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Category: Finance

  • MIL-OSI Security: Suspect Wanted on Double Homicide and Failure to Appear on Drug Charges Arrested in New York City

    Source: US Marshals Service

    Martinsburg, WV – On June 5, 2024, a warrant was issued out of Berkeley County for Manuel Ernest Watson Gordon,33, of Hagerstown, Maryland. The warrant charged Watson Gordon with failure to appear on charges of distribution of Fentanyl and Cocaine.

    The charges were a result of an undercover purchase of narcotics in September of 2023 conducted by the Eastern Panhandle Drug and Violent Crimes Task Force.

    On July 26, 2024, the Berkeley County Prosecutor’s Office requested the assistance of the U.S. Marshals Mountain State Fugitive Task Force in apprehending Watson Gordon. Investigators quickly learned Watson Gordon was wanted by the Hagerstown Police Department in Maryland for a double homicide. The charges stem from a shooting on Washington Street in July of 2024.

    The task force searched for Watson Gordon in West Virginia, Pennsylvania and Maryland. At the end of 2024, information was developed Watson Gordon may have returned to New York where his family was originally from. The USMS requested the assistance of the Marshals Service New York and New Jersey Regional Fugitive Task Force to help locate Manuel Watson Gordon.

    On January 23, 2025, members of the task force located and arrested Manuel Watson Gordon in the unit block of Main Street, Yonkers, New York without incident.

    “Federal, and local law enforcement agencies in West Virginia, Maryland and New York working together were able to develop a location for this violent offender,” said Acting U.S. Marshal Terry Moore. “This arrest is a great example of how the Marshals Service’s partnerships with state and local agencies give these fugitives no place to hide.”

    Agencies involved in the search for Watson Gordon were: U.S. Marshals Service, Berkeley County Sheriff’s Office, Hagerstown Police Department, Martinsburg Police Department, and the Eastern Panhandle Drug and Violent Crimes Task Force.

    Watson Gordon is currently being held in Yonkers, New York and will be extradited to West Virginia and Maryland. Additional information on this case may be obtained from the Berkeley County Prosecutor’s Office in Martinsburg, West Virginia, or the Hagerstown Police Department in Maryland.

    MIL Security OSI –

  • MIL-OSI New Zealand: Investigations

    Source: Tertiary Education Commission

    Last updated 24 January 2025
    Last updated 24 January 2025

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    Investigations are a key part of monitoring the performance and compliance of the tertiary education sector.
    Investigations are a key part of monitoring the performance and compliance of the tertiary education sector.

    The Tertiary Education Commission (the TEC) has a range of powers, under the Education and Training Act 2020 and funding conditions, to conduct investigations ensuring the Government’s investment in tertiary education is used properly.
    We begin an investigation of a tertiary education organisation (TEO) if we are concerned about practices or behaviours which may put student interests or government funding at risk.
    TEO investigation guidelines
    Our monitoring system is designed to ensure both the burden on TEOs and the level of TEC effort is proportionate to the level of risk. This means investigations vary in size and complexity depending on our concerns, the size of the TEO, and a range of other factors.
    All monitoring activities (including investigations) are undertaken in accordance with our monitoring principles, which are included in the investigation guidelines below. These also include guidance on how we undertake investigations, the processes we follow, and how we deal with information supplied by TEOs under investigation.
    The Tertiary Education Commission investigation guidelines – 2020 (PDF 788 KB) 
    Outcomes of investigations
    We generally publish investigation outcomes as part of a transparent, consistent approach to monitoring. This helps provide assurance that public funds are being well managed. Publication of investigation findings is also a key way we share learnings from monitoring activities with the sector, and helps other TEOs improve their performance and compliance.
    The TEC has the discretion to not publish an investigation report or outcomes. Any such decision is made with reference to the provisions of the Official Information Act. For example, where there are no material findings, or issues identified are only minor, publishing the fact of an investigation may reduce public confidence in a TEO at a level disproportionate to the issues investigated. In such cases, the TEC would seek to share any valuable learnings from the investigation with the sector in another way, including through regular monitoring updates.
    When investigation reports or outcomes are finalised and able to be made public, they are published below.

    There were no investigations published in 2024.

    Active Institute

    Competenz

    Tai Poutini Polytechnic 

    BEST Pacific Institute of Education

    Reviews
    From 2014-2017, the TEC also conducted ‘reviews’ of smaller or less complex issues at TEOs. The TEC has updated its approach, and only conducts audits and investigations of TEOs. Historic reviews are now considered investigations.

    Quantum Education Group

    EnterpriseMIT

    College of Natural Health and Homeopathy 

    Reviews
    From 2014-2017, the TEC also conducted ‘reviews’ of smaller or less complex issues at TEOs. The TEC has updated its approach, and only conducts audits and investigations of TEOs. Historic reviews are now considered investigations.

    Lincoln University’s Telford Division

    New Zealand School of Outdoor Studies

    Reviews
    From 2014-2017, the TEC also conducted ‘reviews’ of smaller or less complex issues at TEOs. The TEC has updated its approach, and only conducts audits and investigations of TEOs. Historic reviews are now considered investigations.

    Manaakitanga Aotearoa Charitable Trust

    Agribusiness Training Ltd 

    Tectra Limited

    Taratahi Agricultural Training Centre

    Te Whare Wanānga o Awanuiārangi

    Western Institute of Technology at Taranaki (WITT)

    From 2014-2017, the TEC also conducted ‘reviews’ of smaller or less complex issues at TEOs. The TEC has updated its approach, and only conducts audits and investigations of TEOs. Historic reviews are now considered investigations.
    The six reviews below focused on TEOs that offered programmes with similar features to those found in two previous investigations at Te Whare Wānanga o Awanuiārangi and WITT. We undertook the reviews to determine whether the issues found in the two investigations were prevalent across the sector. This was found not to be the case.

    *Note: The TEC accepted the findings from an independent report commissioned by Service IQ.

    Related Content

    Monitoring performance and reporting

    read more

    MIL OSI New Zealand News –

  • MIL-OSI Security: Florida Homicide Suspect Captured in Vail

    Source: US Marshals Service

    Denver, CO – The U.S. Marshals Service’s Colorado Violent Offender Task Force (COVOTF), along with the Vail Police Department, located and arrested a Florida homicide suspect Wednesday evening in Vail.

    Aldo Armijos-Castillo, 32, is wanted by the Manatee County (FL) Sheriff’s Office on a felony arrest warrant for murder by person engaged in burglary in connection to a Dec. 26, 2024 home invasion in Bradenton, Florida that left one man dead. A warrant for Armijos-Castillo’s arrest in that case was issued on Jan. 6. 

    Investigators with the U.S. Marshals Service’s Florida-Caribbean Regional Fugitive Task Force in Tampa recently developed information indicating Armijos-Castillo had fled Florida and was traveling to California. On Jan. 22, that information was relayed to the U.S. Marshals Service’s Colorado Violent Offender Task Force who picked up the investigation. COVOTF investigators learned Armijos-Castillo was travelling by bus westbound on I-70, but was delayed due to a large traffic accident near Vail.

    COVOTF Task Force Officers from the Colorado Bureau of Investigation in Grand Junction then contacted the Vail Police Department (VPD) for assistance. VPD officers along with members of their SWAT team were able to locate and positively identify Armijos-Castillo and safely take him into custody.

    Armijos-Castillo was transported to the Eagle County Jail where he was booked on the outstanding homicide warrant from Florida. He is currently awaiting extradition.

    The success of this arrest represents a culmination of extensive cooperative investigative efforts between the U.S. Marshals Florida-Caribbean Regional Fugitive Task Force, U.S. Marshals Colorado Violent Offender Task Force, Colorado Bureau of Investigation, Vail Police Department, Colorado State Patrol, and Manatee County Sheriff’s Office. 

    The Colorado Violent Offender Task Force is a multi-jurisdictional fugitive task force that targets the most violent offenders to include those wanted for murder, assault, sex offenses, and other serious offenses throughout the state and country.  Nationally, the U.S. Marshals Service fugitive programs are carried out with local law enforcement in 94 district offices, 58 local fugitive task forces, eight regional task forces, as well as a growing network of offices in foreign countries.     

    Tips can be submitted to the U.S. Marshals Service directly and anonymously by downloading the USMS Tips App to your Apple or Android device. You can also follow the latest news and updates about the U.S. Marshals Service on X (previously Twitter): @USMSDenver.

    MIL Security OSI –

  • MIL-OSI: Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 January 2025 at 10:00 am (EET)

    Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Municipality Finance Plc issues EUR 1.25 billion benchmark on 28 January 2025. The maturity date of the benchmark is 14 December 2029. The benchmark bear interest at a fixed rate of 2.625% per annum.

    The benchmark is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the benchmark are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the benchmark to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 January 2025.

    Danske Bank A/S, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Landesbank Baden-Württemberg acts as the Joint Lead Managers for the issue of the benchmark.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
    The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Asia-Pac: Exchange Fund Position at end-December 2024

    Source: Hong Kong Government special administrative region

    Exchange Fund Position at end-December 2024
    Exchange Fund Position at end-December 2024
    *******************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) today (January 27) published the unaudited financial position of the Exchange Fund at end-December 2024.           The Exchange Fund recorded an investment income of HK$219.0 billion in 2024. The main components were:      

    gains on bonds of HK$135.6 billion;
    gains on Hong Kong equities of HK$21.8 billion;
    gains on other equities of HK$68.7 billion;
    negative currency translation effect of HK$35.6 billion on non-Hong Kong dollar assets (Note 1); and
    gains on other investments of HK$28.5 billion (Note 2).

          Fees on placements by the Fiscal Reserves and placements by HKSAR Government funds and statutory bodies were HK$13.2 billion (Note 3) and HK$15.7 billion respectively in 2024, with the rate of fee payment at 3.7 per cent for 2024.           The Abridged Balance Sheet shows that the total assets of the Exchange Fund increased by HK$65.9 billion, from HK$4,016.5 billion at the end of 2023 to HK$4,082.4 billion at the end of 2024. Accumulated surplus stood at HK$731.6 billion at end-December 2024.           The Exchange Fund recorded an investment return of 5.3 per cent in 2024 (Note 4). Specifically, the Investment Portfolio achieved a rate of return of 7.2 per cent and the Backing Portfolio gained 4.1 per cent. The Long-Term Growth Portfolio (LTGP) recorded an annualised internal rate of return of 11.5 per cent since its inception in 2009 up to the end of September 2024.           Commenting on the performance of the Exchange Fund in 2024, Mr Eddie Yue, Chief Executive of the HKMA, said, “Global financial markets performed broadly well in 2024. Major economies recorded stable growth, while inflation eased closer to policy targets. Major central banks progressively lowered their policy rates. This was positive to the investment environment.           Major equity markets rose notably in 2024, with US equities making strong gains in the first three quarters on the back of a generally positive economic and inflationary fundamentals, and the fervor around the artificial intelligence industry. However, markets became more volatile in the fourth quarter and retreated from their highs as investors turned more cautious amidst concerns over rising inflation and bond yields. In the Mainland and Hong Kong, investor confidence improved, following the Central Government’s announcements of a series of policy measures in the third quarter to stimulate the economy and equity market. Nevertheless, the two equity markets softened in the fourth quarter as market participants remained somewhat uncertain about the real economic growth. Meanwhile, global bond markets experienced higher volatility. Although major central banks have affirmed their general policy direction of lowering interest rates, the pace and magnitude of rate cuts have changed a few times during the year. Entering the fourth quarter, as markets began to focus on the US fiscal policy in the coming year, US Treasury yields rose sharply and weighed on bond prices. Furthermore, the US dollar strengthened against other major currencies in 2024, particularly in the fourth quarter, as a result of the interest rate movements and the relatively strong performance of the US economy. In view of these two factors, the Exchange Fund as a whole recorded some valuation loss in the fourth quarter of 2024.           For 2024 as a whole, the Exchange Fund achieved a decent investment income. The bond portfolio has benefited from substantial interest income as a result of persistently high yields. The equity portfolio has also performed well. However, the US dollar strengthened against other major currencies, leading to a negative currency translation effect on our non-Hong Kong dollar assets.”           Mr Yue said, “Looking ahead to 2025, the global financial markets remain uncertain. Interest rate policies will continue to be the focus of the markets. According to the latest projections in December, the US Fed forecasted half a percentage point of rate cut in total in 2025. This is smaller than the previous projection of one percentage point, and reflects the Fed’s more cautious stance towards inflation. Meanwhile, the new US administration’s policies on the economy, tax and trade could add uncertainties to the inflation path. This in turn affects how much room the Fed has in adjusting monetary policy.           Furthermore, any escalation in trade frictions among major economies or geopolitical situation could impact real economic activities, and may also trigger volatility in the financial markets.           Given these challenges we face, the HKMA will, as always, adhere to the principle of capital preservation first while maintaining long-term growth. We will continue to manage the Exchange Fund with prudence and flexibility, implement appropriate defensive measures, and maintain a high degree of liquidity. We will also continue to diversify our investments to strive for higher long-term returns, ensuring that the Exchange Fund remains effective in achieving its purpose of maintaining monetary and financial stability of Hong Kong.” Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure reflects the valuations at the end of September 2024. Valuation changes of these investments from October to December are not yet available.Note 3: This does not include the 2024 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2024 is available.Note 4: This return excludes the performance of the Strategic Portfolio and only includes the performance of LTGP up to the end of September 2024. The audited full year return will be disclosed in the 2024 annual report.

     
    Ends/Monday, January 27, 2025Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs detects case of illegally importing animals in third phase of “Pet Guardian” operation (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs detects case of illegally importing animals in third phase of “Pet Guardian” operation (with photos)
    Hong Kong Customs detects case of illegally importing animals in third phase of “Pet Guardian” operation (with photos)
    ******************************************************************************************

         Hong Kong Customs mounted an operation against smuggling of animals codenamed “Pet Guardian” with the Anti-Smuggling Bureau of Shenzhen Customs since November 2023. In late January this year, Hong Kong Customs launched the third phase of the operation and detected one suspected case of illegally importing animals on January 22. Four suspected illegally imported animals with an estimated market value of about $120,000 were seized.     On that day, Hong Kong Customs at Sha Tau Kok spotted a woman pushing a bike, who entered Hong Kong through the Chung Ying Street Checkpoint from the Mainland side of Chung Ying Street. The front basket of her bike carried two handbags suspected of containing animals. Customs officers then took action and found four suspected illegally imported animals, including one kitten and three puppies, inside the handbags. The 32-year-old woman was subsequently arrested.     Investigations of the case is ongoing and the four animals have been handed over to the Agriculture, Fisheries and Conservation Department for follow-up action.     Being a government department specifically responsible for tackling smuggling, Customs has long been combating various smuggling activities on all fronts. Customs will keep up its enforcement action and continue to resolutely combat all types of smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to disrupt relevant crimes.     Customs reminds the public that importing animals into Hong Kong without a valid permit is an offence.     Under the Rabies Regulation, any person found guilty of illegally importing animals, carcasses or animal products is liable to a maximum fine of $50,000 and imprisonment for one year.

