NewzIntel.com

Category: Finance

  • MIL-OSI United Kingdom: Search for sympathetic use for historic house

    Source: City of Plymouth

    We are currently looking for a dynamic, sensitive and funded individual or organisation who could give a new and sympathetic lease of life to one of the city’s oldest buildings – the Merchant’s House.

    The property, which dates back to the 16th Century, was once a museum but has been closed for almost a decade.

    Now the Council is hoping to hear from companies, organisations or individuals who are keen to see this incredible Grade II* building come alive once more.

    Councillor Chris Penberthy, Cabinet Member responsible for the city’s assets said: “This is not a decision we have taken lightly but we need to do something. We have invested millions in the Box and the Elizabethan House, but we currently have no use for this building and no prospect of funding to restore this house.

    “We very much hope some thinkers and doers with the finances and the wherewithal to take on a project like this will come forward.

    “The house has been closed for almost a decade and is slowly degrading over time. We hope this appeal will generate interest and open up new possibilities for this building.”

    Ideas could include a heritage attraction, a tea shop with an historic slant, offices for a business – although the preference would be to enable some form of public access.

    While it is not known exactly when the house was built, its first recorded owner was a privateer named William Parker, a friend of Sir Francis Drake. Like Drake he combined a career as a merchant with privateering and civic government. He also served as Mayor of Plymouth from 1601 to 1602.

    He served under Drake in 1588 in the fight against the Spanish Armada and carried out raids against the Spanish in the Caribbean. In 1601 he captured a pair of treasure ships laden with 10,000 gold ducats and on his return to Plymouth, was elected Mayor and used the profits from his ventures to remodel an older house on this site into a fashionable timber-framed house.

    Parker helped promote the Plymouth Company to colonise North America and took an active interest in the Virginia Colony. He died in 1618 on a voyage to the East Indies. His heirs lived here before it was passed to Abraham Rowe, another successful merchant and in 1651 the house was purchased by Justinian Beard, Mayor of Plymouth on two occasions.

    It was occupied by the Beele family until 1707, then by the Martyn family until 1807. In 1807 the building was extended to the rear (towards Finewell Street) and the front used as a shop. In the 1960s it was a taxi office, then restored by the Council and turned into a museum of local heritage, focussing on life in Plymouth over time. Rooms included recreating the Blitz experience and a replica Victorian schoolroom.

    The Council is keen to explore all options including a sale or a long commercially viable lease. Interested parties should provide the following when submitting an offer:

    • Purchase price/rental offer
    • Purchaser details
    • Conditions
    • Proposed use/development plans
    • Finance/evidence of funding
    • Track record in restoration of historic buildings
    • Timescales

    Proposed uses sensitive to the property’s historical significance will be given higher consideration. Interested parties should email Laura Hathaway from the Council’s Land and Property Team at [email protected]

    MIL OSI United Kingdom –

  • MIL-OSI: New AI Tool Enhances Due Diligence for Early-Stage Investors, Saving Time and Reducing Risk

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Conducting thorough due diligence is one of the most effective ways for investors to mitigate risk when evaluating early-stage companies. Keiretsu Forum Mid-Atlantic, South-East, and Texas (K4-MST) has launched the K4-MST AI FastTrak Due Diligence Engine, an AI-driven platform that accelerates the due diligence process, giving investors more time to focus on critical decision-making.

    For early-stage investors, venture capitalists, and family office managers, due diligence is the foundation of sound investment strategy. Historically, K4-MST’s due diligence teams have dedicated 80–120 hours to each report, supporting over $150 million in investments across 300 companies on the East Coast alone. The introduction of AI-driven automation marks a shift toward greater efficiency without sacrificing rigor.

    “The due diligence report may be the most critical marketing tool a company issues; it must excite and attract investors,” said Howard Lubert, Area President of Keiretsu Forum MST. “By automating data extraction, the K4-MST AI FastTrak Due Diligence Engine allows investors to spend less time on repetitive tasks and more time on deep analysis, leading to stronger investment decisions.”

    Why It Matters for Investors

    A 2024 study from The Wharton School, Due Diligence and the Allocation of Venture Capital, underscores the link between thorough due diligence and investment success. Venture capitalists report spending an average of 118 hours per investment on diligence, with more comprehensive analysis leading to better capital allocation and reduced volatility in returns. Conversely, insufficient diligence increases investment risk.

    K4-MST’s AI-powered platform enhances this process by:

    • Reducing time spent on data extraction – Drafts of key report sections, such as Human Resources and Intellectual Property, are completed in as little as 3.5 and 6 hours, respectively, instead of days or weeks.
    • Improving efficiency without cutting corners – Investors can analyze more opportunities with the same level of scrutiny, potentially increasing deal flow and reducing opportunity costs.
    • Focusing expertise on high-value insights – Rather than spending hours compiling information, investor teams can direct their attention to evaluating risks and identifying high-potential ventures.

    The K4-MST AI FastTrak Due Diligence Engine integrates company data from Keiretsu Forum’s Dealum platform, generating editable first drafts that allow due diligence teams to move faster without compromising depth.

    Private Demonstration for Investors

    To maintain confidentiality, K4-MST will host an exclusive demonstration of the AI FastTrak Due Diligence Engine on Wednesday, February 5, open to Keiretsu Forum members, sponsors, and partners. Investors interested in learning more can contact info@keiretsuforum.net.

    About Keiretsu Forum

    Keiretsu Forum is the world’s largest accredited investor network, with over 2,000 members across 54 chapters on four continents. Since 2000, Keiretsu Forum members have invested over $1 billion in 1,400+ companies spanning industries such as technology, healthcare, and consumer products.

    Media Contact

    Cindi Sutera
    K4-MST Communications
    CindiS@AMSCommunications.net
    610-613-2773

    The MIL Network –

  • MIL-OSI: Juniata Valley Financial Corp. Announces Quarter and Year End December 31, 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Mifflintown, PA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”) announced net income for the three months ended December 31, 2024 of $1.5 million compared to net income of $1.7 million for the three months ended December 31, 2023. Earnings per share, basic and diluted, was $0.30 for the three months ended December 31, 2024, compared to $0.33 for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $6.2 million compared to net income of $6.6 million for the year ended December 31, 2023. Basic and diluted earnings per share were $1.25 and $1.24, respectively, for the year ended December 31, 2024 compared to basic and diluted earnings per share of $1.32 and $1.31, respectively, for the corresponding 2023 period.

    President’s Message

    President and Chief Executive Officer, Marcie A. Barber stated, “The Federal Reserve Bank rate decreases made in the last four months of 2024 contributed to a reversal in the last quarter of 2024 of the net interest margin compression trend in prior periods. Our net interest margin increased by twelve basis points compared to last year’s fourth quarter. In addition to an improved margin, we are pleased that our strategies to increase non-interest income have been successful resulting in substantial growth in both the fourth quarter of 2024 and the 2024 year. The decrease in fourth quarter net income compared to last year was due to several one-time noninterest expense items. Our credit quality remains strong with nonperforming loans totaling only 0.1% of the total loan portfolio and delinquent and nonperforming loans comprising just 0.4% of the portfolio. We are optimistic heading into 2025 that we can achieve accelerated loan growth while maintaining our excellent credit quality through increased efforts to cultivate loan and deposit relationships outside of our branch footprint coupled with exploring opportunities for expansion.”           

    Financial Results for the 2024 Year

    Return on average assets for the year ended December 31, 2024, was 0.72%, compared to the return on average assets of 0.79% for the year ended December 31, 2023. Return on average equity for the year ended December 31, 2024 was 14.19%, compared to the return on average equity of 18.20% for the year ended December 31, 2023.

    Net interest income was $22.9 million for the year ended December 31, 2024 compared to $22.7 million for 2023. Average interest earning assets increased $15.7 million, or 1.9%, to $853.9 million, for the year ended December 31, 2024, compared to the same period in 2023, due primarily to an increase of $34.6 million, or 6.9%, in average loans. The increase in average loans was partially offset by a decline of $20.1 million, or 6.1%, in average investment securities as the amortization on the mortgage-backed securities portfolio was used to fund loan growth rather than being reinvested into the securities portfolio. Average interest bearing liabilities increased by $14.3 million, or 2.4%, for the year ended December 31, 2024 compared to the comparable 2023 period, due primarily to growth in average time deposits as well as short-term borrowings and repurchase agreements. The yield on average loans increased by 47 basis points for the year ended December 31, 2024 compared to the year ended December 31, 2023, while the costs of average interest bearing deposits increased by 116 basis points, and short- and long-term borrowings and other interest bearing liabilities increased by a total of 85 basis points. These increases were primarily the result of higher market interest rates and competitive pricing pressure between periods. The yield on earning assets increased 39 basis points, to 4.35%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, while the cost to fund interest earning assets with interest bearing liabilities increased 56 basis points, to 2.31%. The net interest margin, on a fully tax equivalent basis, decreased from 2.74% for the year ended December 31, 2023 to 2.71% for the year ended December 31, 2024.

    Juniata recorded a provision for credit losses of $534,000 for the year ended December 31, 2024, compared to a provision for credit losses of $500,000 for the year ended December 31, 2023.

    Non-interest income was $5.8 million for the year ended December 31, 2024 compared to $5.3 million for the year ended December 31, 2023, an increase of 9.5%. Most significantly impacting the comparative year end periods were increases of $391,000 in customer service fees, $98,000 in the change in value of equity securities and $182,000 in fees derived from loan activity. These increases were partially offset by a $105,000 decrease in life insurance proceeds compared to the 2023 period.

    Non-interest expense was $21.0 million for the year ended December 31, 2024 compared to $19.9 million for the year ended December 31, 2023. Most significantly impacting non-interest expense for the comparative year end periods was an increase of $568,000 in employee compensation expense due to annual salary increases, overtime pay from the core conversion in the first quarter of 2024 and having one additional pay period in 2024. Also impacting the comparative year end periods was an increase of $123,000 in occupancy expense due to an increase in rental expense from the early termination of a branch office lease in December 2024, as well as increases of $204,000 in equipment expense and $286,000 in professional fees. These increases were partially offset by a decrease of $227,000 in merger and acquisition expense due to the Path Valley branch acquisition in 2023 with no similar transaction occurring in the 2024 period.

    An income tax provision of $979,000 was recorded for the year ended December 31, 2024 compared to an income tax provision of $970,000 recorded for the year ended December 31, 2023. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit decreased $37,000, or 10.1%, from $366,000 in the year ended December 31, 2023 to $329,000 in the year ended December 31, 2024, due to the completion of the amortization period for one of Juniata’s low-income housing partnership investments in January 2023.

    Financial Results for the Quarter

    Annualized return on average assets for the three months ended December 31, 2024 was 0.70%, compared to 0.79% for the three months ended December 31, 2023. Annualized return on average equity for the three months ended December 31, 2024 was 12.79%, compared to 18.06% for the three months ended December 31, 2023.

    Net interest income was $5.8 million for the three months ended December 31, 2024 compared to $5.6 million for the three months ended December 31, 2023. Average interest earning assets were relatively the same between the comparable three month periods, decreasing by $280,000, to $847.1 million compared to the 2023 period, with average loans increasing $18.9 million, or 3.6%, and average investment securities decreasing $18.7 million, or 5.8%, over the comparable three month periods. Average interest bearing liabilities increased by $15.8 million, or 2.6%, compared to the comparable 2023 period, primarily due to growth in average short-term borrowings and repurchase agreements. When comparing the three months ended December 31, 2024 to the three months ended December 31, 2023, the yield on average loans increased by 36 basis points, and the rates on average time deposits increased by 67 basis points, primarily due to competitive pricing pressures, while the rates on average short- and long-term borrowings and other interest bearing liabilities decreased by 77 basis points, primarily due to a decline in market interest rates between periods. The yield on earning assets increased 29 basis points, to 4.39%, for the three months ended December 31, 2024 compared to same period in 2023, while the cost to fund interest earning assets with interest bearing liabilities increased 18 basis points, to 2.26%. The net interest margin, on a fully tax equivalent basis, increased from 2.64% for the three months ended December 31, 2023, to 2.76% for the three months ended December 31, 2024.

    Juniata recorded a provision for credit losses of $63,000 for the three months ended December 31, 2024 compared to a provision for credit losses of $89,000 for the three months ended December 31, 2023.

    Non-interest income was $1.6 million for the three months ended December 31, 2024 and $1.4 million for the three months ended December 31, 2023, an increase of 12.4%. Most significantly impacting non-interest income in the comparative three month periods were increases of $109,000 in customer service fees and $56,000 in life insurance proceeds, as well as $68,000 in fees derived from loan activity, primarily due to the addition of back-to-back swap fees and an increase in title insurance commissions and letter of credit fees. Partially offsetting these increases was a decrease of $46,000 in the change in value of equity securities due to declines in the market value of community bank stocks owned by Juniata for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

    Non-interest expense was $5.7 million for the three months ended December 31, 2024, compared to $5.0 million for the three months ended December 31, 2023, an increase of 13.7%. Most significantly impacting non-interest expense for the comparative three month periods was an increase of $212,000 in employee compensation expense, primarily due to an extra pay period in the 2024 period, as well as a $273,000 increase in employee benefits expense due to an increase in medical claims expenses. Also contributing to the increase in non-interest expense between comparative three month periods was an increase of $108,000 in occupancy expenses due to an increase in rental expense from the early termination of a branch office lease in December 2024, as well as increases of $80,000 in equipment expense and $90,000 in professional fees. These increases were partially offset by a decrease of $102,000 in other non-interest expense, primarily due to a decrease in the provision for unfunded commitments during the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

    An income tax provision of $212,000 was recorded for the three months ended December 31, 2024 compared to an income tax provision of $262,000 recorded for the three months ended December 31, 2023. The federal tax credit for investments in low-income housing partnerships was $82,000 in both the three months ended December 31, 2024 and 2023.

