Defra) from their Flood and Coastal Erosion Risk Management Investment Programme and will be managed by the Environment Agency on their behalf.

    This secures the future of Derby Riverside, which will deliver significant flood resilience protection to many properties along the east bank of the Derwent. It will now go to Cabinet to be formally accepted and allows the Council to enter into contract with construction partners.

    Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability, said: 

    It’s incredible news for Derby that this funding package has been allocated by the government to protect our city from the risk of flooding. This will be such welcome news for households and businesses alike. We can now really start to push ahead with the works at Derby Riverside as we continue to future proof the city against extreme weather. 

    Here in Derby, we’re all too familiar with the effects of climate change. In the last six years we have seen the five highest river levels on record. The Our City, Our River flood prevention scheme has already delivered enhanced protection to thousands of properties, but there is still more work to do to ensure our city has the best defences possible.

    This £35 million investment from the Government means we can now build on the years of hard work from the Council and Environment Agency to deliver this critical infrastructure our city needs.

    Alex McDonald, Strategic Senior Flood Risk Management Advisor at the Environment Agency said:

    We know the devastating effect that flooding can have on communities and businesses including within Derby City. OCOR represents a long-standing partnership between Derby City Council and the Environment Agency. The Derby Riverside element will replace aging flood defences in the city, provide space for water and help to transform the city centre. As the project moves into its next phase we will continue to support Derby City Council to deliver this vital infrastructure for the city centre, helping the city to keep pace with our changing climate.

    The city saw the effects of climate change in action in 2023 when river levels reached their highest point ever recorded during Storm Babet, and while the flood gates and defences built during earlier phases of OCOR have not been called into action since, there have been several named storms in recent months.

    Derby Riverside will deliver enhanced protection along the east bank of the river, starting at Causey Bridge and ending at the Railway Bridge across the river. The new flood wall and flood gates will offer far better protection for Exeter House and properties on Meadow Road and Meadow Lane, as well as unlocking the potential for regeneration in this part of the city. 

    This next stage will also provide enhanced protection to businesses such as Rolls-Royce, which is planning to expand its riverside site at Raynesway. Terry Meighan, Director – Infrastructure at Rolls-Royce Submarines said: 

    We continue to work closely with Derby City Council and the Environment Agency on future flood defences, which will protect our Raynesway site and play an important role in our expansion plans. The work we do helps protect the UK by powering the Royal Navy’s fleet of nuclear submarines and defending against flooding helps us maintain our delivery commitments to the UK Ministry of Defence.

    These works will involve the demolition of the riverside office blocks on Stuart Street to create a new riverside green area, providing more space for water to pass through the city in a controlled corridor during a flood event. The Council are currently working with affected businesses to acquire the necessary land.

    MIL OSI United Kingdom –

    February 5, 2025

  • MIL-OSI Security: Member of Drug Trafficking Organization that Distributed Controlled Substances Shaped to Resemble Candy Pleads Guilty

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

    Investigation resulted in what is believed to be one of the largest single-location seizures of fentanyl and methamphetamine in Massachusetts and the region – an estimated 8 million individual doses of fentanyl and methamphetamine laced pills and powder

    BOSTON – A Lynn man pleaded guilty today in federal court in Boston for his role in a large-scale drug trafficking organization (DTO) on the North Shore of Massachusetts. In November 2023, millions of doses of fentanyl and methamphetamine laced pills and powder with street value estimated to be over $7 million, were seized from a stash location and clandestine laboratory used by organization.

    Deiby Felix, 41, of Lynn, pleaded guilty to one count of possession with intent to manufacture and distribute 400 grams or more of fentanyl, 500 grams or more of methamphetamine, and other controlled substances; and one count of possession of a firearm in furtherance of a drug trafficking crime. U.S. District Court Judge Patti B. Saris scheduled sentencing for May 29, 2025. Felix was arrested and charged along with Emilio Garcia and Sebastien Bejin in November 2023.