     
    Ends/Monday, January 27, 2025Issued at HKT 15:37

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Periodic announcement on the acquisition of the Bank‘s own shares and its results (week 12)

    Source: GlobeNewswire (MIL-OSI)

    This announcement contains information on transactions of the acquisition of own shares of AB Šiaulių bankas (the Bank) carried during the period specified below under the Bank’s own share buy-back programme announced on 31 October 2024. 

    The period during which the acquisition of the Bank’s own shares under the programme was carried out – 04.11.2024 – 24.01.2025. 

    Period covered by this periodic report – 20.01.2025 – 24.01.2025. 

    Other information: 

    Transaction overview 
    Date  Total number of shares purchased on the day ( units)  Weighted average price (EUR)  Total value of transactions (EUR) 
    2025.01.20 125,000 0.914 114,229.88
    2025.01.21 125,000 0.914 114,187.70
    2025.01.22 125,000 0.915 114,329.92
    2025.01.23 125,000 0.914 114,250.00
    2025.01.24 125,000 0.913 114,080.01
    Total acquired during the current week  625,000 0.914 571,077.51
    Total acquired during the programme period  5,092,863 0.853 4,345,207.01
           
     

    The Bank’s own bought-back shares: 11,717,863 units.  

    Following the above transactions, the Bank will own a total of 12,342,863 units of own shares representing 1.86 % of the Bank’s issued shares. 

    Further detailed information on the transactions is attached. 

    This information is also available at: www.sb.lt   

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    Attachment

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas AB own shares acquisition programme completed

    Source: GlobeNewswire (MIL-OSI)

    24 January 2025 Šiaulių Bankas AB (the Bank) has completed its own share buy-back programme on the regulated market, which was carried out from 4 November 2024. During this period, the Bank acquired 5,092,863 treasury shares, i.e. 74 % of the maximum number of shares within the limit set at the time of the programme’s expiry, for a total amount of EUR 4,345,207.01 million, at an average price of EUR 0.853 per share.

    “We are the first bank in the Baltic market to implement an open market buy-back programme for its own shares. The successful implementation of this programme has increased the Bank’s attractiveness to investors by increasing the liquidity of its shares on the stock exchange and the return to shareholders. In the long term, we plan to continue to optimise and efficiently manage the Bank’s capital in order to increase shareholder value. We will continue to use a variety of financial instruments, including buy-backs”, says Tomas Varenbergas, Board Member, Head of Investment Management Division of Šiaulių Bankas.

    On 15 August 2024, the Bank received authorisation from the European Central Bank (ECB) to buy back up to 13,745,114 of its own shares. The Bank has already purchased 11,092,863 treasury shares on the basis of this authorisation. The remaining unused limit amounts to 2,652,251 shares. The Bank will make efforts to use the remaining share buy-back to the full limits before the expiry of the authorisation period, i.e. by 15 August this year, taking into account the Bank’s market value and other circumstances.

    The Bank will inform about further buy-backs of its own shares in a separate announcement once the Management Board of the Bank will take a decision. This will be done no earlier than after the publication of the 2024 results and the drafting resolutions by the Management Board of the Bank for the Ordinary General Meeting of Shareholders of Šiaulių Bankas to be held on 31 March 2025.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI Asia-Pac: Social security payments to be raised

    Source: Hong Kong Government special administrative region

    Social security payments to be raised
    Social security payments to be raised
    *************************************

         The Social Welfare Department (SWD) announced today (January 27) that starting from February 1 this year, the standard payment rates under the Comprehensive Social Security Assistance (CSSA) Scheme as well as the rates of the Old Age Allowance (OAA), Old Age Living Allowance (OALA) (including OAA and OALA under the Guangdong Scheme and the Fujian Scheme) and Disability Allowance under the Social Security Allowance (SSA) Scheme will be raised.     An SWD spokesman said, “On December 6 last year, the Finance Committee of the Legislative Council gave approval for the Government to adjust the above rates upwards by 1.3 per cent with effect from February 1 this year in accordance with the established mechanism, i.e., on the basis of the year-on-year rate of change of the Social Security Assistance Index of Prices, benefiting around 1.6 million people in total.” The adjusted CSSA standard payment rates and the SSA rates of allowances are set out at Annex I.     The spokesman added, “Furthermore, taking into account the movement of the Consumer Price Index (A) rent index for private housing, the Government will raise the maximum rent allowance (MRA) under the CSSA Scheme by 0.2 per cent, also with effect from February 1 this year.” The adjusted MRA under the CSSA Scheme is provided at Annex II.     CSSA and SSA recipients may contact their respective social security field units or call the SWD hotline 2343 2255 for enquiries.

     
    Ends/Monday, January 27, 2025Issued at HKT 11:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s foreign investment, cooperation remain stable in 2024

    Source: China State Council Information Office

    This photo taken on Sept. 2, 2024 shows the skyline of the central business district (CBD) at dusk in Beijing. [Photo/Xinhua]

    China’s foreign investment and cooperation saw steady growth in 2024, an official with the Ministry of Commerce (MOC) said Sunday.

    The country’s non-financial outbound direct investment rose 10.5 percent year on year to $143.85 billion last year, with investments in the Association of Southeast Asian Nations (ASEAN) countries increasing by 12.6 percent year on year, according to the official.

    Investments in leasing, business services, manufacturing, and wholesale and retail sectors drove the growth. The turnover of China’s foreign contracted projects totaled $165.97 billion in 2024, an increase of 3.1 percent year on year, the official said.

    In 2024, the number of workers dispatched abroad reached 409,000, a 17.9 percent increase year on year, with a total of 594,000 Chinese workers employed overseas by the end of the year.

    Non-financial investment in countries along the Belt and Road increased by 5.4 percent year on year to $33.69 billion last year, MOC data showed.

    MIL OSI China News –

  • MIL-OSI: Orezone Intercepts High-Grade Mineralization Below North Zone Life of Mine Pits Including 2.55 G/T Gold Over 23.00m and 1.14 G/T Gold Over 29.50m

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Jan. 26, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to provide additional drill results from its recently announced multi-year exploration campaign at its flagship Bomboré Gold Mine. The new results are centered on the North Zone, with high grades intercepted below both the North Zone Footwall and North Zone Hill resource and reserve pits.

    Selected Drill Highlights:

    • 2.55 g/t Au over 23.00m, including 5.54 g/t Au over 5.00m (BBD1324)
    • 1.14 g/t Au over 29.50m, including 2.30 g/t Au over 4.50m (BBD1320)
    • 1.20 g/t Au over 23.80m (BBD1323)
    • 1.01 g/t Au over 18.70m (BBD1319)
    • 1.80 g/t Au over 15.00m (BBD1318)
    • 1.59 g/t Au over 9.80m (BBD1318)
    • 1.69 g/t Au over 6.85m (BBD1322)
    • 24.74 g/t Au over 2.00m (BBD1323)

    Patrick Downey, President and CEO stated, “These latest drill results further underscore the significant exploration upside at Bomboré, and the potential to materially expand the resource base from the current global 5.1 million gold ounces, to a targeted 7 to 10 million gold ounces longer term. Given Bomboré’s 14km long reserve defined strike length at an average reserve pit depth of less than 40m, we have been aggressive in our pursuit of illustrating this potential. Towards this goal, we are accelerating the Phase I exploration campaign and planning a comprehensive 30,000m drill program through 2025. Recent drilling from only 12 wide spaced drill holes in the North Zone Footwall has successfully extended mineralization 100m to 250m below the reserve pit bottoms along a strike length of over 800m. This has clear implications in terms of extending current life of mine pits to depth and increasing the future production profile at Bomboré.

    The discovery potential of the orogenic gold setting at Bomboré is also highlighted by the multiple higher-grade sub-zones, which we believe may host the potential to transition into an underground mining scenario beneath the existing life of mine open pits. This prospect continues to be an area of focus at North Zone Hill, as well as at P16 and P17 where drilling has recently commenced.

    Together with our ongoing production expansion, which is currently ahead of schedule, this renewed focus on exploration at Bomboré, and testing the overall size and scale of the broader system, represent a truly exciting time for Orezone on multiple fronts.”

    North Zone Footwall – Extending Mineral System to Depth

    Initial drilling last year, targeting the North Zone Footwall at depth, was successful in extending high-grade mineralization 240m below the current reserve pit, with intercepts of 1.02g/t Au over 57.00m (BBD1313) and 1.64g/t Au over 46.00m (BBD1314). Wide spaced follow-up drilling was successful in extending mineralization 100m to 250m below the reserve pits along a strike length of over 800m (Figure 2). This was marked by several broad high-grade intercepts including 1.17g/t Au over 29.50m (BBD1320), 1.20g/t Au over 23.80m (BBD1323), 1.01g/t Au over 18.70m (BBD1319) and 1.80g/t Au over 15.00m (BBD1318).

    While early-stage, the main takeaways from this recent round of drilling along the North Zone Footwall include:

    1)   The potential, with subsequent infill drilling, to materially extend the North Zone Footwall resource and reserve pits to depth. If successful, this would have positive implications in terms of further expanding the production profile at Bomboré.

    2)   Given the initial results at the North Zone Footwall, there are comparable opportunities to extend the mineralized system at depth across the greater 14km long reserve defined trend, where the average reserve pit depth is currently less than 40m.

    North Zone Hill and Higher-Grade Sub-Zone Targeting

    As part of the exploration campaign to test the broader size and scale of the Bomboré mineralized system, a second focus of the current drill program is to further delineate a number of higher-grade sub-zones within, and extending below, the current life of mine open pit resource and reserves. The Company believes that these higher-grade sub-zones may host the potential to transition into underground mining beneath the open pits in the future. This is a well demonstrated mine sequence in-country, and if successful, would not only serve to increase the operating head grade at Bomboré, but also increase the overall production profile.

    With exploration efforts initially concentrated in the northern end of the project, initial testing of this thesis was centered on North Zone Hill, where at open pit drill spacing, there is a defined trend of higher-grade mineralization. As detailed in Figure 3, this sub-zone is marked by multiple high-grade intercepts including 8.75g/t Au over 7.20m (BBD1246), 7.17g/t Au over 7.00m (BBD0903), 13.44g/t Au over 2.80m (BBD1249), and 6.92g/t Au over 6.00m (BBD0911). Initial drill testing down plunge along this trend intercepted a broad interval of 2.55g/t Au over 23.00m, with a higher-grade sub-interval of 5.54g/t Au over 5.50m (BBD1324). Follow-up testing at North Zone Hill in the future will focus on additional step-outs down plunge and on tighter spaced drilling along trend to further resolve the controls on this higher-grade mineralization.

    The Company’s objective to further delineate such higher-grade sub-zones has extended to the P16 and P17S deposits at the southern end of the mining permit, in advance of the start of the rainy season in May. As outlined below, and detailed in Figure 4 and Figure 5, the P16 and P17S deposits host a number of higher-grade sub-zones. Initial testing at these deposits will focus on the down plunge continuity of the high-grade sub-zones and the potential for limb extensions to the East and West. Follow-up drill programs will further reduce the drill spacing towards the base of the pits and down plunge, as well as to test for repeats of the system along strike, a prospect that is well supported by historical drilling.

    P16 – selected high-grade historical intercepts:

    • 10.63g/t Au over 14.0m (BBD0448)
    • 16.50g/t Au over 5.0m (BBD0448)
    • 9.03g/t Au over 12.0m (BBC3241)
    • 6.69g/t Au over 15.5m (BBD0443)
    • 5.91g/t Au over 15.0m (BBD0447)
    • 7.82g/t Au over 9.0m (BBD0213)
    • 58.91g/t Au over 3.0m (BBD0768)

    P17S – selected high-grade historical intercepts:

    • 14.67g/t Au over 6.0m (BBD1066)
    • 16.58g/t Au over 4.6m (BBD0991)
    • 11.52g/t Au over 10.6m (BBD1081)
    • 9.44g/t Au over 10.0m (TYD0041)
    • 8.47g/t Au over 6.0m (BBD1132)
    • 7.08g/t Au over 7.0m (TYC0123)
    • 7.62g/t Au over 5.5m (TYD0035)