    Financial Condition

    Total assets as of December 31, 2024 were $848.9 million, a decrease of $21.7 million, or 2.5%, compared to total assets of $870.6 million at December 31, 2023. Comparing asset balances on December 31, 2024 and December 31, 2023, cash and cash equivalents and total debt securities decreased by $17.9 million and $12.0 million, respectively, while total loans increased by $8.5 million. As of December 31, 2024, short-term borrowings and repurchase agreements decreased by $10.6 million compared to December 31, 2023, and long-term debt decreased by $15.0 million over the same period due to the maturity of a 5-year FHLB advance in May 2024.

    Juniata maintains a strong liquidity position as of December 31, 2024, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $216.2 million and $51.1 million from the Federal Reserve’s Discount Window. In addition, Juniata has internal authorization for brokered deposits of up to $175.0 million. Juniata had no brokered deposits as of December 31, 2024.

    Subsequent Event

    On January 21, 2025, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on February 14, 2025 payable on February 28, 2025.

    Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.

    The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fifteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the OTCQX Best Market under the symbol JUVF.

    Forward-Looking Information
    *This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” the negative variations of those words or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission.

    Financial Statements

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Financial Condition

                 
    (Dollars in thousands, except share data)      (Unaudited)       
        December 31, 2024   December 31, 2023
    ASSETS            
    Cash and due from banks   $ 5,064     $ 17,189  
    Interest bearing deposits with banks     5,934       11,741  
    Cash and cash equivalents     10,998       28,930  
                 
    Equity securities     1,189       1,073  
    Debt securities available for sale     64,623       67,564  
    Debt securities held to maturity (fair value $182,773 and $198,147, respectively)     191,627       200,644  
    Restricted investment in bank stock     2,530       1,707  
    Total loans     533,869       525,394  
    Less: Allowance for credit losses     (6,183 )     (5,677 )
    Total loans, net of allowance for credit losses     527,686       519,717  
    Premises and equipment, net     9,382       8,180  
    Bank owned life insurance and annuities     15,214       14,841  
    Investment in low income housing partnerships     832       1,154  
    Core deposit and other intangible assets     258       343  
    Goodwill     9,812       9,812  
    Mortgage servicing rights     69       83  
    Deferred tax asset     9,842       11,319  
    Accrued interest receivable and other assets     4,812       5,188  
    Total assets   $ 848,874     $ 870,555  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 196,801     $ 197,027  
    Interest bearing     551,156       552,018  
    Total deposits     747,957       749,045  
                 
    Short-term borrowings and repurchase agreements     42,242       52,810  
    Long-term debt     5,000       20,000  
    Other interest bearing liabilities     830       951  
    Accrued interest payable and other liabilities     5,388       7,612  
    Total liabilities     801,417       830,418  
    Commitments and contingent liabilities            
    Stockholders’ Equity:              
    Preferred stock, no par value: Authorized – 500,000 shares, none issued     —       —  
    Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at December 31, 2024 and December 31, 2023; Outstanding – 5,003,384 shares at December 31, 2024 and 4,991,129 shares at December 31, 2023     5,151       5,151  
    Surplus     24,896       24,924  
    Retained earnings     53,126       51,297  
    Accumulated other comprehensive loss     (33,320 )     (38,640 )
    Cost of common stock in Treasury: 147,895 shares at December 31, 2024; 160,150 shares at December 31, 2023     (2,396 )     (2,595 )
    Total stockholders’ equity     47,457       40,137  
    Total liabilities and stockholders’ equity   $ 848,874     $ 870,555  

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Income (Unaudited)

                             
        Three Months Ended   Year Ended
    (Dollars in thousands, except share and per share data)   December 31,    December 31, 
           2024      2023     2024      2023  
    Interest income:                
    Loans, including fees   $ 7,885   $ 7,159     $ 31,109   $ 26,728  
    Taxable securities     1,408     1,509       5,749     6,193  
    Tax-exempt securities     29     30       118     139  
    Other interest income     24     52       140     121  
    Total interest income     9,346     8,750       37,116     33,181  
    Interest expense:                            
    Deposits     2,924     2,633       11,167     8,247  
    Short-term borrowings and repurchase agreements     568     419       2,719     1,733  
    Long-term debt     31     118       268     471  
    Other interest bearing liabilities     8     9       33     38  
    Total interest expense     3,531     3,179       14,187     10,489  
    Net interest income     5,815     5,571       22,929     22,692  
    Provision for credit losses     63     89       534     500  
    Net interest income after provision for credit losses     5,752     5,482       22,395     22,192  
    Non-interest income:                            
    Customer service fees     467     358       1,767     1,376  
    Debit card fee income     450     477       1,752     1,770  
    Earnings on bank-owned life insurance and annuities     62     55       236     222  
    Trust fees     110     85       469     466  
    Commissions from sales of non-deposit products     79     82       388     337  
    Fees derived from loan activity     231     163       682     500  
    Change in value of equity securities     49     95       115     17  
    Gain from life insurance proceeds     56     —       56     161  
    Other non-interest income     101     113       360     472  
    Total non-interest income     1,605     1,428       5,825     5,321  
    Non-interest expense:                            
    Employee compensation expense     2,333     2,121       9,022     8,454  
    Employee benefits     715     442       2,448     2,355  
    Occupancy     433     325       1,412     1,289  
    Equipment     246     166       863     659  
    Data processing expense     719     711       2,881     2,937  
    Professional fees     304     214       1,134     848  
    Taxes, other than income     37     26       191     184  
    FDIC Insurance premiums     140     152       575     504  
    Gain on other real estate owned     —     (16 )     —     (16 )
    Amortization of intangible assets     21     25       85     81  
    Amortization of investment in low-income housing partnerships     80     80       322     353  
    Merger and acquisition expense     —     —       —     227  
    Other non-interest expense     626     728       2,079     2,072  
    Total non-interest expense     5,654     4,974       21,012     19,947  
    Income before income taxes     1,703     1,936       7,208     7,566  
    Income tax provision     212     262       979     970  
    Net income   $ 1,491   $ 1,674     $ 6,229   $ 6,596  
    Earnings per share                            
    Basic   $ 0.30   $ 0.33     $ 1.25   $ 1.32  
    Diluted   $ 0.30   $ 0.33     $ 1.24   $ 1.31  

    The MIL Network –

  • MIL-OSI Africa: Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws

    Source: The Conversation – Africa – By Awino Okech, Professor of Feminist and Security Studies, SOAS, University of London

    Gender-based violence is a major challenge in Kenya, which has recorded a significant rise in deaths of women and girls in recent years.

    In January 2024, a coalition of organisations across the east African nation organised multi-city public marches to call for government action against these deaths. A year later, President William Ruto established a 42-member taskforce to address gender-based violence. What is its potential to lead to real change for women and girls? Feminist and security studies professor Awino Okech explores the issue.

    What do you make of the Kenyan government’s response to gender-based violence?

    Language matters, in my view, so it is important to focus the attention on femicide, which is what triggered recent public conversation in Kenya and is the primary issue at hand.

    Femicide is the specific act of men killing women because they are women. Gender-based violence focuses on the gender power relations that create conditions for violence. This does not always result in loss of life. Gender-based violence includes men killed by other men because of their sexuality, widows disenfranchised by property laws, female genital mutilation and forced marriage.

    Unlike in the past, Kenya has seen increasing reports of women being murdered. The country doesn’t have a proper data management system for such incidences. Nevertheless, the numbers recorded by organisations such as Femicide Count show the scale of the problem. In 2023 it recorded 152 femicides based on cases reported in the media. Africa Uncensored, an investigative journalism media house, estimates that 500 women were killed between 2017 and 2024. Kenya’s law enforcement agencies recorded 97 cases of femicide between September and November 2024. Globally, UN Women reported that in 2023 alone, one woman was killed every 10 minutes in intimate partner and family-related murders.

    What is the likelihood of the presidential working group’s success?

    First, at face value, any public action taken by a government to illustrate that it is listening to its citizens is an important first step.

    Second, the fact that it is called a “technical working group on gender-based violence” illustrates the potential it has to lose focus on the issue that catalysed its creation – femicide.

    Third, there is a history in Kenya of setting up task forces with financial resources largely directed at remunerating members and conducting “consultations”, only to tell the country what was already known. Consultations are critical for legitimacy and a base for action. But there are more expedient ways to do this work.

    This includes analysing existing reports, statements and recommendations offered by women’s rights organisation over the decades, including a 2024 statement on ending femicide. An insistence on a large task force in the light of the government’s austerity drive only raises questions about where limited resources should be directed.

    Finally, I am concerned that some of the leading voices on femicide in the last 10 years are missing from this task force. It is the activism of the coalition of actors organising under EndFemicideKE that recentred the conversation on femicide with some of the organisations leading urgent response work in their communities. The task force must not ignore this expertise.

    What steps should Kenya be taking to address femicide?

    1. Invest in programmes that emphasise positive masculinities. This means raising a generation of men whose idea of manhood is not based on hatred of or violence against women. This work is an important counter measure to the growing “manosphere” in Kenya. The manosphere refers to websites, blogs and online forums focused on promoting misogyny and opposition to feminism. These online spaces have grown globally and are viewed as central to grooming men to commit femicide.

    2. Increase resources to programmes aimed at women who are at risk of violence. The signs of violence predate the act of violence and murder. Providing resources to create safe physical and online spaces – such as hotlines for women to get the support they need to secure their lives, or effective investigative services – is key. Central to this action is the role of the police service in taking seriously and investigating any claims of potential threats of violence. People need to feel safe going to the police to report threats of harm and have trust in their capacity to deliver justice. This action requires trust building between communities and the police service.

    3. Deal with the structural causes of femicide. At the heart of this targeted violence against women are the underlying patriarchal assumptions about how women should act relative to men in society. We cannot ignore the importance of building people’s consciousness about the deep biases they have been socialised to believe in. This work must be led by community champions who value the sanctity of human life.

    What needs to be done to hold institutions accountable?

    First, the relevant state institutions, such as public hospitals and clinics, the police and judiciary, need money and people with the right skills, so they can intervene in the root causes and symptoms of gender-based violence.

    Second, Kenya needs to create a national database on femicide. This would indicate where and how to deploy resources.

    Third, there needs to be an annual and public report on the state of gender-based violence that tracks where money has gone, and shows the relationship between actions and outcomes. An initial increase in cases might not indicate failure but rather heightened awareness. With the right interventions, numbers should drop over time.

    Fourth, build trust between citizens and state institutions. In December 2024, a peaceful march in Nairobi held during the global 16 days of activism against gender-based violence campaign was teargassed by police. This happened two weeks after the Kenyan president publicly committed to addressing femicide.

    The right to peaceful protest is enshrined in Kenya’s constitution. When the police respond with violence to peaceful women protesters talking about the murder of women, how can citizens trust officers’ ability to take dead women seriously?

    – Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws
    – https://theconversation.com/femicide-in-kenya-william-ruto-has-set-up-a-task-force-feminist-scholar-explains-its-flaws-248313

    MIL OSI Africa –

  • MIL-OSI USA: New Jersey Man Convicted for Conspiring to Traffic Fentanyl-Related Substances and Launder Money

    Source: US State of Vermont

    A federal jury in Newark convicted a New Jersey man on Jan. 27 for conspiring to traffic fentanyl-related substances and launder money.

    According to court documents and evidence presented at trial, from approximately January 2014 through September 2020, William Panzera, 51, of North Haledon, and other members of a drug trafficking organization, agreed to import and distribute controlled substances and controlled substance analogues, including fentanyl analogues, methylenedioxymethamphetamine (MDMA), methylone, and ketamine. Co-conspirators ordered controlled substances and analogues from a source in China and paid those sources hundreds of thousands of dollars via wire transfer and cryptocurrency. The conspirators distributed the substances throughout New Jersey in bulk and in the form of counterfeit pharmaceutical pills that actually contained fentanyl analogues. Eight other defendants have pleaded guilty in the case.

    The jury convicted Panzera of conspiracy to distribute and possess with intent to distribute 100 grams or more of furanyl fentanyl and 100 grams or more of 4 fluoroisobutyryl fentanyl and conspiracy to commit international promotional money laundering. Panzera faces a mandatory minimum penalty of 10 years in prison, a maximum penalty of life in prison, and a fine of up to $10 million for the drug trafficking conspiracy charge, and a maximum penalty of 20 years in prison and a fine of up to $500,000 for the money laundering conspiracy charge. He is scheduled to be sentenced on June 25. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Vikas Khanna for the District of New Jersey, and Special Agent in Charge Spiros Karabinas of Homeland Security Investigations (HSI) Newark made the announcement.

    HSI Newark is investigating the case. HSI Philadelphia, the FBI Newark Field Office, the U.S. Postal Inspection Service Newark Field Office, IRS Criminal Investigation, U.S. Customs and Border Protection, the Newark Police Department, and the Essex County Prosecutor’s Office provided valuable assistance.

    Money Laundering and Forfeiture Unit Chief Stephen Sola of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorney Sammi Malek and Special Assistant U.S. Attorney Alexander Hasapidis-Sferra for the District of New Jersey are prosecuting the case. Financial Investigator Kathryn Montemorra of the MLARS Special Financial Investigations Unit supported the investigation.

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

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Sentencing of Las Cruces Man for Carjacking and Firearms Offenses

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Las Cruces man was sentenced to 10 years in federal prison for carjacking and firearms offenses stemming from a violent incident in February 2023.

    There is no parole in the federal system.

    According to court documents, on February 19, 2023, officers from the Las Cruces Police Department attempted to stop a black Cadillac sedan with no visible license plate. The vehicle refused to pull over and was later located parked in front of the Rack Room Shoes store on E. Lohman Ave.

    Officers observed Sergio Ivan Enriquez, 41, walking towards the Cadillac. Upon seeing the officers, Enriquez fled on foot. Shortly after, officers heard on the radio that an individual matching Enriquez‘s description had stolen a vehicle at gunpoint in the same parking lot.

    During the carjacking, Enriquez entered the victim’s vehicle through the front passenger door, demanding that the victim “get out or drive.” When the victim refused, Enriquez pulled out a gray handgun, forcing the victim to exit the vehicle. Enriquez then drove off in the car with the victim’s dog still inside.