    In July 2023, an investigation into an overdose death in Salem led investigators to a DTO led by Felix, Bejin and, allegedly, Garcia. On Nov. 1, 2023, searches were conducted at four locations in Lynn that were identified as locations frequented by Bejin and, allegedly, Garcia. The searches resulted in what is believed to be, one of the largest single-location seizures of fentanyl and methamphetamine in Massachusetts and the region. The seizure included nine kilograms (20 pounds) of pink heart shaped fentanyl-laced pills pressed to look like candy. Additional narcotics and five firearms were also seized. During the course of the investigation over 75 kilograms (198 pounds) of fentanyl and methamphetamine was seized, along with multiple additional kilograms of cocaine and dozens of kilograms of cutting agents, including xylazine, that is used to adulterate controlled substances.

    In total, an estimated eight million individual doses of fentanyl and methamphetamine laced pills and powder was seized. The street value is believed to be upwards of $8 million.

    A search of Felix’s residence resulted in the seizure of more than three kilograms (6.6 pounds) of pressed pills containing methamphetamine and fentanyl and a firearm. A subsequent search of the residence also revealed a clandestine drug laboratory that had been built into a small room in the basement. Multiple industrial pill presses, mixing equipment and other manufacturing paraphernalia and equipment were also recovered.

    Bejin pleaded guilty on Jan. 15, 2025 and is scheduled to be sentenced on May 1, 2025. Garcia is scheduled to plead guilty on Feb. 7, 2025.

    The charge of possession with intent to manufacture and distribute 400 grams or more of fentanyl, 500 grams or more of methamphetamine and other controlled substances provides for a sentence of at least 10 years and up to life in prison, at least five years and up to life of supervised release, a fine of up to $10,000,000 and forfeiture. The charge of possession of a firearm in furtherance of a drug trafficking crime provides for a sentence of at least five years and up to life in prison, to be served consecutively to the underlying drug trafficking crime, up to five years of supervised release, a fine of up to $250,000, and forfeiture. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston; Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police; and Essex County District Attorney Paul F. Tucker made the announcement today. Valuable assistance was provided by the Massachusetts Attorney General’s Office and the Lynn, Lynnfield and Salem Police Departments. Assistant U.S. Attorney Philip A. Mallard of the Organized Crime & Gang Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Hartford Man Sentenced to 4 Years in Federal Prison for Role in Gun Trafficking Ring

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that ALGELLY DIAZ, 42, of Hartford, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 48 months of imprisonment, followed by three years of supervised release, for his participation in a firearm trafficking conspiracy.

    According to court documents and statements made in court, in May 2023, members of the FBI Waterbury Safe Streets Task Force conducted three controlled purchases of a total of nine firearms from Diaz’s associate in Waterbury.  A joint investigation revealed that Diaz’s associate was acquiring numerous firearms, most of which were purchased by straw purchasers from licensed gun dealers in Kansas and then shipped through the U.S. Mail to a stash location that Diaz maintained in Hartford.  Diaz’s associate then obtained the firearms, which included assault weapons and high-capacity magazines, from Diaz and sold them to others throughout Connecticut.  Diaz is a previously convicted felon who cannot not lawfully purchase or possess firearms.

    The investigation further revealed that, between August 2020 and May 2023, one of Diaz’s co-conspirators purchased at least 73 firearms from a licensed gun dealer in Deerfield, Kansas.  

    Diaz and multiple co-conspirators were arrested on May 19, 2023.  On that date, investigators executed search warrants at locations in Connecticut, Kansas, and California.  A search of Diaz’s residence revealed approximately 90 rounds of ammunition.  In addition, a court-authorized search of a package that was shipped to Diaz and seized from the mail stream revealed an additional three firearms.

    This matter is being investigated by the Federal Bureau of Investigation; the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Homeland Security Investigations (HSI), the U.S. Postal Inspection Service, the Waterbury Police Department, the Connecticut State Police, and the Chino (Calif.) Police Department.