    Figure 1: Bomboré Gold Mine Property Map

    Figure 2: North Zone Footwall Long Section Looking Southeast

    Figure 3: North Zone Hill Long Section Looking Northwest

    Figure 4: P16 Long Section Looking North-Northwest

    Figure 5: P17 Long Section Looking North-Northwest

    Bomboré Drill Results

    Table 1: Highlight Drill Intercepts from the North Zone

    Hole Easting Northing Elevation Dip Azimuth EOH
    (m)    		 From
    (m)    		 To
    (m)    		 Length
    (m)    		 Grade
    (g/t Au)    		 Type
    BBD1315 729390 1354119 282 -51 313 414 322.00 325.00 3.00 0.70 HR
    and             336.00 345.00 9.00 1.06 HR
    and             363.00 368.00 5.00 1.02 HR
    and             386.30 393.00 6.70 1.40 HR
    BBD1316 729160 1354057 286 -52 313 300 188.00 191.00 3.00 0.69 HR
    and             271.00 282.60 11.60 0.78 HR
    and             292.00 293.00 1.00 2.68 HR
    BBD1317 729234 1353990 284 -51 313 429 14.00 18.00 4.00 0.44 OX
    and             20.80 24.20 3.40 1.02 OX
    and             45.50 48.60 3.10 0.37 OX
    and             65.00 75.00 10.00 0.75 OX
    and             303.00 314.00 11.00 0.95 HR
    and             328.00 339.00 11.00 0.75 HR
    and             380.10 387.40 7.30 1.53 HR
    incl.             382.25 387.40 5.15 1.92 HR
    and             398.00 401.00 3.00 1.73 HR
    BBD1318 729062 1354011 284 -56 312 317 167.20 177.00 9.80 1.59 HR
    and             254.00 269.00 15.00 1.80 HR
    incl.             261.00 267.90 6.90 2.52 HR
    and             286.00 287.00 1.00 2.95 HR
    BBD1319 729009 1353921 282 -53 313 330 282.00 300.70 18.70 1.01 HR
    incl.             293.70 300.70 7.00 1.23 HR
    and             305.65 309.75 4.10 1.29 HR
    and             318.00 323.00 5.00 1.04 HR
    BBD1320 729492 1354296 289 -56 312 321 88.00 93.30 5.30 1.55 HR
    and             259.00 288.50 29.50 1.14 HR
    incl.             261.50 266.00 4.50 2.30 HR
    and             275.00 281.20 6.10 1.93 HR
    BBD1322 729569 1354228 289 -55 311 456 5.50 9.80 4.30 0.56 OX
    and             58.15 61.50 3.35 0.47 OX
    and             364.00 367.00 3.00 0.75 HR
    and             391.00 402.00 11.00 0.95 HR
    and             409.00 415.85 6.85 1.69 HR
    incl.             411.90 414.80 2.90 3.07 HR
    BBD1323 729136 1353944 282 -56 311 429 4.50 6.75 2.25 0.86 OX
    and             12.80 15.10 2.30 0.54 OX
    and             209.00 211.00 2.00 24.74 HR
    and             244.25 247.00 2.75 0.99 HR
    and             364.00 387.80 23.80 1.20 HR
    incl.             371.00 375.00 4.00 1.79 HR
    and             391.30 394.00 2.70 0.96 HR
    BBD1324 728995 1353667 280 -52 310 312 20.20 23.20 3.00 1.23 OX
    and             193.00 216.00 23.00 2.55 HR
    incl.             196.00 201.00 5.00 5.54 HR
    and             277.95 280.00 2.05 0.91 HR
    and             382.00 385.00 3.00 2.42 HR
    BBD1325 728983 1353576 276 -54 311 381 233.00 237.00 4.00 1.94 HR
    incl.             235.00 236.00 1.00 5.40 HR
    and             243.00 248.00 5.00 1.46 HR
    BBD1326 729674 1354502 286 -52 314 335 6.00 8.15 2.15 0.71 OX
    and             189.00 191.00 2.00 5.42 HR
    and             253.00 254.00 1.00 2.11 HR
    BBD1327 728991 1353806 281 -51 312 468 13.50 17.50 4.00 0.54 OX
    and             21.60 23.80 2.20 1.38 OX
    and             33.55 34.50 0.95 1.48 OX
    and             360.00 362.00 2.00 0.99 HR
    and             372.20 373.10 0.90 8.81 HR
    and             384.70 396.00 11.30 0.86 HR
    BBD1328 728976 1353684 281 -51 313 282 24.00 31.75 7.75 0.58 OX
    and             59.25 63.90 4.65 0.46 OX
    and             172.20 173.10 0.90 5.53 HR
    and             210.25 212.15 1.90 2.44 HR
    and             253.60 257.55 3.95 1.39 HR

    True widths for North Zone drilling are approximately 85% of drilled lengths.
    HR – Hard Rock, OX – Oxide

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Contact Information

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945 8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    QUALIFIED PERSON

    Alastair Gallaugher (CGeol), Exploration Manager for Orezone, is the Qualified Persons under NI 43-101 and has reviewed and approved the scientific and technical information contained in this news release.  

    QA/QC

    The mineralized intervals are based on a lower cut-off grade of 0.28g/t in the Oxide+Upper Transition zone, and 0.45g/t Au in the Lower Transition+Hard Rock zone. The true width of the mineralization is approximately 85% of the drill length in the North Zone. The half-core drilling samples were cut using a diamond saw by Orezone employees. The samples were prepared by BIGS Global Burkina s.a.r.l. (“BIGS Global”) and then split by Orezone to 1 kg using Rotary Sample Dividers (“RSDs”). A 1-kg aliquot was analyzed for leachable gold at BIGS Global in Ouagadougou, by bottle-roll cyanidation using a LeachWellTM catalyst. The leach residues from all samples with a leach grade greater than or equal to 0.25g/t Au were prepared by BIGS Global and then split by Orezone to 50 g using RSDs. A 50-g aliquot was analyzed by fire assay at BIGS Global.

    Orezone employs a rigorous Quality Control Program including a minimum of 10% standards, blanks and duplicates. The composite width and grade include the final leach residue assay results for most of the drill intercepts reported.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.

    Forward-looking statements in this press release include, but are not limited to, statements with respect to the exploration program (including the significant exploration upside at Bomboré, and the potential to materially expand the project’s resource base from the current global 5.13 million gold ounces, to a targeted 7 to 10 million gold ounces longer term; implications of extending the current life of mine pits to depth, and increasing the project’s production profile; the potential with subsequent infill drilling to materially extend the North Zone Footwall resource and reserve pits to depth; opportunities to extend the mineralized system at depth across the greater 14km long reserve defined trend; the belief that the higher-grade sub-zones may host the potential to transition into underground mining beneath the existing open pits and that this is a well demonstrated mine sequence in-country, and if successful, would not only serve to increase the operating head grade at Bomboré, but also increase the overall production profile; and historical drilling supporting P16 and P17S deposits’ down plunge continuity of the high-grade sub-zones, the potential for limb extensions to the East and West and repeats of the system along strike); the potential expansion of mineral reservices and resources; exploration activities; interpretations of drilling results; future production; project development timelines (including the ongoing production expansion being ahead of schedule); and anticipated economic benefits.

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/7d80c26f-8efa-478f-a74e-2d4f292f47d6

    https://www.globenewswire.com/NewsRoom/AttachmentNg/182737de-3097-4ef3-b36b-f69e5e9cfb57

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7ca17fad-8644-4d58-9376-8aecb7afd1a9

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8cbcbc8e-f7e5-4daf-8f1c-0676b7fa1a59

    https://www.globenewswire.com/NewsRoom/AttachmentNg/da4f18c1-e76f-4817-b50c-53dece8ff50d

    The MIL Network –

  • MIL-OSI Economics: International Day of Clean Energy January 26th: African Development Bank promotes women’s empowerment through sustainable energy business development

    Source: African Development Bank Group

    When Grace Akingurwaruh signed up to become a seller of coal-efficient, improved-cooking stoves, she had no idea that she’d be successful enough to purchase her first smartphone – a godsend which enables her to remain in regular contact with her customers and get new business.

    Akingurwaruh is a farmer in Hoima, Uganda, a four-hour bus ride from the capital Kampala. The 40-year-old says she was looking for ways to increase her monthly income when a neighbor told her about an African Development Bank-financed training program promoting clean energy businesses like selling stoves that retain heat longer than traditional stoves or open fires.

    “They taught us how to make business, so when we finished the training, I started advertising…At times I can have customers that want to buy five or more stoves to put in their shops. So, I [give them] a discount. That’s why I have managed to sell more than my colleagues,” Akingurwaruh said of how she applied the knowledge she learned in the Green Energy for Women and Youth Resilience project.

    Financed by the Bank’s Africa Climate Change Fund, the programming was organized by civil society organizations AVSI Foundation and CIDR Pamiga in Uganda.

    Akingurwaruh says her roughly 22 percent commission on sales of coal-efficient stoves enabled her to not only buy a smartphone but also a goat – another source of income and nutrition for her family. She is now working as a senior agent for the same company she was linked to through the project and oversees a team of 5 youth agents. She not only sells directly to customers but also earns commissions from the sales generated by the agents she supervises.

    Akingurwaruh is one of more than 2,300 people considered sales agents and retailers and participants in the Green Energy for Women and Youth Resilience project. AVSI Foundation says 75% of these beneficiaries are women and young girls aged 18 or above and that the initiative through its sales training and outreach also provided clean cooking technologies and renewable energy solutions for lighting to more than 55,000 new customers.

    “By connecting civil society organizations like AVSI Foundation to funding opportunities within the Bank, we have delivered sustainable energy solutions that have transformed lives in Uganda. This collaboration has led to the empowerment of communities, enabling businesses to thrive and households to access clean, reliable power,” said Dr. Martha Phiri, the Bank’s Acting Director of the Gender, Women and Civil Society Department.

    About 250 kilometers north of Hoima in the city of Aura, training graduate Gloria Dunia sources coal-efficient stoves from a massive container, then carries them to her roadside stand to sell to passersby.

    “I have been trained on customer service and entrepreneurship, and this has greatly helped me,” Dunia said.

    Overall, the project supported communities in 14 districts across Uganda and 16 counties in Kenya on how to transition to low-carbon development and to scale up climate finance across through the promotion of jobs from micro, medium and small enterprises in the sustainable energy sector.

    The Africa Climate Change Fund also noted the project strengthens the financial service provider capacity to deliver sustainable energy finance as well as improve availability and accessibility of energy products for communities.

    Maria Ossola, the project coordinator with the AVSI Foundation, said that the project permitted them to discover the key role that entrepreneurs and the private sector plays in promoting clean energy.

    “Through the Green Energy for Women and Youth Resilience project, we gained invaluable knowledge about the critical importance of private sector partnerships in achieving universal access to clean energy. We invite like-minded companies and financial institutions to join us in advancing this mission,” said Ossola.

    Clean cooking is one of the African Development Bank Group’s priority areas. In May 2024, the Bank pledged $2 billion over 10 years towards clean cooking solutions in Africa – a move towards saving the lives of 600,000 mainly women and children estimated who die each year from the effects of secondary smoke from partial combustion of biomass, fuel wood and charcoal.

    The Bank is also a key organizer of The Mission 300 Africa Energy Summit, scheduled for 27 and 28 January in Dar es Salaam, Tanzania. It will bring together cross-sector leaders, decision makers in the public and private sector sharing a passion for boosting access to electricity to more homes and businesses across Africa.

    The Government of Tanzania is hosting the event in partnership with the African Union, the African Development Bank Group, and the World Bank Group. At this two-day summit, government officials, business leaders, funders, and community organizations will chart a path towards Mission 300’s ambitious goal of bringing power to 300 millions Africans by 2030.

    MIL OSI Economics –

  • MIL-OSI Australia: Swimmer hit by boat at Mannum

    Source: South Australia Police

    A swimmer was airlifted to Adelaide after being struck by a boat in the River Murray at Mannum last night.

    Emergency services raced to Mannum just before 7pm on Sunday 26 January after reports a boat had collided with a swimmer.

    The 20-year-old Mannum woman was taken to the local hospital before being airlifted to Adelaide with serious injuries.

    The driver of the boat, a 43-year-old West Lakes Shore woman, was arrested and charged with cause harm by dangerous use of a vessel, operate vessel without due care and operate vessel with prescribed concentration of alcohol – after she allegedly returned a positive reading of 0.142. She was refused police bail and will appear in the Murray Bridge Magistrates Court on Tuesday.

    Investigations are continuing. Anyone who witnessed this incident or has footage that may assist the investigation is asked to contact Crime Stoppers at www.crimestopperssa.com.au or 1800 333 000.

    MIL OSI News –

  • MIL-OSI Canada: Government of Yukon highlighted territory’s mineral potential at conferences in Vancouver

    Government of Yukon highlighted territory’s mineral potential at conferences in Vancouver
    jlutz

    This week, Premier Ranj Pillai, Deputy Premier and Minister Responsible for Women and Gender Equity Directorate Jeanie McLean and Energy, Mines and Resources Minister John Streicker joined a delegation of representatives from the Government of Yukon, Yukon First Nations, the Yukon Geological Survey, the Yukon Mining Alliance, the Yukon First Nation Chamber of Commerce, the Yukon Chamber of Mines and Yukon businesses to promote Yukon jobs and industry at the Association for Mineral Exploration’s Roundup (AME Roundup) conference and the Vancouver Resource Investment Conference in Vancouver, British Columbia.

    Cabinet Ministers and Government of Yukon officials highlighted the importance of industry and government working with Yukon First Nations communities and shared upcoming plans for investment in the territory’s economic development through an emphasis on infrastructure upgrades and modernizing legislation. The Government of Yukon attended the conferences to provide information about mineral development opportunities in the territory.

    Investments in strategic infrastructure play a pivotal role in supporting Yukon residents, businesses and the territory’s mining industry. Ministers emphasized Government of Yukon priorities including improving access to Yukon communities through the Yukon Resource Gateway program, ongoing work with the Government of Canada to connect the Yukon and British Columbia’s electricity grids, as well as recent successes including the now-completed Dempster Fibre Line project.

    At AME Roundup, Minister John Streicker led a panel discussion on how industry and governments at all levels must work together to support community safety so that Yukon communities can truly benefit from the economic opportunities that industry presents. Geologists from the Yukon Geological Survey presented the results of their fieldwork to the mineral and investment community.

    Minister McLean joined Doris Bill, former Chief of the Kwanlin Dün First Nation, and Gina Nagano, President and Community Safety Specialist at House of Wolf, to lead a vital panel discussion at The Gathering Place on the importance of community safety as a foundation for equitable participation in the mining and resources industry. The session highlighted the critical role of safety and other foundational conditions in fostering inclusive opportunities, with a focus on Yukon-led initiatives such as the Yukon’s Missing and Murdered Indigenous Women, Girls and Two-Spirit+ Strategy. Minister McLean emphasized the importance of creating safe and supportive communities to ensure all Yukoners, particularly Indigenous women and Two-Spirit+ individuals, can benefit from the territory’s economic development.

    MIL OSI Canada News –

  • MIL-OSI Australia: Key committees

    Source: Australian Department of Revenue

    ATO committee system

    The ATO’s committee system comprises a tiered structure that creates clear lines of authority and enables issues to be escalated and resolved. At the same time, it supports a strong governance culture that values impartiality, integrity and accountability.

    ATO committees

    The ATO Executive Committee is the organisation’s most senior committee. It is supported by the Audit and Risk Committee and 5 enterprise-level committees (Finance, People, Risk, Security and Strategy). These committees are our most senior committees and they have defined responsibilities to approve, advise and monitor specified governance areas across the organisation.

    These committees include:

    • Audit and Risk Committee – an independent committee comprised of independent (external) members. It is responsible for the audit and risk management of the ATO. It provides the Commissioner of Taxation with independent assurance and advice on the appropriateness of the ATO listed entity’s
      • annual financial statements
      • performance statements
      • performance reporting
      • system of risk oversight and management, and
      • system of internal controls.

    Refer to Audit and Risk Committee Charter

    • Finance Committee – responsible for exercising governance responsibilities with respect to the ATO’s resource allocation, investment and program delivery, including monitoring financial risk.
    • People Committee – an advisory committee responsible for ensuring workforce and culture strategies support a contemporary and capable workforce.
    • Risk Committee – responsible for oversight and assurance of the ATO risk profile and advising on the management of key risks.
    • Security Committee – responsible for ensuring protective security and business continuity management capabilities are managed effectively across the ATO.
    • Strategy Committee – responsible for stewarding the end-to-end taxpayer experience by shaping discretionary and non-discretionary (NPP) investment priorities and ensuring peak taxpayer strategies are aligned, appropriate and on track.