    Later that day, authorities located the stolen Volkswagen, the dog, and Enriquez at a residence in Las Cruces. A search of the residence uncovered a gray handgun in the kitchen oven. Additionally, a shotgun was found in the Cadillac from which Enriquez had initially fled.

    At the time of the incident, Enriquez, previously convicted of child abuse in 2014, was prohibited from possessing firearms.

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

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

    The Las Cruces Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Las Cruces Police Department. Assistant U.S. Attorneys Maria Y. Armijo and Ry Ellison prosecuted the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Greenfield Man Sentenced to 15 Months’ Imprisonment for Paying Health Care Kickbacks

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

    Gregory J. Haanstad, United States Attorney for the Eastern District of Wisconsin, announced that, on January 24, 2025, Mohammed Kazim Ali was sentenced to 15 months’ incarceration for paying healthcare kickbacks in violation of the Anti-Kickback Statute.  Ali was also ordered to pay over $2.2 million in restitution to Medicaid and Medicare as well as a $75,000 fine.

    Ali and his co-defendant, Justin Hanson, owned a Milwaukee-area clinical laboratory called Noah Associates.  According to court records, beginning in 2017, Ali and Hanson engaged in a three-year-long scheme to pay kickbacks to the owner of a Milwaukee substance use treatment clinic in exchange for referrals of Medicaid and Medicare patients for urine drug testing performed by Noah Associates.  Ali and Hanson paid over $400,000 in kickbacks to procure the tests.  The tests, however, were not ordered by any physician and were not medically necessary for the treatment of patients.  After one physician learned that his credentials were being used without his authorization to order the tests, the physician told Ali to stop.  Ali nonetheless continued to have Noah Associates accept and bill the government for tests falsely ordered under that physician’s credentials for months.  As a result of the scheme, Medicaid and Medicare paid Noah Associates over $2.2 million for the unnecessary tests.  Ali personally received over $800,000 from Noah Associates during the scheme.

    At sentencing, United States District Judge J.P. Stadtmueller emphasized the seriousness of Ali’s crime, including Ali’s manipulation and breach of trust of the Medicaid and Medicare programs to receive millions of dollars that were not truly earned.  Judge Stadtmueller further noted that Ali knew that his conduct was criminal yet still engaged in a long-running, creative fraud scheme—a decision that Judge Stadtmueller criticized as “beyond belief.”

    In addition to his sentence, Ali will also be excluded from participation in the Medicaid and Medicare programs and has shut down Noah Associates.  His co-defendant, Hanson, has also pleaded guilty for paying healthcare kickbacks and will be sentenced on March 21, 2025.

    “Paying kickbacks for patient referrals is illegal because, as this case demonstrates, kickbacks result in Medicaid and Medicare paying for unnecessary services,” said United States Attorney Haanstad.  “Rather than bill the government for tests that patients actually needed, Ali abused the Medicaid and Medicare programs for ill-gotten gains.  The United States Attorney’s Office is committed to prevent frauds against Medicaid and Medicare.”

    “This sentence demonstrates the FBI’s commitment to investigating individuals like Mr. Ali who erode the public’s trust in our healthcare systems,” said Special Agent in Charge Michael Hensle of the FBI Milwaukee Field Office. “The FBI will continue to work with our law enforcement partners to ensure that those responsible for healthcare fraud are exposed and brought to justice. The safety and well-being of Wisconsin residents remains our highest priority.”

    “Individuals and medical providers who accept kickbacks in exchange for the referral of patients covered under a Federal health care program place personal profit ahead of patient care, which can ultimately lead to the delivery of costly, medically unnecessary services,” said Mario M. Pinto, of the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG), Chicago Region.  “Our agency is committed to working with our law enforcement partners to bring those who violate laws intended to protect patients, and our Federal health care programs, to justice.”

    The Federal Bureau of Investigation and the Office of the Inspector General, Department of Health and Human Services investigated the case.  Assistant United States Attorneys Michael Carter and Julie Stewart handled the prosecution.   

    # # #

    For further information contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    (414) 297-1700

    Follow us on Twitter  

    MIL Security OSI –

  • MIL-OSI Security: New Jersey Man Convicted for Conspiring to Traffic Fentanyl-Related Substances and Launder Money

    Source: United States Attorneys General 4

    A federal jury in Newark convicted a New Jersey man on Jan. 27 for conspiring to traffic fentanyl-related substances and launder money.

    According to court documents and evidence presented at trial, from approximately January 2014 through September 2020, William Panzera, 51, of North Haledon, and other members of a drug trafficking organization, agreed to import and distribute controlled substances and controlled substance analogues, including fentanyl analogues, methylenedioxymethamphetamine (MDMA), methylone, and ketamine. Co-conspirators ordered controlled substances and analogues from a source in China and paid those sources hundreds of thousands of dollars via wire transfer and cryptocurrency. The conspirators distributed the substances throughout New Jersey in bulk and in the form of counterfeit pharmaceutical pills that actually contained fentanyl analogues. Eight other defendants have pleaded guilty in the case.

    The jury convicted Panzera of conspiracy to distribute and possess with intent to distribute 100 grams or more of furanyl fentanyl and 100 grams or more of 4 fluoroisobutyryl fentanyl and conspiracy to commit international promotional money laundering. Panzera faces a mandatory minimum penalty of 10 years in prison, a maximum penalty of life in prison, and a fine of up to $10 million for the drug trafficking conspiracy charge, and a maximum penalty of 20 years in prison and a fine of up to $500,000 for the money laundering conspiracy charge. He is scheduled to be sentenced on June 25. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Vikas Khanna for the District of New Jersey, and Special Agent in Charge Spiros Karabinas of Homeland Security Investigations (HSI) Newark made the announcement.

    HSI Newark is investigating the case. HSI Philadelphia, the FBI Newark Field Office, the U.S. Postal Inspection Service Newark Field Office, IRS Criminal Investigation, U.S. Customs and Border Protection, the Newark Police Department, and the Essex County Prosecutor’s Office provided valuable assistance.

    Money Laundering and Forfeiture Unit Chief Stephen Sola of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorney Sammi Malek and Special Assistant U.S. Attorney Alexander Hasapidis-Sferra for the District of New Jersey are prosecuting the case. Financial Investigator Kathryn Montemorra of the MLARS Special Financial Investigations Unit supported the investigation.

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

    MIL Security OSI –

  • MIL-OSI: Baltic Horizon Fund announces plans to divest assets in the amount of approximately EUR 55 million as part of its strategic effort to bring down LTV

    Source: GlobeNewswire (MIL-OSI)

    Having recently received expressions of interest from several investors, the management team has engaged local advisors Newsec Advisers UAB and Redgate Capital AS to assist Baltic Horizon Fund (the Fund) in a structured divestment process.

    In February of 2024, Baltic Horizon Fund‘s management team introduced its strategic objectives to stabilize the Fund and build a solid foundation for the future. The past year, the focus has been on signing new leases in order to increase the net operating income and managing the cash position of the Fund.

    Building on the progress that has been made to repay the outstanding bonds and increase the occupancy of the portfolio, the management team sees recovery in the transaction market and has therefore initiated a structured process with the intention to dispose certain of its real estate assets, where the Fund does not see significant short-term opportunities for further value optimization.

    The ambition is to sell up to three assets, in the approximate amount of EUR 55 million including Postimaja and CC Plaza complex in Tallinn, Estonia. The management team has achieved 100% occupancy and prepared the complex for the next life cycle. The site holds potential for further real estate development, which, however, is not the core focus of the Fund going forward.

    The intended disposals are expected to result in a significant reduction in the LTV, considerable improvement of the DSCR and, if executed as planned, repayment of the outstanding bond, bringing the Fund’s LTV below the strategic target of 50%.

    “The intended divestment process is part of the strategic direction for Baltic Horizon Fund, it is expected to markedly improve the net cash flow generation of the Fund and provide a stable platform for the future growth,” says Fund Manager Tarmo Karotam.

    The goal is to enter into agreement with potential buyers during the first half of 2025. There is no certainty that any transaction will transpire. Further announcements will be made as and when appropriate.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI Security: Passaic County Man Convicted Of Fentanyl Analogue Distribution And Money Laundering Conspiracies

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Passaic County man was convicted by a jury in connection with his role in a drug trafficking organization responsible for the importation and distribution of hundreds of kilograms of fentanyl analogues, Acting U.S. Attorney Vikas Khanna announced.

    Defendant William Panzera, 51, of North Haledon, New Jersey was convicted of drug trafficking conspiracy and international promotional money laundering conspiracy by a jury in Newark, New Jersey. Eight other defendants have previously pleaded guilty in related cases.

    According to documents filed in this case and statements made in court:

    From approximately January 2014 through September 2020, William Panzera and other members of the drug trafficking organization agreed to import and distribute various controlled substances and controlled substance analogues, including fentanyl analogues, MDMA, methylone, and ketamine. Members of the conspiracy placed orders with a source in China and agreed to distribute, and did distribute, the controlled substances and analogues in New Jersey, both in bulk and in the form of counterfeit pharmaceutical pills that actually contained fentanyl analogues. In total, they imported over a metric ton of fentanyl and other drugs into the United States. They also sent hundreds of thousands of dollars to China using wire transfers and Bitcoin to pay for the drugs.

    The charge of drug trafficking conspiracy of which Panzera was found guilty carries a mandatory minimum penalty of 10 years in prison, a maximum potential penalty of life in prison, and a fine of up to $10 million. The charge of international promotional money laundering conspiracy of which Panzera was found guilty carries a maximum potential penalty of 20 years in prison and a fine of up to $500,000. Sentencing is scheduled for June 25, 2025.

    Acting U.S. Attorney Khanna credited special agents of Homeland Security Investigations (“HSI”) – Newark, under the direction of Special Agent in Charge Spiros Karabinas, with the investigation leading to today’s guilty plea. He also thanked U.S. Customs and Border Protection in New Jersey, New York, and Kentucky, HSI in Philadelphia, the Federal Bureau of Investigation – Newark Division, U.S. Postal Inspection Service in Newark, IRS-Criminal Investigation, the Newark Police Department, and the Essex County Prosecutor’s Office for their assistance.

    The government is represented by Assistant U.S. Attorney Sammi Malek and Special Assistant U.S. Attorney Alexander Hasapidis-Sferra of the Criminal Division in Newark and Trial Attorney Stephen Sola, Chief of the Money Laundering and Forfeiture Unit of the Justice Department’s Money Laundering and Asset Recovery Section. Financial Investigator Kathryn Montemorra of the MLARS Special Financial Investigations Unit supported the investigation. The case is being prosecuted jointly by the United States Attorney’s Office, District of New Jersey and the Money Laundering and Asset Recovery Section (MLARS) of the United States Department of Justice.

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

                                                              ###

    Defense counsel: Jeffrey G. Garrigan, Esq.; Christopher L. Patella, Esq.

    MIL Security OSI –

  • MIL-OSI Security: Lloydminster — Lloydminster RCMP execute search warrant after break and enter to local business

    Source: Royal Canadian Mounted Police

    In the early morning hours of Nov. 26, 2024, Lloydminster RCMP responded to an alarm at a local cannabis store on the city’s south side. Upon arrival, officers discovered the business had been broken into and approximately $15,000.00 worth of items were stolen.

    Later that day, Lloydminster RCMP General Investigation Section, Crime Reduction Unit and General Duty members executed a search warrant at a residence in the 1800 block of 49 Avenue and took a male youth into custody as well as recovered items taken during the break and enter.

    The 17-year-old male youth, who cannot be identified under the Youth Criminal Justice Act, has been charged with the following:

    • Break and Enter
    • Possession of Stolen property over $5000
    • Fail to comply with release order x3
    • Fail to comply with probation order x5

    The male youth was taken before a justice of the peace and was released on a release order. He is scheduled to appear in court on Dec. 3, 2024 at the Alberta Court of Justice in Lloydminster.

    This investigation saw a collaboration between several units of the Lloydminster RCMP which resulted swift conclusion of this investigation and a recovery of thousands of dollars worth of property.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Teesside Airport boosted with £173m Government Defence Investment

    Source: United Kingdom – Executive Government & Departments 3

    A £173 million Ministry of Defence training contract with British business Draken will boost Teesside International Airport and support jobs across Teesside, Bournemouth and the Midlands – delivering on the Government’s Plan for Change.

    A £173 million Ministry of Defence training contract with British business Draken will boost Teesside International Airport and support jobs across Teesside, Bournemouth and the Midlands – delivering on the Government’s Plan for Change.

    In addition to strengthening our national security, the deal will maintain vital infrastructure in the North East and support more than 200 UK jobs. The new contract will deliver Armed Forces training for responding to a range of threats – including air-to-air combat, electronic warfare and missile attacks.

    Using a fleet of aircraft, Draken will simulate threats for UK personnel, including:

    • Air-to-air combat.
    • Missile attacks.
    • Attacks on ships from aircraft.

    Defence Minister Maria Eagle announced the deal today on a visit to Teesside International Airport. The Minister spoke with staff and apprentices, reinforcing the Government’s commitment to boosting national security and economic growth.

    The project will help deliver the government’s Plan for Change by strengthening national security and supporting the mission to kickstart economic growth. It also follows the launch of the Defence Industrial Strategy, which will ensure the defence sector is an engine for growth in every region and nation of the UK.

    Through live exercises with UK personnel over the North Sea, Draken private pilots will replicate the tactics and techniques of a range of adversaries.

    Using the latest electronic warfare technology, Draken will also train Royal Naval personnel to protect Carrier Strike Group assets from air and missile attacks and train Army personnel to quickly receive reconnaissance and intelligence information on enemy forces from the air.

    Altogether, this training will ensure that our Armed Forces receive demanding and realistic training, meeting NATO standards.

    Minister for Defence Procurement and Industry, Maria Eagle MP, said:

    This investment will deliver world-class training for our Armed Forces and boost British business, jobs and national security.

    In line with our Plan for Change and upcoming Defence Industrial Strategy, this deal with Draken will support 200 UK jobs and ensure the future of Teesside International Airport.