    This case is being prosecuted by Assistant U.S. Attorney Natasha M. Freismuth through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program.  OCDETF identifies, disrupts, and dismantles drug traffickers, money launderers, gangs, and transnational criminal organizations through a prosecutor-led and intelligence-driven approach that leverages the strengths of federal, state, and local law enforcement agencies.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    Acting U.S. Attorney Silverman thanked the U.S. Attorney’s Office for the District of Kansas and the U.S. Attorney’s Office for the Central District of California for their assistance in the investigation and prosecution of this case.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Morrilton Man Sentenced to 30 Years in Federal Prison for Production of Child Sexual Abuse Material

    Source: Office of United States Attorneys

          LITTLE ROCK—Timothy Lee Highfield will spend 30 years in federal prison for production of child sexual abuse material. Jonathan D. Ross, United States Attorney for the Eastern District of Arkansas, announced the sentence, which was handed down today by Chief United States District Judge Kristine G. Baker.

          On June 8, 2022, Highfield, 46, of Morrilton, Arkansas, was indicted by a federal grand jury on one count of production of child pornography. On January 9, 2024, Highfield pleaded guilty to the count in the Indictment. Chief Judge Baker sentenced Highfield to 360 months in federal prison a lifetime of supervised release. There is no parole in the federal system.

          On approximately December 17, 2021, a citizen brought a phone containing child sexual abuse material to the Federal Bureau of Investigation (FBI). An investigation revealed the phone previously belonged to Highfield. During a search of the phone by FBI, a video made by Highfield was located on the phone. The video depicted a minor, believed to be less than seven years of age, performing oral sex on Highfield. The phone also contained multiple videos and images of child sexual abuse material and adults performing sexual acts with minors.

          The investigation was conducted by the FBI. The case was prosecuted by Assistant United States Attorney Kristin Bryant.

    # # #

    Additional information about the office of the

    United States Attorney for the Eastern District of Arkansas, is available online at

    https://www.justice.gov/edar

    X (formerly known as Twitter):

    @USAO_EDAR 

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Ft. Campbell Soldier Sentenced to 87 Months in Federal Prison on Child Sexual Abuse Charges

    Source: Office of United States Attorneys

    NASHVILLE – Donald Lee Collins, 41, of Clarksville, Tennessee, was sentenced yesterday to 87 months in federal prison after having pled guilty to two counts of sexual abuse of a minor and one count of attempted transfer of obscene material to an individual under the age of sixteen, announced Robert E. McGuire, Acting United States Attorney for the Middle District of Tennessee. In addition to his sentence of incarceration, Collins is required to register as a sex offender.

    According to court documents, in late December 2019, Collins and the minor victim, who was the daughter of a friend, connected over Facebook Messenger and began exchanging sexually explicit messages and images. On the night of December 31, 2019, the minor victim spent the night at Collins’ house with his teenage daughter. The next morning, Collins sexually abused the minor victim at his home. Then, as he drove the minor victim to her father’s house on Fort Campbell, Collins again sexually abused the minor victim both before driving through the gate at Fort Campbell and after they entered the Army base. Collins continued to engage in sexually explicit communication with the minor victim over Facebook Messenger after January 1, 2020.

    As a result of this conduct, Collins was other than honorably discharged by the Army.

    After serving his sentence, Collins will be on supervised release for 10 years.

    This case was investigated by the U.S. Army Criminal Investigation Division and the Federal Bureau of Investigation, Nashville Field Office, Clarksville Resident Agency. Assistant U.S. Attorney Monica R. Morrison prosecuted the case.

    # # # # #

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Kissimmee Man Sentenced To 25 Years For Producing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    Jacksonville, Florida – Chief United States District Judge Marcia Morales Howard has sentenced Stephen Michael Lippincott (70, Kissimmee) to 25 years in federal prison for production of child sexual abuse material. Lippincott was also ordered to serve a 15-year term of supervised release and register as a sex offender.   

    According to court records, on January 18, 2024, Lippincott was embarking on a four-day cruise to the Bahamas when his cellular phone was searched by Customs and Border Protection (CBP) officers at the Jax Port Cruise Terminal. The search was precipitated by a tip CBP received about a possible warrant for indecent exposure Lippincott had out of New Jersey. The search led to the discovery that Lippincott was communicating with multiple female children ranging from ages 8 to 14 on a variety of social media platforms. Lippincott also had sent at least six female children money to watch him engage in sexual acts which he then recorded on his cell phone.   