    Organisational chart

    See our Organisational chart showing the reporting responsibilities within the ATO by group and business line.

    MIL OSI News –

  • MIL-OSI China: China’s foreign investment, cooperation remain stable in 2024: official

    Source: People’s Republic of China – State Council News

    BEIJING, Jan. 26 — China’s foreign investment and cooperation saw steady growth in 2024, an official with the Ministry of Commerce (MOC) said Sunday.

    The country’s non-financial outbound direct investment rose 10.5 percent year on year to 143.85 billion U.S. dollars last year, with investments in the Association of Southeast Asian Nations (ASEAN) countries increasing by 12.6 percent year on year, according to the official.

    Investments in leasing, business services, manufacturing, and wholesale and retail sectors drove the growth. The turnover of China’s foreign contracted projects totaled 165.97 billion U.S. dollars in 2024, an increase of 3.1 percent year on year, the official said.

    In 2024, the number of workers dispatched abroad reached 409,000, a 17.9 percent increase year on year, with a total of 594,000 Chinese workers employed overseas by the end of the year.

    Non-financial investment in countries along the Belt and Road increased by 5.4 percent year on year to 33.69 billion U.S. dollars last year, MOC data showed.

    MIL OSI China News –

  • MIL-OSI: Infinera Corporation Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) today released financial results for its third quarter ended September 28, 2024.

    GAAP revenue for the quarter was $354.4 million compared to $342.7 million in the second quarter of 2024 and $392.4 million in the third quarter of 2023.

    GAAP gross margin for the quarter was 39.8% compared to 39.6% in the second quarter of 2024 and 40.3% in the third quarter of 2023. GAAP operating margin for the quarter was (3.1)% compared to (8.7)% in the second quarter of 2024 and 2.0% in the third quarter of 2023.

    GAAP net loss for the quarter was $(14.3) million, or $(0.06) per diluted share, compared to net loss of $(48.3) million, or $(0.21) per diluted share, in the second quarter of 2024, and net loss of $(9.4) million, or $(0.04) per diluted share, in the third quarter of 2023.

    Non-GAAP gross margin for the quarter was 40.4% compared to 40.3% in the second quarter of 2024 and 41.9% in the third quarter of 2023. Non-GAAP operating margin for the quarter was 3.5% compared to (1.3)% in the second quarter of 2024 and 7.7% in the third quarter of 2023.

    Non-GAAP net income for the quarter was $0.3 million, or $0.00 per diluted share, compared to non-GAAP net loss of $(14.0) million, or $(0.06) per diluted share, in the second quarter of 2024, and non-GAAP net income of $19.9 million, or $0.08 per diluted share, in the third quarter of 2023.

    During the three-months ended September 28, 2024, the Company generated positive cash flow from operations of $44.5 million and ended the quarter with cash, cash equivalents and restricted cash of $115.6 million.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard said “Our team delivered another quarter with continued sequential improvements in our financial metrics and critical service provider and webscaler design wins across our ICE-X coherent pluggables, next-generation line systems, software, and ICE7 solutions. In addition, in October we signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for an award under the CHIPS and Science Act that, together with other federal and state incentives, could result in more than $200 million in funds for Infinera.”

    “Looking ahead, our customers remain excited about our pending acquisition by Nokia as they look forward to the combined company accelerating the pace of innovation in the industry. We are making good progress on the steps required to close the transaction, including receiving stockholder approval and attaining U.S. antitrust and CFIUS approval. There are still other regulatory approvals pending, but we believe we remain on track to close the deal in the first half of 2025,” continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. The transaction is expected to close in the first half of 2025.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Third Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera’s third quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

    Contacts:

    Media:
    Anna Vue
    Tel. +1 (916) 595-8157
    avue@infinera.com

    Investors:
    Amitabh Passi, Head of Investor Relations
    Tel. +1 (669) 295-1489
    apassi@infinera.com 

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain 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. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in government funding; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its recently disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 30, 2023, filed with the SEC on May 17, 2024, and its Quarterly Report on Form 10-Q for the quarter ended June 29, 2024, as filed with the SEC on August 2, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

    Infinera Corporation
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Revenue:              
    Product $ 276,214     $ 316,613     $ 778,008     $ 931,057  
    Services   78,184       75,756       226,051       229,615  
    Total revenue   354,398       392,369       1,004,059       1,160,672  
    Cost of revenue:              
    Cost of product   170,693       190,312       494,248       577,152  
    Cost of services   42,515       40,209       121,910       124,889  
    Amortization of intangible assets   —       3,528       —       10,621  
    Restructuring and other related costs   (24 )     —       652       —  
    Total cost of revenue   213,184       234,049       616,810       712,662  
    Gross profit   141,214       158,320       387,249       448,010  
    Operating expenses:              
    Research and development   73,283       76,846       225,223       237,234  
    Sales and marketing   35,715       41,075       118,357       124,406  
    General and administrative   34,160       29,368       101,114       89,762  
    Amortization of intangible assets   2,257       2,976       6,769       10,088  
    Merger-related charges   6,954       —       15,471       —  
    Restructuring and other related costs   (157 )     400       4,105       2,621  
    Total operating expenses   152,212       150,665       471,039       464,111  
    Income (loss) from operations   (10,998 )     7,655       (83,790 )     (16,101 )
    Other income (expense), net:              
    Interest income   874       546       2,789       1,734  
    Interest expense   (8,764 )     (7,608 )     (25,556 )     (21,795 )
    Other gain (loss), net   8,485       (7,540 )     (8,910 )     10,586  
    Total other income (expense), net   595       (14,602 )     (31,677 )     (9,475 )
    Loss before income taxes   (10,403 )     (6,947 )     (115,467 )     (25,576 )
    Provision for income taxes   3,910       2,466       8,528       12,510  
    Net loss $ (14,313 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Net loss per common share:              
    Basic $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted $ (0.06 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Weighted average shares used in computing net loss per common share:              
    Basic   235,832       228,077       233,905       225,465  
    Diluted   235,832       228,077       233,905       225,465  
     

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands, except percentages)
    (Unaudited)

      Three months ended   Nine months ended
      September
    28, 2024          		   June 29,
    2024          		   September
    30, 2023    		   September 
    28, 2024    		   September 
    30, 2023
    Reconciliation of Gross Profit and Gross Margin:                                      
    GAAP as reported $ 141,214     39.8 %   $ 135,594     39.6 %   $ 158,320   40.3 %   $ 387,249     38.6 %   $ 448,010     38.6 %
    Stock-based compensation expense(1)   2,084     0.6 %     1,777     0.5 %     2,515   0.7 %     5,754     0.5 %     7,672     0.7 %
    Amortization of acquired intangible assets(2)   —     — %     —     — %     3,528   0.9 %     —     — %     10,621     0.9 %
    Restructuring and other related costs(3)   (24 )   (0.0) %     703     0.2 %     —         652     0.1 %     —     — %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Non-GAAP as adjusted $ 143,274     40.4 %   $ 138,074     40.3 %   $ 164,363   41.9 %   $ 393,655     39.2 %   $ 464,318     40.0 %
                                           
    Reconciliation of Operating Expenses:                                      
    GAAP as reported $ 152,212         $ 165,403         $ 150,665       $ 471,039         $ 464,111      
    Stock-based compensation expense(1)   12,305           8,024           13,230         32,967           41,721      
    Amortization of acquired intangible assets(2)   2,257           2,256           2,976         6,769           10,088      
    Restructuring and other related costs(3)   (157 )         3,948           400         4,105           2,621      
    Merger-related charges(5)   6,954           8,517           —         15,471           —      
    Non-GAAP as adjusted $ 130,853         $ 142,658         $ 134,059       $ 411,727         $ 409,681      
                                           
    Reconciliation of Income (Loss) from Operations and Operating Margin:                                      
    GAAP as reported $ (10,998 )   (3.1) %   $ (29,809 )   (8.7) %   $ 7,655   2.0 %   $ (83,790 )   (8.3) %   $ (16,101 )   (1.4) %
    Stock-based compensation expense(1)   14,389     4.1 %     9,801     2.8 %     15,745   3.9 %     38,721     3.8 %     49,393     4.3 %
    Amortization of acquired intangible assets(2)   2,257     0.6 %     2,256     0.7 %     6,504   1.7 %     6,769     0.7 %     20,709     1.8 %
    Restructuring and other related costs(3)   (181 )   (0.1) %     4,651     1.4 %     400   0.1 %     4,757     0.5 %     2,621     0.2 %
    Warehouse fire recovery(4)   —     — %     —     — %     —   — %     —     — %     (1,985 )   (0.2) %
    Merger-related charges(5)   6,954     2.0 %     8,517     2.5 %     —   — %     15,471     1.5 %     —     — %
    Non-GAAP as adjusted $ 12,421     3.5 %   $ (4,584 )   (1.3) %   $ 30,304   7.7 %   $ (18,072 )   (1.8) %   $ 54,637     4.7 %
     
        Three months ended   Nine months ended
        September
    28, 2024    		       June
    29, 2024    		       September
    30, 2023    		       September
    28, 2024    		       September
    30, 2023
    Reconciliation of Net Income (Loss):                                    
    GAAP as reported   $ (14,313 )       $ (48,287 )       $ (9,413 )       $ (123,995 )       $ (38,086 )
    Stock-based compensation expense(1)     14,389           9,801           15,745           38,721           49,393  
    Amortization of acquired intangible assets(2)     2,257           2,256           6,504           6,769           20,709  
    Restructuring and other related costs(3)     (181 )         4,651           400           4,757           2,621  
    Warehouse fire recovery(4)     —           —           —           —           (1,985 )
    Merger-related charges(5)     6,954           8,517           —           15,471           —  
    Foreign exchange (gains) losses, net(6)     (8,039 )         11,690           7,527           10,099           (9,903 )
    Income tax effects(7)     (788 )         (2,604 )         (894 )         (3,775 )         2,072  
    Non-GAAP as adjusted   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
                                         
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(8)     235,832           234,349           228,077           233,905           225,465  
                                         
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:                                    
    Basic     235,832           234,349           228,077           233,905           225,465  
    Diluted(9)     240,502           234,349           257,219           233,905           228,735  
                                         
    Reconciliation of Adjusted EBITDA (10):                                    
    Non-GAAP net income (loss)   $ 279         $ (13,976 )       $ 19,869         $ (51,953 )       $ 24,821  
    Add: Interest expense, net     7,890           7,370           7,062           22,767           20,061  
    Less: Other gain (loss), net     446           507           (13 )         1,189           683  
    Add: Income tax effects     4,698           2,529           3,360           12,303           10,438  
    Add: Depreciation     13,501           13,285           13,498           39,975           38,694  
    Non-GAAP as adjusted   $ 25,922         $ 8,701         $ 43,802         $ 21,903         $ 93,331  
                                         
    Net Income (Loss) per Common Share: GAAP                                    
    Basic   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
    Diluted(8)   $ (0.06 )       $ (0.21 )       $ (0.04 )       $ (0.53 )       $ (0.17 )
                                         
    Net Income (Loss) per Common Share: Non-GAAP                                    
    Basic   $ 0.00         $ (0.06 )       $ 0.09         $ (0.22 )       $ 0.11  
    Diluted(9)   $ 0.00         $ (0.06 )       $ 0.08         $ (0.22 )       $ 0.11  
     
    (1)  Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):
     
          Three months ended   Nine months ended
          September 28,
    2024    		   June 29,
    2024    		   September 30,
    2023    		   September 28,
    2024    		   September 30,
    2023
    Cost of revenue   $ 2,084   $ 1,777   $ 2,515   $ 5,754   $ 7,672  
    Research and development     4,623     4,497     5,734     14,232     17,557  
    Sales and marketing     3,241     2,611     3,706     9,139     11,371  
    General and administration     4,441     916     3,790     9,596     12,793  
    Total operating expenses     12,305     8,024     13,230     32,967     41,721  
      Total stock-based compensation expense   $ 14,389   $ 9,801   $ 15,745   $ 38,721   $ 49,393  
     
    (2) Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (3) Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (4) Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.
    (5) Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.
    (6) Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.
    (7) The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.
    (8) The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.
     

    For purposes of calculating GAAP diluted earnings per share, we used the following net loss and weighted average common shares outstanding (in thousands, except per share data):

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    GAAP net loss for basic earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
    Interest expense related to the convertible senior notes, net of tax     —       —       —       —       —  
    GAAP net loss for diluted earnings per share   $ (14,313 )   $ (48,287 )   $ (9,413 )   $ (123,995 )   $ (38,086 )
                         
    Weighted average basic common shares outstanding     235,832       234,349       228,077       233,905       225,465  
    Dilutive effect of restricted and performance share units     —       —       —       —       —  
    Dilutive effect of 2024 convertible senior notes(a)     —       —       —       —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —       —       —       —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —       —       —       —       —  
    Weighted average dilutive common shares outstanding     235,832       234,349       228,077       233,905       225,465  
                         
    GAAP net loss per common share:                    
    Basic   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
    Diluted   $ (0.06 )   $ (0.21 )   $ (0.04 )   $ (0.53 )   $ (0.17 )
                                                 
      (a)    For the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 1.4 million, 1.9 million and 1.9 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 28, 2024, there were no shares excluded from the calculation of diluted net loss per share. For the nine-months ended September 30, 2023, there were 1.2 million shares excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect.
    (9) The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.
       

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

            Three months ended   Nine months ended
            September 28, 2024   June 29, 2024   September 30, 2023   September 28, 2024   September 30, 2023
    Non-GAAP net income (loss) for basic earnings per share   $ 279   $ (13,976 )   $ 19,869   $ (51,953 )   $ 24,821  
    Interest expense related to the convertible senior notes, net of tax     —     —       1,359     —       —  
    Non-GAAP net income (loss) for diluted earnings per share   $ 279   $ (13,976 )   $ 21,228   $ (51,953 )   $ 24,821  
                             
    Weighted average basic common shares outstanding     235,832     234,349       228,077     233,905       225,465  
    Dilutive effect of restricted and performance share units     4,670     —       1,123     —       2,005  
    Dilutive effect of employee stock purchase plan     —     —       —     —       70  
    Dilutive effect of 2024 convertible senior notes(a)     —     —       1,899     —       —  
    Dilutive effect of 2027 convertible senior notes(b)     —     —       26,120     —       —  
    Dilutive effect of 2028 convertible senior notes(c)     —     —       —     —       1,195  
    Weighted average dilutive common shares outstanding     240,502     234,349       257,219     233,905       228,735  
                             
    Non-GAAP net income (loss) per common share:                    
    Basic   $ 0.00   $ (0.06 )   $ 0.09   $ (0.22 )   $ 0.11  
    Diluted   $ 0.00   $ (0.06 )   $ 0.08   $ (0.22 )   $ 0.11  
                                             
      (a)    For the three-months ended September 28, 2024, and June 29, 2024, there were 1.4 million, and 1.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For the nine-months ended September 28, 2024, and September 30, 2023, there were 1.7 million, and 7.1 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (b)    For each of the three-months ended September 28, 2024, and June 29, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the three-months ended September 30, 2023, there were no shares excluded from the calculation of diluted net income per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.
      (c)    For each of the three-months ended September 28, 2024, June 29, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For each of the nine-months ended September 28, 2024, and September 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share.
    (10) Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.
       