    We are showing defence can be an engine for growth, in every region and nation.

    To deliver the training, Draken will use 14 Dassault Falcon 20, one Diamond DA42 and eight L-159E ‘Honey Badger’ fighter jets based at Teesside and Bournemouth. Draken will enrol a minimum of 12 apprentices at both sites.

    Air Officer Commanding 1 Group, Air Vice Marshal Mark Flewin said:

    Our partnership with Draken is of fundamental importance as we continue to train and prepare all of our front-line forces to meet emerging threats across the globe.

    The training delivered to date, simulating adversary threats while also allowing us to train in a representative and contested electro-magnetic environment, has never been more important to ensure the Royal Air Force is ready and able to support NATO and meet the threats of tomorrow.

    The contract will allow us to continue to evolve the high-end training available for all of our front-line forces, as we look to out-compete our potential adversaries.

    Nic Anderson, CEO at Draken, said:

    We are proud to continue serving the Royal Air Force, the Royal Navy and the Army through the Interim Medium Speed Operational Readiness Training Services.

    Our purpose is to provide leading edge operational training to help the warfighter to be ready to fight and win. Through this ground-breaking contract we will continually innovate to improve their training experience. 

    Thank you to the whole Draken team who work relentlessly to support our customers, it is the high performance that the Draken team delivers every day that has enabled this contract win.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Michigan Man Charged with Drug Distribution and Loan Fraud

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

    BOSTON – A Michigan man has been charged and has agreed to plead guilty in connection with a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a Covid pandemic relief loan.

    Donald Nchamukong, 37, was charged by Information with conspiracy to smuggle goods into the United States, to commit loan fraud and to distribute controlled substances.  Nchamukong will make an initial appearance in federal court in Boston on a date to be scheduled by the Court.

    According to the charging documents, starting in 2019 and continuing to 2022, Nchamukong and a co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong allegedly used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the Covid-19 pandemic hit, Nchamukong and Kalita allegedly fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.  

    Kalita was convicted in 2024 and sentenced to 10 years in prison for orchestrating the online drug distribution scheme and a technical support fraud scheme and related money laundering.

    The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000, or twice the monetary gain or loss, whichever is greater. 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 Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial, and Cyber Fraud Unit, is prosecuting the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, pleasehttps://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

    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 (NCDF) Hotline via the NCDF Web Complaint Form.

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

    MIL Security OSI –

  • MIL-OSI: Orange County Bancorp, Inc. Announces Strategic Realignment of Internal Divisions to Enhance its Wealth Management Services

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc., today announced a realignment of internal divisions designed to promote its wealth management services to better meet the evolving needs of its clients. The Company’s asset management arm, Hudson Valley Investment Advisors, Inc., and trust and private banking offerings will be collectively known as Orange Wealth Management.

    The oversight of Orange Wealth Management will be led by Senior Vice President, David P. Dineen. Dineen is currently the head of the Bank’s wealth service sales and will now serve as the Managing Director of Wealth Management. Dineen has successfully overseen the trust and private banking divisions of the Bank since his hiring in February 2022 and has more than 30 years of banking and wealth management experience, making him uniquely qualified for this new role.

    “We recognize that our entrepreneurial clients frequently prioritize business expansion, which can sometimes overshadow their personal financial needs,” said Dineen. “By unifying our core divisions, we can provide a comprehensive wealth management solution, seamlessly integrating investment guidance, estate planning, and personal banking services. This team approach truly embodies the Bank’s tagline: ‘Guiding your business, Growing your wealth’.”

    Orange Wealth Management will provide clients:

    • Personalized Attention: In-person and cell-phone access to a dedicated team of advisors who understand their unique financial circumstances and goals.
    • Enhanced Convenience: A full suite of wealth management services that bring together old-fashioned service with cutting-edge technology.
    • Seamless Integration: A cohesive experience that seamlessly integrates personal and business banking with wealth management services unlike the banking industry’s traditional siloed approach to wealth management and commercial banking.

    “We are thrilled to have David lead this important initiative,” said Michael Gilfeather, President and CEO of Orange Bank & Trust Co. “His extensive experience in the wealth management industry will be invaluable as we continue to expand our offerings and provide exceptional service to our clients through Orange Wealth Management.”

    He continued, “Nationwide, a significant majority of the top 10 percent built their wealth through business ownership. This fact aligns perfectly with our business, since the majority of our Private Banking clientele have also built their wealth through entrepreneurship. With the ‘Great Wealth Transfer’ underway, involving the transfer of more than $80 trillion in assets, this strategic realignment positions us to capitalize on this unprecedented opportunity to garner an increasing wallet share within our marketplace by serving the evolving needs of high-net-worth individuals and their families with generations in mind.”

    The Company purchased Hudson Valley Investment Advisors (HVIA) in 2012 with $465 million in assets under management (AUM). Today, HVIA has more than $1.7 billion in AUM serving the owners, managers and directors of their business banking clientele as well as individual and institutional investors. This vertical provides the company with a consistent and growing fee-based revenue stream that is synergistic with its traditional commercial bank spread based income.

    About Orange County Bancorp, Inc

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Co. is an independent bank that began with the vision of 14 founders more than 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, N.Y. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Contact: Candice Varetoni
    AVP Marketing Officer
    Orange Bank & Trust Company
    cvaretoni@orangebanktrust.com

    The MIL Network –

  • MIL-OSI: Definitive Healthcare named a 2025 Best Places to Work in Boston by Built In

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., Jan. 29, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it has been named one of Built In’s 100 Best Places to Work in Boston, MA for 2025. The annual awards program includes companies of all sizes, from startups to large enterprises, and honors both remote-first employers as well as companies in large tech markets across the U.S.

    “We are honored to once again be recognized as a best place to work,” said Kevin Coop, Chief Executive Officer at Definitive Healthcare. “People join Definitive Healthcare to make an impact in healthcare and the culture we have reflects that shared sense of purpose. Our employees’ expertise and dedication are the driving force behind our success. Employees are empowered to come to work as they are, and we have a culture of innovation where everyone’s input is valued and helps shape our progress.”

    Built In determines the winners of Best Places to Work using company data about compensation and benefits. To reflect the benefits that candidates are searching for more frequently on Built In, the program also weighs criteria like remote and flexible work opportunities, programs for DEI, and other people-first cultural offerings. 

    Definitive Healthcare is committed to the growth and success of its employees, offering a range of opportunities for development, including continuous learning, leadership development, educational support, and advancement opportunities. With benefits like unlimited PTO, hybrid work options, and half-day Summer Fridays for all U.S. employees, Definitive Healthcare promotes a flexible work environment that supports a balance between professional and personal life.

    “Being recognized as a Best Place to Work is a testament to these companies’ commitment to building a workplace where individuals and innovation thrive,” says Built In CEO and Founder, Maria Christopoulos Katris. “At Built In, we understand that great companies are powered by great teams, and this achievement showcases their dedication to fostering a culture of growth, inclusivity, and excellence.”

    More information about Definitive Healthcare’s culture and career opportunities can be found at https://www.definitivehc.com/about/life-at-definitive-healthcare.

    About Built In

    Built In is the “always on” recruiting platform that reaches the tech professionals that other leading recruiting platforms don’t. Designed to help companies hire expert tech talent, Built In continuously drives brand awareness with content. Monthly, millions of the industry’s most in-demand global tech professionals visit our site to stay ahead of tech trends and news, learn skills to accelerate their careers, find the right job opportunities and get hired. Thousands of companies, from fast-growing startups to the largest enterprises rely on Built In. By putting their stories in front of our uniquely engaged audience, we help them hire otherwise hard-to-reach technical and expert talent. www.builtin.com

    About Built In’s Best Places to Work

    Built In’s annual Best Places to Work program honors companies with the best total rewards packages across the U.S. and in the following tech hubs: Atlanta, Austin, Boston, Chicago, Colorado, Dallas, Houston, Los Angeles, Miami, New York, San Diego, San Francisco, Seattle and Washington DC. Best Places to Work is distinct because its algorithm selects tech companies that build their offerings specifically around what tech professionals value in a workplace. https://employers.builtin.com/best-places-to-work/

    About Definitive Healthcare

    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contacts:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com
    646-277-1251

    The MIL Network –

  • MIL-OSI Security: Criminal Complaint Charges Baltimore City Man with Sexual Exploitation of a Child and Receipt of Child Sexual Abuse Material

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

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland filed a federal criminal complaint charging Dazhon Darien, 32, of Baltimore, with sexual exploitation of a child and receiving child sexual abuse material.

    Erek L. Barron, U.S. Attorney for the District of Maryland, announced the complaint with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation, Baltimore Field Office, and Chief Robert McCullough, Baltimore County Police Department. 

    According to the affidavit in support of the criminal complaint, investigators obtained search warrants for Darien’s phones and online accounts which contained child sexual abuse material.  Additionally, the affidavit further describes how Darien used CashApp to pay a minor victim to send videos of himself engaged in sexually explicit conduct.  Darien paid the victim for the videos between December 2023 and March 2024.  The affidavit also shows that Darien received other child-sexual-abuse-material files, including some that depicted prepubescent minors.

    A criminal complaint is not a finding of guilt.  An individual charged by a criminal complaint is presumed innocent until proven guilty at a later criminal proceeding.

    If convicted, Darien faces a mandatory minimum sentence of 15 years or a maximum sentence of 30 years in federal prison for sexual exploitation of a child. Additionally, Darien could receive a mandatory minimum sentence of five years or a maximum of 20 years in federal prison for receipt of child sexual abuse material.  Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after taking into account the U.S. Sentencing Guidelines and other statutory factors.

    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.

    U.S. Attorney Barron commended the Baltimore FBI Field Office and the Baltimore County Police Department for their work in the investigation.  Mr. Barron also thanked Assistant U.S. Attorneys Christine Goo and Paul E. Budlow who are prosecuting the federal case.

    For more information about Project Safe Childhood, please visit www.justice.gov/psc. Click the “Resources” tab on the left of the page for more information about Internet safety education.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Source: GlobeNewswire (MIL-OSI)

    FOR IMMEDIATE RELEASE

    WISeArt’s Exclusive Reveal of Yan Balestra’s Anvil Wonderland to be Held at WISeKEY’s Geneva Headquarters from January 30 to February 2

    Geneva, Switzerland January 29, 2025: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, AI, Blockchain, and IoT operating as a holding company, today announced that its WISe.Art subsidiary is offering collectors and art enthusiasts an array of diverse projects during ArtGeneve, the iconic annual contemporary art fair to be held from January 30 to February 2, 2025. In this vibrant atmosphere, the various projects will give art aficionados a glimpse into Yan’s unique Neo-Pop vision, blending fine art, digital storytelling, and pop culture nostalgia, a true insight on augmented reality with artists selected by Espace L as well as a world première which will revolutionise the music industry using AI to the advantage of human musicians.

    Anvil Wonderland: As the whimsical and the bold ooze with creativity, Anvil Wonderland invites audiences into a dynamic and colourful world where classical animation meets contemporary art. Inspired by the iconic cartoon trope of falling anvils, the piece transforms this playful chaos into a modern-day tribute to resilience.

    The 60 x 80 cm acrylic on canvas piece features striking colours of pure blue, red, yellow, black, and white showcasing Yonel, the mischievous central figure of Yan’s artistic universe, captured mid-leap in a vibrant and daring composition. Accompanying the physical piece is an exclusive NFT animation: a 9-second loop that brings Yonel to life, diving into the unknown with his signature energy and spirit. The package will be released for sale to the public simultaneously live at the WISeKEY’s headquarters and online via the WISe.ART platform.

    This unique combination of physical and digital artistry provides collectors with a phygital experience that seamlessly bridges the worlds of traditional fine art and cutting-edge innovation.

    About Yan Balestra: Yan Balestra is a contemporary artist celebrated for his Neo-Pop aesthetic and ability to combine extreme sports culture, retro-futuristic elements, and bold storytelling. Through Yonel, his artistic alter-ego, Yan invites audiences to reconnect with their inner child and embrace the joy of exploration and imagination. His work serves as a bridge between playful nostalgia and the forward momentum of contemporary art.
    https://www.instagram.com/yanbalestra/?hl=en
    https://platform.wise.art/author/yan/

    About SpinDreams: Hydroelectric transmutations in the Swiss landscape by River Oracle, Lea Sblandano, Nacoca Ko, Paulo Wirz, Ricardo Meli, Paul Fritz, Antoine Félix Bürcher, Hugo Landlade and Jan Steenman. The project was initiated in 2022 to bridge the fluidity of analog and digital reality questioning dreamlike realities and newer technologies, nature’s resources feeding human energies. The art pieces act as semiotic talismans, focal points that draw awareness to the ceaseless metamorphic interplay between the tangible and the virtual.

    About Espace_L: Inaugurated in 2011, Espace_L is rapidly becoming the reference in Geneva for contemporary art. The gallery interacts in distinct sectors by presenting internationally recognized artists and by orchestrating art meetings, to raise awareness and question current art movements questioning technology and the philosophy of art.

    About “20 Song” by Soren Sorenson aka Dorian Gray: Dorian Gray’s approach is, above all, exploratory, a way to understand how AI can enrich the creative process and open new avenues of expression. “20-version song” is a manifesto for augmented musical creation, where artificial intelligence becomes an ally, not a substitute for humans. The project does not stop there: it invites the public to participate in the experience, navigate this sound labyrinth, discover the 20 interpretations, and choose their favorite by voting directly on the site, a democratic approach that gives a playful and participatory dimension to this unique musical exploration.

    About The Good Token Society: In the dynamic landscape of Web3, the need for support, federation, promotion and representation has never been more pressing. The Good Token Society is a hub for sustainable, global technology development, a base for initiatives focusing on the confluence of impact, technology, and finance. A collective of innovators, entrepreneurs, and thought leaders passionate about the intersection of technologies and impact. We must shift from reactive to proactive and being prepared for the future. Despite facing challenges, blockchain players persist in enhancing capabilities. We are transitioning from theoretical experimentation to tangible business solutions.