    “Violating the innocence of a child is a detestable act and a betrayal of the trust that fortifies the safety of our communities,” said Tim Hemker, Homeland Security Investigations (HSI) Jacksonville assistant Special Agent in Charge. “Alongside our partners at the Northeast Florida INTERCEPT Task Force, and U.S. Customs and Border Protection Jacksonville, HSI will not rest until every predator who seeks to sexually exploit children is brought to justice.”  

    This case was investigated by Homeland Security Investigations, the U.S. Customs and Border Protection Office, and the Northeast Florida INTERCEPT Task Force. This case was being prosecuted by Assistant United States Attorney John Cannizzaro.

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

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Indian Nationals Convicted of Money Laundering Conspiracy That Took Life Savings from Victims in Ohio, Michigan, Illinois, and Indiana

    Source: Office of United States Attorneys

    TOLEDO, Ohio – After a six-day trial, a federal jury convicted two men of participating in a vast money laundering conspiracy that robbed victims from across four states of their life savings. Pranay Kumar Mamidi, 27, and Kishan Vinayak Patel, 26, both nationals of the Republic of India, were found guilty of participating in a money laundering conspiracy, concealing the source of the money, and using the illegally gained money to further promote a criminal enterprise. 

    According to court documents, from about May to November 2023, Mamidi and Patel, along with other co-conspirators, engaged in a multi-layered scheme to launder proceeds derived from a fraud known as a phantom hacker scam. In this type of scam, a scammer, acting as a customer service representative for a store or bank, contacts a target victim and falsely informs them that their bank account has been hacked or compromised. Next, the victim is directed to a fake federal law enforcement agent for supposed assistance. The fake federal agent then proceeds to obtain the victim’s savings by deception, typically threatening imminent seizure or arrest.

    In one common example, elderly victims are contacted by someone pretending to be an Amazon, Inc. employee, who informs the victim of suspicious activity on their accounts. Next, the victim is contacted by another person who claims to be from the U.S. Federal Trade Commission (FTC) and informs the victim that their identity was stolen. The victim is then contacted by another individual who claims to be a Drug Enforcement Administration (DEA) special agent. The fake DEA special agent claims that the account in question is being investigated for facilitating fraud and has resulted in supposed arrest warrants for the victim. Fearing legal actions, the victim follows the scammer’s instructions to pull their savings from their bank account and convert funds into cash or gold bars. The victim is further instructed to give another supposed law enforcement official cash and/or gold bars at a designated drop-off point such as a gas station or fast food restaurant. After the drop, the victim is then sent a receipt which appears to be from the U.S. Department of the Treasury and completes the illusion of a legitimate transaction.

    According to court documents, the defendants in this case served as money launderers for other co-conspirators throughout the world who participated in phantom hacker schemes based out of India. The U.S. based money laundering infrastructure allowed funds illegally taken from victims to be distributed throughout the world. Investigators estimate that the total amount of money laundered is in the tens of millions of dollars.

    Sentencing has not yet been scheduled. Mamidi and Patel each face a maximum of 20 years in prison for each count of conviction.

    Six other defendants also named in the second superseding indictment filed in August 2024 were also charged. The following have pleaded guilty and are awaiting sentencing: Dileep Kumar Sakineni, age 26; Balaji Rakesh Mulpuri, age 26; Avi Jitendrakumar Patel, age 22; Sai Hruthik Thodeti, age 25; and Srinivas Ravi Valluru, age 31, all nationals of the Republic of India; and Hiren Jagdishbhai Patel, age 33, of Columbus, Ohio.

    The investigation was conducted by the FBI-Cleveland Field Office. This case was prosecuted by Assistant U.S. Attorneys Robert Melching and Dexter Phillips for the Northern District of Ohio.

    The investigation and prosecution of this case is in response to the Elder Justice Initiative Program originating from the Elder Abuse Prevention and Prosecution Act of 2017 (EAPPA). The mission of the EAPPA and Elder Justice Initiative is to support and coordinate the Department of Justice’s enforcement efforts to combat elder abuse, neglect, financial fraud, and scams that target the nation’s elderly population.