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands)
    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

        Three months ended   Nine months ended
        September
    28, 2024    		   June 29,
    2024    		   September
    30, 2023    		   September
    28, 2024    		   September
    30, 2023
    Net cash provided by (used in) operating activities   $ 44,563     $ (59,954 )   $ (29,793 )   $ 8,635     $ (30,142 )
    Purchase of property and equipment     (24,090 )     (14,582 )     (13,318 )     (46,748 )     (40,900 )
    Free cash flow   $ 20,473     $ (74,536 )   $ (43,111 )   $ (38,113 )   $ (71,042 )
     

    Infinera Corporation
    Condensed Consolidated Balance Sheets
    (In thousands, except par values)
    (Unaudited)

      September 28,
    2024    		   December 30,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 115,089     $ 172,505  
    Short-term restricted cash   42       517  
    Accounts receivable, net   288,265       381,981  
    Inventory   356,119       431,163  
    Prepaid expenses and other current assets   162,560       129,218  
    Total current assets   922,075       1,115,384  
    Property, plant and equipment, net   231,190       206,997  
    Operating lease right-of-use assets   39,359       39,973  
    Intangible assets, net   18,050       24,819  
    Goodwill   237,509       240,566  
    Long-term restricted cash   446       837  
    Other long-term assets   57,128       50,662  
    Total assets $ 1,505,757     $ 1,679,238  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 259,225     $ 299,005  
    Accrued expenses and other current liabilities   137,078       110,758  
    Accrued compensation and related benefits   48,683       85,203  
    Short-term debt, net   10,473       25,512  
    Accrued warranty   12,635       17,266  
    Deferred revenue   116,332       136,248  
    Total current liabilities   584,426       673,992  
    Long-term debt, net   667,205       658,756  
    Long-term accrued warranty   12,554       15,934  
    Long-term deferred revenue   21,626       21,332  
    Long-term deferred tax liability   1,770       1,805  
    Long-term operating lease liabilities   44,563       47,464  
    Other long-term liabilities   39,767       43,364  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value
    Authorized shares – 25,000 and no shares issued and outstanding    		   —       —  
    Common stock, $0.001 par value
    Authorized shares – 500,000 as of September 28, 2024 and December 30, 2023   
    Issued and outstanding shares – 236,296 as of September 28, 2024 and 230,994 as of December 30, 2023    		   236       231  
    Additional paid-in capital   2,012,820       1,976,014  
    Accumulated other comprehensive loss   (30,409 )     (34,848 )
    Accumulated deficit   (1,848,801 )     (1,724,806 )
    Total stockholders’ equity   133,846       216,591  
    Total liabilities and stockholders’ equity $ 1,505,757     $ 1,679,238  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Cash Flows from Operating Activities:      
    Net loss $ (123,995 )   $ (38,086 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
    Depreciation and amortization   46,744       59,403  
    Non-cash restructuring charges and other related costs   32       1,183  
    Amortization of debt issuance costs and discount   2,750       2,970  
    Operating lease expense   6,905       6,402  
    Stock-based compensation expense   38,721       49,393  
    Other, net   139       (683 )
    Changes in assets and liabilities:      
    Accounts receivable   92,364       89,248  
    Inventory   74,527       (82,983 )
    Prepaid expenses and other current assets   (48,141 )     16,811  
    Accounts payable   (57,127 )     (27,798 )
    Accrued expenses and other current liabilities   (5,386 )     (46,163 )
    Deferred revenue   (18,898 )     (59,839 )
    Net cash provided by (used in) operating activities   8,635       (30,142 )
    Cash Flows from Investing Activities:      
    Purchase of property and equipment   (46,748 )     (40,900 )
    Net cash used in investing activities   (46,748 )     (40,900 )
    Cash Flows from Financing Activities:      
    Proceeds from issuance of 2028 Notes, net of discount   —       98,751  
    Repayment of 2024 Notes   (18,747 )     (83,446 )
    Payment of debt issuance cost   —       (2,108 )
    Proceeds from asset-based revolving credit facility   50,000       —  
    Repayment of asset-based revolving credit facility   (40,000 )     —  
    Repayment of mortgage payable   (354 )     (381 )
    Principal payments on finance lease obligations   (469 )     (784 )
    Payment of term license obligation   (7,882 )     (7,720 )
    Proceeds from issuance of common stock   5       14,931  
    Tax withholding paid on behalf of employees for net share settlement   (1,860 )     (2,217 )
    Net cash (used in) provided by financing activities   (19,307 )     17,026  
    Effect of exchange rate changes on cash   (862 )     (8,551 )
    Net change in cash, cash equivalents and restricted cash   (58,282 )     (62,567 )
    Cash, cash equivalents and restricted cash at beginning of period   173,859       189,203  
    Cash, cash equivalents and restricted cash at end of period(1) $ 115,577     $ 126,636  
     

    Infinera Corporation
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      Nine months ended
      September 28,
    2024    		   September 30,
    2023
    Supplemental disclosures of cash flow information:      
    Cash paid for income taxes, net $ 18,205   $ 9,955  
    Cash paid for interest $ 25,967   $ 21,579  
    Supplemental schedule of non-cash investing and financing activities:      
    Property and equipment included in accounts payable and accrued liabilities $ 26,779   $ 18,529  
    Transfer of inventory to fixed assets $ —   $ 1,207  
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) $ 16,380   $ 16,510  
                 
                 

    (1) Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):

      September 28,
    2024    		   September 30,
    2023
    Cash and cash equivalents $ 115,089   $ 123,927  
    Short-term restricted cash   42     1,725  
    Long-term restricted cash   446     984  
    Total cash, cash equivalents and restricted cash $ 115,577   $ 126,636  
     

    Infinera Corporation
    Supplemental Financial Information
    (Unaudited)

          Q4’22   Q1’23   Q2’23   Q3’23   Q4’23   Q1’24   Q2’24   Q3’24
    GAAP Revenue $(Mil)   $ 485.9     $ 392.1     $ 376.2     $ 392.4     $ 453.5     $ 306.9     $ 342.7     $ 354.4  
    GAAP Gross Margin %     37.1 %     37.5 %     38.0 %     40.3 %     38.6 %     36.0 %     39.6 %     39.8 %
      Non-GAAP Gross Margin %(1)     38.7 %     38.8 %     39.3 %     41.9 %     39.6 %     36.6 %     40.3 %     40.4 %
    GAAP Revenue Composition:                                
    Domestic %     61 %     60 %     58 %     59 %     68 %     54 %     58 %     60 %
    International %     39 %     40 %     42 %     41 %     32 %     46 %     42 %     40 %
    Customers >10% of Revenue     1       —       1       1       1       —       —       2  
    Cash Related Information:                                
    Cash from Operations $(Mil)   $ (0.6 )   $ (1.8 )   $ 1.4     $ (29.7 )   $ 79.6     $ 24.0     $ (59.9 )   $ 44.5  
    Capital Expenditures $(Mil)   $ 8.3     $ 16.8     $ 10.8     $ 13.3     $ 21.4     $ 8.1     $ 14.6     $ 24.0  
    Depreciation & Amortization $(Mil)   $ 19.8     $ 19.6     $ 19.8     $ 20.0     $ 19.4     $ 15.4     $ 15.6     $ 15.7  
    DSOs(2)     79       78       79       76       77       79       76       74  
    Inventory Metrics:                                
    Raw Materials $(Mil)   $ 48.7     $ 67.6     $ 85.4     $ 110.4     $ 133.6     $ 132.5     $ 119.4     $ 105.2  
    Work in Process $(Mil)   $ 66.6     $ 71.8     $ 71.9     $ 69.9     $ 68.4     $ 68.6     $ 68.7     $ 67.6  
    Finished Goods $(Mil)   $ 259.6     $ 273.6     $ 270.1     $ 276.6     $ 229.2     $ 219.6     $ 196.1     $ 183.3  
    Total Inventory $(Mil)   $ 374.9     $ 413.0     $ 427.4     $ 456.9     $ 431.2     $ 420.7     $ 384.2     $ 356.1  
    Inventory Turns(3)     3.4       2.4       2.2       2.1       2.5       1.8       2.0       2.3  
    Worldwide Headcount     3,267       3,351       3,365       3,369       3,389       3,323       3,334       3,340  
    Weighted Average Shares Outstanding (in thousands):                                
    Basic     219,921       222,393       225,922       228,077       230,509       231,533       234,349       235,832  
    Diluted     258,030       265,921       262,712       257,219       259,210       260,980       265,591       267,999  
       
    (1) Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.
    (2) Infinera calculates DSO based on 91 days. Fiscal year 2022 was 53 weeks and the fourth quarter of fiscal year 2022 was 98 days. When calculation is based on 98 days, DSO was 85 days for the fourth quarter of fiscal year 2022.
    (3) Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.
       

    The MIL Network –

  • MIL-OSI: Carlyle Secured Lending, Inc. Announces Financial Results For Third Quarter Ended 2024, Declares Fourth Quarter 2024 Dividends of $0.45 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its third quarter ended September 30, 2024. Justin Plouffe, CGBD’s Chief Executive Officer said, “We delivered consistent performance in the third quarter of 2024, capitalizing on increased new deal activity and the strength of our existing portfolio companies. With another strong quarter of originations, we benefited from access to the broader Carlyle Global Credit Platform, as we supplemented our core cash flow strategy with differentiated deal flow and specialty lending capabilities. We remain disciplined in our investment and portfolio management approach and are committed to executing on our strategy of providing investors with resilient, stable cash flows and principal protection.”

    Net investment income for the third quarter of 2024 was $0.47 per common share with Adjusted Net Investment Income Per Share(1) of $0.49 after adjusting for the acceleration of debt issuance costs relating to the 2015-1R CLO Reset (as defined below), net of incentive fees. Net asset value per common share decreased by 0.6% for the third quarter to $16.85 from $16.95 as of June 30, 2024. The total fair value of our investments was $1.7 billion as of September 30, 2024.

    Dividends

    On November 4, 2024, the Board of Directors declared a base quarterly common dividend of $0.40 per share plus a supplemental common dividend of $0.05 per share. The dividends are payable on January 17, 2025 to common stockholders of record on December 31, 2024.

    On September 26, 2024, the Company declared a cash dividend on the Preferred Stock for the period from July 1, 2024 to September 30, 2024 in the amount of $0.438 per Preferred Share to the holder of record on September 30, 2024.

    Conference Call

    The Company will host a conference call at 11:00 a.m. Eastern Time on Wednesday, November 6, 2024 to discuss these quarterly financial results. The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website and will also be available on our website soon after the call’s completion.

    Non-GAAP Financial Measures

    On a supplemental basis, the Company is disclosing Adjusted Net Income Per Share, which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). The Company’s management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to one-time or non-recurring investment income and expense events, including the effect on incentive fees. The presentation of this non-GAAP measure is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

    The Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not had similar one-time or non-recurring events. The Company’s management believes “Adjusted Net Investment Income Per Share” is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to one-time or non-recurring events and are used by management to evaluate the economic earnings of the Company.

    The following details the one-time or non-recurring events considered as part of the non-GAAP measure. The non-GAAP measure is reflected net of any incentive fee impacts, as applicable.   

    • On July 2, 2024, Carlyle Direct Lending CLO 2015-1R LLC, a wholly-owned and consolidated subsidiary of the Company, completed the refinancing of its outstanding notes by redeeming the notes in full and issuing new notes and loans (the “2015-1R CLO Reset”). Refer to Note 8, Borrowings, in the Company’s Form 10-Q for the Quarterly Period ended September 30, 2024 for more information on the refinancing. In connection with the refinancing, the debt issuance costs were accelerated in accordance with GAAP.

    Carlyle Secured Lending, Inc.

    CGBD is an externally managed specialty finance company focused on lending to middle-market companies. CGBD is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through September 30, 2024, CGBD has invested approximately $8.5 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CGBD’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CGBD has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

    Web: carlylesecuredlending.com

    About Carlyle   

    Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 employees in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

    Contacts:

    Investors: Media:
    Nishil Mehta Kristen Greco Ashton
    +1-212-813-4928
    publicinvestor@carlylesecuredlending.com    		 +1-212-813-4763
    kristen.ashton@carlyle.com

    The MIL Network –

  • MIL-OSI: Devon Energy Reports Third-Quarter 2024 Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Nov. 05, 2024 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the third-quarter 2024. The company also declared its quarterly dividend and provided an updated 2024 outlook. Devon’s earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com.

    The company’s third-quarter conference call will be held at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, Nov. 6, 2024, and will serve primarily as a forum for analyst and investor questions and answers.

    ABOUT DEVON ENERGY

    Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

    Investor Contacts
    Rosy Zuklic, 405-552-7802
    Chris Carr, 405-228-2496    		            Media Contact
    Michelle Hindmarch, 405-552-7460
         

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.

    For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter.   Production in Key Tronic’s Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.  

    The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.

    Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024.   Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See “Non-GAAP Financial Measures,” below for additional information about adjusted net income and adjusted net income per share.

    “While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity,” said Brett Larsen, President and CEO. “The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off.   We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability.”  

    “During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control.   We believe we are well positioned for increased growth and profitability in coming periods.”

    The financial data presented for the first quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their review procedures.

    Business Outlook

    For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.

    Conference Call

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at www.keytronic.com under “Investor Relations”. A replay will be available at www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled “Reconciliation of GAAP to non-GAAP measures” for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.