    The Event: Yan Balestra’s opening exhibition will take place at WISeKEY headquarters, 58 Avenue Louis Casaï in Geneva, Switzerland on January 29, from 4 to 9 pm, by appointment offering an intimate opportunity for collectors, curators, and art enthusiasts to explore Yan Balestra’s latest creation. While the event is not officially affiliated with ArtGeneve, it takes advantage of the vibrant energy surrounding the city’s most prestigious art week, providing a compelling space for attendees to discover Yan’s unique artistic narrative.

    SpinDream will be on show at the Espace_L booth at ArtGeneve and 20 Song will go live on the air simultaneously.

    Sales Details: The NFTs attached to all these various projects will be available for purchase with Crypto Currencies or Credit Card payment on WISe.ART, WISeKEY’s innovative platform for fine art and digital NFTs. This unique phygital piece offers collectors a rare opportunity to own a one-of-a-kind work of art that bridges the worlds of nostalgia, creativity, and cutting-edge digital innovation.

    About WISe.ART: WISe.ART, powered by WISeKEY, combines blockchain technology with the fine art world to create a secure and innovative space for artists and collectors. It is a cutting-edge platform designed to bring physical and digital art into a new era of authenticity and accessibility.

    About WISeKEY:

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US)
    Contact: The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com    		 WISe.ART
    Contact: Sixtine Crutchfield
    Art Director
    Tel: +41764406563
    scrutchfield@wisekey.com

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    The MIL Network –

  • MIL-OSI: Triller Steals Social Media Spotlight with $50 Million Fundraise

    Source: GlobeNewswire (MIL-OSI)

    Triller Group Inc. (Nasdaq: ILLR) secures its place as a fierce competitor to TikTok, YouTube Shorts, and Instagram Reels with bold innovations, star power, and continued momentum

    Los Angeles, CA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Triller Group Inc. (“Triller” or “the Company”) is making waves in the technology and investor sectors, announcing a $50 million equity funding round secured through a private placement with institutional investors. This investment fuels Triller’s rapid ascent as the next powerhouse in short-form video platforms, further challenging TikTok’s dominance to become the superior platform for creators, users, and collaborators. 

    Backed by global icons like Conor McGregor, The Weeknd, Marshmello, Lil Wayne, and many more, Triller surged into the top five in the “Photo and Video” category of app stores, solidifying its status as a rising star in digital entertainment.

    Supercharging the Creator Revolution

    In addition to enhancing the platform for users, the fundraise enables Triller to accelerate its mission of empowering creators. Triller will unveil cutting-edge AI-driven tools, enhanced live-streaming capabilities, and a revamped video editing suite, providing creators with unmatched opportunities to engage audiences and monetize their content.

    “At Triller, we’re not just building a platform—we’re leading a movement,” said Wing Fai Ng, CEO of Triller Group Inc. “Whether TikTok is banned or not has no bearing on our trajectory. With powerhouses like Conor McGregor and other global icons who champion our vision, we’ve created a platform that is designed to outlast TikTok and any other competitor. We’re not building our business around the failure of others; this seismic shift in social media is only the beginning of what’s to come.”

    Triller: The New Home for Viral Content

    As TikTok faces ongoing challenges and uncertainty, Triller has emerged as the ultimate refuge and frontrunner for displaced influencers and content creators. Triller’s savemytiktoks.com campaign has ushered in waves of creators seeking a U.S.-owned platform free from political and regulatory roadblocks.

    Under the new leadership of former TikTok Executive Sean Kim, Triller is redefining the user experience and what it means to create, distribute and monetize content.

    BKFC & TrillerTV: Entertainment Frontiers Redefined

    Triller isn’t stopping at short-form videos; the Bare-Knuckle Fighting Championship (BKFC) brand reaches over 250 million fans across 60 countries, while TrillerTV is celebrating a decade of streaming success. Upcoming events like Wrestle Kingdom 19 from Tokyo Dome draw millions of viewers and further positions Triller as a multimedia powerhouse.

    Triller’s Future: Poised for Dominance in 2025

    With the fund raise and these developments underway, Triller is poised to become the premier social media hub in 2025, attracting top talent and ensuring long-term growth and success through its transparent and innovative environment.

    Following President Donald Trump’s reelection, Triller Group made a sizeable contribution to the Trump Inaugural Fund, underscoring its dedication to supporting initiatives that resonate with its business values and long-term vision.      

    Navigating the Ship: Investment and Changes to Triller’s Leadership

    Triller Group has also appointed Dr. Roger Kennedy as an non-executive director following a designation by KCP Holdings Limited, the lead investor in this funding round. He will join the board’s audit, remuneration, and nomination committees.

    The private placement consisted of common stock and warrants, with the Company’s shares priced at $2.20 each. This funding round is the first new capital infusion following the AGBA-Triller merger, with an additional fundraise expected later this year.

    This fundraise is a powerful catalyst for Triller Group’s commitment to innovation and growth. With strong backing from our investors and the star power of icons like Conor McGregor, Triller is gearing up to disrupt the digital content landscape like never before. Together with its team, partners, and creators, Triller is creating a platform where ownership, growth, and meaningful monetization are finally within reach.

    For more details, please refer to the Company’s report on Form 8-K filed with the Securities and Exchange Commission on January 29, 2025.

    About Triller Group Inc.         

    Nasdaq: ILLR. Triller Group is a US-based company that operates two main businesses: the newly merged US-based social media operations (Triller Corp.), and the legacy operations of the Company in Hong Kong (“AGBA”).

    Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service. For more information, visit www.trillercorp.com

    Established in 1993, AGBA is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business. For more information, please visit www.agba.com.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    Investor & Media Relations:

    Bethany Lai
    ir@triller.co

    Breanne Fritcher
    triller@wachsman.com

    # # #

    The MIL Network –

  • MIL-OSI United Kingdom: Huddersfield Golf Tech Firm Tees Up for International Success

    Source: United Kingdom – Executive Government & Departments

    MIA Sports wins Dubai contract with support from HSBC UK and UK Export Finance.

    An MIA Sports studio bay at the Emirates Golf Club, Dubai

    • A Huddersfield-based company which specialises in indoor golf technology has entered the UAE market after it secured a finance package worth £75,000.
    • Financing was provided by HSBC UK, with government backing from UK Export Finance.

    MIA Sports specialises in the design, supply and installation of golf simulators and teaching studios. Though founded only 10 years ago, their products have been adopted as an integral training tool at golf facilities in the UK, Europe, and East Asia.

    MIA Sports has now begun exporting to the United Arab Emirates with the support of UK Export Finance (UKEF), the government export credit agency.

    Faced with the opportunity of supplying its technology to Dubai, MIA Sports had to provide financial guarantees which would have restricted its cashflow – a catch-22 situation. They approached UKEF, who worked with HSBC UK to arrange a finance package for the amount of £75k. This was supported by a government guarantee provided through UKEF’s General Export Facility (GEF), a product specifically tailored to enable SMEs to scale up their exports by giving banks the confidence to lend.

    The finance package, provided by HSBC UK and guaranteed by UKEF, gave MIA Sports the confidence to secure the Dubai contract. This comprised the supply and installation of 5 teaching studio bays for a new academy at the Emirates Golf Club, home to the iconic Dubai Desert Classic tournament.

    Andrew Keast, Managing Director at MIA Sports, said:

    Breaking into the UAE market was a major opportunity for us. Thanks to UKEF and HSBC UK’s support, we were able to access the finance required to bring our technology to a fast-rising capital in the world of golf.

    Alissia Deane, Export Finance Manager for West Yorkshire, said:

    This deal demonstrates how we’re helping Yorkshire businesses reach their export potential. By working closely with HSBC UK, we’ve enabled MIA Sports to bring their innovative golf technology to Dubai’s growing sports market.

    Andy Booth, International Business Manager at HSBC UK, said:

    Working alongside UKEF, we’re committed to helping innovative British businesses like MIA Sports expand internationally. This showcases how effective partnership between banking and government support can boost UK exports.

    The story of MIA Sports shows how UKEF is working towards one of the key objectives in its Business Plan for 2024-2029: to support 1,000 SMEs a year by the end of the decade.

    Contact 

    Media enquiries:

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Governments of Canada and Saskatchewan Invest in Livestock and Forage Research

    Source: Government of Canada regional news

    Released on January 29, 2025

    Today, Canada’s Minister of Agriculture and Agri-Food Lawrence MacAulay and Saskatchewan’s Minister of Agriculture Daryl Harrison announced $6.9 million to jointly support livestock and forage-related scientific research in Saskatchewan in 2025, combined with co-funding from industry partners for a total of $7.2 million.

    The investment is part of Saskatchewan’s 2024-25 Budget of $37 million for agriculture research and is delivered through the province’s Agriculture Development Fund (ADF) under the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The ADF is supporting 30 livestock and forage-related research projects this year which focus on a variety of topics.

    “We are working with the provinces and territories to deliver vitally important programming through Sustainable CAP,” MacAulay said. “Our shared investment with the Government of Saskatchewan in these Agriculture Development Fund research projects will help create growth and make sure our great sector remains on the cutting edge.”

    “Innovation is the key to staying competitive and allowing Saskatchewan to remain a global leader when it comes to new and best practices in agriculture,” Harrison said. “We continue to support this and help Saskatchewan’s livestock producers to keep doing what they do best through investments of this nature, which enables the kind of world-class scientific work that constantly moves the industry forward.”

    The selection and approval of projects supported by the ADF is based on an annual competitive process to identify research with the potential to help Saskatchewan’s livestock producers and agriculture industry remain innovative, profitable and competitive. This year’s livestock and forage-related projects include a range of topics such as enhancing the capacity to research pathogens and manufacture vaccines and therapeutics to help control infectious diseases, including those that cause pandemics; evaluating the combined impact of prescribed fire and post-fire herbicide applications to control woody plants (snowberry) in rangelands; and investigating how trace-mineral supplementation could help feeder calves respond better to vaccines.

    The Governments of Canada and Saskatchewan work closely with industry partners to leverage funding to support research that aligns with industry priorities. This year’s ADF projects were supported by an additional $216,000 contributed to 10 projects by the following industry partners:

    • Saskatchewan Cattlemen’s Association
    • Saskatchewan Forage Seed Development Commission
    • SaskPork
    • Western Dairy Research Collaboration (BC Dairy, Alberta Milk, SaskMilk, and Dairy Farmers of Manitoba)

    “Investment in research is critical for our industry,” Saskatchewan Cattlemen’s Association Chair Keith Day said. “We appreciate both levels of government recognizing its value and investing in our research priorities, which focused on animal health and forage production this year.”

    The ADF is supported through Sustainable CAP, a five-year, $3.5 billion investment by Canada’s federal, provincial and territorial governments that supports Canada’s agri-food and agri-product sectors. This includes $1 billion in federal programs and activities and a $2.5 billion commitment that is cost-shared 60 per cent federally and 40 per cent provincially/territorially for programs that are designed and delivered by provinces and territories.

    For more information, including a full list of the above projects, please visit:
    https://www.saskatchewan.ca/business/agriculture-natural-resources-and-industry/agribusiness-farmers-and-ranchers/sustainable-canadian-agricultural-partnership/programs-for-research/agriculture-development-fund.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Former Deputy Sheriff Heads to Prison for Drug Trafficking

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

    McALLEN, Texas – A former deputy with the Hidalgo County Sheriff’s Office has been ordered to prison following his conviction of conspiracy to possess with the intent to distribute more than 500 grams of cocaine, announced acting U.S. Attorney Jennifer B. Lowery.

    Baldemar Cardenas, 39, McAllen, pleaded guilty April 1, 2022.

    Chief U.S. District Judge Randy Crane has now ordered Cardenas to serve 46 months in federal prison to be immediately followed by three years of supervised release. In handing down the sentence, the court noted the his position as a deputy at the time of the offense and the serious issues with law enforcement authorities assisting drug traffickers.

    At the time of his plea, Cardenas admitted that in January 2020, he conspired with a drug trafficking organization.

    Members of the group would receive kilogram quantities of highly pure cocaine. They would then utilize small portions of the drugs to create sham cocaine with very low purity.

    Cardenas ensured authorities seized the fake bundles by providing information to local law enforcement agencies. The information would enable authorities to conduct the seizure of the low purity cocaine, allow co-conspirators to avoid responsibility for stealing the cocaine from their source of supply and the distribution of the stolen cocaine for profit.

    In order to further the scheme and in exchange for compensation, Cardenas provided information to local law enforcement in January 2020 in order to effectuate the seizure of approximately 33 kilograms of sham cocaine bundles. Cardenas falsely claimed a confidential source provided the information. Based on the information he gave, law enforcement seized the multi-kilogram sham bundles of cocaine in Mission.

    Laboratory testing on the bundles revealed a cocaine purity level of only 1.5%.

    Cardenas was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

    The FBI and Homeland Security Investigations conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of the Drug Enforcement Administration, Hidalgo County Sheriff’s Office and Mission Police Department. OCDETF identifies, disrupts and dismantles the highest-level drug traffickers, money launderers, gangs and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

    Assistant U.S. Attorney Roberto Lopez Jr. prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Global: Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws

    Source: The Conversation – Africa – By Awino Okech, Professor of Feminist and Security Studies, SOAS, University of London

    Gender-based violence is a major challenge in Kenya, which has recorded a significant rise in deaths of women and girls in recent years.

    In January 2024, a coalition of organisations across the east African nation organised multi-city public marches to call for government action against these deaths. A year later, President William Ruto established a 42-member taskforce to address gender-based violence. What is its potential to lead to real change for women and girls? Feminist and security studies professor Awino Okech explores the issue.

    What do you make of the Kenyan government’s response to gender-based violence?

    Language matters, in my view, so it is important to focus the attention on femicide, which is what triggered recent public conversation in Kenya and is the primary issue at hand.

    Femicide is the specific act of men killing women because they are women. Gender-based violence focuses on the gender power relations that create conditions for violence. This does not always result in loss of life. Gender-based violence includes men killed by other men because of their sexuality, widows disenfranchised by property laws, female genital mutilation and forced marriage.