    If you suspect fraudulent conduct involving an older adult, please contact the dedicated National Elder Fraud Hotline at 1-833-FRAUD-11 or 1-833-372-8311 and visit the FBI’s IC3 Elder Fraud Complaint Center at IC3.gov to report it.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI Security: Former soldier sentenced to 7+years in prison for sexual abuse of a child on Joint Base Lewis-McChord

    Source: Office of United States Attorneys

    Defendant previously investigated in the Army and prosecuted in State Court for sexual assault crimes

    Tacoma – A former U.S. Army soldier was sentenced today in U.S. District Court in Tacoma to 87 months in prison for abusive sexual contact with a child, announced U.S. Attorney Tessa M. Gorman. Cameron James Taylor, 49, of Seattle, pleaded guilty in May 2024 and has been in custody since his guilty plea.  At today’s sentencing hearing Chief U.S. District Judge David G. Estudillo noted the conduct in this case may cause the victim lifetime torment. The victim “is a strong individual” and “shows courage to move on” Chief Judge Estudillo said.

    “This horrific conduct cannot go unpunished. Our work to protect children on our military bases is a priority in the Western District of Washington,” said U.S. Attorney Gorman. “Mr. Taylor sexually assaulted a child who was just 5 years old. He then pressured the child to hide the conduct when questioned by other adults. I commend the strength of the victim in this case.”

    According to records filed in the case, Taylor left the Army in 2016 with an “Other than Honorable” discharge after he was investigated for sexual assault of an unconscious female in Germany, and for assaulting soldiers who went to arrest him. Taylor resigned in lieu of Court Martial.

    Once back in the U.S., Taylor was convicted of the 2019 sexual assault of a 5-year-old neighbor child. Taylor forced the child to massage him and reach into his pants. In 2022, Taylor was sentenced in King County Superior Court to 18 months in prison.

    During the investigation related to the neighbor child, other children who had been in Taylor’s care were interviewed. Taylor had coached a child, who was now a teen about hiding his sexual assaults. Ultimately, the child disclosed to a relative that in 2012, while stationed on JBLM, Taylor locked the then 5- or 6-year-old in a closet and sexually assaulted the child.

    On the eve of trial, Taylor pleaded guilty.

    In asking for the 8-year sentence prosecutors wrote to the court, “Taylor’s crimes reveal a man who lacks empathy and who prioritized his own pleasure over others’ pain. Taylor is also no stranger to the justice system; this is his third criminal sex offense. The government hopes that a 96-month sentence, coupled with lifetime supervised release, will prevent Taylor from reoffending again.”

    Taylor is required to register as a sex offender following his prison term. Chief Judge Estudillo ordered that he be on supervised release for ten years following prison.

    The case was investigated by U.S. Army Criminal Investigations (CID), the King County Sheriff’s Office, and the FBI.

    The case was prosecuted by Assistant United States Attorneys Hillary K. Stuart and Erika J. Evans.

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI: Hut 8 Operations Update for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Infrastructure upgrades near completion in advance of expected miner deliveries

    205 MW Vega project advancing on track for Q2 2025 energization

    MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today released its operations update for January 2025.

    “With infrastructure upgrades for our initial fleet upgrade near completion, we believe we are well-positioned to energize new miners upon expected delivery in the coming weeks,” said Asher Genoot, CEO of Hut 8. “While these upgrades resulted in downtime during the month, we remain focused on optimizing returns from our existing fleet, leveraging Reactor to dynamically curtail operations, particularly at our Alpha site, where power prices were elevated.”

    “We continue to execute on key growth initiatives across our digital infrastructure layer. Data center construction at Vega is progressing rapidly, keeping us on schedule for energization in Q2 2025 as we prepare for the launch of our ~15 EH/s colocation agreement with BITMAIN. As we focus on AI data center development, we also advanced and expanded our development pipeline.”