     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    Net sales $ 131,558     $ 150,112  
    Cost of sales   118,255       139,250  
    Gross profit   13,303       10,862  
    Research, development and engineering expenses   2,289       2,241  
    Selling, general and administrative expenses   6,570       5,784  
    Gain on insurance proceeds, net of losses   —       (431 )
    Total operating expenses   8,859       7,594  
    Operating income   4,444       3,268  
    Interest expense, net   3,263       3,011  
    Income before income taxes   1,181       257  
    Income tax (benefit) provision   57       (78 )
    Net income $ 1,124     $ 335  
    Net income per share — Basic $ 0.10     $ 0.03  
    Weighted average shares outstanding — Basic   10,762       10,762  
    Net income per share — Diluted $ 0.10     $ 0.03  
    Weighted average shares outstanding — Diluted   10,762       11,003  
     
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
        September 28, 2024   June 29, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 6,555     $ 4,752  
    Trade receivables, net of credit losses of $3,129 and $2,918     133,984       132,559  
    Contract assets     23,626       21,250  
    Inventories, net     95,845       105,099  
    Other, net of credit losses of $1,642 and $1,679     28,273       24,739  
    Total current assets     288,283       288,399  
    Property, plant and equipment, net     27,910       28,806  
    Operating lease right-of-use assets, net     14,612       15,416  
    Other assets:        
    Deferred income tax asset     18,394       17,376  
    Other     6,735       5,346  
    Total other assets     25,129       22,722  
    Total assets   $ 355,934     $ 355,343  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable   $ 83,768     $ 79,394  
    Accrued compensation and vacation     6,870       6,510  
    Current portion of long-term debt     3,057       3,123  
    Other     18,450       15,149  
    Total current liabilities     112,145       104,176  
    Long-term liabilities:        
    Long-term debt, net     109,675       116,383  
    Operating lease liabilities     9,573       10,312  
    Deferred income tax liability     74       263  
    Other long-term obligations     124       219  
    Total long-term liabilities     119,446       127,177  
    Total liabilities     231,591       231,353  
    Shareholders’ equity:        
    Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively     47,351       47,284  
    Retained earnings     78,045       76,921  
    Accumulated other comprehensive income (loss)     (1,053 )     (215 )
    Total shareholders’ equity     124,343       123,990  
    Total liabilities and shareholders’ equity   $ 355,934     $ 355,343  
             
    KEY TRONIC CORPORATION AND SUBSIDIARIES
    Reconciliation of GAAP to non-GAAP measures
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended
      September 28, 2024   September 30, 2023
    GAAP net income $ 1,124     $ 335  
    Gain on insurance proceeds (net of losses)   —       (431 )
    Stock-based compensation expense   67       59  
    Income tax effect of non-GAAP adjustments (1)   (13 )     74  
    Adjusted net income: $ 1,178     $ 37  
           
    Adjusted net income per share — non-GAAP Diluted $ 0.11     $ 0.00  
    Weighted average shares outstanding — Diluted   10,762       11,003  
           
    (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods.
             
    CONTACTS:   Tony Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509)-927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: Wilmington Announces 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported net income for the three months ended September 30, 2024, of $0.05 million or $0.00 per share and net income for the nine months ended September 30, 2024 of $1.2 million or $0.09 per share, compared to net income of $2.4 million or $0.19 per share and $2.5 million and $0.20 per share for the same periods in 2023.

    A summary of the Corporation’s activities is set out below:

    Overview
    During the past 15 months the Corporation has monetized several of its investments in order to unlock the embedded value, which had been substantially realized, simplify its business, return capital to its shareholders and pursue transactions better suited to creating value and liquidity for shareholders.

    On May 7, 2024, the Corporation paid a special dividend and a return of capital distribution totaling $2.75 per Class A and Class B share, or $33.9 million. Class A shareholders received $1.25 per Class A share as a return of capital and $1.50 as an eligible dividend. Class B shareholders received $1.12 per Class B share as a return of capital and $1.63 as an eligible dividend.

    On August 7, 2024, the Shareholders of the Corporation approved the disposition of all or substantially all of the assets of the Corporation. The Corporation completed the sale of the assets of Bow City 2 Limited Partnership (“Bow City Seton”), a wholly owned subsidiary of the Corporation on August 30, 2024. The assets were sold on a cost recovery basis. On November 1, 2024, the Corporation completed the sale of its interest in the Sunchaser RV Resorts Limited Partnership (“Sunchaser Partnership”) for proceeds of $ 4.7 million. The Corporation is evaluating options to sell its 18.2% interest in the Bay Moorings Partnership, which is its remaining asset. The Bay Moorings Partnership is reviewing various options to repay advances made by the Corporation. The Corporation estimates that the sale of its interest in the Bay Moorings Partnership together with the repayment of advances will generate proceeds of approximately $5.5 million.

    Outlook
    The Corporation has taken great strides to reassess its business opportunities in the context of a changing economic environment, simplify its business, and reward shareholders for their support through the payment of dividends and return of capital. As at November 5, 2024, and taking into account the sale of the Corporation’s investment in the Sunchaser Partnership, the Corporation had cash on hand of approximately $32 million. At the completion of monetizing its remaining investments, the Corporation expects to have cash on hand, net of liabilities, of $35 million. The Corporation is actively seeking out opportunities to scale its public platform through transactions which will create value and liquidity for shareholders.  

    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
     
    (unaudited) Three months ended
    September 30    		   Nine months ended
    September 30,    		  
    ($ thousands, except per share amounts) 2024   2023   2024   2023  
    Revenues        
    Management fee revenue 240   305   640   640  
    Interest, distributions and other income 315   1,022   1,401   2,660  
      555   1,327   2,041   3,300  
    Expenses        
    General and administrative (440 ) (423 ) (1,887 ) (1,331 )
    Amortization (7 ) (7 ) (21 ) (21 )
    Finance costs (1 ) (2 ) (4 ) (5 )
    Stock-based compensation —   (23 ) (18 ) (94 )
      (448 ) (455 ) (1,930 ) (1,451 )
    Fair value adjustments and other activities        
    Fair value changes to investments (30 ) 1,700   164   1,180  
    Gain from dispositions —   —   947   —  
    Equity accounted income (loss) —   19   —   (6 )
      (30 ) 1,719   1,111   1,174  
    Income before income taxes 77   2,591   1,222   3,023  
    Current income tax expense (20 ) (347 ) (481 ) (540 )
    Deferred income tax recovery —   140   453   37  
    Provision for income taxes (20 ) (207 ) (28 ) (503 )
    Net income 57   2,384   1,194   2,520  
    Other comprehensive income        
    Items that will not be reclassified to net income (loss):        
    Fair value changes to investments —   (518 ) —   (688 )
    Related income taxes —   (30 ) 36   (17 )
    Other comprehensive income (loss), net of income taxes —   (548 ) 36   (705 )
    Comprehensive income 57   1,836   1,230   1,815  
             
    Net income per share        
    Basic —   0.19   0.09   0.20  
    Diluted —   0.19   0.09   0.20  
     
    CONSOLIDATED BALANCE SHEETS
     
    (unaudited) September 30,   December 31,  
    ($ thousands) 2024   2023  
             
    Assets        
    NON-CURRENT ASSETS        
    Investment in Maple Leaf Partnerships 910   22,910  
    Investment in Sunchaser Partnership —   4,700  
    Investment in Energy Securities —   7,584  
    Land held for development —   6,632  
    Right-of-use asset 42   64  
      952   41,890  
    CURRENT ASSETS        
    Cash 27,849   10,664  
    Short term securities —   17,000  
    Amounts receivable and other 5,423   4,616  
    Asset classified as held for sale 4,670   —  
    Total assets 38,894   74,170  
             
    Liabilities        
    NON-CURRENT LIABILITIES        
    Deferred income tax liabilities 196   1,773  
    Lease liabilities 70   85  
      266   1,858  
    CURRENT LIABILITIES        
    Lease liabilities 38   38  
    Income taxes payable 905   171  
    Amounts payable and other 607   800  
    Total liabilities 1,816   2,867  
             
    Equity        
    Shareholders’ equity 35,619   51,324  
    Contributed surplus —   1,132  
    Retained earnings 1,240   10,364  
    Accumulated other comprehensive income 219   8,483  
    Total equity 37,078   71,303  
    Total liabilities and equity 38,894   74,170  
       

    Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
    Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

    While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

    The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

    The MIL Network –

  • MIL-OSI: Nasdaq Executives to Present at Upcoming Investor Conferences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 05, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) will be presenting at the following conferences in November with webcasts available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who: Adena Friedman, Chair and CEO, Nasdaq
    What: J.P. Morgan Ultimate Services Investor Conference
    When: Thursday, November 14, 2024
      2:30 PM ET
       
    Who: Sarah Youngwood, Executive Vice President & CFO, Nasdaq
    What: RBC Capital Markets Technology, Internet, Media and Telecommunications Conference
    When: Tuesday, November 19, 2024
      9:20 AM ET
       

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI Security: Twelve Indicted in Connection with Violent Drug Trafficking Gang That Distributed Fentanyl in Seattle and Everett

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

    Group referred to two distribution sites in U District of Seattle as “the House” and “the Office” – Leader shot dead outside one location earlier this year

    Seattle – A coordinated law enforcement operation over the last 48 hours has resulted in eleven arrests of members of a drug trafficking ring that set up shop in the University District of Seattle, announced U.S. Attorney Tessa M. Gorman. A year-long wire-tap investigation led to the indictment of 11 defendants on drug distribution and weapons charges. A twelfth defendant with ties to the organization was indicted on illegal weapons possession in connection with a deadly shooting at a Hookah bar in South Seattle. The defendants arrested over the last two days have or will be making appearances in U.S. District Court in Seattle.

    “These defendants were prolific fentanyl dealers who were frequently armed when guarding their stash or distributing their drugs,” said U.S. Attorney Gorman. “The danger to the community cannot be overstated in this case. The leader of the drug crew was gunned down last summer – right in front of one of the U District locations where members of the crew distributed their poison, and continued do so, following the deadly shooting.”

    “This operation exemplifies the power of collaboration among law enforcement agencies at all levels,” said Special Agent in Charge Robert Hammer, who oversees HSI operations in the Pacific Northwest. “By uniting our resources and expertise, we have successfully dismantled a criminal network that has endangered our communities through violent acts and the distribution of fentanyl. Together, we will continue to fight against violent crime and protect the lives of our citizens.”

    “There’s no true relief for those who have lost loved ones to drug-related crime or rising overdoses,” said Assistant Special Agent in Charge Carrie Nordyke of IRS-CI Seattle. “We stand with our law enforcement partners to stop groups that profit from the fentanyl epidemic by following the money.”

    Thirty-one locations were searched yesterday by some 600 law enforcement officers from ten different agencies. A total of eleven people were arrested: nine of those indicted and two additional defendants were arrested on criminal complaints.

    Three defendants are indicted for both gun and drug crimes:

    Cooper Sherman, aka “Coop,” 27, of Seattle is charged with conspiracy, two counts of possessing fentanyl with intent to distribute, one count of possessing a firearm in furtherance of a drug trafficking crime, and one count of carrying a firearm during and in relation to a drug trafficking crime.

    Alvin Whiteside, aka “Mafia, 51, of Federal Way is charged with conspiracy, one count of possessing fentanyl with intent to distribute, and one count of carrying a firearm during and in relation to a drug trafficking crime. Whiteside is in state custody and will be transferred to federal custody.

    Muhamed Ceesay, aka “Mo,” 27, of Lynnwood is charged with conspiracy, two counts of distributing fentanyl, one count of possessing fentanyl with intent to distribute, and one count of possessing a firearm in furtherance of a drug trafficking crime. Ceesay remains a fugitive.

    These eight defendants are charged in the indictment for the drug conspiracy and various drug distribution crimes:

    Ali Kuyateh, aka “Pops,” 49, of Seattle

    Lamin Saho aka “Buck,” 38, of Everett, Washington

    Oche Poston, 31, of Everett, Washington

    Jaquan Means, 45, of Bellevue, Washington

    Dominque Sanders, 34, of Everett, Washington – remains a fugitive.

    Patrick Smith, 27 of Edmonds, Washington – remains a fugitive.

    Matthew Robinson, 37, of Everett, Washington

    Yohannes Wondimagegnehu, aka “Jon,” 35, of Seattle

    Finally, Khaliil Ahmed, aka “Bossup,” 26, of Kent, Washington, was identified as someone who supplied guns to members of the conspiracy. He is charged in a separate indictment with three counts of illegal possession of firearms, and one count of illegal possession of ammunition. Two of the charges relate to guns he possessed on August 20, 2023, at the time of a fatal shooting at a hookah bar in South Seattle. Ahmed was injured in the shooting and three others were killed. The final two charges relate to a firearm and ammunition he possessed on May 30, 2024. Ahmed is prohibited from possessing firearms due to a 2022 conviction for illegally possessing firearms.

    Two defendants – Anteneh Tesfaye, 39, of Edmonds, Washington, and Michael Janisch, 25, of Mercer Island, Washington, were arrested on criminal complaints.

    Over the course of the investigation law enforcement has seized more than 19 kg of fentanyl, 12 firearms, and more than $130,000 in cash. In the operations yesterday they seized over 50 firearms to include fully automatic weapons and handguns with Glock switches; thousands of rounds of ammunition, including high capacity drum magazines, and armor-piercing rounds; several hundred thousand dollars of bulk cash and jewelry; 1 kilogram of fentanyl and 4 kilograms of cocaine.

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

    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 https://www.justice.gov/OCDETF .

    This investigation was led by Homeland Security Investigations (HSI), with significant participation by Seattle Police Department (SPD), Internal Revenue Service Criminal Investigation (IRS-CI), Washington State Patrol (WSP), FBI, Drug Enforcement Administration (DEA), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), U.S. Customs and Border Protection (CBP) Office of Field Operations, Customs and Border Protection Air and Marine Operations, U.S. Border Patrol, the King County Sheriff’s Office, the Bellevue Police Department, U.S. Marshals Service (USMS), Everett Police Department, Renton Police Department, U.S. Food and Drug Administration (FDA), Washington State National Guard, Washington State Gambling Commission, Yakima County Law Enforcement Against Drugs (L.E.A.D) Narcotics and Gang Task Force, and Northwest High Intensity Drug Trafficking Area (HIDTA).

    The case is being prosecuted by Assistant United States Attorneys Michelle Jensen and Joseph Silvio.

    MIL Security OSI –

  • MIL-OSI Security: Albuquerque FBI Division Announces It’s 2025 Citizen’s Academy

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

    Have you ever wondered how the FBI solves a case? Want to hear about the work agents are doing across New Mexico? Special Agent in Charge Raul Bujanda welcomes business, civic, and faith-based community leaders to apply for FBI Albuquerque’s Citizens Academy program, where we will give participants a first-hand look into life at the FBI.