    Unlike in the past, Kenya has seen increasing reports of women being murdered. The country doesn’t have a proper data management system for such incidences. Nevertheless, the numbers recorded by organisations such as Femicide Count show the scale of the problem. In 2023 it recorded 152 femicides based on cases reported in the media. Africa Uncensored, an investigative journalism media house, estimates that 500 women were killed between 2017 and 2024. Kenya’s law enforcement agencies recorded 97 cases of femicide between September and November 2024. Globally, UN Women reported that in 2023 alone, one woman was killed every 10 minutes in intimate partner and family-related murders.

    What is the likelihood of the presidential working group’s success?

    First, at face value, any public action taken by a government to illustrate that it is listening to its citizens is an important first step.

    Second, the fact that it is called a “technical working group on gender-based violence” illustrates the potential it has to lose focus on the issue that catalysed its creation – femicide.

    Third, there is a history in Kenya of setting up task forces with financial resources largely directed at remunerating members and conducting “consultations”, only to tell the country what was already known. Consultations are critical for legitimacy and a base for action. But there are more expedient ways to do this work.

    This includes analysing existing reports, statements and recommendations offered by women’s rights organisation over the decades, including a 2024 statement on ending femicide. An insistence on a large task force in the light of the government’s austerity drive only raises questions about where limited resources should be directed.

    Finally, I am concerned that some of the leading voices on femicide in the last 10 years are missing from this task force. It is the activism of the coalition of actors organising under EndFemicideKE that recentred the conversation on femicide with some of the organisations leading urgent response work in their communities. The task force must not ignore this expertise.

    What steps should Kenya be taking to address femicide?

    1. Invest in programmes that emphasise positive masculinities. This means raising a generation of men whose idea of manhood is not based on hatred of or violence against women. This work is an important counter measure to the growing “manosphere” in Kenya. The manosphere refers to websites, blogs and online forums focused on promoting misogyny and opposition to feminism. These online spaces have grown globally and are viewed as central to grooming men to commit femicide.

    2. Increase resources to programmes aimed at women who are at risk of violence. The signs of violence predate the act of violence and murder. Providing resources to create safe physical and online spaces – such as hotlines for women to get the support they need to secure their lives, or effective investigative services – is key. Central to this action is the role of the police service in taking seriously and investigating any claims of potential threats of violence. People need to feel safe going to the police to report threats of harm and have trust in their capacity to deliver justice. This action requires trust building between communities and the police service.

    3. Deal with the structural causes of femicide. At the heart of this targeted violence against women are the underlying patriarchal assumptions about how women should act relative to men in society. We cannot ignore the importance of building people’s consciousness about the deep biases they have been socialised to believe in. This work must be led by community champions who value the sanctity of human life.

    What needs to be done to hold institutions accountable?

    First, the relevant state institutions, such as public hospitals and clinics, the police and judiciary, need money and people with the right skills, so they can intervene in the root causes and symptoms of gender-based violence.

    Second, Kenya needs to create a national database on femicide. This would indicate where and how to deploy resources.

    Third, there needs to be an annual and public report on the state of gender-based violence that tracks where money has gone, and shows the relationship between actions and outcomes. An initial increase in cases might not indicate failure but rather heightened awareness. With the right interventions, numbers should drop over time.

    Fourth, build trust between citizens and state institutions. In December 2024, a peaceful march in Nairobi held during the global 16 days of activism against gender-based violence campaign was teargassed by police. This happened two weeks after the Kenyan president publicly committed to addressing femicide.

    The right to peaceful protest is enshrined in Kenya’s constitution. When the police respond with violence to peaceful women protesters talking about the murder of women, how can citizens trust officers’ ability to take dead women seriously?

    Awino Okech receives funding from Open Society Foundations

    – ref. Femicide in Kenya: William Ruto has set up a task force – feminist scholar explains its flaws – https://theconversation.com/femicide-in-kenya-william-ruto-has-set-up-a-task-force-feminist-scholar-explains-its-flaws-248313

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Partnership of GUU and KubSAU: new prospects for the Russian agro-industry

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On January 29, 2024, a ceremonial signing of a cooperation agreement between the State University of Management and the Kuban State Agrarian University named after I.T. Trubilin took place.

    On behalf of our university, the signature was put by Rector Vladimir Stroyev, on behalf of KubSAU – by Rector Alexander Trubilin. In addition to them, the meeting was attended by Advisor to the Rector’s Office of the State University of Management Nikolay Mikhailov and Head of the Department for Coordination of Scientific Research of the State University of Management Maxim Pletnev, as well as Dean of the Faculty of Finance and Credit of KubSAU Alexander Adamenko.

    The first step in implementing the agreement will be the opening of a network educational program for bachelor’s degrees in Finance and Business Management. The new educational program provides the opportunity to obtain a bachelor’s degree in economics and management within the framework of one diploma. It provides for alternating study locations: Krasnodar (first and second years) – Moscow (third year) – Krasnodar (fourth year).

    Welcoming the guests, Vladimir Stroyev noted that the meeting had been planned for quite a long time and had finally taken place. The rector briefly spoke about the history of the State University of Management, which is noticeably longer than the official 105 years. During this time, the university has participated and continues to participate in many global state transformations.

    Vladimir Vitalievich spoke in more detail about the main historical areas of the university’s work. He spoke about the first department of personnel management in the country. He shared the successes of the department of state and municipal management. And he placed special emphasis on the approach to management that has changed over time. Fortunately, the State University of Management managed to preserve some areas of industry management, which is again in great demand in the labor market today.

    The rector also particularly noted that GUU has taken the path of developing network programs. In this regard, our university is a leader in Russia. At the moment, eight such programs are being implemented and three more are in development.

    Rector of KubSAU Alexander Trubilin admitted that they also have a task to develop network programs, but so far only one is being implemented, with MGIMO. And since the State University of Management has gone so far ahead, it makes even more sense to cooperate in this direction and adopt experience.

    Aleksandr Ivanovich also spoke about the specifics of working in the Krasnodar Region, a region with the highest population growth in the country and a 50/50 urban-rural ratio. The region’s universities are faced with the task of maintaining this ratio, that is, helping to retain young specialists in the field. For the comprehensive development of rural areas, KubSAU is expanding the range of educational programs and seeking cooperation with other universities.

    In response to this, Vladimir Stroyev spoke about the activities of the Eurasian Network University, which has already gone beyond not only the Eurasian Economic Union, but also the geographical boundaries of Eurasia. The rector invited his colleague to join the consortium if he wished.

    Maxim Pletnev, Head of the Scientific Research Coordination Department of the State University of Management, told the guests about the university’s scientific work, in particular about the digital estate project, which is a core project for KubSAU and is being implemented jointly with the Omsk Agricultural Research Center and the Udmurt State University. He reported on the trip of young scientists from the State University of Management to an internship at the largest agricultural holding company, STEPPE, as a result of which the university received an order to develop import-substituted parts for agricultural machinery. He also mentioned joint projects within the framework of the RosGeoTech Advanced Engineering School.

    The final part of the visit was the excursion program, within the framework of which the guests visited the Pre-University of the State University of Management, asking with interest about the number of students, the conditions for admission, the academic performance of schoolchildren and the number of those entering our university after that. Representatives of KubSAU looked into the Sports Complex and the Information Technology Center. They also visited the Media Center, which they were completely delighted with. They lingered for a long time in the laboratory of the Director of the Engineering Project Management Center Vladimir Filatov, who spoke about the work of the inter-university design bureau, clarified the details of the digital village project and gave examples of joint developments with TMH Engineering. Also, the head of engineering projects of the State University of Management showed on the screen of the work computer a project of an unmanned aerial vehicle, which is currently at the exhibition, and said that flight tests will take place this year. The guests were interested in the development and offered to use their test site for the first flights of the drone from the State University of Management.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/29/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Financial results reflect the second full quarter following the completed merger of Main Street Financial Services Corp. (Main Street) and Wayne Savings Bancshares, Inc. (Wayne) on May 31, 2024.
    • Net income for the fourth quarter of 2024 totaled $3.2 million, or $0.41 per common share
    • Annualized deposit growth of 19.7% for the quarter ended December 31, 2024
    • Reduced reliance on wholesale funding by $40 million during the fourth quarter of 2024
    • Declared cash dividend of $0.14 per share on January 10, 2025

    WOOSTER, Ohio, Jan. 29, 2025 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.2 million, or $0.41 per common share, for the three months ended December 31, 2024. The return on average equity and return on average assets for the fourth quarter of 2024 was 11.69% and 0.90%, compared to 16.90% and 1.02%, for the fourth quarter of 2023.

    The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

    The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024, September 30, 2024 and December 31, 2024, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended December 31, 2024, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

    President and CEO James R. VanSickle commented, “I am proud of the dedication and hard work displayed by Main Street Bank’s team of community bankers throughout 2024. They have been instrumental in the improvement of our operational efficiencies, enhancement of our customer experience and delivering long-term value for our shareholders. I would like to thank our customers, shareholders and our communities for their confidence in Main Street Bank.”

    Fourth Quarter 2024 Financial Results

    Net interest income was $10.6 million for the quarter ended December 31, 2024, an increase of 103.4% from $5.2 million for the quarter ended December 31, 2023. The net interest margin of 3.19% for the fourth quarter of 2024 increased 46 basis points from 2.73% for the fourth quarter of 2023. Loan yields were 6.12% for the quarter ended December 31, 2024, an increase of 82 basis points when compared to 5.30% for the quarter ended December 31, 2023. The loan yield increase is the result of variable rate loan repricing, new loan originations at current markets rates and purchase accounting accretion on acquired loans. Investment yields increased 122 basis points to 3.59% as of December 31, 2024 when compared to the quarter ended December 31, 2023. The cost of funds for the fourth quarter of 2024, was 2.66%, an increase of 33 basis points when compared to the fourth quarter of 2023. The cost of funds increase is largely due to shifting deposit composition to higher-yielding product offerings and utilizing higher-cost wholesale funding, such FHLB advances. The cost of total deposits was 2.25% for the quarter ended December 31, 2024, a 21 basis point increase when compared to 2.04% for the quarter ended December 31, 2023. The cost of borrowings for the quarter ended December 31, 2024 totaled 5.64%, an increase of 94 basis points when compared to the quarter ended December 31, 2023.

    A provision for credit losses and unfunded commitments of $79,000 was recorded for the quarter ended December 30, 2024. During the quarter, the Company recognized $20,000 in charge-offs and $5,000 in recoveries, reflecting relatively stable asset quality.

    Noninterest income totaled $1.2 million for the quarter ended December 31, 2024, an increase of $148,000, or 14.6%, when compared to the quarter ended December 31, 2023. Noninterest income declined by $435,000 when compared to the quarter ended September 30, 2024. During the quarter ended September 30, 2024, the Company recognized a gain on the sale of investments totaling $702,000.

    Noninterest expense totaled $8.0 million for the quarter ended December 31, 2024, an increase of $4.2 million when compared to the quarter ended December 31, 2023. Noninterest expense increased by $87,000 when compared to the quarter ended September 30, 2024 due to increased incentive compensation and a charge related to the disposition of an REO property. The increase reflects a full quarter of combined expenses after completion of the merger.

    The provision for income taxes for the quarter ended December 31, 2024, decreased by $246,000 compared to the quarter ended September 30, 2024. This reduction was primarily driven by the Company’s reassessment of the West Virginia state income tax impact.

    December 31, 2024 Financial Condition

    At December 31, 2024, the Company had total assets of $1.41 billion with net loan balances totaling $1.11 billion. Loan balances remained relatively unchanged for the quarter ended December 31, 2024. As part of the merger, the Company acquired $430.8 million in loans.

    The allowance for credit losses was $11.8 million at December 31, 2024, compared to $7.3 million at December 31, 2023. The increase is a result of establishing an allowance for credit losses on the acquired non-PCD loan portfolio during the second quarter of 2024. The allowance for credit losses as a percent of total loans was 1.05%, compared to 1.09% as of December 31, 2023. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

    Total nonperforming loans (NPLs) was $6.1 million at December 31, 2024, an increase from $0.6 million at December 31, 2023. The NPL to net loan receivable ratio was 0.55% as of December 31, 2024. Past due loan balances of 30 days and more increased from $2.8 million at December 31, 2023, to $13.8 million, or 1.24% of net loans outstanding, at December 31, 2024. The increase in nonperforming and past due loans is due to the impact of the acquired loan portfolio.

    Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans and loans past due 30 or more days for Legacy Wayne and Main Street was $24.4 million and $19.1 as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of December 31, 2024, the resultant Company has $14.8 of classified loans and $13.8 of loans past due 30 or more days.

    Total liabilities increased to $1.30 billion at December 31, 2024 with deposits totaling $1.16 billion and FHLB advances totaling $100.0 million. Deposits grew by $54.3 million, or 19.7% annualized, during the fourth quarter of 2024. As part of the merger, the Company acquired $487.4 million in deposits. As of December 31, 2024, the Company held no brokered deposits compared to $116.7 million at December 31, 2023. The Company leverages FHLB advances for short-term funding needs due to their accessibility and alignment with prevailing market rates. During the fourth quarter of 2024, the Company reduced the reliance on FHLB advances by $40 million.

    Total stockholders’ equity was $110.6 million at December 31, 2024, an increase of $57.7 million when compared to the December 31, 2023 balance. The increase was primarily driven by the merger between Main Street and Wayne. Total stockholders’ equity decreased during the fourth quarter of 2024 primarily from a decrease in accumulated other comprehensive income of $4.7 million and dividends of $1.1 million, partially offset by net income of $3.2 million.

    Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

    Non-GAAP Disclosure
    This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which are excluding costs related to merger activities which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

    Forward-Looking–Statements
    This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995.  These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results.  When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements.  Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control.  These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment.  Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact Information:
    Matthew Hartzler
    Senior Vice President, Chief Financial Officer
    (330) 264-5767

       
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Balance Sheets
    (Dollars in thousands, except share data – unaudited)
       
        December 31, 2024   December 31, 2023
    ASSETS            
                 
    Cash and cash equivalents   $ 54,422     $ 20,884  
    Securities, net (1)   163,819     86,405  
    Loans receivable, net   1,113,900     669,603  
    Federal Home Loan Bank stock   6,445     3,959  
    Premises & equipment, net   10,880     4,904  
    Bank-owned life insurance   22,155     11,706  
    Other assets   37,608     12,486  
    TOTAL ASSETS   $ 1,409,229     $ 809,947  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
                 
    Deposit accounts   $ 1,156,328     $ 693,126  
    Other short-term borrowings   28,308     8,743  
    Federal Home Loan Bank advances   100,000     47,000  
    Accrued interest payable and other liabilities   13,957     8,111  
    TOTAL LIABILITIES   1,298,593     756,980  
                 
                 
    Common stock (7,801,011 shares of $1.00 par value issued)   7,801     398  
    Additional paid-in capital   56,387     36,715  
    Retained earnings   57,356     55,342  
    Treasury Stock, at cost – 0 shares and 1,777,824 shares at December 31, 2024 and December 31, 2023, respectively.   –     (30,330 )
    Accumulated other comprehensive loss   (10,908 )   (9,158 )
    TOTAL STOCKHOLDERS’ EQUITY   110,636     52,967  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,409,229     $ 809,947  
                 
    (1) Includes available-for-sale and held-to-maturity classifications.
    Note: The December 31, 2023 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Statements of Income
    (Dollars in thousands, except share data – unaudited)
                     
        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
          2024       2023       2024       2023  
                     
    Interest income   $ 19,138     $ 9,545     $ 60,334     $ 35,095  
    Interest expense     8,531       4,330       27,665       12,920  
    Net interest income     10,607       5,215       32,669       22,175  
    Provision for credit losses     79       4       4,782       530  
    Net interest income after provision for credit losses     10,528       5,211       27,887       21,645  
    Non-interest income     1,165       1,017       4,158       3,017  
    Non-interest expense                
    Salaries and employee benefits     3,823       1,782       12,511       7,731  
    Net occupancy and equipment expense     1,430       625       4,399       2,431  
    Federal deposit insurance premiums     197       157       637       531  
    Franchise taxes     107       81       464       380  
    Advertising and marketing     237       44       645       223  
    Legal     143       15       651       45  
    Professional fees     260       74       1,924       239  
    ATM network     84       123       557       443  
    Auditing and accounting     130       60       516       240  
    Other     1,539       787       4,165       2,561  
    Total non-interest expense     7,950       3,748       26,469       14,824  
    Income before federal income taxes     3,743       2,480       5,576       9,838  
    Provision for federal income taxes     558       443       873       2,005  
    Net income   $ 3,185     $ 2,037     $ 4,703     $ 7,833  
                     
    Earnings per share                
    Basic   $ 0.41     $ 0.46     $ 0.76     $ 3.56  
    Diluted   $ 0.41     $ 0.46     $ 0.76     $ 3.54  
    MAIN STREET FINANCIAL SERVICES CORP.
    Selected Condensed Consolidated Financial Data
    (Dollars in thousands, except share data – unaudited)
                     
        December   September   June   March
          2024       2024       2024       2024  
                     
    Interest and dividend income   $ 19,138     $ 18,930     $ 12,572     $ 9,694  
    Interest expense     8,531       8,308       6,185       4,641  
    Net interest income     10,607       10,622       6,387       5,053  
    Provision for credit losses     79       109       4,720       (126 )
    Net interest income after provision for credit losses     10,528       10,513       1,666       5,179  
    Non-interest income     1,165       1,600       716       678  
    Non-interest expense     7,950       7,863       6,723       3,934  
    Income before federal income taxes     3,743       4,251       (4,341 )     1,923  
    Provision for federal income taxes     558       804       (873 )     384  
    Net income   $ 3,185     $ 3,446     $ (3,468 )   $ 1,539  
                     
    Earnings per share – basic   $ 0.41     $ 0.44     $ (0.68 )   $ 0.40  
    Earnings per share – diluted   $ 0.41     $ 0.44     $ (0.67 )   $ 0.40  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     0.90 %     1.00 %     -1.38 %     0.76 %
    Return on average equity     11.69 %     12.58 %     -17.16 %     11.63 %
    Shares outstanding at quarter end     7,801,011       7,801,011       7,787,055       3,840,575  
    Book value per share   $ 14.18     $ 14.27     $ 13.60     $ 13.81  
    Tangible equity per share   $ 12.13     $ 12.15     $ 11.49     $ 13.36  
                     
                     
        December   September   June   March
          2023       2023       2023       2023  
                     
    Interest and dividend income   $ 9,545     $ 9,078     $ 8,571     $ 7,901  
    Interest expense     4,330       3,673       2,867       2,050  
    Net interest income     5,215       5,405       5,704       5,851  
    Provision for credit losses     4       138       170       218  
    Net interest income after provision for credit losses     5,211       5,267       5,534       5,633  
    Non-interest income     1,017       691       706       603  
    Non-interest expense     3,748       3,733       3,949       3,394  
    Income before federal income taxes     2,480       2,225       2,291       2,842  
    Provision for federal income taxes     443       452       547       563  
    Net income   $ 2,037     $ 1,773     $ 1,744     $ 2,279  
                     
    Earnings per share – basic   $ 0.53     $ 0.46     $ 0.46     $ 0.60  
    Earnings per share – diluted   $ 0.53     $ 0.46     $ 0.45     $ 0.59  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     1.02 %     0.91 %     0.92 %     1.23 %
    Return on average equity     16.90 %     14.41 %     14.36 %     19.58 %
    Shares outstanding at quarter end     3,839,702       3,837,609       3,837,085       3,831,939  
    Book value per share   $ 13.80     $ 12.40     $ 12.64     $ 12.51  
    Tangible equity per share   $ 13.35     $ 11.95     $ 12.20     $ 12.06  
    MAIN STREET FINANCIAL SERVICES CORP.
    Non-GAAP reconciliation
    (Dollars in thousands, except per share data – unaudited)
         
      For three months ended   For the twelve months ended
      December,   December,
          2024       2023       2024       2023  
                     
    Net Income as reported – GAAP   $ 3,185     $ 2,037     $ 4,703     $ 7,833  
    Effect of merger related expenses (net of tax benefit)     26       353       5,769       950  
    Net Income non-GAAP   $ 3,211     $ 2,390     $ 10,472     $ 8,783  
                     
    Earnings per share – GAAP   $ 0.41     $ 0.93     $ 0.76     $ 3.56  
    Effect of merger related expenses     0.00       0.16       0.94       0.43  
    Earnings per share non-GAAP   $ 0.41     $ 1.09     $ 1.70     $ 3.99  
                     
    Return on average assets – GAAP     0.90 %     1.02 %     0.41 %     1.02 %
    Effect of merger related expenses     0.01 %     0.18 %     0.50 %     0.12 %
    Return on average assets non-GAAP     0.91 %     1.20 %     0.91 %     1.14 %
                     
    Return on average equity – GAAP     11.69 %     16.90 %     5.58 %     16.27 %
    Effect of merger related expenses     0.09 %     2.93 %     6.84 %     1.97 %
    Return on average equity non-GAAP     11.78 %     19.83 %     12.42 %     18.24 %
                     
    Efficiency Ratio – GAAP     67.54 %     60.14 %     71.87 %     58.42 %
    Effect of merger related expenses     -0.22 %     -5.66 %     -6.73 %     -3.77 %
    Efficiency Ratio non-GAAP     67.32 %     54.48 %     65.14 %     55.07 %

    The MIL Network –

  • MIL-OSI: Tenable Plans to Acquire Vulcan Cyber, Accelerate Leadership in Exposure Management

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc., (“Tenable”) (Nasdaq: TENB) the exposure management company, today announced that it has signed a definitive agreement to acquire Vulcan Cyber Ltd. (“Vulcan Cyber”), a leading innovator in exposure management. Vulcan Cyber’s capabilities will augment Tenable’s industry-leading Exposure Management platform, enhancing customers’ ability to consolidate exposures across their security stack, prioritize risks and streamline remediation efforts across the entire attack surface.

    Under the terms of the agreement, Tenable will acquire Vulcan Cyber for approximately $147 million in cash and $3 million of restricted stock units (RSUs) that vest over a future period. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

    “CISOs are overwhelmed with scattered security products, siloed tools and disjointed teams which makes protecting their organizations from exposure a massive undertaking. As the pioneer behind Exposure Management, we are driven to solve this central challenge of modern security — a fragmented approach to identifying and combating cyber risk,” said Steve Vintz, Co-CEO and CFO, Tenable. “That is what this acquisition is all about. With Vulcan, we’re accelerating our Tenable One vision to radically unify security visibility, insight and action across the attack surface – from the data center to the cloud – to rapidly expose and close the gaps that put businesses at risk.”

    Tenable plans to expand the Tenable One Exposure Management Platform with Vulcan Cyber’s robust capabilities, including enhanced visibility, extended third-party data flows, superior risk prioritization, and optimized remediation. By consolidating and aggregating vast amounts of data into the most comprehensive Exposure Management platform, Tenable is empowering organizations to confidently reduce risk across their entire environment.

    “These capabilities aren’t just technical enhancements – they represent a fundamental shift in how organizations will manage cyber risks holistically into the future. For example, while having a cloud security platform is critical on its own, its power is exponentially amplified when treated as part of a comprehensive exposure management approach,” said Mark Thurmond, Co-CEO and COO, Tenable. “By uniting disparate tools and data under one roof, we’re providing security teams with a full-spectrum view of their attack surface, enabling them to prioritize what matters most and act decisively to address vulnerabilities.”

    A Unified Vision for Exposure Management

    With the addition of Vulcan Cyber, Tenable One customers will gain:

    • Expanded Third-Party Ecosystem Data: By integrating with more than 100 security products across vulnerability assessment, endpoint security, cloud security, application security, and threat intelligence, Tenable will ingest, normalize, and unify data across the security stack. This streamlined approach centralizes critical data and empowers security teams to operate more efficiently and proactively across the entire attack surface.
    • AI-Powered Risk Prioritization: Siloed security products create blind spots where attackers thrive, leaving critical gaps across the attack surface. Enhanced risk prioritization closes these gaps by integrating enriched threat intelligence and context, helping organizations focus on the most critical vulnerabilities while optimizing the use of their security tools and technology.
    • Automated Remediation Workflows: Optimized remediation with automated campaigns, advanced tagging and ticketing ensure that security issues, along with corrective guidance, get into the hands of the right security team members to automatically fix exposures quickly, wherever they might exist in their environment.
    • Advanced AI capabilities: Leveraging a single unified risk data set, Tenable is laying the foundation for advanced exposure AI capabilities that will revolutionize how customers manage and mitigate risk across the security stack.

    “We’re thrilled to join forces with Tenable. Integrating Vulcan Cyber’s capabilities into the Tenable One platform will uniquely address all exposure management use cases across the entire attack surface,” said Yaniv Bar-Dayan, Co-Founder and CEO, Vulcan Cyber. “For the first time at scale, security teams will be able to consolidate exposure findings from multiple sources into a single, actionable interface. We are excited to start working with Tenable and their customers to remediate exposure risk.”

    About Vulcan Cyber
    Vulcan Cyber is a pioneer in cyber risk management. Its flagship ExposureOS platform helps businesses reduce vulnerabilities and asset risk through measurable and efficient attack surface security. Investors include YL Ventures, TenEleven Ventures, Dawn Capital, Maor Investments and Wipro Ventures. Learn more at https://vulcan.io.

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Forward Looking Statements
    This press release contains forward-looking information related to Tenable, and its potential acquisition of Vulcan Cyber Ltd. that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as the words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. The forward-looking statements in this press release are based on Tenable’s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many of which are beyond Tenable’s control. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the acquisition and product developments and other possible or assumed business strategies, potential growth opportunities, new products, potential market opportunities, and the anticipated timing of the closing of the acquisition. Risks and uncertainties include, among other things, our ability to successfully integrate Vulcan Cyber’s operations; our ability to implement our plans, expectations with respect to Vulcan Cyber’s business; our ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; disruption from the acquisition making it more difficult to maintain business and operational relationships; the inability to retain key employees; the negative effects of the consummation of the acquisition on the market price of our common stock or on our operating results; unknown liabilities; attracting new customers and maintaining and expanding our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, increased competition on our market and our ability to compete effectively, and expansion of our operations and increased adoption of our platform internationally.

    Additional risks and uncertainties that could affect our financial results are included in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other filings that we make from time to time with the Securities and Exchange Commission (SEC) which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    Contact information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    The MIL Network –

  • MIL-OSI: LPL Financial Welcomes Salient Wealth Planning Group

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors John P. Schlatter, CFP®, Robert Rojano, Alec Hoag, CFP®, and Michael Madden, CFA®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $1 billion in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

    Based in Manhattan Beach, Calif., Schlatter founded Salient Wealth Planning Group to provide clients with customized investment strategies, financial planning and wealth preservation services emphasizing tax efficiency and wealth transfer through multiple generations. The advisors take an interdisciplinary approach to help ensure all aspects of each client’s financial situation are coordinated and reviewed.

    “We take a holistic process to build on the foundations that clients have already laid, and we believe good planning helps the right choices reveal themselves,” Schlatter said, noting they primarily work with high-net-worth clients. “Our services are rooted in developing deep personal relationships to help families navigate the challenges and opportunities of managing generational wealth.”

    The Salient team selected LPL for its advanced capabilities and commitment to providing exceptional customer service experiences.

    “The foundation of our business is built on value-added consulting and meticulous planning,” Schlatter said. “To perpetuate this legacy, we require a stable partner to meet this standard through superior customer service and technology. With LPL, we have a dedicated service team and access to a wide range of innovative capabilities, strategic business solutions and research.”