    Highlights

    • Infrastructure upgrades near completion in advance of expected miner deliveries for initial fleet upgrade
    • Data center construction at Vega progressing rapidly, on track for Q2 energization (image to left)
    • Advanced AI data center development opportunities across development pipeline

    Operating Metrics

    Average during the period unless otherwise noted1 January 2025 December 2024
    Total energy capacity under management (mining)2,3,4 665 MW 665 MW
    Total deployed miners under management5 115.3K 121.4K
    Total hashrate under management6 12.7 EH/s 13.2 EH/s
         
    Self-Mining7    
    Deployed miners8,9 47.1K 53.2K
    Deployed hashrate10 5.0 EH/s 5.5 EH/s
    Bitcoin produced3,11 65 BTC 89 BTC
    Bitcoin held in reserve3,12 10,208 BTC 10,171 BTC
         
    Managed Services13    
    Energy capacity under management3 280 MW 280 MW
    Deployed miners under management9 85.7K 85.5K
    Hashrate under management 9.4 EH/s 9.4 EH/s
         
    Hosting    
    Deployed miners under management9,14 68.1K 68.2K
    Hashrate under management15 7.7 EH/s 7.7 EH/s
         

    Energy Infrastructure Platform3

            Current/Contracted Revenue Stream(s)16
    Site Location Owner17 Power
    Capacity    		 Self-
    Mining    		 Managed
    Services    		 Hosting HPC Power
    Sales
    Vega18 Texas Panhandle Hut 8 205 MW     Yes19    
    Medicine Hat Medicine Hat, AB Hut 8 67 MW Yes        
    Salt Creek Orla, TX Hut 8 63 MW Yes        
    Alpha Niagara Falls, NY Hut 8 50 MW     Yes    
    Drumheller20 Drumheller, AB Hut 8 42 MW          
    Kelowna Kelowna, BC Hut 8 1.1 MW       Yes  
    Mississauga Mississauga, ON Hut 8 0.9 MW       Yes  
    Vaughan Vaughan, ON Hut 8 0.6 MW       Yes  
    Vancouver II Vancouver, BC Hut 8 0.5 MW       Yes  
    Vancouver I Vancouver, BC Hut 8 0.3 MW       Yes  
    King Mountain21 McCamey, TX Hut 8 (JV) 280 MW Yes Yes Yes   Yes
    Iroquois Falls22 Iroquois Falls, ON Hut 8 (JV) 120 MW         Yes
    Kingston22 Kingston, ON Hut 8 (JV) 110 MW         Yes
    North Bay22 North Bay, ON Hut 8 (JV) 40 MW         Yes
    Kapuskasing22 Kapuskasing, ON Hut 8 (JV) 40 MW         Yes
    Total     1,020 MW          
                     

    Upcoming Conferences & Events

    • February 24–25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale
    • February 24–28, 2025: Bitcoin Investor Week, New York
    • February 25–27, 2025: Infocast ERCOT Market Summit, Austin
    • March 3–6, 2025: Morgan Stanley Energy & Power Conference, New York

    Notes:

      (1) All figures exclude Hut 8’s managed services agreement with Ionic Digital Inc. (“Ionic”), which was terminated effective December 10, 2024.
      (2) Energy capacity under management (mining) includes (i) 180 MW of self-mining sites comprised of Alpha, Medicine Hat, and Salt Creek, (ii) 205 MW of hosting capacity at Vega, which is currently under construction, and (iii) 280 MW of capacity under management at King Mountain.
      (3) As of the end of the period.
      (4) Includes 205 MW of capacity at Vega as the site is expected to host miners for BITMAIN.
      (5) Includes all miners that are racked with power and networking, rounded to the nearest 100, in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the King Mountain site.
      (6) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the King Mountain site.
      (7) Self-Mining operations for Hut 8 include 100% of operations at the King Mountain site.
      (8) Deployed miners are defined as those physically racked with power and networking, rounded to the nearest 100; deployed self-mining miners net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 38.4K during January 2025 and 44.5K during December 2024.
      (9) Miners are rounded to the nearest 100.
      (10) Indicates the target hashrate of all deployed miners; deployed self-mining hashrate net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 4.7 EH/s during both January 2025 and December 2024.
      (11) Bitcoin produced net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner was 51 BTC during January 2025 and 74 BTC during December.
      (12) Includes 968 Bitcoin pledged and transferred to a third-party wallet to finance Hut’s previously announced fleet upgrade.
      (13) Managed Services includes 280 MW of capacity under management at King Mountain.
      (14) 34.1K deployed miners under management net of the 50% share of the King Mountain JV held by Hut 8’s joint venture partner during January 2025 and December 2024.
      (15) 3.8 EH/s under management net of Hut 8’s joint venture partner’s 50% share of the King Mountain JV during both January 2025 and December 2024.
      (16) Reflects revenue sources to Hut 8, its subsidiaries, and/or joint ventures in which they participate.
      (17) Owned denotes ownership of power infrastructure at owned or leased data center locations, except for HPC sites where owned denotes ownership of mechanical and electrical infrastructure at leased data center locations.
      (18) Site is currently under development.
      (19) Anticipated to begin generating revenue by Q2 2025.
      (20) Site currently shut down; Hut 8 maintaining lease with option value of re-energizing site.
      (21) Owned by a JV between Hut 8 and a Fortune 200 renewable energy producer in which Hut 8 has an approximately 50% membership interest.
      (22) Owned by a JV between Hut 8 and Macquarie in which Hut 8 has an approximately 80% membership interest.
         

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising fifteen sites: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the completion of the Company’s infrastructure upgrades, the timing of the delivery and energization of Company’s initial fleet upgrade, the Company’s execution on key growth initiatives, the timing for the buildout and energization of the Company’s Vega site, and the Company’s continuing progress and expansion of its development pipeline.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Media Relations
    media@hut8.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d9acab77-45dc-4fc4-9d65-ccaa8aa90be2

    The MIL Network –

    February 5, 2025

  • MIL-OSI: Par Pacific Announces Fourth Quarter 2024 Earnings Release and Conference Call Schedule

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 04, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) today announced that it will release its fourth quarter 2024 results after the New York Stock Exchange closes on Tuesday, February 25, 2025. This release will be followed by a conference call for investors on Wednesday, February 26, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern). The full text of the release will be available on Par Pacific’s website at http://www.parpacific.com.

    Par Pacific Fourth Quarter 2024 Earnings Conference Call
    Wednesday, February 26, 2025
    9:00 a.m. Central time (10:00 a.m. Eastern)
    Dial-in number: 1-833-974-2377 (toll-free) or 1-412-317-5782 (toll)

    Individuals who would like to participate should dial the applicable dial-in number at least 10 minutes before the scheduled conference call time.

    To access the live audio webcast and related presentation materials, please visit the Investors section of Par Pacific’s website at http://www.parpacific.com.

    A replay will be available shortly after the call and can be accessed by dialing 1-877-344-7529 (toll-free) or 1-412-317-0088 (toll). The passcode for the replay is 2219355. The replay will be available until March 12, 2025.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

    Investor Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    The MIL Network –

    February 5, 2025

  • MIL-OSI Security: Caribou Man Faces Lengthy Prison Sentence for Possession of Child Sexual Abuse Material

    Source: Office of United States Attorneys

    Tip to NCMEC leads to discovery of images/videos of young sexual abuse victims on Devin Madigan’s phone

    BANGOR, Maine: A Caribou man pleaded guilty in U.S. District Court in Bangor to possession of child pornography.

    According to court records, in April 2022, the National Center for Missing and Exploited Children (NCMEC) received a tip from Kik, a messaging and chat app, that a user had uploaded videos containing child sexual abuse material. The videos captured the sexual abuse of victims as young as 1-3 years old. The account was later traced to Devin Madigan, 29. A forensic investigation of Madigan’s phone revealed images and videos of child sexual abuse material.

    Madigan faces up to 20 years in prison and a fine up to $250,000 to be followed by five years to life of supervised release. Madigan could also be ordered to pay restitution to the victims. A federal district judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations (HSI) investigated the case with assistance from the Grafton County (NH) Sheriff’s Department and the Brewer Police Department.