    “The FBI’s Citizens Academy provides an incredible opportunity for members of the community to better understand the work of the FBI and partner with us in keeping New Mexico citizens safe,” said Raul Bujanda, special agent in charge for the FBI Albuquerque Division. “The FBI Citizens Academy program is a unique opportunity for us to share our work one-on-one with community leaders of all backgrounds, and for them to provide us with feedback. Through frank discussion and information sharing, we can improve relationships and advance our mission to protect all Americans.”

    FBI Albuquerque is now accepting nominations for the 2025 FBI Citizens Academy. Over the course of 8 sessions this spring, select business, religious, civic, and community leaders will be given an opportunity to go behind the scenes of local FBI operations and experience case studies and demonstrations led by Special Agents, Intelligence Analysts, and FBI Professional Staff. Topics will include how the FBI works to combat violent crime, human trafficking, cybercrime, counterintelligence, Indian Country, terrorism, and how teams train in forensics, firearms, evidence recovery, and more.

    • When: Wednesday evenings February 19th, 2025 – April 23rd, 2025
    • Where: FBI Albuquerque 4200 Luecking Park Ave NE, Albuquerque New Mexico 87107

    How to Apply: The FBI Citizens Academy is open to anyone with an interest in learning how the FBI works to protect and serve the community. Candidates can be nominated by a program alumnus, former or current FBI employee, or self-nominated. The nomination form must be completed in full and returned by the close of business on Friday, December 20, 2024. If selected, there is no cost to attend. Questions regarding the program or application process can be directed to aq.outreach@fbi.gov

    Requirements:

    • Business, religious, civic, or community leader
    • Be at least 21 years of age
    • No felony or serious misdemeanor convictions
    • Cannot be under investigation as a subject in a criminal case
    • Must live or work in New Mexico
    • Must agree to and pass a limited background check
    • Must be able to attend classes in person

    MIL Security OSI –

  • MIL-OSI Security: Two National MS-13 Gang Leaders and Other MS-13 Members and Associates Indicted for Murders in Queens and Long Island

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

    Superseding Indictment Adds Charges Relating to Three Murders, Including Charges Against National Gang Leaders Edenilson Velasquez Larin and Hugo Diaz Amaya

    A 49-count superseding indictment was unsealed today in federal court in Brooklyn that includes new charges relating to murders allegedly ordered and committed by national leaders, members and associates of the violent transnational criminal organization La Mara Salvatrucha, also known as MS-13.  To date, multiple MS-13 members and associates have been charged in the case for numerous crimes including the murders of Andy Peralta in 2018, Victor Alvarenga in 2018, Abel Mosso in 2019 and Eric Monge in 2020.  The superseding indictment filed today includes new charges against the following MS-13 members and associates:

    • Edenilson Velasquez Larin, also known as “Agresor,” “Saturno,” “Tiny,” “Erick” and “Paco,” allegedly a national leader of MS-13 and the Fulton Locos Salvatruchas (Fulton) clique, who is charged with the 2016 murder of Kenney Reyes and for ordering the murders of Monge in 2020 and Oswaldo Gutierrez Medrano in 2022.
    • Hugo Diaz Amaya, also known as “21” and “Splinter,” allegedly another national leader of MS-13 and the Park View Locos Salvatruchas clique, who is charged with racketeering conspiracy and the murder of Gutierrez Medrano in 2022.
    • Numerous other members of the Fulton clique, all of whom were previously charged in the case, have also now been charged with the murders of Reyes, Monge and Gutierrez Medrano.  

    Breon Peace, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), William S. Walker, Special Agent in Charge, Homeland Security Investigations (HSI), New York, Thomas G. Donlon, Interim Commissioner, New York City Police Department (NYPD), and Patrick Ryder, Commissioner, Nassau County Police Department (NCPD), announced the arrests and charges.

    “My Office and our law enforcement partners have worked tirelessly to hold MS-13 accountable for the unspeakable harm it has done to its victims and our communities.  As these charges make clear, our pursuit of those responsible will not be deterred by the passage of time or by the leaders of MS-13’s futile attempts to hide in the shadows,” stated United States Attorney Peace.  “This indictment strikes yet another blow at MS-13’s leadership and demonstrates our work to dismantle MS-13 from top to bottom.”

    Mr. Peace also thanked the FBI Baltimore Field Office’s Cross Border Task Force, the Nassau County District Attorney’s Office and the Suffolk County District Attorney’s Office for their valuable coordination with the investigation.

    “Edenilson Velasquez Larin and Hugo Diaz Amaya, national MS-13 leaders, allegedly assumed the role of executioner by ordering and participating with the other charged defendants in a series of brutal murders to achieve status and revenge. These alleged conspiracies highlight the fearmongering and callousness in which MS-13 leaders and members operate. May today’s charges reflect the FBI’s commitment to continue its close collaboration with our law enforcement partners to rigorously dismantle the MS-13 hierarchy and disrupt all gang violence terrorizing our communities,” stated FBI Assistant Director in Charge Dennehy.

    “The defendants’ ruthless violence, in furtherance of the MS-13 gang, has no place in society and our communities,” said Special Agent in Charge William S. Walker. “Everyday, HSI New York and our law enforcement partners are utilizing every tool at our disposal to dismantle transnational gangs that jeopardize the safety of New Yorkers, as demonstrated with today’s announcement. No stone will be left unturned in our pursuit of justice on behalf of the victims slain by MS-13 gang members.”

    “These new charges highlight the NYPD’s relentless pursuit of individuals terrorizing our communities,” stated NYPD Interim Commissioner Donlon. “We and our law enforcement partners must continue to find and dismantle the gangs that fuel crime on our streets, and we must hold their members accountable for their senseless acts of violence. I express my gratitude to all of our federal, state, and local partners for their steadfast dedication to our shared public safety goal.”

    “We want to thank our partners in federal law enforcement, particularly the United States Attorney’s Office, for this collaborative effort to bring these violent and destructive criminals to justice,” stated Nassau County Police Commissioner Patrick Ryder.  “From our patrol officers on the street to the dedicated investigators in our Detective Division, the Nassau County Police Department is committed to fighting gang violence and rooting out those who bring destruction to our communities.”

    The U.S. Program

    As alleged in court filings, MS-13 is an extraordinarily violent street gang operating through “cliques” or chapters in Queens, Long Island and communities across the United States, as well as El Salvador, Honduras and other countries in the Americas and Europe.  The gang primarily makes money through drug trafficking and extortion, and is known for its gruesome murders of perceived gang rivals and gang members and associates who have violated the gang’s rules.  MS-13 has been responsible for dozens of murders in the Eastern District of New York alone.

    Since approximately 2021, virtually all MS-13 cliques in the United States have been united under a single hierarchy known as the “U.S. Program.”  The U.S. Program is led by a group of senior gang leaders, most of whom are incarcerated, known as “La Mesa” or “The Table.”  La Mesa, among other roles, allegedly authorizes and directs murders throughout the country, including in New York.  Prior to their arrests, Velasquez Larin and Diaz Amaya were allegedly two of the few members of La Mesa outside of prison — Velasquez Larin was living in Colorado and Diaz Amaya was living in Kansas — and were among the top leaders responsible for the gang’s operations on the East Coast.

    Murder of Kenny Reyes

    The superseding indictment adds charges for the 2016 murder in Uniondale, New York, of 18-year-old Kenny Reyes, who had recently come to the United States from Honduras.  As alleged in court filings, Fulton clique member Jose Espinoza Sanchez befriended Reyes and learned that he had been associated with the 18th Street gang, rivals of MS-13.  Velasquez Larin and Espinoza Sanchez plotted with other members of MS-13 in Nassau County to murder Reyes to increase their positions in the gang.  On May 23, 2016, Velasquez Larin, Espinoza Sanchez and two others lured Reyes to a wooded area to smoke marijuana, where they killed him with machetes and buried his body.  For years after the murder, Velasquez Larin bragged about their roles in the killing to other MS-13 members.

    Murder of Eric Monge

    The superseding indictment charges Velasquez Larin and Espinoza Sanchez for their roles in ordering the murder of Eric Monge, and Jose Guevara Aguilar, Jose Arevalo Iraheta and Erick Zavala Hernandez for their participation in the murder.  As alleged, in the early morning hours of September 6, 2020, Guevara Aguilar and fellow Fulton clique member Oscar Hernandez Baires shot and killed Monge while he was seated in the front passenger seat of his parked car near his home in Queens. Monge’s wife had just returned to the car after bringing their young children inside their residence when Hernandez Baires and Guevara Aguilar began shooting.  After the shooting, Guevara Aguilar and Hernandez Baires ran back to a car where Arevalo Iraheta and Zavala Hernandez were waiting to help them escape. As they fled to the car, Guevara Aguilar dropped his hat, which was later found to have his DNA on it.

    Murder of Oswaldo Gutierrez Medrano

    The superseding indictment also adds charges relating to the 2022 murder in Nassau County of 20-year-old Oswaldo Gutierrez Medrano, a member of the Sailors clique of MS-13.  As alleged, Velasquez Larin and Diaz Amaya ordered the murder of Gutierrez Medrano, and Diaz Amaya coordinated luring Gutierrez Medrano to meet other MS-13 members under the false pretense that he would be receiving a promotion within MS-13. In Nassau County, on February 13, 2022, Gutierrez Medrano allegedly met with those other members of MS-13, including defendants Arevalo Iraheta, Carlos Alvarado, Erick Galdamez Leon and Jose Mejia Hernandez, who allegedly killed him with machetes and knives, dismembered his body and buried him in a wooded area.

    The charges in the superseding indictment are allegations, and the defendants are presumed innocent unless and until proven guilty.

    This case was investigated as part of the ongoing efforts by the OCDETF, a partnership that brings together the combined expertise of federal, state and local law enforcement agencies.  The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking, weapons trafficking and money laundering organizations, and those primarily responsible for the nation’s illegal drug supply.

    Today’s charges are the latest in a series of federal prosecutions by the United States Attorney’s Office for the Eastern District of New York targeting members of the MS-13.  Since 2003, hundreds of MS-13 members, including dozens of clique leaders, have been convicted on federal felony charges in the Eastern District of New York.  A majority of those MS-13 members have been convicted on federal racketeering charges for participating in murders, attempted murders and assaults.  Since 2009, this Office has obtained indictments charging MS-13 members with carrying out more than 70 murders in the district and has convicted dozens of MS-13 leaders and members in connection with those murders.  These prosecutions are the product of investigations led by our law enforcement partners.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section. Assistant United States Attorneys Jonathan Siegel, Michael W. Gibaldi, Anna L. Karamigios and Sophia M. Suarez are in charge of the prosecution, with the assistance of Paralegal Specialist Eleanor Jaffe-Pachuilo.

    New Defendant:

    HUGO DIAZ AMAYA (also known as “21” and “Splinter”)
    Age:  36
    Kansas City, Kansas

    Defendants Previously Indicted:

    RAMIRO GUTIERREZ (also known as “Cara de Malo”)
    Age:  31
    Flushing, New York

    VICTOR LOPEZ (also known as “Curioso”)
    Age:  26
    Flushing, New York

    TITO MARTINEZ-ALVARENGA (also known as “Imprudente”)
    Age:  24
    Flushing, New York

    ISMAEL SANTOS-NOVOA (also known as “Profe” and “Travieso”)
    Age:  36
    Flushing, New York

    EDENILSON VELASQUEZ LARIN (also known as “Agresor,” “Saturno,” “Tiny,” “Erick” and “Paco”)
    Age:  35
    Thornton, Colorado

    CHRISTIAN ALAS LEON (also known as “Pata de Chucho”)
    Age:  26
    Westbury, New York

    CARLOS ALVARADO (also known as “Brayle” and “Danny”)
    Age:  21
    Westbury, New York

    JOSE AREVALO IRAHETA (also known as “Splinter,” “Inesperado” and “Daniel”)
    Age:  27
    Queens, New York

    JOSE ESPINOZA SANCHEZ (also known as “Cable,” “Bleca,” “Clave,” “Fantasma” and “Victor”)
    Age:  25
    Carrboro, North Carolina

    ERICK GALDAMEZ LEON (also known as “Truco,” “Burro,” and “Chicle”)
    Age:  24
    Westbury, New York

    JOSE GUEVARA AGUILAR (also known as “Tranquilo,” “Malhechor,” and “Angel”
    Age:  25
    Queens, New York

    KEILA HERNANDEZ MAY
    Age:  37
    Carrboro, North Carolina

    YONATHAN HERNANDEZ
    Age:  25
    Hempstead, New York

    JOSE MEJIA HERNANDEZ (also known as “Mismo” and “Timbre”)
    Age:  22
    Westbury, New York

    JOSE PEREZ OVANDO (also known as “Domino” and “Incompleto”)
    Age:  24
    Westbury, New York

    ERICK ZAVALA HERNANDEZ (also known as “Berry,” “Berro,” and “Alex”)
    Age:  26
    Queens, New York

    E.D.N.Y. Docket No. 20-CR-228 (S-3) (LDH)

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  • MIL-OSI Security: Owner and Senior Executive of New York Contracting Company Plead Guilty to Paying Kickbacks to Obtain Construction Contracts From a Fortune 500 Company

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

    Damian Williams, the United States Attorney for the Southern District of New York, announced that TROY CARUSO, the owner and chief executive officer of a commercial construction and contracting company headquartered in New York, New York (the “Contracting Company”), and JOHN NOLAN, a senior executive at the Contracting Company, pled guilty Friday, November 1, 2024, to conspiring to commit honest services wire fraud in connection with their scheme to pay kickbacks to a senior project manager at a Fortune 500 real estate services firm in order to obtain contracting work.  CARUSO and NOLAN pled guilty before U.S. District Judge Lewis J. Liman, who is scheduled to sentence CARUSO on February 12, 2025, and NOLAN on February 13, 2025.

    U.S. Attorney Damian Williams said: “Corruption has no place in our business landscape.  Troy Caruso and John Nolan sought to exploit the system for their own benefit, but today’s outcome shows that integrity will prevail.  This Office is dedicated to ensuring that the integrity of our contracting processes is upheld, and we will relentlessly pursue those who engage in such dishonest schemes.”

    According to the documents filed in this case, including the Indictment and the plea agreements of CARUSO and NOLAN, and statements made in Court: 

    From at least in or about February 2021, up to and including in or about September 2023, CARUSO and NOLAN agreed to pay, and did pay, kickbacks to an employee of a global and publicly traded commercial real estate services company (the “Real Estate Firm”) in exchange for assistance and preferential treatment so that the Contracting Company would be awarded projects managed by the Real Estate Firm (the “Kickback Scheme”).