    Schlatter said he appreciates LPL’s significant technology investment, including approximately $500 million in 2024 for innovation and infrastructure enhancements. He said, “As a Fortune 500 company, LPL is a leading wealth management firm that puts our business and clients in a better position for a more successful future. Most of our clients have been with us for more than 20 years, and we are excited to continue enhancing their experiences over the next 20 years.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome John, Robert, Alec and Michael to the LPL community. We look forward to supporting their vision by providing elevated services and integrated technology to help them remain competitive in the evolving wealth management landscape. LPL’s sophisticated wealth management platform and robust business tools are designed with advisors in mind, to help them run thriving practices and be successful in serving the needs of their clients.”

    Related

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

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Salient Wealth Planning Group and LPL are separate entities.

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

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

    *Value approximated based on asset and holding details provided to LPL from end of year, 2024.

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

    Tracking #685921

    The MIL Network –

  • MIL-OSI: Wix to Announce Fourth Quarter and Full Year 2024 Results on February 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX), today announced that it will report its results for the fourth quarter ended December 31, 2024 before the market opens on Wednesday, February 19, 2025. Management will host a conference call and webcast that morning at 8:30 a.m. ET to answer questions about the Company’s financial results. Prior to the conference call and webcast, Wix will issue a press release reporting these results along with a shareholder update and additional materials at https://investors.wix.com/. 

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform globally to create, manage and grow a digital presence1. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

    For more about Wix, please visit our Press Room

    Investor Relations:
    ir@wix.com 

    Media Relations:
    pr@wix.com

    1Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    The MIL Network –

  • MIL-OSI: PLUMAS BANCORP TO ACQUIRE CORNERSTONE COMMUNITY BANCORP

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (“Plumas”) (Nasdaq: PLBC) and Cornerstone Community Bancorp (“Cornerstone”) (OTCPK: CRSB) jointly announce the signing of a definitive merger agreement (the “Agreement”) whereby Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million (the “Transaction”) based on the closing price of $47.76 for Plumas shares on January 28, 2025. On a pro forma consolidated basis, the combined company would have approximately $2.3 billion in assets, $2.0 billion in deposits, $1.5 billion in loans, and operate 19 branches throughout Northern California and Western Nevada.

    Cornerstone, headquartered in Red Bluff, California, is the parent company of Cornerstone Community Bank, a 19-year-old bank with approximately $658 million in assets as of December 31, 2024. Cornerstone Community Bank operates through four branches throughout the Northern California counties of Shasta and Tehama.

    “We are thrilled to announce our merger agreement with Cornerstone,” said Andrew J. Ryback, President and Chief Executive Officer, Plumas Bancorp. “Our companies share a connection to the people and businesses who have built their livelihoods throughout Northern California. Bringing together the team of local experts at Cornerstone Community Bank with Plumas Bank’s technology and small business expertise offers even greater services for the markets we serve. We look forward to providing long-term value to our combined shareholders, clients, team members, and the communities we serve.”

    “We are excited about the opportunity to join forces with Plumas, bringing our banks together to carry on our focus of providing our customers, employees and all of our stakeholders with superior products, services and support,” said Matthew B. Moseley, President and Chief Executive Officer of Cornerstone, who will continue with Plumas following the acquisition. “Gaining access to Plumas’ network of offices and extensive product lines allows us to expand our footprint and offerings beyond the Shasta and Tehama communities we have served for the past 19 years. There are many similarities in our institutions and the small communities we serve. This combination will afford the two organizations the opportunity to utilize our combined years of experience to continue to deliver the outstanding experience our customers have come to expect.”

    Under the terms of the Agreement, each issued and outstanding share of common stock of Cornerstone will be converted into the right to receive 0.6608 shares of common stock of Plumas and $9.75 in cash (subject to adjustment under certain circumstances). Based on the closing price of $47.76 for Plumas shares on January 28, 2025, the Transaction would result in an aggregate consideration of $64.6 million (inclusive of the value to Cornerstone stock option holders) and value of $41.31 per Cornerstone share.

    Giving effect to the merger, Cornerstone shareholders will hold, in the aggregate, approximately 14% of Plumas’ outstanding common stock based on December 31, 2024 data. One current member of the Cornerstone board of directors will join the Plumas board of directors upon the merger.

    Plumas expects the acquisition to be approximately 9% accretive to earnings per share in 2025 and 23% accretive in 2026. Plumas expects dilution to tangible book value per share of approximately 13% at close with a tangible book value earn-back period of less than three years. The boards of directors of Plumas and Cornerstone have approved the proposed merger, which is expected to occur in the second half of 2025 and remains subject to customary closing conditions, including obtaining approval by Cornerstone’s shareholders and bank regulatory authorities.

    Plumas was advised in the Transaction by Raymond James & Associates, Inc. as financial advisor and Sheppard, Mullin, Richter & Hampton LLP as legal counsel. Cornerstone was advised by Performance Trust Capital Partners as financial advisor and Gary Steven Findley & Associates as legal counsel.

    About Plumas Bancorp

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    About Cornerstone Community Bancorp

    Cornerstone Community Bancorp is a bank holding company headquartered in Red Bluff, California and is the parent company for Cornerstone Community Bank, a California state-chartered bank with four locations across the Northern California counties of Shasta and Tehama. Founded in 2006, Cornerstone Community Bank has a proven track record of contributing to the success of the local economies they serve, contributing to the success of the people who live, work, and play in Shasta and Tehama.

    Additional Information About the Proposed Transaction and Where to Find It

    This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

    Investors and security holders are urged to carefully review and consider each of Plumas’s public filings with the SEC, including but not limited to its Annual Reports on Form 10-K, its Proxy Statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. The documents filed by Plumas with the SEC may be obtained free of charge at Plumas’s website at www.plumasbank.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Plumas by requesting them in writing to Plumas Bancorp, 5050 Meadowood Mall Circle, Reno, Nevada 89502; Attention: Shareholder Relations, or by telephone at (775) 786-0907.

    Plumas intends to file a registration statement on Form S-4 with the SEC which will include a proxy statement /prospectus which will be distributed to the shareholders of Cornerstone in connection with their vote on the Transaction. Before making any voting or investment decision, investors and security holders of Cornerstone are urged to carefully read the entire proxy statement/prospectus, when it becomes available, as well as any amendments or supplements, because it will contain important information about the proposed Transaction. Investors and security holders will be able to obtain the proxy statement/prospectus free of charge from the SEC’s website or from Plumas by writing to the address provided in the preceding paragraph.

    The directors, executive officers and certain other members of management and employees at Cornerstone and Plumas may be deemed participants in the solicitation of proxies in favor of the Transaction. Information about the directors and executive officers of Cornerstone will be included in the proxy statement/prospectus regarding the proposed Transaction. Information regarding Plumas’s directors and executive officers is available in Plumas’s definitive proxy statement for its 2024 annual meeting of shareholders filed with the SEC on April 4, 2024, which is available free of charge from Plumas upon request as described above.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains forward-looking statements regarding Plumas Bancorp (“Plumas”), Cornerstone Community Bancorp (“Cornerstone”) and the combined company and the proposed merger that are forward-looking statements subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to plans, expectations, projections and statements about the benefits of the proposed merger, the timing of completion of the merger, and other statements that are not historical facts. Forward-looking statements involve risks and uncertainties that are difficult to predict. Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to the occurrence of any event, change or other circumstances that could give rise to the right of Plumas or Cornerstone to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Plumas or Cornerstone; delays in completing the merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals impose conditions that could adversely affect the combined company or the expected benefits of the merger); the failure of Cornerstone to obtain shareholder approval or Plumas or Cornerstone to satisfy any of the other conditions to the merger on a timely basis or at all; the ability to complete the merger and integration of Plumas and Cornerstone successfully; costs being greater than anticipated; cost savings being less than anticipated; changes in economic conditions; the risk that the merger disrupts the business of the Plumas, Cornerstone or both; difficulties in retaining senior management, employees or customers; and other factors that may affect the future results of Plumas or Cornerstone. Further information regarding Plumas’s risk factors is contained in Plumas’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023. Forward-looking statement made in this release speak only as of the date of this release. Neither Plumas nor Cornerstone undertake any obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    Investor Relations Contact:

    Jamie Huynh
    AVP, Assistant Corporate Secretary and Investor Relations Coordinator
    Plumas Bank
    Phone: 530.283.7305 ext. 8908
    Email: jamie.huynh@plumasbank.com

    The MIL Network –

  • MIL-OSI: Fusion Fuel Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Jan. 29, 2025 (GLOBE NEWSWIRE) — via IBN — Fusion Fuel Green PLC (Nasdaq: HTOO) (“Fusion Fuel” or the “Company”), a leading provider of comprehensive energy engineering, advisory and supply solutions, today announced the resignation of Gavin Jones as Chief Financial Officer and the appointment of Frederico Figueira de Chaves as Interim Chief Financial Officer, effective January 24, 2025. Mr. Jones has opted to pursue a new opportunity; however, he will continue to serve as Company Secretary and has pledged his support to ensure a seamless transition.

    The Company’s Board of Directors is pleased to announce the appointment of Frederico Figueira de Chaves as interim Chief Financial Officer. Mr. Figueira de Chaves previously held the position of Chief Financial Officer at Fusion Fuel from 2020 to 2023, where he was instrumental in shaping the Company’s financial strategy and operational framework. Mr. Figueira de Chaves is currently serving as the Company’s Chief Strategy Officer and Head of Hydrogen Solutions and will assume this additional role while maintaining his existing responsibilities, leveraging his extensive financial and strategic expertise, while supported by an experienced in-house finance team.

    “On behalf of the Board of Directors, I would like to extend our heartfelt appreciation to Gavin for his outstanding service to Fusion Fuel since joining the Company in 2021,” stated Jeffrey Schwarz, Chairman of the Board of Fusion Fuel. “His steady leadership has been pivotal in establishing a strong foundation for the Company’s growth. We are grateful for his commitment to excellence and professionalism, and we wish him every success as he embarks on this exciting new chapter in his career.”

    Reflecting on his tenure, Mr. Jones commented: “This is a bittersweet moment for me. Over the past four years, I have had the privilege of collaborating with an exceptional team to navigate the various challenges and opportunities that have shaped Fusion Fuel’s journey. These years have been immensely rewarding, and I will carry these experiences with me throughout my career. I extend my gratitude to the Board of Directors, my colleagues, and the entire finance team for their trust and support. I firmly believe that Fusion Fuel is well-positioned for continued success, and I look forward to its continued progress.”

    The appointment of Mr. Figueira de Chaves as Interim CFO comes at a crucial juncture for Fusion Fuel as the Company advances its strategic priorities. His profound understanding of the hydrogen ecosystem, coupled with a proven track record in financial stewardship and strategic planning, positions him uniquely to guide the Company through its next phase of growth. With a sharpened focus on expanding its hydrogen solutions and gas services businesses, Fusion Fuel is strategically poised to reinforce its status as a leader in integrated energy solutions.

    About Fusion Fuel Green plc

    Fusion Fuel Green PLC (NASDAQ: HTOO) is an emerging leader in the energy services sector, offering a comprehensive suite of energy engineering and advisory solutions through its Al Shola Gas and BrightHy subsidiaries. Al Shola Gas provides full-service industrial gas solutions, including the design, supply, and maintenance of liquefied petroleum gas (LPG) systems, as well as the transport and distribution of LPG to a broad range of customers across commercial, industrial, and residential sectors. BrightHy, the Company’s newly launched hydrogen solutions platform, focuses on delivering innovative engineering and advisory services that enable decarbonization across hard-to-abate industries.

    Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

    Forward-Looking Statements

    This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

    Investor Relations Contact

    ir@fusion-fuel.eu

    Wire Service Contact:
    IBN
    Austin, Texas
    www.InvestorBrandNetwork.com
    512.354.7000 Office
    Editor@InvestorBrandNetwork.com

    The MIL Network –

  • MIL-OSI: Royalty Pharma Announces Sale of MorphoSys Development Funding Bonds

    Source: GlobeNewswire (MIL-OSI)

    • Total proceeds of $530 million on $300 million original 2022 investment
    • Proceeds strengthen balance sheet and provide added flexibility to pursue disciplined capital allocation strategy, including significant share repurchases and royalty acquisitions

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced the closing of a transaction to monetize the remaining fixed payments on the MorphoSys Development Funding Bonds for $511 million in upfront cash. This payment, combined with payments previously received, results in total cash proceeds of $530 million on the $300 million investment that was made in September 2022. The company generated an attractive return by monetizing these future fixed payments at a low discount rate of 5.35% and will redeploy these proceeds into higher returning investment opportunities, including repurchasing its shares and acquiring attractive new royalties.

    “While Royalty Pharma does not generally sell royalty investments, Novartis’ acquisition of MorphoSys created a unique opportunity to convert a fixed stream of long-term payments with no potential for outperformance into a large cash inflow today at an attractive return for shareholders,” said Pablo Legorreta, Royalty Pharma founder and Chief Executive Officer. “Earlier this year, we updated our capital allocation framework, seeking to generate attractive returns through a blend of royalty investments and share repurchases. Royalty Pharma will benefit from enhanced flexibility to pursue our disciplined capital allocation strategy.”

    Transaction Details

    Royalty Pharma entered into a long-term strategic funding partnership with MorphoSys in 2021 to provide up to $2.025 billion as part of MorphoSys’ acquisition of Constellation Pharmaceuticals. Through that transaction, Royalty Pharma acquired royalties on Tremfya and other development stage assets including trontinemab. In connection with that transaction, Royalty Pharma purchased $300 million of Development Funding Bonds from MorphoSys in September 2022. In 2024, Novartis acquired MorphoSys.

    Prior to the monetization transaction announced today, Royalty Pharma received the first two quarterly repayments on the Development Funding Bonds, amounting to $9.7 million in the fourth quarter of 2024 and $9.7 million in January 2025. These payments will be recorded in Portfolio Receipts. The $511 million monetization proceeds will be treated as an asset sale and will not be recorded as Portfolio Receipts. Following this sale to a syndicate of investors, Royalty Pharma will no longer receive Development Funding Bond payments over the remainder of 2025 and beyond.

    BofA Securities, Inc. acted as placement agent on behalf of Royalty Pharma plc.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 14 development-stage product candidates. For more information, visit www.royaltypharma.com.

    Forward-Looking Statements

    The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

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