    To report an incident involving the possession, distribution, receipt, or production of child sexual abuse material: Child sexual abuse material – referred to in legal terms as “child pornography” – captures the sexual abuse and exploitation of children. These images document victims’ exploitation and abuse, and they suffer revictimization every time the images are viewed. In 2023, the National Center for Missing & Exploited Children received 36 million reports of the possession, manufacture, or distribution of child sexual abuse materials. To file a report with NCMEC, go to https://report.cybertip.org or call 1-800-843-5678. If you are in Maine and you or someone you know has been sexually assaulted or abused, you can get help by calling the free, private 24-hour statewide sexual assault helpline at 1-800-871-7741.

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

    ###

    MIL Security OSI –

    February 5, 2025

  • MIL-OSI USA: Statement from Senate Intel Vice Chair Warner on the FBI

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, released the following statement:

    “Earlier today, my office finally received a copy of the order that was sent on Friday by the acting head of the Department of Justice to the Federal Bureau of Investigation, ordering that several of the most experienced and senior officials at the Bureau be terminated.

    “We need to be clear about why this matters. I am going to start by sharing a little bit about some of the individuals who were fired, and how they served our country.

    “At a time when we are facing threats to the homeland from ISIS and ISIS-inspired terrorists, the president fired the Assistant Director of the Counterterrorism Division. Bobby Wells began his career as an FBI special agent in 2003, and there are Americans who are alive today because he helped catch terrorists before they had a chance to carry out their plans to attack inside the United States.

    “While more than 100,000 Americans die every year due to drug overdoses, the president fired the Assistant Director of the FBI’s the Criminal, Cyber, Response, and Services Branch, which, among other myriad responsibilities, puts criminal organizations and drug traffickers behind bars. Michael Nordwall began his career with the FBI as a special agent in 2002, and he has worked at field offices in Phoenix, Tampa, Denver, Pittsburgh, as well as at FBI headquarters, investigating some of the most dangerous criminals in the United States and making sure that they face justice.

    “As we face espionage and counterintelligence threats from China, Russia, and other adversaries, the president fired the Assistant Director of the FBI’s Intelligence Branch. Ryan Young joined the FBI as a special agent in 2001, working counterintelligence cases out of Miami. In 2014, he moved to counterterrorism and established the Syria-Iraq Task Force to counter the threat from the Islamic State in Iraq and the Levant, and has also worked in Dallas and Los Angeles, managing crises and counterterrorism investigations.

    “While new technologies are transforming crimefighting and our national security, the president fired the Assistant Director of the Science and Technology Branch. Jacqueline Maguire joined the FBI as a special agent in 2000. Among her other notable achievements, she was the lead agent for the investigation of the five hijackers of American Airlines Flight 77 after the 9/11 terror attacks.

    “As the FBI builds a workforce to manage the threats of today and tomorrow and keep adversaries like China from penetrating our secrets, the president fired the Assistant Director of the Human Resources Branch. Timothy Dunham joined the FBI as a special agent in 2002, and has overseen matters relating to counterterrorism, counterintelligence, and transnational organized crime.

    “The president fired the head of the Miami field office, which oversees crimefighting in nine busy counties in South Florida, including the president’s home in Palm Beach County, as well as extraterritorial violations of American citizens in Mexico, the Caribbean, and Central and South America. Jeffrey Veltri joined the FBI as a special agent in 2002, working on matters from health care fraud to terrorism. He also deployed to Iraq, where he supported the prosecution of Saddam Hussein.

    “In the memo, the acting director of the FBI was also ordered to fire the head of the Washington Field Office, one of the most important field positions in the entire FBI, with jurisdiction over federal crimes in and around Washington, D.C. David Sundberg joined the FBI in 2002 as a special agent, and, among other stops in a distinguished career, served as a leader on the FBI’s elite Hostage Rescue Team.

    “These are people who have served our country, protected Americans, and put criminals behind bars. Now they have been pushed out simply for doing their jobs.

    “As we deal with a myriad of threats – to our homeland, to our cyber networks, to our economic competitiveness – this blatant abuse of power is making us all less safe.”

    MIL OSI USA News –

    February 5, 2025
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