    In or about March 2021, CARUSO and NOLAN were introduced by an individual (“CC-1”) to a senior project manager at the Real Estate Firm (“CC-2”).  CC-2 managed the process by which contracting companies bid for, and were awarded, contracts to work on construction projects for various of the Real Estate Firm’s clients. Beginning in or about March 2021, because of the Kickback Scheme, CC-2 took a series of actions CC-2 otherwise would not have taken to ensure that the Contracting Company was awarded a pre-construction contract and a construction contract relating to a certain project (“Project-1”), which was managed by the Real Estate Firm on behalf of its client, a health services business that provides hospital, medical, and other health services to patients.  For example, CC-2 ensured that the Contracting Company was on the Real Estate Firm’s “bid list” so that it could submit bids relating to Project-1 that it otherwise could not have submitted.  CC-2 also provided non-public information to CARUSO and NOLAN about the bidding process, and recommended the Contracting Company for both the pre-construction contract and the construction contract relating to Project-1.  As a result of the Kickback Scheme and CC-2’s actions, the Contracting Company was awarded the pre-construction and construction contracts for Project-1, the latter of which was valued at approximately $3.55 million (to be paid to the Contracting Company).

    In exchange for CC-2’s assistance and preferential treatment, CARUSO and NOLAN agreed to pay kickbacks to CC-2 in the amount of approximately one percent of the construction value of any project managed by the Real Estate Firm that resulted in a contract award to the Contracting Company.  Accordingly, CARUSO and NOLAN agreed to pay CC-2 approximately $35,500 for Project-1, and ultimately paid CC-2 approximately $33,000 in kickbacks for CC-2’s assistance on Project-1.  Most of these payments were made in cash at locations around New York City.  CARUSO and NOLAN also paid CC-1 approximately $15,000 for CC-1’s assistance in the Kickback Scheme, which included connecting CC-2 with CARUSO and NOLAN.

    CARUSO and NOLAN attempted to obtain additional contracts from the Real Estate Firm, with CC-2’s assistance as part of the Kickback Scheme.  Between in or about 2022 and in or about 2023, in exchange for CARUSO and NOLAN’s promise of payment for any contract awarded to the Contracting Company, CC-2 provided CARUSO and NOLAN with assistance relating to two additional construction projects managed by the Real Estate Firm that did not result in contract awards to the Contracting Company.

    *               *                *

    CARUSO, 57, of Smithtown, New York, and Ludlow, Vermont, and NOLAN, 43, of Brooklyn, New York, each pled guilty to one count of honest services wire fraud conspiracy, which carries a maximum sentence of 20 years in prison.

    The statutory maximum penalty is prescribed by Congress and is provided here for informational purposes only, as the defendants’ sentences will be determined by a judge. 

    Mr. Williams praised the outstanding investigative work of the Special Agents and the Task Force Officers of the U.S. Attorney’s Office for the Southern District of New York. Mr. Williams also thanked the Federal Bureau of Investigation for their assistance in the investigation. 

    This case is being handled by the Office’s Public Corruption Unit.  Assistant U.S. Attorney Jane Kim is in charge of the prosecution.

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  • MIL-OSI Security: Leader of International Stock Manipulation Ring Pleads Guilty

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

    Damian Williams, the United States Attorney for the Southern District of New York, announced today that RONALD BAUER pled guilty to conspiring to commit securities fraud in connection with his role in a long-running “pump-and-dump” stock manipulation scheme. BAUER pled guilty before U.S. District Judge Paul A. Engelmayer and is scheduled to be sentenced on May 20, 2025. 

    U.S. Attorney Damian Williams said: “For years, Ronald Bauer orchestrated a sprawling ‘pump-and-dump’ scheme involving the shares of numerous U.S.-based issuers that preyed on ordinary, retail investors.  While Bauer and his co-conspirators lived outside of the United States, they took advantage of the U.S. markets to perpetrate their fraud and reaped millions upon millions in profits at the expense of the victims. Today’s guilty plea should send a clear message that this Office is committed to holding market manipulators accountable no matter how hard they try to conceal their crimes.” 

    According to allegations in the Indictment, public filings, and statements made in court: 

    BAUER, a/k/a “Patek,” a citizen of Canada and the United Kingdom who resided in the United Kingdom, orchestrated numerous “pump-and-dump” schemes, controlling various aspects of the plans.  The Securities and Exchange Commission (“SEC”) had previously filed securities fraud claims against BAUER in 2005 for engaging in an alleged market manipulation scheme that was alleged to have issued false and misleading press releases while secretly dumping tens of millions of shares into the inflated market that BAUER and his associates had created.  In 2006, without admitting or denying the allegations, BAUER consented to the entry of a judgment against him providing for injunctive relief, barring BAUER from serving as an officer or director of a public company or participating in an offering of penny stock for a period of five years, and payment of disgorgement of $840,000.

    As he admitted in connection with his guilty plea, BAUER and his co-conspirators participated in a conspiracy to commit securities fraud with respect to seven issuers: Cantabio Pharmaceuticals Inc. (CTBO) (previously Lion Consulting Group (LIOC)); Virtus Oil and Gas Corp. (VOIL) (previously Curry Gold Corp. (CURGD)); Steampunk Wizards (SPWZ) (previously Freedom Petroleum (FPET)); Black Stallion Oil and Gas Inc. (BLKG) (previously Secure IT Corp.); PetroTerra Corp. (previously Loran Connection Corp (LRNC)); Black River Petroleum (BRPC) (previously American Copper Corp. (AMCU)); and Cyberfort Software Inc. (CYBF) (previously Patriot Berry Farms (PBFI)) (collectively, the “Issuers”).  

    To perpetrate the “pump-and-dump” scheme, BAUER and his co-conspirators obtained ownership and control of all or the vast majority of the unrestricted (i.e., free trading) stock of the Issuers.  BAUER and his co-conspirators sought to conceal their beneficial ownership of these controlling interests in the shares of the Issuers by causing their shares to be distributed to and divided amongst nominee entities that had been established by a Swiss corporation called Blacklight, S.A.  These entities were nominally owned by unrelated third parties but were, in fact, controlled by BAUER or his co-conspirators.  Thereafter, BAUER and his co-conspirators retained trading authority over the blocks of shares of the Issuers held by the Blacklight nominee entities and BAUER regularly provided trading instructions with respect to these shares to executives or employees at Blacklight.  In addition, BAUER and his co-conspirators effectively controlled or otherwise maintained significant influence over the management of the Issuers during the “pump-and-dump” scheme. 

    At times, BAUER and his co-conspirators caused nominees to engage in “match trades”—i.e., place both buy and sell orders in the same stock on the same day—for no legitimate economic purpose.  Furthermore, BAUER and his co-conspirators financed and coordinated promotional campaigns touting the Issuers to stoke trading interest in the Issuers’ stock, though without publicly disclosing their relationship to the promotional campaigns, their controlling interest, or their intent to sell a significant percentage of their holdings into the buying interest that they intended the promotional campaigns would generate.  BAUER and his co-conspirators took steps to conceal the fact that the nominee entities they controlled were the true funding source for the promotional campaigns. 

    During or shortly after the promotional campaigns, BAUER and his co-conspirators caused the Blacklight nominee entities to engage in trading activity in the Issuers’ stock, including selling a large percentage of their holdings of the Issuers’ stock, then caused the Blacklight nominee entities they controlled to remit to them the proceeds of the stock sales.

    *                *                *

    BAUER, 49, of London, United Kingdom, pled guilty to one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.  As part of his guilty plea, a money judgment in the amount of $4,377,228.74 was entered against BAUER.

    The maximum potential sentence in this case is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Williams praised the outstanding work of the Federal Bureau of Investigation.  He further thanked the Justice Department’s Office of International Affairs of the Department’s Criminal Division, as well as authorities in the United Kingdom, in particular the Crown Prosecution Service’s National Extradition Unit. Finally, Mr. Williams also thanked the Securities and Exchange Commission, which separately initiated civil proceedings against BAUER. 

    The case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant U.S. Attorneys Jason Richman, Matthew R. Shahabian, Noah Solowiejczyk, and Vladislav Vainberg are in charge of the prosecution.

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  • MIL-OSI Security: Defendant Pleads Guilty to Federal Kidnapping and Carjacking Charges

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

                WASHINGTON – David Zanders, 22, of Washington D.C., pleaded guilty today in U.S. District Court to one count of federal kidnapping and one count of carjacking, stemming from an incident on May 1, 2022, announced U.S. Attorney Matthew Graves; FBI Acting Special Agent in Charge David Geist, of the Washington Field Office’s Criminal and Cyber Division; and Chief Pamela Smith, of the Metropolitan Police Department.

                U.S. District Court Judge Royce C. Lamberth scheduled a sentencing hearing for March 4, 2024. The defendant was arrested on November 18, 2022, and has been detained ever since.

                According to the court documents, in the early morning hours of May 1, 2022, Zanders and a conspirator kidnapped two males outside of a nightclub located at 645 Florida Avenue, NW, Washington, D.C. The pair posed as an Uber and the two male victims subsequently got into the defendant’s vehicle. Shortly thereafter, Zanders pulled over on a neighborhood street in Washington, D.C., pointed a firearm at the two victims and robbed them of their phones and money. The victims were then driven around so the kidnappers could attempt to withdraw money using the victims’ credit cards. One of the victims was able to escape at a gas station in Washington D.C., when Zanders and the other suspect were looking for an ATM.  After the first victim escaped, the second victim was driven to a supermarket in Maryland. The defendant and his cohort then retrieved money from an ATM at the supermarket using the second victim’s ATM card. The second victim was then driven to another location in Maryland and released.

                That same evening, Zanders, his cohort and a third individual met at 955 Longfellow Street, NW, Washington, D.C. Zanders had arranged a meeting with two additional victims where he was purporting to sell his vehicle but was, in fact, going to take their vehicle. When the two victims arrived in their vehicle, a 2019 green Dodge Charger, Zanders pulled out a gun, threatened to shoot the third victim, and demanded his phone, money and keys. The additional suspects turned towards the fourth victim and demanded the car keys. The fourth victim complied and one of the suspects then drove away with the 2019 green Dodge Charger. Zanders and the additional suspect then drove away in their own vehicles and fled the scene.  

                Zanders faces a statutory maximum sentence of life in prison for kidnapping and 15 years for carjacking. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

                In announcing the plea, U.S. Attorney Graves, SAC Geist, and Chief Smith commended the MPD officers and FBI agents who collaborated on the investigation as members of MPD’s Violent Crime Suppression Unit and FBI’s Washington Field Office’s Violent Crimes Task Force. Valuable assistance was provided by the Prince George’s County Police Department.

                The case was prosecuted by Assistant U.S. Attorney Shehzad Akhtar and Assistant U.S. Attorney Cameron Tepfer and by former Special Assistant U.S. Attorney Lauren Renaud.  The case was initially investigated and indicted by Assistant U.S. Attorney Thomas Strong.

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  • MIL-OSI Security: Romance Scammer Who Took U.S. Citizens Hostage in the Dominican Republic Sentenced to 25 Years in Prison

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

                WASHINGTON – Deivy Jose Rodriguez Delgado, 30, a Venezuelan national, was sentenced today in U.S. District Court for the District of Columbia to 25 years in federal prison for the 2022 armed hostage takings of three U.S. citizens in the Dominican Republic, announced U.S. Attorney Matthew M. Graves and FBI Special Agent in Charge Jeffrey B. Veltri of the Miami Field Office.

                On December 11, 2023, after a nearly two week trial, a jury convicted Delgado of one count of conspiracy to commit hostage taking and three counts of hostage taking. In addition to the prison sentence, U.S. District Court Chief Judge James E. Boasberg ordered Delgado to serve five years of supervised release. Following his release from prison, Delgado will be subject to deportation proceedings. 

                According to the government’s evidence, Delgado, also known as “Sebastian,” kidnapped three men in separate instances between July 5 and July 30, 2022. In each of the three hostage-takings, Delgado lured his victim online with the promise of a friendly “date” and picked the victim up in his car. After driving a short distance, Delgado suddenly stopped to let an accomplice into the backseat, at which point Delgado and his accomplice held the victim at knifepoint, physically restrained the victim, and demanded ransom for his release. Delgado ordered that the ransoms be paid to online banking accounts, including the same CashApp account.

                Each of the three victims was forced at knifepoint to call his friends and family and ask for money to secure his release. The victims were held in captivity by Delgado and his accomplice(s) for up to an hour and were only released after Delgado believed a ransom payment had been made by the victims’ friends and family. In all three hostage takings, the victims were also robbed of their personal belongings before being released on the streets of the Dominican Republic.

                Following multiple victim reports, Dominican authorities began an investigation in August 2022. Local law enforcement in the Dominican Republic traced a vehicle used in one of the hostage takings to Delgado and arrested him on Sept. 14, 2022. During a search of the vehicle, Dominican authorities found two serrated knifes like those used in the hostage takings.

                This case was investigated by the FBI’s Miami Field Office with valuable assistance provided by the Justice Department’s Office of International Affairs and the Dominican Republic’s Division Especial de Investigacion de Crimen Organizado Internacional (DECROI). The case was prosecuted by Assistant U.S. Attorneys John Korba and Jolie Zimmerman of the U.S. Attorney’s Office for the District of Columbia with assistance from paralegal Michael Watts. 

    ##

               Deivy Jose Rodriguez Delgado, 30, a Venezuelan national, used this image of himself to meet his victims on a social media dating application.

       

    During a search of the vehicle linked to Delgado, Dominican authorities found two serrated knifes like those used in the hostage takings.

    An image Delgado used on his social media app to lure victims.

    ##

    22cr0304

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  • MIL-OSI Security: El Dorado Convicted Sex Offender Indicted for Distribution of Child Pornography

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

    SACRAMENTO, Calif. — A federal grand jury returned a single-count indictment against Kevin Dail Meadors, 56, of El Dorado Hills, charging him with receipt of child pornography, U.S. Attorney Phillip A. Talbert announced.

    According to court documents, between July 1, 2023, and Dec. 9, 2023, Meadors knowingly received visual depictions of minors engaged in sexually explicit conduct. The indictment alleges that Meadors suffered a prior conviction for committing lewd and lascivious acts with a child under the age of 14, which affects the potential penalties he faces in this case.

    This case is the product of an investigation by the Federal Bureau of Investigation, El Dorado County District Attorney’s Office, and Sacramento Valley Hi-Tech Crimes Task Force. Special Assistant U.S. Attorney Nchekube Onyima and Assistant U.S. Attorney Shea J. Kenny are prosecuting the case.

    If convicted, Meadors faces a mandatory minimum penalty of 15 years in prison, a maximum statutory penalty of 40 years in prison, and a $250,000 fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

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

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